With LED technology, America’s only energy-independent cannabis cultivation facility and dispensary decreases operating costs, invests in resource-efficient technologies
AUSTIN, Texas & SOMERSET, Mass.--(BUSINESS WIRE)--Fluence by OSRAM (Fluence), a leading global provider of energy-efficient LED lighting solutions for commercial cannabis and food production, and Solar Therapeutics (Solar), America’s only energy-independent cannabis dispensary, announced today that the companies’ collaborative LED implementation yielded more than $1 million in total rebates from National Grid, Solar’s local utility provider.
Located in Somerset, Massachusetts, Solar operates a 67,000-square-foot cultivation facility and dispensary supplying medical and recreational cannabis products. Led by chief executive officer Edward Dow, Solar is the only cannabis cultivator using green infrastructure and microgrid assets in the United States. Solar’s unique facility design lowers its energy profile by 40 percent and its microgrid assets reduce remaining emissions by nearly 60 percent. Solar’s microgrid generates approximately five megawatts of electricity—enough to power a small town—and its production architecture enables the facility to supply marijuana flower and marijuana-infused products throughout the entire state of Massachusetts. Dow has proven he can achieve even greater efficiencies through the company’s partnership with Fluence.
“The lack of unified sustainability practices and principles within the cannabis industry have created some major efficiency pain points that we all need to seriously consider,” Dow said. “By leveraging Fluence’s LED technology, we were able to downsize our HVAC systems and invest the resulting savings into technologies that would allow us to achieve our long-term, sustainable facility design goals. Our partnership with Fluence has enabled us to bring this vision to reality and we can now redefine what it will take for the industry as a whole to become truly resource-efficient.”
“The industry and our customers have spoken: Broad-spectrum LEDs are the preferred solution to achieve critical cost efficiencies and cultivation goals,” said David Cohen, CEO of Fluence. “Cultivators who are implementing LED lighting solutions are optimizing energy costs, growing the most consistent plants and achieving unbeatable crop yields. Industry leaders like Solar Therapeutics are setting a new gold standard for sustainable cultivation practices, ensuring the cannabis industry thrives into the future.”
Dow added that the movement for cannabis growers to adopt and benefit from sustainable, advanced cultivation solutions requires the comprehensive integration of a facility’s complex indoor systems. In conjunction with Fluence, Solar also employs urban-gro, Inc.’s (urban-gro)(NASDAQ:UGRO) experts in facility design and engineering to optimize the operation’s fertigation and watering systems.
"urban-gro is proud to support Solar Therapeutics in their vision and commitment to resource efficiency," said Brad Nattrass, CEO of urban-gro. "Solar's success in managing energy costs and consumption is a testament to the advantage that expert engineering design and equipment integration can have on facility operations. By focusing on the efficient interaction between plants, people and processes, Solar is effectively able to operate a consistently high-performing cultivation facility. We are pleased to work with our trusted industry partner, Fluence. The long-standing relationship between our companies has resulted in the design and start-up of some of the most advanced cultivation facilities across North America."
Through its partnerships with Fluence and urban-gro, Solar has secured more than $1 million in rebates from its local utility provider and was the first facility of its kind to secure an LED rebate with National Grid. The rebates will ultimately cover costs for the implementation and use of automatic lighting controls, new HVAC equipment and boilers, and free fluid chillers.
For more information on Solar, visit www.solarthera.com. For more information on Fluence and its rebate coordination services, visit www.fluence.science.
About Fluence by OSRAM
Fluence Bioengineering, Inc., a wholly-owned subsidiary of OSRAM, creates powerful and energy-efficient LED lighting solutions for commercial crop production and research applications. Fluence is a leading LED lighting supplier in the global cannabis market and is committed to enabling more efficient crop production with the world’s top vertical farms and greenhouse produce growers. Fluence global headquarters are based in Austin, Texas, with its EMEA headquarters in Rotterdam, Netherlands. For more information about Fluence, visit https://fluence.science.
About Solar Therapeutics
Based in Somerset, MA. Solar Therapeutics, Inc. (Solar) is a 67,000 square foot marijuana cultivation facility coupled with on-site and off-site dispensary storefronts that supply both medical and recreational cannabis products. Solar is organized as a MA. domestic for-profit corporation and has secured a Certificate of Registration from the MA. Cannabis Control Commission to operate in the Commonwealth. Solar is unlike any cannabis manufacturing facility in America. Its key differentiators are its production architecture, which is centered around the facility’s innovative design that utilizes green infrastructure and microgrid assets comprising a combination of solar arrays and high-efficiency combined-heat & power generation units. These green concepts enable Solar to produce sustainable cannabis both by lowering its overall energy profile as well as by generating all of its own clean power. While initial facility design lowered Solar’s energy profile by over 40%, the microgrid assets help to further reduce the remaining emissions by at least 60%, with a goal to offset completely. Learn more at www.solarthera.com.
About urban-gro, Inc.
urban-gro, Inc. (NASDAQ: UGRO) is a leading engineering design and services company focused on the commercial horticulture market. We engineer and design commercial Controlled Environment Agriculture (“CEA”) facilities and then integrate complex environmental equipment systems into these high-performance facilities. Operating in the global market, our custom-tailored approach to design, procurement, and equipment integration provides a single point of accountability across all aspects of growing operations. Visit www.urban-gro.com to learn more.
Media Contact:
For Fluence
Alex Bacon
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DUBLIN--(BUSINESS WIRE)--The "PET Foam Market by Raw Material (Virgin PET and Recycled PET), Grade (Low-density and High-density), Application (Wind Energy, Transportation, Marine, Building & Construction, Packaging and Others ), Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The PET foam market is projected to grow from USD 316 million in 2020 to USD 448 million by 2025, at a CAGR of 7.2% from 2020 to 2025.
The PET foam market growth is estimated to be majorly driven by growing economies of Asia Pacific region. Increasing demand of PET foam from the wind energy, marine, and packaging end-use industries in China, India, Japan, and Australia is driving the market growth of PET foam in the Asia Pacific region.
PET foam can be readily modified based on application requirements and is mainly used in the mid-layers of sandwiched composite structures. Research institutions, PET foam manufacturers, and end-product manufacturers are taking initiatives and making huge investments in R&D to enhance PET foams and their materials in terms of cost, durability, and stiffness.
Low-density PET foam to lead the PET foam market, by grade in terms of value and volume, during the forecast period
Low-density PET foam is considered an ideal solution for various end-use industries including transportation, wind energy, building & construction, and packaging, owing to its lightweight and excellent chemical and electrical resistance. Thus, the wide application of low-density PET foam and its superior qualities compared to the other core materials is driving the segment.
Wind energy application is estimated to be the fastest-growing segment of the PET foam market
The wind energy application segment dominated the PET foam market, in terms of volume and value, in 2020. PET foam is extensively used in wind blades owing to its advantageous properties. For instance, PET foam offers excellent stiffness, fatigue, and strength-to-weight ratio. This lightweight structure plays an important role in the manufacturing of wind blades, helping in the manufacture of larger and more efficient rotor blades.
The compressive and shear strength of the foam must hold up the mechanical structure of the wind blade. PET foam is used in the manufacturing of wind turbine blades and their parts such as rotor blades, nacelles, spinners, and housing, reducing the manufacturing cost and improving performance.
Asia Pacific is the largest and the fastest-growing region in the PET foam market
Asia Pacific is the largest region in the PET foam market owing to the increasing investments and infrastructural projects undertaken by the region's emerging economies, such as China and India. Further, the growing demand of PET foam from the wind energy, marine, and packaging end-use industries in China, India, Japan, and Australia is driving the market growth of PET foam in the region.
Armacell International SA (Luxembourg), 3A Composites (Switzerland), Gurit Holding (Switzerland), DIAB Group (Sweden), Changzhou Tiansheng New Materials Co. Ltd (China), Sekisui Plastics (Japan), Petro Polymer Shargh (Iran), and Carbon-Core Corp. (US) are some of the key players operating in the PET foam market.
These players have adopted strategies such as agreements, partnerships & joint ventures, new product & technology launches, and expansions to enhance their business revenue and market share. Expansion of manufacturing plants and offices globally is the key strategy adopted by these players to cater to the increasing demand for PET foam.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
Pet Foam Market Snapshot (2020 Vs. 2025)
Wind Energy Segment Expected to Dominate Pet Foam Market from 2020 to 2025
High-Density Pet Foam Segment Projected to Grow at Higher CAGR During Forecast Period
Asia-Pacific Expected to be Fastest-Growing Market for Pet Foam During Forecast Period
4 Premium Insights
4.1 Attractive Opportunities in Pet Foam Market
4.2 Pet Foam Market, by Region
4.3 Asia-Pacific Pet Foam Market, by Country & Application
4.4 Pet Foam Market, by Grade
4.5 Pet Foam Market, by Application
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growth of the Wind Energy Sector
5.2.1.2 Growing Demand for Lightweight Vehicles Worldwide
5.2.2 Restraints
5.2.2.1 Increasing Competition from Substitutes
5.2.3 Opportunities
5.2.3.1 Rising Trend of Using Recycled Materials
5.2.4 Challenges
5.2.4.1 Impact of COVID-19 on Various End-Use Industries
6 Industry Trends
6.1 Introduction
6.2 Porter's Five Forces Analysis
7 Macroeconomic Overview and Key Trends
7.1 Introduction
7.2 Trends and Forecast of GDP
7.3 Trends in the Wind Energy Industry
7.4 Trends in the Automotive Industry
7.5 Trends in the Construction Industry
7.6 Price Analysis
7.7 Value Chain Analysis
7.8 Patent Analysis
7.9 Tariff and Regulatory Landscape
7.10 Case Study
7.10.1 Use Cases
7.10.2 Case Study 1: Improved Mechanical Properties and Cost-Effective Product
7.11 Trade Flow
7.12 Ycc Shift in Pet Foam Market
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/w0t9xt
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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SAN FRANCISCO--(BUSINESS WIRE)--#DataVisibility--ClearMetal, the leading SaaS platform for international freight visibility, dynamic transport planning and customer experience, today announced it has partnered with Munich Re Group, one of the top providers of reinsurance, primary insurance and insurance-related risk solutions, to guarantee international ocean freight shippers complete and timely delivery of data. ClearMetal is the first and only logistics technology company to offer this type of guarantee.
ClearMetal gives shippers quality, timely data on ocean container movements during transit so they can better plan on-time delivery, reduce detention and demurrage (D&D) charges, and provide superior customer service. Through its partnership with Munich Re Group, ClearMetal guarantees that after the first year of engagement, it will offer completeness of data for container shipments at least 90% of the time. ClearMetal also guarantees it will notify customers within 24 hours of vessel arrival at port for 80% or more of its container shipments, though it typically provides its customers completeness of data at a rate higher than 90% and ship arrival notifications within minutes or hours of the event.
