DUBLIN--(BUSINESS WIRE)--The "Energy-as-a-Service - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Crisis or no Crisis, the World Cannot Afford to Ignore Innovative Energy Solutions. Energy-as-a-Service to Reach US$88.4 Billion by 2027

The global market for Energy-as-a-Service is projected to reach US$88.4 billion by the year 2027, trailing a CAGR of 8.6% over the analysis period 2020 through 2027. For companies electricity accounts for a major share of expenditure.

In the post pandemic period, investments on the crumbling energy infrastructure will push up electricity prices. Providing clean power to smart connected cities will lead to increased integration of expensive renewable which will add to rising energy prices. Stringent energy efficiency mandates will exert added pressure on companies to save energy. Energy-as-a-Service (EaaS) will grow in importance to be a part of the smart energy community for its ability to reduce energy costs.

Energy generation and supply is no longer only about selling energy as KWHr. Energy is being sold to customers in the form of a service. Increased potential for behind-the-meter services, decentralized energy generation, energy storage and electricity exchange through local networks has made the concept of EaaS (Energy-as-a-Service) an important enabler of demand side management. Businesses keen on increasing energy savings approach EaaS partners for their service. The landscape of energy supply is transforming.

It is no longer predictable, centralized, one-way and vertically integrated. It is now more distributed, horizontally networked, bi-directional and intermittent. EaaS partners/ consultants provide technology, analytics, and personalized services enabling users maximize savings on their energy expenditure. Analysis provided by EaaS consultants includes measurement of power consumption by all electrical equipment a business uses, including HVAC units, compressors, pumps, elevator motors etc, by deploying cutting edge technologies like AI, MI, IoT and smart meters.

These technologies enable collection of granular level information in the real time, which indicates what savings could be achieved through optimal consumption of energy. Businesses also need not spend on energy efficient infrastructure.

This is another major advantage with the EaaS model. For businesses, EaaS represents a smart option ensuring enhanced operational efficiencies along with increased cash flow coming from savings on energy & maintenance costs. The businesses have a significantly lowered risk of spending continuously on underperforming assets.

The smart metering technology followed by the EaaS model makes energy consumption more transparent. Businesses which both consume and produce energy, called prosumers, can also leverage the model for producing more excess energy and monetizing that surplus. Thus far, the EaaS model has been capable of achieving up to 25% energy savings for businesses.

Key Topics Covered:

I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• COVID-19 Causes Unprecedented Damage to Global Energy Sector
• Pandemic Crisis Weakens Economic Environment, Triggering Negative Tide in GDP
• Industrial Activity Remains Subdued, Inducing Temporary Weakness into EaaS Market
• An Introduction to Energy-as-a-Service (EaaS)
• Energy-as-a-Service: Objectives
• Key Drivers Propelling the EaaS Market
• Energy-as-a-Service: Heralding a New Era of Efficient, Green Electricity Generation
• Energy-as-a-Service: Achievements, Limitations and Future Possibilities
• Energy Supply - The Largest Service Segment
• Rise in Energy Needs Propels EaaS in Commercial Sector
• Regional Market Analysis: Developed Regions Reign Supreme
• What Increased Competition Could do to Overall Energy Costs for End-users?
• Competitive Scenario
• EaaS Market Space Witnessing Ingress of New Entrants - Tech Giants and Startups
• Recent Market Activity
• Select Innovations & Advancements

2. FOCUS ON SELECT PLAYERS

• Bernhard Energy Solutions
• Contemporary Energy Solutions
• Edison Energy, LLC
• Enel X S.r.l.
• Enertika
• ENGIE Group
• General Electric Company
• Orsted A/S
• Siemens AG
• SmartWatt
• SolarUS, Inc.

3. MARKET TRENDS & DRIVERS

• Energy-as-a-Service, Potential Model for Energy and Cost Savings, Conjures Up Disruptions in Delivery and Consumption Patterns
• Going Beyond Commoditization
• Embracing the Service Model
• Energy-as-a-Service Model Allows Clients to Tap Assets with Minimal Investment
• EaaS Emerges as the Next Big Outsourcing Trend
• EaaS Solutions allow Manufacturing Companies Resume Operations Easily Post Lockdowns
• EaaS Model Ensures Sustained Affordability for Commercial Sector
• Energy Utilities Bet on Energy-as-a-Service to Prevent Collapse and Stay Relevant
• Companies Eye EaaS to Optimize Energy Usage
• Energy-as-a-Service Paradigm for Micro-Grid Hosts
• Growing Trend towards Green/LEED Buildings Offer Lucrative Opportunities
• Smart Grids Elevate the Prospects for EaaS
• Growing Investments on Smart Cities Fuel EaaS Market
• Increased Opportunity in Renewable Energy Space
• Solar-as-a-Service to Promote Renewable Energy
• Demographic and Urbanization Trends Aid Market Growth
• Key Considerations in Overcoming Constraints and Challenges
• Resilience: Innovative Approaches to Existing Challenges
• Sustainability Challenges

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

• Total Companies Profiled: 33

For more information about this report visit https://www.researchandmarkets.com/r/2minys

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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LEAWOOD, KS--(BUSINESS WIRE)--Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today declared the December monthly distribution of $0.05 per share payable on December 31, 2020 to shareholders of record on December 24, 2020.

Additionally, Tortoise Essential Assets Income Term Fund (NYSE: TEAF) provides an update on the fund’s direct investments, portfolio asset allocation, structure types and impact statistics as of November 30, 2020 on the company website here. Updates will continue to be posted on a monthly basis until the fund reaches its target of 60% direct investments.

In addition, on a monthly basis, details on each private deal that has taken place over the prior month will be published here. The list includes all deals completed since the fund’s inception through November 30, 2020.

You should not draw any conclusions about TPZ’s investment performance from the amount of this distribution or from the terms of TPZ’s distribution policy.

TPZ estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the distribution may be return of capital. A return of capital may occur, for example, when some or all of the money that you invested in TPZ is paid back to you. A return of capital distribution does not necessarily reflect TPZ’s investment performance and should not be confused with “yield” or “income.”

TPZ will report the sources for its distributions at the time of the payment in the applicable Section 19(a) Notice. The amounts and sources of distributions TPZ reports are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon TPZ’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. TPZ will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Tortoise Capital Advisors, L.L.C. is the adviser to Tortoise Power and Energy Infrastructure Fund, Inc. and Tortoise Essential Assets Income Term Fund. Ecofin Advisors Limited is a sub-adviser to Tortoise Essential Assets Income Term Fund.

For additional information on these funds, please visit cef.tortoiseecofin.com.

About Tortoise

Tortoise focuses on energy & power infrastructure and the transition to cleaner energy. Tortoise’s solid track record of energy value chain investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, please visit www.TortoiseEcofin.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.

Safe Harbor Statement

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Maggie Zastrow, (913) 981-1020
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NEW YORK--(BUSINESS WIRE)--EnTrust Global (“EnTrust”), a leading alternative asset management firm, announced today that it has completed a fundraising for its EnTrust Global Blue Ocean Funds for investment in the global maritime industry. The Funds closed at $2.1 billion after raising $925 million since April of 2020.

The Blue Ocean Funds are part of EnTrust Global’s private debt and real asset division. The Funds engage in direct lending and similar financing opportunities to vessel owners and operators and other maritime businesses.

“We continue to see strong demand for our debt capital solutions from clients around the world, and we have continued to deploy capital efficiently to our select customer base while also successfully maintaining the quality of our existing portfolio throughout a very tough time period as a consequence of Covid-19,” said Svein Engh, Senior Managing Director and Portfolio Manager of the Blue Ocean Funds.

“To have raised $2.1 billion in a vertical as specific as the maritime industry speaks to our team’s expertise and demonstrated success since the inception of the Blue Ocean Funds,” said Gregg S. Hymowitz, Chairman and CEO of EnTrust Global. “We are grateful for the strong support from our investors during a volatile market as the economy has navigated the pandemic these last six months. As evidenced by the growth of our platform, and the addition of Julian Proctor earlier this year to lead a new, environmentally-focused shipping initiative, we continue to believe there are compelling opportunities in the maritime industry and in real assets in general.”

Julian Proctor, who with Mr. Engh heads EnTrust’s new initiative focusing on environmentally-advanced vessels, added “Vessel owners and their customers and end-users are increasingly focused on the impact of the shipping industry on the environment, and especially on carbon emissions, but there is inadequate financing for the industry to move to cleaner, more advanced technology. I am excited to lead EnTrust’s initiative to create financing solutions for vessel owners that will help transition the shipping industry to a more sustainable future.”

