Rail-specific SaaS module offers end-to-end management including master and working roster generation, time and attendance capture and payroll analytics
OAKLAND, Calif.--(BUSINESS WIRE)--Navis, a part of Cargotec Corporation, and the provider of software for freight rail planning, scheduling and analytics, has announced the development of a new module for the optimization and management of crew scheduling, master rosters and working rosters.
The system, a part of the cloud-based Navis Rail Planning Suite, also provides the tools to manage short-term changes to timetables and staff availability; electronically capture and record staff attendance; and extract reports for payroll and analytics.
According to Tom Forbes, Head of Navis Rail, freight railway crew management is one of the largest variable costs for a railway and general-purpose personnel scheduling and rostering systems do not meet the challenges of workforce management for a freight railway. “Rail undertakings need rail-specific process management to build safe and efficient crew rosters that simultaneously consider personnel, route, traction, workflow, rules, regulations, labor agreements and other constraints,” said Forbes.
Navis Rail’s Workforce Management, a software-as-a-service (SaaS) system, is integrated with the company’s suite of service design tools for train and rollingstock planning. The complete application supports railways’ workforce management end-to-end, from master roster development through to capture of time and attendance. Its mobile portal allows workers to view their rosters, see roster changes, respond to call-in shift offers and record their attendances electronically.
To register for the Navis Rail webinar “The Importance of Workforce Management Tools in Freight Rail Operations,” on April 14 at 3:00 PM CEST / April 15 at 11:00 AM AEST, click here.
For more information on Navis Rail, visit https://www.navis.com/en/products/rail-solutions/
About Navis, LLC
Navis, a part of Cargotec Corporation, is a provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the cargo supply chain. Navis combines industry best practices with innovative technology and world-class services, to enable our customers, regardless of cargo type, to maximize performance and reduce risk. Through its holistic approach to operational optimization, Navis customers benefit from improved visibility, velocity and measurable business results. Whether tracking cargo through a terminal, improving vessel safety and cargo capacity, optimizing rail network planning and asset utilization, automating equipment operations, or managing multiple terminals through an integrated, centralized solution, Navis helps all customers streamline operations. www.navis.com
About Cargotec Corporation
Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec has signed United Nations Global Compact’s Business Ambition for 1.5°C. The company’s sales in 2020 totalled approximately EUR 3.3 billion and it employs around 11,500 people. www.cargotec.com
Jennifer Grinold
Navis, LLC
T+1 510 267 5002
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Geena Pickering
Affect
T+1 212 398 9680
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LOS ANGELES--(BUSINESS WIRE)--AECOM (NYSE: ACM) (“we,” “us,” “our” or the “Company”), the world’s premier infrastructure consulting firm, today announced that it has commenced a tender offer (the “Tender Offer”) to purchase for cash up to $500 million aggregate purchase price (not including any accrued and unpaid interest, and as such amount may be increased or decreased by the Company, the “Aggregate Maximum Purchase Price”) of its outstanding 5.875% Senior Notes due 2024 (the “Notes”).
In connection with the Tender Offer, the Company is also soliciting consents (the “Consents”) from registered holders (each, a “Holder” and, collectively, the “Holders”) of the Notes (the “Consent Solicitation”) to proposed amendments to the indenture governing the Notes (the “Indenture”), providing for, among other things, the elimination of substantially all of the restrictive covenants and certain events of default under the Indenture with respect to the Notes and the modification of certain notice requirements for redemption of the Notes by the Company (the “Proposed Amendments”). In the event of any proration of the Notes, the Consents delivered shall be null and void.
The terms and conditions of the Tender Offer and the Consent Solicitation are described in an Offer to Purchase and Consent Solicitation Statement, dated March 24, 2021 (the “Offer to Purchase and Consent Solicitation Statement”). The following table summarizes the material pricing terms of the Tender Offer.
Title of Notes |
CUSIP Number |
Aggregate
|
Aggregate
|
Early Tender
|
Tender Offer
|
Total
|
5.875% Senior Notes due 2024 |
00766TAD2 |
$797,252,000 |
$500,000,000 |
$30.00 |
$1,116.25 |
$1,146.25 |
| (1) | Per $1,000 principal amount of Notes tendered and accepted for purchase. |
|
| (2) | Included in the Total Consideration for Notes tendered and accepted for purchase on or prior to the Early Tender Deadline. |
|
| (3) | Does not include accrued and unpaid interest from the last date on which interest has been paid to, but excluding, the Early Settlement Date (as defined below) or the Final Settlement Date (as defined below), as applicable, that will be paid on the Notes accepted for purchase. |
The Tender Offer and the Consent Solicitation will expire immediately after 11:59 p.m., New York City time, on April 20, 2021, unless extended or earlier terminated by the Company (the “Expiration Time”). Subject to the terms and conditions of the Tender Offer, including the Aggregate Maximum Purchase Price and proration, Holders of Notes that are validly tendered on or prior to 5:00 p.m., New York City time, on April 6, 2021 (such date and time, as it may be extended, the “Early Tender Deadline”) and not validly withdrawn at any time on or prior to 5:00 p.m., New York City time, on April 6, 2021, unless extended (such date and time, as it may be extended, the “Withdrawal Deadline”) will be eligible to receive the Total Consideration set forth in the table above, which includes the Early Tender Payment set forth in the table above. Holders of Notes tendering their Notes after the Early Tender Deadline, but on or prior to the Expiration Time, will only be eligible to receive the Tender Offer Consideration set forth in the table above, which is the Total Consideration less the Early Tender Payment.
In addition, Holders of all Notes validly tendered and accepted for purchase pursuant to the Tender Offer will receive accrued and unpaid interest on such Notes from the last date on which interest has been paid to, but excluding, the Early Settlement Date or the Final Settlement Date, as applicable. The Early Settlement Date is currently expected to be on or about April 13, 2021, unless extended or earlier terminated by us with respect to the Offer in our sole discretion (the “Early Settlement Date”). The Final Settlement Date will be on April 22, 2021, unless extended or earlier terminated by us with respect to the Tender Offer in our sole discretion (the “Final Settlement Date”). Holders may not tender their Notes pursuant to the Tender Offer without delivering their Consents in the Consent Solicitation.
The aggregate purchase price of the Notes that may be purchased pursuant to the Tender Offer will not exceed the Aggregate Maximum Purchase Price. The Company reserves the right, but is under no obligation, to increase or decrease the Aggregate Maximum Purchase Price at any time, in each case without extending the Early Tender Deadline or the Withdrawal Deadline for the Tender Offer or otherwise reinstating withdrawal or revocation rights of Holders, subject to applicable law, which could result in the Company purchasing a greater or lesser amount of the Notes in the Tender Offer. Acceptance of tenders of the Notes may be subject to proration if the aggregate purchase price of the Notes validly tendered and not validly withdrawn would exceed the Aggregate Maximum Purchase Price.
The consummation of the Tender Offer and the Consent Solicitation is subject to, and conditioned upon, the satisfaction or waiver of certain conditions described in the Offer to Purchase and Consent Solicitation Statement, including the Company entering into a new senior secured term loan credit facility on terms and conditions satisfactory to the Company, the net proceeds of which, together with cash on hand, are sufficient to fund the purchase of the Notes validly tendered and accepted for purchase. The Tender Offer is not conditioned on any minimum amount of Notes being tendered or the receipt of Requisite Consents (as defined below).
In order for the Proposed Amendments to be adopted with respect to the Notes, Consents must be received in respect of at least a majority of the principal amount (the “Requisite Consents”) of the Notes then outstanding (excluding any Notes owned by the Company or its affiliates). Assuming receipt of the Requisite Consents, the Company expects to execute and deliver to the Trustee (as defined below) a supplemental indenture (the “Supplemental Indenture”) to the Indenture giving effect to the Proposed Amendments, promptly following the later of the receipt of the Requisite Consents and the Withdrawal Deadline. The Supplemental Indenture will become effective when executed by the Company, the guarantors from time to time party to the Indenture and U.S. Bank National Association, as trustee (the “Trustee”). However, the Proposed Amendments will become operative only upon our acceptance for purchase, pursuant to the Tender Offer, of at least a majority in principal amount of the outstanding Notes (excluding any Notes owned by the Company or any of its affiliates) and payment therefor. Holders of Notes may not consent selectively with respect to certain of the Proposed Amendments, or tender Notes without consenting to the Proposed Amendments with respect to such Notes. In the event of any proration of the Notes tendered, the Consents delivered shall be null and void and the Proposed Amendments will not become operative.
Any Notes validly tendered and related Consents validly delivered may be withdrawn or revoked from the Tender Offer and the Consent Solicitation on or prior to the Withdrawal Deadline. Any Notes validly tendered and related Consents validly delivered on or prior to the Withdrawal Deadline that are not validly withdrawn or revoked on or prior to the Withdrawal Deadline may not be withdrawn or revoked thereafter, except as required by law. In addition, any Notes validly tendered and related Consents validly delivered after the Withdrawal Deadline may not be withdrawn or revoked, except as required by law.
Subject to the satisfaction or waiver of the conditions to the Tender Offer, if the Company accepts for purchase any Notes validly tendered and Consents validly delivered on or prior to the Early Tender Deadline and not validly withdrawn (or Consents revoked) on or prior to the Withdrawal Deadline, such Notes and Consents will be accepted for purchase in priority to other Notes and Consents validly tendered or delivered pursuant to the Tender Offer and the Consent Solicitation after the Early Tender Deadline. Accordingly, if the Aggregate Maximum Purchase Price is reached on or prior to the Early Tender Deadline, no Notes and Consents that are validly tendered or delivered after the Early Tender Deadline will be accepted for purchase and any Notes and Consents accepted for purchase on the Early Settlement Date will be accepted on a prorated basis up to the amount of the Aggregate Maximum Purchase Price.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer, solicitation, or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.
