DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources Company (NYSE:PXD) ("Pioneer" or "the Company") today announced that the Company is rescheduling its fourth quarter 2020 earnings release and conference call. The earnings release is now scheduled to be issued after the close of trading on the New York Stock Exchange on Tuesday, February 23, 2021. The conference call to discuss the fourth quarter results and 2021 outlook is now scheduled for Wednesday, February 24, 2021, at 9:00 a.m. Central Time.
The earnings release and conference call have been rescheduled due to impacts from the harsh winter weather occurring across the State of Texas. Pioneer’s first priority is the safety and wellbeing of its employees in the Permian Basin and in Dallas. With temperatures expected to remain below freezing throughout this week, rolling power outages and winter weather conditions are impacting our employees, operations and office facilities. Rescheduling the release and conference call allows time for our employees to safely return to work and to properly assess the impacts of the extreme weather on field operations.
Instructions on how to listen to the call and view the accompanying presentation are shown below.
Internet: www.pxd.com
Select “Investors” then “Earnings & Webcasts” to listen to the discussion and view the presentation.
Telephone: Dial (800) 458-4121 confirmation code 7134307 five minutes before the call. View the presentation via Pioneer’s internet address above.
A replay of the webcast will be archived on Pioneer’s website. Alternatively, an audio replay will be available through March 22, 2021. To register and access the replay, click here and enter confirmation code 7134307.
Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit www.pxd.com.
Pioneer Natural Resources Company Contacts:
Investors
Neal Shah - 972-969-3900
Tom Fitter - 972-969-1821
Michael McNamara - 972-969-3592
Greg Wright - 972-969-1770
Media and Public Affairs
Tadd Owens - 972-969-5760
Customer focused technology creates sustainability and savings
CHANDLER, Ariz.--(BUSINESS WIRE)--#smart--Elevation Home Energy Solutions (EHES), formerly Elevation Solar, today announced the company’s new name along with an expanded customer focus and internal development of talent and technology. The new name aligns closely with the company’s mission of “Elevating the Home Energy Experience™” for residential customers, and with its expanded focus on providing innovative, foundational technology for a new energy economy focused on enhancing opportunities for customers with energy efficiency and using clean, reliable energy.
EHES will continue the commitment established by Elevation Solar to make switching to solar simple, and will carry its customer-centric approach to new services for utility and enterprise clients. This expanded scope allows the company to contribute solutions to help address the urgent issue of climate change by applying its integrated energy solutions on a broader scale.
“This shift represents the company’s evolution from a leading residential solar provider to a broad energy solutions provider that is addressing the diverse needs of utilities, enterprises and institutional property owners and operators,” said Greg Fasullo, CEO of Elevation Home Energy Solutions.
Impacts to large-scale enterprises, such as single-family residential operators, have the potential to be particularly significant. Elevation’s technology solutions will allow operators to realize significant savings by lowering energy costs across the board, while offering residents more control over energy use. As an added benefit, the EHES platform will help partners meet or exceed their environmental and sustainability objectives.
Additionally, the company announced that Erik Norwood has been promoted to Chief Technology Officer and Clayton Andersen has been appointed as President of the Solutions division. Norwood brings over a decade of experience as a former solar executive and Boeing rocket scientist, with a reputation for building products that push the boundaries of technology and successfully bringing them to market. Andersen has deep financial expertise and has served in leadership roles at Elevation since 2015, working to create innovative paths for clean energy development that will benefit customers, utilities, and the environment.
“Elevation will give customers more control over their energy use, and help our utility partners make the grid more responsive and resilient while embracing clean energy technologies to reduce their overall carbon footprint. Erik and Clayton have the experience and talent to translate our vision for the future into reality. I am inspired every day by our mission and our stellar team,” said Fasullo.
About Elevation Home Energy Solutions: Headquartered in Arizona, EHES is a fully integrated residential energy solutions company providing solar, energy efficiency and smart energy management technology to customers across multiple states in the Southwest and beyond. Their aim is to help individuals reduce occupancy costs and increase value in their homes through solar ownership and energy management improvements and technology. A 2019 and 2020 Contractor of the Year award recipient by the U.S. Department of Energy, EHES has served thousands of homeowners looking to make their homes more efficient and comfortable.
Megan Schmitz
Horizon Strategies
602-598-1524
This email address is being protected from spambots. You need JavaScript enabled to view it.
Company leadership commends Mr. Giudice for his contributions to FirstLight and offers congratulations on his new role as Special Assistant to the President for Climate Policy
BURLINGTON, Mass.--(BUSINESS WIRE)--FirstLight Power, a leading clean power producer and energy storage company, today announced that the company has elected Stephan Rupert as Chair of its Board of Directors. This follows the departure of the company’s previous board chair Phil Giudice, who is joining the Biden-Harris Administration as Special Assistant to the President for Climate Policy.
“We wish Phil great success as he brings his talent and expertise to advance the nation’s climate and clean energy leadership,” said Alicia Barton, CEO of FirstLight. “Given the Commonwealth’s recent goal of net-zero emissions by 2050 and the similar aggressive goals the Biden-Harris administration are seeking to advance, FirstLight is ideally positioned to accelerate these efforts by leveraging our vast portfolio of clean energy generation. We are fortunate to have a strong Board of Directors, and Stephan will provide immediate leadership as our new Board Chair during this critical time for the company. We are well positioned to play a pivotal role in the region’s transition to a decarbonized energy future through our array of regional, clean energy assets including pumped-hydro storage, battery storage, hydroelectric generation, and solar generation.”
Mr. Giudice will bring over four decades of experience and leadership in the clean energy and climate sector to the newly created domestic climate policy team led by Administrator Gina McCarthy. Mr. Giudice served as Massachusetts Undersecretary of Energy and Commissioner of Energy Resources. He was also founding Board Member, Treasurer and Vice Chair for the Regional Greenhouse Gas Initiative (RGGI), board chair of the National Association of State Energy Officials as well as a member of the DOE’s State Energy Advisory Board, Energy Efficiency and Renewables Advisory Committee and EPA/DOE’s State Energy Efficiency Action Network. He has led numerous successful energy innovation startups and served as a Board Member for several regional clean energy associations and non-profit organizations.
“We congratulate Phil on his new role as Special Assistant to the President, and to thank him for his invaluable contributions to FirstLight. As a long-time clean energy entrepreneur, executive and former state official, Phil will bring immense experience to the national stage and it heartens me to know that President Biden’s administration is tapping leaders with Phil’s passion, skills and expertise to play a leading role accelerating our nation’s path to a clean energy future,” said Mr. Rupert. “PSP is proud to sponsor FirstLight as part of its commitment to help shape a future defined by more sustainable and inclusive economic growth. I am honored to chair FirstLight’s Board at this exciting moment for our company.”
Mr. Rupert, who has over 20 years of experience in international mergers and acquisitions, asset management and operation, first joined FirstLight’s Board in 2016. He currently serves as Managing Director, Infrastructure Investments, at the Public Sector Pension Investment Board (PSP Investments) where he oversees capital investment and asset management for the Americas.
ABOUT FIRSTLIGHT POWER
FirstLight Power (FirstLight) is a leading clean power producer and energy storage company in New England with a portfolio that includes nearly 1,400 megawatts of pumped-hydro storage, battery storage, hydroelectric generation, and solar generation – the largest clean energy generation portfolio in New England today. Based in Burlington, MA, with operating offices in Northfield, MA and New Milford, CT, FirstLight provides stewardship of and recreational access to 14,000 acres of land and waters along the Connecticut, Housatonic, Shetucket, Still, and Quinebaug Rivers. To learn more, visit www.firstlightpower.com.
Len Greene, Director of Government Affairs & Communications
Office: 413-659-4426, Cell: 860-795-4310
Travis Small, Slowey McManus Communications
Cell: 617-538-9041, Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
KILGORE, Texas--(BUSINESS WIRE)--Martin Midstream Partners L.P. (NASDAQ: MMLP) (the “Partnership”) announced today it has rescheduled its upcoming earnings release and conference call due to impacts of the severe winter storm. The Partnership will announce its fourth quarter and full-year 2020 financial results, along with 2021 guidance after close of market on Monday, February 22, 2021, and will host a conference call the following day.
Date: Tuesday, February 23, 2021
Time: 8:00 a.m. CT (please dial in by 7:55 a.m.)
Dial In #: (833) 900-2251
Conference ID: 9494038
Replay Dial In # (800) 585-8367 – Conference ID: 9494038
Webcast: Fourth Quarter 2020 Earnings Conference Call
During the conference call, management will discuss certain non-generally accepted accounting principle financial measures for which reconciliations to the most directly comparable GAAP financial measures will be provided in Martin Midstream Partners’ announcement concerning its financial results for the quarter and full-year ended December 31, 2020, along with an archive of the replay. Each will be available on the investor relations page of Martin Midstream Partners’ website.
About Martin Midstream Partners
Martin Midstream Partners L.P., headquartered in Kilgore, Texas, is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region. The Partnership's primary business lines include: (1) terminalling, processing, storage, and packaging services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) natural gas liquids marketing, distribution, and transportation services. To learn more, visit www.MMLP.com. Follow Martin Midstream Partners L.P. on LinkedIn and Facebook.
