LOS ANGELES--(BUSINESS WIRE)--AECOM (NYSE: ACM), the world’s premier infrastructure consulting firm, today announced the launch of Sustainable Legacies, its strategy for reaching ambitious environmental, social and governance (ESG) objectives. This strategy integrates four key pillars that will embed sustainable development and resilience across the company’s work, improve social outcomes for communities, achieve net-zero carbon emissions and enhance governance.
“As leaders of our industry, we have a responsibility to embed ESG principles into everything we do and partner with our clients and communities to advise on their efforts to advance complex, multi-decade sustainability initiatives,” said Troy Rudd, AECOM’s chief executive officer. “With nearly 50,000 talented engineers, scientists, architects, consultants, program and construction managers, along with our Board of Directors and Executive Leadership Team, we are energized by the impact of our work and how we can contribute positively to society and the planet. We believe infrastructure creates opportunities for everyone, and directly integrating ESG principles with our technical excellence and capabilities puts us in the best position to deliver sustainable legacies for a better world.”
“Our clients have new, evolving priorities focused on sustainability and delivering social impact through their projects and services, and AECOM stands out as the company that can best advise and execute for them,” said Lara Poloni, AECOM’s president. “By developing our strategy with a focus on advancing our ESG objectives and supported by the strength of our technical excellence, global collaboration and local engagement, we will continue to drive innovation in our industry while leaving long-lasting impacts on the communities we serve and the planet as a whole.”
Key Pillars of AECOM’s Sustainable Legacies Strategy
Reflecting AECOM’s commitment to advancing its ESG initiatives, in the fiscal second quarter the company executed an amendment to its existing senior secured credit facilities that includes incentives linked to achieving certain sustainability, and diversity and inclusion goals.
For more information on how AECOM is delivering Sustainable Legacies, please visit www.aecom.com/sustainable-legacies.
About AECOM
AECOM (NYSE: ACM) is the world’s premier infrastructure consulting firm, delivering professional services throughout the project lifecycle – from planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, energy and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical expertise and innovation, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $13.2 billion in fiscal year 2020. See how we deliver what others can only imagine at aecom.com and @AECOM.
Forward-Looking Statements
All statements in this communication other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, coronavirus impacts, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of AECOM. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; impacts caused by the coronavirus and the related economic instability and market volatility, including the reaction of governments to the coronavirus, including any prolonged period of travel, commercial or other similar restrictions, the delay in commencement, or temporary or permanent halting of construction, infrastructure or other projects, requirements that we remove our employees or personnel from the field for their protection, and delays or reductions in planned initiatives by our governmental or commercial clients or potential clients; losses under fixed-price contracts; limited control over operations run through our joint venture entities; liability for misconduct by our employees or consultants; failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; high leverage and potential inability to service our debt and guarantees; exposure to Brexit; exposure to political and economic risks in different countries; currency exchange rate fluctuations; retaining and recruiting key technical and management personnel; legal claims; inadequate insurance coverage; environmental law compliance and adequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; AECOM Capital real estate development projects; managing pension cost; cybersecurity issues, IT outages and data privacy; risks associated with the benefits and costs of the Power transaction and other recent acquisitions and divestitures, including the risk that the expected benefits of such transactions or any contingent purchase price will not be realized within the expected time frame, in full or at all; the risk that costs of restructuring transactions and other costs incurred in connection with recent acquisitions and divestitures will exceed our estimates or otherwise adversely affect our business or operations; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.
Media Contact:
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Red Hat open hybrid cloud technologies and services help the energy infrastructure operator shorten application deployment while developing more sustainable business models
RALEIGH, N.C. – RED HAT SUMMIT--(BUSINESS WIRE)--Red Hat, Inc., the world’s leading provider of open source solutions, today announced that Snam, one of the world’s largest gas networks, has deployed Red Hat OpenShift and other cloud-native technologies to help drive the organization’s digital transformation. Using a broad set of Red Hat’s powerful open hybrid cloud solutions, Snam can better manage and scale applications across distributed infrastructure, including at the edge, to prepare for a hybrid cloud and multicloud future.
Headquartered in San Donato Milanese, Italy, Snam oversees one of the world’s largest natural gas transportation networks, 2 LNG terminals and the largest European natural gas storage capacity; it has participations in GCA, TAG (Austria), Terega (France), Interconnector UK (UK), DESFA (Greece), TAP, and ADNOC Gas Pipeline (UAE). Snam’s mission is to help guide the evolution of energy transition by providing an innovative sustainable energy network that enables more stable supplies to Europe, while developing new businesses and technologies fostering a low-carbon future, such as H2 and biomethane.
In an effort to better serve the digital needs of its internal operations, while being able to provide the digital agility and flexibility its new business units require to succeed, Snam undertook a company-wide digital transformation program. Backed by the open hybrid cloud expertise and technologies from Red Hat, Snam has started to renew its existing application map and make interactions leaner and more effective among its business services, while developing an entirely new technology stack for its IoT and data needs, designed to be ready to connect up to 30,000 devices and able to handle 100x more data, enabling the intelligent network.
Snam deployed several Red Hat technologies and services to support this evolution, including:
Through the adoption of Red Hat technologies, Snam can now deploy applications in an automated manner in as little as 30 minutes, improving by more than 10x the time to delivery of its new software products. Red Hat OpenShift has been deployed on-premises and on the edge of the network, with Snam also taking advantage of the public cloud, using Microsoft Azure Red Hat OpenShift, a jointly engineered managed Red Hat OpenShift service supported by Microsoft and Red Hat. This enables Snam to scale workloads and applications across any public or private cloud in order to meet future business requirements, reducing potential risks around cloud lock-in, and helping streamline the platformization of its application map, while being flexible to consume and provide new digital data and services, leveraging its business expertise and the opportunities offered by the current pace of digital technologies evolution.
Supporting Quotes
Stefanie Chiras, senior vice president and general manager, Red Hat Enterprise Linux Business Unit, Red Hat
“Organizations like Snam, which deal with a dynamic landscape of regulations and market demands, need to be able to rely on flexible infrastructure that can scale to meet the changing requirements of today and tomorrow, including out to the edge as a natural extension of the open hybrid cloud. Red Hat is pleased to support Snam as it reshapes its IT environment for the digital-first economy, enabling services to run anywhere and everywhere the business needs, and freeing its teams to focus on innovation.”
Roberto Calandrini, head of architecture, Digital and AI Services, Snam
“Snam’s goal is to make energy available everywhere, in a safe, sustainable and secure way. To support our goal, and to extend it to the energy of our people, we set out a structured, multi-year project of digital transformation; it would help us leverage our business knowledge to produce high quality industry-specific software, while exploiting the digital opportunities the market has to offer through the platform and services digital economy. Red Hat OpenShift is a cornerstone of our transformation project; it has enabled us to create an efficient, high performing, reliable IT platform, simplifying the management of complex systems and applications to better support our existing business needs, while giving us the agility and flexibility to properly support our future evolution.”
Additional Resources
Connect with Red Hat
About Red Hat, Inc.
Red Hat is the world’s leading provider of enterprise open source software solutions, using a community-powered approach to deliver reliable and high-performing Linux, hybrid cloud, container, and Kubernetes technologies. Red Hat helps customers integrate new and existing IT applications, develop cloud-native applications, standardize on our industry-leading operating system, and automate, secure, and manage complex environments. Award-winning support, training, and consulting services make Red Hat a trusted adviser to the Fortune 500. As a strategic partner to cloud providers, system integrators, application vendors, customers, and open source communities, Red Hat can help organizations prepare for the digital future.
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release and these views could change. However, while the Company or its parent International Business Machines Corporation (NYSE:IBM) may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.
Red Hat, Red Hat Enterprise Linux, the Red Hat logo, and OpenShift are trademarks or registered trademarks of Red Hat, Inc. or its subsidiaries in the U.S. and other countries. Linux® is the registered trademark of Linus Torvalds in the U.S. and other countries.
Media Contact:
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Red Hat, Inc.
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DUBLIN--(BUSINESS WIRE)--The "Automotive Fuel Cell Market: Trends, Forecast and Competitive Analysis" report has been added to ResearchAndMarkets.com's offering.
The automotive fuel cell market is expected to grow with a CAGR of 7% from 2019 to 2024.
The future of the automotive fuel cell market looks promising with opportunities in the passenger car, commercial vehicle, and heavy commercial vehicle markets. The major drivers for this market are stringent emission regulations, growing demand for zero-emission vehicles, development of fuel cell technology and infrastructure, and government Initiatives to subsidizing hydrogen infrastructure.
High vehicle costs, insufficient hydrogen infrastructure and rising demand for BEVs and HEVs will remain the challenge for this industry.
The study includes the automotive fuel cell market size and forecast for the automotive fuel cell market through 2024, segmented by component type, by electrolyte type, by power output, by end use, and by region.
Some of the automotive fuel cell companies profiled in this report include Ballard Power Systems, ITM Power, Hydrogenics, Plug Power, and AFCC, and others.
Some of the features of 'Automotive Fuel Cell Market 2019-2024: Trends, Forecast, and Opportunity Analysis' include:
This report answers the following 11 key questions:
Key Topics Covered:
1. Executive Summary
2. Market Trends and Forecast Analysis from 2013 to 2024
2.1: Introduction, Background, and Classification
2.2: Supply Chain
2.3: Industry Drivers and Challenges
3. Market Trends and Forecast Analysis from 2013 to 2024
3.1: Macroeconomic Trends and Forecast
3.2: Global Automotive Fuel Cell Market: Trends and Forecast
3.3: Global Automotive Fuel Cell Market by Component Type
3.3.1: Fuel Processor
3.3.2: Fuel Stack
3.3.3: Power Condition
3.4: Global Automotive Fuel Cell Market by Electrolyte Type
3.4.1: PEMFC
3.4.2: PAFC
3.5: Global Automotive Fuel Cell Market by Power Output
3.5.1: < 100 KW
3.5.2: 100-200 KW
3.5.3: >200 KW
3.6: Global Automotive Fuel Cell Market by End Use
3.6.1: Small cars
3.6.2: Compact cars
3.6.3: Mid-Sized cars
3.6.4: Luxury cars
3.6.5: SUVs & Crossovers
3.6.6: Light commercial vehicles
3.6.7: Electrical vehicles
4. Market Trends and Forecast Analysis by Region.
4.1: Global Automotive Fuel Cell Market by Region
4.2: North American Automotive Fuel Cell Market
4.3: European Automotive Fuel Cell Market
4.4: APAC Automotive Fuel Cell Market
4.5: ROW Automotive Fuel Cell Market
5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Market Share Analysis
5.3: Operational Integration
5.4: Geographical Reach
5.5: Porter's Five Forces Analysis
6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities for Global Automotive Fuel Cell Market by Component Type
6.1.2: Growth Opportunities for Global Automotive Fuel Cell Market by Electrolyte Type
6.1.3: Growth Opportunities for Global Automotive Fuel Cell Market by Power Output
6.1.4: Growth Opportunities for Global Automotive Fuel Cell Market by End Use
6.1.5: Growth Opportunities for Global Automotive Fuel Cell Market by Region
6.2: Emerging Trends in Global Automotive Fuel Cell Market
6.3: Strategic Analysis
6.3.1: New Product Development
6.3.2: Capacity Expansion of Global Automotive Fuel Cell Market
6.3.3: Mergers, Acquisitions and Joint Ventures in the Global Automotive Fuel Cell Market
6.3.4: Certification and Licensing
7. Company Profiles of Leading Players
For more information about this report visit https://www.researchandmarkets.com/r/dxmc4i
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Details ExxonMobil Board’s Failure to Position the Company for Long-Term Value Creation in a Changing Industry and World
Engine No. 1’s Nominees Have a Diverse Set of Experiences in Successful, Global Energy Operations and Decades of Leading Value-Creating Transformations in the Energy Industry
Urges ExxonMobil Shareholders to Vote the WHITE Proxy Card TODAY “FOR ALL” of Engine No. 1’s Highly Qualified, Independent Nominees
SAN FRANCISCO--(BUSINESS WIRE)--Engine No. 1, which has nominated four highly qualified, independent director candidates to the Exxon Mobil Corporation (NYSE: XOM) (“ExxonMobil” or the “Company”) Board of Directors (the “Board”), today released an in-depth presentation to ExxonMobil shareholders detailing the need for change at ExxonMobil to protect and enhance long-term shareholder value in a changing industry and world. Engine No. 1 encourages ExxonMobil shareholders to review the facts set forth in its presentation so they can make an informed decision at the Company’s 2021 Annual Meeting regarding the future of the Company and their investment.
Engine No. 1’s investor presentation can be found here.
Key issues under the current Board examined in the presentation include:
Engine No. 1’s director candidates add a highly relevant, unique and complementary set of skills to the Board, and, as directors, would help to address the fundamental issues at the Company by bringing to bear their collective experiences in value-creating transformational change in the energy sector.
Vote the WHITE proxy card TODAY to Reenergize ExxonMobil.
Additional information regarding Engine No. 1’s campaign to reenergize ExxonMobil may be found at www.ReenergizeXOM.com.
If you have any questions or need help in voting your shares, |
please call the firm assisting us with the solicitation of proxies: |
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INNISFREE M&A INCORPORATED |
Shareholders May Call: (877) 750-8310 (TOLL-FREE from the U.S. and Canada) |
or +1(412) 232-3651 (from other countries) |
About Engine No. 1
Engine No. 1 is an investment firm purpose-built to create long-term value by driving positive impact through active ownership. The firm also will invest in public and private companies through multiple strategies. For more information, please visit: www.Engine1.com.
Important Information
Engine No. 1 LLC, Engine No. 1 LP, Engine No. 1 NY LLC, Christopher James, Charles Penner (collectively, “Engine No. 1”), Gregory J. Goff, Kaisa Hietala, Alexander Karsner, and Anders Runevad (collectively and together with Engine No. 1, the “Participants”) have filed with the Securities and Exchange Commission (the “SEC”) a definitive proxy statement and accompanying form of WHITE proxy to be used in connection with the solicitation of proxies from the shareholders of Exxon Mobil Corporation (the “Company”). All shareholders of the Company are advised to read the definitive proxy statement and other documents related to the solicitation of proxies by the Participants, as they contain important information, including additional information related to the Participants. The definitive proxy statement and an accompanying WHITE proxy card will be furnished to some or all of the Company’s shareholders and is, along with other relevant documents, available at no charge on Engine No. 1’s campaign website at https://reenergizexom.com/materials/ and the SEC website at http://www.sec.gov/.
Information about the Participants and a description of their direct or indirect interests by security holdings is contained in the definitive proxy statement filed by the Participants with the SEC on March 15, 2021. This document is available free of charge from the sources described above.
Disclaimer
This material does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. In addition, the discussions and opinions in this press release and the material contained herein are for general information only, and are not intended to provide investment advice. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are “forward-looking statements,” which are not guarantees of future performance or results, and the words “anticipate,” “believe,” “expect,” “potential,” “could,” “opportunity,” “estimate,” and similar expressions are generally intended to identify forward-looking statements. The projected results and statements contained in this press release and the material contained herein that are not historical facts are based on current expectations, speak only as of the date of this press release and involve risks that may cause the actual results to be materially different. Certain information included in this material is based on data obtained from sources considered to be reliable. No representation is made with respect to the accuracy or completeness of such data, and any analyses provided to assist the recipient of this material in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any analyses should also not be viewed as factual and also should not be relied upon as an accurate prediction of future results. All figures are unaudited estimates and subject to revision without notice. Engine No. 1 disclaims any obligation to update the information herein and reserves the right to change any of its opinions expressed herein at any time as it deems appropriate. Past performance is not indicative of future results. Engine No. 1 has neither sought nor obtained the consent from any third party to use any statements or information contained herein that have been obtained or derived from statements made or published by such third parties. Except as otherwise expressly stated herein, any such statements or information should not be viewed as indicating the support of such third parties for the views expressed herein.
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Investor Contacts:
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TULSA, Okla.--(BUSINESS WIRE)--#earnings--Alliance Resource Partners, L.P. (NASDAQ: ARLP) today reported financial and operating performance for the quarter ended March 31, 2021 (the "2021 Quarter"). Net income for the 2021 Quarter increased $169.5 million to $24.7 million, or $0.19 per basic and diluted limited partner unit, compared to a net loss of $144.8 million, or $(1.14) per basic and diluted limited partner unit, for the quarter ended March 31, 2020 (the "2020 Quarter"). Excluding the impact of $157.0 million of non-cash charges in the 2020 Quarter, Adjusted net income for the 2021 Quarter increased 102.5% to $24.7 million compared to $12.2 million for the 2020 Quarter. Weather-related transportation disruptions and an unplanned customer plant outage impacted anticipated coal shipments during the 2021 Quarter, contributing to a 9.2% reduction in total revenues compared to the 2020 Quarter. Lower coal volumes and ongoing efficiency initiatives at our mining operations contributed to lower operating expenses of $196.5 million for the 2021 Quarter, compared to $234.3 million for the 2020 Quarter, largely offsetting lower total revenues. As a result, Segment Adjusted EBITDA decreased slightly to $109.8 million in the 2021 Quarter compared to $111.7 million in the 2020 Quarter. (Unless otherwise noted, all references in the text of this release to "net income (loss)" refer to "net income (loss) attributable to ARLP." For definitions of Adjusted net income and Segment Adjusted EBITDA and related reconciliations to comparable GAAP financial measures, please see the end of this release.)
Total revenues in the 2021 Quarter were $47.9 million lower compared to the quarter ended December 31, 2020 (the "Sequential Quarter"), primarily due to lower coal sales volumes. Even though lower revenues were partially offset by decreased operating expenses and reduced depreciation, depletion and amortization, net income and EBITDA for the 2021 Quarter declined $10.3 million and $27.0 million, respectively, compared to the Sequential Quarter. (For a definition of EBITDA and related reconciliation to the comparable GAAP financial measure, please see the end of this release.)
ARLP also announced today that the Board of Directors of its general partner (the "Board") declared a cash distribution to unitholders of $0.10 per unit (an annualized rate of $0.40 per unit) for the 2021 Quarter, payable on May 14, 2021 to all unitholders of record as of the close of trading on May 7, 2021.
"ARLP’s financial performance during the 2021 Quarter was generally in line with our expectations, despite 950,000 tons of delayed shipments impacting EBITDA and cash flow by approximately $13.0 million," said Joseph W. Craft III, Chairman, President and Chief Executive Officer. "Our coal operations’ efficiency initiatives continued to provide cost reduction benefits. Improved coal market fundamentals and favorable weather-patterns during the 2021 Quarter supported buying activity by domestic and international customers, allowing our marketing team to secure new commitments for the delivery of approximately 5.4 million tons through 2023. Our Oil & Gas Royalties segment benefited from significantly higher commodity prices and greater than anticipated sales volumes. With positive free cash flow generated during the 2021 Quarter, ARLP reduced its total debt and finance lease obligations by $52.9 million." (For a definition of free cash flow and related reconciliation to the comparable GAAP financial measure, please see the end of this release.)
Mr. Craft continued, "Over the last year, we have been clearly focused on protecting our balance sheet and managing through the uncertainties and disruptions created by the pandemic to ensure that ARLP emerged with strength. We have also been very clear that returning cash to our unitholders was among our highest priorities once the situation began to stabilize. On the strength of our recent performance and with our outlook continuing to improve, management believes we have reached that point and I am very pleased that the Board supported our view by electing to once again declare a cash distribution to unitholders. In setting an annualized distribution level at approximately 30% of this year’s anticipated free cash flow before investments in growth opportunities, the Partnership has flexibility to pursue projects capable of providing long-term value to our unitholders while maintaining a conservative balance sheet."
Mr. Craft added, "During our earnings call last quarter, we mentioned an effort to explore different value creating opportunities. Our first step in doing so is to add a new Coal Royalties segment to be combined with our Oil & Gas Royalties segment forming a larger, enhanced total royalties group. The coal royalties are generated from coal reserves acquired in the past that have been held in a separate ARLP land company and leased to certain of our mining subsidiaries. With visibility to the mine plans for these subsidiaries, we expect rather predictable and stable cash flows from the Coal Royalties segment for more than a decade.
"Since acquiring and managing a variety of royalty producing assets have similar management attributes, we expect to realize cost efficiencies by combining our royalties activities. We also believe, by aggregating the cash flow from these two sources, it will improve our ability to secure lower cost financing, if necessary, to grow this segment.
"Our goal is to not only emphasize our coal royalties, which have remained in the shadows for years, but to put on full display the magnitude of EBITDA from all of our royalty assets by aggregating our financial reporting in an effort to inform our unitholders and analysts of the cash flow potential of these assets to generate long term royalty income free of capex requirements with minimal working capital and limited operating costs. By adding coal royalties to oil & gas royalties, our total Royalties currently represent approximately 18% of ARLP’s consolidated Segment Adjusted EBITDA and, as we continue to expand this area, we are hopeful that the market will begin to fully recognize the true value of this part of our business.
"We remain committed to our goal of creating long-term value for our unitholders and we continue to actively evaluate various other strategies and opportunities that will generate the attractive returns and sustainable cash flow growth needed to achieve that goal.
