ENERMAX™ 6 carbon nanotubes maximize battery performance
BOSTON--(BUSINESS WIRE)--Cabot Corporation today announced the launch of a new ENERMAX™ 6 carbon nanotube (CNT) series. ENERMAX™ 6 carbon nanotube products are the company’s latest development in high-performance CNTs. With its high aspect ratio, it is proven to be the most conductive multi-walled CNT product in Cabot’s portfolio.
The ENERMAX™ 6 carbon nanotube series can effectively enhance battery performance at lower loadings enabling a higher energy density of battery.
Key benefits of the new ENERMAX™ 6 series include:
Cabot acquired Shenzhen Sanshun Nano New Materials Co., Ltd (SUSN) in January 2020 and extended its product offering to include carbon nanotubes. Cabot is the only high-performance carbon additive supplier with a complete commercially proven product portfolio including carbon blacks, graphenes, CNTs, carbon nanostructures (CNS) and dispersion and formulation capabilities.
Shen Yi, Vice President and General Manager of Energy Materials business, said, “The launch of the ENERMAX™ 6 carbon nanotube series marks Cabot's further advancement in the energy storage solutions and its commitment to developing and innovating products with a sustainability benefit.”
The Cabot Energy Materials business will showcase the new ENERMAX 6 carbon nanotube series at the 14th China International Battery Fair (CIBF) in Shenzhen, China on March 19 – 21, 2021.
For more information, please visit cabotcorp.com/batteries.
ABOUT CABOT CORPORATION
Cabot Corporation (NYSE: CBT) is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts. The company is a leading provider of carbon black, specialty carbons, activated carbon, elastomer composites, inkjet colorants, masterbatches and conductive compounds, fumed silica and aerogel. For more information on Cabot, please visit the company’s website at cabotcorp.com.
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Vanessa Craigie, Corporate Communications
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Steve Delahunt, Investor Relations
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HOUSTON--(BUSINESS WIRE)--Newsco International Energy Services USA Inc., a leader in measurement while drilling (MWD) and directional drilling, was acquired by Sawafi, a global services and technology company offering drilling enhancement products, artificial lift systems and completion technology.
“The past year has been difficult for many in the energy services sector, but Newsco has been fortunate to have customers stick by us while we worked our way through a difficult period,” says Corey Campbell, Director of Operations, Newsco. “On behalf of everyone at Newsco and Telemetrix, I convey our heartfelt thanks and am pleased to report that the worst is behind us.”
For Newsco customers, the acquisition means stability and vision and enables the Company to continue its long history of improving downhole productivity and decreasing drilling costs for its customers, both domestic and international.
Similar to Newsco, Sawafi prides itself on quality, reliability, customer satisfaction and innovation. Through its commitment to in-house research and development since its founding in 1994, Newsco offers patented technologies that are unique to the Company.
“The acquisition allows us to always have the most advanced equipment and skilled people ready to deploy, our lead times for products to dramatically decrease and for us to maintain the quality you have come to expect from Newsco,” says Campbell. “With ownership that is dedicated to revitalizing the Company, we will continue to serve our clients with unwavering dedication while continuing our long history of research and development that drives the industry’s technologies to new limits.”
About Sawafi Aljazeera Oilfield Products and Services Co. Ltd
Sawafi was established as a wholly-owned subsidiary of Khalid Ali Alturki & Sons Holding Company (Alturki Holding) in 2013 to market and deliver highly differentiated technology products and their associated services to the upstream oil and gas industry in Saudi Arabia. In providing its services, Sawafi partners with oilfield product and service companies from around the world.
About Newsco International
Established in 1994, Newsco is global directional drilling and MWD service provider to the onshore oil & gas industry with exposure in North America, Peru, India, and the Middle East.
http://sawafi.com
www.newsco-drilling.com
*Source: AETOSWire
Sawafi Corporate Communications Department
Khaled Mohammed
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A 250-megawatt project in southeastern Wisconsin would provide enough clean energy to power about 75,000 households.
MADISON, Wis.--(BUSINESS WIRE)--Madison Gas and Electric (MGE), in partnership with We Energies and Wisconsin Public Service (WPS), subsidiaries of WEC Energy Group, is seeking approval from the Public Service Commission of Wisconsin (PSCW) to purchase solar energy and battery storage from the Darien Solar Energy Center. If approved, MGE will own 25 megawatts (MW) of solar energy and 7.5 MW of battery storage from the 250-MW solar park to be built in the Town of Bradford in Rock County and the Town of Darien in Walworth County.
"The Darien Solar Energy Center is another step in MGE's ongoing transition to greater use of cleaner energy sources and carbon reductions of at least 65% by 2030 and our goal of net-zero carbon by 2050," said Jeff Keebler, MGE Chairman, President and CEO. "Further investment in cost-effective, clean energy and battery storage technology will allow us to continue reliably serving our customers as we work together to meet our carbon reduction goals. We have said since introducing our clean energy and carbon reduction goals—if we can go further faster, we will."
The Darien Solar Energy Center will help MGE to meet future energy and capacity needs cost-effectively as the company continues its ongoing transition away from coal-fired electricity with the planned retirement of the Columbia Energy Center in Portage by the end of 2024. The project, if approved, is part of more than 230 MW of new solar capacity announced since MGE introduced its Energy 2030 framework for a more sustainable future in November 2015.
Darien Solar Energy Center
If approved, the Darien Solar Energy Center will be developed and constructed by Invenergy LLC, which filed an application for the project with the PSCW in July 2020. The 2,000-acre project is expected to feature up to 850,000 solar panels. We Energies and WPS will own the remaining 225 MW of the output and 67.5 MW of battery storage from the project.
Construction is expected to begin in late 2021, if approved. The Darien Solar Energy Center is expected to begin serving customers by the end of 2023. MGE's share of the Darien Solar Energy Center will power about 7,500 households.
MGE's net‐zero carbon electricity goal
In May 2019, MGE announced its goal of net-zero carbon electricity by 2050, making it one of the first utilities in the nation to commit to net-zero carbon by mid-century. MGE's net-zero goal is consistent with the latest climate science from the Intergovernmental Panel on Climate Change (IPCC) October 2018 Special Report on limiting global warming to 1.5 degrees Celsius.
To achieve deep decarbonization, MGE is growing its use of renewable energy, engaging customers around energy efficiency and working to electrify transportation, all of which are key strategies identified by the IPCC.
About MGE
MGE generates and distributes electricity to 157,000 customers in Dane County, Wis., and purchases and distributes natural gas to 166,000 customers in seven south-central and western Wisconsin counties. MGE's parent company is MGE Energy, Inc. The company's roots in the Madison area date back more than 150 years.
Steve Schultz
Corporate Communications Manager
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Global provider to tailor equipment and design to support agricultural land quality
WALLERFING, Germany--(BUSINESS WIRE)--Ideematec Inc., the leading global supplier of solar tracking systems, today announced it was selected by project developer AMDA energía (AMDA) to provide customized solar tracking systems for a 100 megawatt (MW) agro photovoltaics (Agri-PV) project portfolio located in France. The innovative systems will deliver synergistic solutions for the production of organic food crops and clean electricity generation all while providing soil protection and water savings, helping farmers to move towards a low-emissions smart farming labelling.
The 100 MW portfolio will be composed of multiple 5 MW projects and will meet specific requirements for proper construction on agricultural land in accordance with local regulations.
Ideematec’s engineering team has modified and optimized the Horizon L:TEC tracker model by adjusting the axis heights of the tracker and maximizing the rotation angle for the module to +/- 70 degrees, allowing the trackers to operate synergistically with agricultural equipment. Ideematec also designed an Agri-PV-specific control and agronomic-orientated monitoring system to improve crop production, land quality and address specific needs of each Agri-PV project site.
“Agri-PV projects require flexibility in both the hardware and installation to protect the integrity of the land and ensure that agricultural practices can operate effectively, while harnessing the benefits of clean energy,” said Jorge Gutiérrez Serra, President for AMDA. “We are confident that Ideematec’s durable and customizable solar trackers will fit the needs of an innovative energy system optimized for highly profitable agricultural production for years to come.”
“Our two-in-portrait (2P) module wings, equipped with bifacial modules, allow us to space module rows to support efficient agricultural operations, such as moving large vehicles between module rows, or monitoring sites for agricultural variables to increase generation efficiency,” says Mario Eckl, Co Founder & CEO Ideematec. “These innovations allow our trackers to provide reliable clean energy to projects at scale, without disturbing the local environment or quality of land. The Agri-PV sector is poised for tremendous growth and we are eager to support agricultural-friendly solutions.”
Agricultural-friendly utility-scale solar solutions are growing in popularity in Europe, and Ideematec expects that trend to erupt in both the North American and APAC markets in the coming years, as rural communities find ways to support scaled renewable energy deployment and generate multiple sources of revenue with agricultural lands.
About Ideematec, Inc.
Ideematec, Inc. is a trusted global supplier of solar tracking systems, headquartered in Germany. Established in 2003, the company serves as a pure play tracker provider for the utility-scale sector. Ideematec pioneered the 2P high-span safeTrack Horizon™ tracker, powered by a patented dual drive technology. Since 2017, the company has successfully delivered some of the biggest solar facilities on three continents, including Jordan (250 MW), Australia (350 MW) and Spain (200 MW). For more information please visit: http://www.ideematec.com/
About AMDA energía
AMDA energía is an international global developer focused on the promotion, development and funding of renewable energy generation projects around the world with proven track record in both photovoltaic and wind sectors having developed more than 30 projects in on 3 different continents since it was created in 2008 (Spain, Portugal, France, South Africa, Mozambique, Tunisia, Colombia, Mexico). Thanks to its experienced staff, the core activities cover the complete process of development of a large-scale renewable energy project.
Evelyn Kroiss
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WASHINGTON & RIO DE JANEIRO--(BUSINESS WIRE)--EIG, a leading institutional investor to the global energy sector, and Prumo Logística S.A. (“Prumo”), a private Brazilian company controlled by EIG, today announced the signing of a Memorandum of Understanding (“MoU”) between Prumo’s subsidiary, Porto do Açu Operações S.A. (“Port of Açu” or the “Port”), and Fortescue Future Industries Pty Ltd (“FFI”). FFI is a wholly owned subsidiary of Fortescue Metals Group Ltd (“Fortescue”).
Under the terms of the MoU, the parties will jointly conduct feasibility studies on installing a green hydrogen plant at the Port of Açu, Latin America’s largest privately owned deep-water port-industrial complex, marking a major step toward developing a system capable of producing industrial-scale green hydrogen. The MoU also lays the groundwork for onsite solar power and offshore wind development projects in the states of Rio de Janeiro and Espirito Santo.
The proposed green hydrogen plant would have 300 megawatts of capacity with potential to produce 250,000 metric tons of green ammonia. The availability of green hydrogen and renewable power is expected to drive further sustainable industrialization at the Port, including production of green steel, fertilizers, chemicals, fuels, and other sustainably manufactured industrial products. If the project moves forward, it will accelerate the decarbonization of hard-to-abate sectors such as transportation, manufacturing, and heavy industry.