ClearMetal’s swift notification time is significant because most shippers receive vessel arrival notifications an average of 36 hours after the actual event. ClearMetal’s guaranteed notification with far less latency means shippers can more efficiently schedule downstream transportation, provide more accurate delivery dates to customers and avoid D&D fees.
“Our partner ClearMetal is a highly innovative and technologically advanced data company for global freight transportation,” said Greg Barats, Senior Executive, Munich Re; and President and CEO, HSB. “ClearMetal delivers on its promise of Continuous Delivery Experience by providing comprehensive arrival data in a timely fashion. By adding the insured guarantee to its offering, we support ClearMetal in revolutionizing the B2B customer experience in that field.”
ClearMetal’s platform continuously collects and cleans data from satellites, shippers, vessels, terminals, ocean carriers and third-party partners. This continuous approach uses machine learning to cross-reference inputs and enrich data, enabling users to make smart decisions based on up-to-date, trustworthy information. With ClearMetal, shippers no longer have to manage shipment status and order updates manually using outdated and incomplete data from multiple websites. The ClearMetal platform saves time and money and enables shippers to deliver better service to their end customers.
“Visibility is crucial to weathering volatility in the supply chain and helping shippers make better decisions,” said Tom Linton, an Executive Advisor at ClearMetal, who most recently served as Chief Supply Chain Officer at Flex and was Chief Procurement Officer at both LG and Freescale. “As global trade continues to be very unpredictable and dynamic, shippers need to prepare and learn how to better manage their supply chain in this environment. ClearMetal gives shippers confidence in their data and helps take time and unknowns out of the supply chain so they can optimize productivity, curb costs and delight customers.”
Both completeness of data and low latency are critical success factors for supply chain digitization and transformation. Visibility is only meaningful if it delivers added value. ClearMetal is the only international freight visibility provider that has achieved “critical mass,” enabling value to be realized.
“We provide organizations with the most accurate and timely data about their shipments and enable them to optimize logistics for competitive advantage. Now we guarantee our promise with the backing of Munich Re, one of the leading and most innovative insurance firms in the world. If anyone questioned who has the best data in the industry, the actuaries at Munich Re just confirmed it’s ClearMetal,” said Thomas Atwood, Lead Data Scientist of ClearMetal. “As a leader driving the digital transformation across the insurance industry, Munich Re ‘gets it.’ ClearMetal is proud to have earned their trust in our platform and the quality of our data and we value their partnership. With this guarantee, we are putting our money where our mouth is.”
About ClearMetal
ClearMetal is the market leader in international freight visibility, dynamic planning and customer experience. The ClearMetal 'Continuous Delivery Experience’ (CDX) Platform uses proprietary machine learning to break free from static-visibility paradigms and turn supply chains from a cost center to a competitive advantage. ClearMetal was founded by top software engineers, data scientists and operations researchers from Stanford University, Google and Silicon Valley, and is funded by Eclipse Ventures, Prelude Ventures, Innovation Endeavors, NEA, SAP.io, Prologis Ventures, PSA Unboxed, DCLI and the founders of GT Nexus, Navis and Uber Freight. ClearMetal is based in San Francisco, CA. For more information, visit www.clearmetal.com.
The insurance for ClearMetal Inc. is underwritten by a primary insurance carrier of Munich Re Group, which is an S&P AA- rated international insurance company, eligible to write surplus lines insurance in all US states.
Marybeth Roberts
Wye Communications for ClearMetal
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Company continues to invest in growth in order to provide best-in-class software solutions for installers
CAMPBELL, Calif.--(BUSINESS WIRE)--Tigo Energy, Inc., the solar industry worldwide leader in Flex-MLPE (Module Level Power Electronics) today announced that Archie Roboostoff has joined as its new Vice-President of Software. Mr. Roboostoff brings over 20-years of software technical, product and business management experience to the Tigo Executive Team.
Mr. Roboostoff began as a software developer and has seen increased responsibilities in the areas of engineering, product management and software architecture throughout his career. Most recently, he served as Product Portfolio Director at Micro Focus (MFGP), an international enterprise software company focused on digital transformation. While at Micro Focus, he helped transform the former Mercury and Borland product lines back to leadership positions. This resulted in the leadership of two market-leading software product brands in markets greater than $1B. He also serves the community, with 6 years on the Second Harvest Food Bank board.
“Archie brings a rich experience of running the technical, operations and business side of software,” stated Zvi Alon, Chairman and CEO of Tigo. “He is exactly the type of leader we need as Tigo expands our software offering to meet installers’ needs.”
Mr. Roboostoff will lead the software team at Tigo and be responsible for definition, quality, and performance of the growing Energy Intelligence (EI) business. The Tigo Energy Intelligence platform monitors tens of thousands of PV sites that produce more than 1 gigawatt-hour of daily solar energy.
“It is clear that software will become an increasingly significant part of commercial and residential solar installations,” stated Mr. Roboostoff. “I’m excited to be given the opportunity to help shape an important industry that has a positive environmental impact. I joined Tigo to be part of a winning team and simultaneously help fuel company growth and superior customer experience.”
Mr. Roboostoff studied Computer Science at the University of California at Santa Barbara and holds a University of California Berkeley Program Certificate in Product Management & Marketing. He works out of the Silicon Valley, California Tigo headquarters.
About Tigo
Tigo is the worldwide leader in flexible module level power electronics (MLPE) with innovative solutions that significantly increase energy production, decrease operating costs, and enhance safety of photovoltaic (PV) systems. Tigo’s TS4 platform maximizes the benefit of PV systems and provides customers with the most scalable, versatile, and reliable MLPE solution available. Tigo was founded in Silicon Valley in 2007 to accelerate the adoption of solar energy worldwide. Tigo systems operate on 7 continents and produce gigawatt hours of reliable, clean, affordable and safe solar energy daily. Tigo's global team is dedicated to making the best MLPE on earth so more people can enjoy the benefits of solar. Visit us at www.tigoenergy.com.
Media Contact for Tigo
John Lerch
408.402.0802 x430
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EIP’s ESG Advisory Board Recognized As One of The 30 Big Ideas Shaping ESG
NEW YORK--(BUSINESS WIRE)--#EIPESG--Energy Impact Partners (EIP), a global investment platform leading the transition to a sustainable energy future, announced it was recognized as a leader in innovation in ESG by Private Equity International (PEI) as a part of the publication’s 30 Big Ideas Shaping ESG award program. EIP was honored in the Governance category for establishing an ESG Advisory Board for its limited partners (LP).
EIP’s ESG Advisory Board was launched in July 2020 and is comprised of an inhouse ESG and impact specialist team as well as several leading impact institutions from its partner base. The goal of the ESG Advisory Board is to improve the quality, transparency, diversity and accuracy of methods and metrics that the firm applies to its ESG programs and impact reporting. Among those included on the board are Microsoft Corp., through its $1 billion Climate Innovation Fund, and Nysnø, a Norwegian state-owned company that invests in companies and funds with profitable and smart solutions to climate change.
“We are honored to be recognized for our work in ESG by Private Equity International,” said Hans Kobler, CEO and Managing Partner of Energy Impact Partners. “The ESG Advisory Board serves to continuously improve the comprehensiveness of the methods and metrics that EIP uses to evaluate our portfolio companies and impact. In collaboration with our LPs, we feel a responsibility for driving transparency in the industry to accelerate the pace of innovation and rapidly scale the adoption of critical climate solutions.”
PEI’s listing of the 30 Big Ideas Shaping ESG covers the cutting-edge innovations in fields ranging from finance to social responsibility and represents inspirational examples of innovation in ESG and impact investing. Amid growing concerns about the state of the planet, PEI set out to gauge where private equity is bringing fresh thinking to the environmental, social and governance challenges facing the world.
Brandon Middaugh, director of the Microsoft Climate Innovation Fund and member of EIP’s ESG Advisory Committee, said “Today’s environmental, social and governance principles include evolving responsibilities in climate impact, equity and inclusion, and responsible use of technology. Microsoft is pleased to see this recognition of EIP’s ESG Advisory Board approach to increasing investor engagement on ESG and impact practices.”
EIP has pioneered a unique, collaborative engagement model that elevates insights and best practices, invests in transformative businesses, and supports the growth of clean technology startups by facilitating dedicated industrial partnerships between its portfolio and investor base.
For more information on EIP and its ESG Advisory Board, please visit www.energyimpactpartners.com.
About Private Equity International
Private Equity International is the only global publication with a primary focus on the relationship between investors and fund managers in private equity: LP-GP nexus. Launched in December 2001, the title covers the people, the funds, the capital providers and the financial trends shaping the industry with an integrated team of specialist journalists and researchers in London, Hong Kong, and New York City.
About Energy Impact Partners
Energy Impact Partners (EIP) is a global investment platform leading the transition to a sustainable energy future. EIP brings together entrepreneurs and the world's most forward-looking energy and industrial companies to advance innovation. With over $1.5 billion in assets under management, EIP invests globally across venture, growth, credit and infrastructure – and has a team of more than 45 professionals based in its offices in New York, San Francisco, Palm Beach, London, Cologne and soon Oslo. For more information on EIP, please visit www.energyimpactpartners.com.
Energy Impact Partners Media Contact
Matthew Matyjek
On behalf of EIP
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The e-Shield line provides optimal performance plus excellent thermal and conductive properties enabling longer driving range for electric vehicles.
HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX) Lubricants announced today the launch of Phillips 66 e-Shield, high-performing lubricant solutions to optimize electric vehicle performance and protection. e-Shield is a new line of products, including system fluid, grease and coolant, designed to fulfill the unique needs of electric vehicles.
These lubricants use modern proprietary formulations to enable extended driving range. Excellent thermal and conductive properties keep electric vehicles protected while running cooler and longer per charge.
“Years of development and testing resulted in the technology behind the e-Shield products that deliver optimal performance for electric vehicles,” said Chundi Cao, Phillips 66 Senior Engineer. “We are constantly working to develop products that will meet the needs of an evolving market, and our new e-Shield line is no exception.”
The e-Shield line is another example of the company's ongoing commitment to develop the latest technology that reduces emissions and improves energy conservation while ensuring that the equipment people depend on worldwide operates efficiently and reliably.