Operating Results and Analysis
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2021 First |
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2020 First |
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2020 Fourth |
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Sequential |
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Coal Operations (1) |
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Illinois Basin |
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Tons sold |
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4.760 |
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5.056 |
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(5.9) |
% |
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5.488 |
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(13.3) |
% |
Coal sales price per ton sold |
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$ |
38.37 |
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$ |
39.38 |
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(2.6) |
% |
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$ |
39.28 |
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(2.3) |
% |
Segment Adjusted EBITDA Expense per ton |
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$ |
26.38 |
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$ |
30.99 |
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(14.9) |
% |
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$ |
26.17 |
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0.8 |
% |
Segment Adjusted EBITDA |
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$ |
57.7 |
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$ |
43.3 |
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33.1 |
% |
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$ |
72.3 |
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(20.2) |
% |
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Appalachia |
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Tons sold |
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2.068 |
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2.195 |
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(5.8) |
% |
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2.585 |
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(20.0) |
% |
Coal sales price per ton sold |
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$ |
50.70 |
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$ |
52.64 |
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(3.7) |
% |
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$ |
50.29 |
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0.8 |
% |
Segment Adjusted EBITDA Expense per ton |
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$ |
35.65 |
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$ |
36.41 |
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(2.1) |
% |
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$ |
30.87 |
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15.5 |
% |
Segment Adjusted EBITDA |
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$ |
31.5 |
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$ |
47.3 |
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(33.4) |
% |
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$ |
50.7 |
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(37.8) |
% |
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Total Coal Operations |
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Tons sold |
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6.828 |
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7.251 |
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% |
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8.073 |
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(15.4) |
% |
Coal sales price per ton sold |
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$ |
42.10 |
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$ |
43.39 |
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(3.0) |
% |
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$ |
42.81 |
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(1.7) |
% |
Segment Adjusted EBITDA Expense per ton |
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$ |
29.72 |
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$ |
33.20 |
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(10.5) |
% |
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$ |
28.24 |
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5.2 |
% |
Segment Adjusted EBITDA |
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$ |
90.6 |
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$ |
91.0 |
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(0.5) |
% |
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$ |
122.8 |
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(26.2) |
% |
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Royalties (1) |
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Oil & Gas Royalties |
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|
|
|
|
|
|
|
|
|
|
|
|
|
BOE sold (2) |
|
|
0.400 |
|
|
0.495 |
|
(19.2) |
% |
|
|
0.418 |
|
(4.3) |
% |
Oil percentage of BOE |
|
|
48.4 |
% |
|
50.8 |
% |
(4.7) |
% |
|
|
48.5 |
% |
(0.2) |
% |
Average sales price per BOE (3) |
|
$ |
35.02 |
|
$ |
28.79 |
|
21.6 |
% |
|
$ |
26.83 |
|
30.5 |
% |
Segment Adjusted EBITDA Expense |
|
$ |
2.1 |
|
$ |
0.9 |
|
n/m |
|
|
$ |
1.3 |
|
64.0 |
% |
Segment Adjusted EBITDA |
|
$ |
11.9 |
|
$ |
13.8 |
|
(13.2) |
% |
|
$ |
10.2 |
|
16.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal Royalties (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalty tons sold |
|
|
4.521 |
|
|
4.998 |
|
(9.5) |
% |
|
|
5.326 |
|
(15.1) |
% |
Revenue per royalty ton sold |
|
$ |
2.50 |
|
$ |
2.28 |
|
9.6 |
% |
|
$ |
2.36 |
|
5.9 |
% |
Segment Adjusted EBITDA Expense |
|
$ |
4.0 |
|
$ |
4.5 |
|
(9.8) |
% |
|
$ |
5.6 |
|
(28.1) |
% |
Segment Adjusted EBITDA |
|
$ |
7.3 |
|
$ |
6.9 |
|
5.3 |
% |
|
$ |
7.0 |
|
3.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Royalties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total royalty revenues |
|
$ |
25.3 |
|
$ |
25.6 |
|
(1.2) |
% |
|
$ |
23.9 |
|
5.9 |
% |
Segment Adjusted EBITDA Expense |
|
$ |
6.1 |
|
$ |
5.4 |
|
13.8 |
% |
|
$ |
6.9 |
|
(11.2) |
% |
Segment Adjusted EBITDA |
|
$ |
19.2 |
|
$ |
20.7 |
|
(7.0) |
% |
|
$ |
17.3 |
|
11.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Total (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
$ |
318.6 |
|
$ |
350.8 |
|
(9.2) |
% |
|
$ |
366.5 |
|
(13.1) |
% |
Segment Adjusted EBITDA Expense |
|
$ |
197.7 |
|
$ |
234.7 |
|
(15.8) |
% |
|
$ |
222.3 |
|
(11.0) |
% |
Segment Adjusted EBITDA |
|
$ |
109.8 |
|
$ |
111.7 |
|
(1.7) |
% |
|
$ |
140.0 |
|
(21.6) |
% |
n/m - Percentage change not meaningful.
(1) For definitions of Segment Adjusted EBITDA Expense and Segment Adjusted EBITDA and related reconciliations to comparable GAAP financial measures, please see the end of this release. Segment Adjusted EBITDA Expense per ton is defined as Segment Adjusted EBITDA Expense – Coal Operations (as reflected in the reconciliation table at the end of this release) divided by total tons sold. As noted in the reconciliation table at the end of this release, Segment Adjusted EBITDA Expense for our Coal Operations segments in the 2020 and Sequential Quarters are adjusted to retroactively reflect the impact of intercompany royalties earned by our new Coal Royalties segment.
(2) Barrels of oil equivalent ("BOE") for natural gas volumes is calculated on a 6:1 basis (6,000 cubic feet of natural gas to one barrel).
(3) Average sales price per BOE is defined as oil & gas royalty revenues excluding lease bonus revenue divided by total BOE sold.
(4) ARLP's subsidiary, Alliance Resource Properties, LLC ("Alliance Resource Properties") owns or controls coal reserves that it leases to some of our mining subsidiaries. During the 2021 Quarter, we restructured our reportable segments to include the coal royalty activities of Alliance Resource Properties as a new Coal Royalties reportable segment. This activity was previously included in our Illinois Basin and Appalachian reportable segments as well as our other and corporate activities.
(5) Reflects total consolidated results, which include our other and corporate activities and eliminations in addition to the Illinois Basin, Appalachia, Oil & Gas Royalties and Coal Royalties reportable segments highlighted above. |
|||||||||||||||
ARLP's coal sales volumes were lower in the Illinois Basin and Appalachian regions compared to both the 2020 and Sequential Quarters. In the 2021 Quarter, Illinois Basin coal sales volumes decreased 5.9% and 13.3% compared to the 2020 and Sequential Quarters, respectively, primarily as a result of reduced domestic sales partially offset by increased export volumes. Compared to the Sequential Quarter, reduced sales volumes from the Warrior and River View mines also reflected weather-related delays during the 2021 Quarter. In Appalachia, weather-related delays also impacted sales volumes at our Tunnel Ridge mine as tons sold in the 2021 Quarter decreased 5.8% and 20.0% compared to the 2020 and Sequential Quarters, respectively. Total coal production volumes increased 7.5% to 8.0 million tons in the 2021 Quarter compared to 7.4 million tons in the Sequential Quarter. Increased coal production and reduced coal sales volumes during the 2021 Quarter led total coal inventory higher to 1.8 million tons at the end of the 2021 Quarter, an increase of 1.2 million tons compared to total coal inventory of 0.6 million tons at the end of the Sequential Quarter. Compared to the 2020 Quarter, total coal inventory was lower by 0.8 million tons. Coal sales price per ton sold in the 2021 Quarter decreased in both regions compared to the 2020 Quarter reflecting the expiration of higher priced contracted tons.
Compared to the 2020 Quarter, Segment Adjusted EBITDA Expense per ton in the Illinois Basin and Appalachia decreased by 14.9% and 2.1%, respectively, due to ongoing expense control and efficiency initiatives at all of our mining operations and improved recoveries at our Hamilton, Warrior, Tunnel Ridge and MC Mining operations. Compared to the Sequential Quarter, increased expenses per ton primarily in the Appalachian region contributed to an increase of 5.2% in total Segment Adjusted EBITDA Expense per ton in the 2021 Quarter. Segment Adjusted EBITDA Expense per ton in Appalachia increased 15.5% compared to the Sequential Quarter primarily as a result of increased subsidence expense at our Tunnel Ridge mine, costs associated with increased metallurgical coal sales and increased severance taxes per ton during the 2021 Quarter.
Continued strengthening of oil & gas prices and industry activity during the 2021 Quarter led Segment Adjusted EBITDA for our Oil & Gas Royalties segment higher by 16.7% to $11.9 million compared to the Sequential Quarter. Compared to the 2020 Quarter, Segment Adjusted EBITDA declined by 13.2% due to reduced volumes, partially offset by higher sales price realizations per BOE.
Segment Adjusted EBITDA for our Coal Royalties segment increased to $7.3 million for the 2021 Quarter compared to $6.9 million and $7.0 million for the 2020 and Sequential Quarters, respectively, as a result of higher average royalty rates per ton received from our mining subsidiaries and reduced selling expenses, partially offset by reduced volumes.
Outlook
"Economic activity continues to improve in the U.S. and globally as vaccine distribution accelerates and lockdowns ease," said Mr. Craft. "As we anticipated, increased economic activity has resulted in improved energy demand, benefitting all of our business segments. Our domestic coal markets further benefited from the impact of the February polar vortex, as coal-fired generation in U.S. power regions increased 70% - 80% and utility stockpiles in our markets fell by approximately a third as utilities leaned on coal during this time of surging demand as a reliable source of power. These factors, as well as a favorable natural gas price curve, are expected to motivate utilities to secure additional supply commitments over the balance of the year. International coal markets also continued to strengthen and we expect to have additional export sales opportunities this year. ARLP currently has contract commitments for approximately 26.4 million tons in 2021 and we are increasing the midpoint of our targeted total coal sales volumes for this year to 31.0 million tons."
Mr. Craft continued, "Expectations for our Oil & Gas Royalties segment are also increasing. The pace of drilling and completion activity on ARLP’s oil & gas mineral interests has exceeded our initial expectations and recent permitting activity suggests this trend is likely to continue for the remainder of 2021. As a result, we now anticipate production on our acreage will be toward the higher end of our initial full-year ranges. With stronger production expectations and continued strength in oil, natural gas and natural gas liquids pricing, we currently anticipate the EBITDA contribution from our Oil & Gas Royalties segment will be approximately 20% - 25% above 2020 levels."
