Jason Blevins joins EPIC Midstream as Chief Operating Officer
SAN ANTONIO--(BUSINESS WIRE)--EPIC Midstream Holdings, LP (“EPIC” or “the Company”) today announced Jason Blevins has joined EPIC as the Chief Operating Officer effective March 22, 2021. He will report to Brian Freed, the Company’s Chief Executive Officer.
“I am very excited to have Jason join the leadership team of EPIC,” said Mr. Freed. “He brings a wealth of operational experience and knowledge that will greatly benefit our customers, employees and partners. Jason will be instrumental in optimizing our asset base as we complete our transition from a development focused company to a premier operating company.”
Mr. Blevins has spent the greater part of the last decade successfully leading operational teams and assets in the Permian Basin and Texas Gulf Coast. Prior to joining EPIC, he served as a Managing Director, Portfolio Management, of Ares Management’s Private Equity Group. Prior to Ares, Jason served as Vice President at Plains All American where he led the pipeline and terminal operations in Texas and New Mexico. Mr. Blevins began his career in the United States Air Force serving as a Civil Engineering Officer.
Mr. Blevins holds a Bachelor of Science in Civil Engineering from the United States Air Force Academy and a Master of Science in Engineering Management from the United States Air Force Institute of Technology.
About EPIC Midstream Holdings, LP
EPIC was formed in 2017 to build, own and operate midstream infrastructure in both the Permian and Eagle Basins. EPIC operates the EPIC Crude Oil Pipeline and the EPIC NGL Pipeline that span approximately 700-miles servicing the Delaware, Midland and Eagle Ford Basins. EPIC is a portfolio company of funds managed by the Private Equity Group of Ares Management Corporation (NYSE: ARES). For more information, visit www.epicmid.com.
EPIC Midstream Holdings, LP
David McArthur
Corporate Communications Director
(210) 446-1059
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An all-in-one package provides tools, training, and guidance to successfully lead an ISA/IEC 62443-3-2 compliant risk assessment per the Cyber PHA methodology for industrial asset owners.
GREENVILLE, S.C.--(BUSINESS WIRE)--#CyberPHA--aeCyberSolutions, the Industrial Cybersecurity division of aeSolutions, announces the aeCyberPHA Facilitation Suite for industrial asset owners looking to self-perform, maintain, and manage cyber PHA (process hazards analysis) cyber-safety risk assessments. The suite includes an all-in-one package of the tools, training, and guidance needed to successfully lead an ISA/IEC 62443-3-2 compliant risk assessment per the proven cyber PHA methodology.
“Choosing the right method to assess cybersecurity risk can be a challenge, and effectively conducting studies can be more challenging still. As a result, many operational technology (OT) professionals lack the necessary experience and tools to facilitate and maintain cyber PHAs,” said John Cusimano, Vice President of aeCyberSolutions. “With the aeCyberPHA Facilitation Suite, the entire organization will quickly realize the benefits of ownership of the cyber PHA process and will be able to effectively make the connection between process safety and cybersecurity risk.”
While cyber PHA is a proven method in the industrial industry, it can still lead to sub-par results if the risk assessment team lacks the tools and training needed to conduct the study effectively and efficiently. Risk assessment work processes and templates, while seemingly simple, are notoriously challenging to develop and manage.
What has become the de facto methodology for ICS risk assessment, Cyber PHA links realistic threat scenarios with known vulnerabilities and existing countermeasures and couples them with credible consequences from the PHA to determine cyber risk. For facilities that do not have a formal PHA, credible worst-case scenarios are incorporated into the template. The toolset codifies aeCyberSolutions’ internal knowledge and expertise that have been refined in executing hundreds of successful cyber PHA studies, including risk assessment templates, company-specific template customization, integrated libraries, comprehensive training, and expert support guides.
“Until now, asset owners have had to hire consultants or develop internal tools to conduct Cyber PHAs,” Cusimano added. “Our new facilitation suite is truly the first of its kind in the industry and leverages our team’s tremendous experience and best practices in leading hundreds of studies and dozens of custom risk assessments to build an ideal toolset and training for Cyber PHA teams. Users of the facilitation suite will find that the toolset is easily adopted across different industry sectors and product lines, while leveraging the integrated library of common recommendations and industry best practices.”
About aeCyberSolutions™
aeCyberSolutions, the Industrial Cybersecurity division of aeSolutions, exclusively provides industrial cybersecurity services including risk assessments, program development, implementation, support, and training to clients in oil and gas, chemicals, maritime, water, industrial gases, and other process industries. A leader in the intersection of cybersecurity and process safety, aeCyberSolutions helps clients identify and address cybersecurity risks in a manner that is consistent with the engineering methods already in place for process safety risk management. They do so by leveraging existing information and practices while presenting a single, consistent expression of risk to senior management. The aeCyberSolutions team is exclusively staffed with personnel who have strong industrial automation backgrounds and general IT and IT security backgrounds and credentials. This combination of IT and Operational Technology (OT) expertise is essential for working in the field of industrial cybersecurity. aeCyberSolutions is based in Greenville, SC. For more information, visit www.aesolutions.com/aecyberpha-facilitation-suite, www.aeCyberSolutions.com, or follow @aesolns.
Kari Walker for aeCyberSolutions
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@KariWalkerPR
Acquiring Operated Assets from Tracker Resource Development III and Related Well-Bore Interests from Sequel Energy Group
THE WOODLANDS, Texas--(BUSINESS WIRE)--Earthstone Energy, Inc. (NYSE: ESTE) (“Earthstone” or the “Company”) today announced that it has entered into definitive agreements to acquire privately held operated assets located in the Midland Basin (the “Tracker Acquisition”) from Tracker Resource Development III, LLC and an affiliate (“Tracker”) and from affiliates of Sequel Energy Group LLC (“Sequel”), which hold well-bore interests in certain of the producing wells operated by Tracker. Tracker is backed by 1901 Partners Management LP and EnCap Investments L.P. (“EnCap”), with each holding a 49% ownership interest and Tracker management holding the remainder. The aggregate purchase price of the Tracker Acquisition is approximately $126.5 million consisting of $81.6 million in cash, subject to customary closing adjustments, and 6.2 million shares of Earthstone’s Class A common stock valued at $44.9 million based on a closing share price of $7.24 on March 30, 2021. The effective date of the Tracker Acquisition will be March 1, 2021, with closing anticipated early in the third quarter of 2021.
Asset highlights:
Impact on Earthstone:
Management Comments
Mr. Robert J. Anderson, President and CEO of Earthstone, commented, “This acquisition, on the heels of closing the IRM acquisition in early January, is a complementary next step in what we view as continued progress of our consolidation strategy. We paid an attractive price for this producing asset, and while the inventory may not fit into our capital plans this year, the 49 drilling locations represent low-risk and repeatable upside value not included in our purchase price valuation. These low-cost assets will continue our efforts to reduce overall per unit cash costs and deliver high operating margins. We intend to continue seeking other value-enhancing transactions that increase our operational and corporate cost efficiencies while maintaining financial discipline, ultimately benefitting our shareholders via stock price appreciation.”
Transaction Consideration and Sources
The total consideration for the Tracker Acquisition consists of $81.6 million in cash, subject to customary closing adjustments, and approximately 6.2 million shares of Earthstone’s Class A common stock, which represents 7.4% of total Class A and Class B common stock on a pro forma basis. Earthstone intends to fund the cash portion of the consideration and fees and expenses with cash on hand and new borrowings under its Credit Facility. Earthstone expects to complete a redetermination of the borrowing base under its Credit Facility in the near term that will serve as the regularly scheduled redetermination and will also incorporate the impact of the Tracker Acquisition conditional upon closing of the acquisition.
The total consideration of $126.5 million is allocated ~50% to Tracker and ~50% to Sequel. EnCap, a current beneficial owner of ~49.4% of Earthstone’s total Class A and Class B common stock, will indirectly receive an additional 2.3 million shares of Class A common stock through its minority ownership of Tracker. Adjusted for the equity consideration to the respective parties, EnCap’s beneficial ownership of Earthstone’s total Class A and Class B common stock will be reduced to 48.5%.
Approvals
The Audit Committee of the board of directors of Earthstone approved and recommended the Tracker Acquisition to the board of directors of Earthstone, which has approved the Tracker Acquisition. The Tracker Acquisition is further subject to the approval of Earthstone stockholders, including a majority of the shares held by stockholders other than EnCap and executive management. Warburg Pincus LLC has provided a support agreement pledging to vote its ~13.2 million shares of Class A common stock in favor of the Tracker Acquisition. The Tracker Acquisition has been approved by the board of managers of Tracker and by the board of managers of Sequel.
Other Details
Complete details of the terms of the Tracker Acquisition are set out in separate purchase and sale agreements with Tracker and Sequel. These agreements will be filed by Earthstone with the Securities and Exchange Commission (“SEC”) and will be available for viewing under its profile at www.sec.gov.
Please refer to Earthstone’s updated investor presentation found on its website for additional information on the Tracker Acquisition.
Advisors
Legal advisors included Jones & Keller, P.C. for Earthstone, Davis Graham & Stubbs LLP for Tracker and Welborn Sullivan Meck & Tooley, P.C. for Sequel. Northland Securities, Inc. provided a fairness opinion to Earthstone’s Audit Committee and Richards, Layton & Finger, P.A. acted as legal advisor to Earthstone’s Audit Committee. Jefferies LLC acted as financial advisor to Tracker and Sequel.
About Earthstone Energy, Inc.
Earthstone Energy, Inc. is a growth-oriented, independent energy company engaged in the development and operation of oil and natural gas properties. Its primary assets are located in the Midland Basin of west Texas and the Eagle Ford Trend of south Texas. Earthstone is listed on the New York Stock Exchange under the symbol “ESTE.” For more information, visit the Company’s website at www.earthstoneenergy.com.