FFI Chief Executive Officer, Julie Shuttleworth, said, “FFI is assessing renewable energy and green hydrogen opportunities globally and will lead and drive the green energy and product industry as we transition away from fossil fuels. I am excited to announce this MOU with Port of Açu. The opportunity to establish totally new and future large-scale industries will drive growth in the Brazilian economy. We expect the potential for new green industries at Port of Açu to substantially diversify, broaden and deepen Brazil’s already skilled workforce.”
Carlos Tadeu Fraga, CEO of Prumo, said, “We are thrilled to partner with FFI on this exciting project, which allows us to explore new opportunities in the growing green hydrogen space. This partnership is the latest milestone in Prumo’s mission to build a port complex that fosters economic and social progress by sustainably optimizing the development of Brazil’s energy and infrastructure assets. We are already well-positioned to achieve that mission, and this project would help us further realize these ambitions in Brazil and across the region.”
R. Blair Thomas, CEO of EIG and Chairman of Prumo’s Board of Directors, said, “We are pleased to welcome FFI as a partner in support of this potentially ground-breaking green energy project. We are realizing tremendous progress at the Port and believe that Prumo, with its roster of world-class partners and clients, is primed to be a leader in Latin America’s energy transition.”
About Port of Açu
Port of Açu is the largest privately owned deep-water port-industrial complex in Latin America. In operation since 2014, Port of Açu is managed by Porto do Açu Operações, a partnership between Prumo Logística and the Port of Antwerp International, a subsidiary of the Antwerp Port Authority. Planned for the next five years, the port's industrialization will be founded on, amongst others, sustainable projects and clean energy generation: chemicals, fuels, pelletizing, steel and other companies will be able to use green hydrogen as input to make their energy mix more sustainable.
About Prumo Logística
Prumo is the multi-business economic group responsible for the strategic development of the Port of Açu. We are controlled by EIG, a US-based fund focused on energy and infrastructure, and by Mubadala Investment Company, an active and innovative investor that allocates capital in a variety of segments. Through the Group’s 6 companies (Porto do Açu Operações, Ferroport, Açu Petróleo, GNA, Dome and BP Prumo) and our clients and partners, the Port of Açu serves the oil & gas, port logistics and mining segments. Its infrastructure has unique potential to support new businesses and several industrial niches. Guided by Prumo’s strategic perspective, Açu is now one of the largest and most promising enterprises in Brazil. With operational safety and efficiency combined with the strength of the Group’s long-term vision and the proximity to the main oil exploration basins, Açu is consolidating into the best solution for the most challenging demands.
About EIG
EIG is a leading institutional investor to the global energy sector with $22.0 billion under management as of December 31, 2020. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 39-year history, EIG has committed over $34.9 billion to the energy sector through more than 365 projects or companies in 36 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG’s website at www.eigpartners.com.
Prumo:
Vanessa Teixeira – General Manager, MarComm
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EIG:
Kelly Kimberly/Brandon Messina, Sard Verbinnen & Co.
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T: +1 (212) 687-8080
DUBLIN--(BUSINESS WIRE)--The "Europe Wind Farms Database" database has been added to ResearchAndMarkets.com's offering.
This product is a database of wind farms in Europe.
It includes 24228 entries (in 39 countries).
Its content represents 185,9 GW onshore and 138,5 GW offshore.
Detailed breakdown:
Onshore market:
Offshore market:
Provided Content:
Location
Turbines
Players
Status Data
Countries Covered
For more information about this database visit https://www.researchandmarkets.com/r/izk159
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Acquisition represents significant expansion opportunity for DGT into Connecticut
BOSTON--(BUSINESS WIRE)--DGT Associates, New England’s premier surveying and engineering firm, today announced the acquisition of Mattern & Stefon Land Surveyors. This expansion allows DGT to continue serving Mattern’s clients in southeast Connecticut, while also offering new services to these clients and other organizations throughout the state.
DGT’s acquisition of Mattern represents the firm’s fourth office and first location outside of Massachusetts. Susan F. Mattern, PLS, the firm’s co-founder and chief surveyor, joins DGT with a highly qualified and experienced team of field surveyors and drafters who will continue to operate in the state of Connecticut and now also extend its reach into Rhode Island and Central Massachusetts.
“We are honored to welcome Susan and the Mattern team to DGT and are excited to extend our roots into Connecticut,” said DGT Co-founder & Principal Michael A. Clifford, PLS. “Mattern has a deeply respected reputation for precision and detail, and we’re proud to continue the firm’s legacy, now under the DGT brand.”
As immediate past President of the Connecticut Association of Land Surveyors (CALS), Mattern brings decades of survey expertise and leadership. In 2016, she received the CALS Surveyor of the Year award, and her team has often earned the Plan of the Year award for their well-drawn, highly detailed plans. The firm’s clients include municipalities, attorneys, engineers, architects, developers, private landowners, casinos, energy companies, and general contractors in the state.
“We selected DGT because of their technology-first, accuracy-obsessed approach to surveying and engineering, and because of their 125-year history in New England,” said Susan F. Mattern, PLS. “Our team is elated to join forces with DGT and provide our clients with a greater depth of services as part of the DGT family.”
With the acquisition of Mattern, facilitated by Allen Business Advisors, DGT is now able to offer its suite of services, including 3D laser scanning services (existing conditions and façade mapping) and subsurface utility mapping services (utility location and mapping to ASCE 38-02 standards, GPR and remote-sensing, CAD and BIM-ready plans), to existing and new clients in Connecticut, Rhode Island and Central Massachusetts.
Headquartered Boston’s in Seaport District, DGT has offices in Worcester, Framingham, and now Preston, Connecticut. To learn more about DGT Associates or the Mattern transition, please contact DGT’s Regional Survey Manager John Lloyd at This email address is being protected from spambots. You need JavaScript enabled to view it. or 508-762-9470, or contact Susan Mattern at This email address is being protected from spambots. You need JavaScript enabled to view it. or 860-889-1999.
About DGT Associates
DGT Associates is New England’s premier surveying and engineering firm, with offices in Boston, Framingham, Worcester, and Preston, Connecticut. Guided by a 125-year heritage of legacy firms, DGT is committed to a tech-forward, no-corners-cut approach to its core services — surveying, engineering, and subsurface utility mapping. DGT’s experienced teams of surveyors, GIS professionals, utility mapping specialists, wetlands experts and civil engineers utilize the latest technology to deliver valued, meaningful results. The firm’s clients span a cross-section of community stakeholders across New England and the United States, from developers and construction managers to municipalities and energy companies. Learn more at www.dgtassociates.com
Kerrianne Sullivan
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DUBLIN--(BUSINESS WIRE)--The "High Purity Methane Gas Market by Storage & Distribution and Transportation, Application (Chemical Synthesis, Heat Detection, R &D Laboratory, Transistors & Sensors, Power Electronic), End-Use Industry, Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global High Purity methane gas market is estimated to be USD 6.8 billion in 2020 and is projected to reach USD 8.8 billion by 2025, at a CAGR of 5.2% from 2020 to 2025. High Purity methane gas finds applications in various end-use industries such as electrical & electronics, chemical, oil & gas, automotive & transportation, medical and others due to its unique properties. The electrical & electronics segment led the High Purity methane gas market in 2019, accounting for a share of 26.6%, in terms of value
Chemical Synthesis is the fastest-growing application segment in the High Purity methane gas market. The growth in this segment is attributed to the rising demand for high-purity methane gas as a raw material for the production of methanol, synthetic ammonia, hydrogen, acetylene, carbon black, and carbon disulfide, among others. It accounted for a share of about 20.5% of the High Purity methane gas market, in terms of volume, in 2019.
North America is the largest and fastest-growing market of high Purity methane gas, with US being the major emerging market. The growth can be attributed to the rapidly increasing demand for High Purity methane gas from the electrical & electronics and chemical industries. US is a major manufacturer of High Purity methane gas and had the highest consumption of high purity methane gas. It accounted for a share of about 79.6% of the High Purity methane gas market, in terms of volume, in 2019.
The High Purity methane gas market comprises major solution providers, such as Osaka Gas (Japan), Sumitomo Seika (Japan), Linde Plc (Ireland), Air Liquide (France), and Matheson Tric-Gas Inc. (US)., among others. The study includes an in-depth competitive analysis of these key players in the High Purity methane gas market, with their company profiles, and key market strategies.
Key Benefits:
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 High Purity Methane Gas Market, by Storage & Distribution and Transportation
7 High Purity Methane Gas Market, by Application
8 High Purity Methane Gas Market, by End-Use Industry
9 High Purity Methane Gas Market, by Region
10 Competitive Landscape
11 Company Profiles
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, Winning Imperatives, Current Focus and Strategies & Right to Win)
For more information about this report visit https://www.researchandmarkets.com/r/yctgsq
About ResearchAndMarkets.com
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OMAHA, Neb.--(BUSINESS WIRE)--Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure development and irrigation equipment and services for agriculture, today released its Valmont 2021 Sustainability Report. This month, Valmont celebrates its 75th anniversary as a company and recommits to what has been a lifelong dedication to sustainability. The Company’s tagline of Conserving Resources. Improving Life® is at the core of everything Valmont does: from supporting the development of resilient infrastructure and increasing the sustainability of water for agriculture, Valmont is continuously innovating to minimize their environmental impact with an unwavering commitment to caring for the planet.
“Last year, we made a promise to elevate our ESG communication, sharing our commitments and accomplishments with all stakeholders, and I’m proud to say that we have done so,” said Stephen G. Kaniewski, President and Chief Executive Officer, “Our vision is to be the leading provider for sustainable infrastructure and agriculture solutions in the markets we serve.”
Highlights of the Sustainability Report include:
“We are excited to highlight our commitments throughout the organization along with our plans to conserve resources and improve life in 2021 and the years beyond,” said Kaniewski.
Valmont Sustainability Webpage
About Valmont Industries, Inc.
Valmont is a global leader, designing and manufacturing engineered products and services that support global infrastructure development and agricultural productivity. Its products for infrastructure serve highway, transportation, wireless communication, electric transmission, and industrial construction and energy markets. Its irrigation equipment and services for large-scale agriculture improve farm productivity while conserving fresh water resources. In addition, Valmont provides coatings services that protect against corrosion and improve the service life of steel and other metal products. For more information, visit valmont.com.
Concerning Forward-Looking Statements
This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that management has made in light of experience in the industries in which Valmont operates, as well as management’s perceptions of historical trends, current conditions, expected future developments and other factors believed to be appropriate under the circumstances. As you read and consider this release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond Valmont’s control) and assumptions. Although management believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Valmont’s actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. These factors include among other things, the continuing and developing effects of COVID-19 including the effects of the outbreak on the general economy and the specific economic effects on the Company’s business and that of its customers and suppliers, risk factors described from time to time in Valmont’s reports to the Securities and Exchange Commission, as well as future economic and market circumstances, industry conditions, company performance and financial results, operating efficiencies, availability and price of raw material, availability and market acceptance of new products, product pricing, domestic and international competitive environments, and actions and policy changes of domestic and foreign governments. The Company cautions that any forward-looking statement included in this press release is made as of the date of this press release and the Company does not undertake to update any forward-looking statement.