About EnTrust Global

EnTrust Global is a leading alternative asset management firm with $18.2 billion in total assets as of June 30, 2020. Co-founded in 1997 by Chairman and CEO Gregg S. Hymowitz following his investment career at Goldman Sachs Group, Inc., the firm manages assets for over 500 institutional investors representing 47 countries and has approximately $10 billion in customized strategic partnerships. EnTrust Global offers a diverse range of alternative investment opportunities across strategies, including private debt and real assets as well as core hedge funds and co-investments. EnTrust Global has 11 offices worldwide and is headquartered in New York and London.

Media:
Chris Cunningham, Hiltzik Strategies
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HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) announced today that it will participate in the 2020 Wells Fargo Virtual Midstream and Utility Symposium. The conference is being held virtually on December 8th and 9th.

The Partnership’s latest presentation materials are available and may be downloaded by visiting the Partnership’s website at www.genesisenergy.com under “Presentations” under the Investors tab.

Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.

Genesis Energy, L.P.
Ryan Sims
SVP – Finance and Corporate Development
(713) 860-2521

SPRING, Texas--(BUSINESS WIRE)--Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) today announced its subsidiaries Perma-Pipe Middle East FZC and Perma-Pipe India PVT. LTD. have procured and installed large capacity production lines for surface preparation, heating and coating for a wide range of piping materials and specialty shapes to serve the oil and gas, and water transmission industries at our existing facilities in Fujairah, UAE, and Gandhidham, India.

Adding to our existing custom coating capabilities, our new capabilities are referred to as “FAB-COAT” custom coatings. Each facility has two new, large capacity production lines with hot air circulation ovens for heating blast-cleaned pieces, and both dry powder and liquid coating application lines.

Perma-Pipe now offers high quality internal and external custom coatings to meet our customers’ project-specific needs and for many different shapes and sizes such as line pipe, vessels, prefabricated pipe spools, bends, tees, flanges, valves, skids, reducers, fittings, aluminum panels and a number of other shaped and sized steel pieces for a wide range of industry applications.

Grant Dewbre, Sr. Vice President for Perma-Pipe’s MENA region states, “We can apply anti-corrosion coatings including Fusion Bonded Epoxy (FBE), Three-Layer Polyethylene and Polypropylene (3LPE / 3LPP), Liquid Epoxies, Polyurethanes, Zinc-Rich and Polysiloxanes on an impressive range of lengths, diameters and spool piece sizes.

“In a further exciting development, Perma-Pipe Middle East FZC has been successful in securing our first sizable orders for the recently commissioned facility to apply internal and external fusion bonded epoxy anti-corrosion coatings for customers in both the oil and gas, and water transmission industries. We look forward to providing high quality FAB-COAT custom coating services to a wide range of customers in the Middle East, India, and beyond,” Mr. Dewbre added.

David Mansfield, President and CEO commented, "Our plans include a focus on new growth opportunities, including growth into new market segments such as this one. We believe that becoming a provider in this segment in the MENA region offers attractive growth for us, and it is very satisfying to see immediate returns from our investment.”

Perma-Pipe International Holdings, Inc.

Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, Perma-Pipe has operations at thirteen locations in six countries.

David Mansfield, President and CEO
Perma-Pipe Investor Relations
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847.929.1200

Barriers to widespread market adoption include lack of specific global standards, remaining safety concerns, and high costs

BOULDER, Colo.--(BUSINESS WIRE)--#EVCharging--A new report from Guidehouse Insights examines the market for wireless EV charging equipment, providing an overview of key industry players in addition to global forecasts for transmitter and receiver revenue and installation costs.

Although the market for wireless EV charging infrastructure is still in development, the benefits appear promising. Wireless charging offers improved convenience to drivers by removing cable clutter and enabling charging processes to start automatically when an EV approaches a certain distance. Wireless charging can also improve electric drive utilization of plug-in hybrid EVs (PHEVs) and reduce maintenance costs in commercial fleet applications. Click to tweet: According to a new report from @WeAreGHInsights, the total market volume for wireless EV charger deployments is projected to reach around $807 million by 2025, reaching $2.7 billion by 2030.

“The basic principle of wireless charging is based on electromagnetic induction, where energy is transferred from a transmitter to a receiver located on the vehicle,” says Scott Shepard, senior research analyst with Guidehouse Insights. “Currently, the market landscape consists of startups and major tier one automotive component suppliers, and a few commercial applications that are ready to be deployed while others are still being developed.”

Barriers to widespread market adoption include lack of specific global standards, remaining safety concerns, and high costs. Recommended protocols provide orientation but are not specific enough to ensure global multivendor interoperability. Therefore, all involved market players should prioritize further detailing the standards. Cost development will be a function of standard consolidation, OEM technology adoption, and transferable technology learnings produced in the wireless charging market for other applications such as consumer electronics.

The report, Wireless EV Charging, examines how the market for wireless charging equipment will likely develop until 2030 due to the improved convenience of EV charging, increased electric drive utilization for PHEVs, and reduced fleet maintenance costs. All available power levels are considered, with the market forecast segmented into power levels under and over 22 kW. The adoption rates of wireless charging equipment vary by power level, application, and region. The report focuses on forecast data and provides an overview of key industry players. An executive summary of the report is available for free download on the Guidehouse Insights website.

About Guidehouse Insights

Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.

About Guidehouse

Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.

* The information contained in this press release concerning the report, Wireless EV Charging, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.

Lindsay Funicello-Paul
+1.781.270.8456
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Municipal Fleet Adds Seven Additional Heavy-Duty Trucks Running on 100% Biodiesel

AMES, Iowa--(BUSINESS WIRE)--The City of Ames is adding seven new all-purpose dump trucks to their fleet that have the Optimus Technologies advanced fuel system integrated into their new vehicle specification. The Optimus system enables the engines to operate year-round on 100 percent biodiesel (B100) produced by Renewable Energy Group (REG).

This announcement comes after a successful pilot was conducted with five City-owned trucks throughout 2020, meaning soon the City will have 12 total trucks running on B100. The City of Ames is eager to get more trucks on the road that reduce carbon emissions and provide cleaner air for its residents.

Biodiesel is a cleaner alternative to petroleum diesel and is a readily available, sustainable solution for fleets. Suitable for use in any diesel engine, biodiesel can be adopted starting at blends of 20 percent, or B20, all the way up to 100 percent (B100). Biodiesel is considered an advanced biofuel by the EPA because it reduces greenhouse gas emissions (GHG) by more than 50 percent. REG biodiesel reduces GHGs by up to 86 percent compared to diesel fuel.

At the direction of the Ames City Council, the City of Ames is looking at carbon reduction and long-term sustainability for all of its fleet purchases. The pilot project using Optimus’ Vector System, combined with REG’s B100 biodiesel, provided a tremendous opportunity to pursue a public-private partnership with widespread benefits through lower emissions.

“We undertook the B100 project because we wanted to be responsible stewards to our planet, to the environment,” Mayor John Haila says. “It’s a tremendous opportunity to make a big impact.”

Like petroleum diesel, biodiesel has the potential to gel in extremely cold temperatures. The Vector System is designed to enable trouble free use of biodiesel in all engines regardless of operating conditions. Even in the sub-zero operations the snowplows were subjected to while battling the harsh Iowa winter, the Vector System ensured that the vehicles performed flawlessly on biodiesel. One key feature of the Vector System is that it never inhibits the use of conventional diesel fuel; the system always starts and shuts down the engine on conventional diesel, operating on biodiesel only after the engine and fuel system achieve optimal operating conditions.

“Our drivers tested the Vector System in five City snowplows in below-zero temperatures during a big snowstorm,” said Rich Iverson, Fleet Support Manager for the City of Ames. “In one weekend, we used 1,000 gallons of B100 biodiesel and our drivers reported no issues in the trucks’ operations. Optimus’ Vector System certainly proved its abilities to perform at high standards.”

Although electrification options are beginning to emerge for light- and medium-duty applications, B100 biodiesel is an excellent and even lower-carbon alternative (on today’s electric grid), and is particularly well suited for heavy-duty fleets like the City of Ames that are committed to reducing their carbon output without sacrificing the performance of their fleet vehicles. When upgrading with Optimus’ technology, fleets are able to achieve significant environmental and performance benefits from their existing vehicles and infrastructure.