ARLP is updating its initial full-year 2021 guidance for the following selected items:
|
|
|
|
|
|
|
|
|
|
|
|
2021 Full Year Guidance |
|||||
|
|
|
|
|
|
Coal Operations |
|
|
|
|
|
Volumes (Million Short Tons) |
|
|
|
|
|
Illinois Basin Sales Tons |
|
|
|
|
21.0 — 21.5 |
Appalachia Sales Tons |
|
|
|
|
9.7 — 10.2 |
Total Sales Tons |
|
|
|
|
30.7 — 31.7 |
|
|
|
|
|
|
Committed & Priced Sales Tons |
|
|
|
|
|
2021 — Domestic |
|
|
|
|
24.7 |
2021 — Export |
|
|
|
|
1.8 |
|
|
|
|
|
|
Per Ton Estimates |
|
|
|
|
|
Coal Sales Price per ton sold (1) |
|
|
|
|
$40.00 — $42.00 |
Segment Adjusted EBITDA Expense per ton sold (2) |
|
|
|
|
$28.50 — $31.00 |
|
|
|
|
|
|
Royalties |
|
|
|
|
|
Oil & Gas Royalties |
|
|
|
|
|
Oil (000 Barrels) |
|
|
|
|
625 — 710 |
Natural gas (000 MCF) |
|
|
|
|
2,630 — 2,980 |
Liquids (000 Barrels) |
|
|
|
|
285 — 325 |
Segment Adjusted EBITDA Expense (% of Oil & Gas Royalties Revenue) |
|
|
|
|
~ 12.5% |
|
|
|
|
|
|
Coal Royalties |
|
|
|
|
|
Royalty tons sold (Million Short Tons) |
|
|
|
|
19.5 – 19.7 |
Revenue per royalty ton sold |
|
|
|
|
$2.45 ─ $2.55 |
Segment Adjusted EBITDA Expense per royalty ton sold |
|
|
|
|
$0.95 ─ $1.05 |
|
|
|
|
|
|
Consolidated (Millions) |
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
|
|
$245 — $255 |
General and administrative |
|
|
|
|
$66 — $70 |
Net interest expense |
|
|
|
|
$39 — $41 |
Capital expenditures |
|
|
|
|
$120 — $125 |
(1) Sales price per ton is defined as total coal sales divided by total tons sold.
(2) For a definition of Segment Adjusted EBITDA Expense and related reconciliation to the comparable GAAP financial measure please see the end of this release. |
|||||
A conference call regarding ARLP's 2021 Quarter financial results is scheduled for today at 10:00 a.m. Eastern. To participate in the conference call, dial (877) 506-1589 and request to be connected to the Alliance Resource Partners, L.P. earnings conference call. Canadian callers should dial (855) 669-9657 and all other international callers should dial (412) 317-5240 and request to be connected to the same call. Investors may also listen to the call via the "investor information" section of ARLP's website at http://www.arlp.com.
An audio replay of the conference call will be available for approximately one week. To access the audio replay, dial US Toll Free (877) 344-7529; International Toll (412) 317-0088; Canada Toll Free (855) 669-9658 and request to be connected to replay access code 10154737.
This announcement is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b), with 100% of the partnership’s distributions to foreign investors attributable to gross income, gain or loss that is effectively connected with a United States trade or business. Accordingly, ARLP's distributions to foreign investors are subject to federal income tax withholding at the highest applicable tax rate.
About Alliance Resource Partners, L.P.
ARLP is a diversified natural resource company that generates operating and royalty income from coal produced by its mining complexes and royalty income from mineral interests it owns in strategic oil & gas producing regions in the United States, primarily the Permian, Anadarko and Williston basin.
ARLP currently produces coal from seven mining complexes it operates in Illinois, Indiana, Kentucky, Maryland and West Virginia. ARLP also operates a coal loading terminal on the Ohio River at Mount Vernon, Indiana. ARLP markets its coal production to major domestic and international utilities and industrial users and is currently the second largest coal producer in the eastern United States.
In addition, ARLP also generates income from a variety of other sources.
News, unit prices and additional information about ARLP, including filings with the Securities and Exchange Commission ("SEC"), are available at http://www.arlp.com. For more information, contact the investor relations department of ARLP at (918) 295-7674 or via e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..
***
The statements and projections used throughout this release are based on current expectations. These statements and projections are forward-looking, and actual results may differ materially. These projections do not include the potential impact of any mergers, acquisitions or other business combinations that may occur after the date of this release. We have included more information below regarding business risks that could affect our results.
FORWARD-LOOKING STATEMENTS: With the exception of historical matters, any matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from projected results. Those forward-looking statements include expectations with respect to coal and oil & gas consumption and expected future prices, optimizing cash flows, reducing operating and capital expenditures, preserving liquidity and maintaining financial flexibility, among others. These risks to our ability to achieve these outcomes include, but are not limited to, the following: the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses' and governments' responses to the pandemic on our operations and personnel, and on demand for coal, oil and natural gas, the financial condition of our customers and suppliers, available liquidity and capital sources and broader economic disruptions; changes in macroeconomic and market conditions and market volatility arising from the COVID-19 pandemic, including coal, oil, natural gas and natural gas liquids prices, and the impact of such changes and volatility on our financial position; decline in the coal industry's share of electricity generation, including as a result of environmental concerns related to coal mining and combustion and the cost and perceived benefits of other sources of electricity and fuels, such as oil & gas, nuclear energy, and renewable fuels; changing global economic conditions or in industries in which our customers operate; changes in coal prices and/or oil & gas prices, demand and availability which could affect our operating results and cash flows; actions of the major oil producing countries with respect to oil production volumes and prices could have direct and indirect impacts over the near and long term on oil & gas exploration and production operations at the properties in which we hold mineral interests; the effectiveness or lack of effectiveness in distributed vaccines to reduce the impact of COVID-19; changes in competition in domestic and international coal markets and our ability to respond to such changes; potential shut-ins of production by operators of the properties in which we hold mineral interests due to low oil, natural gas and natural gas liquids prices or the lack of downstream demand or storage capacity; risks associated with the expansion of our operations and properties; our ability to identify and complete acquisitions; dependence on significant customer contracts, including renewing existing contracts upon expiration; adjustments made in price, volume, or terms to existing coal supply agreements; recent action and the possibility of future action on trade made by the United States and foreign governments; the effect of changes in taxes or tariffs and other trade measures; legislation, regulations, and court decisions and interpretations thereof, both domestic and foreign, including those relating to the environment and the release of greenhouse gases, mining, miner health and safety, hydraulic fracturing, and health care; deregulation of the electric utility industry or the effects of any adverse change in the coal industry, electric utility industry, or general economic conditions; investors' and other stakeholders' increasing attention to environmental, social and governance matters; liquidity constraints, including those resulting from any future unavailability of financing; customer bankruptcies, cancellations or breaches to existing contracts, or other failures to perform; customer delays, failure to take coal under contracts or defaults in making payments; our productivity levels and margins earned on our coal sales; disruptions to oil & gas exploration and production operations at the properties in which we hold mineral interests; changes in raw material costs; changes in the availability of skilled labor; our ability to maintain satisfactory relations with our employees; increases in labor costs including costs of health insurance and taxes resulting from the Affordable Care Act, adverse changes in work rules, or cash payments or projections associated with workers' compensation claims; increases in transportation costs and risk of transportation delays or interruptions; operational interruptions due to geologic, permitting, labor, weather-related or other factors; risks associated with major mine-related accidents, mine fires, mine floods or other interruptions; results of litigation, including claims not yet asserted; foreign currency fluctuations that could adversely affect the competitiveness of our coal abroad; difficulty maintaining our surety bonds for mine reclamation as well as workers' compensation and black lung benefits; difficulty in making accurate assumptions and projections regarding post-mine reclamation as well as pension, black lung benefits, and other post-retirement benefit liabilities; uncertainties in estimating and replacing our coal reserves; uncertainties in estimating and replacing our oil & gas reserves; uncertainties in the amount of oil & gas production due to the level of drilling and completion activity by the operators of our oil & gas properties; the impact of current and potential changes to federal or state tax rules and regulations, including a loss or reduction of benefits from certain tax deductions and credits; difficulty obtaining commercial property insurance, and risks associated with our participation in the commercial insurance property program; evolving cybersecurity risks, such as those involving unauthorized access, denial-of-service attacks, malicious software, data privacy breaches by employees, insiders or others with authorized access, cyber or phishing-attacks, ransomware, malware, social engineering, physical breaches or other actions; and difficulty in making accurate assumptions and projections regarding future revenues and costs associated with equity investments in companies we do not control.
Brian L. Cantrell
Alliance Resource Partners, L.P.
(918) 295-7673
Company becomes latest in a steady pipeline of migrations and graduations to NEO
TORONTO--(BUSINESS WIRE)--$MOVE #NEOExchange--The Neo Exchange Inc. (“NEO Exchange” or “NEO”) is excited to announce that Clean Power Capital Corp. (“Clean Power”), previously listed on the Canadian Securities Exchange, has graduated to the NEO Exchange. Clean Power is now available for trading on NEO under the symbol NEO:MOVE.
Clean Power’s main subsidiary, PowerTap Hydrogen Fueling Corp., is focused on employing its patented hydrogen production technology to build a blue hydrogen filling station network in the United States to accommodate anticipated growth in hydrogen vehicle sales.
“Clean Power is pleased to list on the NEO Exchange which supports innovation and growth-oriented processes, enabling us to reach a broader audience of institutional and fund investors,” said Raghu Kilambi, CEO of Clean Power Capital Corp. “While working actively to expand our hydrogen power fueling stations and continuing to identify strategic partnerships that deepen our stronghold in the industry, we are actively committed to the investment community to enhance sustainable shareholder value.”
With today’s launch on the NEO Exchange, Clean Power has become the latest in a steady pipeline of corporate migrations and graduations to NEO.
“Up-listing from a junior exchange to a non-venture stock exchange is a strategic and well-executed move for Clean Power,” remarked Jos Schmitt, President and CEO of NEO. “We are thrilled to welcome Clean Power to the NEO Exchange where they will benefit from enhanced visibility, unique liquidity solutions, and greater access to capital which will enable them to continue pursuing great opportunities in the renewable energy sector.”
Investors can trade shares of NEO:MOVE through their usual investment channels, including discount brokerage platforms and full-service dealers. NEO is home to over 125 corporate and ETF listings, and consistently facilitates close to 15 percent of all Canadian trading volume. Click here for a complete view of all NEO-listed securities.
About the NEO Exchange
The NEO Exchange is Canada’s innovation economy stock exchange that brings together investors and capital raisers within a fair, liquid, efficient, and service-oriented environment. Fully operational since June 2015, NEO puts investors first and provides access to trading across all Canadian-listed securities on a level playing field. NEO is a non-venture stock exchange and lists senior companies and investment products seeking a stock exchange that enables investor trust, quality liquidity, and broad awareness including unfettered access to market data.
Connect with NEO: Website | LinkedIn | Twitter | Instagram
About Clean Power Capital Corp.
Clean Power is an investment company that specializes in investing into private and public companies opportunistically that may be engaged in a variety of industries, with a current focus in the renewable energy and health industries. In particular, the investment mandate is focused on high return investment opportunities, the ability to achieve a reasonable rate of capital appreciation, and to seek liquidity in its investments.
Connect with Clean Power: Website
NEO Media:
Joanne Kearney
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
P: 416-804-5949
TORONTO--(BUSINESS WIRE)--$LGO #VRFB--Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) will release its first quarter 2021 financial results on Wednesday, May 12, 2021 after the close of market trading. Additionally, the Company will host a conference call to discuss first quarter 2021 operating and financial results on Thursday, May 13 at 11:00 a.m. ET.