The e-Shield EV system fluid is proven technology currently used in the factory-fill of electric vehicles for several major Original Equipment Manufacturers (OEM). "Through OEMs-independent evaluations, the Phillips 66 e-Shield EV system fluid outperformed other fluids by extending the driving range of vehicles," said Scott McQueen, Phillips 66 Manager, Lubricants Research & Product Management. “The e-Shield product line demonstrates the continued innovation of Phillips 66 and our dedication to providing energy for the future.”
e-Shield is one of many ways Phillips 66 products support the energy transition. Phillips 66 is a major supplier of the proprietary graphite needle coke employed in the manufacturing of lithium ion batteries that power electric vehicles across the globe. The company recently announced a technical collaboration with Faradion to develop anode materials for sodium-ion batteries, a next-generation energy storage technology. To view more information about the e-Shield line and Phillips 66 sustainability work, please visit Phillips66Lubricants.com/Sustainability.
About Phillips 66 Lubricants
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores, and markets fuels and products globally. As one of the largest finished lubricants suppliers in the U.S., Phillips 66 Lubricants is known for manufacturing and marketing high-quality base oils and sophisticated formulations in three lubricant brands:
Phillips 66®, Kendall® Motor Oil, and Red Line® Synthetic Oil. These premier products reach across every key market sector, including automotive, trucking, agriculture, aviation, power generation, mining, and construction. For more information, visit Phillips66Lubricants.com.
Bernardo Fallas
855-841-2368 (media)
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Christine Bailey
832-765-4363 (media)
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WALTHAM, Mass.--(BUSINESS WIRE)--PerkinElmer, Inc., (NYSE: PKI) a global leader committed to innovating for a healthier world, today announced that the Company has completed its previously announced acquisition of Oxford Immunotec Global PLC (Oxford Immunotec). PerkinElmer originally announced its intent to acquire Oxford Immunotec on January 7, 2021.
“Oxford Immunotec’s global role in fighting tuberculosis, particularly its trademark product, the T-SPOT®.TB test, and the operations it has built are remarkable,” said Prahlad Singh, PerkinElmer president and chief executive officer. “We recognize the distinct clinical and logistical advantages of the test and see a great opportunity to leverage our automation capabilities and commercial channel access to bring tuberculosis testing to more customers around the world.”
Headquartered in Abingdon, UK, Oxford Immunotec is recognized as a global leader of proprietary test kits for latent tuberculosis. Its Interferon Gamma Release Assay (IGRA) offering identifies individuals who are infected with tuberculosis. Oxford Immunotec had approximately 275 global employees as of September 30, 2020 and reported total revenue from continuing operations of $73.74 million and $39.2 million as of the fiscal year ended December 31, 2019 and the nine months ended September 30, 2020, respectively.
About PerkinElmer
PerkinElmer enables scientists, researchers and clinicians to address their most critical challenges across science and healthcare. With a mission focused on innovating for a healthier world, we deliver unique solutions to serve the diagnostics, life sciences, food and applied markets. We strategically partner with customers to enable earlier and more accurate insights supported by deep market knowledge and technical expertise. Our dedicated team of about 14,000 employees worldwide is passionate about helping customers work to create healthier families, improve the quality of life, and sustain the wellbeing and longevity of people globally. The Company reported revenue of approximately $3.8 billion in 2020, serves customers in 190 countries, and is a component of the S&P 500 index. Additional information is available through 1-877-PKI-NYSE, or at www.perkinelmer.com.
Factors Affecting Future Performance
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to estimates and projections of future earnings per share, cash flow and revenue growth and other financial results, developments relating to our customers and end-markets, and plans concerning business development opportunities, acquisitions and divestitures. Words such as "believes," "intends," "anticipates," "plans," "expects," "projects," "forecasts," "will" and similar expressions, and references to guidance, are intended to identify forward-looking statements. Such statements are based on management's current assumptions and expectations and no assurances can be given that our assumptions or expectations will prove to be correct. A number of important risk factors could cause actual results to differ materially from the results described, implied or projected in any forward-looking statements. These factors include, without limitation: (1) markets into which we sell our products declining or not growing as anticipated; (2) the effect of the COVID-19 pandemic on our sales and operations; (3) fluctuations in the global economic and political environments; (4) our failure to introduce new products in a timely manner; (5) our ability to execute acquisitions and license technologies, or to successfully integrate acquired businesses and licensed technologies into our existing business or to make them profitable, or successfully divest businesses; (6) our ability to compete effectively; (7) fluctuation in our quarterly operating results and our ability to adjust our operations to address unexpected changes;(8) significant disruption in third-party package delivery and import/export services or significant increases in prices for those services; (9) disruptions in the supply of raw materials and supplies; (10) our ability to retain key personnel; (11) significant disruption in our information technology systems, or cybercrime (12) our ability to realize the full value of our intangible assets; (13) our failure to adequately protect our intellectual property; (14) the loss of any of our licenses or licensed rights; (15) the manufacture and sale of products exposing us to product liability claims; (16) our failure to maintain compliance with applicable government regulations; (17) regulatory changes; (18) our failure to comply with healthcare industry regulations; (19) economic, political and other risks associated with foreign operations; (20) the United Kingdom’s withdrawal from the European Union; ; (21) our ability to obtain future financing; (22) restrictions in our credit agreements; (23) discontinuation or replacement of LIBOR; (24) significant fluctuations in our stock price; (25) reduction or elimination of dividends on our common stock; and (26) other factors which we describe under the caption "Risk Factors" in our most recent annual report on Form 10-K and in our other filings with the Securities and Exchange Commission. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
Investor Relations:
PerkinElmer, Inc.
Bryan Kipp, 781-663-5583
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The Embassy of the State of Qatar hosted a virtual event in partnership with the U.S. Chamber of Commerce to discuss Qatar's plans to host a carbon-neutral FIFA World Cup™
WASHINGTON--(BUSINESS WIRE)--The Embassy of the State of Qatar and the U.S. Chamber of Commerce hosted a virtual event on March 8, 2021, titled, “Carbon-Neutral World Cup 2022.” This virtual event highlighted Qatar’s sustainability efforts, which remain at the core of the infrastructure and tournament operations planning for the FIFA World Cup 2022™, and Qatar’s tactics to deliver a fully carbon-neutral event.
The event was opened by Khush Choksy, Senior Vice President for the Middle East, Turkey, and Kazakhstan at the U.S. Chamber of Commerce, and featured keynote remarks from Engineer Bodour Al Meer, Sustainability Director from the Supreme Committee for Delivery & Legacy of Qatar. The event also included remarks by Beau Waters, Sports & Entertainment, Market Director at Jacobs, and remarks by Ambassador Greta Holtz, Chargé D’Affaires at the U.S. Embassy Doha, as well as a Q&A discussion led by Steve Lutes, Vice President for Middle East Affairs, U.S. Chamber of Commerce.
Through this virtual exchange, the panelists discussed Qatar’s commitment to fighting climate change through efforts to measure, mitigate, and offset all greenhouse gas emissions associated with the much-anticipated international tournament. Qatar’s carbon-neutral approach will catalyze low-carbon solutions across the region that will drive growth in a low-carbon economy. The FIFA World Cup 2022 will be the first carbon-neutral tournament of its kind and will set a benchmark for environmental stewardship for major sporting events.
“In building the FIFA World Cup Qatar 2022 Sustainability Strategy, we sought to align with relevant international standards and guidelines, including the UN Sustainable Development Goals,” said Engineer Al Meer, “We are sure that the sustainability program for the FIFA World Cup 2022 will minimize environmental impact and enhance the tournament experience overall, while at the same time deliver value for generations to come in Qatar and beyond.”
“As a partner of FIFA World Cup 2022, Jacobs has worked closely with the Supreme Committee for Delivery and Legacy in Qatar and served as a partner for over a decade to deliver infrastructure for the event and help meet the sustainability requirements committed to during the bid process,” said Beau Waters, Market Director of Sports & Entertainment at Jacobs. “The World Cup has been a catalyst for increased attention and awareness around sustainability in the region and it has been an important component driving many global sporting events to Qatar. The work being done is a great representation of Qatar’s commitment to sustainability and carbon neutrality, and we are honored to be a part of it.”
The Qatar National Vision 2030 emphasizes managing Qatar’s rapid development by balancing economic growth with environmental protection. Sustainability has been at the heart of the FIFA World Cup 2022 from the start, with planning and delivery premised on the idea that generations to come should find our shared planet a greener, more equitable place, free from discrimination and full of opportunities for all.
“The FIFA World Cup 2022 presents an opportunity to facilitate economic growth and diversification in Qatar and also in the United States by linking local businesses to global value chains and producing opportunities for the U.S. private sector,” said Khush Choksy, Senior Vice President for Middle East, Turkey, and Kazakhstan, U.S. Chamber of Commerce. “The Supreme Committee has invested heavily in developing sustainable tournament sites and lessening the impact of the World Cup on the environment, and as a result has created new partnerships with U.S. companies and strengthened commercial ties between the U.S. and Qatar. We applaud Qatar for focusing on environmental priorities as it hosts this major global sporting event and for its efforts to benefit employment in the U.S. and Qatar.”
As one of the first countries to ratify the United Nations Framework Convention on Climate Change in 1996, combating climate change and promoting the importance of sustainability must include investment in alternative energy, green building initiatives, and other green technologies. Qatar is dedicated to a long-term view of sustainability, driving responsible development for a cleaner world.
“The “Carbon Neutral World Cup” offers a unique test for us to set goals, achieve and measure results, and demonstrate to the people of our countries that we’re serious about slowing climate change and ensuring a better future for all,” said Ambassador Greta Holtz, Chargé D’Affaires at the U.S. Embassy Doha.
To learn more about the efforts being made to promote a sustainable FIFA World Cup 2022 and environmentally conscious global community, please click here.
About the Embassy of the State of Qatar to the United States
The Embassy of the State of Qatar in Washington, D.C. houses Qatar's diplomatic mission to the United States. The primary purposes of the Embassy of Qatar are to highlight Qatar’s policies on regional issues, strengthen Qatar-U.S. bilateral relations, and assist Qatari citizens who travel or live in the U.S. The current Ambassador of the State of Qatar to the United States of America is His Excellency Sheikh Meshal Bin Hamad Al-Thani.
About the U.S. Chamber of Commerce
The U.S. Chamber of Commerce is the world’s largest business organization representing companies of all sizes across every sector of the economy. Our members range from the small businesses and local chambers of commerce that line the Main Streets of America to leading industry associations and large corporations. They all share one thing: They count on the U.S. Chamber to be their voice in Washington, across the country, and around the world. For more than 100 years, we have advocated for pro-business policies that help businesses create jobs and grow our economy.
Media Contact
Embassy of the State of Qatar
Henri Viès
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SAN RAMON, Calif.--(BUSINESS WIRE)--At its annual investor meeting today, Chevron Corporation (NYSE: CVX) announced plans to increase return on capital employed and lower carbon intensity to enable superior distributions to shareholders.
“Chevron’s message to investors is summarized in four words – higher returns, lower carbon,” said Michael Wirth, Chevron’s chairman and CEO. “We’re building on our track record of capital and cost discipline to deliver higher returns. And we’re taking action to advance a lower carbon future.”