“It has been fantastic working with the City of Ames and their leadership,” said Colin Huwyler, CEO of Optimus Technologies. “They have set tangible sustainability objectives and by integrating the Vector System into their new vehicle equipment specifications, have demonstrated the decisive actions they are taking to reduce carbon emissions. After conducting a successful pilot on their snowplows, the City of Ames has validated that the Optimus technology provides a carbon reduction pathway for even the most severe-duty vehicles.”

The City’s five trucks already equipped with the Vector System will burn about 10 percent of the City’s total annual diesel consumption. By operating these five trucks with the Vector System the City of Ames will reduce its carbon intensity by 110 metric tons of CO₂ from the atmosphere by the end of the year. With seven new Vector equipped trucks on order, REG and Optimus Technologies project this program will save well over 200 metric tons of carbon emissions in 2021.

“We are thrilled to provide biodiesel to the City of Ames for this initiative with Optimus Technologies,” said Jon Scharingson, Executive Director, Sales & Marketing for REG. “It’s not every day that we have the chance to work on a project in the city where we are headquartered. We are grateful to Mayor Haila, the City Council and the entire fleet team at the City of Ames for making this initiative a reality.”

About Optimus Technologies

Optimus Technologies is a clean energy technology company based in Pittsburgh, Pennsylvania. Optimus manufactures the Vector System, an advanced fuel system technology that enables diesel engines to operate on 100% biodiesel. The Vector System is designed for medium and heavy-duty fleet applications where emissions reductions are challenging or impossible to achieve in a cost-effective manner through other means. The Vector System integrates into existing operations to facilitate a seamless transition to low-carbon fuels.

Optimus’ Vector System is in use with leading municipal and private fleets throughout the country enabling them to achieve near-zero carbon emissions while reducing their fuel and fleet operating costs.

About City of Ames

Beneath the small town charm of Ames, Iowa, beats the heart of a much larger city. With a population of more than 65,000, Ames offers cultural, recreational, educational, business, and entertainment amenities more common in bigger metros. As a growing city, Ames continues to focus on building a strong community filled with opportunities for all. There are so many reasons that Ames, Iowa, is the Smart Choice!

In 2015, Ames was named one of the “15 Cities That Have Done the Best Since the Recession” by Bloomberg Business and one of the top 25 “Best Places for STEM Grads.” Ames ranked No. 8 by Niche Ranking for “Best Towns for Millennials in America.” Additionally, USA Today named Ames as the healthiest city in America!

About Renewable Energy Group

Renewable Energy Group, Inc. (NASDAQ: REGI) is leading the energy industry's transition to sustainability by transforming renewable resources into high-quality, cleaner fuels. REG is North America’s largest producer of biodiesel and an industry leading producer of renewable diesel. REG solutions are alternatives for petroleum diesel and produce significantly lower carbon emissions. REG utilizes a global integrated procurement, distribution and logistics network to operate 12 biorefineries in the U.S. and Europe. In 2019, REG produced 495 million gallons of cleaner fuel delivering over 4.2 million metric tons of carbon reduction. REG is meeting the growing global demand for lower-carbon fuels and leading the way to a more sustainable future.

Katie Stanley
Renewable Energy Group
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(515) 979-3771

• Newly formed company will be called Novel Non-Metallic Solutions Manufacturing (Novel)
• Aramco brings the resources and perspective of a pre-eminent energy company to the JV and Baker Hughes as a world-class energy technology company and manufacturer, providing deep commercial and technical expertise
• Through its state-of-the-art manufacturing processes, R&D and localization focus, Novel expects to partner with customers to advance innovation in the energy sector

DHAHRAN, Saudi Arabia--(BUSINESS WIRE)--Aramco and Baker Hughes (NYSE:BKR) have announced the formation of Novel, a 50/50 Joint Venture (JV) to develop and commercialize a broad range of non-metallic products for multiple applications in the energy sector. A ceremony was held today at the project site to commence construction, which was attended by Aramco’s Senior Vice President for Technical Services Ahmad Al Sa’adi and Baker Hughes Chairman and CEO Lorenzo Simonelli.

The ceremony comes after both companies signed a memorandum of understanding (MOU) to create a non-metallics JV in July 2019. Novel’s new facility is being developed at King Salman Energy Park (SPARK), in Saudi Arabia’s Eastern Province. SPARK is a 50-square-kilometer energy city megaproject which will position Saudi Arabia as a global energy, industrial and technology hub. Initially, the facility will produce onshore non-metallic pipelines – including reinforced thermoplastic pipes (RTP) – from composite materials.

The JV is based on a shareholders agreement signed in February this year during Aramco’s 5^th In-Kingdom Total Value Add (IKTVA) Forum & Exhibition. The JV aligns with Aramco’s strategy to seek new opportunities in oil-based products, which not only offer performance benefits but also aims to reduce carbon emissions. It also supports Saudi Arabia’s efforts to expand its commercial ecosystem and promote domestic investment. The new facility will not only create jobs, it will also help foster growth of an emerging and innovative sector in alignment with Saudi Arabia’s Vision 2030.

Aramco’s Senior Vice President for Technical Services, Ahmad Al Sa’adi, said: “Non-metallic products are reshaping the industries and products we all depend on because they are more reliable, cost effective and offer sustainability benefits. The partnership with Baker Hughes reinforces our commitment to expanding the use of innovative non-metallic materials in our operations to drive efficiency and reduce maintenance and replacement costs, while also positively impacting the Kingdom’s economic development through job creation and local expertise.”

Neil Saunders, Executive Vice President, Oilfield Equipment, Baker Hughes, said: “As an energy technology company, we are investing for growth in strategic areas like non-metallics, and our deep background in non-metallic product development will benefit a wide range of industries. Aramco’s vision to expand its product development in the region aligns with our vision to support innovation and manufacturing in Saudi Arabia.”

Non-metallic products are being deployed in a variety of industries, from the oil and gas sector to automotive, building and construction, packaging and renewables. In addition to being more sustainable, these advanced materials make them lighter than their conventional counterparts and resistant to corrosion.

About Aramco:
Aramco is a global integrated energy and chemicals company. We are driven by the core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, more sustainable and more useful. This helps promote stability and long-term growth around the world. www.aramco.com

About Baker Hughes:
Baker Hughes (NYSE: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and with operations in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

Disclaimer

The press release contains forward-looking statements. All statements other than statements relating to historical or current facts included in the press release are forward-looking statements. Forward-looking statements give the Company’s current expectations and projections relating to our capital expenditures and investments, major projects, upstream performance, including relative to peers, and growth in downstream and chemicals. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could”, “continue”, “forward” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements cannot be ascertained, as they involve known and unknown risks, uncertainties and other factors beyond the Company’s control that could cause the Company’s actual results, performance or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward-looking statements, including the following factors: international crude oil supply and demand and the price at which the Company is able to sell crude oil; the impact of natural disasters and public health pandemics or epidemics (such as Coronavirus disease 2019 (COVID-19) on supply and demand for crude oil and general economic conditions; adverse economic or political developments that could impact the Company’s results of operations; competitive pressures faced by the Company; any significant deviation or changes in existing economic and operating conditions that could affect the estimated quantity and value of proved reserves; operational risks and hazards; losses from risks related to insufficient insurance; the Company’s ability to deliver on current and future projects; litigations that the Company is or may be subject to; the Company’s ability to realize benefits from recent and future acquisitions, including with respect to SABIC; risks related to international operations, including sanctions and trade restrictions, anti-bribery and anti-corruption laws and other laws and regulations; environmental regulations; the Company’s dependence on its senior management and key personnel; management’s limited experience in managing a public company; the reliability and security of the Company’s IT systems; climate change concerns and impacts; risks related to Government-directed projects; and other risks and uncertainties that could cause actual results to differ from the forward looking statements in this press release, as set forth in the Company’s latest periodic reports filed with the Tadawul. For additional information on the potential risks and uncertainties that could cause actual results to differ from the results predicted please see the Company’s latest periodic reports filed with the Tadawul. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future.

The information contained in the press release, including but not limited to forward-looking statements, applies only as of the date of this press release and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the press release, including any financial data or forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law or regulation. No person should construe the press release as financial, tax or investment advice.

