CALGARY, Alberta--(BUSINESS WIRE)--Cold Bore Technology Inc. (“Cold Bore” or “the Company”), the leader in frac completions automation and platform technology, today announced it has closed $14M in growth financing. The round was led by bp ventures with participation from the Canadian Business Growth Fund (CBGF). Existing investors include the Rice Investment Group (RIG), a $200M multi-strategy, energy sector investment fund.
Cold Bore is leading a major shift in the completions (fracing) industry towards safer, more autonomous operations by providing oil & gas companies (operators) with a centralized digital platform called SmartPAD. SmartPAD is an end-to-end, fully integrated software and hardware platform designed to collect, analyze, and report data which would otherwise be underutilized. Better utilization of this data unlocks operators’ ability to make step-change improvements across all key performance indicators.
SmartPAD deployments are on pace to exceed 100% year-on-year growth in 2021, as more and more operators recognize Cold Bore as a key enabler for keeping workers safe and meeting heightened ESG commitments.
Results from a recent SmartPAD implementation with Hibernia Resources, saw the Permian-based producer able to reduce the duration of their completions program by 15 days (27%), with commensurate reductions in cost and emissions.
Along with this investment from bp ventures, bp will be deploying Cold Bore’s SmartPAD in bpx energy’s US onshore operations. The technology will support bpx’s efforts to continuously improve its operations.
“The oil & gas industry has realized that technological innovation is key to meeting growing calls for reduced emissions and improved returns. Cold Bore is proud to be playing a leadership role in the future of oil & gas operations,” said Brett Chell, Co-founder & President at Cold Bore Technology.
“As we scale to meet incredible demand, we’re excited to have a strong strategic partner in bp, a forward-thinking international energy company, and to play a part in helping bp reach its carbon and operational targets. We believe the caliber of our customers and investors demonstrates the market opportunity before us. The future of the oil & gas industry is autonomous operations,” Brett added.
Commenting on their 19th investment to date, CBGF CEO, George Rossolatos shared, “We are proud to back Brett and the Cold Bore team alongside bp ventures as part of our first investment in an Alberta-based company and we are excited to work with other entrepreneurs in the province!”
About Cold Bore
Cold Bore Technology Inc. (“Cold Bore”) is a global leader in completion optimization technology, developing the first Completions Operating System through Cold Bore’s SmartPAD service.
For more information: https://www.coldboretechnology.com/
About bp ventures
bp ventures was set up more than 10 years ago to identify and invest in private, high growth, game-changing technology companies, accelerating innovation across the entire energy spectrum. Since then, bp has invested almost $700 million in technology companies across more than 31 active investments with more than 250 co-investors. bp ventures focuses on connecting and growing new energy business. It makes strategic equity investments across a portfolio of relevant technology businesses including advanced mobility, low carbon and digital.
For more information visit: https://www.bp.com/en/global/bp-ventures.html
About Canadian Business Growth Fund (CBGF)
Launched in 2018, the Canadian Business Growth Fund (CBGF) provides long-term, patient, minority capital to ambitious entrepreneurs to fund growth and expansion of mid-market businesses in Canada with investments between $3 and $20 million. An evergreen investment fund with capital commitments of $545 million from Canadian financial institutions, CBGF is committed to long-term partnerships with the companies it invests in. As part of its mission to drive growth, CBGF connects its partner businesses to its broad network of experienced business leaders, sector experts and international relationships to help them achieve their full potential.
For more information: www.cbgf.com and @CBGFinvestments.
For media enquiries or interviews:
Josh Stanbury | This email address is being protected from spambots. You need JavaScript enabled to view it. | 416-628-7441
Former energy executive brings organizational leadership, financial expertise and industry insight to the board
CHICAGO--(BUSINESS WIRE)--Exelon today announced that its board of directors elected W. Paul Bowers to join the board as a director. Bowers, 64, recently retired from his position as chairman and chief executive officer of Georgia Power Company, having also served as president of the company from 2011 to 2020.
“Paul’s executive experience in the energy sector will be invaluable to the board,” said Mayo Shattuck, chairman of Exelon. “His background serving as both a CEO and a CFO gives him a unique perspective on long-term strategy, decisive leadership and the financial imperatives we face as a company.”
Prior to his retirement from Southern Company subsidiary Georgia Power Company, Bowers served as chief financial officer of Southern Company, where he was rated by Institutional Investors magazine as one of the industry’s “Top Three CFOs in America.” He joined Southern Company’s family of companies at Gulf Power Company in 1979 and held executive leadership positions at multiple subsidiaries. In 1998, Bowers became president and CEO of South Western Electricity LLC (Southern Company’s former U.K. subsidiary), which he later transformed into Western Power Distribution, a distribution network company. In 2001, he became president of Southern Company Generation. He also served as CEO of Southern Power Company.
Bowers serves on the boards of AFLAC (lead director), Children’s Healthcare of Atlanta and Brand Safeway, and as curator for the Georgia Historical Society. He is a past member of the Federal Reserve Bank of Atlanta’s Energy Policy Council, the Nuclear Electric Insurance Ltd. and the Board of Regents of the University System of Georgia. He also serves on the board of trustees for the University of West Florida.
For his professional achievements and his commitment to the well-being of the citizens of Georgia, Bowers has received the American Jewish Committee’s National Human Relations Award and the Council for Quality Growth’s Four Pillar Award, and has been inducted into the Junior Achievement Business Hall of Fame. In 2018, Bowers was inducted as a Georgia Trustee by the governor of Georgia for exemplifying the highest standard of selflessness in his life and career.
A Pensacola, Fla., native, Bowers holds a bachelor’s degree from the University of West Florida and a master’s degree from Troy University. He is also a Harvard Business School AMP graduate.
About Exelon
Exelon Corporation (Nasdaq: EXC) is a Fortune 100 energy company with the largest number of electricity and natural gas customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2020 revenue of $33 billion. Exelon serves approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 31,000 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2 million residential, public sector and business customers, including three fourths of the Fortune 100. Follow Exelon on Twitter @Exelon.
Liz Keating
Corporate Communications
312-848-0176
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HOUSTON & GRAZ, Austria--(BUSINESS WIRE)--Microvast Holdings, Inc. (“Microvast”), a leading global provider of next-generation battery technologies for commercial and specialty vehicles (Nasdaq:MVST), and eVersum, a high-tech vehicle OEM specializing in the design, development and build of the most purposefully engineered electric commercial vehicles for passenger transport, will join forces to develop state-of-the-art battery solutions to electrify the current and future lines of eVersum’s purpose-built, purely “eBorn,” electric vehicles.
The highly demanded eVersum eShuttle, which is the realization of a 21st century electric vehicle seeking to define its own new category in the electric shuttle bus segment, will be outfitted with a newly developed battery solution. eShuttles are modularly designed and able to comfortably transport from 15 to 50 passengers, for a variety of applications at a competitive cost.
“eVersum selected Microvast as its primary battery partner due to strategic considerations and a desire to work with a manufacturer that offers a high degree of vertical integration,” said Pete Speck, Managing Partner responsible for supplier development at eVersum.
“Such capabilities extend from core battery chemistry to R&D and production, including cathode and anode materials, electrolyte, and membrane separators, proprietary cell manufacturing, application technologies including battery management systems (BMS) and other power electronics. Using a variety of cell chemistries, from NMC to LFP to LTO, gives us maximum flexibility while applying the same physical battery packs with the possibility to connect such packs adaptively in series and/or in parallel to achieve the required voltage and energy levels,” he continued.
eShuttle is expected to be the first among several types of electric buses and special vehicles. Both companies will bring their expertise together to seize momentum as the world shifts toward electrification. The first prototype battery system has been delivered to eVersum and test-bench load simulations are being performed. The parties have agreed upon terms and are currently finalizing a framework supply agreement to memorialize the commercial relationship for the supply of battery systems estimated to total more than EUR 100 million over six years, including products manufactured at Microvast’s new European facility.
About Microvast
Microvast Holdings, Inc. is a technology innovator that designs, develops and manufactures lithium-ion battery solutions. Founded in 2006 and headquartered in Houston, TX, Microvast is renowned for its cutting-edge cell technology and its vertical integration capabilities which extends from core battery chemistry (cathode, anode, electrolyte, and separator) to battery packs. By integrating the process from raw material to system assembly, Microvast has developed a family of products covering a broad breadth of market applications. More information can be found on the corporate website: www.microvast.com.
About eVersum
eVersum is a privately held company (GmbH) with headquarters in Austria, and engineering & manufacturing sites in Austria and Slovenia. As an OEM of electric city buses, mid-size shuttles and on-road & off-road electric trains, combined with complementary products and services, eVersum is able to facilitate an efficient transition from combustion engine based public transport to a paradigm changing, affordable because TCO optimized and electrified transport system that is positively perceived by customers. eVersum builds up on years of experience & expertise of its multi-national core team, which makes eVersum a trustworthy, tangible, through and through European partner in enabling the creation of sustainable urban transport environments.
Cautionary Statement Regarding Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning. These forward-looking statements include, but are not limited to, statements regarding Microvast’s industry and market sizes, future opportunities for Microvast and the combined company and Microvast’s estimated future results. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.
In addition to factors identified elsewhere in this communication, the following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) a delay or failure to realize the expected benefits from the business combination; (2) the impact of the ongoing COVID-19 pandemic; (3) changes in the highly competitive market in which Microvast competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (4) changes in the markets that Microvast targets; (5) risk that Microvast may not be able to execute its growth strategies or achieve profitability; (6) the risk that Microvast is unable to secure or protect its intellectual property; (7) the risk that Microvast’s customers or third-party suppliers are unable to meet their obligations fully or in a timely manner; (8) the risk that Microvast’s customers will adjust, cancel, or suspend their orders for Microvast’s products; (9) the risk that Microvast will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (10) the risk of product liability or regulatory lawsuits or proceedings relating to Microvast’s products or services; (11) the risk that Microvast may not be able to develop and maintain effective internal controls; (12) the outcome of any legal proceedings that may be instituted against Microvast or any of its directors or officers; and (13) risks of operations in the People’s Republic of China.
Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. All information set forth herein speaks only as of the date hereof in the case of information about Microvast or the date of such information in the case of information from persons other than Microvast, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. Forecasts and estimates regarding Microvast’s industry and end markets are based on sources we believe to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.
Press:
Microvast Investor Relations
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Microvast Public Relations
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eVersum Media Inquiries
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Volta Energy Technologies and Volvo Cars Tech Fund join Niron’s existing investors as the company advances its Clean Earth Magnet™ technology as a sustainable alternative to rare earth materials
MINNEAPOLIS--(BUSINESS WIRE)--Niron Magnetics, the company developing the world’s first high performance permanent magnets free of rare earths, today announced it has raised $21.3M in new financing. The Volvo Cars Tech Fund and Volta Energy Technologies join existing investors Anzu Partners and the University of Minnesota. Niron will use the funding to build its pilot production facility in Minnesota and accelerate the development of its Clean Earth Magnet™ technology.
Surging global demand for electric vehicles (EVs) and other motorized devices has highlighted global dependency on the unsustainably-produced rare earth materials currently required for the magnets needed in electric drivetrains and motors. Niron’s Clean Earth Magnet™ technology, developed from a decade of research, leverages materials science innovations to eliminate the need for rare earth content in magnets. Instead, Niron utilizes some of the most common elements on earth – iron and nitrogen – to deliver better performance and lower costs. Niron’s technology delivers magnets that are less expensive, more sustainable, globally available, and made from abundant input materials not subject to supply constraints or price instability. Niron’s production process is up to 95% less damaging across certain environmental impacts than alternatives, as its input materials require no toxic mining and refining.
“The demand for more sustainable vehicles, power generation and electronic devices should be met with innovation in the magnets that drive these technologies, rather than increasing the mining for rare earth materials,” said Andy Blackburn, CEO of Niron Magnetics. “This new funding from investors like Volta Energy Technologies and Volvo Cars Tech Fund shows that there is strong global interest in making our unique Clean Earth Magnet™ technology widely available.”