BofA Securities is the dealer manager (the “Dealer Manager”) in the Tender Offer and the Consent Solicitation. D.F. King & Co., Inc. has been retained to serve as the tender and information agent (the “Tender and Information Agent”) for the Tender Offer and the Consent Solicitation. Questions regarding the Tender Offer and the Consent Solicitation should be directed to BofA Securities at (980) 388-3646 (all call) or This email address is being protected from spambots. You need JavaScript enabled to view it.. Requests for copies of the Offer to Purchase and Consent Solicitation Statement and other related materials should be directed to D.F. King & Co., Inc. at (800) 290-6426 (all call), (212) 232-3233 (Banks and Brokers) or at This email address is being protected from spambots. You need JavaScript enabled to view it..
None of the Company, its board of directors, the Dealer Manager, the Tender and Information Agent, the Trustee under the Indenture, the Depository Trust Company nor any of their respective affiliates, makes any recommendation as to whether any Holder should tender or deliver, or refrain from tendering or delivering, any or all of such Holder’s Notes or the Consents, and none of the Company nor any of its affiliates has authorized any person to make any such recommendation. The Tender Offer and the Consent Solicitation are made only by the Offer to Purchase and Consent Solicitation Statement. The Tender Offer and the Consent Solicitation are not being made to Holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction where the securities, blue sky or other laws require the Tender Offer and the Consent Solicitation to be made by a licensed broker or dealer, the Tender Offer and the Consent Solicitation will be deemed to be made on behalf of the Company by the Dealer Manager or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.
About AECOM
AECOM (NYSE: ACM) is the world’s premier infrastructure consulting firm, delivering professional services throughout the project lifecycle – from planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, energy and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical expertise and innovation, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $13.2 billion in fiscal year 2020.
Forward-Looking Statements
All statements in this communication other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, coronavirus impacts, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of AECOM. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; impacts caused by the coronavirus and the related economic instability and market volatility, including the reaction of governments to the coronavirus, including any prolonged period of travel, commercial or other similar restrictions, the delay in commencement, or temporary or permanent halting of construction, infrastructure or other projects, requirements that we remove our employees or personnel from the field for their protection, and delays or reductions in planned initiatives by our governmental or commercial clients or potential clients; losses under fixed-price contracts; limited control over operations run through our joint venture entities; liability for misconduct by our employees or consultants; failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; high leverage and potential inability to service our debt and guarantees; exposure to Brexit; exposure to political and economic risks in different countries; currency exchange rate fluctuations; retaining and recruiting key technical and management personnel; legal claims; inadequate insurance coverage; environmental law compliance and adequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; AECOM Capital real estate development projects; managing pension costs; cybersecurity issues, IT outages and data privacy; risks associated with the benefits and costs of the Power transaction and other recent acquisitions and divestitures, including the risk that the expected benefits of such transactions or any contingent purchase price will not be realized within the expected time frame, in full or at all; the risk that costs of restructuring transactions and other costs incurred in connection with recent acquisitions and divestitures will exceed our estimates or otherwise adversely affect our business or operations; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.
Investor Contact:
Will Gabrielski
Senior Vice President, Finance, Investor Relations
213.593.8208
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Media Contact:
Brendan Ranson-Walsh
Vice President, Global Communications & Corporate Responsibility
213.996.2367
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SIMI VALLEY, Calif.--(BUSINESS WIRE)--$AVAV #AeroVironment--AeroVironment, Inc. (NASDAQ: AVAV), a global leader in Unmanned Aircraft Systems (UAS), today announced the United States Army exercised the second of three options under the sole source Flight Control Systems (FCS) domain of the Army’s multi-year small UAS contract on February 25, 2021. The value of the contract option is $20,979,905 and includes avionics and data link upgrade packages to modify radio frequencies employed by the Army’s existing fleet of Raven® tactical UAS. The period of Performance ends June 30, 2022.
The contract option was exercised under the Army’s FCS domain awarded to AeroVironment in June 2019 with an initial base delivery order of $862,488. FCS is the first of six domains comprising the Army’s existing five-year Indefinite Delivery, Indefinite Quantity (IDIQ) SUAS contract and has a potential value of up to $55 million. The Army’s first option under the existing contract – valued at $21,058,643 – was exercised in April 2020, bringing the total value to date to $42,901,035.
“The U.S. Army possesses the largest fleet of Raven small unmanned aircraft systems in the world. For more than a decade, Raven systems have provided frontline Soldiers with increased mission effectiveness, safety and situational awareness so they can proceed with certainty,” said Trace Stevenson, vice president and product line general manager of small UAS.
The Raven system is designed for rapid deployment and high mobility for operations requiring low-altitude Intelligence, Surveillance and Reconnaissance (ISR). With a wingspan of 4.5 feet and weighing just 4.2 pounds (1.9 kilograms), the hand-launched Raven provides situational awareness, day or night, with an operational range of 6.2 miles (10 kilometers). The Raven’s Mantis i23 EO/IR gimbaled payload delivers real-time video or infrared imagery to ground control and remote viewing stations.
AeroVironment’s family of tactical UAS comprises the majority of all unmanned aircraft in the U.S. Department of Defense (DoD) inventory, and its rapidly growing international customer base numbers more than 50 allied governments. To learn more, visit www.avinc.com.
ABOUT AEROVIRONMENT UNMANNED AIRCRAFT SOLUTIONS
AeroVironment’s portfolio of intelligent, multi-domain robotic systems includes small footprint, runway-independent unmanned aircraft systems. The JUMP 20, T-20 and Puma™ LE provide extended range, multi-payload capabilities, and the Puma™ RQ-20, Raven® RQ-11B, Wasp® RQ-12A, VAPOR® Helicopter and automated Quantix™ Recon deliver highly tactical, frontline situational awareness. These solutions deliver increased, multi-mission capabilities and the option of selecting the appropriate aircraft based on the type of mission performed. These capabilities have the potential to provide significant force protection and force multiplication benefits to small tactical units and security personnel, as well as greater safety, scalability and cost-savings to commercial operators. AeroVironment provides turnkey ISR and support services worldwide to ensure a consistently high level of mission success. AeroVironment has delivered tens of thousands of new and replacement unmanned air vehicles to customers within the United States and to more than 50 allied governments. For more information, visit https://www.avinc.com/uas.
ABOUT AEROVIRONMENT, INC.
AeroVironment (NASDAQ: AVAV) provides technology solutions at the intersection of robotics, sensors, software analytics and connectivity that deliver more actionable intelligence so you can Proceed with Certainty. Celebrating 50 years of innovation, AeroVironment is a global leader in unmanned aircraft systems and tactical missile systems, and serves defense, government and commercial customers. For more information, visit www.avinc.com.
SAFE HARBOR STATEMENT
Certain statements in this press release may constitute “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from those expressed or implied. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to perform under existing contracts and obtain additional contracts; changes in the regulatory environment; the activities of competitors; failure of the markets in which we operate to grow; failure to expand into new markets; failure to develop new products or integrate new technology with current products; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Makayla Thomas
AeroVironment, Inc.
+1 (805) 520-8350
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Mark Boyer
For AeroVironment, Inc.
+1 (213) 247-4109
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HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC Pink–ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on March 26, 2021 based on the Trust’s calculation of net profits generated during January 2021 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest (the “Conveyance”). If the Trust continues to receive insufficient monthly income from its net profits interests and overriding royalty interest, the Trust is expected to terminate by its terms by the end of 2021. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. The Trust may also be terminated upon the occurrence of other events as described in the Trust’s filings with the SEC. All financial and operational information in this press release has been provided to the Trustee by PCEC.
The Current Month’s distribution calculation for the Developed Properties resulted in an operating income of approximately $574,000. Revenues from the Developed Properties were approximately $2.13 million, lease operating expenses including property taxes were approximately $1.56 million, and development costs were approximately $0. The average realized price for the Developed Properties was $51.00 per Boe for the Current Month, as compared to $46.17 per Boe in December 2020. Although oil prices have begun to increase since their sharp decline in the first quarter of 2020, prices continued to remain depressed during the Current Month as compared to January 2020. The cumulative net profits deficit amount for the Developed Properties decreased slightly, to approximately $25.2 million in the Current Month versus approximately $25.6 million in the prior month.
The Current Month’s calculation included approximately $54,000 generated from the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $49.03 per Boe in the Current Month, as compared to $43.36 per Boe in December 2020. The cumulative net profits deficit for the Remaining Properties decreased by approximately $57,000 and was approximately $2.6 million for the Current Month.
The monthly operating and services fee of approximately $95,000 payable to PCEC and Trust general and administrative expenses of approximately $54,000 together exceeded the payment of approximately $54,000 received from PCEC from the 7.5% overriding royalty interest on the Remaining Properties, creating a shortfall of approximately $95,000.
PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. Further, the trust agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. PCEC has indicated its willingness to begin negotiating the terms of such a loan upon the Trustee’s written request. Under the trust agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC or another source to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. The Trust will be drawing funds from the letter of credit to pay the expected shortfall of approximately $95,000, which together with prior drawdowns would result in the drawdown of the remaining amount available under the letter of credit. In addition to the funds drawn from the letter of credit, the Trust has outstanding borrowings from PCEC of approximately $278,000, including interest thereon, related to shortfalls from prior months. Consequently, no further distributions may be made to Trust unitholders until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full. The Trust also owes PCEC approximately $628,000 in unpaid monthly operating and services fees, which also must be paid to PCEC before any distributions can be made to Trust unitholders.
Sales Volumes and Prices
The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:
Underlying Properties |
||||
Sales Volumes |
Average Price |
|||
(Boe) |
(Boe/day) |
(per Boe) |
||
Developed Properties (a) |
41,836 |
1,350 |
$51.00 |
|
Remaining Properties (b) |
15,716 |
507 |
$49.03 |
|
(a) Crude oil sales represented 98% of sales volumes |
||||
(b) Crude oil sales represented 100% of sales volumes |
||||
Update on Estimated Asset Retirement Obligations
As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the Conveyance, PCEC intended to begin deducting its estimated asset retirement obligations (“ARO”) associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields, thereby reducing the amounts payable to the Trust under its Net Profits Interests. ARO is the accounting recognition related to plugging and abandonment obligations that all oil and gas operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by Moss Adams, PCEC’s estimated ARO, as of December 31, 2019, is $45,695,643, which is approximately $10.0 million less than the amount that was originally estimated before Moss Adams completed its analysis, as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflects PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. The accrual has resulted in a current cumulative net profits deficit of approximately $28.4 million, which must be recouped from proceeds otherwise payable to the Trust from the Trust’s Net Profits Interests. Therefore, until the net profits deficit is eliminated, the only cash proceeds the Trust will receive are pursuant to the 7.5% overriding royalty interest.
PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC.
Based on PCEC’s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.
As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO in the Moss Adams report that PCEC provided to the Trustee. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to its estimated ARO. As disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, Martindale has completed its review of the estimated ARO and on December 21, 2020 provided its analysis and recommendations to the Trustee. Based on Martindale’s recommendations provided in its report to the Trust, as disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, the Trustee requested that PCEC promptly make several adjustments to its calculations and methods of deducting ARO from the proceeds to which the Trust is otherwise entitled pursuant to its Net Profits Interests. PCEC has responded to the Trustee, claiming that the adjustments would violate applicable contracts and accounting standards, and has therefore declined to make any adjustments to the estimated ARO calculation based on those requests and the recommendations of the Martindale report. The Trustee has concluded that it has taken all action reasonably available to it under the Trust’s governing documents in connection with PCEC’s ARO calculation and therefore has determined not to take further action at this time.
As described in more detail in the Trust’s filings with the SEC, the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interests and 7.5% overriding royalty interest total less than $2.0 million for each of any two consecutive calendar years. PCEC is deducting estimated ARO, thereby reducing the amounts payable to the Trust. Unless significant market changes were to occur, no payments will be made by PCEC to the Trust for the foreseeable future, which would result in the total proceeds received by the Trust to total less than $2.0 million in each of 2020 and 2021.
Production Update
PCEC has informed the Trustee that the economic effects of the COVID-19 pandemic and the oversupply of crude oil resulting from the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries have continued to have an adverse impact on PCEC’s production. PCEC noted an overall decrease in production month over month of approximately 4.3% due to a combination of operational constraints related to the natural progression of the cyclic steam process as well as planned repairs and maintenance on several wells. This decrease is slightly offset by improving oil prices as noted above. PCEC utilizes data obtained from operations and the marketplace to optimize production, including investing current cash flow to return down wells to service. As economics improve and oil prices increase, PCEC may invest in returning wells to production. PCEC has indicated to the Trustee that returning wells to production is a time-consuming and capital-intensive process and will not result in immediate cash flows for PCEC, nor will it immediately stem the decline in production. PCEC has informed the Trustee that unless a substantial number of wells return to production, or oil prices improve significantly or both, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.
Overview of Trust Structure
Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit https://royt.q4web.com/home/default.aspx.
Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders in 2021, expectations regarding the impact of COVID-19 on the Trust and the impact of the pandemic on future distributions to unitholders, expectations regarding the impact of lower commodity prices on oil and gas reserve estimates, PCEC’s plans to shut in production or to spend additional amounts to return production from down wells, statements regarding the impact of returning shut-in wells to production, expectations regarding PCEC’s ability to loan funds to the Trust, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by prevailing low commodity prices, which have declined significantly, could decline further and could remain low for an extended period of time in light of the economic effects of the COVID-19 pandemic and the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.
Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
Innovative and Flexible IEC certified TS4-A-O Supports Modules and Inverters around the World
CAMPBELL, Calif.--(BUSINESS WIRE)--Tigo Energy, Inc., the solar industry worldwide leader in Flex-MLPE (Module Level Power Electronics), today announced a new version of its flagship TS4-A-O optimizer, which increases its rated module power to an industry-leading 700-watts. The new product is IEC certified and another milestone in Tigo’s long track record of leadership in innovative MLPE solutions that enhance PV installations from residential to utility-scale size.
Tigo released the new optimizer solution to stay ahead of PV module power, which has increased significantly year over year. It has the highest per-module wattage of any commercially available optimizer on the market, enabling it to work with the newest PV modules, including high-efficiency and bifacial ones.
“We are experiencing increased demand for our optimization solutions on large scale PV installations, which tend to use higher wattage, higher current PV modules,” stated Zvi Alon, Chairman and CEO of Tigo. “This is an enormous technical achievement by our team and lays the foundation for Tigo’s success with our MLPE family with the next generation of PV modules.”
Highlights of the 700W TS4-A-O include:
Tigo optimizers recently surpassed 75 GWh of Reclaimed Energy since 2009 for worldwide installations. Reclaimed Energy is the incremental energy generated from Tigo optimizers that would have been lost due to shade and other sources of mismatch if Tigo optimizers were not installed on the PV system.
“We will continue to innovate and invest in industry-leading products that enhance PV projects for our customers,” added Mr. Alon.
The new product retains the same form factor as the previous generation TS4-A-O and works with the same equipment that installers are familiar with. It will be rolled out internationally, beginning in Australia and South America initially, followed by Europe. The 700W TS4-A-O is open for new orders in those markets as inventory is consumed with delivery expected as early as the end of second quarter.
Interested parties should contact the Tigo sales team at www.tigoenergy.com/contacts.
About Tigo
Tigo is the worldwide leader in flexible module level power electronics (MLPE) with innovative solutions that significantly increase energy production, decrease operating costs, and enhance safety of photovoltaic (PV) systems. Tigo’s TS4 platform maximizes the benefit of PV systems and provides customers with the most scalable, versatile, and reliable MLPE solution available. Tigo was founded in Silicon Valley in 2007 to accelerate the adoption of solar energy worldwide. Tigo systems operate on 7 continents and produce gigawatt hours of reliable, clean, affordable and safe solar energy daily. Tigo's global team is dedicated to making the best MLPE on earth so more people can enjoy the benefits of solar. Visit us at www.tigoenergy.com.
John Lerch
408.402.0802 x430
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HOUSTON--(BUSINESS WIRE)--Solaris Midstream Holdings, LLC, parent company to Solaris Water Midstream, LLC (collectively, “Solaris Water”), today announced the pricing of $400 million aggregate principal amount of senior unsecured notes (the “Notes”). The Notes, which priced at par, will mature in 2026 and will pay an annual interest rate of 7.625%. Solaris Water intends to use the net proceeds from the offering to repay all borrowings under its revolving credit facility, to redeem all outstanding preferred equity, and for general corporate purposes.
The Notes provide for a sustainability performance target relating to Solaris Water’s large-scale produced water recycling consistent with its sustainability-linked bond framework. The Notes adhere to the voluntary Sustainability-Linked Bond Principles issued by the International Capital Market Association.
Solaris Water also announced it intends to amend its revolving credit facility at the closing of the Notes offering to extend the maturity by approximately three years and provide Solaris Water with greater financial flexibility.
The Notes offering is expected to close on April 1, 2021.
About Solaris Water
Solaris Water is an independent, environmentally-focused water infrastructure company headquartered in Houston. Solaris Water builds sustainable, long-term value through the construction and operation of high-capacity gathering, recycling, ground water supply, disposal and comprehensive water management solutions for many of the largest operators in the Permian Basin. More information on Solaris Water and its sustainability-linked bond framework is available at www.solariswater.com. Information on the Solaris Water website is not part of this press release.
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 closing of the transaction, the use of proceeds, and the benefits of the transaction. 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.
Casey Nikoloric,
Managing Principal, TEN|10 Group
303.433.4397, x101 o
303.507.0510 m
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Report highlights key commitments such as saving $300,000 in energy costs for one customer alone
BOSTON--(BUSINESS WIRE)--Veolia North America is proud to release its annual Sustainability Report, featuring the results of Veolia’s program to set ambitious sustainability goals, which allowed their clients and communities to save energy, reduce waste and preserve precious natural resources.
Veolia North America has made significant strides toward a number of sustainability commitments, including diagnosing and generating biodiversity action plans in 79% of our sites as well as reducing 2.5 million metric tons of CO2 emissions. Recognized for its innovation, Veolia was presented with a 2019 SEAL Environmental Initiative Award for its Hubgrade smart monitoring system, which helps buildings manage their energy use. Veolia has also received recognition for its sustainable development goals from the industry-leading external rating agencies including CDP, Ecovadis and the Dow Jones Sustainability Indexes.