Undue reliance should not be placed on the forward-looking statements, and the Company, its managers and employees shall not be liable for any direct or indirect loss or damage that any person may incur due to their reliance on the forward-looking statements.

Aramco
International Media Relations: This email address is being protected from spambots. You need JavaScript enabled to view it.
Aramco
 
Baker Hughes
Media Relations:
Madonna Mekhail
+971 545816086
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BRYN MAWR, Pa.--(BUSINESS WIRE)--Essential Utilities Inc. (NYSE: WTRG) announced the appointment of Erin O’Donnell as the communications director responsible for external and internal communications for the company. She will oversee all communications activities for Aqua and Peoples.

O’Donnell brings more than 18 years of utility related communications experience to Essential. She started her career with Dollar Energy Fund as a trainer for the Pennsylvania Public Utility Commission’s Energy Choice program. She has worked for Peoples, the natural gas division of Essential Utilities, for 10 years. Most recently, she served as the interim communications director of Essential Utilities and the manager of communications and community relations at Peoples.

O’Donnell will report to Brian Dingerdissen, vice president, chief of staff, investor relations and communications for Essential.

“I welcome Erin to the Essential Utilities team,” said Dingerdissen. “She will be responsible for leading a transparent approach to corporate communications while ensuring the company communicates in a manner consistent with our values of respect, integrity and the pursuit of excellence.”

“Over the past several months, Erin has led the communications team through the transition as Peoples joined Aqua under Essential Utilities,” said Dingerdissen. “Our communications teams at Aqua and Peoples came together just as the COVID-19 pandemic took hold. Erin and her team led the internal and external COVID-19 communications effort to ensure we continued to communicate effectively with our employees and customers.”

O’Donnell earned a degree in Business Administration from the University of Pittsburgh.

About Essential

Essential is one of the largest publicly traded water, wastewater and natural gas providers in the U.S., serving approximately 5 million people across 10 states under the Aqua and Peoples brands. Essential is committed to excellence in proactive infrastructure investment, regulatory expertise, operational efficiency and environmental stewardship. The company recognizes the importance water and natural gas play in everyday life and is proud to deliver safe, reliable services that contribute to the quality of life in the communities it serves. For more information, visit http://www.essential.co.

WTRG (General)

Dan Lockwood
Communications
O - 610.645.1157
M – 856.981.5497
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DUBLIN--(BUSINESS WIRE)--The "Sea Freight Forwarding Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.

The Sea Freight Forwarding Market is expected to grow at a CAGR of more than 3% during the forecasted period.

Companies Mentioned

• Kuehne + Nagel
• Sinotrans
• DHL
• DB Schenker
• DSV Panalpina
• Kerry Logistics
• Expeditors International
• C.H. Robinson
• Hellmann
• Bollore Logistcs
• Fr. Meyer's Sohn
• Yusen Logistics/ NYK Logistics
• Geodis
• Ceva Logistics
• Agility Logistics

Key Market Trends

Rising Cross Broder E-Commerce driving Sea Freight Forwarding Market

In 2019, retail e-commerce sales worldwide amounted to around 3.53 trillion US dollars and e-retail revenues are projected to grow even further at a quicker pace in the coming few years. Online shopping is one of the most popular online activities worldwide, both domestic and cross-border e-commerce is booming in developing markets such as China, India, and Indonesia due to that reason. This encompasses not just direct-to-consumer retail, but also shipments of electronics, pharmaceuticals, and consumer packaged goods.

Growth in e-commerce is tied very closely to consumption growth in the region as developing economies make the gradual shift from growth by manufacturing for export to higher levels of consumption by expanding middle classes. In China, cross-border e-commerce transactions already account for up to 20 percent of total import and export trading volumes. Compared to China, in other regions, the size of e-commerce-related business is much smaller, but the growth is also rapid. One of the most preferred mode for e-commerce freight forwarding is through sea and many business are favoring that as evidenced by the growing ocean freight volumes to 11 billion tons in 2018.

Kuehne + Nagel leading the Ocean Freight Forwarders in 2019

In 2019, Kuehne + Nagel was ranked the world's leading ocean freight forwarder, with over 4.8 million twenty-foot equivalent units of ocean freight. Today headquartered in Switzerland, Kuehne + Nagel was founded in 1890 in Bremen, Germany. At the present time, Kuehne + Nagel Group has offices in more than 100 countries and employs approximately around 82,000 people.

In the year 2019, the company generated roughly around 25.3 billion Swiss francs from its worldwide operations, and about 2.7 billion Swiss francs from its operations in Asia Pacific alone. Between the fiscal year of 2013 and 2019, the operational expenses of Kuehne + Nagel increased somewhat continuously, reaching 6.25 billion Swiss francs. The company was followed by Sinotrans and DHL in the leaders ranking worldwide.

The business volume of ocean freight forwarders has been steadily increasing because in the last three decades, the seaborne trade transport volume roughly tripled, reaching 11 billion metric tons in 2018. In 2017, 1.83 billion metric tons of international seaborne trade were transported by container ships. As of January 2019, Japan possessed the second largest merchant fleet by operator domicile globally.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS

4.1 Current Market Scenario

4.2 Value Chain / Supply Chain Analysis

4.3 Technological Trends

4.4 Investment Scenarios

4.5 Government Regulations and Initiatives

4.6 Spotlight - Sea Freight Transportation Costs/Freight Rates

4.7 Insights on the E-commerce Industry

4.8 Impact of Covid-19 on Sea Freight Forwarding Market

5 MARKET DYNAMICS

5.1 Drivers

5.2 Restraints

5.3 Opportunities

5.4 Industry Attractiveness - Porter's Five Forces Analysis

6 MARKET SEGMENTATION

6.1 By Type

6.1.1 Full Container Load (FCL)

6.1.2 Less-than Container Load (LCL)

6.1.3 Others

6.2 By Geography

6.2.1 North America

6.2.2 Europe

6.2.3 Asia-Pacific

6.2.4 Middle East & Africa

6.2.5 South America

7 COMPETITIVE LANDSCAPE

7.1 Market Concentration Overview

7.2 Company Profiles

8 MARKET OPPORTUNITIES AND FUTURE TRENDS

9 DISCLAIMER

For more information about this report visit https://www.researchandmarkets.com/r/23dc3g

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DALLAS--(BUSINESS WIRE)--Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended September 30, 2020. The Company posted quarterly revenue of $301 thousand and a net profit of $98 thousand. These results compare to revenue of $530 thousand and a net loss of $(436) thousand for the same quarter last year. The Company’s decline in revenue for the quarter was driven by decreases in oil and gas production and commodity prices. The increase in profitability was caused primarily by tax refunds realized from the correction of tax returns for 2017-19.

Amen announced that the Company’s Board of Directors has approved the payment of a quarterly dividend of $7.50 per share, to be paid on December 30, 2020 to shareholders of record as of the close of business on December 23, 2020.

Finally, Amen reiterated that its Board has approved a plan whereby the Company will no longer hedge the revenue stream associated with its oil and gas royalties. “Shareholders of Amen need to understand that they hold an un-hedged long oil and gas position and should pursue their own hedging strategy if they are uncomfortable with that risk,” said Kris Oliver, Amen’s Chief Financial Officer.

The Company’s 2020 third quarter report is available for viewing or download from the company’s web site – www.amenproperties.com.

About Amen Properties:

Amen Properties owns a portfolio of properties including real estate and oil and gas interests.

Cautionary Statement:
This document contains forward-looking statements, which involve a number of risks and uncertainties that could cause our actual results to differ materially from those reflected in the forward-looking statements. Forward-looking statements can be identified by use of the words "expect," "project," "may," "might," potential," and similar terms. AMEN Properties, Inc. ("Amen," "we" or the "Company") cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Amen's control. These factors include, but are not limited to, our ability to implement our strategic initiatives, economic, political and market conditions and price fluctuations, government and industry regulation, U.S. and global competition and other factors. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Press and Investor Relations Contact:
Kris Oliver
(972) 999-0494

Data demonstrates high energy density solid-state lithium-metal battery technology that improves life, charging time, and safety

SAN JOSE, Calif.--(BUSINESS WIRE)--QuantumScape Corporation (NYSE: QS, or "QuantumScape"), a leader in the development of next generation solid-state lithium-metal batteries for use in electric vehicles (EVs), has released performance data demonstrating that its technology addresses fundamental issues holding back widespread adoption of high-energy density solid-state batteries, including charge time (current density), cycle life, safety, and operating temperature.