Forward-Looking Statements
Statements about the Partnership’s outlook and all other statements in this release other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and all references to financial estimates rely on a number of assumptions concerning future events and are subject to a number of uncertainties, including (i) the current and potential impacts of the COVID-19 pandemic generally, on an industry-specific basis, and on the Partnership’s specific operations and business, (ii) the effects of the continued volatility of commodity prices and the related macroeconomic and political environment, and (iii) other factors, many of which are outside its control, which could cause actual results to differ materially from such statements. While the Partnership believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in anticipating or predicting certain important factors. A discussion of these factors, including risks and uncertainties, is set forth in the Partnership’s annual and quarterly reports filed from time to time with the Securities and Exchange Commission (the “SEC”). The Partnership disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events, or otherwise except where required to do so by law.
The information in the Partnership’s website is not, and shall not be deemed to be, a part of this notice or incorporated in filings the Partnership makes with the SEC.
MMLP-F
Sharon Taylor
Chief Financial Officer
(877) 256-6644
This email address is being protected from spambots. You need JavaScript enabled to view it.
Deducted at the time of purchase with no additional paperwork required, the CCFR will make Arcimoto’s ultra-efficient EVs even more affordable for everyday drivers ready to start driving electric today.
EUGENE, Ore.--(BUSINESS WIRE)--$FUV #FUV--Arcimoto, Inc.® (NASDAQ: FUV), makers of affordable, practical, and joyful pure electric vehicles for everyday commuters and fleets, today announced that the Arcimoto FUV now qualifies for the $1,500 California Clean Fuel Reward. The discount will be instantly applied at the time of purchase with no additional paperwork necessary.
“Affordability for all is fundamental to our mission to catalyze the shift to sustainable transportation,” said Mark Frohnmayer, Arcimoto Founder and CEO. “Of all fifty states, California leads the nation in Arcimoto preorders, which now total more than 4,800. We applaud the Golden State for leading the charge to make ultra-efficient EVs more accessible for everyone.”
The California Clean Fuel Reward is a statewide electric vehicle time-of-sale incentive program funded through the California Air Resource Board’s Low Carbon Fuel Standard. The program is administered by Southern California Edison Company on behalf of all participating Electric Distribution Utilities. The California Clean Fuel Reward is available to anyone who resides in California and purchases a new FUV from Arcimoto.com.
About Arcimoto, Inc.
Arcimoto (NASDAQ: FUV) develops and manufactures ultra-efficient and affordable electric vehicles to help the world shift to a sustainable transportation system. Now available to preorder customers in California, Oregon, Washington, and Florida, the Arcimoto FUV® is purpose-built for everyday driving, transforming ordinary trips into pure-electric joyrides. Available for preorder, the Deliverator® and Rapid Responder™ provide last-mile delivery and emergency response functionality, respectively, at a fraction of the cost and environmental impact of traditional gas-powered vehicles. Two additional concept prototypes built on the versatile Arcimoto platform are currently in development: the Cameo™, aimed at the film and influencer industry; and the Roadster, designed to be the ultimate on-road fun machine. Every Arcimoto vehicle is built at the Arcimoto Manufacturing Plant in Eugene, Oregon. For more information, please visit Arcimoto.com.
Public Relations Contact:
Megan Kathman
(651) 785-3212
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations Contact:
This email address is being protected from spambots. You need JavaScript enabled to view it.
The company expands solutions to enable enterprises to reach new milestones in their automation and digital transformation journeys, cements its place among the industry’s leaders
MCLEAN, Va.--(BUSINESS WIRE)--#CMMIlevel5SVC20certification--Digital Intelligence Systems, LLC (DISYS), a global technology services firm, announces that it has been awarded the prestigious Capability Maturity Model Integration (CMMI) Level 5 SVC 2.0 certification. Designed to help organizations streamline business process improvement approaches and reduce risk, DISYS is among a handful of firms worldwide to reach this level, an achievement that sets it apart generally and within the global staffing industry.
DISYS’ CMMI Level 5 SVC 2.0 extends and deepens its service offerings and delivery within its outcome-based managed services arm D2M and India operations. Going forward, these groups will be able to serve a more diverse portfolio of clients and significantly increase the value its solutions deliver.
“The CMMI Level 5 SVC 2.0 certification will allow us as a company and player on the global stage to improve our business processes and client delivery approaches,” said DISYS’ President, Maruf Ahmed. “Clients expect to see this level of performance from the Big 4 consulting companies, and this affirms DISYS’ ability to perform and compete at that level. It also enables us to keep our finger on the pulse of technological innovation for seamless integration into our client partnerships to generate top-quality outcomes.”
DISYS now has access to the expansive CMMI network. Used by 10,000+ organizations, 12 national governments, and across 106 countries, the CMMI certification is recognized as a leading model that helps organizations improve their business processes, customer delivery structures, and implement a culture of transformation with greater adaptability for embracing new technologies, such as Agile.
“This prestigious certification dramatically expands our ability to assist enterprises in leveraging automation to continue their digital transformation journeys,” D2M’s Vice President - Head of Business, Rajiv Tandon said. “D2M’s clients can expect new robustness in our outcome-driven solutions, to enable them to harness the power of cutting-edge technologies, optimize costs, and maximize productivity and service quality.”
“Our team’s spectacular work and collaboration was essential to our achievement of CMMI Level 5 SVC 2.0,” said Kumar Rajagopalan, VP of India Operations at DISYS. “Their willingness to take on the additional responsibilities the process required is what led us to the achievement of this feat.”
About Digital Intelligence Systems, LLC (DISYS)
Digital Intelligence Systems, LLC (DISYS) is a global managed services and staffing firm with 45 offices worldwide. DISYS’ vision is to be a global business partner, delivering the highest quality and most consistent services at the best value to clients worldwide. For more information about DISYS, visit www.disys.com.
MEDIA
Sandra Schwartzman
Vice President of Public Relations
RMR & Associates
(301) 230 – 0045 x 100
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--BBVA USA, as Trustee of the San Juan Basin Royalty Trust (the “Trust”) (NYSE:SJT), today declared a monthly cash distribution to the holders of its Units of beneficial interest (the “Unit Holders”) of $2,547,730.20 or $0.054662 per Unit, based primarily upon production during the month of December 2020, subject to certain adjustments by the owner of the Trust’s subject interests, Hilcorp San Juan L.P. (Hilcorp”), for prior months. The distribution is payable March 12, 2021, to Unit Holders of record as of February 26, 2021.
Based upon information provided to the Trust by Hilcorp, gas production for the subject interests totaled 1,643,882 Mcf (1,826,535 MMBtu) for December 2020, as compared to 1,428,504 Mcf (1,587,227 MMBtu) for November 2020. Dividing revenues by production volume yielded an average gas price for December 2020 of $2.66 per Mcf ($2.39 per MMBtu), as compared to an average gas price for November 2020 of $3.14 per Mcf ($2.83 per MMBtu).
Hilcorp has advised the Trust that the December 2020 reporting month included a negative adjustment of $4,764 gross ($3,573 net to the Trust) based on true-ups for the October 2018, November 2018 and December 2018 production months.
Hilcorp also reported that for the reporting month of December 2020, revenue included an estimated $100,000 for non-operated revenue. For the month ended December 2020, Hilcorp reported to the Trust capital costs of $120,985, lease operating expenses and property taxes of $845,909, and severance taxes of $72,172.
Contact: |
San Juan Basin Royalty Trust |
||
|
BBVA USA, Trustee |
||
|
2200 Post Oak Blvd., Floor 18 |
||
|
Houston, TX 77056 |
||
|
website: www.sjbrt.com |
e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it. |
|
|
Joshua R. Peterson, Head of Trust Real Assets & Mineral Resources |
||
|
and Senior Vice President |
||
|
Kaye Wilke, Investor Relations, toll-free: (866) 809-4553 |
||
Except for historical information contained in this news release, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements generally are accompanied by words such as “estimates,” “anticipates,” “could,” “plan,” or other words that convey the uncertainty of future events or outcomes. Forward-looking statements and the business prospects of San Juan Basin Royalty Trust are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, certain information provided to the Trust by Hilcorp, volatility of oil and gas prices, governmental regulation or action, litigation, and uncertainties about estimates of reserves. These and other risks are described in the Trust’s reports and other filings with the Securities and Exchange Commission.
Joshua R. Peterson, Head of Trust Real Assets & Mineral Resources
and Senior Vice President
Kaye Wilke, Investor Relations, toll-free: (866) 809-4553
New investment will help Highland accelerate its mission of bringing cheaper, cleaner transportation to schools throughout the US
HAMILTON, Mass.--(BUSINESS WIRE)--Highland Electric Transportation, a provider of turnkey fleet solutions delivering the latest in zero-emission technologies to school districts and fleet managers, has raised $253MM of corporate equity to accelerate its growth. The financing was led by Vision Ridge Partners with participation by Fontinalis Partners and existing investors.
“We want everyone to enjoy the benefits of going electric – providing a safer, cleaner, quieter ride to students and delivering cost savings to school districts. Highland is making that possible through a comprehensive, cost-effective solution and we are excited to invest in the Company to accelerate its mission,” said Reuben Munger, Founder and Managing Partner of Vision Ridge Partners.
Highland reduces the complexity of going electric by providing customers a full-service solution of electric vehicles that are owned, powered, and maintained by the Company. This all-inclusive transportation-as-a-service model is the simple and cost-effective way for districts to transition their fleets. With technology solutions allowing vehicles to optimally charge and provide grid services, Highland is helping customers improve energy efficiency and resiliency.
“My partners and I believe millions of fleet vehicles will electrify,” said Chris Cheever, Founder and Partner at Fontinalis. “Highland is well positioned to help customers make it happen and our firm is excited to help the Company become a leader in its industry.” Fontinalis Partners was co-founded by Bill Ford, Executive Chairman of the Ford Motor Company (NYSE: F) with deep expertise in mobility.