Details of the conference call are listed below:
Date: |
Thursday, May 13, 2021 |
|
Time: |
11:00 a.m. ET |
|
Dial-in Number: |
Local / International: +1 (416) 764-8688 |
|
North American Toll Free: (888) 390-0546 |
||
Brazil Toll Free: 08007621359 |
||
Q&A Portal / Audio Only Conference Line: |
https://produceredition.webcasts.com/starthere.jsp?ei=1457198&tp_key=89b980227a |
|
Q&A Details: |
The Company requests all questions be submitted through the online portal link provided above. The ability to submit questions over the phone will not be available during this call. |
|
Conference ID: |
60891546 |
|
Replay Number: |
Local / International: + 1 (416) 764-8677 |
|
North American Toll Free: (888) 390-0541 |
||
Replay Passcode: 891546 # |
||
Website: |
To view press releases or any additional financial information, please visit the Investor Relations section of the Largo Resources website at: www.largoresources.com/English/investor-resources |
About Largo Resources
Largo Resources is an industry preferred, vertically integrated vanadium company. It services multiple vanadium market applications through the supply of its unrivaled VPURE™ and VPURE+™ products, from one of the world’s highest-grade vanadium deposits at the Company’s Maracás Menchen Mine located in Brazil. Largo is also focused on the advancement of renewable energy storage solutions through its world-class VCHARGE± vanadium redox flow battery technology. The Company's common shares are listed on the Toronto Stock Exchange and on the Nasdaq Stock Market under the symbol "LGO".
For more information on Largo and VPURE™, please visit www.largoresources.com and www.largoVPURE.com.
For additional information on Largo Clean Energy, please visit www.largocleanenergy.com.
Investor Relations:
Alex Guthrie
Senior Manager, External Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: +1 416-861-9797
Media Enquiries:
Crystal Quast
Bullseye Corporate
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: +1 647-529-6364
New index captures both the established leaders and emerging companies and themes reshaping the low carbon energy ecosystem
NEW YORK--(BUSINESS WIRE)--VanEck today announced a change to the underlying Index for its VanEck Vectors Low Carbon Energy ETF (NYSE: SMOG), enhancing the Fund’s primary investment strategy and providing more diversified exposure to the evolving, dynamic low carbon energy economy.
Going forward, SMOG’s underlying index will be the MVIS Global Low Carbon Energy Index (“the Index”), a rules-based index that tracks the performance of globally listed equities involved in the low carbon energy ecosystem.
"SMOG was one of the first ETFs to provide exposure to companies involved in low carbon, clean energy. Since the time of its launch, the industry has evolved substantially. Many segments of the industry are maturing and expanding. The new index modernizes and expands the expected exposure to the low carbon energy ecosystem,” said Ed Lopez, Head of ETF Product with VanEck.
The Index is designed to represent companies across a comprehensive modern set of renewable energy sub-themes including wind, solar, hydro, hydrogen, bio-fuel or geothermal technology, lithium-ion batteries, electric vehicles and related equipment, waste-to-energy production, smart grid technologies, or building or industrial materials that reduce carbon emissions or energy consumption.
Its free-float market cap approach provides sufficient liquidity and allows emerging sub-themes to increase in prominence in the Index as that sub-theme grows. To be initially eligible for inclusion in the Index, companies must generate at least 50% of their revenues, operating activity or energy generation capacity from renewable energy and all securities must have a market capitalization of greater than $150 million as of the end of the month prior to the month in which a rebalancing date occurs. The Index rebalances quarterly.
In addition to SMOG, VanEck also offers the VanEck Vectors Green Bond ETF (NYSE: GRNB), the first ETF to provide targeted exposure to the U.S. dollar-denominated green bond market.
About VanEck
VanEck has a history of looking beyond the financial markets to identify trends that are likely to create impactful investment opportunities. We were one of the first U.S. asset managers to offer investors access to international markets. This set the tone for the firm’s drive to identify asset classes and trends – including gold investing in 1968, emerging markets in 1993, and exchange traded funds in 2006 – that subsequently shaped the investment management industry.
Today, VanEck offers active and passive strategies with compelling exposures supported by well-designed investment processes. As of March 31, 2021, VanEck managed approximately $71.2 billion in assets, including mutual funds, ETFs and institutional accounts. The firm’s capabilities range from core investment opportunities to more specialized exposures to enhance portfolio diversification. Our actively managed strategies are fueled by in-depth, bottom-up research and security selection from portfolio managers with direct experience in the sectors and regions in which they invest. Investability, liquidity, diversity, and transparency are key to the experienced decision-making around market and index selection underlying VanEck’s passive strategies.
Since our founding in 1955, putting our clients’ interests first, in all market environments, has been at the heart of the firm’s mission.
Important Disclosures
An investment in the its VanEck Vectors Low Carbon Energy ETF may be subject to risks which include, among others, investing in low carbon energy companies, investing in European issuers, foreign securities, foreign currency, depository receipts, utilities, consumer discretionary, industrials and sector, information technology sectors, utilities sector, small- and medium-capitalization companies, equity securities, market, operational, index tracking, authorized participant concentration, no guarantee of active trading market, high portfolio turnover, trading issues, passive management, fund shares trading, premium/discount risk and liquidity of fund shares, non-diversified and concentration risks, all of which may adversely affect the Fund. Foreign investments are subject to risks, which include changes in economic and political conditions, foreign currency fluctuations, changes in foreign regulations, and changes in currency exchange rates which may negatively impact the Fund's return. Small- and medium-capitalization companies may be subject to elevated risks.
An investment VanEck Vectors Green Bond ETF may be subject to risks which include, among others, green bonds, investing in Asian, Chinese and emerging market issuers, foreign securities, foreign currency, credit, interest rate, floating rate, floating rate LIBOR, high yield securities, supranational bond, government-related bond, restricted securities, securitized/asset-backed securities, financial, utilities, market, operational, call, sampling, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount risk and liquidity of fund shares, non-diversified and concentration risks, all of which may adversely affect the Fund.
MVIS Global Low Carbon Energy Index is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. The VanEck Vectors Low Carbon Energy ETF is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.
Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. Index returns assume that dividends have been reinvested.
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus , which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Chris Sullivan/Julia Stoll
MacMillan Communications
212.473.4442
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Electronic Voting Cutoff is at 11:59 pm ET on April 27, 2021
All Voted Must be Received by that Time
NEW YORK--(BUSINESS WIRE)--Tuscan Holdings Corp. (NASDAQ: THCB) (“Tuscan” or the “Company”) urges stockholders of record on March 17, 2021 to vote in favor of the proposal to extend the date by which the Company has to consummate its business combination with Microvast from April 30, 2021 to July 31, 2021 (the “Extension Amendment”) at its annual meeting of stockholders to be held virtually at https://www.cstproxy.com/tuscanholdingscorp/2021 on April 28, 2021 at 10:00 am Eastern Time.
If the requisite vote is not received in favor of the Extension Amendment Proposal, stockholders will not have the opportunity to vote on the business combination with Microvast and Tuscan may need to dissolve. In such event, your shares are expected to be redeemed for approximately $10.22 per share.
Any shares purchased in the open market by the Company’s sponsor, management or their related entities after March 17, 2021 cannot be voted at the annual meeting and as a result, cannot affect whether the Extension Amendment is approved. All shares owned by the Company’s sponsor, management and related entities as of March 17, 2021 have been voted in favor of the Extension Amendment.
"I would like to thank the shareholders that have already voted their proxies. However, more votes are needed to meet the required threshold for the Extension Amendment Proposal to be approved. Only you, our stockholders of record as of March 17, 2021, can make this vote happen," stated Stephen Vogel, Chairman and CEO of Tuscan Holdings Corp.
Please vote by telephone or internet today. Please note that if your shares are held at a brokerage firm or bank, your broker will not vote your shares for you. You must instruct your bank or broker to cast the vote. For assistance with voting your shares please contact Advantage Proxy, Inc. toll free at 1-877-870-8565, collect at 1-206-870-8565 or by email to This email address is being protected from spambots. You need JavaScript enabled to view it..
Additional Information and Where to Find It
In connection with the annual meeting of stockholders, Tuscan filed a definitive proxy statement with the SEC on March 24, 2021 (“Annual Meeting Proxy Statement”). Additionally, in connection with the proposed business combination transaction involving Tuscan and Microvast, Inc. a Delaware corporation (“Microvast”), Tuscan filed a preliminary proxy statement with the SEC on February 16, 2021 and intends to file a definitive proxy statement (collectively, “Merger Proxy Statement”). This document is not a substitute for the Annual Meeting Proxy Statement or Merger Proxy Statement. INVESTORS AND SECURITY HOLDERS AND OTHER INTERESTED PARTIES ARE URGED TO READ THE ANNUAL MEETING PROXY STATEMENT FOR MORE INFORMATION ABOUT THE PROPOSALS TO BE BROUGHT BEFORE THE ANNUAL MEETING, TO READ THE MERGER PROXY STATEMENT FOR MORE INFORMATION ABOUT THE PROPOSED TRANSACTION WITH MICROVAST, AND TO READ ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE. The Annual Meeting Proxy Statement and Merger Proxy Statement and other documents that may be filed with the SEC (when they are available) can be obtained free of charge from the SEC’s website at www.sec.gov. These documents (when they are available) can also be obtained free of charge from Tuscan upon written request to Tuscan at Tuscan Holdings Corp., 135 E. 57th St., 17th Floor, New York, NY 10022.
No Offer or Solicitation
This document is not a proxy statement or solicitation of a proxy or authorization with respect to any securities or in respect of the proposed transactions and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Tuscan Holdings Corp., nor shall there be any sale of such securities in any state or jurisdiction where such offer, solicitation, or sale would be unlawful.
Participants in Solicitation
This communication is not a solicitation of a proxy from any investor or securityholder. However, Tuscan and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the annual meeting of stockholders under the rules of the SEC. Information about Tuscan’s directors and executive officers and their ownership of Tuscan’s securities is set forth in Tuscan’s filings with the SEC, including Tuscan’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on March 24, 2021, and the definitive proxy statement which was filed with the SEC on March 24, 2021 and mailed to Tuscan’s stockholders on or about March 25, 2021. When available, these documents can be obtained free of charge from Tuscan upon written request to Tuscan at Tuscan Holdings Corp., 135 E. 57th St., 17th Floor, New York, NY 10022.
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. 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 previously disclosed in Tuscan’s reports filed with the SEC and those 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) failure of Tuscan’s stockholders to approve the extension amendment proposal; (2) inability to complete the proposed business combination with Microvast within the required time period or, if Tuscan does not complete the proposed business combination with Microvast, any other business combination; (3) the inability to complete the proposed business combination with Microvast due to the failure to meet one or more closing conditions or the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement; and (4) the impact of the ongoing COVID-19 pandemic.
All information set forth herein speaks only as of the date hereof, 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.
Tuscan Holdings Corp.:
Stephen Vogel
Chairman & CEO
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Stockholders:
Advantage Proxy, Inc.