A commercially viable solid-state lithium-metal battery is an advancement that the battery industry has pursued for decades, as it holds the promise of a step function increase in energy density over conventional lithium-ion batteries, enabling electric vehicles with a driving range comparable to combustion engine-based vehicles. QuantumScape’s solid-state battery is designed to enable up to 80% longer range compared to today’s lithium-ion batteries. Previous attempts to create a solid-state separator capable of working with lithium metal at high rates of power generally required compromising other aspects of the cell (cycle life, operating temperature, safety, cathode loading, or excess lithium in the anode).

QuantumScape’s newly-released results, based on testing of single layer battery cells, show its solid-state separators are capable of working at very high rates of power, enabling a 15-minute charge to 80% capacity, faster than either conventional battery or alternative solid-state approaches are capable of delivering. In addition, the data shows QuantumScape battery technology is capable of lasting hundreds of thousands of miles, and is designed to operate at a wide range of temperatures, including results that show operation at -30 degrees Celsius.

The tested cells were large-area single-layer pouch cells in the target commercial form factor with zero excess lithium on the anode and thick cathodes (>3mAh/cm2), running at rates of one-hour charge and discharge (1C charge and 1C discharge) at 30 degrees Celsius. These tests demonstrated robust performance of these single layer pouch cells even at these high rates, resulting in retained capacity of greater than 80% after 800 cycles (demonstrating high columbic efficiency of greater than 99.97%).

“The hardest part about making a working solid-state battery is the need to simultaneously meet the requirements of high energy density (1,000 Wh/L), fast charge (i.e., high current density), long cycle life (greater than 800 cycles), and wide temperature-range operation. This data shows QuantumScape’s cells meet all of these requirements, something that has never before been reported. If QuantumScape can get this technology into mass production, it holds the potential to transform the industry,” said Dr. Stan Whittingham, co-inventor of the lithium-ion battery and winner of the 2019 Nobel prize in chemistry.

“These results blow away what was previously thought to be possible in a solid-state battery,” said Venkat Viswanathan, battery expert and professor of materials science at Carnegie-Mellon University. “Supporting high enough current density to enable fast charge without forming dendrites has long been a holy grail of the industry. This data shows the capability to charge to 80% capacity in 15 minutes, corresponding to an astonishingly high rate of lithium deposition of up to a micron per minute.”

“We believe that the performance data we’ve unveiled today shows that solid-state batteries have the potential to narrow the gap between electric vehicles and internal combustion vehicles and help enable EVs to become the world’s dominant form of transportation,” said Jagdeep Singh, founder & CEO of QuantumScape. “Lithium-ion provided an important stepping stone to power the first generation of EVs. We believe QuantumScape’s lithium-metal solid-state battery technology opens the automotive industry up to the next generation battery and creates a foundation for the transition to a more fully electrified automotive fleet.”

QuantumScape’s team of scientists have worked over the past decade to create the next generation of battery technology: solid-state batteries with lithium-metal anodes. With processes and materials protected by over 200 patents and applications, QuantumScape’s proprietary solid-state separator replaces the organic separator used in conventional cells, enabling the elimination of the carbon or carbon/silicon anode and the realization of an “anode-less” architecture, with zero excess lithium. In such an architecture, an anode of pure metallic lithium is formed in situ when the finished cell is charged, rather than when the cell is produced. Unlike conventional lithium-ion batteries or some other solid-state designs, this architecture delivers high energy density while enabling lower material costs and simplified manufacturing.

Beyond its ability to function at high rates of power while delivering high energy density, other key characteristics of QuantumScape’s solid-state lithium-metal battery technology include:

• Zero excess lithium: In addition to eliminating the carbon or carbon/silicon anode, QuantumScape’s solid-state design further increases energy density because it uses no excess lithium on the anode. Some previous attempts at solid-state batteries used a lithium foil or other deposited-lithium anode, which reduces energy density.

• Long life: Because it eliminates the side reaction between the liquid electrolyte and the carbon in the anode of conventional lithium-ion cells, QuantumScape’s battery technology is designed to last hundreds of thousands of miles of driving. Alternative solid-state approaches with a lithium metal anode typically have not demonstrated the ability to work reliably at close to room temperatures (30 degrees Celsius) with zero excess lithium at high current densities (>3mAh/cm2) for more than a few hundred cycles, and result in a short-circuit or capacity loss before the life target is met. By contrast, today’s test results show that QuantumScape’s battery technology is capable of running for over 800 cycles with greater than 80% capacity retention.

• Low-temperature operation: QuantumScape’s solid-state separator is designed to operate at a wide range of temperatures, and it has been tested to -30 degrees Celsius, temperatures that render some other solid-state designs inoperable.

• Safety: QuantumScape’s solid-state separator is noncombustible and isolates the anode from the cathode even at very high temperatures—much higher than conventional organic separators used in lithium-ion batteries.

About QuantumScape Corporation

QuantumScape is a leader in the development of next generation solid-state lithium-metal batteries for use in electric vehicles. The company's mission is to revolutionize energy storage to enable a sustainable future.

For additional information, please visit www.quantumscape.com.

Forward Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, including, without limitation, regarding the development, timeline and performance of QuantumScape’s products and technology are forward-looking statements. When used in this press release, the words “is designed to,” “could,” “should,” “enables,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements, including statements about other solid-state battery systems and their limitations, and our belief that our battery solution opens the industry up to the next generation of EVs, are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events.

These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside QS’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (i) QS faces significant barriers in its attempts to scale from a single layer pouch cell and complete development of its solid-state battery cell and related manufacturing processes, and development may not be successful, (ii) QS may encounter substantial delays in the development, manufacture, regulatory approval, and launch of QS solid-state battery cells, which could prevent QS from commercializing products on a timely basis, if at all, (iii) QS may be unable to adequately control the costs of manufacturing its solid-state separator and battery cells, and (iv) QS may not be successful in competing in the battery market. QS cautions that the foregoing list of factors is not exclusive. Additional information about factors that could materially affect QS is set forth under the “Risk Factors” section in the proxy statement/prospectus/information statement filed by Kensington Capital Acquisition Corp. with the SEC on November 12, 2020 and available on the SEC’s website at www.sec.gov.

Except as otherwise required by applicable law, QuantumScape disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Should underlying assumptions prove incorrect, actual results and projections could different materially from those expressed in any forward-looking statements.

For Investors
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Acquires Telerob GmbH, a leading German robotics company, to expand product offering and customer base

SIMI VALLEY, Calif.--(BUSINESS WIRE)--AeroVironment, Inc. (NASDAQ: AVAV), a global leader in unmanned aircraft systems (UAS), today reported financial results for its second quarter ended October 31, 2020.

“Our team produced second quarter revenue of $92.7 million, an increase of 11 percent over last year, despite the unprecedented challenges from the COVID-19 pandemic,” said Wahid Nawabi, AeroVironment president and chief executive officer. “Second quarter earnings per diluted share of $0.09 declined compared to last year, primarily from our HAPSMobile Inc. joint venture’s impairment of its investment in Loon LLC. Non-GAAP earnings per diluted share of $0.48 increased by $0.14 over last year, reflecting the continued strength of our team and our business. In addition, we achieved major milestones this quarter, including the successful stratospheric flight of the solar HAPS Sunglider and its demonstration of broadband connectivity, the introduction of our Switchblade family of loitering missile systems and our larger Switchblade 600, and continued leadership in the global small UAS market. With strong momentum underway, we are confident in our ability to build on our strong foundation and extend our record of financial and operational growth and success.”

Telerob Acquisition

AeroVironment today also announced the acquisition of Telerob, a leading German robotics company, for approximately $45.4 million in cash plus a three-year, milestone-based earn-out of up to $7.3 million and the payoff of $9.4 million in debt at closing. The Company expects the acquisition to be accretive to non-GAAP EPS in fiscal 2022 (excluding intangible amortization and integration costs). Upon closing, Telerob will operate as a wholly-owned subsidiary of AeroVironment. The acquisition remains subject to German government clearance and is expected to close by Spring 2021.