_________________________
(1) |
Earthstone management estimate of Tracker three stream sales volumes for the month of March 2021. |
(2) |
PV-10 is a non-GAAP measure that differs from a measure under GAAP known as “standardized measure of discounted future net cash flows” in that PV-10 is calculated without including future income taxes. |
(3) |
Earthstone management estimate of proved developed producing reserve volumes and values as of March 1, 2021, discounting cash flows at a rate of 10% and utilizing NYMEX strip prices as of March 29, 2021. |
(4) |
Earthstone management estimate utilizing NYMEX strip prices as of March 29, 2021. |
(5) |
Leverage defined as total debt to LTM Adjusted EBITDAX (a non-GAAP financial measure). Adjusted EBITDAX defined as net (loss) income plus, when applicable, accretion of asset retirement obligations; impairment expense; depletion, depreciation and amortization; interest expense, net; transaction costs; (gain) loss on sale of oil and gas properties, net; exploration expense; unrealized loss (gain) on derivative contracts; stock-based compensation (non-cash); and income tax expense. |
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as “expects,” “believes,” “intends,” “anticipates,” “plans,” “estimates,” “potential,” “possible,” or “probable” or statements that certain actions, events or results “may,” “will,” “should,” or “could” be taken, occur or be achieved. The forward-looking statements include statements about the expected benefits of the proposed Tracker Acquisition to Earthstone and its stockholders, the anticipated completion of the proposed Tracker Acquisition or the timing thereof, the expected future reserves, production, financial position, business strategy, revenues, earnings, costs, capital expenditures and debt levels of the combined company, and plans and objectives of management for future operations. Forward-looking statements are based on current expectations and assumptions and analyses made by Earthstone and its management in light of experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties, including but not limited to: the ability to complete the proposed Tracker Acquisition on anticipated terms and timetable; Earthstone’s ability to integrate the assets acquired in the Tracker Acquisition and achieve anticipated benefits from it; the possibility that various closing conditions for the Tracker Acquisition may not be satisfied or waived; risks relating to any unforeseen liabilities of Earthstone or Tracker; declines in oil, natural gas liquids or natural gas prices; the level of success in exploration, development and production activities; adverse weather conditions that may negatively impact development or production activities; the timing of exploration and development expenditures; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; impacts to financial statements as a result of impairment write-downs; risks related to level of indebtedness and periodic redeterminations of the borrowing base under the Credit Facility; Earthstone’s ability to generate sufficient cash flows from operations to fund all or portions of its future capital expenditures budget; Earthstone’s ability to obtain external capital to finance exploration and development operations and acquisitions; the ability to successfully complete any potential asset dispositions and the risks related thereto; the impacts of hedging on results of operations; uninsured or underinsured losses resulting from oil and natural gas operations; Earthstone’s ability to replace oil and natural gas reserves; any loss of senior management or technical personnel; and the direct and indirect impact on most or all of the foregoing on the evolving COVID-19 pandemic. Earthstone’s annual report on Form 10-K for the year ended December 31, 2020, quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other SEC filings discuss some of the important risk factors identified that may affect Earthstone’s business, results of operations, and financial condition. Earthstone, Tracker and Sequel undertake no obligation to revise or update publicly any forward-looking statements except as required by law.
Additional Information About the Proposed Tracker Acquisition
This release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of a vote or proxy.
In connection with the proposed Tracker Acquisition, Earthstone intends to file with the SEC and mail to its stockholders a proxy statement and other relevant documents in connection with the proposed Tracker Acquisition. EARTHSTONE URGES INVESTORS AND STOCKHOLDERS TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT EARTHSTONE, TRACKER, SEQUEL AND THE PROPOSED TRACKER ACQUISITION. Investors and stockholders will be able to obtain these materials (when they are available) and other documents filed with the SEC free of charge at the SEC’s website, www.sec.gov. In addition, a copy of the proxy statement (when it becomes available) may be obtained free of charge from Earthstone’s website at www.earthstoneenergy.com. Investors and stockholders may also read and copy any reports, statements and other information filed by Earthstone, with the SEC, at the SEC public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 or visit the SEC’s website for further information on its public reference room. In addition, the documents filed with the SEC by Earthstone can be obtained free of charge from Earthstone’s website at www.earthstoneenergy.com or by contacting Earthstone by mail at 1400 Woodloch Forest Drive, Suite 300, The Woodlands, Texas, 77380, or by telephone at (281) 298-4246.
Participants in the Solicitation
Earthstone and its directors, executive officers and certain other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed Tracker Acquisition. Information regarding Earthstone’s directors and executive officers is available in its proxy statement filed with the SEC by Earthstone on April 23, 2020 in connection with its 2020 annual meeting of stockholders and its Current Report on Form 8-K filed with the SEC on January 13, 2021. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available.
This release shall not constitute an offer to sell or the solicitation of any offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Mark Lumpkin, Jr.
Executive Vice President – Chief Financial Officer
Earthstone Energy, Inc.
1400 Woodloch Forest Drive, Suite 300
The Woodlands, TX 77380
281-298-4246
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Scott Thelander
Vice President of Finance
Earthstone Energy, Inc.
1400 Woodloch Forest Drive, Suite 300
The Woodlands, TX 77380
281-298-4246
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DUBLIN--(BUSINESS WIRE)--The "Global Offshore Oil and Gas Seismic Equipment and Acquisitions Market 2021-2025" report has been added to ResearchAndMarkets.com's offering.
The publisher has been monitoring the offshore oil and gas seismic equipment and acquisitions market and it is poised to grow by $1.65 billion during 2021-2025 progressing at a CAGR of 8% during the forecast period.
The report on offshore oil and gas seismic equipment and acquisitions market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by the increasing investments in offshore upstream sector and growing demand for oil and natural gas.
The offshore oil and gas seismic equipment and acquisitions market analysis includes technology segment and geographical landscapes. This study identifies the rise in deepwater and ultra-deepwater E&P projects as one of the prime reasons driving the offshore oil and gas seismic equipment and acquisitions market growth during the next few years.
Companies Mentioned
The report on offshore oil and gas seismic equipment and acquisitions market covers the following areas:
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast an accurate market growth.
Key Topics Covered:
1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Five Forces Analysis
5. Market Segmentation by Technology
6. Customer landscape
7. Geographic Landscape
8. Vendor Landscape
9. Vendor Analysis
10. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/u11k5o
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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MONTREAL--(BUSINESS WIRE)--$LMR #Graphite--Lomiko Metals Inc. (TSX-V: LMR, OTC: LMRMF, FSE: DH8C) (Lomiko or the “Company”) is pleased to announce the selection of Ausenco Engineering Canada Inc. (“Ausenco”) as the lead study consultant to complete the preliminary economic assessment (“PEA”) for the Company’s La Loutre Flake Graphite Property (“La Loutre” or the “Project”). The Project includes the Graphene Battery (GB) zone to the south and the Electric Vehicle (EV) zone to the north. The PEA will be completed by Ausenco in accordance with National Instrument 43-101 (“NI 43-101”).
The Project is located only 192 km north-west of the Port of Montreal and 100 km west of Saint-Jérôme, Quebec where the Quebec and Federal governments announced March 15, 2021 that they will each provide $50 million to Lion Electric to build a battery pack assembly plant.
Ausenco is a globally-diversified engineering, construction and project management company providing consulting, project delivery and asset management solutions to the resources, energy and infrastructure sectors. Ausenco’s specialist environmental group Hemmera will provide support from Montreal, Quebec and Moose Mountain Technical Services will be responsible for the resource estimate and mine design. Ausenco’s experience in mining projects, ranges from conceptual, pre-feasibility and feasibility studies for new project developments to project execution with EPCM and EPC delivery. Their involvement in the study and execution of projects similar to La Loutre will be invaluable in driving optimized value enhancing outcomes for the stakeholders.
Quebec’s Role in The New Green Economy
In 2020, The Quebec Government released the Quebec Plan for Development of Critical and Strategic Minerals (“The Quebec Plan”) which indicates graphite demand would likely increase 300-500% in the coming decades as more is used in the production of spherical graphite for anode portion of Electric Vehicle Lithium-ion batteries. Quebec has an opportunity to play a vital role in reducing carbon emissions and become a key provider of critical battery materials to the North American economy.
For more information on Lomiko Metals, review the website at www.lomiko.com, contact A. Paul Gill at 604-729-5312 or email: This email address is being protected from spambots. You need JavaScript enabled to view it..
On Behalf of the Board,
“A. Paul Gill”
Chief Executive Officer
A. Paul Gill
604-729-5312
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HOUSTON--(BUSINESS WIRE)--Solaris Midstream Holdings, LLC, parent company to Solaris Water Midstream, LLC (collectively, “Solaris Water”), has completed the issuance of $400 million in senior unsecured notes (the “Notes”) in a landmark issuance, pioneering the first sustainability-linked bond (SLB) in the produced water infrastructure industry. The Notes, which priced at par, will mature in 2026 and will pay an annual interest rate of 7.625%. The proceeds of the Notes were used to repay all borrowings under the revolving credit facility (the “Revolver”), to redeem all outstanding preferred equity and for general corporate purposes. Solaris Water also amended its Revolver to reflect a maturity date of April 1, 2025. The transaction simplifies the company’s capital structure, furthers its sustainability efforts, and adds liquidity and flexibility to support additional growth opportunities.
The Notes adhere to Solaris Water’s sustainability-linked bond framework, which is consistent with the voluntary Sustainability-Linked Bond Principles issued by the International Capital Market Association and provide for a long-term key performance indicator relating to Solaris Water’s large-scale produced water recycling. “We have been a pioneer in developing recycling infrastructure in the Permian Basin, and this sustainability-linked feature of the Notes recognizes Solaris Water’s long-term leadership in full-cycle produced water management," said Solaris Water President and Chief Operating Officer Amanda Brock. "Solaris Water continues to demonstrate our commitment to responsibly develop and operate our infrastructure to advance sustainability, while helping our customers achieve their environmental and social objectives.”
“We are excited to announce the closing of these transactions, which are transformative for Solaris Water on multiple levels and recognize our sustainability efforts to date, positioning us to deliver significant value to our customers, investors, shareholders and other stakeholders,” added Solaris Water Chief Executive Officer Bill Zartler. “We sincerely appreciate the support and trust of our lenders, customers and employees for the confidence they continue to show in Solaris Water. We believe our integrated produced water handling and recycling assets, blue-chip customer base and differentiated approach to full-cycle produced water management will continue to distinguish Solaris Water as oil and gas development in the Permian Basin progresses."