School districts and other governmental organizations are embracing electric vehicles because they are cheaper and cleaner. In addition to school buses, Highland plans to expand its service to help electrify entire government fleets. Currently, the Company is working on projects to electrify thousands of medium-duty vehicles in government fleets, which makes Highland among the biggest electric fleet owners.
“Our goal is to use this capital to build the largest electric fleet company that delivers economic and environmental value to our customers and society,” said Duncan McIntyre, Highland Founder and CEO. “We are blessed with great customers and a growing team that includes outstanding investors and company builders.”
The Company benefits from government initiatives that accelerate fleet electrification. These include President Biden’s executive order to electrify 645,000 Federal government vehicles as well as Build Back Better policy to provide incentives to electrify all 500,000 municipally-operated school buses in the United States. State governments are supporting the switch to electric vehicles too. For example, Maryland offers grants for zero-emission school buses. Additionally, last year’s Federal Energy Regulatory Commission Order 2222 created the nationwide ability to connect vehicle batteries to the electricity grid. Today, Highland is selling battery services into ISO-NE and will soon provide similar services to the PJM Energy Market.
Concurrent with the financing Reuben Munger, Justin Goerke, and Nat Kreamer, chief executive officer of the Advanced Energy Economy (AEE) and co-founder of Sunrun (NASDAQ: RUN), are joining Duncan McIntyre on Highland’s board of directors. Before founding Highland, Duncan co-founded Altenex, which pioneered the virtual power purchase agreement for renewable energy, developed over two gigawatts of renewable energy for marquee customers that included Microsoft (NASDAQ: MSFT), Home Depot (NYSE: HD), and General Motors (NYSE: GM), and was acquired by Edison International (NYSE: EIX).
Highland Electric Transportation is headquartered in Hamilton, Massachusetts, neighboring its first customer, the City of Beverly. Today, Highland owns and operates American-made electric vehicles manufactured by North Carolina-headquartered Thomas Built Buses and powered by California-headquartered Proterra, which has announced its plan to go public by merging with Arclight Clean Transition Corp (NASDAQ:ACTC).
About Vision Ridge Partners
Launched in 2008 to invest in transformative growth companies within the sustainable energy sector, Vision Ridge Partners is an investment firm focused on the future. Our vision is to unleash capital markets to solve our generation's greatest challenge: the threat posed to our planet by climate change. More information is available www.vision-ridge.com
About Fontinalis Partners
Fontinalis Partners is a venture capital firm investing in vertical and enabling technologies impacting the efficient movement of people and goods. The firm was founded in 2009, has offices in Detroit and Boston, and has raised more than $260 million of committed capital to date. More information is available at www.fontinalis.com
Duncan McIntyre
Chief Executive Officer
This email address is being protected from spambots. You need JavaScript enabled to view it.
Board to help development of initiatives to maximize positive environmental impacts from sustainable farming and low-carbon grain market
SAN CARLOS, Calif. & CHICAGO--(BUSINESS WIRE)--GradableTM, one of the leading technology and services provider that facilitates the scoring, sourcing, and pricing of Low-Carbon Grain from farm-to-fork, today announced the appointment of the Gradable Environmental Advisory Board, which includes representatives from the Environmental Defense Fund, Argonne National Laboratory, The Nature Conservancy®, and the Foundation for Food & Agriculture Research (FFAR).
Gradable enables comprehensive environmental transparency, and supports a market for premium, environmentally-scored grain. Gradable also provides buying intelligence software that directly connects farmers with consumer packaged goods companies, animal feed providers, biofuel makers and the world’s other major grain buyers.
The Gradable Environmental Advisory Board will provide third-party scientific, agronomic, and economic counsel for Gradable initiatives. These efforts help maximize the positive environmental impacts of these campaigns and assist Gradable in aligning stakeholders in the agriculture supply chain, from farmers to grain buyers to consumer packaged goods companies to policymakers around practical solutions.
Board members represent numerous world-class research organizations and environmental groups around the globe.
The Board includes Jenny Ahlen, Senior Director of Sustainable Food and Products for the Environmental Defense Fund’s EDF+Business program. She works with leading consumer goods companies and retailers to reduce the climate impacts of global supply chains. EDF, one of the world’s leading international nonprofit organizations, creates transformational solutions to the most serious environmental problems. To do so, EDF links science, economics, law and innovative-private sector partnerships.
“We see enormous opportunities for supply chain and policy innovations that reward farmers for climate-smart practices,” Ahlen said. “By increasing conservation data availability and transparency, Gradable can enable solutions that deliver results for farmers, businesses and the planet. We're excited to be part of this effort.”
The Nature Conservancy's director of agriculture innovation, Renée Vassilos, has also joined the Board. Vassilos manages the organization’s investments in innovative companies working to scale regenerative agriculture practices. The Nature Conservancy is one of the world’s leading global conservation organizations dedicated to conserving the lands and waters upon which all life depends.
“If we are truly going to ensure the long-term food security of billions around the world, profitable livelihoods for growers, farmers, and ranchers, and a healthy environment, innovation in regenerative agriculture must be a business imperative,” said Vassilos. “Taking proactive steps to innovate the global food supply chain, while also implementing policy solutions that reward growers for adopting climate-friendly practices, is a win-win for agriculture and the environment.”
Michael Wang, a Distinguished Fellow, Senior Scientist, and Director of the Systems Assessment Center of the Energy Systems Division at Argonne National Laboratory, also joined the Board. At Argonne, he oversees the evaluation of energy and environmental impacts of vehicle technologies, transportation fuels, and energy systems. He is the original developer of Argonne’s GREET® model, which is used by industries and government agencies. Argonne is a multidisciplinary science and engineering research center that seeks solutions to pressing national problems, with a focus on “understanding the planet, climate and cosmos.”
“I am pleased to see that Gradable is benefitting from the GREET model and its results. Credible, transparent carbon footprint results are key to encourage farmers to pursue sustainable farming practices,” Wang added.
Dr. LaKisha Odom, Scientific Program Director at the Foundation for Food & Agriculture Research (FFAR) brings expertise on soil health to the board. Founded in 2014, FFAR builds partnerships to address today’s food and agriculture challenges, seeking to enhance the economic and environmental resilience of our food supply.
“We’re proud to welcome the distinguished environmental leaders to our board,” said Devin Lammers, CEO of Gradable. “They’ll bring unparalleled experience and expertise to ensure Gradable maximizes its positive impact on the environment, farmers, rural economies, and beyond.”
The Gradable Environmental Advisory Board will begin by assisting the company in solidifying a carbon intensity scoring model for grain, and will counsel on topics such as soil health, traceability, regenerative agriculture certifications, and farm-level financial instruments.
About Gradable:
Gradable, launched by Farmer’s Business Network, Inc. (FBN®), provides new technology and services that facilitate the scoring, sourcing, and pricing of Low-Carbon Grain, making environmental transparency in the grain industry a reality now. Gradable enables comprehensive environmental transparency and supports a market for premium, environmentally-scored grain. Gradable also provides buying intelligence software that directly connects farmers with consumer packaged goods companies, animal feed providers, biofuel makers and the world’s other major grain buyers.
To learn more, visit www.gradable.com
About FBN:
Farmer’s Business Network, Inc. is an independent ag tech platform and farmer-to-farmer network with a mission to power the prosperity of family farmers around the world, while working towards a sustainable future. Its Farmers First® promise has attracted over 24,000 members to the network with a common goal of maximizing their farm’s profit potential. FBN has set out to redefine value and convenience for farmers by helping reduce the cost of production and maximize the value of their crops.
The FBN network has grown to cover more than 67 million acres of member farms in the U.S., Canada and Australia. Blending the best of Midwestern agricultural roots and Silicon Valley technology, the company has over 600 personnel and offices in San Carlos, Calif., Chicago, Ill., Sioux Falls, S.D., a Canadian Headquarters in High River, Alberta and an Australian Headquarters in Perth.
To learn more, visit: www.fbn.com.
*Fees may apply for certain product and service offerings other than FBN membership.
The sprout logo, “Farmers Business Network”, “FBN”, “FBN Direct” and “Farmers First” are registered trademarks or service marks of Farmer’s Business Network, Inc. GREET is a registered trademark of the Argonne National Laboratory. All other marks are the property of their respective owners.
Media:
Keith Chapman
This email address is being protected from spambots. You need JavaScript enabled to view it.
The award winning brand is demonstrating the future of performance materials and the possibilities unlocked by Checkerspot, Inc’s vertically integrated innovation platform enabled by biotechnology
SALT LAKE CITY & BERKELEY, Calif.--(BUSINESS WIRE)--Checkerspot, Inc. announced today that the company’s outdoor brand, WNDR Alpine (pronounced “Wonder Alpine”), has integrated into its B Corp™ Certification and has demonstrated significant positive impact in order to carry the B Corp™ Certification logo. This certification marks Checkerspot’s participation in a global movement of for-profit companies dedicated to using the power of business to build a more inclusive and sustainable economy.
“When we launched WNDR Alpine in 2019, we set out to create the highest performing equipment to push the boundaries of what’s possible for backcountry travel and our community more broadly, but also to make strides toward a more responsible way to build products,” said Matt Sterbenz, GM of Wintersports at Checkerspot. “Novel materials and production techniques can benefit the alpinist and the environment. Our goal at Checkerspot is to make these new materials and manufacturing innovations accessible, and through the brand, attract others in the outdoor space to join us in a new standard of environmental responsibility.”
The certification process uses credible, comprehensive, transparent, and independent standards to measure performance in areas of governance, workers, community, and the environment. The team has worked hard to reduce waste specifically in the local fabrication of its skis.