“Acquiring Telerob, a leader in ground robotic solutions, gives us the opportunity to offer a broader portfolio of highly complementary robotic solutions to a larger set of global customers. We have already submitted a joint proposal for a multi-year United States Air Force robotics program and have also identified multiple U.S. and international opportunities that we plan to pursue in the future. This acquisition supports our goal of transforming AeroVironment into a global leader in intelligent, multi-domain robotic solutions for defense and commercial customers. Telerob’s ground robotics solutions and global footprint will enhance our offering and customer base, levering our strong financial foundation and positioning us to continue creating long-term shareholder value,” Mr. Nawabi added.

FISCAL 2021 SECOND QUARTER RESULTS

Revenue for the second quarter of fiscal 2021 was $92.7 million, an increase of 11% from the second quarter of fiscal 2020 revenue of $83.3 million. The increase in revenue was due to an increase in product sales of $8.1 million and an increase in service revenue of $1.3 million.

Gross margin for the second quarter of fiscal 2021 was $40.9 million, an increase of 16% from the second quarter of fiscal 2020 gross margin of $35.2 million. The increase in gross margin was primarily due to an increase in product margin of $4.7 million and an increase in service margin of $1.0 million. As a percentage of revenue, gross margin increased to 44% from 42%. The increase in gross margin percentage was primarily due to an increase in the proportion of product sales to total revenue and a favorable mix.

Income from operations for the second quarter of fiscal 2021 was $13.9 million, an increase of $5.8 million from the second quarter of fiscal 2020 of $8.1 million. The increase in income from operations was primarily a result of an increase in gross margin of $5.7 million and a decrease in selling, general and administrative (“SG&A”) expense of $1.3 million, partially offset by an increase in research and development (“R&D”) expense of $1.1 million.

Other income, net, for the second quarter of fiscal 2021 was $0.2 million, as compared to $1.4 million for the second quarter of fiscal 2020. The decrease in other income, net was primarily due to a decrease in interest income resulting from a decrease in the average interest rate earned on our investment portfolio.

Provision for income taxes for the second quarter of fiscal 2021 was $2.5 million, as compared to $1.1 million for the second quarter of fiscal 2020. The increase in provision for income taxes was primarily due to the increase in income before income taxes combined with an increase in the projected fiscal year 2021 effective tax rate.

Equity method investment loss, net of tax, for the second quarter of fiscal 2021 was $9.5 million, as compared to $0.9 million for the second quarter of fiscal 2020. Equity method investment loss, net of tax, for the second quarter of fiscal 2021 included a loss of $8.4 million for our proportionate share of the HAPSMobile Inc. joint venture’s impairment of its investment in Loon LLC.

Net income attributable to AeroVironment for the second quarter of fiscal 2021 was $2.1 million, as compared to $7.5 million for the second quarter of fiscal 2020. The second quarter of fiscal 2021 included the impairment loss of $8.4 million related to HAPSMobile Inc.’s investment in Loon LLC.

Earnings per diluted share attributable to AeroVironment for the second quarter of fiscal 2021 was $0.09, as compared to $0.31 for the second quarter of fiscal 2020. The second quarter of fiscal 2021 included the impairment loss of $8.4 million related to HAPSMobile Inc.’s investment in Loon LLC.

Non-GAAP earnings per diluted share was $0.48 for the second quarter of fiscal 2021, as compared to $0.34 for the second quarter of fiscal 2020.

FISCAL 2021 YEAR-TO-DATE RESULTS

Revenue for the first six months of fiscal 2021 was $180.1 million, an increase of 6% from the first six months of fiscal 2020 revenue of $170.2 million. The increase in revenue was due to an increase in service revenue of $9.2 million and an increase in product sales of $0.7 million.

Gross margin for the first six months of fiscal 2021 of $76.3 million was consistent with the first six months of fiscal 2020. Gross margin for the first six months of fiscal 2021 reflected a decrease in product margin of $4.4 million, partially offset by an increase in service margin of $4.2 million. As a percentage of revenue, gross margin decreased to 42% from 45%. The decrease in gross margin percentage was primarily due to a decrease in the proportion of product revenue to total revenue and an unfavorable product mix.

Income from continuing operations for the first six months of fiscal 2021 was $26.2 million, a decrease from the first six months of fiscal 2020 of $26.9 million. The decrease in income from continuing operations was primarily a result of an increase in R&D expense of $3.5 million, partially offset by a decrease in SG&A expense of $2.9 million.

Other income, net, for the first six months of fiscal 2021 was $0.4 million, as compared to other income, net of $3.1 million for the first six months of fiscal 2020. The decrease in other income, net was primarily due to a decrease in interest income resulting from a decrease in the average interest rate earned on our investment portfolio.

Provision for income taxes for the first six months of fiscal 2021 was $3.7 million, as compared to provision for income taxes of $3.2 million for the first six months of fiscal 2020. The increase in provision for income taxes was primarily due to an increase in the projected fiscal year 2021 effective tax rate.

Equity method investment loss, net of tax, for the first six months of fiscal 2021 was $10.8 million, as compared to $2.2 million for the first six months of fiscal 2020. Equity method investment loss, net of tax, for the first six months of fiscal 2021 included a loss of $8.4 million for our proportionate share of the HAPSMobile Inc. joint venture’s impairment of its investment in Loon LLC.

Net income attributable to AeroVironment for the first six months of fiscal 2021 was $12.2 million, a decrease from the first six months of fiscal 2020 net income attributable to AeroVironment of $24.6 million. The first six months of fiscal 2021 included the impairment loss of $8.4 million related to HAPSMobile Inc.’s investment in Loon LLC.

Earnings per diluted share attributable to AeroVironment for the first six months of fiscal 2021 was $0.50, as compared to the first six months of fiscal 2020 of $1.02. The first six months of fiscal 2021 included the impairment loss of $8.4 million related to HAPSMobile Inc.’s investment in Loon LLC.

Non-GAAP earnings per diluted share was $0.91 for the first six months of fiscal 2021, as compared to $1.08 for the first six months of fiscal 2020.

BACKLOG

As of October 31, 2020, funded backlog (remaining performance obligations under firm orders for which funding is currently appropriated to us under a customer contract) was $130.6 million, as compared to $208.1 million as of April 30, 2020.

FISCAL 2021 — OUTLOOK FOR THE FULL YEAR

For fiscal 2021, the Company continues to expect to generate revenue between $390 million and $410 million, operating margin of between 12% and 12.5%, and now expects revised earnings per diluted share of $1.28 to $1.48. This financial guidance assumes approximately 7% ownership of the HAPSMobile joint venture. The Company expects non-GAAP earnings per diluted share, which excludes the HAPSMobile Inc. impairment of its investment in Loon LLC, amortization of acquired intangible assets and acquisition-related expenses, to be between $1.74 and $1.94. This forecast earnings per diluted share does not include estimated results of operations, future acquisition-related expenses or amortization of intangible assets for the acquisition of Telerob as the timing of government clearance and close date is uncertain.

The foregoing estimates are forward-looking and reflect management's view of current and future market conditions, including certain assumptions with respect to our ability to obtain and retain government contracts, changes in the timing and/or amount of government spending, changes in the demand for our products and services, activities of competitors, changes in the regulatory environment, and general economic and business conditions in the United States and elsewhere in the world. Investors are reminded that actual results may differ materially from these estimates.

CONFERENCE CALL AND PRESENTATION

In conjunction with this release, AeroVironment, Inc. will host a conference call today, Tuesday, December 8, 2020, at 1:30 pm Pacific Time that will be webcast live. Wahid Nawabi, president and chief executive officer, Kevin P. McDonnell, chief financial officer and Steven A. Gitlin, chief marketing officer and vice president of investor relations, will host the call.

4:30 PM ET
3:30 PM CT
2:30 PM MT
1:30 PM PT

Investors may dial into the call by using the following telephone numbers, (877) 561-2749 (U.S.) or (678) 809-1029 (international) and providing the conference ID 4045199 five to ten minutes prior to the start time to allow for registration.

Investors with Internet access may listen to the live audio webcast via the Investor Relations page of the AeroVironment, Inc. website, http://investor.avinc.com. Please allow 15 minutes prior to the call to download and install any necessary audio software.

A supplementary investor presentation for the second fiscal quarter 2021 can be accessed at https://investor.avinc.com/events-and-presentations.

Audio Replay Options

An audio replay of the event will be archived on the Investor Relations page of the company's website, at http://investor.avinc.com. The audio replay will also be available via telephone from Tuesday, December 8, 2020, at approximately 4:30 p.m. Pacific Time through December 15, 2020, at 4:30 p.m. Pacific Time. Dial (855) 859-2056 (U.S.) or (404) 537-3406 (international) and provide the conference ID 4045199.