The first generation of Niron’s Clean Earth Magnet™ will offer a magnetic field strength of approximately 0.9 Tesla and will address a wide range of applications from audio speakers, magnetic sensors and consumer appliances to industrial motors and automotive accessory motors. The company’s second-generation magnet will offer an industry leading magnetic field strength of 1.5 Tesla and will address higher torque density applications and high operating temperatures – including electric vehicle drivetrains and wind turbines.
"Volta is excited to be invested in Niron Magnetics as the company introduces their rare-earth-free permanent magnets for use in electric motors. Such innovative technology is vitally important to enable the adoption of both electric vehicles and renewable energy from wind, without reliance on rare earth minerals," said Jeff Chamberlain, CEO of Volta Energy Technologies. "Niron complements Volta's growing portfolio of technology companies that can improve the performance and reduce the cost of electric vehicles and renewable power."
“By investing in the technological advancements happening at Niron, we are able to help build a more sustainable electric economy from the inside out,” said Pratik Budhdev, Global Investment Director of Volvo Cars Tech Fund. “We look forward to working with the team to further enhance their roadmap of rare-earth free magnets that can help make a low carbon economy more accessible.”
Niron will begin sampling in limited quantity to selected partners, who can collaborate closely with Niron to design the magnets into suitable high-volume applications.
To learn more about Niron Magnetics and its Clean Earth Magnet technology, please visit https://nironmagnetics.com/.
About Niron Magnetics
Niron Magnetics is developing the world’s first advanced manufacturing process for the mass production of permanent magnets powered by its breakthrough material formulation. Niron’s proprietary Clean Earth Magnet™ technology based on Iron nitride enables magnets that possess inherently higher magnetization and can be produced at a lower cost compared to today’s rare-earth magnets and will enable a revolution in the design of new electric motors and generators. Niron participates in a U.S. Department of Energy funded project that aims to develop more cost effective and sustainable drivetrains for electric vehicles. For more information, please visit https://nironmagnetics.com/.
About Volta Energy Technologies
Volta Energy Technologies identifies and invests in battery and energy storage technology after performing deep diligence with the support of unparalleled global research institutions. Seeded by strategic corporate investors, Volta connects innovators with investors and relevant industries that are adopting energy storage technology, delivering strategic returns for all. To learn more, visit volta.vc and follow @VoltaLink on Twitter
Media
Kalyn Schieffer
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DALLAS--(BUSINESS WIRE)--Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced that it plans to release its results for the second quarter 2021 after the close of the New York Stock Exchange (NYSE) on Thursday, August 5.
The following morning, on Friday, August 6, the company will hold its conference call with the financial community at 11 a.m. Eastern time. Scott Rowe, president and chief executive officer, and other members of management will present.
The earnings materials and webcast of the conference call can be accessed by shareholders and other interested parties at www.flowserve.com under the "Investor Relations" section.
About Flowserve: Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.
Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; our ability to execute and realize the expected financial benefits from our strategic manufacturing optimization and realignment initiatives; economic, political and other risks associated with our international operations, including military actions or trade embargoes that could affect customer markets, particularly Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; a foreign government investigation regarding our participation in the United Nations Oil-for-Food Program; expectations regarding acquisitions and the integration of acquired businesses; our ability to anticipate and manage cybersecurity risk, including the risk of potential business disruptions or financial losses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; and other factors described from time to time in our filings with the Securities and Exchange Commission.
All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.
Flowserve Contacts
Investor Contacts:
Jay Roueche, Vice President, Investor Relations & Treasurer, (972) 443-6560
Mike Mullin, Director, Investor Relations, (972) 443-6636
Media Contact:
Lars Rosene, Vice President, Corporate Communications & Public Affairs, (972) 443-6644
ARLINGTON, Va.--(BUSINESS WIRE)--$AVAV--AeroVironment, Inc. (NASDAQ: AVAV), a global leader in intelligent, multi-domain robotic systems, today announced that Wahid Nawabi, president and chief executive officer, Kevin McDonnell, senior vice president and chief financial officer, and Jonah Teeter-Balin, senior director corporate development and investor relations, will present at the Jefferies Virtual Industrials Conference on Tuesday, August 3, 2021 at 10:30 a.m. PT / 1:30 p.m. ET, as well as the Canaccord Genuity 41st Annual Growth Conference on Wednesday, August 11, 2021 at 10:30 a.m. PT / 1:30 p.m. ET.
Live audio webcasts of the presentations will be made available in the Events and Presentations section of the AeroVironment website at https://investor.avinc.com/events-and-presentations. A replay of the webcasts will be available for 90 days.
ABOUT AEROVIRONMENT, INC.
AeroVironment (NASDAQ: AVAV) provides technology solutions at the intersection of robotics, sensors, software analytics and connectivity that deliver more actionable intelligence so you can Proceed with Certainty. Celebrating 50 years of innovation, AeroVironment is a global leader in intelligent, multi-domain robotic systems and serves defense, government and commercial customers. For more information, visit www.avinc.com.
SAFE HARBOR STATEMENT
Certain statements in this press release may constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of 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 those expressed or implied. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to perform under existing contracts and obtain additional contracts; changes in the regulatory environment; the activities of competitors; failure of the markets in which we operate to grow; failure to expand into new markets; failure to develop new products or integrate new technology with current products; 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.
Jonah Teeter-Balin
+1 (805) 520-8350 x4278
https://investor.avinc.com/contact-us
Empire is a Production-Driven Oil & Gas Company Focused On Optimizing Production
TULSA, Okla.--(BUSINESS WIRE)--Empire Petroleum Corporation (“Empire”) (OTCQB: EMPR), a production-driven oil and gas company focused on optimizing production, today announced that it has retained PCG Advisory, Inc. (“PCG Advisory”), a leading investor relations and digital strategies firm, to serve as an advisor for investor relations, digital strategies, and strategic communications.
Tommy Pritchard, Chief Executive Officer of Empire, commented, “With Empire’s rapid growth and future goals, the timing is right to engage with a quality investor relations firm to enhance our corporate communications and investor outreach. After a selection process we have chosen to work with PCG Advisory who will provide high-level capital markets consulting, strategic corporate communications, and investor outreach through both traditional and social and digital platforms. We believe that PCG’s seasoned team has the right combination of contacts, skills and strategies to help us reach our investor relations goals and we look forward to working with them.”
Jeff Ramson, founder and Chief Executive Officer of PCG Advisory, added, “We believe that the Empire Petroleum story will resonate well with both energy and growth investors given its profile and value proposition. The Company’s focused strategy on synergistic acquisitions and optimizing production provides multiple avenues for growth. Our team looks forward to using its expertise to increase Empire’s visibility with all key stakeholders and executing a successful investor relations and digital strategies program for them.”
About Empire Petroleum Corporation
Empire Petroleum Corporation is a publicly traded, Tulsa-based oil and gas company with current producing assets in Texas, Louisiana, North Dakota, Montana and New Mexico. Management is focused on targeted acquisitions of proved developed assets with synergies with its existing portfolio of wells. Empire looks for assets where its operational team can deploy rigorous field/well management techniques to reduce unit operating costs and improve margins while optimizing production. For more information, please visit: www.EmpirePetroleumCorp.com
About PCG Advisory, Inc.
PCG Advisory is a leading investor relations firm dedicated to the delivery of top-tier strategic services that encompass investor relations, capital markets navigation, digital strategies and corporate communications for innovative and emerging companies from around the globe. PCG Advisory has extensive experience with life sciences, technology, and other emerging growth companies.
PCG Advisory is part of PCG Holdings Inc., a holding company for a network of resources dedicated to the discovery and creation of value in the small and micro-cap equity market that was founded in 2008. All subsidiaries of PCG Holdings are geared toward helping investors identify value where it is not most obvious by facilitating a dynamic flow of information between its clients and the investment community.
PCG Holdings operating subsidiaries also includes PCG Digital which owns, partners with and/or licenses innovative aggregation, distribution, and engagement platforms. PCG Digital reaches thousands of individual, retail, and institutional investors and stakeholders through its proprietary and extensive distribution network as well as through the use of unique multimedia marketing and audience development techniques. For more information, please go to: www.pcgadvisory.com.
Forward Looking Statements
This press release includes certain statements that may be deemed “forward-looking statements” within the meaning of the federal securities laws. All statements, other than statements of historical facts that address activities, events or developments that Empire expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties. Actual results may vary materially from the forward-looking statements. For a list of certain material risks relating to Empire, see Empire’s Form 10-K for the fiscal year ended December 31, 2020.
Tommy Pritchard, CEO
Mike Morrisett, President
539-444-8002
PCG Advisory, Inc.
Jeff Ramson
(646) 863-6341
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Bloom Energy expedites path to decarbonization, develops certified gas market and advances natural gas supply chain responsibility
Bloom Energy will convert its global fleet to low-leak natural gas to curb harmful methane emissions
Challenges largest natural gas consumers and energy industry leaders to make similar commitments
SAN JOSE, Calif.--(BUSINESS WIRE)--$BE #decarbonization--Bloom Energy (NYSE: BE) today announced it will convert its entire global natural gas fleet to certified low-leak natural gas to prevent the release of harmful methane emissions stemming from upstream gas production. In addition, Bloom Energy and MiQ, a non-profit partnership between RMI and SYSTEMIQ, will collaborate to test and refine elements of the certified gas marketplace and educate Bloom Energy customers and other industry stakeholders on the importance of reducing the environmental impacts of natural gas production.
Certified natural gas differentiates gas production across a range of environmental, social and governance practices through a focus on verified methane performance and associated company practices. Methane is a powerful greenhouse gas, and leakages from the oil and gas industry contribute over 84 million tons of methane to global emissions each year. While progress has been made in recent decades to curb methane emissions, 75 percent of these emissions from oil and gas production can be technically eliminated today with little to no net cost. Achieving these reductions in methane emissions is the CO2 equivalent of replacing 60 percent of the world’s coal-fired power plants with zero-emissions generation.
Bloom Energy’s fuel cell projects are installed at more than 700 sites globally, and it counts many of the Fortune 100 companies as customers. By taking the lead to acquire certified gas on behalf of its customers, Bloom Energy hopes to ensure that leading commercial and industrial companies get early exposure to an important climate solution.
“The consensus among leading climate experts is unequivocally clear – we are at the precipice of a critical tipping point, and we all need to take action now,” said KR Sridhar, founder, chairman and chief executive officer, Bloom Energy. “It will take time for the energy industry to deliver low-cost, widely available renewable and zero carbon solutions that meet the world’s sizeable energy needs. Until then, adopting and promoting the use of certified natural gas is a simple, accessible, and actionable way to reduce harmful methane and carbon emissions now. It is the right thing to do – for our planet, for our customers, and for the whole industry. I challenge other gas consumers to join us by embracing a better and more responsible way of procuring natural gas and accelerating eco-friendly practices to be adopted by gas producers.”
As part of this initiative, Bloom Energy plans to leverage the work of two leading non-profit organizations, MiQ and Equitable Origin, which have built innovative standards and a joint registry system that transforms how natural gas is sourced. Bloom Energy has issued a Request for Proposals for MiQ and EO100™ natural gas certificates matching its customers’ fuel consumption, which is intended to positively impact the climate and support certified gas production both domestically and internationally. Bloom Energy is seeking certificates representing gas production jointly approved under both the MiQ Standard and the Equitable Origin EO100™ Standard for Responsible Energy Development, which together provide production assurance around a broad range of environmental, social and governance (ESG) criteria.
“Reducing methane emissions is no longer a choice, it is something we have to do if we are going to meet our climate goals,” said Georges Tijbosch, Senior Advisor, MiQ. “Innovative gas buyers like Bloom Energy are leading the way and demonstrating how market incentives can help us drive down emissions across the energy sector.”
Bloom Energy’s commitment to supply chain responsibility is just one of several steps it has taken to help transform the energy sector to bring affordable, low- to no- carbon energy solutions to market and enable a net-zero carbon future, including through its electrolyzer, hydrogen fuel cell technology and its biogas, marine, and carbon capture solutions.