Renee Campbell
+1 402.963.1057
ROSEMEAD, Calif.--(BUSINESS WIRE)--Southern California Edison distributed a three-volume set of plans supporting the offsite relocation of the spent nuclear fuel currently stored at the San Onofre Nuclear Generating Station. The strategies are outlined in the Action Plan, Strategic Plan and Conceptual Transportation Plan.
To further build momentum toward commercially reasonable offsite storage or disposal solutions, and to urge the federal government to meet its legal obligations, SCE and the counties of Orange and San Diego announced the formation of a stakeholder coalition, Action for Spent Fuel Solutions Now.
“SCE and our partners and stakeholders have a genuine opportunity to bring people together with a shared interest to prepare and advocate for the relocation of the spent fuel away from the coast,” said Kevin Payne, SCE’s president and CEO. “It is clear that to make tangible progress on this issue, the federal government must act. Rather than wait for this to happen, we are going to be a catalyst for change.”
The release of the plans constitutes a significant milestone in a process that began with the 2017 settlement regarding the coastal development permit issued for San Onofre’s expanded spent fuel storage system. There are 123 canisters of spent nuclear fuel at San Onofre and no federal repository available to relocate them to at this time. The Department of Energy was to begin transporting spent fuel from nuclear sites across the country to a repository in 1998.
“These plans provide the opportunity to analyze three broad areas related to spent nuclear fuel removal. First, identifying the pathways, options and feasibility, both near term and long term, to relocate the fuel. Second, the transportation considerations to safely get from point A to point B. And third, the steps SCE must take to be prepared when the opportunity arises,” said Doug Bauder, SCE vice president and chief nuclear officer.
As SCE pursues these strategies, a key concern is protecting customers from incurring additional costs for spent fuel transportation and eventual storage or disposal. California electricity users once served by the nuclear plant have already paid nearly $1 billion into the federal Nuclear Waste Fund, which now totals more than $43 billion.
The Plans
SCE retained North Wind, Inc. to develop the plans in June 2019. The North Wind consultants worked with SCE and its Experts Team, nationally recognized leaders in nuclear waste policy, spent nuclear fuel transportation and nuclear engineering and science, to support development of the plans.
The Action Plan identifies the steps SCE and San Onofre’s co-owners/participants (San Diego Gas & Electric, the city of Anaheim and the city of Riverside) are committed to take to advance offsite relocation of the spent fuel and to ensure the site and its spent fuel are prepared for off-site transportation when an opportunity arises. This includes safely and securely storing the spent fuel at San Onofre for as long as it remains. It also calls for supporting the reestablishment of the federal nuclear waste management program and advocating for legislative changes to advance spent fuel storage and/or disposal solutions.
The Strategic Plan identifies and analyzes a range of alternatives for spent fuel removal while making clear the challenges and needed actions for those alternatives to be realized. It provides assessments of the relative merits, challenges, costs and timelines of the alternatives to help SCE and stakeholders focus their efforts.
It recognizes the importance of more near-term solutions, such as consolidated interim storage, as a companion to a consent-based federal permanent disposal program.
The Conceptual Transportation Plan focuses on specific steps and strategic considerations in planning for and executing the shipment of spent fuel from San Onofre to an offsite location. This plan details various aspects of a spent fuel shipping program and identifies necessary preparations for eventual shipment, such as determining the necessary space and equipment to load canisters for rail transport.
Action for Spent Fuel Solutions Now
A new coalition, Action for Spent Fuel Solutions Now, provides an opportunity for stakeholders, including local governments, business and labor leaders, Native American leaders, environmental groups, and community members, to join forces and make offsite spent fuel storage and/or disposal a priority. SCE recognizes that it cannot solve this issue alone. Co-founders include the counties of Orange and San Diego, the city of Riverside, San Diego Gas & Electric and SCE.
“It is imperative that we come together as a coalition to strongly advocate for making offsite spent fuel storage a true and actionable priority,” said Orange County Supervisor Lisa Bartlett. “It’s time to act,” added San Diego County Supervisor Jim Desmond. “There has to be a mechanism for action, and we believe this coalition will help move us forward.”
The coalition members will work to advocate for federal legislation, funding, administration policies and programs that can advance both permanent disposal and offsite interim storage.
More information about the coalition, including how to join, is available on its website.
North Wind representatives will discuss the plans at Thursday’s Community Engagement Panel meeting, which will be held virtually via Microsoft Teams, beginning at 5:30 p.m. Information on how to join the meeting is available here.
For more information about San Onofre, visit SONGScommunity.com and follow us on Twitter (@SCE_SONGS) and Facebook (@SONGScommunitypage).
About Southern California Edison
An Edison International (NYSE: EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.
Media Contact:
John Dobken, (626) 302-2255
Pandemic Drives Demand for Virtual, Remote Industrial Collaboration Services in Key Industry Segments, including Energy, Manufacturing, Food & Beverage, Automotive and Telecommunications
VANCOUVER, Wash. & DUBAI, United Arab Emirates--(BUSINESS WIRE)--The global leader in hands-free wearable computing for industry, RealWear, today announced that strong customer demand has accelerated its number one position, reporting triple (3X) year-over-year growth. The company also announced a broad global expansion to support customers, including opening a new Customer Experience Centre in Dubai Internet City to meet growing demand for its products and services in the Middle East, and new offices in other major markets. The company has also achieved a milestone of shipping wearable devices to more than 3,000 unique enterprise customers worldwide in a wide range of industries.
The pandemic meant engineers were no longer able to travel to factories and facilities to support onsite technicians in person, RealWear quickly became the wearable device of choice for virtual, remote collaboration for troubleshooting equipment and performing quality checks, audits, inspections, plant tours, and product and factory acceptance tests (FAT). Leading collaboration companies -- including Microsoft, Cisco, and Zoom -- have custom-tailored their software to fully leverage RealWear’s assisted reality wearable solution that is the choice of frontline workers at some of the world’s prominent industrial brands.
Customer Demand Drives Growth
RealWear has successfully scaled its business globally to meet this customer demand, including:
“RealWear’s momentum is real and accelerating, with encouraging feedback from our customers about the transformative nature of our remote collaboration offerings for industry,” said Andrew Chrostowski, RealWear Chairman and CEO. “As a result, we’ve seen 3X our 2019 sales in 2020, with that momentum carrying into 2021. Our customers view us as the ‘gold standard’ solution to meet the daily needs of frontline workers and their management teams in key industry sectors such as Energy, Manufacturing, Food and Beverage, Automotive and Telecommunications. RealWear’s unique, fully ruggedized form factor, full-shift battery life, and unmatched relationships with Microsoft, Cisco, Zoom and a host of other leading ISV partners is driving our market leadership.”
Customer Wins Highlight Growth Momentum
Recent, highly visible customer wins in EMEA include deployments at Dutch multinational Fugro; professional services firm Marsh and McLennan; KPMG for remote audits, led by AMA; as well as with international consultancy and construction firm Mace, which was recently announced deploying Microsoft Teams on RealWear devices for façade quality checks.
According to ABI Research, from 2020-2025 smart glasses hardware unit shipments in the industrial and healthcare sectors is expected to grow globally by a factor of 12.8. Additionally, between 2020-2025, unit shipments to the top three verticals, representing key segments for RealWear -- manufacturing, logistics, and energy & utilities - are projected to grow by a factor of 10.8.
New Demonstration Center in Dubai
RealWear has opened its initial physical presence in the Middle East including an onsite demonstration facility in Dubai’s Internet City, which will provide customers and partners in the region the opportunity to get ‘hands on’ with RealWear’s flagship head-mounted wearable, the HMT-1. This initial physical presence is timely, not only to meet increased customer demand, but also as Middle East businesses adapted to new ways of working to drive worker safety and productivity.
RealWear already has a thriving business in the Gulf Cooperation Council (GCC), with diverse customers spanning aerospace, insurance and oil and gas. Its growing list of clients in the region includes Marsh, and Saudi Arabian public petroleum and natural gas company, Saudi Aramco. When Saudi Aramco began using RealWear’s intrinsically safe product, HMT-1Z1, it recorded a 70% increase in safety compliance on top of a 10% improvement in workforce productivity.
Customers can arrange a live demonstration of the remote collaboration experience by emailing This email address is being protected from spambots. You need JavaScript enabled to view it., or by contacting their local RealWare offices or partner.
About RealWear
RealWear® is a knowledge transfer platform company providing in-situ information and in-the-field training with software and hardware to help people improve safety and increase productivity at work. The company’s flagship system, the HMT-1®, is the best ruggedized head-mounted, wearable, Android-class tablet computer that frees a worker’s hands for dangerous jobs. With an ever-growing number of hands-free enterprise-ready software apps and integrations, enterprise customers gain instant knowledge for faster troubleshooting and communication and inspection with remote mentor, visual assist, document navigation, industrial IoT visualization and digital workflow solutions. Companies operating global businesses in diverse industries such as energy, manufacturing and automotive including Shell, Colgate-Palmolive, Mars, Honeywell, and BMW, trust RealWear’s products, to empower and connect their global workforce.
For more information, visit www.realwear.com.
Aaron Cohen
This email address is being protected from spambots. You need JavaScript enabled to view it.
415-819-7791
WILLISTON, Vt.--(BUSINESS WIRE)--$ISUN #EV--iSun, Inc. (NASDAQ: ISUN) (“iSun” or the “Company”), a leading solar energy and clean mobility infrastructure company with 50 years of construction experience for solar, electrical and data services, today announced results for the fourth quarter and full-year 2020.
Highlights
For the fourth quarter 2020, iSun reported net income of $1.7 million, or $0.32 per share, compared to $0.3 million, or $0.07 per share, in fourth quarter 2019. Fourth quarter 2020 net income included a $1.5 million pre-tax benefit related to loan forgiveness under the Payroll Protection Program (“PPP). Fourth quarter 2020 EBITDA was $2.1 million, compared to $0.1 million in fourth quarter 2019. The year-over-increase in EBITDA was driven by higher revenue and better overall project performance as a result of scale and solid project execution.
Management Commentary
“During 2020, we successfully navigated pandemic-related disruptions to our business, while laying a foundation for growth within our core markets,” stated Jeff Peck, Chairman and CEO of iSun. “The operating environment improved during fourth quarter, as projects were able to return to a more normalized pace of work, momentum which we look to build on in 2021.”
“In January, we acquired iSun Energy LLC, a clean mobility infrastructure company, further positioning our company as a leading participant in the clean energy transition,” continued Peck. “Following the acquisition, we executed a comprehensive rebranding campaign from The Peck Company to iSun, while executing on a wide array of integration initiatives that position us to realize on commercial opportunities across the businesses. Importantly, we have already begun to realize revenue synergies through our combined, value-added service offerings.”