ABOUT AEROVIRONMENT, INC.

AeroVironment (NASDAQ: AVAV) provides technology solutions at the intersection of robotics, sensors, software analytics and connectivity that deliver more actionable intelligence so you can proceed with certainty. Celebrating 50 years of innovation, AeroVironment is a global leader in unmanned aircraft systems and tactical missile systems, and serves defense, government and commercial customers. For more information, visit www.avinc.com.

FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,” “plan,” or words or phrases with similar meaning. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from the forward-looking statements.

Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to successfully consummate the transactions contemplated by the agreement to purchase Telerob on a timely basis, if at all, including the satisfaction of the closing conditions of such transactions; the risk that disruptions will occur from the transactions that will harm our business; any disruptions or threatened disruptions to our relationships with our distributors, suppliers, customers and employees; the ability to timely and sufficiently integrate international operations into our ongoing business and compliance programs; reliance on sales to the U.S. government; availability of U.S. government funding for defense procurement and R&D programs; changes in the timing and/or amount of government spending; our ability to perform under existing contracts and obtain new contracts; risks related to our international business, including compliance with export control laws; potential need for changes in our long-term strategy in response to future developments; the extensive regulatory requirements governing our contracts with the U.S. Government and international customers; the consequences to our financial position, business and reputation that could result from failing to comply with such regulatory requirements; unexpected technical and marketing difficulties inherent in major research and product development efforts; the impact of potential security and cyber threats; changes in the supply and/or demand and/or prices for our products and services; the activities of competitors and increased competition; failure of the markets in which we operate to grow; uncertainty in the customer adoption rate of commercial use unmanned aircraft systems; failure to remain a market innovator and create new market opportunities; changes in significant operating expenses, including components and raw materials; failure to develop new products; the extensive regulatory requirements governing our contracts with the U.S. government; risk of litigation, including but not limited to pending litigation arising from the sale of our EES business; product liability, infringement and other claims; changes in the regulatory environment; the impact of the outbreak related to the strain of coronavirus known as COVID-19 on our business operations; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.

NON-GAAP MEASURES

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains a non-GAAP financial measure. See in the financial tables below the calculation of this measure, the reasons why we believe this measure provides useful information to investors, and a reconciliation of this measure to the most directly comparable GAAP measures.

AeroVironment, Inc.
Steven Gitlin
+1 (805) 520-8350
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Noble Midstream expects 2021 Affiliate activity in both the DJ and Delaware basins

HOUSTON--(BUSINESS WIRE)--Noble Midstream Partners LP (NASDAQ: NBLX) (Noble Midstream or the Partnership) announced that the Partnership has successfully integrated its business into its new affiliate, Chevron Corporation (NYSE:CVX) (Chevron). Chevron has announced its capital and exploratory budget for 2021, with activity planned on Noble Midstream dedicated acreage in both the DJ and Delaware basins.

On Noble Midstream’s dedicated acreage, the Partnership anticipates Chevron activity to be primarily in the DJ Basin, where there is significant backbone infrastructure in place. As a result, Noble Midstream expects to allocate the majority of its 2021 organic capital program to well connections with minimal larger-scale facility spending. Noble Midstream plans to provide a detailed 2021 investment program and guidance after its third-party customer base finalizes activity plans and the Partnership receives Board approval early in the first-quarter 2021.

In its Equity Method Investments, Noble Midstream does not anticipate any material capital outlays next year. The Partnership anticipates growing full-year run rate cash flow contribution in 2021 from the intermediate and long-haul assets brought online or acquired this year.

Robin Fielder, President and CEO of the Partnership stated, “Noble Midstream achieved significant accomplishments this year, reducing its cash operating costs by more than 20 percent, placing multiple major equity-method investment pipelines into full service, and beginning to fund our investments and distribution from cash flow from operations. Along with these wins and a 2021 organic capital program focused mainly on well connections, we expect Noble Midstream to generate sizable cash flow in excess of capital expenditures in 2021 and enable the Partnership to reduce debt and protect the balance sheet.”

About Noble Midstream

Noble Midstream is a master limited partnership originally formed by Noble Energy, Inc. and majority-owned by Chevron Corp. to own, operate, develop and acquire domestic midstream infrastructure assets. Noble Midstream currently provides crude oil, natural gas, and water-related midstream services and owns equity interests in oil pipelines in the DJ Basin in Colorado and the Delaware Basin in Texas. Noble Midstream strives to be the midstream provider and partner of choice for its safe operations, reliability, and strong relationships while enhancing value for all stakeholders. For more information, please visit www.nblmidstream.com.

Cautionary Statements

This news release contains certain “forward-looking statements” within the meaning of federal securities law. Words such as “anticipates”, “believes”, “expects”, “intends”, “will”, “should”, “may”, “estimates”, and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect the Partnership’s current views about future events. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. For further discussion of risks and uncertainties, you should refer to those described under “Risk Factors” and “Forward-Looking Statements” in the Partnership’s most recent Annual Report on Form 10-K and in other reports we file with the Securities and Exchange Commission. These reports are also available from the Partnership’s office or website, www.nblmidstream.com. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Midstream does not assume any obligation to update forward-looking statements should circumstances, management’s estimates, or opinions change.

Park Carrere
Investor Relations
(281) 872-3208
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• Transaction will combine leaders in unmanned aircraft systems (UAS) and unmanned ground vehicles (UGV) for broader, integrated mission solutions in air, near-space, ground and maritime domains
• AeroVironment’s strong partnership with the United States Department of Defense and presence in 50 allied nations, combined with Telerob’s 45 nation footprint and multi-industry customer base, create significant opportunities for growth and value creation
• AeroVironment and Telerob competing for multi-year United States Air Force Explosive Ordinance Disposal (EOD) robotic system program and pursuing multiple additional opportunities
• Acquisition expected to be accretive within two years to AeroVironment GAAP EPS, and accretive to non-GAAP EPS in fiscal year 2022

SIMI VALLEY, Calif.--(BUSINESS WIRE)--AeroVironment, Inc. (NASDAQ: AVAV), a global leader in unmanned aircraft systems, today announced it has entered into an agreement to acquire Telerob Gesellschaft für Fernhantierungstechnik mbH, a German leader in ground robotic solutions with a global footprint, for approximately $45.4 million (€37.5 million) in cash, and will pay-off approximately $9.4 million (€7.8 million) in Telerob’s debt at closing. Telerob’s shareholder has the potential to receive an additional earn-out over three years of up to approximately $7.3 million (€6 million) based upon achieving specific milestones.

Founded in 1994, Telerob offers one of the industry’s most advanced and comprehensive turn-key unmanned ground robotics solutions, including the telemax and tEODor EVO family of UGVs, fully-equipped transport vehicles and training, repair and support services. Telerob’s cutting-edge solutions safely and effectively perform a variety of dangerous missions, including explosive ordinance disposal (EOD), hazardous materials handling (HAZMAT) and chemical, biological, radiological and nuclear (CBRN) threat assessment. Telerob’s ruggedized UGVs possess all-terrain capabilities and offer some of the most advanced, specialized, precision manipulators, autonomous functionality and intuitive operation to deliver a high degree of mission flexibility. Telerob’s customers span 45 countries and numerous applications, including homeland security, emergency response and defense. Telerob is based near Stuttgart, Germany, with its U.S. office in Erie, PA.

“Acquiring Telerob marks a significant step toward achieving AeroVironment’s goal of offering an integrated portfolio of intelligent, multi-domain robotic solutions in response to evolving threat environments and customer requirements for more effective, rapid and cost-effective capabilities,” said Wahid Nawabi, AeroVironment president and chief executive officer. “Telerob’s advanced, proven ground robotic solutions provide a valuable capability to complement our market leading tactical UAS and tactical missile solutions and address a broader set of missions for our customers.”

“Telerob’s recent track record of strong revenue growth and its culture of innovation and agility align extremely well with AeroVironment. We look forward to welcoming the talented Telerob team to AeroVironment,” Nawabi added. “Together, we will focus on delivering continued growth in our existing businesses, addressing significant new adjacent market opportunities and developing new technologies and combined solutions to drive shareholder value and help our customers proceed with certainty.”