Soledad Mills, chief executive officer, Equitable Origin, commented, “Producers seeking EO100™ certification are committed to achieving superior performance on many environmental, social and governance aspects and it is encouraging to see these efforts being rewarded in the marketplace by a company like Bloom Energy that is committed to responsible sourcing of natural gas.”
Bloom Energy intends to source certificates signifying reduced methane emission intensity and other social and environmental attributes beginning in 2022. As the market matures, Bloom Energy intends to support certification across the full value chain.
To learn more about certified gas and about Bloom Energy’s commitment to a zero-carbon future, visit: bloomenergy.com/applications/certified-gas/
About Bloom Energy Corporation:
Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. Bloom Energy’s primary product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications. Bloom Energy’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries. For more information, visit www.bloomenergy.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Words such as “anticipates,” “could,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” “can,” “may,” “will,” “would” and similar expressions identify such forward-looking statements. These statements include, but are not limited to, expectations regarding the collaboration efforts between the two companies; expectations regarding market acceptance of certified low-leak natural gas and certifications; ability to positively impact the climate and support certified gas production both domestically and internationally; and expectations related timing of the certification program. These statements should not be taken as guarantees of results and should not be considered an indication of future activity or future performance. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including those included in the risk factors section of Bloom Energy’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 and other risks detailed in Bloom Energy’s SEC filings from time to time. Bloom Energy undertakes no obligation to revise or publicly update any forward-looking statements unless if and as required by law.
About MiQ:
MiQ has developed a universally applicable certification standard for credibly assessing the methane performance of natural gas production around the world. The standard is independent, third-party audited, quantitative, and graded across a sliding A-F scale based on three metrics: methane intensity, company practices, and methane detection technology deployment. MiQ's Certification scheme is designed to improve transparency surrounding methane emissions and provide the backbone for a level playing field across the global natural gas market. An MiQ Certificate represents the methane emissions performance attributes of a specified portion of natural gas. To prevent double-counting, MiQ maintains a registry of all MiQ Certificates from Issuance through to Retirement. Visit miq.org/certification for more information.
About Equitable Origin:
Equitable Origin is a non-profit organization that created the first market-based mechanism to recognize and reward responsible energy producers and to empower energy purchasers through independent, site-level certification. The EO100™ Standard for Responsible Energy Development is grounded in a set of comprehensive, globally applicable ESG performance targets developed with extensive stakeholder input. The EO100TM Standard includes five core principles: corporate governance and ethics; social impacts, human rights and community engagement; Indigenous Peoples’ rights; occupational health & safety and fair labor standards; and environmental impacts, biodiversity and climate change. Certification against the EO100™ Standard promotes best practices and drives improvements in ESG performance while enabling a market for differentiated energy production. To learn more visit energystandards.org.
Bloom Energy
Jennifer Duffourg
+1 (480) 341-5464
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MiQ/Equitable Origin
Rory Grenham
+44 7415 212849
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Investor Relations:
Bloom Energy
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VIENNA, Va. & RESTON, Va.--(BUSINESS WIRE)--Spire Global, Inc. (“Spire Global”, “Spire”, or “the Company”) a leading global provider of space-based data, analytics and space services, today announced its preliminary financial results for the six months ended June 30, 2021 and provided updated guidance for the year ending December 31, 2021. On July 26, 2021, Spire also announced that the registration statement on Form S-4 (File No. 333-256112) of NavSight Holdings, Inc. (“NavSight”), relating to the previously announced merger of NavSight and Spire (the “Business Combination”) was declared effective by the U.S. Securities and Exchange Commission as of July 22, 2021, and that the special meeting of stockholders (the “Special Meeting”) to approve the Business Combination would be held on August 13, 2021 at 10:00 AM ET.
"We believe that the need for space-based Earth data to solve the greatest challenges facing businesses, governments and humanity is growing every day. We feel privileged to partner with some of the leading organizations and agencies around the world to execute on their missions, solve problems and address these issues," said Peter Platzer, Chief Executive Officer of Spire. "We are encouraged by our customer and pipeline growth as well as other market and industry activity, particularly due to our strengthened market position once we become a public company."
Fiscal Second Quarter Highlights:
Six Months Ended June 30, 2021 Preliminary Results:
The table below provides a reconciliation of Spire’s preliminary estimate for net loss to EBITDA and from EBITDA to Adjusted EBITDA.
| Fiscal Quarter | ||||||
| Six Months Ended June 30, 2021 | ||||||
| (in millions) | Low Range | High Range | ||||
| Net Loss | $ |
(47.5 |
) |
$ |
(46.6 |
) |
| Depreciation and amortization |
|
3.6 |
|
|
3.3 |
|
| Net Interest |
|
5.7 |
|
|
5.7 |
|
| Taxes |
|
0.8 |
|
|
0.5 |
|
| EBITDA |
|
(37.7 |
) |
|
(36.8 |
) |
| Loss on satellite deorbit and launch failure(1) |
|
0.0 |
|
|
0.0 |
|
| Change in fair value of warrant liabilities |
|
10.3 |
|
|
10.1 |
|
| Other expense (income), net(2) |
|
(1.4 |
) |
|
(1.6 |
) |
| Stock-based compensation(3) |
|
4.6 |
|
|
4.5 |
|
| Mergers and acquisition related expenses(4) |
|
2.7 |
|
|
2.5 |
|
| Other unusual one-time costs(5) |
|
5.4 |
|
|
6.1 |
|
| Adjusted EBITDA | $ |
(16.2 |
) |
$ |
(15.3 |
) |
(1) |
Represents loss on satellite deorbit and launch failure. Absent the recognized loss, there would have been depreciation that would have also been excluded as part of the EBITDA calculation. |
(2) |
Other income, net consists primarily of tax credits, grant income, the impact of foreign exchange gains and losses and sales and local taxes. |
(3) |
Represents non-cash expenses related to our incentive compensation program. |
(4) |
Includes merger and acquisition-related costs associated with the Business Combination. |
(5) |
Includes other IPO market assessment expenses and Eastward Capital and European Investment Bank debt settlement charges. |
The selected, estimated preliminary financial results set forth are unaudited and should be considered preliminary and subject to change. Spire has provided an estimate for the selected, preliminary results described above as Spire’s final results remain subject to the completion of its closing procedures, final adjustments, developments that may arise between now and the time the financial results are finalized, and management’s and the audit committee’s final reviews. Accordingly, you should not place undue reliance on this preliminary data, which may differ materially from the final results. These preliminary results should not be viewed as a substitute for Spire’s full financial statements for the six months ended June 30, 2021 prepared in accordance with U.S. generally accepted accounting principles (GAAP). In addition, they are not necessarily indicative of the results to be achieved in any future period. These preliminary results have been prepared by and are the responsibility of management. This preliminary financial data included in this announcement has been prepared by, and is the responsibility of, Spire's management. Neither Spire's independent registered public accounting firm nor any other independent registered public accounting firm has audited, reviewed, compiled, or applied agreed-upon procedures with respect to the preliminary financial data. Accordingly, neither Spire's independent registered public accounting firm nor any other independent registered public accounting firm has expressed an opinion or any other form of assurance with respect thereto. Spire plans to report its full results for the six months ended June 30, 2021 pursuant to an 8-K to be filed with the Securities and Exchange Commission following the closing of the Business Combination.
Financial Outlook:
In light of Spire’s preliminary financial results for the six months ended June 30, 2021, Spire is updating its guidance for the fiscal year ending December 31, 2021 provided in the analyst day presentation made on June 4, 2021 and filed with the Securities and Exchange Commission. Spire is lowering its anticipated revenue primarily due to certain project-based revenue contracts experiencing delays related to customers or third-party launch providers, along with delays in the anticipated closing of several large new customer contracts. Spire expects that this lower expected revenue will also increase its net loss, and decrease its EBITDA and Adjusted EBITDA for the fiscal year ending December 31, 2021.
Spire is providing guidance for its fiscal year ending December 31, 2021 as follows (numbers excludes any potential inorganic activity):
Spire’s actual results could be significantly impacted by any merger or acquisition related activity, new customer wins, customer renewals and customer non-renewals, contract increases from existing customers, contract decreases from existing customers, the timing of revenue recognition as well as unexpected IPO or public company expenses. The Company’s ending ARR as of December 31, 2021 may have an impact on the previously projected outlook for fiscal 2022.
A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Spire’s results computed in accordance with GAAP.
Spire is unable to determine the impact on its projected results for fiscal years 2022 through 2025 at this time; however, Spire does not believe that project-based revenue contracts experiencing delays relates to customers or third-party launch providers, and delays in the anticipated closing of several large new customer contracts will have a material impact on Spire’s longer-term projected results. Despite these delays, Spire has seen its overall pipeline continue to grow consistently each quarter versus the previous quarter end.
About Spire Global
Spire is a global provider of space-based data, analytics and space services that offers unique datasets and powerful insights about Earth from the ultimate vantage point so that organizations can make decisions with confidence, accuracy, and speed. Spire uses one of the world’s largest multi-purpose satellite constellations to source hard to acquire, valuable data and enriches it with predictive solutions. Spire then provides this data as a subscription to organizations around the world so they can improve business operations, decrease their environmental footprint, deploy resources for growth and competitive advantage, and mitigate risk. Spire gives commercial and government organizations the competitive advantage they seek to innovate and solve some of the world’s toughest problems with insights from space. Spire has offices in San Francisco, CA, Boulder, CO, Washington DC, Glasgow, Luxembourg, and Singapore. On March 1, 2021 Spire announced plans to go public through an anticipated business combination with NavSight Holdings, Inc. (NYSE: NSH), to be traded on the NYSE under the ticker symbol “SPIR.” To learn more, visit spire.com.
About NavSight Holdings, Inc.
NavSight Holdings, Inc. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
Additional Information and Where to Find It
In connection with the Business Combination (the “Proposed Transaction”), NavSight has filed the Registration Statement with the SEC, which includes a proxy statement which has been distributed to holders of NavSight’s common stock in connection with NavSight’s solicitation of proxies for the vote by NavSight’s stockholders with respect to the Proposed Transaction and other matters as described in the Registration Statement, a prospectus relating to the offer of the securities to be issued to Spire’s stockholders in connection with the Proposed Transaction, and an information statement to Spire’s stockholders regarding the Proposed Transaction. NavSight has mailed a definitive proxy statement/prospectus/information statement and other relevant documents to its stockholders of record as of June 21, 2021, the record date established for the Special Meeting. Investors and security holders and other interested parties are urged to read the proxy statement/prospectus/information statement, any amendments thereto and any other documents filed or that will be filed with the SEC carefully and in their entirety as they become available because they will contain important information about NavSight, Spire and the Proposed Transaction. Investors and security holders may obtain free copies of the proxy statement/prospectus/information statement and other documents filed with the SEC by NavSight (when available) through the website maintained by the SEC at http://www.sec.gov, or by directing a request to: NavSight Holdings, Inc., 12020 Sunrise Valley Drive, Suite 100, Reston, VA 20191.
Participants in Solicitation
NavSight and Spire and their respective directors and certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the Proposed Transaction. Information about the directors and executive officers of NavSight is set forth in its final prospectus filed on July 22, 2021 (the “NavSight Prospectus”). Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is included in the Registration Statement, the NavSight Prospectus and other relevant materials filed or that will be filed with the SEC regarding the Proposed Transaction as they become available. Stockholders, potential investors and other interested persons should read the Registration Statement and NavSight Prospectus carefully before making any voting or investment decisions. These documents can be obtained free of charge from the sources indicated above.