Higher Returns
Chevron will continue to drive a disciplined capital and cost program to deliver higher returns for shareholders. In line with this objective, the company announced it has:
The combination of a more capital efficient investment program and lower costs is expected to result in a doubling of the company’s return on capital employed and 10% CAGR of free cash flow by 2025 at $50 Brent.
“The path to increase return on capital employed is straightforward – invest in only the highest-return projects and operate cost efficiently,” said Pierre Breber, Chevron’s CFO. “Capital discipline and cost efficiency always matter. We have the portfolio and investments that position us to increase returns and grow free cash flow.”
Over the next five years, as capital is expected to decrease for its major expansion in Kazakhstan, the company expects to increase its investment in a number of Chevron’s attractive assets, including its world class position in the Permian.
“Our Permian Basin asset is advantaged relative to others. The long-term outlook is positive and capital efficiency is improving,” said Jay Johnson, executive vice president, Upstream. “We expect to grow production while generating strong free cash each year along the way.”
In Kazakhstan, the FGP-WPMP project is 81% complete and remobilization of project staff continues to progress. “We remain focused on sustaining our pandemic mitigation measures and increasing productivity at Tengiz,” Johnson said. “Executing our 2021 work program, amidst the pandemic, will be an important signpost for the project’s budget and schedule.”
Lower carbon
The company exceeded its 2023 upstream carbon intensity reduction targets three years ahead of schedule and today announced lower 2028 targets and zero routine flaring by 2030. The new targets align with the second stock-take period under the Paris Agreement and include all of Chevron’s production on an equity-basis:
“Our energy transition strategy is focused on actions that are good for both society and shareholders,” said Bruce Niemeyer, vice president of Strategy & Sustainability, “Achieving our 2028 goals is expected to keep Chevron a top quartile oil and gas producer in terms of carbon intensity.”
In addition, the company updated plans to increase renewable energy and carbon offsets and to invest in low-carbon technologies such as hydrogen and carbon capture, utilization and storage. Over the past several weeks, Chevron launched its second Future Energy Fund with an initial commitment of $300 million and announced a new bioenergy partnership in California with Schlumberger and Microsoft, designed to qualify as carbon negative.
“We released our third TCFD-aligned climate report today, which details how Chevron plans to deliver long-term value in a lower carbon future,” Wirth said. “We expect to invest more than $3 billion in the coming years to advance our energy transition strategy.”
For more information about Chevron’s approach to the energy transition, please see Chevron’s Climate Change Resilience report found here.
Upside leverage and downside resilience
With its industry leading balance sheet and flexible capital program, Chevron is positioned to reward investors in any environment. At a Brent oil price average of $60 per barrel, the company expects to earn double-digit return on capital and generate cash, above its dividend and capital spending, greater than $25 billion over the next five years. At a Brent oil price average of $40 per barrel over the next 5 years, the company expects its net debt ratio to peak around 35% while sustaining the dividend.
“Even through these challenging times, Chevron maintained its financial strength and capital discipline,” Wirth concluded. “Our strategy positions Chevron to return cash to shareholders today and into the future.”
Webcast
Chevron will conduct a webcast on Tuesday, March 9, 2021 at 10:00 a.m. ET to discuss the company’s strategy at the annual investor meeting.
A webcast of the discussion will be available in listen-only mode to individual investors, media, and other interested parties on Chevron’s website at www.chevron.com under the “Investors” section. Presentations and full transcript of the meeting will also be available on the Investor Relations website.
Chevron Corporation is one of the world's leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company's operations. Chevron is based in San Ramon, California. More information about Chevron is available at www.chevron.com.
NOTICE
As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we” and “us” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.
CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company's ability to achieve the anticipated benefits from the acquisition of Noble Energy; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, industry-specific taxes, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 23 of the company's 2020 Annual Report on Form 10-K and in other subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.
Braden Reddall, +1 925-842-2209
DUBLIN--(BUSINESS WIRE)--The "Maintenance and Operation of Ports and Harbours in South Africa 2020" report has been added to ResearchAndMarkets.com's offering.
This report focuses on the Maintenance and Operation of Ports and Harbours and includes comprehensive information on the state and size of the sector, operational performance, corporate actions and developments and regulations.
There are profiles of 14 players including Transnet, the dominant player in this sector and operator of all the major ports, private terminal operators and port services companies such Bidfreight Port Operations, civil marine service providers such as Southern Ocean Engineering and marina operations including the V&A Waterfront, Club Mykonos and Port St Francis.
Maintenance and Operation of Ports and Harbours:
South Africa's commercial ports and harbours play a critical role in the domestic economy as enablers of trade between South Africa and its trading partners in the region and other parts of the world. Ports facilitate imports and exports and provide maritime services to international shipping traffic.
Before the coronavirus pandemic, around 300 million tons of seaborne cargo moved through South African ports each year, and volumes are expected to be substantially lower this year. Transnet plays a dominant role in the operation and maintenance of South Africa's major ports and harbours.
Coronavirus Effect:
The coronavirus pandemic plunged world trade and the global maritime sector into crisis, and the unprecedented decline in domestic and global economic activity translated into sharp declines in vessel arrivals and cargo volumes. Backlogs, congestion and delays have led to additional charges and the loss of contracts. Coronavirus-related staff shortages have added to operational challenges.
Infrastructure Development:
Capacity expansion at the port of Saldanha will increase its servicing capacity from ten rigs to between twenty and forty per year. Rig repair capacity expansion projects are also planned for Cape Town, Durban and Ngqura. Under Operation Phakisa, twelve proclaimed fishing harbours in the Western Cape have been designated for rehabilitation and maintenance.
Key Topics Covered:
1. Introduction
2. Description of the Industry
2.1. Industry Value Chain
2.2. Geographic Position
3. Size of the Industry
4. State of the Industry
4.1. Local
4.1.1. Corporate Actions
4.1.2. Regulations
4.1.3. Enterprise Development and Social Economic Development
4.2. Continental
4.3. International
5. Influencing Factors
5.1. Economic Environment
5.2. Government Expenditure
5.3. Port Tariffs
5.4. Technology, Research & Development (R&D) and Innovation
5.5. Labour
5.6. Environmental Concerns
6. Competition
6.1. Barriers to Entry
7. SWOT Analysis
8. Outlook
9. Industry Associations
10. References
10.1. Publications
10.2. Websites
Appendix
For more information about this report visit https://www.researchandmarkets.com/r/2en97t
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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EyeTracking’s software solutions are now compatible with Varjo’s mixed and virtual reality headsets, enabling behavioral insights from immersive training, surgical simulations, and human-machine interface development.
SAN DIEGO--(BUSINESS WIRE)--EyeTracking announced today that its newly released training solutions are now compatible with Varjo’s VR/XR headsets. For over two decades, the EyeTracking team has been developing tools that translate eye movements and cognitive workload metrics into actionable insights about human behavior. This technology adds value in any context that involves human-machine interaction, from hospitals to military bases and everywhere in between.
EyeTracking recently launched new training-focused solutions tailored for simulation environments including PilotReady™, SurgeonReady™, DriverReady™ and SystemReady™ (for any complex human-machine interface). These applications help assess human performance accurately, pinpoint distractions and cognitive overload, and reveal how both the operators and the interface can improve.
Now, EyeTracking has made their software compatible with Varjo’s virtual and mixed reality headsets, including the new Varjo XR-3 and VR-3. With Varjo devices and EyeTracking’s solutions, professionals can gain objective human-performance metrics from the most demanding VR/AR/XR simulation scenarios.
“We are thrilled to partner with Varjo to create an incredibly rich and effective VR-based training solution,” says James Weatherhead, CTO, and President of EyeTracking. “Varjo enables experiencing the highest-quality virtual environment possible, and we give instructors the tools to help their students master that environment.”
Pioneering solutions for VR-based training and assessment
With the industry’s highest resolution across the widest field of view, Varjo headsets power true-to-life VR applications and keeps trainees fully immersed and engaged. Trainees can replicate the exact feeling and conditions of real-life scenarios. All Varjo headsets also feature built-in eye tracking at 200 Hz.
Combining Varjo’s industrial-grade hardware with EyeTracking’s analytics platform, organizations can now objectively measure the proficiency of personnel as they progress through their VR-based training programs.
“We are thrilled to welcome EyeTracking to our Varjo-ready software ecosystem. Together, our hardware and software tools enable unprecedented training and research opportunities for professionals across industries,” says Geoff Bund, head of business development at Varjo.
About EyeTracking LLC
EyeTracking, based in Solana Beach, CA, has pioneered the field of applied eye-tracking research for over two decades, transforming scientific advances into practical tools that put people and systems in perfect sync.
EyeTracking LLC
Cassie Davis
+1 619.955.1988
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The City of Santa Fe implemented energy efficiency measures in city facilities to create long-term energy and operational cost savings
FRAMINGHAM, Mass. & SANTA FE, N.M.--(BUSINESS WIRE)--#cityofsantafe--Ameresco, Inc., (NYSE: AMRC), a leading clean technology integrator specializing in energy efficiency and renewable energy, today announced the completion of an energy efficiency project with the City of Santa Fe, N.M. The partnership was established to upgrade city facilities to be more energy efficient and in turn generate energy and operational cost savings for Santa Fe over the course of the next decade.
The city identified nine improvement areas for the energy project, which would address the immediate needs of public city facilities. The energy efficiency improvements slated for these facilities included roof replacements, parapet and EFIS wall repairs, as well as power conditioning, pool repair and building automation, scheduling and commissioning. Ameresco also helped Santa Fe upgrade inefficient HVAC units used to heat and cool the Genoveva Chavez Community Center (GCCC) facility and replaced the original 20-year-old conditioned air handling equipment.
Through the implementation of these cost-effective energy efficiency measures, the city is expected to amass an annual electricity and natural gas savings of $88,649. Since the completion of the project, the City of Santa Fe has seen a noticeable improvement in air circulation and temperature regulation, as well as upgraded air conditioning controls in unserved or underserved areas of city facilities.
“The professionalism of the Ameresco staff and team members was exceptional—the knowledge, expertise, and can do attitudes spoke volumes about Ameresco’s commitment to excellence,” said Jerry L. Schilling acting Complex Manager/Recreation Section Manager for Facility Operations for the Genoveva Chavez Community Center. “The GCCC and City of Santa Fe COSF were pleased with the outcome and look forward to partnering with Ameresco on future projects.”
Additionally, Ameresco recently signed a contract with the City of Santa Fe to help the city with facility maintenance and capital planning needs and to identify potential funding strategies to update its infrastructure.