The report highlights where Veolia has demonstrated superior execution and performance for its customers and facilitates businesses’ shift toward green, circular solutions. For example, the evaluation of a 2.8 million square foot industrial complex led to a reduction of its energy use by 20%. The company’s efforts helped a food manufacturer divert 40 tons of waste from landfills as well as assisted an oil and gas producer in water-stressed California to reuse 50% of their produced water – so much so that 20,000 barrels a day was clean enough to recharge a local creek.
“I am thrilled that our company remains focused on circularity and ecological transformation, delivering the essential services that people rely on to persevere,” said Brian Clarke, president and CEO of Veolia North America. “Veolia North America is committed to solving green challenges and delivering innovative, creative solutions for the future. We are providing superior service while protecting our environment and meeting our mission goals around sustainability.”
Read the report to learn how Veolia North America actively manages customers' waste streams, from treating 13 million gallons of wastewater per day outside Honolulu to helping Florida’s Gulf Coast preserve its stunning natural resources.
About Veolia North America
A subsidiary of Veolia group, Veolia North America (VNA) offers a full spectrum of water, waste and energy management services, including water and wastewater treatment, commercial and hazardous waste collection and disposal, energy consulting and resource recovery. VNA helps commercial, industrial, healthcare, higher education and municipality customers throughout North America. Headquartered in Boston, Mass., Veolia North America has more than 7,000 employees working at more than 250 locations across the continent. www.veolianorthamerica.com
About Veolia
Veolia group is the global leader in optimized resource management. With nearly 179,000 employees worldwide, the Group designs and provides water, waste and energy management solutions which contribute to the sustainable development of communities and industries. Through its three complementary business activities, Veolia helps to develop access to resources, preserve available resources, and to replenish them. In 2019, the Veolia group supplied 98 million people with drinking water and 67 million people with wastewater services, produced nearly 45 million megawatt hours of energy and treated 50 million metric tons of waste. Veolia Environnement (listed on Paris Euronext: VIE) recorded consolidated revenue of €27.189 billion in 2019 (USD 29.9 billion). www.veolia.com
Media Contact:
Sally Darling
(281) 414-2967
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KANSAS CITY, Mo.--(BUSINESS WIRE)--Northern Genesis Acquisition Corp. (NYSE: NGA), a publicly traded special purpose acquisition company (“Northern Genesis”), and Lion Electric, an innovative manufacturer of zero-emission vehicles, announced today that Lion Electric’s registration statement on Form F-4 (File No. 333-251847), relating to the previously announced business combination, has been declared effective by the U.S. Securities and Exchange Commission. Northern Genesis has commenced mailing of the definitive proxy statement/prospectus relating to the Special Meeting of the Stockholders of Northern Genesis (the “Special Meeting”).
The Special Meeting to approve the pending business combination is scheduled to be held on Friday, April 23, 2021, at 10:00 a.m., Eastern time. The Special Meeting will be completely virtual and conducted via live webcast. Holders of Northern Genesis’ shares of Common Stock at the close of business on the record date of March 18, 2021 are entitled to notice of the virtual Special Meeting and to vote at the virtual Special Meeting.
If the proposals at the Special Meeting are approved, the parties anticipate that the business combination will close shortly thereafter, subject to the satisfaction or waiver (as applicable) of all other closing conditions.
Northern Genesis stockholders who need assistance voting or have questions regarding the Special Meeting may contact Northern Genesis’ proxy solicitor, D.F. King & Co., Inc., by telephone at (888) 605-1958 or by email This email address is being protected from spambots. You need JavaScript enabled to view it.. For assistance in French, stockholders may call (866) 822-1243 or email This email address is being protected from spambots. You need JavaScript enabled to view it..
About Northern Genesis Acquisition Corp.
Northern Genesis Acquisition Corp. (NYSE: NGA) is a special purpose acquisition company formed for the purpose of effecting a merger, stock exchange, acquisition, reorganization or similar business combination with one or more businesses. The Northern Genesis management team brings a unique entrepreneurial owner-operator mindset and a proven history of creating shareholder value across the sustainable power and energy value chain. Northern Genesis is committed to helping the next great public company find its path to success; a path which will most certainly recognize the growing sensitivity of customers, employees and investors to alignment with the principles underlying sustainability.
About The Lion Electric Company
The Lion Electric Company is an innovative manufacturer of zero-emission vehicles. The company creates, designs and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric buses and minibuses for the school, paratransit and mass transit segments. Lion is a North American leader in electric transportation and designs, builds and assembles all its vehicle components, including chassis, battery packs, truck cabins and bus bodies.
Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life.
Important Information and Where to Find It
In connection with the proposed business combination, Lion Electric filed a registration statement on Form F-4 with the SEC that was declared effective on March 24, 2021 (the “Registration Statement”), which includes a proxy statement of Northern Genesis and a prospectus of Lion Electric. The Registration Statement has been declared effective by the SEC and the definitive proxy statement/prospectus has been mailed out to Northern Genesis’ stockholders. Investors and security holders of Northern Genesis and other interested parties are urged to read the Registration Statement and the definitive proxy statement/prospectus (the “Joint Proxy Statement/Prospectus”), any amendments to the foregoing, and any other documents filed with the SEC, when available, because they will contain important information about Lion Electric, Northern Genesis and the proposed business combination. Investors and security holders of Northern Genesis may obtain free copies of the Joint Proxy Statement/Prospectus and other documents filed with the SEC by Northern Genesis and Lion Electric through the website maintained by the SEC at www.sec.gov or by directing a request to: Northern Genesis Acquisition Corp., 4801 Main Street, Suite 1000, Kansas City, MO 64112 or (816) 514-0324. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.
Participants in the Solicitation
Northern Genesis and its directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from Northern Genesis’ stockholders in respect of the proposed business combination. Lion Electric and its officers and directors may also be deemed participants in such solicitation. Information regarding Northern Genesis’ directors and executive officers is available under the heading “Directors and Executive Officers” in its Annual Report on Form 10-K which was filed with the SEC on March 9, 2021. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, which may, in some cases, be different than those of their stockholders generally, are contained in the Joint Proxy Statement/Prospectus and will be contained in other relevant materials to be filed with the SEC in connection with the proposed business combination when they become available. Stockholders, potential investors and other interested persons should read the Joint Proxy Statement/Prospectus carefully before making any voting or investment decisions. These documents can be obtained free of charge from the sources indicated above.
No Offer or Solicitation
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval. No offer of securities, other than with respect to the concurrent private placement of Lion shares as described in the Registration Statement, shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
Forward-Looking Statements
All statements other than statements of historical facts contained in this press release constitute “forward-looking statements” (which shall include forward-looking information within the meaning of Canadian securities laws) within the meaning of Section 27A of the Securities Act. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “could,” “plan,” “project,” “potential,” “seem,” “seek,” “future,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These forward-looking statements include, but are not limited to, statements regarding the transaction, including with respect to timing and closing thereof and the ability to consummate the transaction. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Lion Electric’s and Northern Genesis’ management and are not predictions of actual performance. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Lion Electric and Northern Genesis, and are based on a number of assumptions, as well as other factors that Lion Electric and Northern Genesis believe are appropriate and reasonable in the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct or that the Lion Electric’s vision, business, objectives, plans and strategies will be achieved. Many risks and uncertainties could cause Lion Electric’s actual results, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including those factors discussed in the Registration Statement and Joint Proxy Statement/Prospectus, as well as other documents filed or to be filed by Lion Electric or Northern Genesis in accordance with applicable securities laws. These factors are not intended to represent a complete list of the factors that could affect Northern Genesis or Lion Electric, and there may be additional risks that neither Northern Genesis nor Lion Electric presently know or that Northern Genesis and Lion Electric 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 Northern Genesis’ and Lion Electric’s expectations, plans or forecasts of future events and views as of the date of this press release. Northern Genesis and Lion Electric anticipate that subsequent events and developments will cause their respective assessments to change. However, while Northern Genesis and Lion Electric may elect to update these forward-looking statements at some point in the future, Northern Genesis and Lion Electric have no intention and undertake no obligation to do so except as required by applicable law. These forward-looking statements should not be relied upon as representing Northern Genesis’ and Lion Electric’s assessments as of any date subsequent to the date of this press release.
D.F. King & Co., Inc.
48 Wall Street, 22nd Floor
New York, NY 10005
Call Toll-Free: (888) 605-1958
Banks and Brokers Call: (212) 269-5550
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DUBLIN--(BUSINESS WIRE)--The "United Arab Emirates (UAE) Projects, H1 2021 - Outlook of Major Projects Spanning Construction, Oil and Gas, Renewable Energy, Transport, Power and Water, Industrial Sectors - MEED Insights" report has been added to ResearchAndMarkets.com's offering.
"UAE Projects H1 2021" focuses on data, it is aimed at helping companies create strategies for targeting and growing the market. It uses almost exclusively data from MEED Projects, the region's leading online projects tracking service. With 15,000 active projects tracked and more than 35,000 in total in the database, MEED Projects makes it possible to quantify current, historical and future trends in the projects market in the region.
Whichever way you look at it 2020 was a very difficult year for the projects market in the UAE. At just under $19bn of contract awards it was more than 40 per cent down on the 2019 figure, This represented the worst year in nearly two decades as the twin blows of Covid-19 and lower prices hit hard.