No Offer or Solicitation
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
Forward-Looking Statements
The information in this press release includes "forward-looking statements" within the meaning of the federal securities laws with respect to the Proposed Transaction. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding expectations of Spire’s pipeline, the statements under the headings “Six Months Ended June 30, 2021 Preliminary Results” and “Financial Outlook,” Spire’s future growth, estimates and forecasts of financial and performance metrics, expectations of achieving and maintaining profitability, projections of total addressable markets, market opportunity and market share, the net proceeds from the Proposed Transactions, potential benefits of the Proposed Transaction and the potential success of the Company’s market and growth strategies, and expectations related to the terms and timing of the Proposed Transaction. These statements are based on various assumptions and on the current expectations of NavSight’s and the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of NavSight and the Company. These forward-looking statements are subject to a number of risks and uncertainties, including (i) the risk that the Proposed Transaction may not be completed in a timely manner or at all, which may adversely affect the price of NavSight's securities; (ii) the risk that the Proposed Transaction may not be completed by NavSight's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by NavSight; (iii) the failure to satisfy the conditions to the consummation of the Proposed Transaction, including the approval of the Proposed Transaction by the stockholders of NavSight, the satisfaction of the minimum trust account amount following any redemptions by NavSight's public stockholders and the receipt of certain governmental and regulatory approvals; (iv) the inability to complete the PIPE investment in connection with the Proposed Transaction; (v) the failure to realize the anticipated benefits of the Proposed Transaction; (vi) the effect of the announcement or pendency of the Proposed Transaction on Spire’s business relationships, performance, and business generally; (vii) risks that the Proposed Transaction disrupts current plans of Spire and potential difficulties in Spire employee retention as a result of the Proposed Transaction; (viii) the outcome of any legal proceedings that may be instituted against NavSight or Spire related to the business combination agreement or the Proposed Transaction; (ix) the ability to maintain the listing of NavSight’s securities on the New York Stock Exchange; (x) the ability to address the market opportunity for Space-as-a-Service; (xi) the risk that the Proposed Transaction may not generate expected net proceeds to the combined company; (xii) the ability to implement business plans, forecasts, and other expectations (including the expected and projected financial results under the headings “Six Months Ended June 30, 2021 Preliminary Results” and “Financial Outlook” above), both before and after the completion of the Proposed Transaction, and identify and realize additional opportunities; (xiii) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; (xiv) the risk of downturns, new entrants and a changing regulatory landscape in the highly competitive space data analytics industry; and those factors discussed in the NavSight Prospectus under the heading "Risk Factors," and other documents of NavSight filed, or to be filed, with the SEC. If any of these risks materialize or the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither NavSight nor the Company presently know or that NavSight and the Company currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect NavSight’s and the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. NavSight and the Company anticipate that subsequent events and developments will cause NavSight’s and the Company’s assessments to change. However, while NavSight and the Company may elect to update these forward-looking statements at some point in the future, NavSight and the Company specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing NavSight’s and the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Investor Relations Contacts:
For Spire Global, Inc.
Hillary Yaffe
917-764-4297
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For NavSight Holdings, Inc.
Jack Pearlstein
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TAMPA, Fla.--(BUSINESS WIRE)--Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”) announced today that it plans to release second quarter results before market opens on Friday, August 6, 2021.
The Company will host a conference call to discuss its second quarter 2021 results at 9:30 a.m. Eastern Time (“ET”) on Friday, August 6, 2021.
To access the call, participants should dial (844) 850-0546 for domestic callers and (412) 317-5203 for international callers. Please dial in ten minutes prior to the start of the call.
A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at www.osg.com.
An audio replay of the conference call will be available starting at 11:30 a.m. ET on Friday, August 6, 2021 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers and entering Access Code 10158907.
About Overseas Shipholding Group, Inc
Overseas Shipholding Group, Inc. (NYSE: OSG) is a publicly traded company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator of tankers and ATBs in the Jones Act industry. OSG’s 22 vessel U.S. Flag fleet consists of three crude oil tankers doing business in Alaska, two conventional ATB, two lightering ATBs, three shuttle tankers, ten MR tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program. OSG also currently owns and operates one Marshall Islands flagged MR tanker which trades internationally.
OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in Tampa, FL. More information is available at www.osg.com.
Investor Relations & Media Contact:
Susan Allan, Overseas Shipholding Group, Inc.
(813) 209-0620
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Kicks off FAA Part 135 air carrier certification process
Now in first of five stages towards becoming certified airline
Expects to achieve certification in 2022
SANTA CRUZ, Calif.--(BUSINESS WIRE)--Joby Aero Inc. (“Joby”), a California-based company developing all-electric aircraft for commercial passenger service, today announced it had taken the first step towards building the first eVTOL airline, by beginning the process to receive a Part 135 Air Carrier Certificate issued by the Federal Aviation Administration (“FAA”).
A Part 135 Air Carrier Certificate is required for Joby to operate its revolutionary aircraft as an air taxi service in cities and communities around the United States. Alongside a Type Certificate and Production Certificate, this is one of three regulatory approvals critical to the planned launch of Joby’s all-electric aerial ridesharing service in 2024.
The Company is now in the first of five stages necessary for Joby to achieve Part 135 certification in 2022. It expects to start the next stage of the process in August, with the submission of additional application materials including the full complement of airline operating manuals. Once that documentation is approved, the FAA will visit Joby locations to observe training sessions and witness flight operations before issuing its final approval.
As Joby’s all-electric vertical take-off and landing (“eVTOL”) aircraft is not expected to receive its type certification until 2023, the company intends to operate traditional, existing, certified aircraft under the Part 135 air carrier certification from 2022 before adding the Joby aircraft to the airline operating certificate once it is certified.
The process is led by Joby’s Head of Air Operations, Bonny Simi, an aviation executive who held key operational and strategic positions at JetBlue Airways as it underwent a period of rapid growth. Simi also has over 30 years of experience as an airline pilot at JetBlue and United Airlines.
“We’re excited to reach this milestone on the path toward becoming the first eVTOL airline in the world,” said Simi. “We look forward to working closely with the FAA as we prepare to welcome passengers to a new kind of air travel — one that is environmentally friendly, quiet enough to operate close to cities and communities, and will save people valuable time.”
Joby’s air operations team includes numerous aviation industry veterans with extensive experience, including Kellen Mollahan, a former MV-22 pilot with the U.S. Marine Corps, as assistant director of operations; Matthew Lykins, an expert maintenance safety inspector and auditor, avionics technician and pilot with more than 30 years of experience, as director of maintenance; Peter Wilson, former lead test pilot for the F-35B program with more than 35 years of flight test and instructor experience, as director of flight standards and training; and Jill Wilson, an aviation safety leader who has held roles at Embraer, XO Jet and Cape Air.
Joby’s all-electric aircraft is designed to transport a pilot and four passengers with zero operation emissions. The aircraft has a range of 150 miles, can travel at speeds up to 200 mph and has a revolutionary low noise footprint.
Last year, Joby agreed to a “G-1” certification basis with the FAA for its aircraft in line with existing Part 23 requirements for Normal Category Airplanes, with special conditions introduced to address requirements specific to Joby’s unique aircraft. In line with this certification approach, Joby will employ commercial airline pilots licensed under existing FAA regulations to fly its passenger service.
In February 2021, Joby announced its intention to merge with Reinvent Technology Partners (“Reinvent” or “RTP”) (NYSE:RTP), a special purpose acquisition company that takes a “venture capital at scale” approach to partnering with bold leaders and companies. RTP announced that an Extraordinary General Meeting of Shareholders has been scheduled for August 5, 2021 to vote on the approval and adoption of RTP’s business combination with Joby.
About Joby
Joby Aero, Inc. is a California-headquartered transportation company developing an all-electric vertical take-off and landing aircraft which it intends to operate as part of a fast, quiet, and convenient air taxi service beginning in 2024. The aircraft, which has a range of 150 miles on a single charge, can transport a pilot and four passengers at speeds of up to 200 mph. It is designed to help reduce urban congestion and accelerate the shift to sustainable modes of transit. Founded in 2009, Joby employs more than 800 people, with offices in Santa Cruz, San Carlos, and Marina, California, as well as Washington D.C. and Munich, Germany. To learn more, visit www.jobyaviation.com.
Forward Looking Statements
This Press Release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between RTP and Joby Aviation. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” in “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this Press Release, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of RTP’s securities, (ii) the risk that the transaction may not be completed by RTP’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by RTP, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the Agreement and Plan of Merger, dated as of February 23, 2021 (the “Merger Agreement”), by and among RTP, Joby and RTP Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of RTP, by the shareholders of RTP, the satisfaction of the minimum trust account amount following redemptions by RTP’s public shareholders and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the transaction, (v) the inability to complete the PIPE investment in connection with the transaction, (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (vii) the effect of the announcement or pendency of the transaction on Joby Aviation’s business relationships, operating results and business generally, (viii) risks that the proposed transaction disrupts current plans and operations of Joby Aviation and potential difficulties in Joby Aviation employee retention as a result of the transaction, (ix) the outcome of any legal proceedings that may be instituted against Joby Aviation or against RTP related to the Merger Agreement or the transaction, (x) the ability to maintain the listing of RTP’s securities on a national securities exchange, (xi) the price of RTP’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which RTP plans to operate or Joby Aviation operates, variations in operating performance across competitors, changes in laws and regulations affecting RTP’s or Joby Aviation’s business and changes in the combined capital structure, (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the transaction, and identify and realize additional opportunities, and (xiii) the risk of downturns and a changing regulatory landscape in the highly competitive aviation industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of RTP’s Annual Report on Form 10-K for the year ended December 31, 2020, as amended, the registration statement on Form S-4 (File No. 333-254988) and other documents filed by RTP from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and RTP and Joby Aviation assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither RTP nor Joby Aviation gives any assurance that either RTP or Joby Aviation or the combined company will achieve its expectations.
For Joby
Investors:
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SAN FRANCISCO--(BUSINESS WIRE)--PG&E Corporation (NYSE: PCG) recorded second-quarter 2021 income available for common shareholders of $397 million, or $0.18 per share, as reported in accordance with generally accepted accounting principles (GAAP). This compares with losses attributable to common shareholders of $1,972 million, or $3.73 per share, for the second quarter of 2020.
GAAP results include non-core items that management does not consider representative of ongoing earnings, which totaled $178 million after tax, or $0.08 per share, for the quarter. These results were primarily driven by costs related to the amortization of wildfire insurance fund contributions under Assembly Bill (AB) 1054, investigation remedies, PG&E Corporation’s and Pacific Gas and Electric Company’s (Utility) reorganization cases under Chapter 11 of the U.S. Bankruptcy Code (Chapter 11), 2019-2020 wildfire-related costs, and prior period net regulatory recoveries.
“Every day, we are doing the right work to reduce risk, improve our operations, and strengthen our financial health,” said Patti Poppe, CEO of PG&E Corporation. “Our five-year roadmap includes key system enhancements, safety improvements, and customer-oriented solutions that support PG&E’s triple-bottom-line focus on people, the planet, and California’s prosperity.”
Non-GAAP Core Earnings
PG&E Corporation’s non-GAAP core earnings, which exclude non-core items, were $575 million, or $0.27 per share, in the second quarter of 2021, compared with $542 million, or $1.03 per share, during the same period in 2020.
The decrease in quarter-over-quarter non-GAAP core earnings per share was primarily driven by the increase in shares outstanding, unrecoverable interest expense, the timing of taxes, and the timing of nuclear refueling outages, partially offset by the growth in rate base earnings and wildfire mitigation costs above authorized.
PG&E Corporation uses “non-GAAP core earnings,” which is a non-GAAP financial measure, in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. See the accompanying tables for a reconciliation of non-GAAP core earnings to consolidated earnings available for common shareholders.
2021 Guidance
PG&E Corporation is adjusting 2021 GAAP earnings guidance to a range of $0.01 to $0.15 per share, which includes non-core items. PG&E Corporation is adjusting 2021 non-core items guidance to a range of $1.9 billion to $2.0 billion after tax, reflecting bankruptcy and legal costs, the amortization of wildfire insurance fund contributions, 2019-2020 wildfire-related costs, investigation remedies, and prior period net regulatory recoveries, partially offset by the rate neutral securitization inception impact.
On a non-GAAP basis, the guidance range for projected 2021 core earnings is reaffirmed at $0.95 to $1.05 per share. Factors driving non-GAAP core earnings include net below the line and spend above authorized of up to $100 million after tax and unrecoverable interest expense of $300 million to $325 million after tax.