“We see significant opportunities for growth across our solar energy and clean mobility infrastructure markets over a multi-year period,” continued Peck. “Over the last several months, we continued to execute on our regional growth strategy with key wins in new states, including a $7.3 million solar installation EPC contract in Rhode Island, a $2.3 million solar EPC contract in Maine and the $2.2 million contract with Meriden Housing Authority in Connecticut to provide solar energy and electric vehicle charging infrastructure, and ongoing services. These wins are a testament to our strong position in the solar infrastructure market and our ability to execute on our growth strategies going forward.”
Fourth Quarter 2020 Results
The Company reported revenue of $9.3 million in the fourth quarter 2020, an increase of 47.1% when compared to the fourth quarter 2019. Revenue growth was driven by strong project awards throughout 2020, including two large contracts in new regions and a return to a more normal pace of work as pandemic-related restrictions eased across key service areas.
Gross profit was $1.8 million in the fourth quarter 2020, compared to $0.1 million in the fourth quarter 2019. Gross margin in the quarter was 19.1%, compared to 2.2% in the fourth quarter 2019. Higher gross margin was driven by improved project execution and economies of scale. Operating income was $0.5 million in the fourth quarter, compared to a slight operating loss in the prior year period. Fourth quarter operating margin was 5.4% compared to (0.4%) in the fourth quarter 2019. Higher operating margin compared to the same period last year was driven by higher gross profit, partially offset by higher selling, general, administrative, warehousing and other expenses.
Total backlog increased to $61 million at year-end 2020, versus $56 million and $16 million at the end of the third quarter 2020 and fourth quarter 2019, respectively. Awards in the quarter were driven by several key wins including new markets. Management expects to realize revenue on nearly all of its current backlog over the next twelve to eighteen months.
Recent Key Project Awards:
Liquidity Update
At year-end 2020, iSUN had total cash of $0.7 million. As of December 31, 2020, the Company had total debt outstanding of $4.5 million and approximately $3.5 million of available on its revolving line of credit.
During the first quarter 2021, the Company raised $10.5 million in a registered direct offering and an additional $15 million in proceeds from warrants exercised. As of March 12, 2021, iSun had a total cash balance in excess of $21 million.
2021 Outlook
iSun expects to see continued strong demand for its solar energy and e-mobility infrastructure services in 2021, supported by the global transition toward clean energy and the resulting growth in investments in new PV solar installations and electric vehicle charging infrastructure.
With a robust backlog of $61 million, nearly all of which is expected to convert to revenue during 2021, together with a strong pipeline of project opportunities, the Company expects to at least double revenue in 2021. The Company also expects to achieve gross margin and EBITDA margin expansion, given improved operating efficiency, greater economies of scale and the introduction of new product and service offerings.
iSun, Inc.
|
||||||||
|
|
2020 |
|
|
2019 |
|
||
Assets |
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
Cash |
|
$ |
699,154 |
|
|
$ |
95,930 |
|
Accounts receivable, net of allowance |
|
|
6,215,957 |
|
|
|
7,294,605 |
|
Costs and estimated earnings in excess of billings |
|
|
1,354,602 |
|
|
|
1,272,372 |
|
Other current assets |
|
|
214,963 |
|
|
|
201,326 |
|
Total current assets |
|
|
8,484,676 |
|
|
|
8,864,233 |
|
|
|
|
|
|
|
|
|
|
Property and equipment: |
|
|
|
|
|
|
|
|
Building and improvements |
|
|
672,727 |
|
|
|
672,727 |
|
Vehicles |
|
|
1,199,535 |
|
|
|
1,283,364 |
|
Tools and equipment |
|
|
508,846 |
|
|
|
517,602 |
|
Solar arrays |
|
|
6,386,025 |
|
|
|
6,386,025 |
|
|
|
|
8,767,133 |
|
|
|
8,859,718 |
|
Less accumulated depreciation |
|
|
(2,647,333 |
) |
|
|
(2,193,007 |
) |
|
|
|
6,119,800 |
|
|
|
6,666,711 |
|
Other Assets: |
|
|
|
|
|
|
|
|
Captive insurance investment |
|
|
198,105 |
|
|
|
140,875 |
|
|
|
|
|
|
|
|||
Investment in GreenSeed Investors, LLC |
|
|
4,724,444 |
|
|
|
- |
|
Investment in Solar Partner Projects, LLC |
|
|
96,052 |
|
|
|
- |
|
|
|
|
5,018,601 |
|
|
|
140,875 |
|
Total assets |
|
$ |
19,623,077 |
|
|
$ |
15,671,819 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable, includes book overdraft of $1,246,437 and $1,496,695 at December 31, 2020 and 2019, respectively |
|
$ |
4,086,173 |
|
|
$ |
4,274,517 |
|
Accrued expenses |
|
|
172,021 |
|
|
|
119,211 |
|
|
|
|
|
|
|
|
|
|
Billings in excess of costs and estimated earnings on uncompleted contracts |
|
|
1,140,125 |
|
|
|
126,026 |
|
Due to stockholders |
|
|
24,315 |
|
|
|
342,718 |
|
Line of credit |
|
|
2,482,127 |
|
|
|
3,185,041 |
|
Current portion of deferred compensation |
|
|
28,656 |
|
|
|
27,880 |
|
Current portion of long-term debt |
|
|
308,394 |
|
|
|
426,254 |
|
Total current liabilities |
|
|
8,241,811 |
|
|
|
8,501,647 |
|
|
|
|
|
|
|
|
|
|
Long-term liabilities: |
|
|
|
|
|
|
|
|
Deferred compensation, net of current portion |
|
|
62,531 |
|
|
|
88,883 |
|
Deferred tax liability |
|
|
610,558 |
|
|
|
1,098,481 |
|
Long-term debt, net of current portion |
|
|
1,701,495 |
|
|
|
1,966,047 |
|
Total liabilities |
|
|
10,616,395 |
|
|
|
11,655,058 |
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies (Note 9) |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Stockholders’ equity: |
|
|
|
|
|
|
||
Preferred stock – 0.0001 par value 200,000 shares authorized, 200,000 and 0 issued and outstanding at December 31, 2020 and December 31, 2019, respectively (Liquidation Value of $5,000,000) |
|
|
20 |
|
|
|
- |
|
Common stock – 0.0001 par value 49,000,000 shares authorized, 5,313,268 and 5,298,159 issued and outstanding as of December 31, 2020 and 2019, respectively |
|
|
531 |
|
|
|
529 |
|
Additional paid-in capital |
|
|
5,682,139 |
|
|
|
412,356 |
|
Retained earnings |
|
|
3,323,992 |
|
|
|
3,603,876 |
|
Total Stockholders’ equity |
|
|
9,006,682 |
|
|
|
4,016,761 |
|
Total liabilities and stockholders’ equity |
|
$ |
19,623,077 |
|
|
$ |
15,671,819 |
|
iSun, Inc.
|
||||
|
3 Months |
|
3 Months |
|
12/31/2020 |
12/31/2020 |
12/31/2019 |
12/31/2019 |
|
|
|
|
||
Earned revenue |
21,052,211 |
9,331,279 |
28,221,569 |
6,343,399 |
Cost of earned revenue |
18,709,074 |
7,546,635 |
24,050,197 |
6,203,516 |
Gross profit |
2,343,137 |
1,784,644 |
4,171,372 |
139,883 |
|
|
|
|
|
Warehouse and other operating expenses |
684,669 |
127,742 |
864,359 |
(170,606) |
General and administrative expenses |
3,343,895 |
1,153,132 |
2,385,900 |
405,014 |
Total operating expenses |
4,028,564 |
1,280,874 |
3,250,259 |
234,408 |
Operating income |
(1,685,427) |
503,770 |
921,113 |
(94,525) |
|
|
|
|
|
Other income (expenses) |
|
|
|
|
Gain on forgiveness of PPP loan |
1,496,468 |
1,496,468 |
- |
|
Interest expense, net |
(302,542) |
(83,812) |
(244,068) |
(85,851) |
|
|
|
|
|
Income before income taxes |
(491,501) |
1,916,426 |
677,045 |
(180,376) |
(Benefit) provision for income taxes |
(487,173) |
143,412 |
1,104,840 |
(450,490) |
|
|
|
|
|
Net (loss) income |
(4,328) |
1,773,014 |
(427,795) |
270,114 |
|
|
|
|
|
Depreciation |
585,690 |
138,164 |
621,233 |
160,570 |
Interest |
302,542 |
83,812 |
244,068 |
85,851 |
Income tax |
(487,173) |
143,412 |
1,104,840 |
(450,490) |
EBITDA |
396,731 |
2,138,402 |
1,542,346 |
66,045 |
ABOUT iSUN
Headquartered in Williston, VT, iSun, Inc. (NASDAQ: ISUN) is a business rooted in values that align people, purpose, innovation and sustainability. Ranked by Solar Power World as one of the leading commercial solar contractors in the United States, iSun provides solar energy and clean mobility infrastructure to customers for projects from smart solar mobile phone and electric vehicle charging, up to multi-megawatt renewable energy solutions. iSun’s innovations were recognized this year by the Solar Impulse Foundation of Bertrand Piccard as one the globe’s Top 1000 Sustainability Solutions. As a winner, this award will result in the iSun solution being presented to hundreds of government entities around the world, including various municipal, state and federal agencies in the United States. Since entering the renewable energy market in 2012, iSun has installed over 200 megawatts of rooftop, ground mount and EV carport solar systems (equal to power required for 38,000 homes). We continue to focus on profitable growth opportunities. For more information, visit www.isunenergy.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) iSun’s plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts; and (ii) other statements identified by words such as “expects” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the respective management of iSun and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of iSun. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties.
Chase Jacobson
This email address is being protected from spambots. You need JavaScript enabled to view it.
802-264-2040
IRVING, Texas--(BUSINESS WIRE)--ExxonMobil today filed its definitive proxy statement and a letter to shareholders, urging them to vote using the BLUE CARD to support the company’s 12 director nominees at its 2021 annual meeting of shareholders on May 26.
“Our directors have experience leading some of the world’s largest, most complex and successful companies and bring to the board a wide range of backgrounds, knowledge and skills relevant to ExxonMobil’s business and future success,” said Darren Woods, chairman and chief executive officer.
“Over the past several years, the board has added directors with deep expertise in climate change, financial markets, capital allocation, energy transition, and environmental, social and governance practices. New directors also have significant experience helping companies navigate complex transitions while building value for shareholders.”
ExxonMobil’s board of directors oversees the business plans, which through 2025 are expected to increase earnings and cash flow to fund and grow the dividend, pay down debt and invest in future projects. The plan, which is flexible to market conditions and benefits from ongoing cost-reduction efforts, positions ExxonMobil to emerge from the pandemic with improved financial performance and win in a lower-carbon energy future.
“We are investing in commercially attractive low-carbon technologies, which will be an integral part of our long-term strategy,” said Woods. “We ask our shareholders to support our strong and diverse board to continue the disciplined focus on executing this plan that sustains the dividend and leverages our expertise and competitive advantages.”