About Solaris Water
Solaris Water is an independent, environmentally focused water infrastructure company headquartered in Houston with regional offices in Carlsbad, New Mexico, and Midland, Texas. Solaris Water builds sustainable, long-term value through the construction and operation of high-capacity handling, recycling, groundwater supply and comprehensive water management solutions for many of the largest operators in the Permian Basin. More information about Solaris Water, including the Solaris Water sustainability-linked bond framework, can be found at www.solariswater.com.
Advisers
J.P. Morgan served as joint book-running manager and sole sustainability-linked bond structuring agent in the Notes offering. Wells Fargo served as joint book-running manager in the Notes offering and administrative agent in the Revolver amendment, with support in the Revolver from J.P. Morgan, Citizens Bank, Cadence Bank, Texas Capital Bank, Woodforest Bank and Iberia Bank. Gibson, Dunn & Crutcher LLP is serving as legal adviser to Solaris Water.
Forward-Looking Statements
This press release may include “forward-looking statements.” All statements, other than statements of historical fact, included in this press release that address activities, events or developments that Solaris Water expects, believes or anticipates will or may occur in the future are forward-looking statements, including statements relating to the benefits of the transaction, the company’s operations, prospects and strategy, and the impact of the company’s operations on its customers. These statements are based on certain assumptions made by Solaris Water based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. Solaris Water undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after the issuance of this press release, except as required by law.
This press release is not an offer to sell or purchase, or a solicitation of an offer to sell or purchase, the notes, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom such an offer, solicitation or sale would be unlawful. The notes are only being offered to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Notes have not been registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
Information on any website referenced is not part of this release.
Casey Nikoloric
Managing Principal, TEN|10 Group
303.433.4397, x101 o
303.507.0510 m
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LAKE MARY, Fla.--(BUSINESS WIRE)--#ChangeinPower--Today, PW Power Systems officially changed its name to Mitsubishi Power Aero. Adopting the Mitsubishi Power brand is part of a larger effort to apply synergies that will benefit aero-derivative gas turbine customers. The strength of the aero-derivative product and services portfolio will be enhanced by further leveraging the resources and technologies of Mitsubishi Power Aero’s parent company.
“We are utilizing Mitsubishi Power supply chain assets around the world to support new equipment manufacturing as well as aftermarket services,” said Mitsubishi Power Aero President and CEO Raul Pereda. “Our Engineering teams are collaborating to make our gas turbines more competitive, including applications with hydrogen fuel, remote monitoring, and TOMONITM artificial intelligence. The financial resources of the broader group also allow us to offer more flexible commercial solutions to our customers. We are eager to collaborate with our customers to deliver power when the world needs it most.”
As electrification expands and the demand for reliable energy grows globally, the role of aero-derivative on-demand power has become even more critical. The socioeconomic cost of power shortages is significant and rising, and power system complexity is increasing due to factors such as rapid expansion of renewables, extreme weather events, electrification of transportation, energy storage, and alternative fuels, including hydrogen. The flexible power generation solutions provided by Mitsubishi Power are essential to helping customers balance their diverse energy requirements.
“On-demand power is a key component in how Mitsubishi Power brings total solutions to our customers,” Paul Browning, President and CEO of Mitsubishi Power Americas, said. “The FT8® MOBILEPAC® unit offers fast, turnkey power on short notice, and the FT4000® SWIFTPAC® gas turbine provides super-flexible power to customers who want to increase their use of intermittent renewable power, such as wind and solar. As the pace of decarbonization of energy increases across the globe, aero-derivative power is crucial to ensuring resource adequacy. We’re excited about integrating our supply chain, manufacturing, engineering, marketing, sales, service, and financial capabilities with the strong products, services, and turnkey project capabilities of Mitsubishi Power Aero. Together, we will work with our customers to create a Change in Power.”
About Mitsubishi Power Americas, Inc.
Mitsubishi Power Americas, Inc. headquartered in Lake Mary, Florida, employs more than 2,000 power generation, energy storage, and digital solutions experts and professionals. Our employees are focused on empowering customers to affordably and reliably combat climate change while also advancing human prosperity throughout North and South America. Mitsubishi Power’s power generation solutions include natural gas, steam, aero-derivative, geothermal, distributed renewable technologies, environmental controls, and services. Energy storage solutions include green hydrogen and battery energy storage systems. Mitsubishi Power also offers digital solutions that enable autonomous operations and maintenance of power assets. Mitsubishi Power, Ltd. is a wholly owned subsidiary of Mitsubishi Heavy Industries, Ltd. (MHI). Headquartered in Tokyo, Japan, MHI is one of the world’s leading heavy machinery manufacturers with engineering and manufacturing businesses spanning energy, infrastructure, transport, aerospace and defense. For more information, visit the Mitsubishi Power Americas website and follow us on LinkedIn.
About Mitsubishi Power Aero LLC
Mitsubishi Power Aero LLC, headquartered in Glastonbury, Connecticut, USA, is a leader in the supply of fast-track, on-demand power solutions to global power producers and industrial and O&G customers. We provide flexible and customizable products and services, including aero-derivative gas turbine packages that generate 30 to 140 MW, tailored and responsive aftermarket services, turnkey EPC expertise, and battery storage. As the demand for electricity expands, and more renewables are added to power grids, Mitsubishi Power Aero will continue to play a vital role in providing energy security to customers around the world. Mitsubishi Power Aero is a group company of Mitsubishi Power Americas, Inc. Connect with us at aero.power.mhi.com and LinkedIn.
Communications Contact
Stefan L. Zavatone
+1 860-368-5499
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Nonprofit solar financier expects to double its impact in 2021 through emerging philanthropic investment vehicle
SAN FRANCISCO--(BUSINESS WIRE)--$Solar #impactinvesting--RE-volv, a nonprofit organization and leading financier of solar for community-serving nonprofits, announces the launch of a $10M recoverable grant investment opportunity to help unlock the market for solar in communities that bear the brunt of pollution and climate change. RE-volv has already received its first three recoverable grants totalling $275,000 through leading national donor advised funds facilitated by CapShift, an impact investing firm that helps facilitate recoverable grants.
RE-volv expects this fund, representing a new model for financing for solar projects, to more than double its year-over-year impact, allowing it to finance 3MW of solar for nonprofits that provide critical services in communities facing outsized impact from the economic downturn.
“Lack of access to up-front capital has made it especially difficult for nonprofits serving some of the most environmentally and economically impacted communities to reap the benefits of solar,” said Andreas Karelas, RE-volv founder and executive director. “Unlocking new sources of capital to ensure equitable solar access for all will transform the energy landscape, and leave communities more resilient and more sustainable.”
Recoverable grants are a growing philanthropic trend in which donors recoup their funds plus a small return when a certain impact milestone is met. RE-volv will use the capital to finance solar projects for nonprofits, who then pay RE-volv for the power at an average of 15% less than their local utility rates. RE-volv is able to repay the grant and make a small return to the donating organization so they can give to future charitable projects.
This new model builds on RE-volv’s original revolving fund, which used crowdfunding to generate project capital. A $10 Million commitment from Trisolaris, LLC in 2019 has already allowed RE-volv to dramatically increase both the size and number of installations. Through this commitment, RE-volv will bring 17 new projects totalling 2.9MW of power online by the end of 2021, compared with just 400kW in 28 projects in the previous nine years.
The new recoverable grant fund will help RE-volv continue to scale its solar finance program and meet a growing demand for clean energy from the nonprofit sector. RE-volv is partnering with CapShift to support the recoverable grant initiative.
Sydney Lund, This email address is being protected from spambots. You need JavaScript enabled to view it., (415) 275-0342
Former IBM’s Weather Business Solutions Global Head of Sales Durjoy Mazumdar Joins Spire as Weather Solutions Sales Executive
SAN FRANCISCO & RESTON, Va.--(BUSINESS WIRE)--Spire Global, Inc. (“Spire” or the “Company”) a leading global provider of space-based data and analytics that recently announced a planned business combination with NavSight Holdings, Inc. (NYSE: NSH), announced today that Durjoy Mazumdar, the former Global Head of Enterprise Sales at The Weather Company, an IBM Business, has joined Spire as Sales Executive of Weather Solutions. Mr. Mazumdar will report to John Lusk, Senior Vice President and General Manager of Spire’s Global Data Services division.
“The addition of an industry leader like Durjoy is an important step in executing on our growth strategy across key verticals and geographies. We believe his experience and expertise will help us accelerate our sales and marketing efforts and drive continued product development across our weather segment, further strengthening our competitive advantage,” commented Peter Platzer, Founder and Chief Executive Officer of Spire.
Spire produces precise atmospheric radio occultation measurements, which can drive valuable weather prediction services. Collecting satellite AIS, satellite ADS-B, and RO weather data, Spire’s space-based data can be combined and easily integrated into customers’ existing models and data systems to achieve a wide swath of weather-impacted business objectives.
Spire’s weather program is currently focused on developing its presence in five key markets:
“Weather impacts every decision a consumer makes each day, including which car a suburban resident might drive, when they turn on their air conditioner, what ads they see on television, and what day of the year they start drinking iced coffee, and these patterns play out on a larger scale and with greater import for our target markets of renewables, aviation, maritime, wildfires and agriculture,” Mr. Mazumdar commented. “There are many potential use cases for our space-based weather data services. Leading Spire’s weather efforts, I am working to advance our offering of valuable and business-oriented weather prediction solutions to our core markets, ensure we are building the specific products that will best serve these markets, and identify new regions and opportunities for expansion and future growth.”
“Our Global Data Services business has the opportunity to penetrate what we believe is an approximately $91 billion opportunity by 2025E across weather, aviation, orbital services, and maritime,” said Mr. Lusk. “Durjoy is a valuable and welcome addition to the Spire team as we build out our weather segment to identify new use cases and deliver traction with customers.”
Mr. Mazumdar brings a wealth of experience to Spire. Mr. Mazumdar was most recently the Global Head of Enterprise Sales at The Weather Company, an IBM Business. Mr. Mazumdar was previously VP of Sales, Americas at Enterprise DB; North American Vice President for Storage at Oracle; and served as North American Sales Manager at Sun Microsystems. Mr. Mazumdar graduated with a B.A. in environmental studies, computer science, and geology at Macalester College.
Spire expects to close its previously announced business combination with NavSight Holdings, Inc. in the summer of 2021.