Key innovations highlighted in earning this certification:
“We have a vision of empowerment - to create new sustainable performance materials and to put them into the hands of innovators. To do this requires a community willing to think differently and step forward into a post petroleum future. We are so proud to be a part of the B Corp™ community of companies who are committed to realizing a more sustainable future,” said Charles Dimmler, CEO and co-founder of Checkerspot. “The 20th century was defined by the industrial revolution and growing consumerism, the foundation of which continues to be petroleum and other commodity oils. In the 21st century, biotechnology has unlocked our ability to biomanufacture at large scale other natural oils with unique chemistries never before available in large quantities. Through our products, such as those available at WNDR Alpine, we have just begun to demonstrate why this is important: unique, novel oils enable us to engineer better performing products designed for their specific application. The fact that we are also leveraging a more sustainable approach will one day become the global norm.”
In the coming season, all of WNDR® Alpine’s skis will proudly display the B Corp™ logo.
About Checkerspot
Checkerspot designs performance materials at a molecular level. It does this by optimizing microbes to biomanufacture unique structural oils produced in nature, but not previously accessible at commercial scale. The company is currently commercializing three materials: a light-weight urethane-based composite (Algal Core) and a cast urethane (Algal Wall), both commercialized initially through the brand WNDR® Alpine, as well as algal oil formulated into MiDori® BioWick and sold in partnership with Beyond Surface Technologies to clothing brands worldwide. Checkerspot empowers product designers and innovators, including Beyond Surface Technologies, Gore and WNDR Alpine, with better materials to develop improved consumer and B2B applications for a post-petroleum future.
About B Lab®
B Lab is a nonprofit that serves a global movement of people using business as a force for good™. Their initiatives include B Corp™ Certification, administration of the B Impact Management programs, and advocacy for governance structures like the benefit corporation. B Lab’s vision is of an inclusive and sustainable economy that creates a shared prosperity for all.
https://checkerspot.com
https://wndr-alpine.com
Nina Reyes This email address is being protected from spambots. You need JavaScript enabled to view it.
An additive manufacturing expert with decades of deep industry knowledge
CAMPBELL, Calif.--(BUSINESS WIRE)--#3Dmetalprinting--As California-based metal additive manufacturing (AM) leader VELO3D continues on its accelerated growth path, the company has announced the appointment of Jon Porter to head its commercial operations in Europe. Based in the U.K., Porter will oversee VELO3D’s ongoing expansion efforts into this key strategic region.
Porter comes to VELO3D from Renishaw, where he worked in the business development team of the AM division. While there he was also directly involved with the international organizations (SAE, ASTM and BSI) that are developing new standards for the industrial 3D-printing sector.
Porter’s earliest introduction to AM came in the 1990s working for renowned engineer-entrepreneur James Dyson. As the company grew from successful startup to leading floorcare and appliance business, Porter became involved in its early investment in AM technology. “I saw the potential for AM as a ‘bridge to manufacturing’ that allows for significant time compression and de-risking of both product development and the toolmaking cycle,” he says. “Throughout my experience with several other companies as AM has evolved since then, the value of 3D printing as a powerful end-product manufacturing process has become increasingly clear.”
VELO3D founder and CEO Benny Buller views Porter’s appointment as an opportunity to better support existing customers throughout Europe while educating others about the growth-making potential of VELO3D’s AM technology. “With Jon at the helm of our European base of operations, manufacturers in the region now have similar-time-zone access to someone who knows AM inside and out—and who has also experienced, first-hand, how adopting this technology can make all the difference in a company’s ability to innovate and compete,” he says.
Jon Porter holds a degree in Engineering Product Design from South Bank University in London. He is currently based in Gloucestershire, England and is available at This email address is being protected from spambots. You need JavaScript enabled to view it., phone number +447436597017.
About VELO3D
VELO3D empowers companies to imagine more and additively manufacture nearly anything. Bringing together an integrated, end-to-end solution of software, hardware, and process-control innovation, VELO3D’s technology for 3D metal printing delivers unparalleled quality control for serial production and enhanced part performance. With VELO3D Flow™ print preparation software, Sapphire® laser powder bed AM system, and Assure™ quality assurance software, manufacturers can accelerate product innovation, become more agile and responsive to market needs, and reduce costs. First in the industry to introduce SupportFree metal 3D printing, which allows for the manufacture of previously impossible geometries, the company is based in Silicon Valley and is privately funded. For more information, please visit https://www.velo3d.com/.
Renette Youssef
This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Residential Energy Management Market by Component (Hardware (RTU, Relays, LCS, DR devices, Control Devices, In-house Displays), Software(EMP, Energy Analytics, CEP); Communication Technology (Wired, Wireless); Application; Region - Global forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global residential energy management market is projected to reach USD 4.1 billion by 2025 from an estimated USD 2.2 billion in 2020, at a CAGR of 12.9% during the forecast period.
The market's growth in is mainly driven by investments in smart grid and the upgrade of the existing power infrastructures focus on energy efficiency and the replacement of aging infrastructure. Moreover, upcoming smart city projects in developing economies provide opportunities for the residential energy management market in this region creates a lucrative opportunity for the market. Furthermore, high initial costs related to deploying residential energy management systems, need for ensuring privacy and security of residential consumer data is likely to hamper the growth of the residential energy management market.
The flexible load management, by application, is expected to be the fastest-growing market from 2020 to 2025.
The residential energy management market has been segmented based on component into power monitoring & control, load shedding & management, and flexible load management. The flexible load management is projected to be the fastest market owing to the need for the reduction of stress on the electricity grid during peak periods and enabling building systems to act as distributed energy assets for the grid to achieve significant cost savings. North America is expected to hold the largest flexible load management market.
The wired segment is projected to witness a larger market share than the wireless segment from 2020 to 2025.
Based on communication technology, the residential energy management market has been segmented into wired and wireless. The wired segment accounted for a larger market share in 2019. Wired communication technology transmits large volumes of data, analyzes the data, and provides actionable information for grid operators. The growth of this wired communication technology segment is attributed to its increased security, lack of interference, and high speed. The most commonly used wired communication technology is fiber optic, which is expected to witness a high CAGR during the forecast period.
North America is estimated to lead the residential energy management market during the forecast period.
North America is estimated to be the largest market for residential energy management during the forecast period. For the market analysis, the region has been segmented into US, Canada, and Mexico. The demand for residential energy management in this region is driven by increasing investments in grid expansion projects to increase energy efficiency, grid reliability and increased power consumption residential sector.
Market Dynamics
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/b3iz2h
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
HVAC upgrades across the Company’s military housing portfolio will deliver $4 million in energy savings over the next 10 years
MALVERN, Pa.--(BUSINESS WIRE)--Balfour Beatty Communities, a national residential real estate investment and management company, today announced it has been named a 2020 Motili Carbon Reduction Champion for reducing its emissions through HVAC upgrades completed across its military housing portfolio in 2020. Balfour Beatty Communities replaced HVAC systems in more than 1,200 military housing units, improving system performance while driving energy savings and lower carbon emissions.
Last year Balfour Beatty Communities partnered with Motili to provide routine HVAC maintenance, repair and replacement work across the company’s military housing portfolio. HVAC systems in 94% of the 44,000 home portfolio were serviced, cleaned and maintained at regular intervals throughout the year. The HVAC replacements provide important operational efficiencies and are expected to reduce energy use by almost 25% and significantly cut the carbon emissions from each unit. The total carbon emission reduction per year equates to the weight of approximately 583 elephants.
“At Balfour Beatty Communities, we believe a rigorous preventive maintenance program is critical to delivering an exceptional experience to our residents, ensuring our homes are comfortable and HVAC systems operate effectively over the long-term,” said Rick Taylor, President Facility Operations, Renovation & Construction, Balfour Beatty Communities. “Working with Motili, we have been able to accelerate upgrades and, in the process, have substantially improved the sustainable performance of our HVAC units. We are committed to long-term sustainability and we are very pleased to be recognized as a Motili Carbon Reduction Champion.”
Motili leverages contractors, operations teams, and the industry’s most advanced Internet platform, to handle work requests from start to finish. Motili’s predictive analytics improves budgeting accuracy by predicting project equipment lifecycle, identifying reactive repair jobs before they happen.
“Working with Balfour Beatty Communities has been extremely gratifying this past year. Even during a global pandemic, Balfour did not miss a beat and worked on significantly reducing its HVAC-generated carbon footprint throughout 2020,” said Matthew Sallee, Vice President, Business Development, Motili. “We are happy to name Balfour Beatty a 2020 Motili Carbon Reduction Champion. We know 2021 will continue the positive momentum the company worked so diligently to achieve.”
Carbon emissions at residential, commercial and multi-family housing complexes across the country account for 12% of the total U.S. greenhouse gas (ghg) emissions. Tackling HVAC CO2 emissions is of primary importance to manufacturers as they continue to innovate toward achieving net zero HVAC solutions.
About Balfour Beatty Communities
Balfour Beatty Communities is an active owner and operator of residential real estate in the multifamily, student and military housing sectors across the United States. Since its inception in 1999, Balfour Beatty Communities has invested in nearly 100 properties representing more than $7.9 billion of gross asset value. Our broad in-house expertise includes decades of acquisition, development, finance, renovation, leasing and property/facility management experience. Leveraging this extensive expertise and a customer service-focused approach, Balfour Beatty Communities seeks to create value in its real estate projects while delivering exceptional living experiences. For more information, visit balfourbeattycommunities.com.
Balfour Beatty Communities is a subsidiary of Balfour Beatty Investments, Inc. and Balfour Beatty plc, a leading international infrastructure group.