Guidance is based on various assumptions and forecasts, including those relating to authorized revenues, future expenses, capital expenditures, rate base, equity issuances, rate neutral securitization, and certain other factors.
Supplemental Financial Information
In addition to the financial information accompanying this release, presentation slides have been furnished to the Securities and Exchange Commission (SEC) and are available on PG&E Corporation’s website at: http://investor.pgecorp.com/financials/quarterly-earnings-reports/default.aspx.
Earnings Conference Call
PG&E Corporation will also hold a conference call on July 29, 2021, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) to discuss its second quarter 2021 results. The public can access the conference call through a simultaneous webcast. The link is provided below and will also be available from the PG&E Corporation website.
What: Second Quarter 2021 Earnings Call
When: Thursday, July 29, 2021 at 11:00 a.m. Eastern Time
Where: http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx
A replay of the conference call will be archived through August 5, 2021 at http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx.
Alternatively, a toll-free replay of the conference call may be accessed shortly after the live call through August 5, 2021, by dialing (800) 585-8367. International callers may dial (416) 621-4642. For both domestic and international callers, the confirmation code 8244484 will be required to access the replay.
Public Dissemination of Certain Information
PG&E Corporation and the Utility routinely provide links to the Utility’s principal regulatory proceedings with the CPUC and the Federal Energy Regulatory Commission (FERC) at http://investor.pgecorp.com, under the “Regulatory Filings” tab, so that such filings are available to investors upon filing with the relevant agency. PG&E Corporation and the Utility also routinely post, or provide direct links to, presentations, documents, and other information that may be of interest to investors at http://investor.pgecorp.com, under the “Chapter 11,” “Wildfire and Safety Updates” and “News & Events: Events & Presentations” tabs, respectively, in order to publicly disseminate such information. It is possible that any of these filings or information included therein could be deemed to be material information.
About PG&E Corporation
PG&E Corporation (NYSE: PCG) is a holding company headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. For more information, visit http://www.pgecorp.com. In this press release, they are together referred to as “PG&E.”
Forward-Looking Statements
This news release contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&E Corporation and the Utility, including but not limited to earnings guidance for 2021. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation and the Utility’s joint annual report on Form 10-K for the year ended December 31, 2020, their most recent quarterly report on Form 10-Q for the quarter ended June 30, 2021, and other reports filed with the SEC, which are available on PG&E Corporation's website at www.pgecorp.com and on the SEC website at www.sec.gov. PG&E Corporation and PG&E undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.
PG&E CORPORATION |
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
||||||||||||||||
|
(Unaudited) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|||||||||||||
(in millions, except per share amounts) |
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Operating Revenues |
|
|
|
|
|
|
|
|||||||||
Electric |
$ |
3,951 |
|
|
$ |
3,435 |
|
|
$ |
7,346 |
|
|
$ |
6,475 |
|
|
Natural gas |
1,264 |
|
|
1,098 |
|
|
2,585 |
|
|
2,364 |
|
|||||
Total operating revenues |
5,215 |
|
|
4,533 |
|
|
9,931 |
|
|
8,839 |
|
|||||
Operating Expenses |
|
|
|
|
|
|
|
|||||||||
Cost of electricity |
847 |
|
|
759 |
|
|
1,437 |
|
|
1,304 |
|
|||||
Cost of natural gas |
187 |
|
|
134 |
|
|
494 |
|
|
418 |
|
|||||
Operating and maintenance |
2,583 |
|
|
2,141 |
|
|
4,919 |
|
|
4,108 |
|
|||||
Wildfire-related claims, net of insurance recoveries |
(5) |
|
|
170 |
|
|
167 |
|
|
170 |
|
|||||
Wildfire Fund expense |
118 |
|
|
173 |
|
|
237 |
|
|
173 |
|
|||||
Depreciation, amortization, and decommissioning |
851 |
|
|
874 |
|
|
1,739 |
|
|
1,729 |
|
|||||
Total operating expenses |
4,581 |
|
|
4,251 |
|
|
8,993 |
|
|
7,902 |
|
|||||
Operating Income |
634 |
|
|
282 |
|
|
938 |
|
|
937 |
|
|||||
Interest income |
15 |
|
|
12 |
|
|
17 |
|
|
28 |
|
|||||
Interest expense |
(398) |
|
|
(199) |
|
|
(806) |
|
|
(453) |
|
|||||
Other income, net |
128 |
|
|
100 |
|
|
255 |
|
|
197 |
|
|||||
Reorganization items, net |
(11) |
|
|
(1,624) |
|
|
(11) |
|
|
(1,800) |
|
|||||
Income (Loss) Before Income Taxes |
368 |
|
|
(1,429) |
|
|
393 |
|
|
(1,091) |
|
|||||
Income tax provision (benefit) |
(33) |
|
|
539 |
|
|
(131) |
|
|
503 |
|
|||||
Net Income (Loss) |
401 |
|
|
(1,968) |
|
|
524 |
|
|
(1,594) |
|
|||||
Preferred stock dividend requirement of subsidiary |
4 |
|
|
4 |
|
|
7 |
|
|
7 |
|
|||||
Income (Loss) Attributable to Common Shareholders |
$ |
397 |
|
|
$ |
(1,972) |
|
|
$ |
517 |
|
|
$ |
(1,601) |
|
|
Weighted Average Common Shares Outstanding, Basic |
1,985 |
|
|
529 |
|
|
1,985 |
|
|
529 |
|
|||||
Weighted Average Common Shares Outstanding, Diluted |
2,146 |
|
|
529 |
|
|
2,146 |
|
|
529 |
|
|||||
Net Income (Loss) Per Common Share, Basic |
$ |
0.20 |
|
|
$ |
(3.73) |
|
|
$ |
0.26 |
|
|
$ |
(3.03) |
|
|
Net Income (Loss) Per Common Share, Diluted |
$ |
0.18 |
|
|
$ |
(3.73) |
|
|
$ |
0.24 |
|
|
$ |
(3.03) |
|
|
Reconciliation of PG&E Corporation’s Consolidated Earnings Available for Common Shareholders in Accordance |
with Generally Accepted Accounting Principles (“GAAP”) to Non-GAAP Core Earnings |
Second Quarter, 2021 vs. 2020 |
(in millions, except per share amounts) |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|||||||||||||||||||||||||||||
|
Earnings |
|
Earnings per
|
|
Earnings |
|
Earnings per
|
|||||||||||||||||||||||||
(in millions, except per share amounts) |
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||||||||||
PG&E Corporation's Earnings on a GAAP basis |
$ |
397 |
|
|
$ |
(1,972) |
|
|
$ |
0.18 |
|
|
$ |
(3.73) |
|
|
$ |
517 |
|
|
$ |
(1,601) |
|
|
$ |
0.24 |
|
|
$ |
(3.03) |
|
|
Non-core items: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Amortization of Wildfire Fund contribution (2) |
85 |
|
|
125 |
|
|
0.04 |
|
|
0.24 |
|
|
171 |
|
|
125 |
|
|
0.08 |
|
|
0.24 |
|
|||||||||
Investigation remedies (3) |
50 |
|
|
45 |
|
|
0.02 |
|
|
0.08 |
|
|
78 |
|
|
73 |
|
|
0.04 |
|
|
0.14 |
|
|||||||||
Bankruptcy and legal costs (4) |
40 |
|
|
2,275 |
|
|
0.02 |
|
|
4.30 |
|
|
72 |
|
|
2,452 |
|
|
0.03 |
|
|
4.64 |
|
|||||||||
2019-2020 wildfire-related costs, net of insurance (5) |
3 |
|
|
148 |
|
|
— |
|
|
0.28 |
|
|
136 |
|
|
148 |
|
|
0.06 |
|
|
0.28 |
|
|||||||||
Prior period net regulatory recoveries (6) |
— |
|
|
(78) |
|
|
— |
|
|
(0.15) |
|
|
88 |
|
|
(78) |
|
|
0.04 |
|
|
(0.15) |
|
|||||||||
PG&E Corporation’s Non-GAAP Core Earnings (7) |
$ |
575 |
|
|
$ |
542 |
|
|
$ |
0.27 |
|
|
$ |
1.03 |
|
|
$ |
1,062 |
|
|
$ |
1,119 |
|
|
$ |
0.50 |
|
|
$ |
2.11 |
|
|
All amounts presented in the table above and footnotes below are tax adjusted at PG&E Corporation’s statutory tax rate of 27.98% for 2021 and 2020, except for certain costs that are not tax deductible. Amounts may not sum due to rounding.
(1) |
“Non-core items” include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods, consisting of the items listed in the table above. See Exhibit H: Use of Non-GAAP Financial Measures. |
|
(2) |
The Utility recorded costs of $118 million (before the tax impact of $33 million) and $237 million (before the tax impact of $66 million) during the three and six months ended June 30, 2021, respectively, associated with the amortization of Wildfire Fund contributions related to Assembly Bill ("AB") 1054. |
|
(3) |
The Utility recorded costs of $60 million (before the tax impact of $11 million) and $97 million (before the tax impact of $19 million) during the three and six months ended June 30, 2021, respectively, associated with investigation remedies. This includes $24 million (before the tax impact of $6 million) and $48 million (before the tax impact of $13 million) during the three and six months ended June 30, 2021, respectively, related to the Order Instituting Investigation ("OII") into the 2017 Northern California Wildfires and 2018 Camp Fire (the "Wildfires OII") settlement, as modified by the Decision Different dated April 20, 2020. The Utility also recorded an incremental charge of $20 million (before the tax impact of $1 million) during the three and six months ended June 30, 2021, associated with the May 26, 2021 Presiding Officer's Decision for the Public Safety Power Shutoff (PSPS) Order to Show Cause for the Fall 2019 PSPS events. The Utility also incurred restoration and rebuild costs of $9 million (before the tax impact of $3 million) and $14 million (before the tax impact of $4 million) during the three and six months ended June 30, 2021, respectively, associated with the town of Paradise (2018 Camp Fire). The Utility also recorded costs of $8 million (before the tax impact of $0.1 million) and $15 million (before the tax impact of $0.4 million) during the three and six months ended June 30, 2021, respectively, for system enhancements related to the Locate and Mark OII. |
(in millions, pre-tax) |
Three Months
|
|
Six Months
|
|||||
Wildfire OII disallowance and system enhancements |
$ |
24 |
|
|
$ |
48 |
|
|
Incremental PSPS charge |
20 |
|
|
20 |
|
|||
Paradise restoration and rebuild |
9 |
|
|
14 |
|
|||
Locate and Mark OII system enhancements |
8 |
|
|
15 |
|
|||
Investigation remedies |
$ |
60 |
|
|
$ |
97 |
|
|
(4) |
PG&E Corporation and the Utility recorded costs of $54 million (before the tax impact of $14 million) and $98 million (before the tax impact of $26 million) during the three and six months ended June 30, 2021, respectively, associated with bankruptcy and legal costs. This includes $34 million (before the tax impact of $10 million) and $72 million (before the tax impact of $20 million) during the three and six months ended June 30, 2021, respectively, related to exit financing costs. PG&E Corporation and the Utility also incurred legal and other costs of $19 million (before the tax impact of $4 million) and $26 million (before the tax impact of $6 million) during the three and six months ended June 30, 2021, respectively. |
(in millions, pre-tax) |
Three Months
|
|
Six Months
|
|||||
Exit financing |
$ |
34 |
|
|
$ |
72 |
|
|
Legal and other costs |
19 |
|
|
26 |
|
|||
Bankruptcy and legal costs |
$ |
54 |
|
|
$ |
98 |
|
|
(5) |
The Utility incurred costs, net of probable insurance recoveries, of $4 million (before the tax impact of $1 million) and $189 million (before the tax impact of $53 million) during the three and six months ended June 30, 2021, respectively, associated with the 2019-2020 wildfires. This includes accrued charges for third-party claims of $175 million (before the tax impact of $49 million) during the six months ended June 30, 2021, related to the 2019 Kincade fire, and $75 million (before the tax impact of $21 million) and $100 million (before the tax impact of $28 million) during the three and six months ended June 30, 2021, respectively, related to the 2020 Zogg fire. In addition, the Utility also incurred costs of $6 million (before the tax impact of $2 million) during the six months ended June 30, 2021, for clean-up and repair costs related to the 2020 Zogg fire. The Utility also incurred costs of $6 million (before the tax impact of $2 million) and $9 million (before the tax impact of $3 million) during the three and six months ended June 30, 2021, respectively, for legal and other costs related to the 2019 Kincade fire, as well as $3 million (before the tax impact of $1 million) and $7 million (before the tax impact of $2 million) during the three and six months ended June 30, 2021, respectively, related to the 2020 Zogg fire. These costs were partially offset by probable insurance recoveries of $80 million (before the tax impact of $22 million) and $108 million (before the tax impact of $30 million) during the three and six months ended June 30, 2021, respectively, related to the 2020 Zogg fire. |
(in millions, pre-tax) |
Three Months
Ended June 30,
|
|
Six Months
|
|||||
2019 Kincade fire-related costs |
|
|
|
|||||
Third-party claims |
$ |
— |
|
|
$ |
175 |
|
|
Legal and other costs |
6 |
|
|
9 |
|
|||
2020 Zogg fire-related costs, net of insurance |
|
|
|
|||||
Third-party claims |
75 |
|
|
100 |
|
|||
Utility clean-up and repairs |
— |
|
|
6 |
|
|||
Legal and other costs |
3 |
|
|
7 |
|
|||
Insurance recoveries |
(80) |
|
|
(108) |
|
|||
2019-2020 wildfire-related costs, net of insurance |
$ |
4 |
|
|
$ |
189 |
|
|
(6) |
The Utility incurred $122 million (before the tax impact of $34 million) during the six months ended June 30, 2021, associated with prior period net regulatory recoveries, reflecting the impact of the April 15, 2021 FERC order denying the Utility's request for rehearing on the Transmission Owner ("TO") 18, which rejected the Utility's direct assignment of common plant to FERC, and impacted TO revenues recorded through December 31, 2020. |
|
(7) |
"Non-GAAP core earnings" is a non-GAAP financial measure. See Exhibit H: Use of Non-GAAP Financial Measures. |
PG&E Corporation's 2021 Earnings Guidance |
|
|
2021 |
||||||||
EPS Guidance |
|
Low |
|
High |
||||||
Estimated Earnings on a GAAP basis |
|
|
$ |
0.01 |
|
|
|
$ |
0.15 |
|
Estimated Non-Core Items: (1) |
|
|
|
|
|
|
||||
Bankruptcy and legal costs (2) |
|
~ |
0.69 |
|
|
~ |
0.66 |
|
||
Amortization of Wildfire Fund contribution (3) |
|
~ |
0.16 |
|
|
~ |
0.16 |
|
||
2019-2020 wildfire-related costs (4) |
|
~ |
0.07 |
|
|
~ |
0.07 |
|
||
Investigation remedies (5) |
|
~ |
0.06 |
|
|
~ |
0.06 |
|
||
Prior period net regulatory recoveries(6) |
|
~ |
0.03 |
|
|
~ |
0.03 |
|
||
Net securitization impact (7) |
|
~ |
(0.07) |
|
|
~ |
(0.07) |
|
||
Estimated EPS on a non-GAAP Core Earnings basis |
|
~ |
$ |
0.95 |
|
|
~ |
$ |
1.05 |
|
All amounts presented in the table above and footnotes below are tax adjusted at PG&E Corporation’s statutory tax rate of 27.98% for 2021, except for certain costs that are not tax deductible. Amounts may not sum due to rounding.