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Collect: 1-206-870-8565
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Media / Investors:
Ashish Gupta
Investor Relations
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World’s largest producer of renewable wood bioenergy commits to annually assessing and disclosing the climate alignment of chartering activities.
BETHESDA, Md.--(BUSINESS WIRE)--#Bioenergy--Enviva, a global renewable energy company specializing in sustainable wood bioenergy, has joined the Sea Cargo Charter, a cross-industry partnership of over 20 ship charterers that aims to establish a consistent global framework for transparently assessing and disclosing the climate impact of ship chartering operations.
Earlier this year, Enviva announced its goal to become net zero in its operations by 2030. As part of this commitment, Enviva will track and transparently report its progress in reducing its emissions, including its Scope 3 emissions, those generated as part of its upstream and downstream supply chain, annually. The company also vowed to work with partners to improve the environmental emissions intensity of its shipping and other transportation logistics. Enviva plans on advocating for the development of new solutions and accelerating its work with stakeholders to bring those solutions to market. One such solution is the Sea Cargo Charter, which offers a standard greenhouse gas (“GHG”) emissions reporting process that significantly simplifies some of the complexities often associated with reporting.
By joining the Sea Cargo Charter, Enviva will benefit from an industry-established, global baseline that quantitatively assesses and discloses shipping activities in line with the climate goals set by the International Maritime Organization (the “IMO”), the United Nations’ agency responsible for regulating shipping. These goals include the IMO’s ambition for GHG emissions from international shipping to be cut by at least 50 percent by 2050 compared to 2008 levels.
“We are delighted to join the Sea Cargo Charter. The commitment to monitor and report our emissions from our vessel chartering activities, and thereby to track our own carbon intensity, is closely aligned with our wider goal to reach net zero and to be transparent in emissions reporting,” said Gordon Lugsdin, Head of Chartering at Enviva. “A standardized reporting framework is vital for the shipping industry to demonstrate its commitment to reducing GHG emissions, becoming more sustainable, and fighting climate change – core values we share at Enviva.”
The Sea Cargo Charter continues to grow since its inception in October of 2020, when some of the world’s largest vessel charterers launched the initiative to demonstrate their role in promoting responsible environmental behavior and incentivize the decarbonization of international shipping. Enviva, the world’s largest producer of industrial wood pellets, is the latest signatory to the charter, which includes major players in the energy, agriculture, and mining industries.
“I am delighted to welcome Enviva to the Sea Cargo Charter. Together, we commit to transparent and consistent reporting of greenhouse gas emissions to promote shipping’s green transition,” said Jan Dieleman, President, Cargill Ocean Transportation and Chair of the Sea Cargo Charter Association.
The Charter is intended to evolve over time as the IMO adjusts its policies and regulations to address new and emerging environmental and social concerns.
About Enviva Holdings, LP
Enviva Holdings, LP is the world’s largest producer of industrial wood pellets, a renewable and sustainable energy source used to generate electricity and heat. Through its subsidiaries, Enviva Holdings, LP owns and operates wood pellet processing plants and deep-water export terminals in the U.S. Southeast. We export our pellets to power plants in the United Kingdom, Europe, and Japan that previously were fueled by coal, enabling them to reduce their lifecycle carbon footprint by more than 85 percent. We make our pellets using sustainable practices that protect Southern forests and employ about 1,200 people and support many other businesses in the U.S. Southeast. Enviva Holdings, LP conducts its activities primarily through two entities: Enviva Partners, LP, a publicly traded master limited partnership (NYSE: EVA), and Enviva Development Holdings, LLC, a wholly owned private company. To learn more about Enviva Holdings, LP, please visit our website at www.envivabiomass.com.
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+1-301-657-5560
HOUSTON--(BUSINESS WIRE)--Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE American: CQP) today declared (i) a cash distribution of $0.660 ($2.64 annualized) per common unit to unitholders of record as of May 6, 2021, and (ii) the related distribution to its general partner. These distributions are payable on May 14, 2021.
This press release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of Cheniere Partners’ distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Cheniere Partners’ distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.
About Cheniere Partners
Cheniere Partners is developing, constructing and operating natural gas liquefaction facilities at the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, on the Sabine-Neches Waterway less than four miles from the Gulf Coast. Cheniere Partners is currently operating five natural gas liquefaction Trains and is constructing one additional Train for a total production capacity of approximately 30 mtpa of LNG at the Sabine Pass terminal. The Sabine Pass LNG terminal has operational regasification facilities that include five LNG storage tanks, two marine berths and vaporizers and an additional marine berth that is under construction. Cheniere Partners also owns the Creole Trail Pipeline, a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.
For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements.” All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere Partners’ financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners’ LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, and (vii) statements regarding the COVID-19 pandemic and its impact on our business and operating results. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners’ actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners’ periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
Cheniere Partners
Investors
Randy Bhatia 713-375-5479
Megan Light 713-375-5492
Media Relations
Eben Burnham-Snyder 713-375-5764
Jenna Palfrey 713-375-5491
NEW YORK--(BUSINESS WIRE)--Six One Commodities Global LLC (“61C Global”), a natural gas and power merchant backed by Pinnacle Asset Management, L.P. (“Pinnacle”), today announced the acquisitions of Vega Energy Partners, Ltd. (“VEP”) and WGL Midstream, Inc. (“WGLM”).
VEP is a Houston, TX-based energy merchant that, in addition to managing the assets of WGLM, holds asset management agreements and has a strong team moving to 61C Global’s platform as part of the transaction. WGLM is a wholesale energy solutions business that invests in and optimizes natural gas pipelines and storage facilities in the Midwest and Eastern United States.
“This is a transformational opportunity for 61C Global. These acquisitions will accelerate our growth in the natural gas market, add significant earnings potential, and provide a solid platform for us to link our existing domestic and international LNG businesses,” said Ben Sutton, Chief Executive Officer of 61C Global. “We are excited to establish a Houston office and presence, and we look forward to integrating and working collaboratively with the talented team at VEP to further position us as a premier globally integrated energy merchant company.”
Jason M. Kellman, Managing Partner and Chief Investment Officer of Pinnacle, added, “These acquisitions of VEP and WGLM are a seamless way for 61C Global to gain a significant footprint in the U.S. natural gas market. We look forward to leveraging VEP and WGLM’s assets and capabilities as we continue to expand the 61C Global business.”
ABOUT SIX ONE COMMODITIES GLOBAL LLC
In August of 2018, Pinnacle Asset Management, L.P. and affiliated investment entities (“Pinnacle”), a leading commodities and natural resources investment organization, partnered with Ben Sutton, who had served as Head of North American Gas and Power at Noble Americas Gas & Power Corp., to form 61C Global.
61C Global is an international natural gas, LNG, and power merchant headquartered in Stamford, CT. The Six One team has a demonstrated track record of unique market insight, strong client relationships, and disciplined risk management to execute on opportunities within the gas and power merchanting space.
ABOUT PINNACLE ASSET MANAGEMENT, L.P.
Founded in 2003, Pinnacle Asset Management, L.P. is a private, New York-based alternative asset management firm focused on the global commodities markets with approximately $3.2 billion under management. Pinnacle provides its institutional investor base with exposure to the global commodities markets via physical and financial absolute return strategies and products. Pinnacle is registered as an investment adviser with the Securities and Exchange Commission, is registered as a commodity trading adviser and a commodity pool operator with the Commodity Futures Trading Commission and is a member of the National Futures Association.
Joseph Limone
Chief Administrative Officer
Six One Commodities LLC
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(203) 409-2329
PORTLAND, Ore.--(BUSINESS WIRE)--Campbell Global (“Campbell”) today announced the results of its inaugural carbon footprint assessment for assets under management. For the 2020 calendar year, Campbell’s carbon footprint was climate positive, with managed timberlands sequestering over 1.7 million tonnes of CO2 equivalents (MMTC02e) across the United States, New Zealand, and Australia. After accounting for Scope 1, 2, and 3 emissions associated with forest operations and operating facilities, net carbon capture for the year was approximately 1.3 MMTC02e. Sustainable timber harvests also yielded more than 6.6 MMTC02e in the form of certified raw materials that were delivered to downstream wood processing facilities.
“Completion of the inaugural carbon footprint assessment further demonstrates our leadership in responsible investing and impact reporting,” said John Gilleland, Chairman and CEO. “Understanding the greenhouse gas profile for each asset entrusted to our management, well-positions us and our clients to establish and monitor progress associated with climate-related management objectives.”
To calculate the carbon footprint, Campbell collaborated with Bluesource on the development of a credible and repeatable methodology based on the Forest Industry Carbon Assessment Tool™ (FICAT) modeling framework. After configuring FICAT for Campbell’s assets under management, and updating model parameters, the tool was used to estimate the annual amount of carbon sequestered on productive timberlands and associated Scope 1, 2, and 3 emissions from operations. Campbell utilized its property-level forest inventory and accounting data to improve confidence in the modeled outcomes.
Stephen Levesque, Chair of Campbell’s Responsible Investment Committee, noted “results from the carbon footprint analysis clearly show that actively managed forests are a valuable natural climate solution. Furthermore, this work also provides important insights regarding the broader forest products supply chain and its potential to support a low-carbon economy.”
About Campbell Global
Campbell Global, LLC is a worldwide investment manager focused on timberland. They are recognized as an authority on both forest management and timberland investing. Based in Portland, Oregon, Campbell Global has nearly four decades of experience in timberland management and value creation. A pioneer in the field, they have managed more than 5 million acres worldwide for pension funds, foundations and other institutional investors since inception. Campbell Global combines ingenuity, data-supported decision making and a passion for responsible investing to deliver the best possible performance to clients.
About Bluesource
Bluesource® is a climate action partner for private and public companies, nonprofit organizations and governments. Bluesource has pioneered creative solutions to the climate crisis since 2001, with deep expertise across environmental technologies and markets. With more than 200 active projects in the United States and Canada, Bluesource is a leader in voluntary, compliance and pre-compliance carbon, renewable energy attribute, renewable natural gas and energy efficiency markets. For six consecutive years, Bluesource has been voted Best Project Developer (North America) and Best Offset Originator (California) by peers and partners in Environmental Finance’s Annual Market Rankings.
Angela Davis
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503-275-9675
ST. JOHN’S, Newfoundland--(BUSINESS WIRE)--$ARR.TO #energytransition--Altius Renewable Royalties Corp. (TSX: ARR) (“ARR” or the “Company”), is pleased to report that Tri Global Energy (“TGE”) has announced the sale of two renewable energy projects, namely the 180 MW Hoosier Line Wind project and the 400 MW Honey Creek Solar project to Leeward Renewable Energy, a portfolio company of Canadian pension fund subsidiary OMERS Infrastructure.
The two sales result in creation of a 3% royalty on the wind project and a 1.5% royalty on the solar project in favour of Great Bay Renewables LLC (“Great Bay”), which is equally owned by ARR and certain funds managed by affiliates of Apollo Global Management, Inc.