“We are grateful to have had the opportunity to partner with the City of Santa Fe to implement important infrastructure upgrades throughout the city. Recently designated as a LEED Gold city by the U.S. Green Building Council, this project ensures that the City of Santa Fe will generate substantial energy cost savings while supporting the city’s long term sustainability objectives,” said Bob Georgeoff, Executive Vice President of Ameresco.
Construction for the project was completed in October 2020.
To learn more about the energy efficiency solutions offered by Ameresco, visit www.ameresco.com/energy-efficiency/.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent provider of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.
The announcement of a customer’s entry into a contract is not necessarily indicative of the timing or amount of revenue from such contract, of the company’s overall revenue for any particular period or of trends in the company’s overall total project backlog. The construction project was completed as of December 31, 2020.
Media Contact:
Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "North America Oil and Gas Projects Outlook to 2025 - Development Stage, Capacity, Capex and Contractor Details of All New Build and Expansion Projects" report has been added to ResearchAndMarkets.com's offering.
The total number of oil and gas projects in North America expected to start operations from 2021 to 2025 are 603. Of these, upstream production projects constitute 104, midstream projects constitute 333, refinery projects constitute 23, and petrochemical projects constitute 143.
Scope
Reasons to Buy
Key Topics Covered:
1. Introduction
1.1 What is this Report About?
1.2 Market Definition
2. Oil and Gas Projects Outlook in North America
2.1 Oil and Gas Projects in North America, Overview of Projects Data
2.2 Oil and Gas Projects in North America, Projects by Sector
2.3 Oil and Gas Projects in North America, Projects by Type
2.4 Oil and Gas Projects in North America, Projects by Stage
2.5 Oil and Gas Projects in North America, Projects by Country
3. Oil and Gas Projects Outlook in the US
3.1 Oil and Gas Projects in the US, Overview of Projects Data
3.2 Oil and Gas Projects in the US, Projects by Sector
3.3 Oil and Gas Projects in the US, Projects by Type
3.4 Oil and Gas Projects in the US, Projects by Stage
3.5 Oil and Gas Projects in the US, Projects Development Stage, Capacity, Project Cost, and Contractor Details
4. Oil and Gas Projects Outlook in Canada
4.1 Oil and Gas Projects in Canada, Overview of Projects Data
4.2 Oil and Gas Projects in Canada, Projects by Sector
4.3 Oil and Gas Projects in Canada, Projects by Type
4.4 Oil & Gas Projects in Canada, Projects by Stage
4.5 Oil and Gas Projects in Canada, Projects Development Stage, Capacity, Project Cost, and Contractor Details
5. Oil and Gas Projects Outlook in Mexico
5.1 Oil and Gas Projects in Mexico, Overview of Projects Data
5.2 Oil and Gas Projects in Mexico, Projects by Sector
5.3 Oil and Gas Projects in Mexico, Projects by Type
5.4 Oil & Gas Projects in Mexico, Projects by Stage
5.5 Oil and Gas Projects in Mexico, Projects Development Stage, Capacity, Project Cost, and Contractor Details
6. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/hopsw2
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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— 1.5 million meals to feed Texans in need —
HOUSTON--(BUSINESS WIRE)--#Reliant--Reliant is providing $500,000 to local food banks across the state to support Texans in need following Winter Storm Uri and its ongoing impact on food shortages and increased demand. Food insecurity is a real threat to many residents as they face unexpected expenses to make home repairs and replace spoiled food as a result of the extreme weather. Eighteen food banks across the state will receive support, providing a total of 1.5 million meals to the communities they serve.
“Texas food banks are an essential lifeline to so many in our communities, and the recent winter storm coupled with the ongoing COVID-19 pandemic has made their services even more critical,” said Elizabeth Killinger, president, Reliant. “Supporting our neighbors in need, across communities large and small, is part of who we are as a company and we hope our efforts will help as we recover together.”
Food banks receiving support include:
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“Reliant is a good friend and partner to the Houston Food Bank, supporting us with volunteer hours and donations throughout the year, plus in times of disaster, such as what Houston and Texas recently experienced with the winter storm,” says Brian Greene, president and CEO of the Houston Food Bank. “It makes a difference to know we can rely on dedicated partners to help us provide food for better lives when our fellow Texans and Houstonians need it most. This donation from Reliant will provide 450,000 meals to Houstonians and residents of surrounding areas at this crucial time.”
The pandemic impacted the Houston Food Bank’s distribution, increasing from 400,000-500,000 pounds of food per day prior to the pandemic to 800,000 pounds per day. With the latest winter storm response, the organization is distributing up to one million pounds of food per day.
The donation is part of the initial $3 million commitment from Reliant and parent company NRG Energy, Inc. to address food and water shortages, temporary or damaged housing and the overall recovery effort across Texas. The commitment includes support for disaster relief organizations and the Houston Harris County Winter Storm Relief Fund, established by the City of Houston and Harris County and jointly administered by United Way of Greater Houston and the Greater Houston Community Foundation. To support customers affected by the storm, Reliant also donated an additional $500,000 to its CARE Program to assist residential customers in paying electricity bills.
About Reliant, an NRG company
Reliant powers, protects and simplifies life by bringing electricity, security and related services to homes and businesses across Texas. Serving customers and the community is at the core of what we do, and the company is recognized nationally for outstanding customer experience. Reliant is part of NRG, a Fortune 500 company that creates value by generating electricity and providing energy solutions to more than 3.5 million residential and commercial customers across the U.S. and Canada. NRG’s competitive residential electricity business, which includes Reliant, is one of the largest in the country. For more information about Reliant, visit reliant.com and connect with Reliant on Facebook at facebook.com/reliantenergy and Twitter or Instagram @reliantenergy. PUCT Certificate #10007.
Media Contact:
Megan Talley
713-537-2160
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New partnership between electric car brand and EV charging network debuts with a revolutionary seamless in-car charging app.
CAMPBELL, Calif. & MAHWAH, N.J.--(BUSINESS WIRE)--#Bethechange--ChargePoint, a world leading electric vehicle (EV) charging network, and Polestar Cars, the electric automotive brand from Sweden, today announced the creation of a new charging partnership, streamlining mutual efforts to enable a seamless ownership experience for drivers of electric vehicles. The partnership debuts alongside the first product innovation from the brand collaboration: an embedded charging app for the Polestar 2 electric fastback.
The two companies are collaborating to improve the driver experience and debunk the charging myths which block mainstream adoption of electric cars. As a result of the partnership, they are enabling Polestar drivers to focus on the enjoyment of driving an electric car, specifically by making the charging experience even easier than the old way of fueling. The collaboration offers solutions to charge at home, work, around town or on trips, all accessed directly in the Polestar 2 infotainment system.
“We are thrilled to bring our customers access to thousands of charging locations across America, matched with a premium home charger offering for the convenience of always leaving with a full battery,” said Gregor Hembrough, Head of Polestar USA. “With many of our customers switching over directly from internal combustion, charging is a central component of our consumer education process and the overall customer experience. We know ChargePoint is the right partner for this critical need and the new app signals our intent to co-develop new technologies for the benefit of our customers.”
“The transition to electric is well underway and the future of mobility is proving to be more efficient, easy and connected than ever before, and our partnership with Polestar is an example of this shift,” said Bill Loewenthal, Senior Vice President, Product, ChargePoint. “Not only does our partnership with Polestar provide drivers easy access to thousands of level 2 and DC fast places to charge across North America, the in-vehicle integration of the ChargePoint app brings our comprehensive charging ecosystem seamlessly into the in-vehicle experience. This partnership with Polestar is one of the first such integrations, and will serve as a blueprint for further collaborations between the two companies.”
Highlights of the Polestar and ChargePoint Partnership Include:
New In-Car ChargePoint App for the Polestar 2
The new ChargePoint app for the Polestar 2 eliminates the need to pull out your smartphone, RFID card or other method to charge your EV. The Polestar 2 revolutionizes the in-car experience thanks to the world debut of Google’s Android Automotive Infotainment System (OS) and the collaboration between Polestar and ChargePoint takes this to the next level via seamless integration of the ChargePoint app. The ChargePoint app, available later this week in Google Play, embeds directly into the Polestar 2 infotainment system. The app provides an easy way for drivers to find and navigate to available stations, start a charging session from the vehicle and pay if required, all via the center screen in the Polestar 2.
Public Charging Benefits
Access to North America’s largest network ensures drivers will be able to charge wherever they go and whenever they need charging. ChargePoint’s network offers a range of charging solutions, from level 2 to DC fast charging, at destinations where a driver tends to spend time during a normal day like at retail locations and workplaces, if they need a quick top up, or when taking a road trip.
Another key element of the partnership ensures that Polestar drivers will be able to access most of ChargePoint’s more than 100,000 places to charge, and thousands of additional public charging spots through roaming agreements with other major charging networks in North America.
Home Charging Benefits
For those wanting the convenience of leaving home on a full charge, Polestar drivers will be able to order the top-rated ChargePoint Home Flex home charger alongside the purchase of any Polestar vehicle. As more than 80-percent of charging takes place at home and work, the seamless ordering process ensures that drivers are able to purchase and arrange for home installation of the Home Flex before they take delivery of their Polestar car. This e-commerce solution is enabled by the fact that a Polestar car can be purchased fully online, from the comfort of home. The ChargePoint Home Flex is one of the market’s fastest, most flexible home chargers available with the ability to deliver up to 50 amps of current, which is adjustable to match to any home’s electrical supply today and into the future.
For more information, watch this video or visit https://www.chargepoint.com/polestar/.
For images and other media information, visit polestar.com/press.
About ChargePoint
ChargePoint is creating the new fueling network to move all people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and most complete portfolio of charging solutions available today. ChargePoint’s cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds-of-thousands of places to charge in North America and Europe. To date, more than 88 million charging sessions have been delivered, with drivers plugging into the ChargePoint network approximately every two seconds. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact ChargePoint’s This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it. press offices or This email address is being protected from spambots. You need JavaScript enabled to view it..
About Polestar
Polestar is the independent Swedish premium electric performance car brand founded by Volvo Cars and Geely Holding. Established in 2017, Polestar enjoys specific technological and engineering synergies with Volvo Cars and benefits from significant economies of scale as a result. The company is headquartered in Gothenburg, Sweden, and retails its vehicles in ten global markets across Europe and North America, and in China.
Polestar produces two electric performance cars. The Polestar 1 is a low-volume electric performance hybrid GT with a carbon fiber body, 619 hp, 738 ft.-lb. and an electric-only range of 60 miles – the longest of any hybrid car in the world. The Polestar 2 electric performance fastback is the company’s first fully electric, high volume car. Polestar 2 launched in 2020 with an all-wheel drive electric powertrain that produces 408 hp and 487 ft.-lb., with a maximum range of 233 miles (292 miles WLTP).