(1) |
“Non-core items” include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods. See Exhibit H: Use of Non-GAAP Financial Measures. |
|
(2) |
“Bankruptcy and legal costs" consists of reversal of the tax benefit recorded for shares transferred to the Fire Victim Trust, exit financing costs including interest on temporary Utility debt and write-off of unamortized fees related to the retirement of PG&E Corporation debt, and legal and other costs associated with PG&E Corporation and the Utility's Chapter 11 filing. The total offsetting tax impact for the low and high non-core guidance range is $72 million and $47 million, respectively. |
|
|
2021 |
||||||||
(in millions, pre-tax) |
|
Low guidance
|
|
High guidance
|
||||||
Fire Victim Trust grantor trust benefit |
|
~ |
$ |
1,300 |
|
|
~ |
$ |
1,300 |
|
Exit financing |
|
~ |
135 |
|
|
~ |
95 |
|
||
Legal and other costs |
|
~ |
120 |
|
|
~ |
70 |
|
||
Bankruptcy and legal costs |
|
~ |
$ |
1,555 |
|
|
~ |
$ |
1,465 |
|
(3) |
"Amortization of Wildfire Fund contribution” represents the amortization of Wildfire Fund contributions related to AB 1054. The total offsetting tax impact for the low and high non-core guidance range is $130 million. |
|
|
2021 |
||||||||
(in millions, pre-tax) |
|
Low guidance
|
|
High
|
||||||
Amortization of Wildfire Fund contribution |
|
~ |
$ |
465 |
|
|
~ |
$ |
465 |
|
(4) |
“2019-2020 wildfire-related costs" includes third-party claims and legal and other costs associated with the 2019 Kincade fire, and utility clean-up and repairs costs associated with the 2020 Zogg fire. The total offsetting tax impact for the low and high non-core guidance range is $60 million and $55 million, respectively. |
|
2021 |
|||||||||
(in millions, pre-tax) |
Low guidance
|
|
High
|
|||||||
2019 Kincade fire-related costs |
|
|
|
|
|
|||||
Third-party claims |
~ |
$ |
175 |
|
|
~ |
$ |
175 |
|
|
Legal and other costs |
~ |
30 |
|
|
~ |
10 |
|
|||
2020 Zogg fire-related costs |
|
|
|
|
|
|||||
Utility clean-up and repairs |
~ |
10 |
|
|
~ |
10 |
|
|||
2019-2020 wildfire-related costs |
~ |
$ |
215 |
|
|
~ |
$ |
195 |
|
|
(5) |
“Investigation remedies" includes costs related to the Wildfire OII Decision Different, Paradise restoration and rebuild, the Locate and Mark OII system enhancements, and the incremental PSPS charge associated with the May 26, 2021 Presiding Officer's Decision for the Public Safety Power Shutoff (PSPS) Order to Show Cause for the Fall 2019 PSPS events. The total offsetting tax impact for the low and high non-core guidance range is $18 million. |
|
|
2021 |
||||||||
(in millions, pre-tax) |
|
Low guidance
|
|
High
|
||||||
Wildfire OII disallowance and system enhancements |
|
~ |
$ |
80 |
|
|
~ |
$ |
80 |
|
Paradise restoration and rebuild |
|
~ |
25 |
|
|
~ |
25 |
|
||
Locate and Mark OII system enhancements |
|
~ |
25 |
|
|
~ |
25 |
|
||
Incremental PSPS charge |
|
~ |
20 |
|
|
~ |
20 |
|
||
Investigation remedies |
|
~ |
$ |
150 |
|
|
~ |
$ |
150 |
|
(6) |
“Prior period net regulatory recoveries" represents the recovery of capital expenditures from 2011 through 2014 above amounts adopted in the 2011 GT&S rate case, offset by the impact of the April 15, 2021 FERC order denying the Utility's request for rehearing on the TO18, which rejected the Utility's direct assignment of common plant to FERC, and impacted TO revenues recorded through December 31, 2020. The total offsetting tax impact for the low and high non-core guidance range is $21 million. |
|
|
2021 |
||||||||
(in millions, pre-tax) |
|
Low guidance
|
|
High
|
||||||
2011-2014 GT&S capital audit |
|
~ |
$ |
(45) |
|
|
~ |
$ |
(45) |
|
TO18 FERC ruling impact |
|
~ |
120 |
|
|
~ |
120 |
|
||
Prior period net regulatory recoveries |
|
~ |
$ |
75 |
|
|
~ |
$ |
75 |
|
(7) |
“Net securitization inception impact" represents the impact upon inception of rate neutral securitization and reflects the difference between the securitization regulatory asset and the regulatory liability associated with the revenue credits funded by up-front shareholder contributions and the Net Operating Loss monetization. This reflects the assumption that the CPUC will authorize the securitization of $7.5 billion of wildfire-related claims that is designed to be rate neutral on average to customers based on the final decision issued April 22, 2021. The total offsetting tax impact for the low and high non-core guidance range is $59 million. |
|
|
2021 |
||||||||
(in millions, pre-tax) |
|
Low guidance
|
|
High
|
||||||
Net securitization inception impact |
|
~ |
$ |
(210) |
|
|
~ |
$ |
(210) |
|
Undefined, capitalized terms have the meanings set forth in the PG&E Corporation and the Utility’s joint quarterly report on Form 10-Q for the quarter ended June 30, 2021.
Use of Non-GAAP Financial Measures |
PG&E Corporation and Pacific Gas and Electric Company |
PG&E Corporation discloses historical financial results and provides guidance based on “non-GAAP core earnings” and “non-GAAP core EPS” in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items.
“Non-GAAP core earnings” is a non-GAAP financial measure and is calculated as income available for common shareholders less non-core items. “Non-core items” include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods, consisting of the items listed in Exhibit A. “Non-GAAP core EPS,” also referred to as “non-GAAP core earnings per share,” is a non-GAAP financial measure and is calculated as non-GAAP core earnings divided by common shares outstanding (diluted). PG&E Corporation and the Utility use non-GAAP core earnings and non-GAAP core EPS to understand and compare operating results across reporting periods for various purposes including internal budgeting and forecasting, short- and long-term operating planning, and employee incentive compensation. PG&E Corporation and the Utility believe that non-GAAP core earnings and non-GAAP core EPS provide additional insight into the underlying trends of the business, allowing for a better comparison against historical results and expectations for future performance.
Investor Relations Contact: 415.972.7080
Media Inquiries Contact: 415.973.5930
SAN FRANCISCO--(BUSINESS WIRE)--#CyrusCapital--TeraWatt Infrastructure, a company founded to develop, own, and finance electric vehicle charging infrastructure in the U.S., today announced the appointment of two senior executives: West Owens as senior vice president of finance and structuring, and David Schlosberg as vice president of solutions.
“As a reliable, credible, long term partner for electric fleet operators and the companies that support them, TeraWatt is building the team most qualified to fill the multi-trillion dollar investment gap for commercial EV charging infrastructure,” said Neha Palmer, CEO of TeraWatt. “The combined experience of these two accomplished executives and their shared commitment to this breakthrough moment in electrification will be instrumental to our success in building out the permanent transportation infrastructure of tomorrow.”
A finance executive for more than 17 years, West Owens specializes in opening up new asset classes to scalable capital market financing, including solar, distributed energy resources (DER) and virtual power plants (VPP). In his new role at TeraWatt, Owens will be responsible for setting the capital strategy and execution for TeraWatt, including the creation of deal structures, nurturing relationships with and managing investors, and the buildout of a financing platform. Owens has advised multiple early stage energy companies, including OhmConnect, where he structured the first residential VPP financing across thousands of homes. As vice president of structured finance at SolarCity, a company acquired by Tesla, West raised more than $2 billion in diversified capital and securitized the first solar service agreements and loans in the asset-backed security market. He also served as CFO and COO at Advanced Microgrid Solutions (AMS), where he financed the first large scale portfolio of energy storage DERs worth more than $200 million.
“The transition to electrified transport is a defining moment in history, and I’m thrilled to be at the forefront of this burgeoning asset class,” said Owens. “With Neha Palmer leading along with the well regarded team at Keyframe Capital and Cyrus Capital, there is no other player on the market right now that is as well positioned to be the long-term owner and operator of charging assets as TeraWatt Infrastructure.”