The pandemic's impact was particularly clear given the sharp fall in spending in the latter half of the year after the coronavirus had fully taken hold. Nonetheless, the market was already in decline. After years of falling real estate prices, construction activity had been decreasing over the previous three years and would no doubt have reached a crunch point with or without Covid-19.
This year should be a lot more promising as life gradually returns to normal. Spending will be spurred by a number of new oil and gas projects in Abu Dhabi led by the multi-billion-dollar Hail & Ghasha sour gas programme. However, construction sector expenditure is expected to remain muted in 2021 and even beyond until demand begins to pick up and oversupply dwindles.
In this challenging environment firms will have to be smart in order to prosper. Selecting the right clients, specialising in niche sectors, and introducing novel technologies are all tools companies can harness in order to stay ahead of the competition.
Likewise, the pipeline of projects in the UAE sits at more than $670bn. Although there are undoubtably challenges in the short term, the long term prognosis is still relatively healthy. Regardless of what happens, the UAE market will remain one of the largest projects markets in the region.
Reasons to Buy
Key Topics Covered:
For more information about this report visit https://www.researchandmarkets.com/r/5zfhhn
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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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
PLANO, Texas--(BUSINESS WIRE)--Vine Energy Inc. (“Vine”) announced today that the underwriters of its previously announced initial public offering (“IPO”) of 21,500,000 shares of its Class A common stock have fully exercised their option to purchase an additional 3,225,000 shares of Vine’s Class A common stock at the IPO price of $14.00 per share less the underwriting discounts and commissions, resulting in additional net proceeds of approximately $43 million. The exercise of the underwriters’ option closed on March 24, 2021.
Citigroup, Credit Suisse, Morgan Stanley, Barclays, BofA Securities and RBC Capital Markets acted as joint book-running managers for the offering. The offering of these securities was made only by means of a prospectus. Copies of the final prospectus may be obtained from:
Important Information
A registration statement relating to these securities has been filed with, and declared effective by, the SEC. The registration statement may be obtained free of charge at the SEC’s website at www.sec.gov under “Vine Energy Inc.” This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Vine Energy Inc.
Based in Plano, TX, Vine Energy Inc. is an energy company focused on the development of natural gas properties in the stacked Haynesville and Mid-Bossier shale plays in the Haynesville Basin of Northwest Louisiana.
David Erdman
(469) 605-2480
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ABU DHABI--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, today announced the Exchange Members and Clearing Members approved to directly trade and clear ICE Futures Abu Dhabi (“IFAD”) markets, ICE’s new exchange in Abu Dhabi.
ICE plans to launch IFAD and trading in ICE Murban Crude Oil Futures alongside 18 related cash settled derivatives and inter-commodity spreads, on March 29, 2021. Contracts traded on IFAD will be cleared at ICE Clear Europe, ICE’s leading energy clearing house.
The 24 approved Exchange Members, of which 18 are approved Clearing Members, are listed in full on IFAD’s Membership page here. This includes:
“As part of our ongoing commitment to the Middle East, our clients around the world, and our mission to offer access and liquidity to energy markets globally, we are delighted to be working with IFAD at the historic launch of a new futures exchange in Abu Dhabi,” said Joseph Nehorai, Goldman Sachs’ co-head of Global Futures and Options.
“We, along with our clients, are excited for the extraordinary opportunity that the launch of Murban futures presents,” said John Murphy, Global Head of Futures at Mizuho Americas. “This moment signifies a tremendous progression for the oil markets, and we are ready and eager to clear IFAD products.”
“This launch marks an exciting opportunity for the energy markets as customers have communicated their strong interest to trade Murban futures and the related contracts, and consequently we greatly look forward to clearing IFAD products and providing our expertise from the outset,” said Franck Borgel, Global Head of Commodities Agency at Societe Generale.
“With the addition of clearing Murban Crude Oil products on ICE Futures Abu Dhabi, we show commitment and keep investing for our clients. Murban Crude Oil Futures will provide users with an effective hedging instrument for Arab Gulf crude oil and other grades trading into the Asia Pacific Region. ABN AMRO Clearing is excited to be able to support its clients, who showed strong interest. Bringing OTC contracts on exchange makes these better accessible; this fits with our purpose to lead the way to safe and transparent markets.” said James Egan, Chief Commercial Officer Europe at ABN AMRO Clearing Bank.
“Marex is delighted to join ICE Futures Abu Dhabi as a General Clearing Member. Our clients have expressed a strong interest in the Murban Futures and Marex is excited to support them in trading on the IFAD exchange,” said Thomas Texier, Head of Clearing at Marex.
“RJO is excited to be a General Participant Member for the launch of ICE Futures Abu Dhabi. Access to ICE’s global product line is crucial to the growth and success of RJO’s commercial energy clients,” said Gerald Corcoran, Chairman and CEO of R.J. O’Brien & Associates.
“Advantage is excited to be a Clearing Member for the launch of ICE Futures Abu Dhabi. We believe ICE’s newest exchange offers an excellent trading opportunity for our global client base,” said Joe Guinan, CEO of Advantage Futures.
Clearing members will stand behind all trades made through IFAD and cleared by ICE Clear Europe, whether it is for the account of a customer, member, or their own account. ICE is launching IFAD with the Abu Dhabi National Oil Company (ADNOC) and nine of the world’s largest energy traders including BP, ENEOS, GS Caltex, INPEX, PetroChina, PTT, Shell, TOTSA (Total) and Vitol.
Murban futures will be open for trading for 22 hours a day, five days a week, with investors from jurisdictions including Abu Dhabi Global Market, the United States, Singapore, Switzerland, the Netherlands, France, Norway, Australia, Japan and South Korea, as well as by and through FCA-regulated entities in the UK, able to trade on IFAD.
For more information on how to clear or trade IFAD markets please contact: This email address is being protected from spambots. You need JavaScript enabled to view it..
About Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE) is a Fortune 500 company and provider of marketplace infrastructure, data services and technology solutions to a broad range of customers including financial institutions, corporations and government entities. We operate regulated marketplaces, including the New York Stock Exchange, for the listing, trading and clearing of a broad array of derivatives contracts and financial securities across major asset classes. Our comprehensive data services offering supports the trading, investment, risk management and connectivity needs of customers around the world and across asset classes. As a leading technology provider for the U.S. residential mortgage industry, ICE Mortgage Technology provides the technology and infrastructure to transform and digitize U.S. residential mortgages, from application and loan origination through to final settlement.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on February 4, 2021.
ICE- CORP
Source: Intercontinental Exchange
ICE Media Contact:
Rebecca Mitchell
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+44 7951 057 351
ICE Investor Contact:
Warren Gardiner
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770-835-0114
Bringing its Premier Customer Event to Smart City and Utility Leaders in APAC, Itron Hosts its Second Regional Itron Utility Week
LIBERTY LAKE, Wash.--(BUSINESS WIRE)--#IUW--Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, announced that it will host its flagship event, Itron Utility Week (IUW), virtually for smart city and utility leaders in the Asia-Pacific (APAC) region on April 21 and 22, 2021. Following Itron’s first-ever regional Itron Utility Week in Europe, Middle East and Africa (EMEA), the two-day event will bring together leaders virtually to share insights and solutions to address pressing challenges in APAC. To ensure the safety of all attendees in light of the COVID-19 pandemic, the customer-focused event will be completely virtual.
“Despite the challenges 2020 brought, it equipped us to shift our Itron Utility Week to a virtual platform, and we are excited take advantage of accessibility of virtual events to bring our customer-focused event to APAC,” said Marina Donovan, vice president of global marketing and public affairs at Itron. “For this APAC-focused event, we will gather industry experts, colleagues and thought leaders for a virtual conference filled with opportunities to learn from one another, share fresh perspectives and open the door to endless possibilities through innovation.”
“We are delighted to bring Itron’s flagship event to our customers and partners in APAC, giving utilities, cities and thought leaders the opportunity to discover new ways to solve problems, improve operation and redefine the industry in APAC,” said Paul Nelsen, vice president of sales, APAC at Itron. “Whether you’re just starting your journey and looking to learn best practices, or an industry veteran looking to maximize your investments, you won’t want to miss IUW APAC.”
Itron Utility Week APAC will be offered virtually and at no charge. All content and subtitles will be in English. After the event, content will be available on demand until May 21.
What: Itron Utility Week APAC 2021 includes peer-led breakout sessions about technology, trends and best practices; insightful keynotes from industry leaders; engaging and thought-provoking panels; and an interactive product showcase of select Itron solutions.
When: April 21-22, 2021
Where: Online
Sessions: Keynote and featured sessions at Itron Utility Week APAC include:
To keep up with live updates throughout the conference, read the Itron blog and follow Itron and #IUWAPAC on social media. There is no charge to attend and event registration is now open for Itron customers, prospects and partners. For more information about Itron Utility Week APAC: Empowering Innovation, visit www.itron.com/iuwapac.
About Itron
Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.
Itron® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.
Itron, Inc.
Alison Mallahan
Senior Manager, Corporate Communications
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Lack of leadership team support, alternative technology and regulatory certainty found to be the top three obstacles
NEW YORK--(BUSINESS WIRE)--New research from Standard Chartered has revealed that more than half of US-based companies are not transitioning to net-zero fast enough, leaving them in danger of missing the Paris Agreement target of net-zero carbon emissions by 2050.
Zeronomics, a study into the financing of a net-zero world, surveyed the senior leadership of 250 large companies and 100 investment specialists around the world between September and October 2020 and found:
What are the barriers?
How to fix it
Zeronomics reveals what US business leaders believe is needed in order to speed up transition.