For more information about Spire’s weather solutions, please visit www.spire.com/weather.
About Spire Global, Inc.
Spire is a global provider of space-based data and analytics that offers unique datasets and powerful insights about Earth from the ultimate vantage point so organizations can make decisions with confidence, accuracy, and speed. Spire uses a multi-purpose satellite constellation to source hard-to-acquire, valuable data and enriches it with predictive solutions. Spire then provides this data as a subscription to organizations around the world so they can improve business operations, decrease their environmental footprint, deploy resources for growth and competitive advantage, and mitigate risk. Spire gives commercial and government organizations the competitive advantage they seek to innovate and solve some of the world’s toughest problems with insights from space. Spire has offices in San Francisco, CA, Boulder, CO, Washington DC, Glasgow, Luxembourg, and Singapore. To learn more, visit http://www.spire.com.
About NavSight Holdings, Inc.
NavSight Holdings, Inc. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. NavSight was organized with the opportunity to pursue a business combination target in any business or industry, with the intent to focus its search on identifying a prospective target business that provides expertise and technology to U.S. government customers in support of their national security, intelligence and defense missions.
Additional Information and Where to Find It
In connection with the planned business combination with Spire (the “Proposed Transaction”), NavSight intends to file a Form S-4 Registration Statement (the “Registration Statement”) with the SEC, which will include a preliminary proxy statement to be distributed to holders of NavSight’s common stock in connection with NavSight’s solicitation of proxies for the vote by NavSight’s stockholders with respect to the Proposed Transaction and other matters as described in the Registration Statement, a prospectus relating to the offer of the securities to be issued to the Company’s stockholders in connection with the Proposed Transaction, and an information statement to Company’s stockholders regarding the Proposed Transaction. After the Registration Statement has been filed and declared effective, NavSight will mail a definitive proxy statement/prospectus, when available, to its stockholders. Investors and security holders and other interested parties are urged to read the proxy statement/prospectus, any amendments thereto and any other documents filed with the SEC carefully and in their entirety when they become available because they will contain important information about NavSight, the Company and the Proposed Transaction. Investors and security holders may obtain free copies of the preliminary proxy statement/prospectus and definitive proxy statement/prospectus (when available) and other documents filed with the SEC by NavSight through the website maintained by the SEC at http://www.sec.gov, or by directing a request to: NavSight Holdings, Inc., 12020 Sunrise Valley Drive, Suite 100, Reston, VA 20191.
Participants in Solicitation
NavSight and the Company and their respective directors and certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the Proposed Transaction. Information about the directors and executive officers of NavSight is set forth in its Form 10-K filed on March 29, 2021. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the Registration Statement and other relevant materials to be filed with the SEC regarding the Proposed Transaction when they become available. Stockholders, potential investors and other interested persons should read the Registration Statement carefully when it becomes available before making any voting or investment decisions. When available, these documents can be obtained free of charge from the sources indicated above.
No Offer or Solicitation
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
Forward-Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of the federal securities laws with respect to the Proposed Transaction. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding expectations of accelerating Spire’s sales and marketing efforts, expectations of product development across Spire’s weather segment and the applicability of such products to Spire’s market, the strengthening of Spire’s competitive advantage, the importance of weather forecasting to Spire’s target markets, advance our offering of valuable and business-oriented weather prediction solutions to our core markets, the expansion of Spire’s business to new regions and markets, Spire’s future growth, estimates and forecasts of financial and performance metrics, expectations of achieving and maintaining profitability, projections of total addressable markets, market opportunity and market share, net proceeds from the Proposed Transactions, potential benefits of the Proposed Transaction and the potential success of the Company’s market and growth strategies, and expectations related to the terms and timing of the Proposed Transaction. These statements are based on various assumptions and on the current expectations of NavSight’s and the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of NavSight and the Company. These forward-looking statements are subject to a number of risks and uncertainties, including (i) the risk that the Proposed Transaction may not be completed in a timely manner or at all, which may adversely affect the price of NavSight's securities; (ii) the risk that the Proposed Transaction may not be completed by NavSight's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by NavSight; (iii) the failure to satisfy the conditions to the consummation of the Proposed Transaction, including the approval of the Proposed Transaction by the stockholders of NavSight, the satisfaction of the minimum trust account amount following any redemptions by NavSight's public stockholders and the receipt of certain governmental and regulatory approvals; (iv) the inability to complete the PIPE investment in connection with the Proposed Transaction; (v) the failure to realize the anticipated benefits of the Proposed Transaction; (vi) the effect of the announcement or pendency of the Proposed Transaction on Spire’s business relationships, performance, and business generally; (vii) risks that the Proposed Transaction disrupts current plans of Spire and potential difficulties in Spire employee retention as a result of the Proposed Transaction; (viii) the outcome of any legal proceedings that may be instituted against NavSight or Spire related to the business combination agreement or the Proposed Transaction; (ix) the ability to maintain the listing of NavSight’s securities on the New York Stock Exchange; (x) the ability to address the market opportunity for Space-as-a-Service; (xi) the risk that the Proposed Transaction may not generate expected net proceeds to the combined company; (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the Proposed Transaction, and identify and realize additional opportunities; (xiii) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; (xiv) the risk of downturns, new entrants and a changing regulatory landscape in the highly competitive space data analytics industry; and those factors discussed in NavSight’s final prospectus filed on September 11, 2020 under the heading “Risk Factors,” and other documents of NavSight filed, or to be filed, with the SEC. If any of these risks materialize or the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither NavSight nor the Company presently know or that NavSight and the Company currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect NavSight’s and the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. NavSight and the Company anticipate that subsequent events and developments will cause NavSight’s and the Company’s assessments to change. However, while NavSight and the Company may elect to update these forward-looking statements at some point in the future, NavSight and the Company specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing NavSight’s and the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
For Spire Global, Inc.:
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DUBLIN--(BUSINESS WIRE)--The "Yacht Charter - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Amid the COVID-19 crisis, the global market for Yacht Charter estimated at US$ 6.6 Billion in the year 2020, is projected to reach a revised size of US$ 9.3 Billion by 2027, growing at a CAGR of 5% over the period 2020-2027.
Motor, one of the segments analyzed in the report, is projected to record 5.1% CAGR and reach US$ 7.9 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Sailing segment is readjusted to a revised 4.4% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.8 Billion, While China is Forecast to Grow at 8.1% CAGR
The Yacht Charter market in the U.S. is estimated at US$ 1.8 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$ 2 Billion by the year 2027 trailing a CAGR of 8.1% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8% and 4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.6% CAGR.
Select Competitors (Total 36 Featured):
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/pt6trk
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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PASADENA, Calif.--(BUSINESS WIRE)--Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services, announced today that the U.S. Agency for International Development (USAID) awarded the Company a 5-year, $12 million, single-award contract to improve Kosovo’s energy sector by strengthening the capacity of local institutions to advance energy market development and regional integration, and facilitate private sector investments in sustainable energy generation.
Tetra Tech energy specialists will work with the Government of Kosovo to strengthen a regional energy market based on European Union standards and foster increased private-sector investment that will leverage $300 million in investments and generate an additional renewable energy capacity of 200 megawatts.
Tetra Tech has partnered with USAID in Kosovo since 2007 to provide innovative clean energy services to help advance economic growth. Tetra Tech facilitated the private-sector development of one of the first grid-connected solar photovoltaic power plants, supported 300 million euros worth of energy sector investment, and increased women’s participation in the utility sector.
“Tetra Tech has supported USAID’s sustainable energy programs in Kosovo for 14 years,” said Dan Batrack, Tetra Tech Chairman and CEO. “We look forward to continuing to use our Leading with Science® approach to create resilient energy solutions that promote energy security and economic prosperity for the people of Kosovo.”
About Tetra Tech
Tetra Tech is a leading provider of high-end consulting and engineering services for projects worldwide. With 20,000 associates working together, Tetra Tech provides clear solutions to complex problems in water, environment, sustainable infrastructure, renewable energy, and international development. We are Leading with Science® to provide sustainable and resilient solutions for our clients. For more information about Tetra Tech, please visit tetratech.com or follow us on LinkedIn, Twitter, and Facebook.
Any statements made in this release that are not based on historical fact are forward-looking statements. Any forward-looking statements made in this release represent management’s best judgment as to what may occur in the future. However, Tetra Tech’s actual outcome and results are not guaranteed and are subject to certain risks, uncertainties and assumptions ("Future Factors"), and may differ materially from what is expressed. For a description of Future Factors that could cause actual results to differ materially from such forward-looking statements, see the discussion under the section "Risk Factors" included in the Company’s Form 10-K and Form 10-Q filings with the Securities and Exchange Commission.
Jim Wu, Investor Relations
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PITTSBURGH--(BUSINESS WIRE)--PPG (NYSE:PPG) today announced the following details for its first quarter 2021 earnings release and teleconference call.
| Earnings release: | Thursday, April 15, after U.S. stock markets close | |
| Teleconference: | Friday, April 16, 8 a.m. ET | |
| PPG participants: | Michael H. McGarry, chairman and chief executive officer | |
| Vincent J. Morales, senior vice president and chief financial officer | ||
| John Bruno, vice president, investor relations | ||
| Dial-in registration: | Visit http://www.directeventreg.com/registration/event/6192716 to register for the conference call. Registrants will receive dial-in numbers as well as a passcode and registrant ID. | |
| Registration is open throughout the live call. However, to ensure you are connected for the entire call we suggest registering in advance, at least 10 minutes before the start of the call. | ||
| Webcast: | A live, listen-only webcast will be available via the PPG Investor Center at investor.ppg.com. | |
| Telephone replay: | Available beginning at approximately 11:00 a.m. ET, Friday, April 16 through 11:59 p.m. ET, Friday, April 30. | |
| Replay numbers: | Toll-free: 1-800-585-8367 | |
| International: 1-416-621-4642 | ||
| Passcode: 6192716 | ||
| Web replay: | Replay of the webcast will be available shortly after the call on PPG's Investor Center at investor.ppg.com and will remain through Thursday, April 14, 2022. |
The news release will be available on the Investor Center and Newsroom sections of www.ppg.com.
Prepared remarks and details regarding PPG’s operating segment results and other financials will be available on the Investor Center section of www.ppg.com after the earnings release.