About Motili
Motili’s technology platform allows property managers, owners and investors to easily manage repair and replacement jobs. Motili handles all aspects of the job from scheduling to ordering equipment to invoicing, making Motili the single point of contact for all property maintenance and equipment replacement.
Visit: http://www.motili.com to learn more.
Maureen Omrod
Senior Vice President, Marketing & Communications
Balfour Beatty Communities
610-355-8136
This email address is being protected from spambots. You need JavaScript enabled to view it.
Joanne Hogue
Smart Connections PR
(410) 658-8246
This email address is being protected from spambots. You need JavaScript enabled to view it.
FERGUS FALLS, Minn.--(BUSINESS WIRE)--Otter Tail Corporation (Nasdaq: OTTR) today announced financial results for the year ended December 31, 2020.
2020 SUMMARY |
|||||||||||||||
(in millions, except per share amounts) |
4Q20 |
|
4Q19 |
|
2020 |
|
2019 |
||||||||
Operating Revenues |
$ |
226.8 |
|
|
$ |
215.7 |
|
|
$ |
890.1 |
|
|
$ |
919.5 |
|
Net Income |
$ |
18.7 |
|
|
$ |
20.4 |
|
|
$ |
95.9 |
|
|
$ |
86.8 |
|
Diluted Earnings Per Share |
$ |
0.45 |
|
|
$ |
0.51 |
|
|
$ |
2.34 |
|
|
$ |
2.17 |
|
2020 HIGHLIGHTS
CEO OVERVIEW
“Otter Tail Corporation achieved outstanding financial results in 2020 despite the economic impacts from the global pandemic. These results are attributable to the collective efforts of employees across all of our operating companies,” said President and CEO Chuck MacFarlane. “Our Electric segment led the way with a $7.7 million increase in net income primarily driven by capital investments in energy generation and regional transmission projects. Our Plastics segment increased net income by $7.0 million driven by strong construction markets and favorable market conditions driven by supply constraints and rising prices. Manufacturing segment earnings were down $1.9 million primarily due to the impacts of COVID-19 on sales volumes. Our corporate costs increased $3.9 million mainly due to a $2.5 million committed contribution to the Otter Tail Corporation Foundation.
“Employees across the organization performed admirably during the year despite the challenges presented by COVID-19.
“Otter Tail Power Company executed on a record year in capital spending, driven by two significant projects that marked major milestones in our generation resources transition.
“Our Merricourt Wind Energy Center, a $260 million 150-megawatt (MW) wind generation facility began commercial operation in December. The facility generates enough energy to power more than 65,000 homes.
“We expect our Astoria Station, a $152.5 million 245-megawatt natural gas-fired combustion turbine generation facility, to be substantially complete in the first quarter of 2021. This facility complements our wind generation with more dispatchable capacity than our soon-to-be retired 140 MW Hoot Lake Plant—with projected carbon emissions 85% less than historic Hoot Lake Plant levels.
“Otter Tail Power Company announced in September the $60 million Hoot Lake Solar project. This is a 49.9‑megawatt (MW) solar farm we plan to build on and near Hoot Lake Plant property in Fergus Falls, Minnesota. The project will include up to 150,000 solar panels and generate enough energy to power approximately 10,000 homes each year. The location of Hoot Lake Solar offers us a unique opportunity to re-use our existing Hoot Lake transmission rights, substation and land after retiring Hoot Lake Coal Plant in 2021.
“Otter Tail Power Company continues to enhance its generation mix as it transitions to a cleaner energy future while maintaining low rates in the region for its customers. By 2023, up to 35 percent of our energy is projected to come from renewable resources.
“Otter Tail Power Company filed a rate request with the Minnesota Public Utilities Commission (MPUC) in November. Investment in cleaner energy generation and smarter technologies primarily are driving this request along with rising costs for providing electric service. In December the MPUC approved our request to begin recovering $6.9 million or a 3.2 percent increase on an interim basis in January 2021 as it considers our overall request to increase revenue $14.5 million or 6.77 percent. Even with this increase Otter Tail Power Company will continue to have some of the lowest rates in the country.
“Otter Tail Power Company continues to benefit from strong rate base growth investments. These investments represent over 85 percent of our total capital spending over the next five years and include regulated investments in renewable generation, technology and infrastructure, and transmission assets. We expect this to result in a projected compounded annual growth rate of approximately 5 percent in utility rate base from year-end 2020 through 2025 and to deliver value to customers and shareholders. We continue to make system investments to meet our customers’ expectations, reduce operating and maintenance costs, reduce emissions and improve reliability and safety.
“Our Plastics segment had a record year, maintained production in a time when some competitors did not and continued to see strong market demand as new home and other construction continued through the pandemic.
“BTD Manufacturing was significantly impacted by the COVID-19 pandemic primarily in the second quarter as many of their customers had temporary plant shutdowns. BTD did an excellent job of managing staffing and inventory during the year to help mitigate the negative impact on sales. The recreational vehicle and lawn and garden end markets did experience a rapid recovery during the third and fourth quarters last year as they began to rebuild depleted inventories.
“Our long-term focus remains on executing our growth strategies, which are expected to increase shareholder value. For the utility, our strategy is to continue to invest in rate base growth opportunities and drive cost efficiency within our operating and maintenance expenses, which will lower our overall risk, create a more predictable earnings stream, maintain our credit quality and preserve our ability to pay dividends. Over time, we expect the electric utility business will provide approximately 75 percent of our overall earnings.
“The utility is complemented by well-run, strategic manufacturing and plastic pipe businesses, which provide organic growth opportunities from new products and services, market expansion and increased efficiencies. We expect these companies will provide approximately 25 percent of our earnings over the long term.
“Our strategic initiatives to grow our business and achieve operational, commercial and talent excellence continue to strengthen our position in the markets we serve. We remain confident in our ability to grow earnings per share in the range of 5 to 7 percent compounded annually from a base of $2.34 in 2020. And we are announcing our 2021 earnings per share guidance to be in the range of $2.39 to $2.54.”
CASH FLOWS AND LIQUIDITY
Our consolidated cash provided by operating activities was $211.9 million in 2020 compared with $185.0 million in 2019.
Investing activities included capital expenditures of $371.6 million in 2020 compared with $207.4 million in 2019. The increase in capital expenditures was primarily for construction of Astoria Station and the Merricourt Wind Energy Center (Merricourt).
Financing activities in 2020 included the issuance of $75.0 million in long-term debt at Otter Tail Power Company, $75.0 million borrowed under the Otter Tail Corporation and Otter Tail Power Company Credit Agreements and net proceeds of $49.7 million raised from the issuance of common stock. Proceeds from the debt and equity issuances were used to fund a portion of Otter Tail Power Company’s construction program expenditures in 2020. We also paid $60.3 million in common dividends in 2020. Financing activities in 2019 included net proceeds of $99.0 million from the issuance of long-term debt at Otter Tail Power Company and $17.0 million from the issuance of common stock. Proceeds from the debt and equity issuances were used to fund a portion of Otter Tail Power Company’s construction program expenditures in 2019 and to repay $12.6 million in short-term debt. We paid $55.7 million in common dividends in 2019.
The following table presents the status of the corporation’s lines of credit at December 31, 2020 and 2019 :
|
|
|
2020 |
|
2019 |
||||||||||||||
(in thousands) |
Line Limit |
|
Amount
|
|
Letters |
|
Amount
|
|
Amount
|
||||||||||
Otter Tail Corporation Credit Agreement |
$ |
170,000 |
|
|
$ |
65,166 |
|
|
$ |
— |
|
|
$ |
104,834 |
|
|
$ |
164,000 |
|
Otter Tail Power Company Credit Agreement |
170,000 |
|
|
15,831 |
|
|
14,101 |
|
|
140,068 |
|
|
154,524 |
|
|||||
Total |
$ |
340,000 |
|
|
$ |
80,997 |
|
|
$ |
14,101 |
|
|
$ |
244,902 |
|
|
$ |
318,524 |
|
Both credit agreements are in place until October 31, 2024.
2020 SEGMENT PERFORMANCE
Electric Segment |
||||||||||||||||
($ in thousands) |
2020 |
|
2019 |
|
$ Change |
|
% Change |
|||||||||
Retail Electric Revenues |
$ |
389,522 |
|
|
$ |
406,478 |
|
|
$ |
(16,956 |
) |
|
|
(4.2 |
) |
% |
Transmission Services Revenues |
44,001 |
|
|
40,542 |
|
|
3,459 |
|
|
|
8.5 |
|
% |
|||
Wholesale Electric Revenues |
4,857 |
|
|
5,007 |
|
|
(150 |
) |
|
|
(3.0 |
) |
% |
|||
Other Electric Revenues |
7,750 |
|
|
7,070 |
|
|
680 |
|
|
|
9.6 |
|
% |
|||
Total Electric Revenues |
446,130 |
|
|
459,097 |
|
|
(12,967 |
) |
|
|
(2.8 |
) |
% |
|||
Net Income |
$ |
66,778 |
|
|
$ |
59,046 |
|
|
$ |
7,732 |
|
|
|
13.1 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Retail mwh Sales |
4,776,687 |
|
|
4,969,089 |
|
|
(192,402 |
) |
|
|
(3.9 |
) |
% |
|||
Heating Degree Days (HDDs) |
6,174 |
|
|
7,240 |
|
|
(1,066 |
) |
|
|
(14.7 |
) |
|
|||
Cooling Degree Days (CDDs) |
534 |
|
|
392 |
|
|
142 |
|
|
|
36.2 |
|
|
|||
The following table shows heating and cooling degree days as a percent of normal.
|
2020 |
|
2019 |
||
HDDs |
97.2 |
% |
|
115.6 |
% |
CDDs |
116.3 |
% |
|
85.0 |
% |
The following table summarizes the estimated effect on diluted earnings per share of the difference in retail kilowatt-hour (kwh) sales under actual weather conditions and expected retail kwh sales under normal weather conditions in 2020 and 2019.
|
2020 vs |
|
2020 vs |
|
2019 vs |
||||||
Effect on Diluted Earnings Per Share |
$ |
— |
|
|
$ |
(0.08) |
|
|
$ |
0.08 |
|
Retail Sales Revenue decreased $17.0 million driven by:
These decreases in revenue were partially offset by:
Transmission Services Revenues increased $3.5 million due to increases of $1.9 million in transmission tariff revenues and $1.6 million in revenues from the recovery of infrastructure investment costs from interconnected generators.