ExxonMobil’s board has added seven independent, highly-qualified directors since 2016, including three directors this year. The company’s director nominees have an average tenure of approximately five years, compared to an average of nearly eight years for the boards of S&P 500 companies. Eleven of the board’s 12 director nominees are independent.
ExxonMobil also sent a letter to shareholders, urging their support for the company’s highly qualified directors. Shareholders can learn more about the company’s plans, sign up for emailed updates and get help with voting at the annual meeting by visiting xomdrivingvalue.com.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor.
Follow us on Twitter and LinkedIn.
Cautionary Statement
Statements of future events, goals plans, emission reductions, technology progress or market sizes in this release are forward-looking statements. Actual future results and opportunities could vary depending on changes in supply and demand and other market factors affecting future prices of oil, gas, and petrochemical products; changes in the relative energy mix across activities and geographies; changes in international, regional, national and local policy to support lower-carbon technologies; changes in regional and global economic growth rates and consumer preferences; the pace of regional and global recovery from the COVID-19 pandemic and actions taken by governments and consumers resulting from the pandemic; the ability to bring new technologies to commercial scale on a cost-competitive basis; and other factors discussed in this release and in Item 1A. “Risk Factors” in ExxonMobil’s Annual Report on Form 10-K for 2020, as well as under the heading “Factors Affecting Future Results” on the Investors page of ExxonMobil’s website at www.exxonmobil.com.
Forward-looking statements contained in this release regarding the potential future market sizes are not forecasts of actual market sizes. These figures are provided to help quantify the potential of new industries consistent with the stated government goals. Actual future market sizes will depend on future policy decisions, technological developments and consumer preferences. The term “project” as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.
Important Additional Information Regarding Proxy Solicitation
Exxon Mobil Corporation (“ExxonMobil”) has filed a preliminary proxy statement and form of associated BLUE proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for ExxonMobil’s 2021 Annual Meeting (the “Preliminary Proxy Statement”). ExxonMobil, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2021 Annual Meeting. Information regarding the names of ExxonMobil’s directors and executive officers and their respective interests in ExxonMobil by security holdings or otherwise is set forth in the Preliminary Proxy Statement. To the extent holdings of such participants in ExxonMobil’s securities are not reported, or have changed since the amounts described, in the Preliminary Proxy Statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Details concerning the nominees of ExxonMobil’s Board of Directors for election at the 2021 Annual Meeting are included in the Preliminary Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING BLUE PROXY CARD WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders will be able to obtain a copy of the definitive proxy statement and other relevant documents filed by ExxonMobil free of charge from the SEC’s website, www.sec.gov. ExxonMobil’s shareholders will also be able to obtain, without charge, a copy of the definitive proxy statement and other relevant filed documents by directing a request by mail to ExxonMobil Shareholder Services at 5959 Las Colinas Boulevard, Irving, Texas, 75039-2298 or at This email address is being protected from spambots. You need JavaScript enabled to view it. or from the investor relations section of ExxonMobil’s website, www.exxonmobil.com/investor.
ExxonMobil Media Relations
(972) 940-6007
HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) announced today that Jonathan Stein, Chief Financial Officer, and Jennifer Gordon, Vice President, Investor Relations, will meet with investors on March 24, 2021 at the Scotia Howard Weil Energy Conference.
A presentation has been posted in the “Investors” section of the Hess Midstream website at www.hessmidstream.com.
About Hess Midstream
Hess Midstream is a fee-based, growth-oriented, midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess and third-party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at www.hessmidstream.com.
Forward Looking Statements
This press release may include forward-looking statements within the meaning of the federal securities laws. Generally, the words “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “believe,” “intend,” “project,” “plan,” “predict,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and current projections or expectations. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the filings made by Hess Midstream with the U.S. Securities and Exchange Commission, which are available to the public. Hess Midstream undertakes no obligation to, and does not intend to, update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Investor Contact:
Jennifer Gordon
(212) 536-8244
Media Contact:
Robert Young
(713) 496-6076
Companies on the 2021 Inc. 5000 Regionals: D.C. Metro list employed more than 120,000 people
RESTON, Va.--(BUSINESS WIRE)--#energy--Inc. magazine announced today that GridPoint is No. 140 on its annual Inc. 5000 Regionals: D.C. Metro list, the most prestigious ranking of the fastest-growing Washington, D.C., area-based private companies. Born of the annual Inc. 5000 franchise, this regional list represents a unique look at the most successful companies within the D.C. area economy’s most dynamic segment—its independent small businesses.
GridPoint’s mission is to accelerate the world’s transition to a sustainable energy future by creating a network of grid-interactive buildings. Through transforming the way commercial businesses use energy, GridPoint unlocks the decarbonization, sustainability, and grid resiliency required for a cleaner, more efficient tomorrow. The technology harnesses power and potential within a building to deliver energy, operational, and resiliency benefits at the building level. Networked together, these buildings provide reliable, precise, and instantaneous capacity for utilities and grid operators.
“Today is a very proud day for the GridPoint team,” says GridPoint CEO, Mark Danzenbaker. “There are many factors advancing energy into the spotlight and businesses are more conscious than ever about their carbon footprint. This recognition validates our hard work to break down barriers of technology adoption and expedite growth in order to better help customers reduce their energy consumption, embrace sustainability, and become a part of the clean energy transition.”
The companies on this list show stunning rates of growth across all industries in the Washington, D.C., region. Between 2017 and 2019, these 250 private companies had an average growth rate of 211 percent and, in 2019 alone, they employed more than 120,000 people and added nearly $15 billion to the D.C. area economy. Companies based in major metro areas—Baltimore, Maryland, the Washington, D.C. area, and Richmond, Virginia—brought in the highest revenue overall.
Complete results of the Inc. 5000 Regionals: D.C. Metro, including company profiles and an interactive database that can be sorted by industry, metro area, and other criteria, can be found at https://www.inc.com/inc5000/regionals/washington-dc starting March 16, 2021.
“This list proves the power of companies in the Washington, D.C. area no matter the industry,” says Inc. editor in chief Scott Omelianuk. “The impressive revenues and growth rates prove the insight and diligence of CEOs and that these businesses are here to stay.”
About GridPoint
GridPoint’s mission is to accelerate the world’s transition to a sustainable energy future by creating a network of grid-interactive buildings. Through transforming the way commercial businesses use energy, GridPoint unlocks the decarbonization, sustainability, and grid resiliency required for a cleaner, more efficient tomorrow. The technology harnesses power and potential within a building to deliver energy, operational, and resiliency benefits at the building level. Networked together, these buildings provide reliable, precise, and instantaneous capacity for utilities and grid operators. Powered by the best data, GridPoint’s network spans across 15,000 locations including Fortune 500 enterprises, utilities, government organizations, industrial complexes and more.
More about Inc. and the Inc. 5000 Regionals
Methodology
The 2021 Inc. 5000 Regionals are ranked according to percentage revenue growth when comparing 2017 and 2019. To qualify, companies must have been founded and generating revenue by March 31, 2017. They had to be U.S.-based, privately held, for profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2019. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2017 is $100,000; the minimum for 2019 is $1 million. As always, Inc. reserves the right to decline applicants for subjective reasons.
About Inc. Media
The world’s most trusted business-media brand, Inc. offers entrepreneurs the knowledge, tools, connections, and community to build great companies. Its award-winning multiplatform content reaches more than 50 million people each month across a variety of channels including websites, newsletters, social media, podcasts, and print. Its prestigious Inc. 5000 list, produced every year since 1982, analyzes company data to recognize the fastest-growing privately held businesses in the United States. The global recognition that comes with inclusion in the 5000 gives the founders of the best businesses an opportunity to engage with an exclusive community of their peers, and the credibility that helps them drive sales and recruit talent. The associated Inc. 5000 Conference is part of a highly acclaimed portfolio of bespoke events produced by Inc. For more information, visit www.inc.com
Media Contact:
Katie O’Shea, Marketing Manager
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(703) 667-7051
FRAMINGHAM, Mass.--(BUSINESS WIRE)--#cleantechnology--Ameresco, Inc., (NYSE: AMRC), a leading clean technology integrator specializing in energy efficiency and renewable energy, today announced that the underwriters of its previously announced underwritten public offering of Class A common stock, which closed on March 9, 2021, have exercised in full their option to purchase 375,000 additional shares of Class A common stock from Ameresco and 105,000 additional shares of Class A common stock from a certain selling stockholder at the public offering price, less the underwriting discount. The closing of the option exercise occurred on March 15, 2021. After giving effect to the sale of 375,000 additional shares in the option closing, the total number of shares sold by Ameresco in the offering increased to 2,875,000 shares, and the aggregate gross proceeds to Ameresco from the offering, before deducting underwriting discounts and commissions and offering expenses payable by Ameresco, were approximately $126.5 million. The total number of shares of Class A common stock sold by certain selling stockholders in the offering increased to 805,000 shares. Ameresco did not receive any proceeds from the sale of shares by the selling stockholders.
BofA Securities and Oppenheimer & Co. Inc. acted as lead joint book-running managers and representatives of the underwriters for the offering. Baird, Canaccord Genuity, Guggenheim Securities and William Blair also acted as joint book-running managers for the offering. Roth Capital Partners and Craig-Hallum acted as co-managers for the offering.
Ameresco intends to use the net proceeds from this offering to repay in full the outstanding U.S. dollar balance under its revolving senior secured credit facility and for general corporate purposes, including potential tack on acquisitions, working capital and capital expenditures.
The shares were offered pursuant to a shelf registration statement on Form S-3ASR, which became automatically effective upon filing with the Securities and Exchange Commission (SEC) on March 4, 2021.
This offering was made only by means of a prospectus and prospectus supplement that form a part of the registration statement. A final prospectus supplement relating to and describing the terms of the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained by contacting: BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.; or Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad St., 26th Floor, New York, NY 10004, by telephone at (212) 667-8055 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy these securities, 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 registration or qualification under the securities laws of any such state or jurisdiction.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent clean technology integrator of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.
Forward-Looking Statements
Any statements in this press release about future expectations, plans and prospects for Ameresco, Inc., including statements about its intended use of the net proceeds of the public offering, and other statements containing the words “projects,” “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward looking statements as a result of various important factors, including risks and uncertainties related to the impact of general economic, industry or political conditions in the United States or internationally including the ongoing COVID-19 pandemic and other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the U.S. Securities and Exchange Commission on March 2, 2021. In addition, the forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Media:
Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations:
Eric Prouty, Advisiry Partners, 212.750.5800, This email address is being protected from spambots. You need JavaScript enabled to view it.
Lynn Morgen, Advisiry Partners, 212.750.5800, This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Offshore Pipelines - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Offshore Pipelines Market to Reach $17.8 Billion by 2027
Amid the COVID-19 crisis, the global market for Offshore Pipelines estimated at US$ 12.6 Billion in the year 2020, is projected to reach a revised size of US$ 17.8 Billion by 2027, growing at a CAGR of 5% over the analysis period 2020-2027.