PPG: WE PROTECT AND BEAUTIFY THE WORLD™
At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty materials that our customers have trusted for more than 135 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $13.8 billion in 2020. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.
We protect and beautify the world is a trademark and the PPG Logo is a registered trademark of PPG Industries Ohio, Inc.
CATEGORY Financial
PPG Media:
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Corporate Communications
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Acquisition supports Leeward’s aggressive growth strategy and furthers position as a leading U.S. renewable energy company
DALLAS--(BUSINESS WIRE)--Leeward Renewable Energy, LLC (“Leeward”), a growth-oriented renewable energy company and portfolio company of OMERS Infrastructure, announced it has closed the previously announced acquisition of a utility-scale solar project platform of approximately 10-gigawatts (GW)AC from First Solar, Inc. (NASDAQ: FSLR), effective as of March 31, 2021. The project development platform includes 773 megawatts (MW) AC of projects that are expected to commence construction in the next two years, as well as the 30-MW AC Barilla Solar Project, which is operational.
The acquisition cements Leeward’s position as a leading renewable energy company and significantly expands its solar development portfolio, which now reaches 14 GW, as well as its geographic footprint across the Southeast and Southwest U.S. Each GW generates enough clean energy to power the equivalent of 230,000 homes.
Jason Allen, Chief Executive Officer of Leeward, said, “The acquisition of this development platform from First Solar gives Leeward an advanced solar pipeline that accelerates our growth as we continue to meet the needs of our customers. We are pleased to welcome the First Solar development team to the Leeward family as we embark on this next chapter with a shared commitment to build sustainable solutions for clean, renewable energy.”
Tom Frazier, Managing Director, OMERS Infrastructure, said, “The completion of this acquisition underscores our confidence in Leeward and support of the company’s growth strategy. We want to congratulate the Leeward team on this milestone, and express our thanks to First Solar as valued partners in the transaction. OMERS Infrastructure is proud to be invested in Leeward as we expand our investment in clean energy, consistent with our long-term plan to increase our footprint in this growing sector.”
At the close of the acquisition, 50 First Solar development team members joined Leeward, expanding Leeward’s total employees base to nearly 200, factoring in projected new hires by the end of 2021.
About Leeward Renewable Energy, LLC
Leeward Renewable Energy is a growth-oriented renewable energy company that owns and operates a portfolio of 22 renewable energy facilities across nine states totaling approximately 2,000 megawatts of generating capacity. Leeward is actively developing new wind, solar, and energy storage projects in energy markets across the U.S. Leeward is a portfolio company of OMERS Infrastructure, an investment arm of OMERS, one of Canada’s largest defined benefit pension plans with C$105 billion in net assets (as at December 31, 2020). For more information, visit www.leewardenergy.com.
Sard Verbinnen & Co.
Kelly Kimberly
+1.713.822.7538
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Fleets Immediately Reducing Carbon Emissions with 100% Biodiesel
AMES, Iowa--(BUSINESS WIRE)--Renewable Energy Group (REG) (NASDAQ: REGI) fleet customers in Iowa, Washington, D.C. and Massachusetts are ramping up the use of B100 (100% biodiesel) in their fleets. Through a partnership with Optimus Technologies, REG is helping fleets achieve their sustainability goals and reach near-zero emissions.
Biodiesel is a cleaner alternative to petroleum diesel that is readily available today. It is suitable for use in any diesel engine, and works with current infrastructure, often being blended at a level of 20%, or B20. With Optimus’ new technology, biodiesel is now able to be utilized as B100.
REG is helping fleets achieve their sustainability goals with B100 not only by providing B100 fuel, but also by investing in infrastructure. REG is providing turnkey services including storage tanks, dispensers and logistics solutions that provide a simple, low-cost total carbon reduction strategy.
“Delivering sustainable fuel directly to customers is a key element of REG’s downstream strategy and it is exciting to see the demand growing for B100,” said Bob Kenyon, Senior Vice President, Sales & Marketing for REG. “It has been common in the past to see fleets utilizing blends of B5 to B20 in their fleets, but the capability of offering B100 as a finished fuel is an attractive lower carbon fuel solution for our customers.”
The B100 system from Optimus Technologies is an innovative and cost-effective approach for fleets to improve on their emissions targets, as REG biodiesel reduces carbon by up to 88% compared to petroleum diesel.1 Vehicles are equipped to run on B100 through a simple vehicle add-on that works in conjunction with the conventional diesel vehicle components for exceptional performance. The system starts and shuts down the engine on conventional diesel, operating on 100% biodiesel only after the vehicle has reached optimal operating conditions. This allows fleets to operate on B100 year-round.
“With more fleets across the nation beginning to expand their sustainability goals, we feel that the Optimus B100 System is an exceptional way to meet these goals and targets,” said Colin Huwyler, CEO of Optimus Technologies. “Our B100 technology is a solution that is available today and doesn’t require fleets to wait to begin implementing their sustainability plans.”
REG has seen great customer success with the B100 technology in the City of Ames fleet, located in REG’s hometown of Ames, Iowa. The City of Ames began utilizing the B100 technology in 2020 through a pilot project with five city-owned vehicles. The fleet experienced some difficult weather conditions this past winter, including a polar vortex that hit Iowa this February, causing surface temperatures to reach -20°F. Despite these extremely cold conditions, the City of Ames fleet continued to operate successfully on B100.
“It’s fair to say the first year our drivers were cautiously optimistic about operating B100 in their vehicles, particularly in the middle of a snowstorm. The last thing they want is to be stranded somewhere because of a fuel issue,” said Rich Iverson, Fleet Support Manager for the City of Ames. “Now, after a year of success, our drivers don’t think twice about fueling up on B100 and getting out on the roads.”
Due to the success of the project, the City of Ames has added seven new all-purpose dump trucks to the fleet, which integrated the B100 technology into the vehicle build specifications. By operating these seven new trucks, in addition to the five vehicles already operating on B100, the City of Ames projects to save well over 200 metric tons of carbon emissions in 2021.2 This is equivalent to greenhouse gas emissions from approximately 500,000 miles driven by an average passenger vehicle.
Across the country in Washington, D.C., the Department of Public Works (DPW) has also piloted the B100 technology. In 2018, they installed Optimus’ technology on six garbage and recycling trucks. Since that time, they have been continuing to grow B100 use within their fleet, and will have over 100 trucks operating on B100 by the end of the year.
“The increasing use of B100 in the DPW fleet is in part to help us reach our goal of 50% greenhouse gas emission reductions by 2032,” said DPW Fleet Associate Administrator, Ryan Frasier. “Moving forward, our intention is to only purchase heavy-duty trucks that operate on B100 technology.”
In addition to growing the use of B100 with partners who have already piloted the B100 technology, REG is also moving ahead to get new partners utilizing B100 technology. Broco Oil, a residential, commercial and emergency fueling provider in the Boston, Massachusetts area, is excited to begin piloting B100 later this year. A current customer of REG, Broco Oil has traditionally purchased biodiesel from REG to sell as blended Bioheat® fuel to their customers. They intend to begin by piloting 10 of their vehicles on B100 technology, with hopes to grow B100 use in the future.
“We pride ourselves on the service and difference that we provide to our customers, day in and day out,” said Bobby Brown, Owner of Broco Oil. “By beginning to operate our vehicles on B100, we are making a lasting difference in the air quality for the communities we serve.”
For more information, contact REG at (844) 405-0160 or email This email address is being protected from spambots. You need JavaScript enabled to view it..
About Renewable Energy Group
Renewable Energy Group, Inc., (Nasdaq: REGI) is leading the energy industry's transition to sustainability by transforming renewable resources into high-quality, cleaner fuels. REG is an international producer of cleaner fuels and North America’s largest producer of biodiesel. REG solutions are alternatives for petroleum diesel and produce significantly lower carbon emissions. REG utilizes an integrated procurement, distribution and logistics network to operate 12 biorefineries in the U.S. and Europe. In 2020, REG produced 519 million gallons of cleaner fuel delivering 4.2 million metric tons of carbon reduction. REG is meeting the growing global demand for lower-carbon fuels and leading the way to a more sustainable future.
About Optimus Technologies
Optimus Technologies is a clean energy technology company based in Pittsburgh, Pennsylvania. Optimus manufactures The Vector System, an advanced fuel system technology that enables diesel engines to operate on 100% biodiesel. The Vector System is designed for medium and heavy-duty fleet applications where emissions reductions are challenging or impossible to achieve in a cost-effective manner through other means. The Vector System integrates into existing operations to facilitate a seamless transition to low-carbon fuels.
Optimus’ Vector System is in use with leading municipal and private fleets throughout the country enabling them to achieve near-zero carbon emissions while reducing their fuel and fleet operating costs.
Forward Looking Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to REG’s expectations regarding the anticipated closing date of the offering, and intentions with respect to the use of net proceeds from the offering. These forward-looking statements are based on current expectations and assumptions, are subject to change, and actual results may differ materially. Factors that could cause actual results to differ materially include those relating to satisfaction of conditions to closing of the offering, REG’s ability to obtain additional or alternative financing to fund its capital expenditures, the fact that REG’s management will have broad discretion in the use of the net proceeds from the offering and other risks described in REG's annual report on Form 10-K for the year ended December 31, 2020 and from time to time in the REG's other periodic filings with the SEC. All forward-looking statements are made as of the date of this press release and REG does not undertake to update any forward-looking statements based on new developments or changes in our expectations.
Bioheat® is a registered trademark of the National Biodiesel Board and used with permission. Other third party marks or trade names are used herein and are the property of their respective owners.
1REG calculations based on CA-GREET Model.
2 https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator
© 2021 Renewable Energy Group, Inc. All Rights Reserved.
Katie Stanley
Renewable Energy Group
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CINCINNATI--(BUSINESS WIRE)--Mike Albert announced today that its vehicle subscription service, Subscribe with Mike Albert, now offers an electric vehicle (EV) membership plan. This plan is in addition to the company’s other three subscription options.
The EV membership plan will feature the Tesla Model 3, allowing subscribers to drive a luxury EV without the hassle of leasing or buying. Like all Mike Albert subscription plans, the EV plan will include full-coverage insurance, all routine maintenance, concierge delivery, 30-day vehicle swap options, and 24-hour roadside assistance, all in one monthly fee.