Other Electric Revenue increased $0.7 million, which includes $1.9 million from the recovery of infrastructure investment costs from a large commercial customer in 2020, partially offset by a $1.2 million decrease in revenue from steam sales to an ethanol producer driven by lower natural gas prices resulting in the producer switching to an alternative generation source to meet its steam requirements.
Production Fuel costs decreased $13.0 million mainly as a result of a 22.0% decrease in kwhs generated from our fuel-burning plants due to lower customer demand and a 6.9% increase in kwh purchases for system use. Decreased system demand and lower prices for alternative fuels and generation sources, which drove market prices for electricity down in 2020, contributed to decreases in generation of 37.7% at Big Stone Plant and 36.7% at Hoot Lake Plant. These decreases were partially offset by a 13.7% increase in generation at Coyote Station, which was offline for maintenance during the entire second quarter of 2019.
Purchased Power costs to serve retail customers decreased $10.4 million as a result of a 19.9% decrease in purchased power prices, partially offset by a 6.9% increase in kwhs purchased. The increase in kwhs purchased was mainly due to a decrease in market prices for electricity in 2020 driven by low prices for natural gas-fired generation in combination with lower demand in 2020 due to COVID-19-related declines in electricity use by commercial and industrial consumers.
Operating and Maintenance Expense decreased $2.7 million mainly due to:
These decreases in expense were partially offset by:
Depreciation and Amortization expense increased $3.1 million mainly due to 2019 capital additions for generation and transmission plant, a new customer information system, and the inception of depreciation of Merricourt assets in the fourth quarter of 2020.
Property Taxes increased $1.2 million due to property additions and increased valuations on existing property.
Interest Charges increased $3.3 million due to debt issuances of $100 million in October 2019, $35 million in February 2020 and $40 million in August 2020 under Otter Tail Power Company’s 2019 Note Purchase Agreement.
Income Tax Expense decreased $0.4 million primarily due to $1.3 million in production tax credits earned on Merricourt generation in the fourth quarter of 2020, which more than offset the additional tax expense due to an increase in segment income before income taxes.
Manufacturing Segment
(in thousands) |
2020 |
|
2019 |
|
$ Change |
|
% Change |
|||||||
Operating Revenues |
$ |
238,769 |
|
|
$ |
277,204 |
|
|
$ |
(38,435) |
|
|
(13.9) |
% |
Net Income |
11,048 |
|
|
12,899 |
|
|
(1,851) |
|
|
(14.3) |
|
|||
BTD’s revenues decreased $37.3 million in 2020 mainly due to a $20.7 million reduction in parts volumes across all end markets served by BTD as well as lower prices related to the pass through of lower material costs of $18.5 million. The decreased sales mainly resulted from customers implementing temporary plant shutdowns in the second quarter due to the COVID-19 pandemic. These items were partially offset by $1.7 million in revenue increases due to a change in the product mix exclusive of the pass through of material cost reductions.
Cost of products sold at BTD decreased $34.2 million as a result of both the decreased sales volume and the $18.5 million in lower material costs passed through to customers, but also due to labor cost decreases related to second quarter 2020 workforce reductions. BTD recorded a net decrease in operating expenses of $1.7 million mainly due to reductions in travel and outside services related to initiatives taken to help mitigate the negative impacts on sales related to COVID-19. BTD’s net income decreased $1.5 million in 2020 compared with 2019.
Revenues at T.O. Plastics decreased $1.1 million, while costs of products sold decreased $0.6 million and operating expenses decreased $0.2 million, resulting in a $0.3 million decrease in net income between the years.
Plastics Segment
(in thousands) |
2020 |
|
2019 |
|
$ Change |
|
% Change |
|||||||
Operating Revenues |
$ |
205,249 |
|
|
$ |
183,257 |
|
|
$ |
21,992 |
|
|
12.0 |
% |
Net Income |
27,582 |
|
|
20,572 |
|
|
7,010 |
|
|
34.1 |
|
|||
Plastics segment revenues and net income increased $22.0 million and $7.0 million, respectively, in 2020 due to an 8.0% increase in pounds of PVC pipe sold and a 3.7% increase in the price per pound sold. The sales volume increase resulted from improved market conditions during the third and fourth quarters of 2020 driven by strong construction markets and concerns over raw material supply and product availability due to two resin suppliers invoking force majeure, anticipated impacts from hurricanes, significant global demand for PVC resin and limited pipe inventory across the country. Cost of products sold increased $8.9 million due to the increase in sales volume, partially offset by a 1.5% decrease in the cost per pound of PVC pipe sold primarily due to lower material input costs. A $3.6 million increase in operating expenses includes a $2.0 million contribution commitment to Otter Tail Corporation’s charitable foundation in 2020 and additional increases in incentive based compensation.
Corporate Costs
(in thousands) |
|
2020 |
|
|
|
|
2019 |
|
|
|
$ Change |
|
% Change |
|||||
Losses before Income Taxes |
$ |
14,488 |
|
|
|
$ |
11,189 |
|
|
|
$ |
3,299 |
|
|
|
29.5 |
|
% |
Income Tax Savings |
|
(4,931 |
) |
|
|
|
(5,519 |
) |
|
|
|
588 |
|
|
|
(10.7 |
) |
|
Net Loss |
$ |
(9,557 |
) |
|
|
$ |
(5,670 |
) |
|
|
$ |
(3,887 |
) |
|
|
68.6 |
|
% |
Corporate costs increased $3.3 million mainly as a result of a $2.5 million contribution commitment to Otter Tail Corporation’s charitable foundation in 2020 and a $1.5 million increase in incentive compensation costs, partially offset by a $0.6 million decrease in corporate costs charged to subsidiaries. Corporate income tax savings decreased $0.6 million despite the $3.3 million increase in losses before income taxes mainly as a result of increases in expenses not deductible for tax purposes.
FOURTH QUARTER 2020 CONSOLIDATED RESULTS
(in thousands, except per share amounts) |
2020 |
|
2019 |
|
$ Change |
|
% Change |
|||||||||
Operating Revenues |
$ |
226,849 |
|
|
$ |
215,676 |
|
|
$ |
11,173 |
|
|
|
5.2 |
|
% |
Operating Income |
$ |
27,959 |
|
|
$ |
31,237 |
|
|
$ |
(3,278 |
) |
|
|
(10.5 |
) |
|
Income Before Income Taxes |
$ |
20,331 |
|
|
$ |
23,886 |
|
|
$ |
(3,555 |
) |
|
|
(14.9 |
) |
|
Income Tax Expense |
1,663 |
|
|
3,534 |
|
|
(1,871 |
) |
|
|
(52.9 |
) |
|
|||
Net Income |
$ |
18,668 |
|
|
$ |
20,352 |
|
|
$ |
(1,684 |
) |
|
|
(8.3 |
) |
|
Diluted Earnings Per Share |
$ |
0.45 |
|
|
$ |
0.51 |
|
|
$ |
(0.06 |
) |
|
|
(11.8 |
) |
% |
The decrease in fourth quarter 2020 net income was driven by a decrease in Electric segment net income and higher corporate costs, partially offset by increases in Manufacturing and Plastics segments net income.
Electric Segment
Electric segment net income decreased $2.6 million between quarters.
Retail Sales Revenues decreased $7.0 million due to:
These decreases in revenue were partially offset by:
Transmission Services Revenue increased $4.7 million due to increases of $3.9 million in transmission tariff revenues and $0.8 million in Facility Service Agreement revenues from the recovery of infrastructure investment costs from interconnected generators.
Wholesale Electric Revenues increased $0.8 million as a result of a 77.1% increase in wholesale kwh sales.
Production Fuel costs decreased $1.5 million due to a 17.7% decrease in kwhs generated from our fuel-burning plants, partially offset by an 8.3% increase in fuel-cost per kwh of generation. Almost half of the decrease in steam-plant generation was made up for by generation from Merricourt, which went into service in the fourth quarter of 2020.
Purchased Power costs to serve retail customers decreased $1.6 million despite a 1.5% increase in kwhs purchased due to a 10.3% decrease in the cost per kwh purchased. The increase in purchased power volume was a function of the availability of low-priced energy in the wholesale market.
Operating and Maintenance Expenses increased $4.8 million due to:
Depreciation and Amortization expense increased $0.8 million due to 2019 capital additions for generation and transmission plant and the inception of depreciation of Merricourt assets in the fourth quarter of 2020.
Property Taxes increased $0.4 million due to property additions and increased valuations on existing property.
Interest Charges increased $0.5 million due to debt issuances of $35 million in February 2020 and $40 million in August 2020 under Otter Tail Power Company’s 2019 Note Purchase Agreement.