Issues facing developed markets contrast those of emerging markets
The research also underlines the different challenges that developed markets, such as the US and Western Europe face compared to the emerging markets. While developed markets are concerned about measurement frameworks (64 per cent), emerging markets are struggling to find the capital needed to finance transition (73 per cent).
What are the main barriers to transition in developed and emerging markets?
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Developed market companies believe there is a lack of… |
Emerging market companies believe there is a lack of… |
Globally consistent measurement and reporting standards (making it difficult to benchmark) – 64 percent |
Capital to finance net-zero transition – 73 percent |
Available affordable technology – 63 percent |
Support for net-zero transition from my organisation’s investors – 67 percent |
Consensus on net-zero definition and targets – 61 percent |
Consensus on net-zero definition and targets – 65 percent |
Capital to finance net-zero transition – 60 percent |
Regulatory certainty – 65 percent |
Regulatory pressure to take action on net-zero – 60 percent |
Available affordable technology – 64 percent |
“Reaching net-zero carbon emissions by 2050 will require effort from every organization across every sector,” said Jeremy Amias, Vice Chair, Standard Chartered Americas. “Our survey has shown that US based companies have greater confidence than emerging market companies in accessing capital and can potentially lead the way in transitioning to a net-zero global economy once consensus around benchmarks is established and as the cost of technology decreases.”
Standard Chartered
We are a leading international banking group, with a presence in 59 of the world’s most dynamic markets and serving clients in a further 85. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.
Our history in the US dates back to 1902, and we are currently present in eight locations throughout the Americas. Our Americas franchise focuses on financial institutions and select corporates and plays a key role in facilitating trade and investment flows between the Americas and Asia, Africa, and the Middle East.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.
For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on Twitter, LinkedIn and Facebook.
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Standard Chartered
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Remote customer engagement strategies primarily target customer-sited DER applications in the residential sector, but can be applied to commercial and industrial customers
BOULDER, Colo.--(BUSINESS WIRE)--#BehindtheMeter--A new report from Guidehouse Insights analyzes the acceleration of digital transformation for grid operators and their partners during the COVID-19 pandemic and provides remote engagement strategies to enroll customer-sited distributed energy resources (DER) going forward.
COVID-19 introduced fundamental shifts in DER-related communications from utilities to customers by eliminating workers on customer properties and leveraging devices already present. Emerging digital opportunities are expected to expand following the pandemic, and utilities and their partners should position themselves for a virtually engaged customer of the future. Click to tweet: According to a new report from @WeAreGHInsights, utilities should continue to leverage remote customer engagement strategies in a post-COVID-19 world to maintain strong customer relationships.
“In 2021, stakeholders understand that remote customer engagement, which inherently relies on virtual interaction and embraces digitization, will likely last well beyond the pandemic,” says Neil Strother, principal research analyst with Guidehouse Insights. “Opportunities for remote customer engagement primarily target residential customers and include revamped home energy reports, remote audits, and thermal mapping. These solutions are matched by developments, such as augmented reality, designed to remotely engage commercial and industrial customers.”
Where there is an absence of DER, remote customer engagement strategies can also catalyze the customer journey and demonstrate the benefits of relevant DER-related solutions from smart thermostats to fleet electrification and automated behind-the-meter (BTM) asset management, according to the report.
Going forward, Guidehouse Insights recommends that utilities embrace cost savings to drive increased revenue, that solutions vendors repurpose residential remote customer engagement for commercial and industrial customers, that program managers design a customer journey arch to maintain high engagement, that partners collaborate to customize with quality-controlled data, and that implementers tailor customer-sensitive messaging to customers’ current situation.
The report, Remote Engagement Strategies to Enroll Customer-Sited DER, analyzes the acceleration of grid operators’ and their partners’ digital transformation following the onset of the COVID-19 pandemic. The report assesses pivots in marketing and outreach language and the new opportunities brought to customers through remote engagement solutions. Drawing on examples from real-world solutions providers, the report looks at how applications developed as focus shifted to the residential customer segment and how they can benefit C&I customers as the workforce returns toward centralized work. The report closes with suggestions for successful continuity of RCE in a post COVID-19 world. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges and navigate significant regulatory pressures with a focus on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that prepare our clients for future growth and success. The company has more than 8,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Remote Engagement Strategies to Enroll Customer-Sited DER, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
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Redwood Materials makes a significant strategic investment in ERI; JB Straubel will join ERI’s Board
FRESNO, Calif. & CARSON CITY, Nev.--(BUSINESS WIRE)--#ERI--ERI, the nation’s largest fully integrated IT and electronics asset disposition provider and cybersecurity-focused hardware destruction company, and Redwood Materials, a company inventing sustainable materials by creating circular supply chains, turning waste into profit and developing the solution for a fully closed-loop recycling for lithium-ion batteries, announced today that they have entered into an exclusive partnership for battery recycling.
As part of the partnership, Redwood Materials has made a significant strategic investment in ERI. JB Straubel, co-founder and CEO of Redwood Materials (and previously Chief Technology Officer and co-founder of Tesla), has been elected to ERI’s board of directors.
Additionally, the partnership marks the launch of Redwood and ERI’s new business line to recycle solar panels. ERI will now team with Redwood Materials for the responsible recycling of solar panels.
“ERI and Redwood Materials working together signals a unique, unprecedented partnership that will tackle the ‘last mile’ of electronic recycling: solar panels and batteries,” said John Shegerian, ERI’s Co-Founder and Executive Chairman. “And it will be done in a radically transparent, end-to-end closed-loop manner where elements – from cobalt, nickel, copper, lithium – will be kept out of landfills, responsibly recycled, and put back into new products. We are incredibly excited to be entering into this strategic partnership with Redwood Materials.”
“Redwood is focused on steadily and relentlessly improving recycling economics with technology to reduce the cost of materials and create a circular supply chain to power a sustainable future,” said JB Straubel, Redwood Materials Co-Founder and CEO. “By partnering with ERI, we’ll be able to ensure the largest supply of e-waste batteries in the US is recycled into materials to build new EVs and clean energy products.”
“For ERI, as always, radical transparency is key,” added Shegerian. “The strategic partners with whom we work to achieve Circular Economy goals are not only our downstream partners, they are investors in our company and sit on our board. This is a paradigm that is unparalleled in the recycling industry throughout the world.”
About Redwood Materials:
Redwood Materials is inventing sustainable materials to build the world by creating circular supply chains, turning waste into profit and solving the environmental impacts of new products before they happen. Based in Northern Nevada, Redwood was founded by JB Straubel in 2017.
About ERI:
ERI is the largest fully integrated IT and electronics asset disposition provider and cybersecurity-focused hardware destruction company in the United States. ERI is certified at the highest level by all leading environmental and data security oversight organizations to de-manufacture, recycle, and refurbish every type of electronic device in an environmentally responsible manner. ERI has the capacity to process more than a billion pounds of electronic waste annually at its eight certified locations, serving every zip code in the United States. ERI’s mission is to protect people, the planet and privacy. For more information about e-waste recycling and ERI, call 1-800-ERI-DIRECT or visit https://eridirect.com.
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A new immersive video collaboration between Project Drawdown, Trane Technologies, Intuit, and Chris Kohlhardt brings to life real-world action for solving climate change
SWORDS, Ireland--(BUSINESS WIRE)--Climate Solutions 101 is a shift to action for a brighter climate future. The multimedia education experience on climate change is now live, thanks to collaboration between Project Drawdown and founding sponsors—global climate innovator Trane Technologies (NYSE: TT); financial software innovation company Intuit (NYSE: INTU); and entrepreneur and philanthropist Chris Kohlhardt.
The immersive six-part video experience details how solutions on hand today can make meaningful and equitable global change, and get us to the point of ‘drawdown,’ the point in the future when levels of greenhouse gases in the atmosphere stop climbing and start to steadily decline.
“Global challenges require hearts, minds, and hands to dig-in on meaningful change,” said Dr. Elizabeth Bagley, Director of Drawdown Learn at Project Drawdown. “Climate Solutions 101 was designed to fill a need for highly-produced, science-based, educational content that moves people from knowledge to action. Taken together, the Drawdown climate solutions offer the world a powerful vision for a climate-safe future. Thanks to the generous support of our mission-aligned partners, Project Drawdown is committed to sharing—at no cost—the science and inspiration behind the safest, fastest, and most equitable climate solutions available today.”
Climate Solutions 101 presents the latest need-to-know science, along with fascinating insights from global leaders in climate policy, research, investment, and beyond. The video series is open-access and free to anyone who wants to learn how human action today can reverse the climate crisis for generations to come.
Climate Education Sponsorship
“Climate Solutions 101 is a unique approach that expands access to climate knowledge and shows in vivid and compelling detail the steps we can take today to mitigate climate impacts,” said Paul Camuti, chief technology and strategy officer for Trane Technologies. “We’re extremely pleased to partner with Project Drawdown and the other sponsors, as well as work with Project Drawdown Labs to challenge the status quo and identify and scale climate solutions. The partnership fully aligns with our view that collaboration and science-based approaches are vital to taking the right actions for a sustainable future.”
“We know today that simply trying to do less harm isn’t enough—we have to start moving toward solutions that reverse the impacts of climate change,” said Sean Kinghorn, Intuit’s global sustainability leader. “At Intuit, partners like Project Drawdown are helping us identify climate solutions and build the tools needed to create actionable behavior change. More than ever, it’s going to take all of us to look beyond our own impact to create the collective positive change required to save our planet.”