“The world is evolving. The automotive industry is evolving. We know that electrification is here now and will continue to grow significantly in the future,” said Tom Guy, General Manager of Subscription Services at Mike Albert. “We want to make sure our community has a ‘try-before-you-buy’ EV option so they can utilize an electric vehicle for an extended period of time before they choose to purchase.”
Mike Albert has been a leader in the automotive electrification movement for the past ten years and continues to take steps in the right direction of sustainable living. From recently creating the Sales & Fleet Electrification Director position to introducing this new EV membership plan to Subscribe, Mike Albert encourages both fleet clients and the community to keep carbon footprint reduction on the forefront of their minds.
Subscribe is available to customers living within a 75-mile radius of Mike Albert’s flagship Evendale location. Your monthly subscription fee allows you to swap vehicles every thirty days. You have the option to upgrade or downgrade to other plans depending on your current needs and signing up is made simple in the mobile app, Subscribe with Mike Albert.
To learn more about Subscribe with Mike Albert’s new membership plan, visit subscribe.mikealbert.com.
About Mike Albert
Mike Albert is a future-focused mobility company, 63 years in the making, that’s home to three business units – Fleet Solutions, Sales & Service and Rental. Mike Albert is proudly rooted in Cincinnati, Ohio, but serves clients nationwide. Whether you need the ways and means to transport people, products or services, Mike Albert associates pride themselves on matching you with the right vehicles, financing and services to help you achieve your goals today and tomorrow.
Mike Albert Fleet Solutions
Chris Parrott
VP, Marketing
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SAN JOSE, Calif.--(BUSINESS WIRE)--QuantumScape Corporation (NYSE: QS) (“QuantumScape”) today announced it has successfully met the technical milestone that was a condition to close for the investment of an additional $100 million by Volkswagen Group of America Investments, LLC (“VW”) into QuantumScape. The milestone required Volkswagen to successfully test the latest generation of QuantumScape’s solid-state lithium-metal cells in their labs in Germany. This will be the second and final closing under the May 14, 2020 stock purchase agreement between VW and QuantumScape that provided for a total $200 million investment. The closing will occur following expiration of the waiting period or other clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
“We are pleased to report that the QuantumScape cells met the technical milestones in our labs in Germany that we had previously agreed upon,” said Frank Blome, head of the Volkswagen Group’s Center of Excellence Battery Cell. “Achievement of this milestone is an important step for QuantumScape and we look forward to receiving and testing subsequent generations of cells, with the goal of getting solid-state technology into series production.”
“We are delighted to have met this technical milestone with Volkswagen, and we look forward to working jointly to bring solid-state lithium-metal battery technology into industrialized mass-production,” said Jagdeep Singh, co-founder and CEO of QuantumScape.
About QuantumScape Corporation
QuantumScape is a leader in the development of next generation solid-state lithium-metal batteries for use in electric vehicles. The company's mission is to revolutionize energy storage to enable a sustainable future.
For Investors
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DUBLIN--(BUSINESS WIRE)--The "Asia Pacific 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 the Asia Pacific expected to start operations from 2021 to 2025 are 1,979. Of these, upstream production projects constitute 278, midstream projects constitute 442, refinery projects constitute 182, and petrochemical projects constitute 1,077.
Scope
Reasons to Buy
Key Topics Covered:
1. Introduction
2. Oil and Gas Projects Outlook in Asia Pacific
2.1 Oil and Gas Projects in Asia Pacific, Overview of Projects Data
2.2 Oil and Gas Projects in Asia Pacific, Projects by Sector
2.3 Oil and Gas Projects in Asia Pacific, Projects by Type
2.4 Oil and Gas Projects in Asia Pacific, Projects by Stage
2.5 Oil and Gas Projects in Asia Pacific, Projects by Key Countries
3. Oil and Gas Projects Outlook in China
3.1 Oil and Gas Projects in China, Overview of Projects Data
3.2 Oil and Gas Projects in China, Projects by Sector
3.3 Oil and Gas Projects in China, Projects by Type
3.4 Oil and Gas Projects in China, Projects by Stage
3.5 Oil and Gas Projects in China, Projects Development Stage, Capacity, Project Cost, and Contractor Details
4. Oil and Gas Projects Outlook in India
5. Oil and Gas Projects Outlook in Indonesia
6. Oil and Gas Projects Outlook in Australia
7. Oil and Gas Projects Outlook in Malaysia
8. Oil and Gas Projects Outlook in Pakistan
9. Oil and Gas Projects Outlook in Vietnam
10. Oil and Gas Projects Outlook in Thailand
11. Oil and Gas Projects Outlook in South Korea
12. Oil and Gas Projects Outlook in Bangladesh
13. Oil and Gas Projects Outlook in Philippines
14. Oil and Gas Projects Outlook in Brunei
15. Oil and Gas Projects Outlook in Myanmar
16. Oil and Gas Projects Outlook in Taiwan
17. Oil and Gas Projects Outlook in Nepal
18. Oil and Gas Projects Outlook in Japan
19. Oil and Gas Projects Outlook in Sri Lanka
20. Oil and Gas Projects Outlook in New Zealand
21. Oil and Gas Projects Outlook in Papua New Guinea
22. Oil and Gas Projects Outlook in Timor-Leste
23. Oil and Gas Projects Outlook in Singapore
24. Oil and Gas Projects Outlook in Laos
25. Oil and Gas Projects Outlook in Afghanistan
26. Oil and Gas Projects Outlook in Cambodia
27. Oil and Gas Projects Outlook in Mongolia
28. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/9bkjj5
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
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HAMILTON, Bermuda--(BUSINESS WIRE)--OIL held its March 2021 Board Meeting on Wednesday, March 24th at its offices on 3 Bermudiana Road in Hamilton, Bermuda.
During the meeting, the directors approved the Company’s 2020 financial statements, discussed the development of its Strategic Plan, approved the payment of a $380 million dividend on June 30th, 2021 for shareholders of record on March 24th, 2021 and modified the DNWS Definition.
For 2020, OIL recorded a $66.9 million underwriting profit. After factoring in net investment gains and administrative expenses, OIL’s net profit for the year was $466.5 million. For additional information about OIL’s 2020 financial results, please visit www.oil.bm to view our audited financial statements.
The Company modified the Definition of DNWS in order to minimize the chances future named storms, which originate outside of the Atlantic Basin, become classified as DNWS. A storm’s center, instead of just a portion of a storm, now determines if it enters the Atlantic Basin and becomes a DNWS. The change is effective as of March 24th, 2021.
Fabrizio Mastrantonio, Chairman of the Board, explained, “The Board decided to authorize the $380 million dividend after carefully reviewing the company’s multi-year Capital Management Plan and while considering future capital needs that may come out of its Strategic Plan which will be finalized in 2021.”
Bertil Olsson, President and CEO commented, “the strong performance in 2020 and the robust capital position of the company has enabled us to once again return a significant amount of capital to our shareholders and demonstrate the superior value of the OIL model.”
For more information about OIL’s property coverages and related value go to www.oil.bm.
Oil Insurance Limited (OIL) insures over $3.0 trillion of global energy assets for more than fifty members with property limits up to $400 million totaling more than $21 billion in total A rated property capacity. Members are medium to large sized public and private energy companies with at least $1 billion in physical property assets and an investment grade rating or equivalent. Products/coverage offered include Property (Physical Damage), Windstorm (excluding Offshore GOM), Non Gradual Pollution, Control of Well, Removal of Wreck, Terrorism, Cyber, Construction and Cargo. The industry sectors that OIL protects include Offshore and Onshore Exploration & Production, Refining and Marketing, Petrochemicals, Mining, Pipelines, Electric Utilities, Renewables and other related energy business sectors.
Further inquiries regarding this press release should be directed to George Hutchings, SVP & COO at This email address is being protected from spambots. You need JavaScript enabled to view it.or +1 (441) 295-0905.
George Hutchings
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 (441) 295-0905
DUBLIN--(BUSINESS WIRE)--The "Leadership Quadrant of Oil and Gas Pipe Suppliers - 2021" report has been added to ResearchAndMarkets.com's offering.
The oil and gas pipe manufacture landscape is diverse and continually evolving. Major players in oil and gas pipe market have diversified product portfolios, strong geographical reach, and have made several strategic initiatives. The dynamics of the oil and gas pipe market extends beyond routine macro-economic elements of supply and demand. It is the relationship between buyer's needs and seller's capabilities as well as the macroeconomic forces at work that affect the market. It is how well and how efficiently the sellers meet the needs of the buyers that determine long-term success.
Over the years, the level of demand for oil and gas pipe has increased due to growing infrastructure and pipeline construction, ultra-deep drilling activities, and increasing penetration of shale gas production in the oil and gas pipe market. Oil and gas pipes are used for a variety of applications, such as exploration & production pipe and transportation and distribution pipe and is forecast to grow at a CAGR of 3%. The major growth drivers for this market are the growth in oil and gas drilling activities, increasing industrial production, growing shale gas exploration activities, and rising GDP.
Firms that produce oil and gas pipe are approaching market opportunities with starkly different strategies. The analyst, a leading global management consulting and market research firm, has analyzed the global oil and gas pipe suppliers and has come up with a comprehensive research report, "Leadership Quadrant and Strategic Positioning of Oil and Gas Pipe Suppliers". Using its proprietary research methodology, the analyst has developed a comparative analysis tool, the 'Leadership Quadrant,' which identifies leaders, contenders, visionaries, and specialists in the oil and gas pipe market and rates each oil and gas pipe producer.
This report also offers a full competitive analysis from target markets to product mapping, from selling strategies to production capabilities. In this research study, eight companies such as Tenaris, Vallourec, OAO TMK, National Oilwell Varco, United States Steel, Nippon Steel & Sumitomo Metals, JFE, and Allegheny Technologies were analyzed and profiled because they are the top revenue producers for oil and gas pipe. The eight profiled manufacturers are grouped in the quadrant. The leadership quadrant analyzes the relative strength among these players. The leadership quadrant addresses the need in the market for manufacturer evaluation based on objective data and metrics.
A total of 60 figures/charts and 6 tables are provided in this 140-pages report to help in your business decisions.