Income Tax Expense decreased $2.8 million as a result of a $5.4 million decrease in segment income before income taxes and $1.
Media contact:
Stephanie Hoff, Director of Corporate Communications, (218) 739-8535 or (218) 205-6179
Investor contact:
Loren Hanson, Manager of Investor Relations, (218) 739-8481 or (800) 664-1259
A&R Logistics Export Headquarters Harnesses the Power of New OmniTRAX Dual Rail Served Cross Dock Operation and The Port of Savannah
SAVANNAH, Ga.--(BUSINESS WIRE)--Savannah Gateway Industrial Hub (SGIH), a 2,600 acre master planned multi-modal industrial park development partnership between OmniTRAX – The Broe Group’s transportation affiliate – and Effingham County Industrial Development Authority (ECIDA), announced dual project milestones that mark the park’s official opening. A&R Logistics’ new global export headquarters is fully operational and the park’s new OmniTRAX rail infrastructure that enables its multi-modal export capability is officially receiving shipments from Class 1 providers CSX Transportation (CSX) and Norfolk Southern Rail (NS).
“The amazing speed of this buildout delivered well ahead of plan, under these market conditions, is a testament to the shared commitment and incredible collaboration from OmniTRAX, Broe Real Estate Group, Effingham County, the Class I railroads and the Port of Savannah,” said A&R Logistics President Chris Ball. “The Port of Savannah is poised to be a key plastics export hub, and our new export operation delivers a strategic facility from which we can best serve our customers’ global needs.”
The Savannah Gateway Industrial Hub (SGIH) is a public-private partnership between Effingham County Industrial Development Authority and The Broe Group, parent company of affiliates OmniTRAX and Broe Real Estate. The planned twenty million square foot logistics park offers an ideal location within 12 miles of The Port of Savannah, America’s 3rd largest port, and has received tremendous support from Effingham County, the State of Georgia and the Georgia Ports Authority as well as its two rail partners CSX and NS. Savannah Gateway unlocks unparalleled multi-modal logistics connectivity through rail, truck and ship to markets throughout the Southeast, North America and the World.
“The A&R facility, SGIH’s new rail yards and the miles of park rail infrastructure are the latest examples of OmniTRAX’s ability to create and deliver full spectrum rail served real estate solutions designed to solve customer needs,” said OmniTRAX Executive Vice President of Corporate Development and Strategic Accounts Scott Brinner.
“Savannah Gateway Industrial Hub is well positioned to capture the unprecedented level of industrial demand in the region,” said Broe Real Estate Group Executive Vice President Reagan Shanley. “As supply chains evolve to meet changing consumption and manufacturing patterns, the importance of proximity, optionality and efficiency has never been greater. SGIH combines the power of dual rail optionality with the most efficient port in the nation to deliver unmatched logistics efficiency. To continue to meet this demand, multiple new large-scale projects are currently underway.”
About OmniTRAX, Inc.
As one of North America’s fastest growing railroad and transportation management companies, OmniTRAX's core capabilities range from providing transportation and supply chain management services to railroad and port companies, to providing intermodal and industrial switching operations to railroads, ports and a diverse group of industrial companies. Through its affiliation with The Broe Group and its portfolio of managed companies, OmniTRAX also has the unique capability of offering specialized industrial development and real estate solutions, both on and off the rail network managed by OmniTRAX. More information is available at omnitrax.com.
About Broe Real Estate Group
Broe Real Estate Group acquires, develops and manages commercial real estate assets. Affiliated companies own and manage office and industrial properties, medical office buildings and multi-family communities across the country, including premier assets in many of the most desirable markets. Broe Real Estate Group has a 40-year history of value-add real estate investing in Northern Colorado and across the United States. We improve value though the implementation of focused business plans that increase cash flow and create stable income streams. Additional information is available at broerealestate.com.
About The Broe Group
Based in Denver, The Broe Group and its affiliates form a privately-owned, multi-billion-dollar real estate, transportation, energy and investment organization with assets owned and managed across North America. Together, Broe managed companies employ more than 1,000 people and support employment of thousands of others through operations such as its Great Western Industrial Park in Northern Colorado. Its transportation affiliate, OmniTRAX, Inc., is one of North America’s fastest growing railroad and transportation management companies specializing in: management services, railroad and port services, intermodal solutions and industrial switching operations. Its energy affiliates include Great Western Petroleum, LLC, the largest private operator in the third most prolific U.S. basin. Broe Real Estate Group acquires, develops and manages office and industrial properties, medical office buildings and multi-family communities across the country, including premier assets in many of the most desirable markets. The Broe Group also has multiple investment affiliates, including Three Leaf Ventures, which is focused on innovative healthcare technology start-ups. For more information, visit broe.com.
Julie Slagle, Manager – Communications
OmniTRAX
+1 303.398.4539
This email address is being protected from spambots. You need JavaScript enabled to view it.
DALLAS--(BUSINESS WIRE)--Trinity Industries, Inc. (NYSE: TRN) (“Trinity”) will change its previously announced fourth quarter 2020 earnings results conference call due to forecasted inclement weather and ongoing power outages in the area. Trinity will now report financial results for the three months and twelve months ended December 31, 2020 before the financial markets open on Wednesday, February 24, 2021.
Trinity will conduct a conference call shortly thereafter at 8:30 a.m. Eastern on February 24, 2021 to discuss its results. Investors may listen to the conference call via the following live and replay methods:
Webcast:
To listen to the fourth quarter earnings conference call via webcast, visit the Investor Relations section of the Company’s website at www.trin.net and access the Events and Presentations webpage.
A replay of the webcast will be available on the Company’s website for one year from the conference call date.
Teleconference:
The dial-in number for the live Conference Call is 1-888-317-6003; the participant entry number is: 9858917. Please call at least 10 minutes in advance to ensure proper connection.
An audio replay may be accessed by dialing 1-877-344-7529 - Replay Access Code: 10151360 until 11:59 p.m. Eastern on March 3, 2021.
Company Description
Trinity Industries, Inc., headquartered in Dallas, Texas, owns businesses that are leading providers of rail transportation products and services in North America. Our rail-related businesses market their railcar products and services under the trade name TrinityRail®. The TrinityRail integrated platform provides railcar leasing and management services, as well as railcar manufacturing, maintenance and modifications. Trinity also owns businesses engaged in the manufacture of products used on the nation’s roadways and in traffic control. Trinity reports its financial results in three principal business segments: the Railcar Leasing and Management Services Group, the Rail Products Group, and the All Other Group. For more information, visit: www.trin.net.
Investor & Media Contact:
Jessica Greiner
Vice President, Investor Relations and Communications
Trinity Industries, Inc.
(Investors) 214/631-4420
(Media Line) 214/589-8909
DUBLIN--(BUSINESS WIRE)--The "State Regulation of Oil and Gas Sector in 2021 and Prospects 2021" report has been added to ResearchAndMarkets.com's offering.
The year 2020 was a bitter trial to the whole world economy and especially to the oil and gas industry. Russia was not an exception in this regard.
The struggle between camps supporting the OPEC+ deal and a price war ended in spring when Moscow withdrew from the agreement and Saudi Arabia, in response, sharply increased its oil exports. At the same time, the progressing COVID-19 pandemic significantly reduced demand for oil, and these two factors led to a real price catastrophe.
Russia rushed to join OPEC+ again but in much tougher conditions, which resulted in an 8.6% decrease in the annual oil output. However, the situation concerning exports is much worse, as the Russian oil industry faces strategic risks of losing its essential markets.
The Cabinet was not lenient to the industry, thinking that in the past few years oil producers accumulated sufficient reserves and even cheated the state, and has failed to invest the money spared on taxes.
The package of fiscal amendments passed in autumn 2020 looked evidently confiscatory. And it was an important element of the concept of new oil that becomes the foundation of the current state policy on the oil industry. It means that old fields are declared unpromising, and the stake is made on greenfields that should create new jobs and demand for products of relative industries. However, the state avoids thinking about the real costs of the production of hydrocarbons at new projects.
Before the oil industry, the breakthrough project was the production of LNG in the Arctic. And in 2020 it became evident that Russian liquefied natural gas, practically not contributing to state budget revenues, competed with Russian piped gas supplies on the European market. In the meantime, despite the tough sanctions war, Russia keeps laying new gas pipelines to Europe. All these factors question the expediency of the energy policy of Russia.
Meanwhile, voices of lobbyists of the green agenda sound more and more energetically, as they suggest radically restructuring our energy sector. And this is another challenge to the Russian oil and gas industry.
The NESF report wrapping up 2020 elaborates on the following questions:
Key Topics Covered:
INTRODUCTION
CHAPTER 1. LOOKING FOR NEW OIL. THE STATE RELIES ON TERMINATION OF OLD PROJECTS IN FAVOR OF NEW OIL VENTURES
1.1. COVID-19, collapsing prices and a new OPEC+ deal: the perfect storm for the Russian oil production industry
1.2. Observance of output reduction by companies
1.3. Influence of OPEC+ deal on fiscal changes in the Russian oil industry
CHAPTER 2. WHAT SHOULD OIL PRODUCERS ECONOMIZE ON: CAN PRODUCTION COSTS DROP LOWER?