Oil, one of the segments analyzed in the report, is projected to record a 3.7% CAGR and reach US$ 6.9 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Refined Products segment is readjusted to a revised 6.9% CAGR for the next 7-year period.
The U.S. Market is Estimated at $3.7 Billion, While China is Forecast to Grow at 4.8% CAGR
The Offshore Pipelines market in the U.S. is estimated at US$ 3.7 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$ 3.2 Billion by the year 2027 trailing a CAGR of 4.8% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.8% and 4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR.
Gas Segment to Record 4.7% CAGR
In the global Gas segment, USA, Canada, Japan, China and Europe will drive the 4.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$ 2.6 Billion in the year 2020 will reach a projected size of US$ 3.6 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$ 2.1 Billion by the year 2027.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS (Total 34 Featured):
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/19cwxj
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
WARRENVILLE, Ill.--(BUSINESS WIRE)--Fuel Tech, Inc. (NASDAQ: FTEK), a technology company providing advanced engineering solutions for the optimization of combustion systems, emissions control and water treatment in utility and industrial applications, today reported financial results for the fourth quarter (“Q4 2020”) and full year ended December 31, 2020.
“I am proud of how our team addressed the challenges in 2020 brought about by the COVID-19 pandemic and am optimistic about Fuel Tech’s prospects for 2021 and beyond,” said Vincent J. Arnone, President and CEO. “With the closing of our financing in February 2021, we now have approximately $37 million in cash and no debt. We intend to prudently deploy this fresh capital as required to support the growth of our core businesses, accelerate our entry into the dissolved gas infusion / water treatment solutions market, and expand our solutions portfolio with products and technologies that we believe could provide our Company with additional growth potential. We believe that we are well-positioned to capitalize on the anticipated global demand for emissions control solutions and water purification technologies, with near-term demand driven by government policies, public advocacy and financial investment. For 2021, we intend to maintain the lean operating structure that we have created over the last several years and will be guided by a focus on operational excellence, client service, innovation and financial improvement.”
Mr. Arnone continued, “We generated improved performance within our FUEL CHEM® business segment during Q4 2020. This reflects contributions from the installation of our TIFI® Targeted In-Furnace Injection technology on new domestic coal-fired unit accounts and a return to more normalized run rates across our fleet following a period of slower unit activity due to the impact of the COVID-19 pandemic. We are continuing to pursue FUEL CHEM application opportunities in the U.S. where owners of coal-fired power generation boilers seek to remain competitive in dispatch markets via the utilization of lower-cost, lower-quality fuels. Outside the U.S. we are focused on multiple sites, including those that burn high sulfur fuel oil in Mexico, biomass and municipal solid waste units in Europe, and coal at sites in Southeast Asia where power demand and related pricing is high, and slagging is an issue.
“Within our Air Pollution Control (APC) business, we expect to capitalize on continuing opportunities for natural gas and industrial applications, with a focus on our SCR and ULTRA technologies on a global basis. The year 2020 was difficult for our APC business, due in large part to pandemic uncertainties and their impact on industrial purchasing activity. However, we remain intensely focused on providing support for bid requests for custom-engineered solutions that fulfill the unique needs of each of our clients and expect that our markets will improve in 2021 as global economic activity strengthens. Despite an overall slowdown in activity, we entered the new year with a global sales pipeline of $40-50 million.”
DGI™ Dissolved Gas Infusion
“After some pandemic delays in 2020, we are beginning to regain momentum at our Dissolved Gas Infusion (DGITM) business,” Mr. Arnone continued. “Working in support of our technology partner, Kadance Resources, we completed a six-week demonstration at a municipal wastewater treatment facility on the U.S. West Coast in early January. We anticipate supporting a second demonstration at an additional wastewater treatment facility on the West Coast in the second quarter of this year. In February, we completed a demonstration of our DGI technology at a new customer in the pulp and paper business located in the Pacific Northwest. Both demonstrations are currently undergoing stringent data analysis to understand the full and complete benefits of the advanced aeration technology at each site. We expect to complete the data review by early in the second quarter, after which we will assess next steps with respect to commercial development with these accounts. As we continue through 2021, our objective is to advance the development and commercialization of this technology, which will include the design and fabrication of higher capacity DGI equipment delivery systems that we believe will be necessary to address the needs of the majority of our end markets.”
Q4 2020 Consolidated Results Overview
Consolidated revenues increased 26.5% to $6.2 million from $4.9 million in Q4 2019, reflecting higher revenues in both the APC and FUEL CHEM business segments.
Gross margin for Q4 2020 was 41.9% of revenues compared to 0.1% of revenues in Q4 2019. Gross margin in Q4 2020 primarily reflected the mix between APC and FUEL CHEM revenues recognized during the quarter. Gross margin in Q4 2019 included a $2.0 million charge in cost of sales for the period related to an equipment warranty liability with a U.S. APC customer. Excluding the impact of the charge, gross margin in Q4 2019 was 41.1% of revenues. As previously announced, Fuel Tech reached a settlement with its insurance carrier and in Q3 2020 recorded a receivable for the proceeds that reduced cost of sales for the APC business. Collection of the receivable was recorded in Q4 2020.
SG&A expenses declined by 15.3% to $3.8 million from $4.5 million in Q4 2019, reflecting lower administrative and professional services costs.
Net loss from continuing operations narrowed to $(1.5) million, or $(0.07) per share, compared to a net loss from continuing operations of $(4.3) million, or $(0.18) per share, in Q4 2019. Excluding the impact of the insurance settlement, net loss from continuing operations in Q4 2019 was $(2.3) million, or $(0.10) per diluted share.
Consolidated APC segment backlog at December 31, 2020 was $5.3 million, of which $4.9 million was domestic, as compared to backlog at December 31, 2019 of $9.7 million, of which $8.6 million was domestic.
APC segment revenues increased to $2.5 million in Q4 2020 from $1.7 million in Q4 2019, primarily the result of project timing. APC gross margin was $0.7 million, or 29% of revenue, in Q4 2020. In Q4 2019, APC gross margin, including the $2.0 million warranty charge, was $(1.5) million. Excluding the warranty charge, APC gross margin in Q4 2019 was $0.5 million, or 28% of revenue.
FUEL CHEM segment revenues rose to $3.7 million from $3.2 million in Q4 2019, primarily reflecting installations on three new units during Q3 2020. Segment gross margin was 51% in Q4 2020 and 48% in Q4 2019.
Adjusted EBITDA loss was $(1.1) million in Q4 2020 compared to an Adjusted EBITDA loss of $(3.9) million in Q4 2019.
Twelve Month Overview
Consolidated revenues for 2020 were $22.6 million as compared to $30.5 million, due to lower APC and FUEL CHEM revenues.
Consolidated gross margin for full year 2020 and 2019 was 47.2% and 35.5%, respectively, reflecting the factors cited above. Excluding the impact of the $2.6 million insurance settlement and current year claim costs, gross margin in 2020 was 29.8%.
SG&A expenses for 2020 declined by 20.9% to $13.6 million from $17.2 million in 2019, reflecting the Company’s previously completed cost containment initiatives. SG&A attributable to the Company’s China operations was $0.3 million in 2020 as compared to $1.8 million in 2019.
Net loss from continuing operations was $(4.3) million, or $(0.17) per share, in 2020. Net loss from continuing operations in 2019, including the unreimbursed customer remediation costs, was $(7.9) million, or $(0.32) per share. Excluding the impact of the unreimbursed customer remediation costs, net loss from continuing operations in 2019 was $(5.9) million, or $(0.24) per share.
Adjusted EBITDA loss was $(2.9) million in 2020 as compared to $(6.2) million in 2019.
Financial Condition
At December 31, 2020 total cash was $12.6 million including restricted cash of $2.0 million, down from total cash of $13.5 million, including restricted cash of $2.6 million, at December 31, 2019. Stockholders’ Equity was $22.3 million, or $0.88 per share.
As previously announced, on February 17, 2021 Fuel Tech closed a private placement that consisted of 5,000,000 shares of the Company’s common stock and warrants to purchase up to an aggregate of 2,500,000 shares of common stock, at a purchase price of $5.1625 per share and associated warrant, that was priced at-the-market under Nasdaq rules. Total gross proceeds to the Company were approximately $25.8 million before fees and expenses.
Conference Call
Management will host a conference call on Tuesday, March 16, 2021 at 10:00 am EDT / 9:00 am CDT to discuss the results and business activities.
Interested parties may participate in the call by dialing:
The conference call will also be accessible via the Upcoming Events section of the Company’s web site at www.ftek.com. Following management’s opening remarks, there will be a question-and-answer session. Questions may be asked during the live call, or alternatively, you may e-mail questions in advance to This email address is being protected from spambots. You need JavaScript enabled to view it.. For those who cannot listen to the live broadcast, an online replay will be available at www.ftek.com.
About Fuel Tech
Fuel Tech develops and commercializes state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment, and advanced engineering services. These technologies enable customers to operate in a cost-effective and environmentally sustainable manner. Fuel Tech is a leader in nitrogen oxide (NOx) reduction and particulate control technologies and its solutions have been in installed on over 1,200 utility, industrial and municipal units worldwide. The Company’s FUEL CHEM® technology improves the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling slagging, fouling, corrosion and opacity. Water treatment technologies include DGI™ Dissolved Gas Infusion Systems which utilize a patented nozzle to deliver supersaturated oxygen solutions and other gas-water combinations to target process applications or environmental issues. This infusion process has a variety of applications in the water and wastewater industries, including remediation, aeration, biological treatment and wastewater odor management. Many of Fuel Tech’s products and services rely heavily on the Company’s exceptional Computational Fluid Dynamics modeling capabilities, which are enhanced by internally developed, high-end visualization software. For more information, visit Fuel Tech’s web site at www.ftek.com.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” as defined in Section 21E of the Securities Exchange Act of 1934, as amended, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and reflect Fuel Tech’s current expectations regarding future growth, results of operations, cash flows, performance and business prospects, and opportunities, as well as assumptions made by, and information currently available to, our management. Fuel Tech has tried to identify forward-looking statements by using words such as “anticipate,” “believe,” “plan,” “expect,” “estimate,” “intend,” “will,” and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on information currently available to Fuel Tech and are subject to various risks, uncertainties, and other factors, including, but not limited to, those discussed in Fuel Tech’s Annual Report on Form 10-K in Item 1A under the caption “Risk Factors,” and subsequent filings under the Securities Exchange Act of 1934, as amended, which could cause Fuel Tech’s actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Fuel Tech undertakes no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances or for any other reason. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those detailed in Fuel Tech’s filings with the Securities and Exchange Commission.