Leveraging his deep experience in project development, energy market regulation, networked electric vehicle charging and distributed energy resources, David Schlosberg will spearhead the definition and development of custom charging energy solutions for TeraWatt’s customers. Previously, Schlosberg served as the head of eMobility energy services for Enel X North America, where he led the business line's participation in energy and environmental markets, load management programs for electric utilities, smart charging partnerships with electric vehicle automakers, and strategy for vehicle-to-grid integration technology. Prior to that, he was a principal energy market analyst within Google’s Access & Energy division and held origination, project development and regulatory affairs roles at BrightSource Energy, a provider of large scale solar thermal power plants.
“Electrifying transportation is a monumental challenge and essential societal task that is only achievable with the right cooperation between the electric utilities, regulators and transportation providers,” said Schlosberg. “TeraWatt is uniquely positioned to orchestrate and facilitate this massive economic transition, and I am commiting my expertise to ensure a seamless transition to electrification for TeraWatt’s customers.”
ABOUT TERAWATT INFRASTRUCTURE
TeraWatt Infrastructure is building the permanent EV charging infrastructure of tomorrow through a robust combination of property assets, financing vehicles and deep energy expertise. The company designs, operates and owns on-site distributed energy systems that take the cost and complexity out of EV charging infrastructure, while providing market protection and upside opportunities through capital backing and ownership. With a business model based on well-established economics of renewable energy project development and a proven real estate strategy, Terawatt was founded, in the absence of anything like it, to be the nation’s reliable, long-term partner in the inevitable transition to all-electric transportation. For more information: www.terawattinfrastructure.com
Annika Harper, Director at Antenna Group
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PHOENIX, Ariz.--(BUSINESS WIRE)--#climatechange--Climate change is one of the largest challenges facing the world today and driving fossil fuel prices up. Finding immediate solutions is a global must. Suntria is proud to be part of the solution through providing residential solar and battery systems. Suntria’s mission is to empower homeowners to gain energy independence through its innovative energy systems.
With the unpredictable natural disasters that faced the Dallas/Ft. Worth area this past year and the anticipation of an equally harsh winter, now is the time to plan for your family. The severe winter that pushed the power grid to the brink of collapse and left nearly 5 million without electricity can and will happen again, but you can prepare now by taking yourself off the grid with solar energy from Suntria. Suntria is focused on making homes cost-efficient and independent from the increasingly unreliable power companies with the company’s number one priority being complete homeowner satisfaction.
Preparing now is vital, and Suntria is here to help. Suntria offers a turnkey experience to the homeowner from the on-set of the process. From its complimentary in-home estimate to the final step of the installation of your solar system, your project manager, otherwise known as your “Suntria Prodigy”, is there for the homeowner every step of the process. Suntria’s Made-In-The-USA solar panels are installed by its own team of fully licensed electrical technicians – no third-party installers.
All products offered by Suntria are the latest in technology, from its cutting edge-batteries that provide power even during an outage, to microinverters that convert the power of the sun into energy, to its proprietary software. Finally, all your energy usage and system status can be fully monitored from the palm of your hand, anywhere, with Suntria’s solar monitoring mobile app. Suntria constantly strives to innovate and provide its homeowners the latest technology in their energy independence transition.
With Suntria, you can have peace of mind knowing your energy independence is protected with a 25-year manufacturer warranty that covers parts. Also offered is Suntria’s 30-year insurance plan that is the industry leader. What does that mean to the homeowner? It means Suntria builds a 30-year relationship with its homeowners and why so many people trust Suntria as they know their investment is protected. Suntria has also earned the highest credentials that the industry has to offer, including NABCEP and SEIA Certifications.
“No matter which way you look at it, the power outage in Dallas is a massive failure for the grid,” states Deborah Casper, Chief Financial Officer of Suntria. “Homeowners should not have to worry that the energy they want and need will not be there. Going solar is the practical and safest way to assure you and your family’s safety. In addition to this assurance, it is cost effective and the customer has the benefit of watching the value of your home go up and your utility bill go down, and the tax credits offered will save you even more money.”
To get started on your own energy independence program, reach out to Suntria today at 1-877-SUN-NOW-1 or schedule your appointment at suntria.com
About Suntria
Founded over 17 years ago, Suntria is a high-tech company revolutionizing the home energy market. Suntria believes in empowering people through innovative energy systems with trust, quality, transparency, and complete homeowner satisfaction. Proudly having installed and maintained over 17,000 solar systems, Suntria is building an experience that is paving the way for environmentally and financially conscious homeowners to rethink about the benefits of solar power.
For additional information go to suntria.com or call 1-877-SUN-NOW-1 to schedule your free estimate.
Barbara Carrera Holland
CH Media
(602) 810.1924
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Leaders in low-carbon ammonia manufacturing and liquified gas transportation team up to reduce maritime emissions
SASKATOON, Saskatchewan--(BUSINESS WIRE)--$NTR--Nutrien (TSX and NYSE: NTR) and EXMAR (EURONEXT: EXM) announced today that they have signed a Collaboration Agreement to jointly develop and build a low-carbon, ammonia-fueled vessel. Partners for over three decades in transporting ammonia globally, Nutrien is one of the world’s largest producers of low-carbon ammonia and EXMAR is a leading player and innovator in the transportation of liquefied gas products.
Decarbonization of Shipping
Nutrien and EXMAR support the decarbonization of shipping and the International Maritime Organization’s (IMO) Green House Gas (GHG) Strategy to reduce emissions. Their new collaboration aims to significantly reduce Nutrien’s maritime transportation emissions and enable the commercial development of an ammonia-fueled vessel. Together, they will chart a clear path for wide adoption of low-carbon ammonia as a clean fuel for the maritime industry.
Nutrien has actively been pursuing the development of low-carbon ammonia for more than a decade, and has approximately 1 million tonnes of production capability through its Redwater and Joffre Alberta operations, as well as its Geismar, Louisiana facility which employs carbon capture and sequestration technology to reduce the carbon intensity of its ammonia for use as a maritime fuel.
“Nutrien is excited to partner with EXMAR on our shared journey to drive transformative reductions in maritime emissions,” says Raef Sully, Nutrien’s Executive Vice President and CEO of Nitrogen and Phosphate. “This initiative demonstrates how we are taking action to achieve our Feeding the Future Plan’s 2030 sustainability commitments, which include investing in low-carbon ammonia innovations.”
Ambitious Goal Setting
When compared to conventional fuels, it is anticipated that the use of Nutrien’s existing low-carbon ammonia will achieve a reduction of greenhouse gas emissions of up to 40%. Emissions reductions of up to 70% can be achieved with the development of low-carbon ammonia using proven, scalable, best available technology and permanent sequestration of CO2.
Nutrien and EXMAR are confident that development of a vessel powered by low-carbon ammonia can align with IMO’s 2050 goals, and expect deep decarbonization of the maritime industry to be achievable prior to 2030.
“EXMAR has always strived to contribute to innovations and increase efficiencies in gas logistics and transportation. The development of an ammonia-fueled vessel together with our long-standing partner Nutrien is an exciting and logical next step for us,” says Jens Ismar, Executive Director Shipping.
Under the Collaboration Agreement, Nutrien and EXMAR will, amongst others, collaborate on the following:
About Nutrien
Nutrien is the world's largest provider of crop inputs and services, playing a critical role in helping growers increase food production in a sustainable manner. We produce and distribute around 27 million tonnes of potash, nitrogen and phosphate products world-wide. With this capability and our leading agriculture retail network, we are well positioned to supply the needs of our customers. We operate with a long-term view and are committed to working with our stakeholders as we address our economic, environmental and social priorities. The scale and diversity of our integrated portfolio provides a stable earnings base, multiple avenues for growth and the opportunity to return capital to shareholders.
Learn more at www.nutrien.com.
About EXMAR NV
EXMAR is a provider of floating solutions for the operation, transportation and transformation of gas. EXMAR’s mission is to serve customers with innovations in the field of offshore extraction, transformation, production, storage and transportation by sea of liquefied natural gases, petrochemical gases and liquid hydrocarbons. EXMAR creates economically viable and sustainable energy value chains in long-term alliances with first-class business partners. EXMAR designs, builds, certifies, owns, leases and operates specialised, floating maritime infrastructure for this purpose as well as aiming for the highest standards in performing commercial, technical, quality assurance and administrative management for the entire maritime energy industry. EXMAR is listed on Euronext Brussels (EXM) and is part of the BEL Small Index.
Forward-looking information
Certain statements and other information included in this news release constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements"). Although Nutrien believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Nutrien can give no assurance that they will prove to be correct. Forward-looking statements are subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the risk factors detailed from time to time in Nutrien reports filed with the Canadian securities regulatory authorities and the United States Securities and Exchange Commission.
The forward-looking statements in this news release are made as of the date hereof and Nutrien disclaims any intention or obligation to update or revise any forward-looking statements resulting from new information or future events, except as may be required under applicable securities laws.
Nutrien Media Contact
Kathy Baker | Manager, Communications, Retail & NPK | 403-225-7760
EXMAR Media Contact
Jens Ismar | Executive Director Shipping | +32 3 247 56 57
The deployment will provide an opportunity for cutting-edge research on the interplay of sustainability, rider behavior, and autonomous vehicles
BOSTON--(BUSINESS WIRE)--#AV--Optimus Ride, a leading autonomous shuttle company, today announced it will receive up to $4.3 million from the U.S. Department of Energy (DOE) to launch the first autonomous vehicle (AV) system at Clemson University, marking one of the largest autonomous shuttle deployments in the U.S. Optimus Ride was selected based on the environmental benefits its electric autonomous shuttles can deliver on a large scale and its contributions to reducing carbon dioxide (CO2) emissions. In support of the Biden-Harris Administration's goal of a net-zero emissions economy by 2050, this deployment is the sole AV project in the DOE’s $60 million effort to fund 24 research and development projects that are decarbonizing the transportation sector and reducing CO2 emissions from passenger cars and light- and heavy-duty trucks.
The DOE funds will enable Optimus Ride to bring its convenient, cost effective, and sustainable autonomous mobility services to Clemson University students, faculty, staff, and visitors. The project presents a unique opportunity for data collection, research, and development to further advance autonomous vehicle technology and adoption. Optimus Ride will partner with Clemson University, University of California, Berkeley, and Argonne National Laboratory to analyze rider behavior and adoption and examine the potential sustainability impact electric AV shuttles can have when deployed at scale. Optimus Ride will also analyze its routes, vehicle performance, sustainability benchmarks, and other data to continue to refine its mobility service and further advance its autonomous vehicle technology.
“College campuses offer a unique opportunity to reduce the environmental impact of transportation and increase the widespread adoption of autonomous vehicles,” said Sean Harrington, CEO of Optimus Ride. “Our vehicles have proven to be more energy efficient than traditional, human-driven, fossil-fueled shuttles, and we’re excited to verify and deliver the many benefits AVs have to offer to campuses like Clemson’s and beyond.”
Clemson’s 1,400 acre campus welcomes more than 25,000 students annually, making it an optimal testing environment to study the real-life situations, use cases, and passenger behavior that are hard to replicate on a test track. The university will benefit from convenient and efficient transportation with the goal of becoming the model for other campuses and master planned communities to pursue autonomous vehicle adoption.
Transportation accounts for approximately 30 percent of total U.S. energy needs and generates the largest share of the country’s greenhouse gas emissions. The DOE funded projects address the largest contributors to transportation sector emissions: passenger cars, light-duty trucks, which account for nearly 60 percent of emissions, and medium- and heavy-duty trucks, which account for nearly 25 percent.
More information on Optimus Ride’s autonomous, electric mobility service can be found at optimusride.com.
About Optimus Ride
Optimus Ride is an autonomous shuttle company on a mission to drive the future of transportation. The company develops autonomous vehicle technology and mobility services for residential communities, corporate and academic campuses, and mixed use developments. Its convenient, sustainable rides connect people in and around their communities, when and where they need it. Optimus Ride’s team of technology and mobility experts partner with community and transit teams to deliver end-to-end mobility solutions that unlock operational efficiencies and create amazing rider experiences. To learn more about how Optimus Ride is bringing the promise and benefits of autonomous, electric shuttles to the real world, visit www.optimusride.com.