Climate Solutions 101 viewers can listen to leading climate scientists and thinkers detail a vision for the climate road ahead, including weather expert Marshall Shepherd, paleoclimatologist Lisa Graumlich, food and agriculture scientist Navin Ramankutty, transportation specialist Ryan Allard, climatology scientist Marcos Costa, global change pioneer Jessica Hellmann, climate and environmental politics expert Leah Stokes, angel investor and energy advocate Ramez Naam, renowned venture capitalist Ibrahim AlHusseini, and air quality scientist Tracey Holloway.
About Project Drawdown
Project Drawdown is the world’s leading resource for climate solutions. Our mission is to help the world reach “Drawdown”— the point in the future when levels of greenhouse gases in the atmosphere stop climbing and start to steadily decline, thereby stopping catastrophic climate change—as quickly, safely, and equitably as possible. To learn more, visit drawdown.org.
About Trane Technologies
Trane Technologies is a global climate innovator. Through our strategic brands Trane® and Thermo King®, and our portfolio of environmentally responsible products and services, we bring efficient and sustainable climate solutions to buildings, homes and transportation. Learn more at tranetechnologies.com.
About Intuit
Intuit is a global technology platform that helps our customers and communities overcome their most important financial challenges. Serving millions of customers worldwide with TurboTax, QuickBooks, Credit Karma and Mint, we believe that everyone should have the opportunity to prosper and we work tirelessly to find new, innovative ways to deliver on this belief. Please visit us for the latest news and information about Intuit and its brands and find us on social.
About Chris Kohlhardt
Chris Kohlhardt is an engineer, investor, and philanthropist who is focused on being a part of efforts to solve the climate crisis.
Trane Technologies Media:
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Trane Technologies Investors:
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Employees from BGE, ComEd, PECO, PHI and Exelon Generation collaborated on projects that will contribute to a safer and more reliable clean energy future
CHICAGO--(BUSINESS WIRE)--Three project teams led by Exelon engineers and innovators have been selected to receive the Electric Power Research Institute’s (EPRI) 2020 Technology Transfer Awards, underscoring Exelon’s commitment to powering a cleaner and brighter future for customers and communities.
The annual EPRI Technology Transfer Awards spotlight the value of collaborative research to the electricity sector and recognize the leaders and innovators who have applied EPRI research to produce significant results for customers. This year, Exelon teams won three of 19 awards in the Power Delivery and Utilization sector – a significant achievement. Exelon award winners are being honored for their leadership and innovation on collaborative research and technology projects.
“More than 50 Exelon employees collaborated across three teams to win these prestigious awards,” said Joe Svachula, vice-president, strategy for Exelon Utilities and an EPRI Sector Council representative. “The hard work, commitment, and leadership demonstrated by these award winners will make electricity more reliable, efficient, affordable, safe, and environmentally responsible for our customers and communities.”
The Exelon award winners, who were honored at a virtual celebration last week, have shown exceptional application of research and technology in solving a problem of size and significance, championing a technology both within their companies and across the industry, driving progress in the electricity sector, and providing meaningful benefits for their companies’ stakeholders and for society, EPRI said.
“These awards show firsthand that Exelon is a leader in the electric power industry as we move towards a clean energy future,” said Rob Chapman, Senior Vice President of Energy Delivery and Customer Solutions at EPRI. “Our relationship is a true collaborative effort with both sides contributing to the success of the other.”
This year, the Power Delivery and Utilization sector received more than 100 nominations, of which 19 were recognized with awards.
Exelon’s winners and awards are:
Learn more about the EPRI awards and projects here.
About Exelon
Exelon Corporation (Nasdaq: EXC) is a Fortune 100 energy company with the largest number of electricity and natural gas customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2020 revenue of $33 billion Exelon serves approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 31,000 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2 million residential, public sector and business customers, including three fourths of the Fortune 100. Follow Exelon on Twitter @Exelon.
Tanika Davis
Exelon Utilities Communications
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New opportunities require new working arrangements
TRUMBULL, Conn.--(BUSINESS WIRE)--#Questionmark--A forthcoming economic boom will create growth opportunities for firms. Questionmark, the online assessment provider, is urging employers to ask three crucial questions to ensure they have the right post-pandemic working arrangements in place to take advantage of the surge.
Thanks to a combination of government stimulus and “pent up” consumer spending, economists predict that $4 trillion will be released into the United States (US) economy as restrictions are lifted.1 Strong growth is also forecast across the United Kingdom (UK),2 the Eurozone,3 and Australia.4
New growth opportunities will require new working arrangements. For much of the last year, asking employees to work from home was the only option. But as governments look set to ease social distancing restrictions, employers have decisions to make.
For some, a year of productive remote working has proven that expensive offices are a thing of the past. Others believe that their productivity will be boosted when teams are working physically together at least some of the time.
Each employer must ensure they create the right working environment that boosts productivity, drives engagement and retains the best staff.
To accomplish this, Questionmark is encouraging employers to ask and answer three crucial questions:
1. Which skills are going to be important for future success?
2. Which of these skills and associated tasks can be effectively executed from home?
3. In what situations, and with what tasks, will individuals or teams perform better in offices or workspaces?
Lars Pedersen, CEO of Questionmark, said: “Change is coming. A consumer boom will have an impact across the entire economy. There will be new opportunities for firms to grasp. Making the right decision on working arrangements will be crucial.
“Each company will have different working arrangement requirements. Employers must ensure that they are making the best decision based on reliable and relevant information.”
Measuring staff skills with online assessments can indicate which tasks can be executed effectively from home and which can’t. This information can help employers make the best decision and explain their decision to the workforce.
For more information download the full report: “Managing a post-pandemic workforce: creating productive and informed working arrangements”.
The report forms part of the “Questionmark Viewpoint” series which explores the challenges that Questionmark customers face, and how Questionmark helps address them.
Ends
Notes to editors
About Questionmark
Questionmark unlocks performance through reliable and secure online assessments.
Questionmark provides a secure enterprise-grade assessment platform and professional services to leading organizations around the world, delivered with care and unequalled expertise. Its full-service online assessment tool and professional services help customers to improve their performance and meet their compliance requirements. Questionmark enables organizations to unlock their potential by delivering assessments which are valid, reliable, fair and defensible.
Questionmark offers secure powerful integration with other LMS, LRS and proctoring services making it easy to bring everything together in one place. Questionmark's cloud-based assessment management platform offers rapid deployment, scalability for high-volume test delivery, 24/7 support, and the peace-of-mind of secure, audited U.S., Australian and European-based data centers.
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2 https://home.kpmg/uk/en/home/insights/2018/09/uk-economic-outlook.html
4 https://www.reuters.com/article/us-australia-economy-poll-idUSKBN29Q07B
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AUSTIN, Texas--(BUSINESS WIRE)--GreenTech startup FuelGems announced the completion of a successful funding round that raised a total of $928,690. The fundraising was carried out through Wefunder, with primary investment from Austin-based venture capital fund and startup accelerator Sputnik ATX.
FuelGems’ revolutionary fuel additive uses nanoparticles to transform the operation of diesel and gasoline-powered engines. With the FuelGems additive, carbon emissions drop by 9%, poisonous carbon monoxide emissions by 15%, and the release of unburnt hydrocarbons and other dangerous particulate matter falls by up to 50%. Fuel efficiency also rises by up to 9%.
FuelGems’ additive is cost-effective, adding just 2 cents onto the cost of a gallon of gasoline, and requires only a microdose of 1-5 grams for 260 gallons of fuel. The company forecasts $400+ million revenue by year 6 of operations, thanks to widespread public concern about the impact of vehicle fumes on climate change and public health.
The strength of FuelGems’ solution is underscored by the amount of interest and traction the startup is already seeing from multi-billion-dollar oil and gas corporations like BP British Petroleum, Suncor, and Marubeni, as well as from the Australian Department of Defense.
Sputnik invested $50,000 in FuelGems before the Wefunder got underway, and then added another $35,000 during the course of the Wefunder, bringing their total investment to $85,000. The partners at Sputnik unanimously agreed to support FuelGems after evaluating the company’s unique value proposition. They are in a unique position to assess FuelGems’ technology and capabilities, thanks to Dr. Oksana Malysheva, managing partner at Sputnik, who has a PhD in physics. It was Dr. Malysheva who evaluated FuelGems’ technical abilities, and she was convinced by the scientific efficacy of the FuelGems solution.
Volodymyr Khmurych, an angel investor and COO of UFuture, made a personal investment in FuelGems by taking a lead investor role in the Wefunder campaign. He said, “Their team and product will change the world when it comes to using gasoline and diesel. FuelGems will save lives…What I love even more is the fact that such a small amount of nanoparticles is needed to treat fuel. This lets them price multiple times cheaper than other fuel additives and win a huge market share very quickly…I believe the company has incredible growth ahead and I am very excited to get in with FuelGems at an early stage and to be the lead investor in this deal.” Additional angel investors in FuelGems have backgrounds from Shell, Tesla, Battery Ventures and Sierra Ventures.
Serial entrepreneur and investor Jeff Sudman adds,“I am strongly passionate about investing my capital into startups that have a potential massive impact on our planet and people. I have a very strict criteria that I look for, few things to mention such as a dedicated and talented team with proven track record, unique and protected IP, extensive testing of this IP, ability to have a massive impact to that industry, and vision to the investor to see an actual future return. The remaining 50% of my decision falls upon how big the impact will be on our planet and people. I feel that FuelGems has hit all of my requirements and more.”