FUEL TECH, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) |
||||||||
|
|
December 31, |
||||||
|
|
2020 |
|
2019 |
||||
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
10,640 |
|
$ |
10,914 |
||
Restricted cash |
|
1,595 |
|
2,080 |
||||
Accounts receivable, net |
|
6,548 |
|
6,473 |
||||
Inventories, net |
|
97 |
|
264 |
||||
Prepaid expenses and other current assets |
|
2,193 |
|
1,879 |
||||
Total current assets |
|
21,073 |
|
21,610 |
||||
Property and equipment, net |
|
5,220 |
|
5,662 |
||||
Goodwill |
|
2,116 |
|
2,116 |
||||
Other intangible assets, net |
|
553 |
|
906 |
||||
Restricted cash |
|
371 |
|
507 |
||||
Right-of-use operating lease assets |
|
394 |
|
362 |
||||
Other assets |
|
361 |
|
443 |
||||
Total assets |
|
$ |
30,088 |
|
$ |
31,606 |
||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
2,353 |
|
$ |
2,117 |
||
Accrued liabilities: |
|
|
|
|
|
|
|
|
Operating lease liabilities - current |
|
149 |
|
182 |
||||
Employee compensation |
|
930 |
|
519 |
||||
Other accrued liabilities |
|
2,099 |
|
1,976 |
||||
Total current liabilities |
|
5,531 |
|
4,794 |
||||
Operating lease liabilities - non-current |
|
237 |
|
180 |
||||
Long-term borrowings |
|
1,556 |
|
— |
||||
Deferred income taxes |
|
134 |
|
171 |
||||
Other liabilities |
|
309 |
|
286 |
||||
Total liabilities |
|
7,767 |
|
5,431 |
||||
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common stock, $.01 par value, 40,000,000 shares authorized, 25,639,702 and 25,053,480 shares issued, and 25,228,951 and 24,592,578 outstanding in 2020 and 2019, respectively |
|
262 |
|
254 |
||||
Additional paid-in capital |
|
140,138 |
|
139,560 |
||||
Accumulated deficit |
|
(114,603 |
) |
|
(110,325 |
) |
||
Accumulated other comprehensive loss |
|
(1,370 |
) |
|
(1,778 |
) |
||
Nil coupon perpetual loan notes |
|
76 |
|
76 |
||||
Treasury stock, at cost (Note 6) |
|
(2,182 |
) |
|
(1,612 |
) |
||
Total stockholders’ equity |
|
22,321 |
|
26,175 |
||||
Total liabilities and stockholders’ equity |
|
$ |
30,088 |
|
$ |
31,606 |
||
FUEL TECH, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands) |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
||||||||||
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||
Revenues |
|
$ |
6,216 |
|
|
$ |
4,912 |
|
|
$ |
22,550 |
|
|
$ |
30,467 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
3,613 |
|
|
|
4,883 |
|
|
|
11,912 |
|
|
|
19,637 |
|
Selling, general and administrative |
|
|
3,775 |
|
|
|
4,456 |
|
|
|
13,600 |
|
|
|
17,191 |
|
Restructuring charge |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
625 |
|
Research and development |
|
|
297 |
|
|
|
304 |
|
|
|
1,177 |
|
|
|
1,127 |
|
Intangible assets abandonment |
|
|
197 |
|
|
|
— |
|
|
|
197 |
|
|
|
127 |
|
|
|
|
7,882 |
|
|
|
9,643 |
|
|
|
26,886 |
|
|
|
38,707 |
|
Operating loss from continuing operations |
|
|
(1,666 |
) |
|
|
(4,731 |
) |
|
|
(4,336 |
) |
|
|
(8,240 |
) |
Interest (expense) income |
|
|
(4 |
) |
|
|
19 |
|
|
|
(4 |
) |
|
|
41 |
|
Foreign exchange gain |
|
|
— |
|
|
|
370 |
|
|
|
— |
|
|
|
370 |
|
Other income (expense), net |
|
|
35 |
|
|
|
(7 |
) |
|
|
119 |
|
|
|
(8 |
) |
Loss from continuing operations before income taxes |
|
|
(1,635 |
) |
|
|
(4,349 |
) |
|
|
(4,221 |
) |
|
|
(7,837 |
) |
Income tax benefit (expense) |
|
|
92 |
|
|
|
9 |
|
|
|
(57 |
) |
|
|
(14 |
) |
Net loss from continuing operations |
|
|
(1,543 |
) |
|
|
(4,340 |
) |
|
|
(4,278 |
) |
|
|
(7,851 |
) |
Loss from discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
Net loss |
|
$ |
(1,543 |
) |
|
$ |
(4,340 |
) |
|
$ |
(4,278 |
) |
|
$ |
(7,852 |
) |
Net loss per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(0.07 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.32 |
) |
Discontinued operations |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Basic net loss per common share |
|
$ |
(0.07 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.32 |
) |
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(0.07 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.32 |
) |
Discontinued operations |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Diluted net loss per common share |
|
$ |
(0.07 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.32 |
) |
Weighted-average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
24,798,000 |
|
|
|
24,257,000 |
|
|
|
24,691,000 |
|
|
|
24,202,000 |
|
Diluted |
|
|
24,798,000 |
|
|
|
24,257,000 |
|
|
|
24,691,000 |
|
|
|
24,202,000 |
|
FUEL TECH, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands) |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
||||||||||
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||
Net loss |
|
$ |
(1,543 |
) |
|
$ |
(4,340 |
) |
|
$ |
(4,278 |
) |
|
$ |
(7,852 |
) |
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
219 |
|
|
|
(217 |
) |
|
|
408 |
|
|
|
(493 |
) |
Comprehensive loss |
|
$ |
(1,324 |
) |
|
$ |
(4,557 |
) |
|
$ |
(3,870 |
) |
|
$ |
(8,345 |
) |
FUEL TECH, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
||||||||
|
|
For the years ended December 31, |
|
|||||
|
|
2020 |
|
|
2019 |
|
||
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(4,278 |
) |
|
$ |
(7,852 |
) |
Loss from discontinued operations |
|
|
— |
|
|
|
1 |
|
Net loss from continuing operations |
|
|
(4,278 |
) |
|
|
(7,851 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
663 |
|
|
|
810 |
|
Amortization |
|
|
185 |
|
|
|
186 |
|
Gain on disposal of equipment |
|
|
(5 |
) |
|
|
(3 |
) |
Provision for doubtful accounts, net of recoveries |
|
|
(1,026 |
) |
|
|
421 |
|
Deferred income taxes |
|
|
(38 |
) |
|
|
— |
|
Stock-based compensation, net of forfeitures |
|
|
290 |
|
|
|
574 |
|
Intangible assets abandonment |
|
|
197 |
|
|
|
127 |
|
Excess and obsolete inventory provision |
|
|
— |
|
|
|
(131 |
) |
Foreign exchange gain |
|
|
— |
|
|
|
370 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
1,095 |
|
|
|
11,415 |
|
Inventories |
|
|
171 |
|
|
|
818 |
|
Prepaid expenses, other current assets and other non-current assets |
|
|
(161 |
) |
|
|
2,239 |
|
Accounts payable |
|
|
198 |
|
|
|
(7,331 |
) |
Accrued liabilities and other non-current liabilities |
|
|
2 |
|
|
|
(5,010 |
) |
Net cash used in operating activities - continuing operations |
|
|
(2,707 |
) |
|
|
(3,366 |
) |
Net cash used in operating activities - discontinued operations |
|
|
— |
|
|
|
(21 |
) |
Net cash used in operating activities |
|
|
(2,707 |
) |
|
|
(3,387 |
) |
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Purchases of equipment and patents |
|
|
(247 |
) |
|
|
(550 |
) |
Net cash used in investing activities - continued operations |
|
|
(247 |
) |
|
|
(550 |
) |
Net cash provided by investing activities - discontinued operations |
|
|
— |
|
|
|
505 |
|
Net cash used in investing activities |
|
|
(247 |
) |
|
|
(45 |
) |
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from Borrowings |
|
|
1,556 |
|
|
|
— |
|
Proceeds from Option Exercises |
|
|
296 |
|
|
|
— |
|
Taxes paid on behalf of equity award participants |
|
|
(570 |
) |
|
|
(128 |
) |
Net cash provided by (used in) financing activities |
|
|
1,282 |
|
|
|
(128 |
) |
Effect of exchange rate fluctuations on cash |
|
|
777 |
|
|
|
(998 |
) |
Net decrease in cash, cash equivalents and restricted cash |
|
|
(895 |
) |
|
|
(4,558 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
|
13,501 |
|
|
|
18,059 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
12,606 |
|
|
$ |
13,501 |
|
|
|
|
|
|
|
|
|
|
Supplemental Cash Flow Information: |
|
|
|
|
|
|
|
|
Cash paid for: |
|
|
|
|
|
|
|
|
Income taxes |
|
$ |
95 |
|
|
$ |
18 |
|
FUEL TECH, INC. BUSINESS SEGMENT FINANCIAL DATA (in thousands) |
||||||||||||||||
Three months ended December 31, 2020 |
|
Air
|
|
|
FUEL
|
|
|
Other |
|
|
Total |
|
||||
Revenues from external customers |
|
$ |
2,538 |
|
|
$ |
3,678 |
|
|
$ |
— |
|
|
$ |
6,216 |
|
Cost of sales |
|
|
(1,801 |
) |
|
|
(1,812 |
) |
|
|
— |
|
|
|
(3,613 |
) |
Gross margin |
|
|
737 |
|
|
|
1,866 |
|
|
|
— |
|
|
|
2,603 |
|
Selling, general and administrative |
|
|
— |
|
|
|
— |
|
|
|
(3,775 |
) |
|
|
(3,775 |
) |
Research and development |
|
|
— |
|
|
|
— |
|
|
|
(297 |
) |
|
|
(297 |
) |
Intangible assets abandonment |
|
|
— |
|
|
|
— |
|
|
|
(197 |
) |
|
|
(197 |
) |
Operating income (loss) from continuing operations |
|
$ |
737 |
|
|
$ |
1,866 |
|
|
$ |
(4,269 |
) |
|
$ |
(1,666 |
) |
Three months ended December 31, 2019 |
|
Air
|
|
|
FUEL
|
|
|
Other |
|
|
Total |
|
||||
Revenues from external customers |
|
$ |
1,674 |
|
|
$ |
3,238 |
|
|
$ |
— |
|
|
$ |
4,912 |
|
Cost of sales |
|
|
(3,194 |
) |
|
|
(1,689 |
) |
|
|
— |
|
|
|
(4,883 |
) |
Gross margin |
|
|
(1,520 |
) |
|
|
1,549 |
|
|
|
— |
|
|
|
29 |
|
Selling, general and administrative |
|
|
— |
|
|
|
— |
|
|
|
(4,456 |
) |
|
|
(4,456 |
) |
Research and development |
|
|
— |
|
|
|
— |
|
|
|
(304 |
) |
|
|
(304 |
) |
Intangible assets abandonment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Operating (loss) income from continuing operations |
|
$ |
(1,520 |
) |
|
$ |
1,549 |
|
|
$ |
(4,760 |
) |
|
$ |
(4,731 |
) |
For the year ended December 31, 2020 |
|
Air
|
|
|
FUEL
|
|
|
Other |
|
|
Total |
|
||||
Revenues from external customers |
|
$ |
8,557 |
|
|
$ |
13,993 |
|
|
$ |
— |
|
|
$ |
22,550 |
|
Cost of sales |
|
|
(4,583 |
) |
|
|
(7,329 |
) |
|
|
— |
|
|
|
(11,912 |
) |
Gross margin |
|
|
3,974 |
|
|
|
6,664 |
|
|
|
— |
|
|
|
10,638 |
|
Selling, general and administrative |
|
|
— |
|
|
|
— |
|
|
|
(13,600 |
) |
|
|
(13,600 |
) |
Restructuring charge |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Research and development |
|
|
— |
|
|
|
— |
|
|
|
(1,177 |
) |
|
|
(1,177 |
) |
Intangible assets abandonment |
|
|
— |
|
|
|
— |
|
|
|
(197 |
) |
|
|
(197 |
) |
Operating income (loss) from continuing operations |
|
$ |
3,974 |
|
|
$ |
6,664 |
|
|
$ |
(14,974 |
) |
|
$ |
(4,336 |
) |
For the year ended December 31, 2019 |
|
Air
|
|
|
FUEL
|
|
|
Other |
|
|
Total |
|
||||
Revenues from external customers |
|
$ |
14,082 |
|
|
$ |
16,385 |
|
|
$ |
— |
|
|
$ |
30,467 |
|
Cost of sales |
|
|
(11,256 |
) |
|
|
(8,381 |
) |
|
|
— |
|
|
|
(19,637 |
) |
Gross margin |
|
|
2,826 |
|
|
|
8,004 |
|
|
|
— |
|
|
|
10,830 |
|
Selling, general and administrative |
|
|
— |
|
|
|
— |
|
|
|
(17,191 |
) |
|
|
(17,191 |
) |
Restructuring charge |
|
|
(625 |
) |
|
|
— |
|
|
|
— |
|
|
|
(625 |
) |
Research and development |
|
|
— |
|
|
|
— |
|
|
|
(1,127 |
) |
|
|
(1,127 |
) |
Intangible assets abandonment |
|
|
— |
|
|
|
— |
|
|
|
(127 |
) |
|
|
(127 |
) |
Operating income (loss) from continuing operations |
|
$ |
2,201 |
|
|
$ |
8,004 |
|
|
$ |
(18,445 |
) |
|
$ |
(8,240 |
) |
FUEL TECH, INC.