In the future, the Polestar 3 electric performance SUV will join the portfolio, as well as the Precept – a design study vehicle released in 2020 that is slated for future production. Precept showcases the brand’s future vision in terms of sustainability, digital technology and design.
ChargePoint
Darryll Harrison, Jr.
Senior Director, Global Communications and Social Media
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Olivia Marcinka
Communications Specialist, North America
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Polestar
John Paolo Canton
Public Relations and Communications, North America
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Morgan Theys
Account Director, Extension PR
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VIRTUAL SESSION
HOUSTON--(BUSINESS WIRE)--The Port Commission of the Port of Houston Authority will conduct a Special meeting virtually on Thursday, March 11, 2021, at 11:00 a.m. The agenda for the Special Meeting is available at http://porthouston.com/leadership/public-meetings/.
Sign-up for public comment is available up to an hour before the meeting by contacting Erik Eriksson at This email address is being protected from spambots. You need JavaScript enabled to view it. or Liana Christian at This email address is being protected from spambots. You need JavaScript enabled to view it..
The Executive Office Building is closed to the general public; however, the public can participate virtually via Webex, accessed as provided on the following page. Pursuant to Governor Abbott’s action of March 16, 2020, allows these virtual and telephonic open meetings to maintain government transparency.
The next regular Port Commission meeting is scheduled for March 23.
About Port Houston
For more than 100 years, Port Houston has owned and operated the public wharves and terminals along the Houston Ship Channel, including the area’s largest breakbulk facility and two of the most efficient and fastest-growing container terminals in the country. Port Houston is the advocate and a strategic leader for the Channel. The Houston Ship Channel complex and its more than 200 public and private terminals, collectively known as the Port of Houston, is the nation’s largest port for waterborne tonnage and an essential economic engine for the Houston region, the state of Texas, and the U.S. The Port of Houston supports the creation of nearly 1.35 million jobs in Texas and 3.2 million jobs nationwide, and economic activity totaling $339 billion in Texas – 20.6 percent of Texas’ total gross domestic product (GDP) – and $801.9 billion in economic impact across the nation. For more information, visit the website at www.PortHouston.com.
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The partnership, leveraging Lepton’s global VSAT Network designed for small terminals, aligns with global need for networks that accommodate disadvantaged terminals.
MCLEAN, Va.--(BUSINESS WIRE)--Lepton Global Solutions (www.leptonglobal.com), a Kymeta company, and leading provider of satellite-based customized turn-key communications solutions and services, announced today a strategic partnership with Satcube (www.satcube.com). The partnership will add Satcube’s class of extremely small VSAT terminals to the company’s global satellite network, which is engineered to support terminal aperture sizes down to 45cm. In turn, Lepton Global Solutions will offer Satcube Ku terminals globally as a comms-on-the-pause (COTP) solution that are complementary with the Kymeta™ u8 comms-on-the-move (COTM) offering, running both on the same frequencies with easily transportable and operated hardware.
Together, Lepton Global Solutions and Satcube are challenging the traditional ways satellite communications are delivered and consumed through highly automated, easily transportable products low in size, weight, and power. The goal of the partnership is to deliver world-class technology and services to defense, public safety, and commercial customers globally. Both the Satcube and the u8 terminal are designed to fulfill tactical, easy-to-use operational requirements. Their differing form factors and capability sets address differing applications of users on the move.
“Most commercial satellite service networks are designed for larger aperture antennas that operate at broadside, which means that smaller, flat panel terminals like the Satcube and u8 are not globally supported,” said Isabel LeBoutillier, Vice President of Kymeta Connect and Government Programs. “Our network has been built from the ground up to accommodate the technical requirements of this newer class of extremely small, flat-panel VSAT terminals. The partnership with Satcube will allow us to deliver superior connectivity options for more applications to our mobile customers.”
“This partnership will allow our companies to better meet the requirements of our complementary customers and provide solutions that fit the needs of a broader audience,” said Jakob Kallmer, Satcube CEO and founder. “Our relationship with Lepton will enable Satcube to provide a more seamless and reliable connectivity experience to our customers globally, and we couldn’t be more thrilled to be working together.”
Satcube Ku is an all-in-one compact carry-on satellite terminal with a flat antenna the size of a large laptop. The terminal enables users to create an easy-to-use Wi-Fi hotspot and receive high-speed broadband connection in less than one minute to execute critical, on the spot work assignments and communications.
Lepton Global Solutions and Satcube leverage Kymeta Broadband, which is the first satellite service designed to serve the unique characteristics of flat panel antennas used in land-mobile applications. Built from the ground up and software defined for disadvantaged terminals and antennas, the service ensures that customers stay connected without latency or throughput challenges. Customers receive capacity through a managed network that aggregates multiple satellite providers and hundreds of operators for global coverage.
Lepton’s network offering for these terminals includes global customized CIR plans as well as Kymeta Broadband’s satellite 5x2 MIR and hybrid satellite-cellular options. Service may be purchased for individual terminals or shared among multiple terminals.
About Lepton Global Solutions:
Lepton Global Solutions, a Kymeta company, specializes in the engineering and delivery of customized, yet cost-effective, turnkey satellite communications solutions to commercial and government customers. Lepton’s end-to-end solutions, which go beyond managed satellite services to include VSAT equipment installation, 24×7 technical support and customized back end IT infrastructure, are tailored to meet customer-specific needs.
Lepton is headquartered outside of Washington, D.C. in Tysons Corner, Virginia.
For additional information, please visit www.leptonglobal.com.
Business Inquiries for Lepton Global Solutions:
Jon Maron
Vice President of Marketing and Communications
Lepton Global Solutions
+1 425.658.8827
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Media Inquiries for Lepton Global Solutions:
Amanda Barry
Associated Director PR
The Summit Group
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SAN DIEGO--(BUSINESS WIRE)--#acep--XENDEE Corporation, Idaho National Laboratory (INL), and the Alaska Center for Energy and Power (ACEP) have been granted funding to assess the viability of tidal, wave, and river/ocean current technologies for powering remote Alaskan Communities as well as generate a framework for their integration in modeling platforms. This project, launched in part with seed money from the U.S. Department of Energy’s Water Power Technologies Office, is intended to tap into regional sources of energy to reduce costs and dependency on imported fossil fuels as well as to enhance local resilience and sustainability.
“Several grid-islanded Alaskan communities have the potential to harness significant hydrokinetic power,” said Thomas Mosier, Energy Systems Group Lead at Idaho National Laboratory. “The implementation of Microgrids in these areas would diversify local energy profiles with the potential in many communities to keep costs flat while reducing environmental impact and the dependence on diesel.”
The project team will first generate a database of grid-islanded communities that are strong candidates for this type of technology and currently have a heavy reliance on diesel burning generators for power generation. The project team will then assess the strategy and integration methods related to implementing marine hydrokinetic technologies in an islanded grid facing arctic weather conditions.
“The decision framework that will be developed for this effort will provide a systematic basis for recommending potential microgrid configurations,” said Shiloh Elliott, Modeling and Simulation Scientist at Idaho National Laboratory. “Those configurations will utilize local reliable energy sources to increase community power resilience and diversify power profiles to isolated and vulnerable Alaskan communities.”
Finally, the project team will be enhancing XENDEE, the Microgrid decision support platform of choice, to include capabilities for marine hydrokinetic technologies.
“The introduction of marine hydrokinetic technologies to the XENDEE software platform offers a quick and reliable way for Microgrid designers to experiment with new DER technologies and test the viability and bankability of Microgrid projects before breaking ground,” said Michael Stadler CTO of XENDEE. “In fact, with the new technologies integrated, our team will be able to easily examine the use of other technologies as well, such as hydropower or wind energy to supplement the islanded communities.”
About XENDEE: XENDEE develops world-class Microgrid decision support software that helps designers and investors optimize and certify the resilience and financial performance of projects with confidence. The XENDEE Microgrid platform enables a broad audience; from business decision makers to scientists, with the objective of supporting investments in Microgrids and maintaining electric power reliability when integrating sources of renewable generation.
About Idaho National Laboratory: INL is a U.S. Department of Energy (DOE) national laboratory that performs work in each of DOE’s strategic goal areas: energy, national security, science and environment. INL is the nation’s center for nuclear energy research and development. Day-to-day management and operation of the laboratory is the responsibility of Battelle Energy Alliance.
See more INL news at: www.inl.gov
Follow us on social media at: Twitter, Facebook, Instagram and LinkedIn
About Alaska Center for Energy and Power: The Alaska Center for Energy and Power (ACEP) based at the University of Alaska Fairbanks is dedicated to applied energy research and testing focused on lowering the cost of energy throughout Alaska and developing economic opportunities for the State, its residents, and its industries.
Jay Gadbois | This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--DXP Enterprises, Inc. (NASDAQ: DXPE) today announced financial results for the fourth quarter and fiscal year ended December 31, 2020. The following are results for the three and twelve months ended December 31, 2020, compared to the three and twelve months ended December 31, 2019 and the three months ended September 30, 2020, where appropriate. A reconciliation of the non-GAAP financial measures can be found in the back of this press release.
Fourth Quarter 2020 financial highlights:
Fiscal Year 2020 financial highlights:
David R. Little, Chairman and CEO commented, “We are pleased with our fourth quarter results and strong finish to the year as evidenced by closing FY2020 with the refinancing of our Term Loan B and completing four acquisitions. FY2020 was a unique year and presented corporate, societal and individual challenges. Despite the many personal and operational hurdles imposed by the COVID-19 pandemic, DXPeople focused their efforts on creating a better customer experience, improving our culture of belonging and driving profitable growth in our key products and services. DXP's resiliency is evident in our financial results; gross margin expansion, working capital improvement, and delivering sequential growth in the fourth quarter.
DXP's fiscal 2020 total sales were $1.0 billion. Service Center sales were $663 million, followed by Innovative Pumping Solutions at $188 million in sales and Supply Chain Services with $155 million in revenue."
Mr. Little continued, "During the fourth quarter, we grew 5.7 percent sequentially after our sales trough during the third quarter. In the fourth quarter, we achieved $232.7 million in sales, including $4.7 million from acquisitions. We delivered an excellent fourth quarter performance in the midst of continued virus surges and finished the year with good results on all fronts. I am very proud of the entire DXP team for their passion, commitment and teamwork and delivering outstanding service and support to our customers. Our acquisitions bring more exceptional companies to the DXP family. We are entering 2021 with a stronger team, balance sheet and great momentum. As we turn the page to 2021, end markets are showing signs of recovery but the full year economic outlook remains uncertain. We remain focused on those items under our control; investing in key end markets, products and operations; delivering a great customer experience, and building a culture of productivity and high performance. We remain confident in our ability to execute our strategy and deliver a strong performance and growth in 2021 and beyond."