About the founder:
Kirill Gichunts, CEO of FuelGems, is a seasoned entrepreneur and investor who has invested in and supported over 15 startups and has achieved one previous exit as a venture capitalist and one previous exit as a member of a founding management team. He discovered the value of clean technology during his studies at UC Berkeley.
Kirill Gichunts
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Partnership to support rollout of ELMS AIR connectivity suite and deliver advanced, turnkey telematics solutions to fleet managers
TROY, Mich.--(BUSINESS WIRE)--Electric Last Mile, Inc. (“ELMS”), a commercial electric vehicle company focused on last-mile delivery solutions, and Geotab Inc. (“Geotab”), a global leader in IoT and connected transportation, today announced their partnership to deliver a factory-installed connectivity solution that will equip ELMS customers with the data they need to help manage and optimize their vehicles.
As part of the collaboration, ELMS plans to integrate Geotab’s GO9+ telematics solution into its Urban Delivery vehicle, which is anticipated to be the first Class 1 commercial electric vehicle (“EV”) available in the U.S. market. Ideal for fleet managers, the factory-installed addition of Geotab’s telematics offering will help provide ELMS customers with centralized access to their connected vehicle data via the MyGeotab platform. Specifically, Geotab’s GO9+ device will help enable high-speed connectivity and allow fleet managers access to ELMS AIR, ELMS’ in-development connectivity and data analytics suite, which is anticipated to provide fleets with full visibility of their Urban Delivery vehicles in near real time. The GO9+ is also expected to allow users to turn each Urban Delivery vehicle into a Wi-Fi hotspot where possible and when needed.
Powered by Geotab, ELMS AIR will provide fleet managers with a single view of their entire fleet to help better analyze fleet-generated data, from GPS tracking, road speed and charging status to battery state of charge and more, which can be used to help reduce fleet costs, increase productivity and efficiency, improve safety and strengthen compliance.
Geotab and ELMS are further collaborating on technology that is focused on enabling the GO9+ to assist fleet managers with access to the ELMS AIR over-the-air (“OTA”) technology solution, aimed at one day providing software updates and upgrades to fleets via a secured cellular connection intended to help maximize vehicle uptime and ensure that vehicle software is up to date. The Urban Delivery is expected to be the first Class 1 OTA-enabled EV in the U.S. Factory-installation of Geotab’s GO9+ device is expected to begin at the start of Urban Delivery vehicle production.
“ELMS is not just a vehicle company but a technology and solutions company,” said ELMS CTO, Kev Adjemian. “This exciting collaboration with Geotab is a part of ELMS’ commitment to delivering powerful telematics, data and real-time visibility solutions that fleet managers need to help improve their operating efficiency and reduce costs. By integrating Geotab’s solutions, we will work closely together to eventually provide Urban Delivery customers with in-house OTA technology, which we believe will help to significantly reduce service downtime and maximize vehicle efficiency.”
“With sustainability at the forefront of Geotab's innovations, we are excited to collaborate with innovative OEM partners like ELMS to equip customers with the technology needed to help achieve their fleet electrification goals,” said Rob Minton, Associate Vice President, Connected Car Business Development at Geotab. “By combining the power of Geotab's telematics technology with ELMS, this partnership will equip Urban Delivery customers with a turnkey connectivity solution that can help maximize electric vehicle efficiency, reduce downtime and increase productivity.”
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forum Merger III Corporation’s (“Forum”) and ELMS’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Forum’s and ELMS’s expectations with respect to future performance and anticipated financial impacts of the previously announced business combination of Forum and ELMS (the “business combination”), the satisfaction of the closing conditions to the business combination, the size, demands and growth potential of the markets for ELMS’s products and ELMS’s ability to serve those markets, ELMS’s ability to develop innovative products and compete with other companies engaged in the commercial delivery vehicle industry and/or the electric vehicle industry, ELMS’s ability to attract and retain customers, the estimated go to market timing and cost for ELMS’s products, the implied valuation of ELMS and the timing of the completion of the business combination. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Forum’s and ELMS’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the agreement and plan of merger (“Merger Agreement”) relating to the business combination or could otherwise cause the business combination to fail to close; (2) the inability of ELMS to (x) execute the transaction agreements for the Carveout Transaction (as defined below) that are in form and substance acceptable to Forum (at Forum’s sole discretion), (y) acquire a leasehold interest or fee simple title to the Indiana manufacturing facility or (z) secure key intellectual property rights related to its proposed business; (3) the outcome of any legal proceedings that may be instituted against Forum or ELMS following the announcement of the business combination; (4) the inability to complete the business combination, including due to failure to obtain approval of the stockholders of Forum or other conditions to closing in the Merger Agreement; (5) the receipt of an unsolicited offer from another party for an alternative business transaction that could interfere with the business combination; (6) the inability to obtain the listing of the common stock of the post-acquisition company on the Nasdaq Stock Market or any alternative national securities exchange following the business combination; (7) the risk that the announcement and consummation of the business combination disrupts current plans and operations; (8) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of the combined company to grow and manage growth profitably and retain its key employees; (9) costs related to the business combination; (10) changes in applicable laws or regulations; (11) the possibility that ELMS may be adversely affected by other economic, business, and/or competitive factors; (12) the impact of COVID-19 on the combined company’s business; and (13) other risks and uncertainties indicated from time to time in the proxy statement filed relating to the business combination, including those under the “Risk Factors” section therein, and in Forum’s other filings with the SEC. Some of these risks and uncertainties may in the future be amplified by the COVID-19 outbreak and there may be additional risks that Forum and ELMS consider immaterial or which are unknown. Forum and ELMS caution that the foregoing list of factors is not exclusive. Forum and ELMS caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. ELMS is currently engaged in limited operations only and its ability to carry out its business plans and strategies in the future are contingent upon the closing of the proposed business combination. The consummation of the business combination is subject to, among other conditions, (i) the execution and effectiveness of transaction agreements by ELMS with SF Motors, Inc. (d/b/a SERES) (“SERES”), including as contemplated by the term sheet entered into by ELMS and SERES, that are each in form and substance acceptable to Forum (at Forum’s sole discretion), (ii) the acquisition by ELMS of a leasehold interest or fee simple title to the Indiana manufacturing facility prior to the business combination, and (iii) the securing by ELMS of key intellectual property rights related to its proposed business (collectively, the “Carveout Transaction”). All statements herein regarding ELMS’s anticipated business assume the completion of the Carveout Transaction. Forum and ELMS do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based.
Important Information About the Business Combination and Where to Find It
In connection with the proposed business combination with ELMS, Forum filed a preliminary proxy statement with the U.S. Securities and Exchange Commission (“SEC”) and intends to file a definitive proxy statement with the SEC. Forum’s stockholders and other interested persons are advised to read the preliminary proxy statement and any amendments thereto and, when available, the definitive proxy statement, in connection with Forum’s solicitation of proxies for its special meeting of stockholders to be held to approve, among other things, the proposed business combination, because these documents contain important information about Forum, ELMS and the proposed business combination. When available, the definitive proxy statement for the proposed business combination will be mailed to stockholders of Forum as of a record date to be established for voting on the proposed business combination. Forum’s stockholders may also obtain a copy of the preliminary proxy statement and the definitive proxy statement, once available, as well as other documents filed with the SEC by Forum, without charge, at the SEC’s website located at www.sec.gov or by directing a request to: Forum Merger III Corporation, 1615 South Congress Avenue, Suite 103, Delray Beach, FL 33445. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.
Participants in the Solicitation
Forum and its directors and executive officers may be considered participants in the solicitation of proxies with respect to the business combination. Information about the directors and executive officers of Forum and a description of their interests in Forum are set forth in the preliminary proxy statement, which was filed on February 16, 2021 with the SEC, and definitive proxy statement, when it is filed with the SEC, in connection with the proposed business combination. These documents can be obtained free of charge from the sources indicated above.
ELMS and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of Forum in connection with the business combination. A list of the names of such directors and executive officers and information regarding their interests in the business combination are set forth in the preliminary proxy statement, which was filed on February 16, 2021 with the SEC, and definitive proxy statement, when it is filed with the SEC, in connection with the proposed business combination. These documents can be obtained free of charge from the sources indicated above.
No Offer or Solicitation
This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the business combination. This press release shall also 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 states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Electric Last Mile, Inc.
ELMS is focused on redefining the last mile with efficient, customizable and sustainable solutions. ELMS’ first vehicle, the Urban Delivery, is anticipated to be the first Class 1 electric vehicle in the U.S. market. The company is headquartered in Troy, Michigan. For more information, please visit www.electriclastmile.com.
About Geotab Inc.
Geotab is advancing security, connecting commercial vehicles to the internet and providing web-based analytics to help customers better manage their fleets. Geotab’s open platform and Marketplace, offering hundreds of third-party solution options, allows both small and large businesses to automate operations by integrating vehicle data with their other data assets. As an IoT hub, the in-vehicle device provides additional functionality through IOX Add-Ons. Processing billions of data points a day, Geotab leverages data analytics and machine learning to help customers improve productivity, optimize fleets through the reduction of fuel consumption, enhance driver safety, and achieve strong compliance to regulatory changes. Geotab’s products are represented and sold worldwide through Authorized Geotab Resellers. To learn more, please visit www.geotab.com and follow us @GEOTAB and on LinkedIn.
For Electric Last Mile, Inc.
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For Geotab Inc.
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