GEOGRAPHIC INFORMATION
(in thousands)
Information concerning Fuel Tech’s operations by geographic area is provided below. Revenues are attributed to countries based on the location of the customer. Assets are those directly associated with operations of the geographic area.
For the years ended December 31, |
|
2020 |
|
|
2019 |
|
||
Revenues: |
|
|
|
|
|
|
|
|
United States |
|
$ |
18,622 |
|
|
$ |
25,882 |
|
Foreign |
|
|
3,928 |
|
|
|
4,585 |
|
|
|
$ |
22,550 |
|
|
$ |
30,467 |
|
As of December 31, |
|
2020 |
|
|
2019 |
|
||
Assets: |
|
|
|
|
|
|
|
|
United States |
|
$ |
24,524 |
|
|
$ |
23,460 |
|
Foreign |
|
|
5,564 |
|
|
|
8,764 |
|
|
|
$ |
30,088 |
|
|
$ |
32,224 |
|
FUEL TECH, INC. RECONCILIATION OF GAAP NET LOSS TO EBITDA AND ADJUSTED EBITDA (in thousands) |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
||||||||||
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||
Net Loss |
|
$ |
(1,543 |
) |
|
$ |
(4,340 |
) |
|
$ |
(4,278 |
) |
|
$ |
(7,852 |
) |
Interest expense, net |
|
|
(4 |
) |
|
|
(19 |
) |
|
|
(4 |
) |
|
|
(41 |
) |
Income tax expense |
|
|
(92 |
) |
|
|
(9 |
) |
|
|
57 |
|
|
|
14 |
|
Depreciation expense |
|
|
168 |
|
|
|
166 |
|
|
|
663 |
|
|
|
810 |
|
Amortization expense |
|
|
46 |
|
|
|
68 |
|
|
|
185 |
|
|
|
186 |
|
EBITDA |
|
|
(1,425 |
) |
|
|
(4,134 |
) |
|
|
(3,377 |
) |
|
|
(6,883 |
) |
Intangible assets abandonment/impairment |
|
|
197 |
|
|
|
- |
|
|
|
197 |
|
|
|
127 |
|
Stock compensation expense |
|
|
82 |
|
|
|
217 |
|
|
|
290 |
|
|
|
574 |
|
ADJUSTED EBITDA |
|
|
(1,146 |
) |
|
|
(3,917 |
) |
|
|
(2,890 |
) |
|
|
(6,182 |
) |
Adjusted EBITDA
To supplement the Company's consolidated financial statements presented in accordance with generally accepted accounting principles in the United States (GAAP), the Company has provided an Adjusted EBITDA disclosure as a measure of financial performance. Adjusted EBITDA is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation expense, amortization expense, stock compensation expense, and intangible assets abandonment and building impairment. The Company's reference to these non-GAAP measures should be considered in addition to results prepared in accordance with GAAP standards, but are not a substitute for, or superior to, GAAP results.
Adjusted EBITDA is provided to enhance investors' overall understanding of the Company's current financial performance and ability to generate cash flow, which we believe is a meaningful measure for our investor and analyst communities. In many cases non-GAAP financial measures are utilized by these individuals to evaluate Company performance and ultimately determine a reasonable valuation for our common stock. A reconciliation of Adjusted EBITDA to the nearest GAAP measure of net income (loss) has been included in the above financial table.
Vince Arnone
President and CEO
(630) 845-4500
Devin Sullivan
Senior Vice President
The Equity Group Inc.
(212) 836-9608
BERLIN--(BUSINESS WIRE)--The Berlin-based Greentech start-up Zolar receives a new investment and adds 10 million euro to the ongoing Series B funding round, raising the total investment of this series to 35 million euro. The new investment is lead by Energy Impact Partners, the biggest investor in the energy sector with offices in the USA and Europe headed by its managing partner Matthias Dill. Existing investors continue to support Zolar in the Series B. With the additional resources, the start-up sets the course for the expansion as a next generation green energy company, focusing on sustainable energy production and integral use of solar energy in private households. Zolar as a consumer brand, is placing customers at the center of energy production, and is driven by its mission of climate protection as a top business priority.
Energy provider of the future– The Next Generation Green Energy Company
The start-up defines five quality criteria, which represent the next generation of energy companies: decentralized renewable energy systems, green and affordable energy, customer centricity, significant reduction in customers’ carbon footprint, with an ultimate goal of carbon neutrality, as well as electrification and smart energy management. By installing a solar system on their own roof, customers are enabled to secure and allocate the main energy requirements of the household. Essential to this is the combination of electric mobility and solar energy, as well as the usage of self-generated power stored in residential batteries. The need for green and sustainably produced energy is also evident, due to rapidly increasing demands from customers. Zolar responds to this trend and offers homeowners an alternative to traditional energy companies, who continue to rely on fossil fuels.
“We find ourselves at the dawn of the solar age” explains Alex Melzer, CEO and co-founder of Zolar. “The solar sector proved to be very stable during the Covid-19 pandemic. In the past year, we have been able to grow our revenue significantly, and in 2021, we are targeting to triple installations across Germany. With the fresh 10 million, we are taking the company to the next level and The investment of Energy Impact Partners shows that investors recognise the relevance of regenerative energy. In doing so, they support us to grow quicker, accelerate revenue growth while at the same time having a positive impact on climate protection. Because ultimately what drives us all, is a livable future for all humans”, continued Melzer.
Private households become energy suppliers
In order for every household to become its own energy supplier, Zolar relies on technological platform solutions across the whole value chain. With full service digital concept, beginning with the Zolar Online Configurator, from a holistic customer journey to roof installation via the partner platform Zolar Project Center. The company intends to establish itself as a leading customer brand in the energy sector and is planning an expansion of the core business. In keeping with the requirement of an electrified household, the product portfolio will facilitate an integration of energy production, power storage and mobility.
“Zolar is one of the fastest growing energy start-ups in Germany”, added Matthias Dill, Managing Partner of Energy Impact Partners. “At Energy Impact Partners we closely monitor the transformation of the energy sector and with this investment we intend to provide ongoing support for Zolar’s goal – to become the energy provider of the future. The combination of technological state-of-the-art platforms, customer success and climate protection is a clear formula for success for us” continued Dill.
About Zolar
The Greentech start-up Zolar offers fixed-priced photovoltaic systems, which home owners can plan, compare and commission online, according to their needs. With the help of the in-house developed Zolar Online Configurator, homeowners have the possibility to adjust the components of their PV system according to their wishes, and along with this, receive an individual consultation from solar experts. Zolar’s wide network of local partner businesses carries out the installation on-site. The Berlin start-up employs around 150 employees across Germany and pursues the vision, to install solar panelling on every roof in the world, granting private households greater independence from energy supply systems. The gearing of energy production, energy storage and mobility enables the customer to design an electrified and smart household. As a next green energy company, Zolar empowers its customers to become energy suppliers within its own four walls, to neutralize their carbon footprint and to make an impact towards climate protection.
More information at: http://www.zolar.de
About Energy Impact Partners
Energy Impact Partners (EIP) is a global investment platform leading the transition to a sustainable energy future. EIP brings together entrepreneurs and the world's most forward-looking energy and industrial companies to advance innovation. With over $1.5 billion in assets under management, EIP invests globally across venture, growth, credit and infrastructure – and has a team of more than 45 professionals based in its offices in New York, San Francisco, Palm Beach, London, and Cologne.
For more information on EIP, please visit: www.energyimpactpartners.com
Press Contact
Lina Wölm
VP Marketing & Communications
Phone: +49 30 398 218 443
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: http://www.zolar.de
HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX) Chairman and CEO Greg Garland will speak to investors and securities analysts at two upcoming conferences: the Simmons Energy 21st Annual Energy Conference on Monday, March 22, 2021, at 2:30 p.m. EDT; and the 49th Annual Scotia Howard Weil Energy Conference on Tuesday, March 23, 2021, at 2 p.m. EDT. Both events will be held virtually.
Garland will discuss value creation in an evolving energy landscape and provide an update on the company’s strategic initiatives, including its commitment to disciplined capital allocation.
To access the webcasts, go to the Events and Presentations section of the Phillips 66 Investors site, https://www.phillips66.com/investors. A replay of the webcasts will be archived on the Events and Presentations page approximately two hours after the event, and a transcript will be available at a later date.
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company’s master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,300 employees committed to safety and operating excellence. Phillips 66 had $55 billion of assets as of Dec. 31, 2020. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.
Jeff Dietert (investors)
832-765-2297
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or
Shannon Holy (investors)
832-765-2297
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or
Thaddeus Herrick (media)
855-841-2368
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