These sales represent the fourth and fifth project royalties to be created under Great Bay’s royalty-based funding support agreement with TGE. The five royalties in aggregate represent approximately 1520 MW of new renewable energy projects.
Frank Getman, CEO of Great Bay commented, “Tri Global continues to excel at bringing new renewable energy projects to market to help accelerate our transition to a clean energy future. We are delighted to be able to support Tri Global in accomplishing this important work.”
The announcement made by TGE today is as follows:
Tri Global Energy Announces Sale of 580 MW of Indiana Wind and Solar Projects to Leeward Renewable Energy
Dallas (April 26, 2021) -- Tri Global Energy, a leading originator and developer of utility-scale renewable energy projects, has entered into an agreement to sell two renewable energy projects – the 180 megawatt (MW) Hoosier Line Wind project and the 400 MW Honey Creek Solar project – to Leeward Renewable Energy, a growth-oriented renewable energy company that owns and operates a portfolio of approximately 2,000 MW of generating capacity.
The wind and solar power projects, located in White County in northwestern Indiana and targeted to be operational as early as 2023, represent the first deal between the two Dallas-based companies and the first renewable project sales for Tri Global Energy (TGE) in Indiana. TGE has regional offices in Reynolds and Harford City, Indiana and also has other renewable projects under development in the state.
“Hoosier Line Wind and Honey Creek Solar represent a significant milestone for TGE, our first expansion to Indiana,” said John Billingsley, Chairman and CEO of Tri Global Energy. “We couldn’t be more excited to begin a new relationship with Leeward, whose leadership shares our commitment to develop and expand clean energy and to invest in the advancement of local communities.”
Since the origination of these projects in 2019, Tri Global Energy has been the project developer. The company will continue as a co-development partner under the sale arrangement with Leeward Renewable Energy.
“We are pleased to reach agreement with Tri Global Energy to acquire these well-planned development assets, and to partner with Tri Global on their continued development,” said Jason Allen, CEO of Leeward Renewable Energy. “The projects accelerate our efforts in the Indiana market and are highly complementary to our aggressive growth strategy across the U.S.,” added Allen.
With 40 landowners involved in the projects, both Hoosier Line Wind and the Honey Creek Solar have gained strong support in White County. PJM utility interconnection and environmental studies are currently underway.
Great Bay Renewables, a joint venture company between certain funds managed by affiliates of Apollo Global Management, Inc., and Altius Renewable Royalties Corp.(TSX: ARR) is providing royalty financing in support of Tri Global Energy completing and funding these projects’ development through the start of construction.
About Tri Global Energy
We are developers of sustainable energy. Tri Global Energy’s mission is to improve communities through local economic development generated by originating and commercializing renewable energy projects. The company currently develops and owns utility-scale wind, solar, and energy storage projects in Texas, Nebraska, Illinois, Indiana, Pennsylvania and Virginia. Tri Global Energy is headquartered in Dallas with regional development offices in Lubbock, Texas; El Paso and Forreston, Illinois; and Reynolds and Hartford City, Indiana. For more information, visit www.triglobalenergy.com.
About Leeward Renewable Energy, LLC
Leeward Renewable Energy is a growth-oriented renewable energy company that owns and operates a portfolio of 22 renewable energy facilities across nine states totaling approximately 2,000 megawatts of generating capacity. Leeward is actively developing new wind, solar, and energy storage projects in energy markets across the U.S. Leeward is a portfolio company of OMERS Infrastructure, an investment arm of OMERS, one of Canada’s largest defined benefit pension plans with C$105 billion in net assets (as at December 31, 2020). For more information, visit www.leewardenergy.com.
About ARR
ARR is a recently formed renewable energy company whose business is to provide long-term, royalty level investment capital to renewable power developers, operators, and originators. The Company combines industry expertise with innovative, partner-focused solutions to further the growth of the renewable energy sector as it fulfills its critical role in enabling the global energy transition.
Flora Wood
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Ben Lewis
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SAN FRANCISCO--(BUSINESS WIRE)--#CDL--XPRIZE, AirMiners and Creative Destruction Lab (CDL) today announced a partnership to support early-stage carbon removal startups interested in the $100M XPRIZE Carbon Removal competition. Funded by Elon Musk and the Musk Foundation, the $100M XPRIZE Carbon Removal is the largest, most audacious incentive prize in human history. To win the five-year competition, teams must demonstrate solutions that permanently remove carbon dioxide and reduce the impact of climate change.
Developed in partnership with XPRIZE and Creative Destruction Lab, AirMiners Launchpad is a six-week program for early teams or individuals interested in the $100M XPRIZE Carbon Removal. Innovators and entrepreneurs hoping to compete for the prize should join the AirMiners Launchpad for startup support.
“If you’re looking to go after the $100 million XPRIZE Carbon Removal, the AirMiners Launchpad is the place to get your team started,” said AirMiners lead Tito Jankowski.
The AirMiners Launchpad accelerates founders towards gigaton scale carbon removal. The program helps founders establish their team, develop business strategy, roadmap their tech, and connect to the broader carbon removal network.
"We're excited to partner with AirMiners and CDL Climate to support early stage teams as they compete for the XPRIZE,” said Nikki Batchelor, Prize Director for the XPRIZE Carbon Removal. “Many carbon removal concepts are still nascent and will benefit greatly from the AirMiners Launchpad curriculum around technology development, customer discovery, and roadmapping. We encourage every applicant to the XPRIZE Carbon Removal to participate in AirMiners Launchpad.”
Advising AirMiners on program development is Paul Cubbon, Site Lead of CDL-Vancouver and Assistant Dean Innovation of UBC Sauder School of Business at The University of British Columbia. "AirMiners is the best place for early-stage carbon removal entrepreneurs to start their companies, and upon graduation, we look forward to seeing many of them at CDL Climate," said Cubbon. “We are excited to collaborate with AirMiners and XPRIZE Carbon Removal to help create massively scalable companies to remove carbon at scale to meaningfully address the climate crisis and benefit humankind.”
Sign-ups for the first AirMiners Launchpad are now open. New cohorts will begin quarterly, with the cut-off for the first cohort being Tuesday, May 25th. Interested entrepreneurs can register for AirMiners Launchpad here, XPRIZE Carbon Removal here, and interest in CDL Climate here. AirMiners Launchpad will also be hosting a launch event on April 28 at 12pm PT, register here.
About AirMiners
AirMiners is the place for entrepreneurs, engineers, scientists, and designers working to extract carbon from the air. It exists to support the global carbon-negative community with networking, events, education through the AirMiners Boot Up, and now support for new innovations through the AirMiners Launchpad. To learn more about AirMiners visit http://airminers.org, or follow on Twitter @airminers or LinkedIn.
About XPRIZE
XPRIZE, a 501(c)(3) nonprofit organization, is the global leader in designing and implementing innovative competition models to solve the world’s grandest challenges. Active competitions include the $100 Million XPRIZE Carbon Removal, $10 Million XPRIZE Rainforest, $10 Million ANA Avatar XPRIZE, $6 Million XPRIZE Rapid COVID Testing, the $5 Million IBM Watson AI XPRIZE, $5 Million XPRIZE Rapid Reskilling, and $500K Pandemic Response Challenge. For more information, visit xprize.org.
About Creative Destruction Lab
Creative Destruction Lab (CDL) is a nonprofit organization that delivers an objectives-based program for massively scalable, seed-stage, science- and technology-based companies. Its nine-month program allows founders to learn from experienced entrepreneurs, increasing their likelihood of success. Founded in 2012 by Professor Ajay Agrawal at the University of Toronto’s Rotman School of Management, the program has expanded to nine sites across four countries: Oxford, Paris, Atlanta, Madison, Vancouver, Calgary, Montreal and Halifax. Learn more at https://www.creativedestructionlab.com
Marie Domingo - This email address is being protected from spambots. You need JavaScript enabled to view it. - (650) 888-5642
IRVING, Texas--(BUSINESS WIRE)--Exxon Mobil Corporation (NYSE:XOM) will release first quarter 2021 financial results on Friday, April 30, 2021. A press release will be issued via Business Wire and available at 6:30 a.m. CT at www.exxonmobil.com.
Darren Woods, chairman and chief executive officer, and Stephen Littleton, vice president of investor relations and secretary, will review the results during a live, listen-only conference call at 8:30 a.m. CT. The presentation can be accessed via webcast or by calling (888) 596-2592 (United States) or (786) 789-4790 (International). Please reference confirmation code 7945025 to join the call. An archive replay of the call and a copy of the presentation with accompanying supplemental financial data will be available at www.exxonmobil.com/ir.
ExxonMobil Media Relations
(972) 940-6007
FORT WORTH, Texas--(BUSINESS WIRE)--Vortus Investment Advisors, LLC (“Vortus”), a Fort Worth, Texas-based private equity firm, today announced that Luke Brandenberg joined the company as Managing Director. Mr. Brandenberg will be a key member of the Investment Team responsible for various stages of the investment cycle including sourcing, structuring, transactional due diligence, monitoring and management.
“Luke is well known in the industry for his relationships, strong financial acumen and high level of performance, and we are thrilled to add him to our leadership team,” said Jeffrey Miller, Managing Partner of Vortus. “He exemplifies the values and integrity that are important at Vortus and his addition illustrates our continued focus on cultivating a preeminent professional team to further position us as a preferred partner for operators and management teams across the nation.”
Brian Crumley, Managing Partner of Vortus, added, “As we continue to grow, our asset-focused investment strategy remains consistent. We believe Luke’s deep industry expertise will complement the strengths of our investment team enhancing our ability to maximize the value of existing investments as well as effectively pursue additional partnership opportunities in the domestic onshore upstream industry. I am confident that Luke will contribute in meaningful ways as we continue to execute on the differentiated Vortus investment strategy.”
After starting his career in investment banking, Mr. Brandenberg transitioned to principal investing in 2010 where he has focused on providing growth capital to the independent sector of the U.S. oil and gas industry. Prior to joining Vortus, Mr. Brandenberg partnered with Grey Rock Energy Partners to launch a special situations initiative and to lead the deal origination, structuring and relationship management efforts for the new platform. He also spent ten years with EnCap Investments, where he was the primary relationship manager and a key board member on multiple portfolio companies representing a significant portion of EnCap’s equity commitments. Mr. Brandenberg began his career in the Energy Investment Banking Group at Raymond James & Associates where he focused on public capital raises, restructuring and M&A advisory work within the upstream, midstream and oilfield services sectors. He graduated with honors from The University of Texas where he received a Bachelor of Business Administration in business honors and finance.
About Vortus Investment Advisors, LLC
Vortus Investment Advisors, LLC is a Fort Worth-based private equity firm focused on the lower middle market upstream energy industry in North America. Vortus has an asset-based investment strategy, targeting privately negotiated transactions in the lower to middle market requiring approximately $25 million to $100 million of equity capital in partnership with successful owner/operators. For additional information, please visit www.vortus.com.