CHAPTER 3. RESTRUCTURING THE STATE SYSTEM OF FES REGULATION
3.1. Bureaucratic rollercoaster of A. Novak and new Minister of Energy
3.2. General logic of government update and its influence on the oil and gas sector
CHAPTER 4. THE STATE KEEPS SUPPORTING LNG PRODUCTION
CHAPTER 5. THE ARCTIC AS AN EXAMPLE OF STATE CHOICE IN FAVOR OF NEW OIL
CHAPTER 6. PRODUCTION AND EXPORTS OF RUSSIAN HYDROCARBONS AMID NEW AND OLD SANCTIONS
6.1 In spite of sanctions: revival of the shelf
6.2. Will Bazhenov formations have a second chance?
6.3. Nord Stream 2: the main sanctions story of the year
CHAPTER 7. DISPUTES ABOUT ENERGY TRANSITION. THE GREEN AGENDA IN RUSSIA AND ITS PRESSURE ON HYDROCARBONS
7.1. Two camps of the climate agenda, Putin's position
7.2. Actions of climate regulators in 2020
7.3. Fascination with renewables and hydrogen
DEVELOPMENT OUTLOOK
For more information about this report visit https://www.researchandmarkets.com/r/e3tywf
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
HOUSTON--(BUSINESS WIRE)--Due to severe weather affecting the Texas Gulf Coast area and its terminals, barging, and shipping facilities, as well as OQ Chemical’s plant operations, OQ Chemicals Corporation has been forced to temporarily shut down its Bay City, Texas plant site.
As a consequence of the plant shutdown, OQ Chemicals Corporation provides notice of force majeure and suspension of performance of its supply obligations for Oxo Alcohols, Aldehydes, Acids, and Esters.
Fred Gaytan, Vice President of OQ Chemicals Corporation, explained: “OQ Chemicals is monitoring this Force Majeure event and is working diligently to resume production as soon as possible. We understand the difficulties this may cause and apologize for the inconvenience. Our sales representatives will be keeping our customers regularly informed of our status and ability to resume production operations at the Bay City, Texas plant.”
About OQ Chemicals
OQ Chemicals (formerly Oxea) is a global manufacturer of oxo intermediates and oxo derivatives, such as alcohols, polyols, carboxylic acids, specialty esters, and amines. These products are used for the production of high-quality coatings, lubricants, cosmetics and pharmaceutical products, flavours and fragrances, printing inks and plastics. OQ Chemicals employs more than 1,400 people worldwide and is part of OQ, an integrated energy company with roots in Oman. OQ emerged in 2019 upon the successful integration of nine legacy companies. Operating in 13 countries, OQ covers the entire value chain in the hydrocarbon sector from exploration and production through to marketing and distribution of its products. OQ sells its fuels and chemicals in over 60 countries worldwide. For more information about OQ Chemicals, visit chemicals.oq.com.
OQ Chemicals GmbH, Rheinpromenade 4a, 40789 Monheim am Rhein, Germany
Thorsten Ostermann, Communications and Press Relations
Phone: +49 (0)2173 9993-3009, This email address is being protected from spambots. You need JavaScript enabled to view it.
BOSTON--(BUSINESS WIRE)--Arthur D. Little (ADL) today announced that Chuck Goodnight has been appointed as a Partner in the US, where he will lead the US Nuclear Energy team as part of the company’s Energy & Utilities Practice. The appointment builds on ADL’s global reputation as a leading consultancy in the Energy sector.
Chuck’s career spans 35 years, and he has built a reputation as an internationally recognized expert in energy and utilities. His work has crossed through North America, Europe, Africa, and the Middle East, as he engaged with executives at Fortune 500 companies, institutional organizations, and international governments. Prior to joining ADL, Chuck founded Goodnight Consulting in 2001 and served as president of the US-based management consultancy for two decades. Originally focused on the electric power industry, the firm expanded over time into the international nuclear industry, and then into the broader energy and utilities sector.
“Chuck joins ADL at an exciting time of growth for the company and innovation in the energy and utilities industry,” said Craig Wylie, Managing Partner of Arthur D. Little's US office. “He also brings his network of external advisors to his role at ADL, which aligns perfectly with our open consulting model. Chuck’s extensive experience in nuclear energy generation, his great leadership, and his entrepreneurial spirit combine to create a great addition to the firm.”
“For today’s leaders, energy continues to be at the top of the agenda. The US energy market is one of the largest markets in the world and has multiple challenges arising from the energy transition, the evolution of decentralized energy systems, and the convergence of storage and infrastructure advances,” added Chuck Goodnight, Partner at ADL. “I believe that with my niche industry experience, I will be able to bolster ADL’s offerings as we work towards a common goal of creating innovative and practical solutions for our clients.”
Chuck is an active member of the American Nuclear Society. He holds a Bachelor of Science degree in government and politics, and a Master’s in computer systems management from the University of Maryland.
This news follows on the recent appointment of Jim Miller as a new partner and head of ADL’s Travel & Transportation practice in the U.S.
Further information from:
Alex DeBlois
Longview Strategies
978.225.9253
This email address is being protected from spambots. You need JavaScript enabled to view it.
New Zealand Government Issues Patent for Multi-Sensor Machine-Intelligent Probe for Leak Detection Where New Technology Doesn't Require 'Hearing' Leaks and Has 1cm Accuracy
SACRAMENTO, Calif.--(BUSINESS WIRE)--#ASTMF2550--California-based cleantech leader, Electro Scan Inc., announced its 14th international patent for its groundbreaking multi-sensor technology that accurately locates & measures water leaks.
While traditional solutions 'listen' for a leak or rely on cameras to 'see' a leak, Electro Scan's machine-intelligent probe automatically measures leaks by locating actual cracks & holes that go through the pipe wall, measuring the size of each opening using harmless low voltage electric current.
The Electro Scan technology also evaluates pipe wall thicknesses, particularly in Asbestos Cement (AC) pipes that tend to burst, collapse, or lead to catastrophic failure without warning.
The company's award-winning cloud application reports leak locations in minutes – to the closest centimeter or 3/8th of an inch – and quantifies severity expressed in industry standard Gallons per Minute or Liters per Second.
Announcement of the new patent is timely, especially as New Zealand is in the midst of a water crisis where the Government recently created a new regulator, Taumara Arowai, proposing to take control of water from 67 councils to be reorganized into several publicly-owned regional water authorities.
Electro Scan’s Founder, Chuck Hansen, is no stranger to the New Zealand water industry, choosing to ground truth his patented leak detection solutions in Christchurch from 2012 to 2013.
But, Hansen's work with the New Zealand water market began much earlier.
In 1999, Hansen won a competitive New Zealand water & sewer asset management tender issued by the ASSOCIATION OF LOCAL GOVERNMENT ENGINEERS OF NEW ZEALAND (ALGENZ), later merged into INGENIUM, and then becoming the INSTITUTE OF PUBLIC WORKS ENGINEERING AUSTRALASIA (IPWEA).
"Having worked with acoustic leak detection and CCTV-based data for nearly 40 years, I knew these technologies were not capable of protecting our water supplies or containing our effluent," stated Hansen.
New Zealand's summer has already seen a record number of towns issuing ‘boil water’ notices, including Naseby, Pateroa, Te Horo, Otematata, Duntroon, Tokarahi, Awamoko, Cannington, Motukaika, Featherston, Martinborough, Coromandel Town, and Mt Pleasant in Christchurch.
Worldwide, aging infrastructure has resulted in hundreds of millions of miles of underground water and sewer pipes with cracks and holes.
But the use of traditional acoustic listening sensors in pressurized water mains and long-time use of closed-circuit television cameras in gravity sewer pipes, have been unable to reliably locate or quantify leak locations or their size.
In water pipes, when pressure drops below acceptable levels, cracks and holes allow groundwater to seep back into potable water systems. Some of that groundwater can carry harmful bacteria that can only be eliminated by boiling the water.
In sewer pipes, contractors have successfully fought to keep using CCTV cameras to approve pipes as watertight, despite the inability to tell if cracks go through a pipe wall or if pipe joints have hidden pathways through narrow bell & spigots that allow unseen sewage to seep out of a pipe.
In fact, most ratepayers are surprised to learn that most pipe acceptance standards allow new & rehabilitated pipes to leak; oftentimes allowing only ‘visual inspection’ to accept pipes assumed to have 50-year useful lives.
As a result, acoustic, data correlators, ground penetrating radar, lasers, LIDAR, satellite, and sonar, have been ineffective in locating or quantifying leaks.
Earlier this month, New Zealand's Intellectual Property Office granted Patent No. 713053 for Electro Scan's 'MULTI-SENSOR INSPECTION FOR IDENTIFICATION OF PRESSURIZED PIPE DEFECTS THAT LEAK,' filed in 2015.
In January 2021, Electro Scan Inc. was selected 'WATER LEAK DETECTION SOLUTION OF THE YEAR' for 2021 by IoT Breakthrough.
The Company was also chosen ‘winner’ of the November 2020 UK Water Dragons Competition sponsored by UK-based Future Water Association.
As governments look to stimulate their economies during the post-COVID-19 pandemic recovery, adoption of innovative technologies that allow communities to 'Build Back Better' and 'Find Leaks Before Breaks' are good first steps. Besides, studies find that every US$1 invested in safe water and sanitation yields US$5-to-US$28 due to increased economic activity and reduced health care costs.
Contact the company for international water loss projects and Non-Revenue Water assessments, including technology-as-a-service (TaaS) licensing opportunities and equipment purchasing.
ABOUT ELECTRO SCAN INC.
Electro Scan Inc., is a leading supplier of machine-intelligent pipeline assessment products and services for the water & wastewater pipeline market, developing proprietary pipe condition assessment equipment and delivering field services, and cloud-based applications that automatically locate, measure, and report leaks typically not found by legacy inspection methods. Follow Electro Scan Inc. on LinkedIn.
Carissa Boudwin
Vice President, Marketing
+1 916-779-0660
This email address is being protected from spambots. You need JavaScript enabled to view it.
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.