Kent Yee, CFO commented, "Overall, we are pleased with our fourth quarter and full year results. Never before have we encountered a global pandemic, mixed with societal and other challenges. In the midst of such an environment, we generated over $101 million in free cash flow, maintained the health and safety of our employees and executed on our acquisition program closing four acquisitions at year-end, bringing that to a total of six acquisitions in fiscal 2020. We delivered financial results that display our ability to adjust to the current levels of activity while keeping our eyes toward the future with proactive actions including refinancing our term loan and completing four strategic transactions. We successfully refinanced our Term Loan B and raised $330 million that matures in 2027. As of December 31, 2020, we had $117.4 million in cash and cash equivalents on the balance sheet. Our senior leverage was 3.2:1, well under our covenant limit of 5.75:1. We have momentum going to fiscal 2021 and we expect to drive organic and acquisition driven growth."
Financial Strength and Liquidity
Net debt, calculated as total long-term debt, net of cash and cash equivalents, on our balance sheet as of December 31, 2020, was $212.6 million compared to $190.2 million at December 31, 2019. As of December 31, 2020, DXP has approximately $249.2 million in liquidity, consisting of $117.4 million in cash on hand and approximately $131.9 million in availability under our ABL facility.
We will host a conference call regarding December 31, 2020 fourth quarter results on the Company’s website (www.dxpe.com) Tuesday, March 9, 2021 at 10:30 am CST. Web participants are encouraged to go to the Company’s website at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. The online archived replay will be available immediately after the conference call at www.dxpe.com.
Non-GAAP Financial Measures
DXP supplements reporting of net income with non-GAAP measurements, including EBITDA, adjusted EBITDA, free cash flow, non-GAAP net income and net debt. This supplemental information should not be considered in isolation or as a substitute for the unaudited GAAP measurements. Additional information regarding EBITDA, free cash flow and non-GAAP net income referred to in this press release are included below under "Unaudited Reconciliation of Non-GAAP Financial Information."
The Company believes EBITDA provides additional information about: (i) operating performance, because it assists in comparing the operating performance of the business, as it removes the impact of non-cash depreciation and amortization expense as well as items not directly resulting from core operations such as interest expense and income taxes and (ii) the performance and the effectiveness of operational strategies. Additionally, EBITDA performance is a component of a measure of the Company’s financial covenants under its credit facility. Furthermore, some investors use EBITDA as a supplemental measure to evaluate the overall operating performance of companies in the industry. Management believes that some investors’ understanding of performance is enhanced by including this non-GAAP financial measure as a reasonable basis for comparing ongoing results of operations. By providing this non-GAAP financial measure, together with a reconciliation from net income, the Company believes it is enhancing investors’ understanding of the business and results of operations, as well as assisting investors in evaluating how well the Company is executing strategic initiatives.
About DXP Enterprises, Inc.
DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout the United States, Canada and Dubai. DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production ("MROP") services that emphasize and utilize DXP’s vast product knowledge and technical expertise in rotating equipment, bearings, power transmission, metal working, industrial supplies and safety products and services. DXP's breadth of MROP products and service solutions allows DXP to be flexible and customer-driven, creating competitive advantages for our customers. DXP’s business segments include Service Centers, Innovative Pumping Solutions and Supply Chain Services. For more information, go to www.dxpe.com.
The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. These forward-looking statements include without limitation those about the Company’s expectations regarding the impact of the COVID-19 pandemic and the impact of low commodity prices of oil and gas; the Company’s business, the Company’s future profitability, cash flow, liquidity, and growth. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to; decreases in oil and natural gas prices; decreases in oil and natural gas industry expenditure levels, which may result from decreased oil and natural gas prices or other factors; ability to obtain needed capital, dependence on existing management, leverage and debt service, domestic or global economic conditions, economic risks related to the impact of COVID-19, ability to manage changes and the continued health or availability of management personnel and changes in customer preferences and attitudes. In some cases, you can identify forward-looking statements by terminology such as, but not limited to, “may,” “will,” “should,” “intend,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “goal,” or “continue” or the negative of such terms or other comparable terminology. For more information, review the Company’s filings with the Securities and Exchange Commission. More information on these risks and other potential factors that could affect the Company’s business and financial results is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.
DXP ENTERPRISES, INC. AND SUBSIDIARIES |
||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
($ thousands, except per share amounts) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
Twelve Months Ended
|
||||||||||||||
|
2020 |
2019 |
2020 |
2019 |
||||||||||||
|
|
|
|
|
||||||||||||
Sales |
$ |
232,689 |
|
$ |
295,468 |
|
$ |
1,005,266 |
|
$ |
1,267,189 |
|
||||
Cost of sales |
168,402 |
|
217,135 |
|
725,997 |
|
919,965 |
|
||||||||
Gross profit |
64,287 |
|
78,333 |
|
279,269 |
|
347,224 |
|
||||||||
Selling, general and administrative expenses |
56,497 |
|
71,591 |
|
246,256 |
|
281,102 |
|
||||||||
Impairment and other charges |
11,482 |
|
— |
|
59,883 |
|
— |
|
||||||||
Operating income (loss) |
(3,692 |
) |
6,742 |
|
(26,870 |
) |
66,122 |
|
||||||||
Other expense (income), net |
455 |
|
(172 |
) |
74 |
|
(45 |
) |
||||||||
Interest expense |
8,512 |
|
4,587 |
|
20,571 |
|
19,498 |
|
||||||||
Income (loss) before income taxes |
(12,659 |
) |
2,327 |
|
(47,515 |
) |
46,669 |
|
||||||||
Provision for income taxes (benefit) |
(10,632 |
) |
239 |
|
(18,441 |
) |
10,894 |
|
||||||||
Net income (loss) |
(2,027 |
) |
2,088 |
|
(29,074 |
) |
35,775 |
|
||||||||
Net (loss) income attributable to NCI* |
(115 |
) |
(88 |
) |
(348 |
) |
(260 |
) |
||||||||
Net income (loss) attributable to DXP Enterprises, Inc. |
(1,912 |
) |
2,176 |
|
(28,726 |
) |
36,035 |
|
||||||||
Preferred stock dividend |
22 |
|
22 |
|
90 |
|
90 |
|
||||||||
Net income (loss) attributable to common shareholders |
$ |
(1,934 |
) |
$ |
2,154 |
|
$ |
(28,816 |
) |
$ |
35,945 |
|
||||
Diluted earnings (loss) per share attributable to DXP Enterprises, Inc. ** |
$ |
(0.11 |
) |
$ |
0.12 |
|
$ |
(1.62 |
) |
$ |
1.96 |
|
||||
Weighted average common shares and common equivalent shares outstanding |
17,777 |
|
18,443 |
|
17,748 |
|
18,432 |
|
||||||||
|
|
|
|
|
||||||||||||
*NCI represents non-controlling interest |
||||||||||||||||
** Fiscal year 2020 diluted earnings per share for GAAP purposes was calculated using basic weighted average shares outstanding. Due to a loss for the period, convertible preferred stock shares are excluded from the computation of diluted EPS because the effect will be antidilutive. |
||||||||||||||||
Business segment financial highlights:
SEGMENT DATA |
|||||||||||||
($ thousands, unaudited) |
|||||||||||||
|
Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||
Sales |
2020 |
2019 |
2020 |
2019 |
|||||||||
Service Centers |
$ |
161,284 |
$ |
182,372 |
|
$ |
662,617 |
$ |
762,256 |
||||
Innovative Pumping Solutions |
35,615 |
65,735 |
|
187,991 |
303,655 |
||||||||
Supply Chain Services |
35,790 |
47,361 |
|
154,658 |
201,278 |
||||||||
Total DXP Sales |
$ |
232,689 |
$ |
295,468 |
|
$ |
1,005,266 |
$ |
1,267,189 |
||||
|
|
|
|
|
|||||||||
|
|
|
|
|
|||||||||
|
Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||
Operating Income |
2020 |
2019 |
2020 |
2019 |
|||||||||
Service Centers |
$ |
17,643 |
$ |
19,497 |
|
$ |
70,385 |
$ |
86,778 |
||||
Innovative Pumping Solutions |
2,635 |
(29 |
) |
18,715 |
28,895 |
||||||||
Supply Chain Services |
3,210 |
3,465 |
|
13,218 |
14,445 |
||||||||
Total segments operating income |
$ |
23,488 |
$ |
22,933 |
|
$ |
102,318 |
$ |
130,118 |
||||
Reconciliation of Operating Income for Reportable Segments |
||||||||||||||||
($ thousands, unaudited) |
||||||||||||||||
|
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||||
|
2020 |
2019 |
2020 |
2019 |
||||||||||||
Operating income for reportable segments |
$ |
23,488 |
|
$ |
22,933 |
|
$ |
102,318 |
|
$ |
130,118 |
|
||||
Adjustment for: |
|
|
|
|
||||||||||||
Impairment and other charges |
11,482 |
|
— |
|
59,883 |
|
— |
|
||||||||
Amortization of intangibles |
2,991 |
|
3,651 |
|
12,287 |
|
15,074 |
|
||||||||
Corporate expenses |
12,707 |
|
12,540 |
|
57,018 |
|
48,922 |
|
||||||||
Total operating income (loss) |
$ |
(3,692 |
) |
$ |
6,742 |
|
$ |
(26,870 |
) |
$ |
66,122 |
|
||||
Interest and other financing expenses |
8,512 |
|
4,587 |
|
20,571 |
|
19,498 |
|
||||||||
Other expense (income), net |
455 |
|
(172 |
) |
74 |
|
(45 |
) |
||||||||
Income (loss) before income taxes |
$ |
(12,659 |
) |
$ |
2,327 |
|
$ |
(47,515 |
) |
$ |
46,669 |
|
||||
Unaudited Reconciliation of Non-GAAP Financial Information |
||||||||||||||
($ thousands, unaudited) |
||||||||||||||
The following table is a reconciliation of EBITDA and adjusted EBITDA, a non-GAAP financial measure, to income before taxes, calculated and reported in accordance with U.S. GAAP. |
||||||||||||||
|
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||
|
2020 |
2019 |
2020 |
2019 |
||||||||||
Income (loss) before income taxes |
(12,659 |
) |
2,327 |
$ |
(47,515 |
) |
$ |
46,669 |
||||||
Plus: interest and other financing expenses |
8,512 |
|
4,587 |
20,571 |
|
19,498 |