This report answers the following key questions:
Key Topics Covered:
1. Leadership Analysis
1.1: Market Description
1.2: Scoring Criteria
1.3: Leadership Quadrant Analysis
1.3.1: Leaders (Top Right)
1.3.2: Contenders (Bottom Right)
1.3.3: Visionaries (Top Left)
1.3.4: Specialists (Lower Left)
2. Competitive Benchmarking
2.1: Product Portfolio Analysis
2.2: Financial Strength
2.3: Market Share Analysis
2.3.1: Market Share in Various Segments
2.3.2: Market Share in Various Regions
3. Tenaris Profile
3.1: Company Overview
3.1.1: Tenaris Company Description and Business Segments
3.1.2: Tenaris Company Statistics
3.2: Oil and Gas Pipe Business Overview
3.2.1: Oil and Gas Pipe Business Segment
3.2.2: Global Oil and Gas Pipe Operations
3.2.3: Key Differentiators and Strengths
3.3: Products and Product Positioning
3.3.1: Product Line Overview
3.3.2: Oil and Gas Pipe Product Mapping
3.3.3: Product Positioning in Market Segments
3.4: Markets and Market Positioning
3.4.1: Market Position in Global Oil and Gas Pipe Business
3.5: Revenue Breakdown by Market Segments
3.6: Revenue Breakdown by Regions
3.7: Production
3.7.1: Global Manufacturing Operations
3.8: Innovation and Market Leadership
3.9: Marketing, Sales, and Organizational Capabilities
3.9.1: Marketing and Sales
3.9.2: Management Commitment and Track Record
3.10: Financial Strength
4. Vallourec Profile
5. OAO TMK Profile
6. National Oilwell Varco Profile
7. United States Steel Profile
8. Nippon Steel & Sumitomo Metals Profile
9. JFE Profile
10. Allegheny Technologies Profile
For more information about this report visit https://www.researchandmarkets.com/r/w3dhd4
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
COLUMBIA, Md.--(BUSINESS WIRE)--GSE Systems, Inc. (“GSE Solutions”, “GSE”, or “the Company”) (Nasdaq: GVP), a leader in delivering and supporting engineering, compliance, simulation, training and workforce solutions that support decarbonization of the power industry, today announced its financial results for the fourth quarter (“Q4”) and fiscal year ended December 31, 2020.
FULL YEAR 2020 OVERVIEW
Q4 2020 Overview
At December 31, 2020
1 Refer to the non-GAAP reconciliation tables at the end of this press release for a definition of "EBITDA", “adjusted EBITDA” and “adjusted net income”.
Kyle J. Loudermilk, GSE’s President and Chief Executive Officer, said, “We concluded 2020 on a very encouraging note, with fourth quarter adjusted EBITDA improving to positive $1.1 million, compared to three straight quarters of negative adjusted EBITDA to start the year amidst the onset of the COVID-19 pandemic. GSE achieved this positive result despite an ongoing lull in industrywide project activity in the fourth quarter due to the COVID-19 pandemic. We noted an uptick in bidding activity at the end of the quarter and were very pleased to be awarded two master service agreements in December with a major U.S. utility for a combined value of $35 million over two years. Work under these agreements will commence in the second quarter of 2021 and ramp up throughout the year. During the quarter, we also continued to build our Software as a Service cloud-based revenue stream, highlighted by a large U.S. oil company’s multi-year subscription to our EnVision On-Demand software simulation and training platform. In 2020, our recurring software revenue totaled $3.9 million, up 34% from $2.9 million in the prior year. This represents significant progress in our efforts to grow our software revenue.”
Mr. Loudermilk continued, “While uncertainties related to the pandemic persist, we noted a surge in RFP activity to start 2021 and, depending on our success rate converting bids to wins, we could see a meaningful upswing in business in the second half of the year. We are optimistic about our near- and long-term prospects, especially as a result of the renewed focus on decarbonizing the power sector. Our services are essential to the nuclear industry, which plays a critical role in the decarbonization of energy. We remain focused on growing our businesses organically, executing on an exciting product and solutions roadmap as well as emphasizing cross selling and upselling opportunities.”
2020 FULL YEAR RECAP
Revenue decreased to $57.6 million in 2020, compared to $83.0 million in 2019, reflecting a decrease in both our Performance Improvement Solutions and Nuclear Industry Training and Consulting segments. The decrease of $(13.0) million in the Company's Performance Improvement Solutions ("Performance") segment was driven by several significant projects ending in the prior fiscal year and delays in commencing new contracts remotely due to the COVID-19 pandemic. The decrease of $12.4 million from the Company's Nuclear Industry Training and Consulting ("NITC") segment was primarily due to stoppage of existing projects and delays in commencing new contracts due to the COVID-19 pandemic and a reduction in demand for staffing from our major customers.
Gross profit decreased $5.5 to $14.8 million, or 25.7% of revenue in 2020, compared to $20.3 million, or 24.5% of revenue in 2019. Our margin is impacted by our mix of business, but overall profitability of remaining and new smaller projects increased the profit margin.
Operating loss totaled $(9.5) million in 2020, compared to operating loss of $(7.4) million in 2019.
Net loss was $(10.5) million, or $(0.52) per diluted share in 2020, compared to net loss of $(12.1) million, or $(0.60) per diluted share, in 2019.
Adjusted net income1 decreased to $3 thousand, or $0.00 per diluted share in 2020, compared to $8.0 million, or $0.39 per diluted share in 2019.
Earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $(6.9) million in 2020, compared to $(2.2) million in 2019.
Adjusted EBITDA1 totaled $(0.3) million in 2020, compared to $4.8 million in 2019.
Performance new orders totaled $26.2 million in 2020 compared to $27.4 million in 2019. NITC new orders totaled $19.1 million in 2020 compared to $31.7 million in 2019.
Q4 2020 RESULTS
Q4 2020 revenue decreased $4.6 million from $17.3 million in Q4 2019 to $12.7 million in Q4 2020. The year-over-year decrease was driven by a decrease of $1.6 million in the Company's Performance segment and a decrease of $3.0 million from the Company's NITC segment.
The decrease in the Performance segment's revenue primarily reflects major projects at the end of 2019 that were completed at the beginning of 2020 and delays in commencing new contracts remotely due to the COVID-19 pandemic.
The year-over-year decrease in the NITC segment's revenue was primarily caused by stoppage of existing projects and delays in commencing new contracts due to the COVID-19 pandemic and lower customer demand for staffing during the year.
(in thousands) |
Three Months ended
|
|
Twelve Months ended
|
||||||
Revenue: |
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(audited) |
|
|
Performance |
$7,550 |
|
$9,159 |
|
$32,790 |
|
$45,776 |
|
|
NITC |
5,103 |
|
8,133 |
|
24,830 |
|
37,199 |
|
|
Total Revenue |
$12,653 |
|
$17,292 |
|
$57,620 |
|
$82,975 |
|
|
|
|
|
|
|
|
|
|
||
Performance new orders totaled $4.4 million in Q4 2020, compared to $8.4 million in Q4 2019. NITC new orders totaled $3.5 million in Q4 2020, compared to $7.8 million in Q4 2019.
Q4 2020 gross profit was $3.8 million, or 29.9% of revenue, compared to $5.0 million, or 29.0% of revenue, in Q4 2019.
(in thousands) |
Three Months ended
|
|
Twelve Months ended
|
|
|||||||||||||
Gross Profit: |
2020 |
|
% |
|
2019 |
|
% |
|
2020 |
|
% |
|
2019 |
|
% |
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(audited) |
|
|||||||||
Performance |
$3,155 |
|
41.8% |
|
$3,444 |
|
37.6% |
|
$11,395 |
|
34.8% |
|
$15,231 |
|
33.3% |
|
|
NITC |
634 |
|
12.4% |
|
1,578 |
|
19.4% |
|
3,390 |
|
13.7% |
|
5,067 |
|
13.6% |
|
|
Consolidated Gross Profit |
$3,789 |
|
29.9% |
|
$5,022 |
|
29.0% |
|
$14,785 |
|
25.7% |
|
$20,298 |
|
24.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The decrease in our gross profit of $1.2 million during Q4 2020 was primarily driven by a decrease in Performance and NITC revenue.
Selling, general, and administrative expenses (SG&A) in Q4 2020 totaled $3.2 million, or 25.4% of revenue, compared to $3.9 million, or 22.8% of revenue, in Q4 2019. The decrease during Q4 2020 was primarily driven by lower business development costs.
Operating loss was approximately $(1.2) million in Q4 2020, compared to Operating loss of $(1.6) million in Q4 2019. The decrease was due to both lower gross profit and restructuring charges taken in Q4 2020.
The Company recorded a tax expense of $0.2 million in Q4 2020. The significant change of $6.4 million in deferred tax expense was primarily driven by the prior year recognition of $6.8 million of valuation allowance against the deferred tax assets related to the U.S. and foreign entities which was partially offset by the generation of a deferred tax asset related to the GAAP goodwill and intangible impairment in the U.S. entities.
Net loss for Q4 2020 totaled $(1.5) million, or $(0.07) per basic and diluted share, compared to $(6.3) million, or $(0.32) per basic and diluted share, in Q4 2019.
Adjusted net income1 totaled $2.6 million, or $0.13 per diluted share in Q4 2020, compared to $6.7 million, or $0.33 per diluted share, in Q4 2019.
EBITDA for Q4 2020 was approximately $(631) thousand, compared to $1.2 million in Q4 2019.
Adjusted EBITDA1 totaled $1.1 million in Q4 2020, compared to $1.2 million in Q4 2019.
BACKLOG AND CASH POSITION
Backlog at December 31, 2020, was $40.4 million, including $30.3 million of Performance backlog, and $10.1 million of NITC backlog. At December 31, 2019, the Company's backlog was $52.7 million; $37.2 million for Performance and $15.5 million for NITC. The decrease in our backlog over the prior fiscal year was primarily due to lower orders during fiscal 2020.
GSE’s cash position at December 31, 2020, was $6.7 million, as compared to $11.7 million at December 31, 2019.
CONFERENCE CALL
Management will host a conference call today at 4:30 pm Eastern Time to discuss Q4 and full year 2020 results as well as other matters.
Interested parties may participate in the call by dialing:
The conference call will also be accessible via the following link: https://78449.themediaframe.com/dataconf/productusers/gvp/mediaframe/44080/indexl.html.