Meggan Morrison
Redbird Communications Group
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DUBLIN--(BUSINESS WIRE)--The "Naval Vessel MRO Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029" report has been added to ResearchAndMarkets.com's offering.
The maintenance, repair and overhaul of navy vessels includes maintenance and repair works on engine & its components, vessel deck, mechanical, and electrical components. For efficient performance and proper running of mechanical and electrical components, standard operating procedures are followed as described in the navy manual.
Today, warships are considered as one of the largest platforms carrying complex weapons, equipment's, sensors amongst others. Therefore, their frequent repair and maintenance is thus of utmost importance since they have to be in high state of preparedness to face extreme environment, hostile territories and operational demands near shore or in deep sea.
Refit & repair are considered as critical activity of a vessel for its safe and efficient operation. The navy undertakes various sea worthiness and operational fitness tests primarily at naval docks. This service of making vessel or its fleet sea worthy, is also handed to public/private sector shipyards.
Most of navy vessels designs are old and in many cases, the ships are converted from commercial merchant ship. This conversion is one of the major reason for increased frequency of repair and maintenance works. Historically, navy ships were mostly adapted from cruise liners and passenger ships but now even the offshore going project vessels are also considered for conversion. Thus, the conversion activity mandatorily involves immense MRO activities and is one of the major driving factor for the navy vessel MRO market.
Royal navy and other naval vessels are very often deployed away from their base ports for very long duration that significantly arises MRO issues. In cases where there is high focus on warfare activities (expeditionary) and relief operations, navy vessels with high utility capacity are preferred, that requires frequent maintenance and repair of vessels as a defense mandate. Therefore, leading to high growth in maintenance, overhaul and repair of fleet.
The repair and maintenance are carried out under operational-cum-refit-cycle (OCRC) for each class of ship. The OCRC is propagated by the defense ministries of respective countries based on timely basis and its operational experience. The MRO techniques helps in introducing or phasing out of a particular class and built of ship. The OCRC defines the period wherein a particular naval vessel is to remain at sea, be under deployable state and finally a period it has to spend for MRO activity.
North America accounts for the highest expenditure in the MRO market and majority of the expenditure is made by the U.S. Asia Pacific and European regions also account for a significant portion of the market share.
The key naval vessel MRO service providers are, but not limited to: BAE systems, General Dynamics, Huntington Ingalls Industries, Lockheed Martin, Northrop Grumman, Elbit Systems, Raytheon, Rockwell Collins, SIAC, Kongsberg, SAAB, Teledyne Brown Engineering, Babcock International Group and URS Corporation.
Key Topics Covered:
Chapter 1. Preface
Chapter 2. Executive Summary
2.1. Global Naval Vessels MRO Market Snapshot
Chapter 3. Naval Vessels MRO Market: Market Dynamics and Future Outlook
3.1. Market Overview
3.2. Drivers
3.2.1. Increased Defense Budget Spending in North America and Asia Pacific Market to Drive the Market for the Forecast Period
3.3. Challenges
3.3.1. Highly Stringent Vendor/Dealer/OEM Selections for Raw Material Supply in Weapon and Navy Class Ship Building
3.4. Opportunities
3.4.1. Demand for C4ISR (Communications, Command, Control, Computers, Intelligence, Surveillance and Reconnaissance) Systems is Expected to Boost Market Growth in the Future
3.5. Attractive Investment Proposition, by Geography, 2020
3.6. Competitive Landscape
3.6.1. Competitive Landscape of Key Players in Battleships Growth Protection Systems Market, 2020
Chapter 4. Global Naval Vessels MRO Market, by MRO Service Type, 2019 - 2029 (US$ Mn)
4.1. Overview
4.1.1. Global Naval Vessels MRO Market Value Share, by MRO Service Type, 2021 & 2029 (Value, %)
4.2. Maintenance & Repair (MR) Level
4.2.1. Organizational MR
4.2.2. Intermediate MR
4.2.3. Depot MR
4.2.4. Voyage MR
4.3. Overhauls
4.3.1. Baseline Overhaul (BOH)
4.3.2. Regular Overhaul (ROH)
4.3.3. Complex Overhaul (COH)
4.3.4. Integrated Logistics Overhaul (ILO)
Chapter 5. Global Naval Vessels MRO Market, by Navy Vessels Type, 2019 - 2029 (US$ Mn)
5.1. Overview
5.1.1. Global Naval Vessels MRO Market Value Share, by Navy Vessels Type, 2021 & 2029 (Value, %)
5.2. Battleships
5.3. Corvettes
5.4. Submarines
5.5. Frigates
5.6. Others (minesweeper, dromon, full rigged ship, missile boat, etc.)
Chapter 6. Global Naval Vessels MRO Market, by Geography, 2019 - 2029 (US$ Mn)
6.1. Overview
6.1.1. Global Naval Vessels MRO Market Value Share, by Geography, 2021 & 2029 (Value, %)
Chapter 7. Company Profiles
7.1. BAE Systems
7.1.1. Business Description
7.1.2. Financial Information (Subject to data availability)
7.1.3. Product Portfolio
7.1.4. Key Developments
7.2. General Dynamics
7.3. Huntington Ingalls Industries
7.4. Lockheed Martin
7.5. Northrop Grumman
7.6. Elbit Systems
7.7. Raytheon
7.8. Rockwell Collins
7.9. SIAC
7.10. Kongsberg
7.11. SAAB
7.12. Teledyne Brown Engineering
7.13. Babcock International Group
7.14. URS Corporation
For more information about this report visit https://www.researchandmarkets.com/r/f8cynw
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Crusoe has reduced flaring by over 1 billion cubic feet since inception and has the potential to reduce greenhouse emissions by the equivalent of hundreds of thousands of cars
DENVER--(BUSINESS WIRE)--Crusoe Energy Systems Inc. (the “Company”) has closed a $128 million Series B equity financing led by Valor Equity Partners with participation from Lowercarbon Capital, DRW Venture Capital, Founders Fund, Bain Capital Ventures, Coinbase Ventures, Polychain Capital, KCK Group, Upper90, Winklevoss Capital, Exor, Zigg Capital and JB Straubel, the co-founder and former CTO of Tesla and founder and CEO of Redwood Materials. Crusoe also secured a non-dilutive $40m project financing facility from Upper90 in addition to the new equity capital. The combined funding will expand Crusoe’s operations as the Company pursues its mission to eliminate the routine flaring of natural gas and associated methane emissions while delivering low cost computing infrastructure. Crusoe deploys mobile, modular data centers that generate electrical power from otherwise wasted and flared natural gas (Digital Flare Mitigation® or DFM).
Highlights:
Crusoe currently operates 40 modular data centers powered by otherwise wasted and flared natural gas. Crusoe’s patented Digital Flare Mitigation® technology has been deployed in North Dakota, Montana, Wyoming and Colorado. The Company plans to grow to more than 100 units over the next year as it expands within new and existing flaring-intensive markets as well as locations with oversupplied wind or solar power. Since launching in 2018, Crusoe has emerged as a scalable solution to reduce flaring through energy intensive computing such as bitcoin mining, graphical rendering, artificial intelligence model training and even protein folding simulations for COVID-19 therapeutic research.
“We welcome Valor as our new lead investor along with climate-focused investors like Lowercarbon Capital that align with Crusoe’s mission to eliminate routine flaring in the oilfield,” said Chase Lochmiller, the CEO and co-founder of Crusoe. “Valor brings tremendous expertise in scaling technically and operationally complex businesses as illustrated by their success partnering with the management teams at Tesla, SpaceX and others.”
“Crusoe provides the type of cross-cutting solution that solves multiple technological, energy, and climate challenges simultaneously,” said Antonio Gracias, Valor founder, CEO and CIO. “The financing announced today will help to scale Crusoe by orders of magnitude, meaning we can unlock vast and economic computing resources for technology users while eliminating significant climate-harming emissions.” Valor has been focused on sustainability and climate change for well over a decade with investments like Tesla, SolarCity, Misfits Market, AMP Robotics and more. In addition, Valor has been an early investor in crypto infrastructure technology through businesses like BitGo and others. “Our investment in Crusoe builds on our track record of supporting world-class entrepreneurs in building great companies using cutting-edge technology to improve the world.”
Crusoe’s solution arrives amid escalating efforts by industry, regulators and financiers to rapidly reduce flaring and methane emissions:
By displacing loads from the grid and preventing the methane leakage associated with natural gas flaring, each Crusoe modular datacenter reduces CO2-equivalent emissions by up to 8,000 tons per year, equivalent to taking about 1,700 cars off the road. Methane is approximately 84 times more potent than CO2 as a greenhouse gas, so by preventing methane leakage from flaring, Crusoe’s technology reduces CO2-equivalent emissions by up to 63% relative to continued flaring.
“Crusoe is a mission-driven company,” said Cully Cavness, Crusoe’s co-founder, president and chief operating officer. “Our team is unified around the goal of solving the environmental challenges of stranded energy, especially flare gas. This means working with industries that have a large environmental impact to help clean them up. At Crusoe we understand that environmental solutions scale best when they are economic. Digital Flare Mitigation® offers exactly that - a scalable economic solution to a major environmental problem.”
About Crusoe Energy Systems Inc.
Crusoe Energy Systems provides innovative solutions for the energy industry. By converting natural gas to energy-intensive computing, Crusoe’s Digital Flare Mitigation® service delivers an environmentally sound way to create a beneficial use for otherwise wasted natural gas. Crusoe has deployed flare mitigation projects in Wyoming’s Powder River Basin oilfield, Colorado’s Denver-Julesburg oilfield and North Dakota and Montana’s Bakken oilfield. Systems are scalable up to millions of cubic feet per day and can be deployed rapidly to even the most remote locations.
Please reach out to This email address is being protected from spambots. You need JavaScript enabled to view it. or visit www.crusoeenergy.com to learn more, and follow Crusoe on Linkedin and Twitter.
Crusoe Energy Systems:
Cully Cavness, This email address is being protected from spambots. You need JavaScript enabled to view it.
ARLINGTON, Va.--(BUSINESS WIRE)--FLIR Systems, Inc. (NASDAQ: FLIR), a world leader in the design, manufacture, and marketing of intelligent sensing technologies, today announced it will release financial results for the first quarter ended March 31, 2021, at approximately 7:30 a.m. Eastern Time on Thursday, May 6, 2021. FLIR does not plan to hold an earnings call this quarter, though summary first quarter financial data, including business segment details, will be available following the release and may be accessed online from the Financial Info Database section of the Company’s Investor Relations website at www.FLIR.com/investor.
About FLIR Systems, Inc.
Founded in 1978, FLIR Systems is a world-leading industrial technology company focused on intelligent sensing solutions for defense and industrial applications. Our vision is to be “The World’s Sixth Sense,” creating technologies to help professionals make more informed decisions that save lives and livelihoods. For more information, please visit www.flir.com and follow @flir.
Investor Relations
Sarah Key
Investor Relations
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