||||||||
Plus: depreciation and amortization |
5,389 |
|
6,481 |
22,683 |
|
25,174 |
||||||||
EBITDA |
$ |
1,242 |
|
$ |
13,395 |
$ |
(4,261 |
) |
$ |
91,341 |
||||
|
|
|
|
|
||||||||||
Plus: NCI loss income before tax* |
232 |
|
114 |
632 |
|
342 |
||||||||
Plus: Impairment and other charges |
11,482 |
|
— |
59,883 |
|
— |
||||||||
Plus: stock compensation expense |
662 |
|
461 |
3,532 |
|
1,963 |
||||||||
Adjusted EBITDA |
$ |
13,618 |
|
$ |
13,970 |
$ |
59,786 |
|
$ |
93,646 |
||||
|
|
|
|
|
||||||||||
* NCI represents non-controlling interest |
|
|
|
|
||||||||||
XP ENTERPRISES, INC. AND SUBSIDIARIES |
||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
($ thousands, except per share amounts) |
||||||
|
December 31, 2020 |
December 31, 2019 |
||||
ASSETS |
|
|
||||
Current assets: |
|
|
||||
Cash |
$ |
117,353 |
$ |
54,203 |
||
Restricted cash |
91 |
124 |
||||
Accounts receivable, net of allowances for doubtful accounts |
163,429 |
187,116 |
||||
Inventories |
97,071 |
129,364 |
||||
Costs and estimated profits in excess of billings |
18,459 |
32,455 |
||||
Prepaid expenses and other current assets |
4,548 |
4,223 |
||||
Federal income taxes receivable |
5,632 |
996 |
||||
Total current assets |
$ |
406,583 |
$ |
408,481 |
||
Property and equipment, net |
56,899 |
63,703 |
||||
Goodwill |
248,339 |
194,052 |
||||
Other intangible assets, net of accumulated amortization |
80,088 |
52,582 |
||||
Operating lease right-of-use assets |
55,188 |
66,191 |
||||
Other long-term assets |
4,764 |
3,211 |
||||
Total assets |
$ |
851,861 |
$ |
788,220 |
||
|
|
|
||||
LIABILITIES AND EQUITY |
|
|
||||
Current liabilities: |
|
|
||||
Current maturities of long-term debt |
$ |
3,300 |
$ |
2,500 |
||
Trade accounts payable |
75,744 |
76,438 |
||||
Accrued wages and benefits |
20,621 |
23,412 |
||||
Customer advances |
3,688 |
3,408 |
||||
Billings in excess of costs and estimated profits |
4,061 |
11,871 |
||||
Current-portion operating lease liabilities |
15,891 |
17,603 |
||||
Other current liabilities |
20,834 |
12,939 |
||||
Total current liabilities |
$ |
144,139 |
$ |
148,171 |
||
Long-term debt, less unamortized debt issuance costs |
317,139 |
235,419 |
||||
Long-term operating lease liabilities |
38,010 |
48,605 |
||||
Other long-term liabilities |
2,930 |
1,205 |
||||
Deferred income taxes |
1,777 |
9,872 |
||||
Total long-term liabilities |
$ |
359,856 |
$ |
295,101 |
||
Total Liabilities |
$ |
503,995 |
$ |
443,272 |
||
Equity: |
|
|
||||
Total DXP Enterprises, Inc. equity |
347,068 |
343,802 |
||||
Non-controlling interest |
798 |
1,146 |
||||
Total Equity |
$ |
347,866 |
$ |
344,948 |
||
Total liabilities and equity |
$ |
851,861 |
$ |
788,220 |
||
Unaudited Reconciliation of Non-GAAP Financial Information |
||||||||||||||||
($ thousands, unaudited) |
||||||||||||||||
The following table is a reconciliation of free cash flow, a non-GAAP financial measure, to cash flow from operating activities, calculated and reported in accordance with U.S. GAAP. |
||||||||||||||||
|
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||||
|
2020 |
2019 |
2020 |
2019 |
||||||||||||
Net cash from operating activities |
$ |
15,435 |
|
$ |
33,822 |
|
$ |
107,675 |
|
$ |
41,306 |
|
||||
Less: purchases of property and equipment |
(142 |
) |
(7,873 |
) |
(6,672 |
) |
(22,120 |
) |
||||||||
Plus: proceeds from sales of property and equipment |
— |
|
— |
|
123 |
|
35 |
|
||||||||
Free cash flow |
$ |
15,293 |
|
$ |
25,949 |
|
$ |
101,126 |
|
$ |
19,221 |
|
||||
|
|
|
|
|
||||||||||||
The following table is a reconciliation of adjusted net income, a non-GAAP financial measure, to net income, calculated and reported in accordance with U.S. GAAP. |
||||||||||||||
|
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||
|
2020 |
2019 |
2020 |
2019 |
||||||||||
GAAP Net Income (Loss) : |
$ |
(1,934 |
) |
$ |
2,176 |
$ |
(28,816 |
) |
$ |
36,035 |
||||
Impairment and other charges |
11,482 |
|
— |
59,883 |
|
— |
||||||||
Extinguishment of debt in connection with refinancing |
5,443 |
|
— |
5,443 |
|
— |
||||||||
Adjustment for taxes* |
(11,527 |
) |
— |
(22,363 |
) |
— |
||||||||
Non-GAAP net income |
$ |
3,464 |
|
$ |
2,176 |
$ |
14,147 |
|
$ |
36,035 |
||||
|
|
|
|
|
||||||||||
Weighted average common shares and common equivalent shares outstanding ** |
|
|
|
|
||||||||||
Basic |
17,777 |
|
17,603 |
17,748 |
|
17,592 |
||||||||
Diluted |
17,777 |
|
18,443 |
17,748 |
|
18,432 |
||||||||
|
|
|
|
|
||||||||||
Diluted earnings (loss) per share: |
||||||||||||||
GAAP ** |
$ |
(0.11 |
) |
$ |
0.12 |
$ |
(1.62 |
) |
$ |
1.96 |
||||
Non-GAAP |
$ |
0.19 |
|
$ |
0.12 |
$ |
0.76 |
|
$ |
1.96 |
||||
|
|
|
|
|
||||||||||
* Adjustment for taxes relates to the tax effects of the adjustments that we incorporated into non-GAAP measures in order to provide a more meaningful measure of non-GAAP net income. Also, we have included an adjustment for the normalizing of tax credits and adjustments. For tax purposes the year-to-date effective tax rate of 22.5 percent was applied to the impairment and other charges for conservative purposes. |
||||||||||||||
** Fiscal year 2020 diluted earnings per share for GAAP purposes was calculated using basic weighted average shares outstanding. Due to a loss for the period, convertible preferred stock shares are excluded from the computation of diluted EPS because the effect will be antidilutive. |
||||||||||||||
Kent Yee
Senior Vice President, CFO
713-996-4700
www.dxpe.com
Large-Scale Solar Leads PG&E’s Renewable Power Mix
Customer Rooftop Solar Rises to More than 535,000 Customers, Accounting for Nearly 20% of Nation’s Residential Solar
Company Adding More Grid-Scale and Customer-Connected Battery Energy Storage
SAN FRANCISCO--(BUSINESS WIRE)--Pacific Gas and Electric Company (PG&E) exceeded California’s Renewables Portfolio Standard (RPS) goal requiring energy providers to deliver 33% renewable energy by the end of 2020. PG&E estimates that it delivered over 35% from specified eligible-renewable resources to its customers last year, according to its recent Form 10-K. Overall, more than 88% of the electricity PG&E delivered to its customers last year came from greenhouse gas (GHG)-free resources, including eligible-renewable, nuclear and large hydroelectric energy.
“As we pass this major mile-marker of 33% RPS on the road to our clean energy future, it’s a great example of how we’re delivering on our Triple Bottom Line of serving people, the planet and California’s prosperity. More renewable energy on the electric grid helps us ensure cleaner air and better health for our customers while also helping California secure a robust, clean-energy economy for all. We are proud to have one of the cleanest energy portfolios in the nation,” said PG&E Corporation Chief Executive Officer Patti Poppe.
PG&E’s diverse renewable energy portfolio includes these RPS-eligible resources: solar, wind, bioenergy, geothermal and small, eligible-renewable hydroelectric (30 megawatts or smaller) power.
Solar Power Growth
At 45%, large-scale solar energy accounts for the largest portion of PG&E’s total renewable energy power mix. The company has 239 RPS-eligible power purchase contracts, representing over 6,700 megawatts (MWs) of renewable energy; of that, over 4,100 MWs is solar energy. PG&E also owns 445 MWs of RPS-eligible generation, including 13 solar power plants, which are mainly located in the Central Valley and generate up to 152 MWs of clean power.
Additionally, PG&E has connected more than 535,000 customers with private rooftop solar to the electricity grid, and supports customers with resources before, during and after they go solar. The rooftop solar in PG&E’s service area represents about 20% of all rooftop solar in the country.
PG&E’s Solar Choice program offers customers an easy way to go solar—without installing rooftop solar panels. Through the program, customers can purchase up to 100% of their electricity from a community solar program generating power in California.
Progress on Battery Energy Storage
PG&E is investing in battery energy storage to enhance overall grid reliability, integrate renewables, and help customers save energy and money.
The company currently has contracts for battery energy storage projects totaling more than 1,400 MWs of capacity to be deployed throughout its service area and the state through 2023. PG&E is well-positioned with the battery energy storage projects under contract to meet the state’s ambitious clean energy and storage goals, while ensuring grid reliability.
In addition to large, grid-scale battery energy storage, PG&E connects hundreds to thousands of new, behind-the-meter (BTM) battery energy storage systems to the grid every month. To date, more than 19,000 PG&E customers have installed and connected BTM battery energy storage systems to the grid throughout PG&E’s service area—most of which are residential customers—totaling more than 230 MWs of capacity.
A portion of these systems are funded through the Self-Generation Incentive Program (SGIP), in which PG&E provides financial incentives for business and residential customers installing new, qualifying equipment for generating and storing energy. This is one way that customers can be prepared for extreme weather events and possible Public Safety Power Shutoff events due to the rapidly changing environmental conditions in California.
California’s Renewables Portfolio Standard
Established in 2002, California's RPS is one of the most progressive clean energy mandates in the country. Since then, the state has accelerated and increased the amount of renewable energy that retail electricity sellers must provide to customers. In 2015, Senate Bill 350 increased the 33% by 2020 goal to 50% by 2030. In 2018, Senate Bill 100 increased the goal again to 60% by 2030, and established state policy that all electricity retail sales must come from RPS-eligible or carbon-free resources by 2045.
Based on current forecasts, PG&E is on track to meet the state’s RPS and carbon-free requirements under Senate Bill 350 and Senate Bill 100. The eligible-renewable percentage of more than 35% reported in the Form 10-K uses the methodology approved by the California Energy Commission. It does not reflect RPS compliance, which is determined using a different methodology. PG&E’s 2020 RPS compliance report will be submitted to the California Public Utilities Commission in August 2021.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
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