For those who cannot listen to the live broadcast, an online webcast replay will be available at the following link: https://78449.themediaframe.com/dataconf/productusers/gvp/mediaframe/44080/indexl.html or at www.gses.com for a longer period.
ABOUT GSE SOLUTIONS
We are the future of operational excellence in the power industry. As a collective group, GSE Solutions leverages top skills, expertise, and technology to provide highly specialized solutions that enable customers to achieve the performance they envision. Our experts deliver and support end-to-end training, engineering, compliance, simulation, and workforce solutions that help the power industry reduce risk and optimize plant operations. GSE is a proven solution provider, with more than four decades of industry experience and more than 1,100 installations serving hundreds of customers in over 50 countries spanning the globe. www.gses.com
FORWARD LOOKING STATEMENTS
We make statements in this press release that are considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. These statements reflect our current expectations concerning future events and results. We use words such as “expect,” “intend,” “believe,” “may,” “will,” “should,” “could,” “anticipates,” and similar expressions to identify forward-looking statements, but their absence does not mean a statement is not forward-looking. These statements are not guarantees of our future performance and are subject to risks, uncertainties, and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties, and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. We do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
GSE SYSTEMS, INC. AND SUBSIDIARIES
|
||||||||
|
|
|||||||
|
|
Three Months ended |
Twelve Months ended |
|||||
|
|
2020 |
2019 |
2020 |
2019 |
|||
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(audited) |
Revenue |
$12,653 |
|
$17,292 |
|
$57,620 |
|
$82,975 |
|
Cost of revenue |
8,864 |
|
12,270 |
|
42,835 |
|
62,677 |
|
Gross profit |
3,789 |
|
5,022 |
|
14,785 |
|
20,298 |
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
3,217 |
|
3,938 |
|
15,765 |
|
16,169 |
|
Research and development |
160 |
|
184 |
|
686 |
|
710 |
|
Restructuring charges |
1,102 |
|
1,736 |
|
1,297 |
|
2,478 |
|
Loss on impairment |
- |
|
133 |
|
4,302 |
|
5,597 |
|
Depreciation |
76 |
|
63 |
|
330 |
|
363 |
|
Amortization of definite-lived intangible assets |
415 |
|
596 |
|
1,943 |
|
2,400 |
|
Total operating expenses |
4,970 |
|
6,650 |
|
24,323 |
|
27,717 |
|
|
|
|
|
|
|
|
|
|
Operating loss |
(1,181) |
|
(1,628) |
|
(9,538) |
|
(7,419) |
|
|
|
|
|
|
|
|
|
|
Interest expense |
(67) |
|
(176) |
|
(623) |
|
(988) |
|
Loss on derivative instruments, net |
(52) |
|
56 |
|
(17) |
|
(13) |
|
Other income (expense), net |
20 |
|
2,006 |
|
(4) |
|
2,068 |
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
(1,280) |
|
258 |
|
(10,182) |
|
(6,352) |
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
189 |
|
6,607 |
|
355 |
|
5,733 |
|
|
|
|
|
|
|
|
|
|
Net loss |
$(1,469) |
|
$(6,349) |
|
$(10,537) |
|
$(12,085) |
|
|
|
|
|
|
|
|
|
|
Basic loss per common share |
$(0.07) |
|
$(0.32) |
|
$(0.52) |
|
$(0.60) |
|
Diluted loss per common share |
$(0.07) |
|
$(0.32) |
|
$(0.52) |
|
$(0.60) |
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - Basic |
20,566,121 |
|
20,017,028 |
|
20,439,157 |
|
20,062,021 |
|
Weighted average shares outstanding - Diluted |
20,566,121 |
|
20,017,028 |
|
20,439,157 |
|
20,062,021 |
|
GSE SYSTEMS, INC AND SUBSIDIARIES
|
||||
|
(audited) |
(audited) |
||
|
|
December 31, 2020 |
December 31, 2019 |
|
Cash and cash equivalents |
$6,702 |
$11,691 |
||
Current assets |
18,469 |
30,778 |
||
Total assets |
$38,909 |
$58,509 |
||
|
|
|||
Current liabilities |
$21,200 |
$34,434 |
||
Long-term liabilities |
7,204 |
3,956 |
||
Stockholders' equity |
$10,505 |
$20,119 |
||
EBITDA and Adjusted EBITDA Reconciliation (in thousands)
References to “EBITDA” mean net income (loss), before taking into account interest income and expense, provision for income taxes, depreciation and amortization. References to Adjusted EBITDA exclude the impact on our (loss) of any impairment of our intangibles, gain from the change in fair value of contingent consideration, restructuring charges, stock-based compensation expense, impact of the change in fair value of derivative instruments, acquisition-related expense, acquisition-related legal settlement and bad debt expense due to customer bankruptcy. EBITDA and Adjusted EBITDA are not measures of financial performance under generally accepted accounting principles (GAAP). Management believes EBITDA and Adjusted EBITDA, in addition to operating profit, net income and other GAAP measures, are useful to investors to evaluate the Company’s results because it excludes certain items that are not directly related to the Company’s core operating performance that may, or could, have a disproportionate positive or negative impact on our results for any particular period. Investors should recognize that EBITDA and Adjusted EBITDA might not be comparable to similarly-titled measures of other companies. This measure should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP. A reconciliation of non-GAAP EBITDA and Adjusted EBITDA to the most directly comparable GAAP measure in accordance with SEC Regulation G follows:
|
|
Three Months ended |
Twelve Months ended |
|||||
|
|
2020 |
2019 |
2020 |
2019 |
|||
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(audited) |
||
Net loss |
$(1,469) |
|
$(6,349) |
|
$(10,537) |
|
$(12,085) |
|
Interest expense |
67 |
|
176 |
|
623 |
|
988 |
|
Provision for income taxes |
189 |
|
6,607 |
|
355 |
|
5,733 |
|
Depreciation and amortization |
582 |
|
732 |
|
2,612 |
|
3,129 |
|
EBITDA |
(631) |
|
1,166 |
|
(6,947) |
|
(2,235) |
|
Litigation |
568 |
|
- |
|
477 |
|
- |
|
Loss on impairment |
- |
|
133 |
|
4,302 |
|
5,597 |
|
Change in fair value of contingent consideration |
- |
|
- |
|
- |
|
(1,200) |
|
Restructuring charges |
1,102 |
|
1,736 |
|
1,297 |
|
2,478 |
|
Stock-based compensation expense |
21 |
|
270 |
|
378 |
|
1,420 |
|
Change in fair value of derivative instruments |
52 |
|
(56) |
|
17 |
|
13 |
|
Acquisition-related expense |
1 |
|
- |
|
192 |
|
744 |
|
Acquisition-related legal settlement |
- |
|
(2,025) |
|
- |
|
(2,025) |
|
Adjusted EBITDA |
$1,113 |
|
$1,224 |
|
$(284) |
|
$4,792 |
|
Adjusted Net Income and Adjusted EPS Reconciliation (in thousands, except per share amounts)
References to Adjusted net income exclude the impact of gain from the change in fair value of contingent consideration, loss on impairment of our intangibles, restructuring charges, stock-based compensation expense, change in fair value of derivative instruments, acquisition-related expense, acquisition-related legal settlement, amortization of intangible assets related to acquisitions, bad debt expense due to customer bankruptcy, release of valuation allowance, and the income tax expense impact of any such adjustments. Adjusted Net Income and adjusted earnings per share (adjusted EPS) are not measures of financial performance under generally accepted accounting principles (GAAP). Management believes adjusted net income and adjusted EPS, in addition to other GAAP measures, are useful to investors to evaluate the Company’s results because they exclude certain items that are not directly related to the Company’s core operating performance and non-cash items that may, or could, have a disproportionate positive or negative impact on our results for any particular period. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP. A reconciliation of non-GAAP adjusted net income and adjusted EPS to GAAP net income, the most directly comparable GAAP financial measure, is as follows:
|
|
Three Months ended |
Twelve Months ended |
|||||
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(audited) |
Net loss |
$(1,469) |
|
$(6,349) |
|
$(10,537) |
|
$(12,085) |
|
Litigation |
568 |
|
- |
|
477 |
|
- |
|
Loss on impairment |
- |
|
133 |
|
4,302 |
|
5,597 |
|
Change in fair value of contingent consideration |
- |
|
- |
|
- |
|
(1,200) |
|
Restructuring charges |
1,102 |
|
1,736 |
|
1,297 |
|
2,478 |
|
Stock-based compensation expense |
21 |
|
270 |
|
378 |
|
1,420 |
|
Change in fair value of derivative instruments |
52 |
|
(56) |
|
17 |
|
13 |
|
Acquisition-related expense |
1 |
|
- |
|
192 |
|
744 |
|
Acquisition-related legal settlement |
- |
|
(2,025) |
|
- |
|
(2,025) |
|
Amortization of intangible assets related to acquisitions |
415 |
|
596 |
|
1,943 |
|
2,400 |
|
Valuation allowance |
1,589 |
|
6,820 |
|
1,589 |
|
6,820 |
|
Income tax expense impact of adjustments |
345 |
|
5,612 |
|
345 |
|
3,851 |
|
Adjusted net income |
$2,624 |
|
$6,737 |
|
$3 |
|
$8,013 |
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per common share |
$(0.07) |
|
$(0.31) |
|
$(0.52) |
|
$(0.60) |
|
|
|
|
|
|
|
|
|
|
Adjusted earnings (loss) per common share – Diluted |
$0.13 |
|
$0.33 |
|
$0.00 |
|
$0.39 |
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding – Diluted(a) |
20,646,910 |
|
20,560,399 |
|
20,439,157 |
|
20,376,255 |
|
(a) During the year ended December 31, 2020, the Company reported a GAAP net loss and positive adjusted net income. Accordingly, there was no dilutive shares from RSUs included in the adjusted earnings per common share calculation for the year ended December 31, 2020, that was considered anti-dilutive in determining the GAAP diluted loss per common share.
Company Contact
Kyle Loudermilk
Chief Executive Officer
GSE Systems, Inc.
(410) 970-7800
The Equity Group Inc.
Kalle Ahl, CFA
(212) 836-9614
This email address is being protected from spambots. You need JavaScript enabled to view it.
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