Optimus Ride Media Contact:
Meredith Chiricosta
BIGfish Communications for Optimus Ride
617-713-3800
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DALLAS--(BUSINESS WIRE)--Trinity Industries, Inc. (NYSE: TRN) (“Trinity”) announced today that it will participate in the following investor conferences during the third quarter of 2021.
Jefferies Industrials Conference:
Date: |
August 3, 2021 |
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Location: |
Virtual |
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Management: |
Jean Savage – CEO and President |
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Susquehanna Energy, Industrials & Airlines Conference:
Date: |
August 10, 2021 |
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Location: |
Virtual |
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Management: |
Eric Marchetto – EVP and Chief Financial Officer |
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Cowen 14th Annual Global Transportation & Sustainable Mobility Conference:
Date: |
September 10, 2021 |
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Location: |
Virtual |
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Management: |
Eric Marchetto – EVP and Chief Financial Officer |
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Company Description
Trinity Industries, Inc., headquartered in Dallas, Texas, owns businesses that are leading providers of rail transportation products and services in North America. Our rail-related businesses market their railcar products and services under the trade name TrinityRail®. The TrinityRail integrated platform provides railcar leasing and management services, as well as railcar manufacturing, maintenance and modifications. Trinity also owns businesses engaged in the manufacture of products used on the nation’s roadways and in traffic control, as well as logistical and transportation businesses. Trinity reports its financial results in three principal business segments: the Railcar Leasing and Management Services Group, the Rail Products Group, and the All Other Group. For more information, visit: www.trin.net.
Investor Contact:
Eric Marchetto
Executive Vice President and Chief Financial Officer
Trinity Industries, Inc.
(Investors) 214/631-4420
Media Contact:
Jack L. Todd
Vice President, Public Affairs
Trinity Industries, Inc.
(Media Line) 214/589-8909
LONDON & HOUSTON--(BUSINESS WIRE)--TechnipFMC plc (NYSE:FTI) (PARIS:FTI):
This press release is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.
This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities and the offer of Technip Energies shares does not constitute a public offering other than to qualified investors in any jurisdiction, including in France.
TechnipFMC announces the launch of the placement of 16 million Technip Energies shares (the “Shares”), representing ca. 9% of Technip Energies’ issued and outstanding share capital, through a private placement by way of an accelerated bookbuild offering (the “Placement”).
Upon completion of the Placement, TechnipFMC would retain a direct stake of ca. 22% of Technip Energies’ issued and outstanding share capital.
TechnipFMC has agreed to a 60-day lock-up for its remaining shares in Technip Energies, subject to waiver from the Joint Global Coordinators and certain other customary exceptions, including transfer of shares to a subsidiary, granting and enforcement of security interests in connection with financing and derivative transactions and tender into any public tender offer for all or part of the shares.
The Placement is targeted at eligible institutional investors. There will be no public offering in any country.
The final terms of the Placement are expected to be announced on July 30 at the latest. Settlement for the Placement is expected to take place on or around August 3, 2021.
Important notices
This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities and the offer of shares of Technip Energies (the “Shares”) by TechnipFMC does not constitute a public offering other than to qualified investors in any jurisdiction, including in France.
In member states of the European Economic Area, this communication and any offer if made subsequently is directed exclusively at persons who are “qualified investors” within the meaning of Article 2(e) of the Prospectus Regulation.
In the United Kingdom, any offer of the Shares will be made pursuant to an exemption under Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the “UK Prospectus Regulation”) from a requirement to publish a prospectus for offers of Shares. This communication is for distribution in the United Kingdom only to (i) investment professionals falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (ii) high net worth entities and other persons to whom it may lawfully be communicated, falling within article 49(2)(a) to (d) of the Order.
The Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, US persons, absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offer of the Shares in the United States or in any other jurisdiction. The Shares are being offered outside the United States in transactions that are not subject to the Securities Act pursuant to Regulation S under the Securities Act (“Regulation S”) to persons other than US persons (within the meaning of Regulation S) and in the United States to "qualified institutional buyers" (“QIBs”) pursuant to an exemption from, or in transactions not subject to, the registration requirements of the Securities Act.
In addition to the foregoing restrictions, the release, publication or distribution of this press release generally may be restricted by law in certain jurisdictions and persons into whose possession this document or other information referred to herein should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
The information contained in this announcement is for background purposes only and does not purport to be full or complete and no reliance may be placed by any person for any purpose on the information contained in this announcement or its accuracy, fairness or completeness. Any investment decision to buy Shares in the Placement must be made solely on the basis of publicly available information regarding Technip Energies. Such information is not the responsibility of TechnipFMC.
The Joint Global Coordinators are acting on behalf of TechnipFMC and no one else in connection with the Placement and will not be responsible to any other person for providing the protections afforded to any of its clients or for providing advice in relation to the Placement.
EACH PROSPECTIVE INVESTOR SHOULD PROCEED ON THE ASSUMPTION THAT IT MUST BEAR THE ECONOMIC RISK OF AN INVESTMENT IN THE SHARES. NEITHER TECHNIPFMC NOR THE JOINT GLOBAL COORDINATORS MAKES ANY REPRESENTATION AS TO (I) THE SUITABILITY OF THE SHARES FOR ANY PARTICULAR INVESTOR, (II) THE APPROPRIATE ACCOUNTING TREATMENT AND POTENTIAL TAX CONSEQUENCES OF INVESTING IN THE SHARES OR (III) THE FUTURE PERFORMANCE OF THE SHARES EITHER IN ABSOLUTE TERMS OR RELATIVE TO COMPETING INVESTMENTS.
The information contained in this press release is subject to change in its entirety without notice up to the settlement date. TechnipFMC, the Joint Global Coordinators and their respective affiliates expressly disclaim, to fullest extent permitted by applicable law, any obligation or undertaking to update, review or revise any statement contained in this press release whether as a result of new information, future developments or otherwise.
Important Information for Investors and Securityholders
Forward-Looking Statement
This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “believe”, “estimated” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
About TechnipFMC
TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.
With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.
Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.
Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
Investor relations
Matt Seinsheimer
Vice President, Investor Relations
Tel: +1 281 260 3665
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James Davis
Senior Manager, Investor Relations
Tel: +1 281 260 3665
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Media relations
Nicola Cameron
Vice President, Corporate Communications
Tel: +44 1383 742297
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Catie Tuley
Director, Public Relations
Tel: +1 281 591 5405
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Jeff Gustavson Appointed President, Chevron New Energies
Ryder Booth Named Vice President, Mid-Continent Business Unit
SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today named Jeff Gustavson president, Chevron New Energies, effective August 2, 2021. Gustavson will serve as a corporate officer and report to Chevron Chairman and CEO Michael Wirth.
Gustavson, 49, will lead a new, dedicated organization focused on low carbon business prospects that have the potential to scale. Chevron New Energies’ initial focus will include commercialization opportunities in hydrogen, carbon capture, and offsets and support of ongoing growth in biofuels. Additional detail about these efforts will be provided on September 14th during the company’s Energy Transition Spotlight investor presentation.
“Chevron New Energies reflects our higher returns, lower carbon strategy,” said Wirth. “We believe the dedication of resources in a new organization will accelerate growth in multiple business lines that we expect to be part of a lower carbon energy system.”
Gustavson is currently vice president of Chevron North America Exploration & Production Company and oversees its Mid-Continent Business Unit. He previously served as president of Chevron Canada Limited, and has held positions in Investor Relations, Corporate Strategic Planning, Finance, Mergers & Acquisitions, and Supply & Trading.
In a separate appointment, Ryder Booth, 52, has been named vice president of Chevron North America Exploration & Production Company, leading the Mid-Continent Business Unit and succeeding Gustavson. Booth, currently vice president, Capital Projects, will be responsible for a large resource base of oil and liquids-rich assets in the mid-continent United States, including Chevron’s significant Permian assets in Texas and New Mexico. His appointment is effective August 2, 2021.
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.
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.
Braden Reddall -- +1 925-842-2209
LONDON & HOUSTON--(BUSINESS WIRE)--Regulatory News:
TechnipFMC plc (NYSE:FTI) (PARIS:FTI):
This press release is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.
This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities and the offer of Technip Energies shares does not constitute a public offering other than to qualified investors in any jurisdiction, including in France.
TechnipFMC announces the launch of the placement of 16 million Technip Energies shares (the “Shares”), representing ca. 9% of Technip Energies’ issued and outstanding share capital, through a private placement by way of an accelerated bookbuild offering (the “Placement”).
Upon completion of the Placement, TechnipFMC would retain a direct stake of ca. 22% of Technip Energies’ issued and outstanding share capital.
TechnipFMC has agreed to a 60-day lock-up for its remaining shares in Technip Energies, subject to waiver from the Joint Global Coordinators and certain other customary exceptions, including transfer of shares to a subsidiary, granting and enforcement of security interests in connection with financing and derivative transactions and tender into any public tender offer for all or part of the shares.
The Placement is targeted at eligible institutional investors. There will be no public offering in any country.
The final terms of the Placement are expected to be announced on July 30 at the latest. Settlement for the Placement is expected to take place on or around August 3, 2021.
Important notices
This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities and the offer of shares of Technip Energies (the “Shares”) by TechnipFMC does not constitute a public offering other than to qualified investors in any jurisdiction, including in France.
In member states of the European Economic Area, this communication and any offer if made subsequently is directed exclusively at persons who are “qualified investors” within the meaning of Article 2(e) of the Prospectus Regulation.
In the United Kingdom, any offer of the Shares will be made pursuant to an exemption under Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the “UK Prospectus Regulation”) from a requirement to publish a prospectus for offers of Shares. This communication is for distribution in the United Kingdom only to (i) investment professionals falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (ii) high net worth entities and other persons to whom it may lawfully be communicated, falling within article 49(2)(a) to (d) of the Order.
The Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, US persons, absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offer of the Shares in the United States or in any other jurisdiction. The Shares are being offered outside the United States in transactions that are not subject to the Securities Act pursuant to Regulation S under the Securities Act (“Regulation S”) to persons other than US persons (within the meaning of Regulation S) and in the United States to "qualified institutional buyers" (“QIBs”) pursuant to an exemption from, or in transactions not subject to, the registration requirements of the Securities Act.
In addition to the foregoing restrictions, the release, publication or distribution of this press release generally may be restricted by law in certain jurisdictions and persons into whose possession this document or other information referred to herein should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
The information contained in this announcement is for background purposes only and does not purport to be full or complete and no reliance may be placed by any person for any purpose on the information contained in this announcement or its accuracy, fairness or completeness. Any investment decision to buy Shares in the Placement must be made solely on the basis of publicly available information regarding Technip Energies. Such information is not the responsibility of TechnipFMC.
The Joint Global Coordinators are acting on behalf of TechnipFMC and no one else in connection with the Placement and will not be responsible to any other person for providing the protections afforded to any of its clients or for providing advice in relation to the Placement.
EACH PROSPECTIVE INVESTOR SHOULD PROCEED ON THE ASSUMPTION THAT IT MUST BEAR THE ECONOMIC RISK OF AN INVESTMENT IN THE SHARES. NEITHER TECHNIPFMC NOR THE JOINT GLOBAL COORDINATORS MAKES ANY REPRESENTATION AS TO (I) THE SUITABILITY OF THE SHARES FOR ANY PARTICULAR INVESTOR, (II) THE APPROPRIATE ACCOUNTING TREATMENT AND POTENTIAL TAX CONSEQUENCES OF INVESTING IN THE SHARES OR (III) THE FUTURE PERFORMANCE OF THE SHARES EITHER IN ABSOLUTE TERMS OR RELATIVE TO COMPETING INVESTMENTS.
The information contained in this press release is subject to change in its entirety without notice up to the settlement date. TechnipFMC, the Joint Global Coordinators and their respective affiliates expressly disclaim, to fullest extent permitted by applicable law, any obligation or undertaking to update, review or revise any statement contained in this press release whether as a result of new information, future developments or otherwise.
Important Information for Investors and Securityholders
Forward-Looking Statement
This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “believe”, “estimated” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
About TechnipFMC
TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.
With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.
Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.
Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
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