AeroVironment also announced that it recently submitted a proposal in partnership with Telerob to the United States Air Force for its multi-year, EOD robotic system program. AeroVironment’s strong track record supporting the Department of Defense and its proven delivery and support capabilities, coupled with Telerob’s advanced robotic system offering, represent a compelling solution for the Air Force mission. AeroVironment plans to pursue additional, significant domestic UGV opportunities with the United States Navy, Marine Corps, Air National Guard and numerous police forces. Specific international opportunities include UGVs for security at airports in a Middle Eastern allied nation and multiple UAS programs with the German Federal Ministry of Defense, which Telerob’s local presence supports.

“AeroVironment is a leader in unmanned systems, with a compelling vision for integrated robotic solutions that Telerob can help to achieve,” said Norbert Gebbeken, Telerob managing director. “We are excited to become part of the AeroVironment team and look forward to developing and delivering the advanced, integrated robotic solutions that will expand our reach and help our customers succeed. We are confident that working together, we will accelerate the progress underway and create greater opportunities to expand our geographic and customer footprint.”

AeroVironment expects the acquisition to be accretive to GAAP EPS in two years, and to non-GAAP EPS in fiscal year 2022, excluding intangible amortization and integration costs. Upon closing, Telerob will operate as a wholly-owned subsidiary of AeroVironment, which plans to retain its entire team. The acquisition is expected to close by the Spring of 2021, subject to German government clearance.

BNP Paribas Securities and King & Spalding LLP advised AeroVironment on the transaction.

About AeroVironment, Inc.

AeroVironment (NASDAQ: AVAV) provides technology solutions at the intersection of robotics, sensors, software analytics and connectivity that deliver more actionable intelligence so you can proceed with certainty. Celebrating 50 years of innovation, AeroVironment is a global leader in unmanned aircraft systems and tactical missile systems, and serves defense, government and commercial customers. For more information, visit www.avinc.com.

About Telerob

Telerob Gesellschaft für Fernhantierungstechnik mbH is an independent, medium-sized, owner-managed company based in Ostfildern near Stuttgart, Germany, producing defense and homeland security solutions. The product range includes remote-controlled robots for disarming improvised explosive devices and investigating CBRN hazards, fully equipped service vehicles as well as mobile system solutions ensuring the safety and security of critical infrastructure and people. For more information, visit https://www.telerob.com/en/.

Safe Harbor Statement

Certain statements in this press release may constitute “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from those expressed or implied. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to successfully consummate the transactions contemplated by the agreement to purchase Telerob on a timely basis, if at all, including the satisfaction of the closing conditions of such transactions; the risk that disruptions will occur from the transactions that will harm our business; any disruptions or threatened disruptions to our relationships with our distributors, suppliers, customers and employees; the ability to timely and sufficiently integrate international operations into our ongoing business and compliance programs; our ability to perform under existing contracts and obtain additional contracts; changes in the regulatory environment; the activities of competitors; failure of the markets in which we operate to grow; failure to expand into new markets; failure to develop new products or integrate new technology with current products; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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Strategic partnership expands full-service offerings, easing path to achieve green energy standards

TORONTO--(BUSINESS WIRE)--#cleanenergy--Subterra Renewables (Subterra) and Turnkey Site Solutions (Turnkey) announced the formation of a strategic collaboration today. Creating Canada’s first full-service geothermal drilling and shoring service, STS Geothermal, the alliance combines Turnkey’s extensive drilling and site execution capabilities with Subterra’s geothermal energy platform, delivering a seamless experience for builders and developers.

This alliance offers the potential to drive explosive growth in the sector. Joining forces to bring experts from all angles in-house, STS Geothermal’s new end-to-end product manages and executes every stage of the underground process for clients – from design through first excavation, installation through project completion and site cleanup. This holistic strategy creates an opportunity for developers to embrace geothermal field development, implementation, and operation with less capital expense and time commitment. The geothermal system is provided without cost, and financing for the field is available from STS Geothermal.

As the first geothermal company in Canada to offer comprehensive in-house drilling and shoring capabilities, STS Geothermal will lead the industry in delivering scalable, innovative solutions that geothermal clients can count on.

“We believe in delivering a complete building solution,” said Lucie Andlauer, CEO/Partner at Subterra. “This partnership will greatly contribute toward expanding our product offerings to our clients while creating efficiencies in pricing and resources.”

“This is a tremendous opportunity to expand our reach, addressing a serious industry bottleneck by filling the current void of reliable, quality and safety focused contractors,” said Matthew Over, President & Founder at Turnkey Site Solutions.

Developers, builders, homeowners, and the environment all stand to benefit from the new partnership and improvements in on-time, on-schedule project completion, cost-efficiencies, quality, and access to clean energy solutions. The collaboration will further enhance the quality of service experience for clients, partners, residents, and society at large as the partners continue to contribute to building a better future, one clean energy project at a time.

About Subterra Renewables (Subterra Capital Partners) (subterrarenewables.com)

Subterra Renewables develops and operates thermal district energy systems using the latest geothermal and heat recovery technology. The company helps building developers across North America reduce costs while meeting the unique energy needs and carbon reduction targets of their buildings. Over the last three years, the company has reduced approximately 1,320 tonnes of greenhouse gas.

About Turnkey Site Solutions (turnkeyss.ca)

A leader in Shoring and Renewable Energy solutions, Toronto-based Turnkey Site Solutions was founded eight years ago to deliver full-service specialty shoring solutions. Dedicated to delivering a quality and safety focused product – from engineering design to permitting, project & site management through execution – Turnkey quickly established a track record for reliability, safety, and quality. With the largest fleet of state-of-the-art drill rigs in Ontario and rights to patented new technology from Soilmec Europe, Turnkey completed 150 jobs in 2018, 185 jobs in 2019, on-time and on-budget.

Media:
Gea Koleva
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McOuat Partnership
Cell: 416-702-1223
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STAMFORD, Conn.--(BUSINESS WIRE)--Crane Co. (NYSE: CR), a diversified manufacturer of highly engineered industrial products, announced that its Board of Directors has elected John S. Stroup, as a Director of Crane Co.

Since May 2020, Mr. Stroup has served as the Executive Chairman of Belden Inc., a global leader in signal transmission and security solutions. Prior to his current role, Mr. Stroup served as Belden’s President, Chief Executive Officer and member of its board of directors from 2005, and was chairman of Belden’s board of directors from 2016. Prior to Belden, Mr. Stroup held leadership positions with Danaher Corporation, Scientific Technologies Inc., and Rockwell Automation, Inc. In addition to Belden, Mr. Stroup currently sits on the boards of directors of Tenneco Inc. and Rexnord Corporation.

James L.L. Tullis, Chairman of the Board, said: “John Stroup’s many years of experience in industrial manufacturing of highly engineered products, his expertise in business strategy development, and his proven leadership skills will make him a valuable addition to our Board of Directors. I am delighted to welcome him to the Board.”

Crane Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane Co. provides products and solutions to customers in the chemicals, oil & gas, power, automated payment solutions, banknote design and production and aerospace & defense markets, along with a wide range of general industrial and consumer related end markets. The Company has four business segments: Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics and Engineered Materials. Crane Co. has approximately 11,000 employees in the Americas, Europe, the Middle East, Asia and Australia. Crane Co. is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com.

Jason D. Feldman
Vice President, Investor Relations
203-363-7329
www.craneco.com

DALLAS--(BUSINESS WIRE)--Blue Racer Midstream, LLC (“Blue Racer”) and its wholly owned subsidiary, Blue Racer Finance Corp., announced today that, subject to market conditions, they intend to offer for sale $550 million in aggregate principal amount of their senior notes due 2025 (the “senior notes”) in a private offering (the “Notes Offering”) in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to persons outside of the United States pursuant to Regulation S under the Securities Act.

Blue Racer intends to use the net proceeds from the sale of the senior notes, along with borrowings under its revolving credit facility and, if necessary, cash on hand, to fund its obligations under the separately announced tender offer (the “Tender Offer”) for any and all of its outstanding 6.125% senior notes due 2022 (the “2022 Notes”), including fees and expenses in connection therewith, or redeem any of the 2022 Notes that remain outstanding thereafter. The Notes Offering is not conditioned on the consummation of the Tender Offer. The Tender Offer is conditioned on, among other things, the consummation of the Notes Offering and borrowings under Blue Racer’s revolving credit facility.

The senior notes have not been registered under the Securities Act, or any state securities laws, and unless so registered, the senior notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This announcement shall not constitute an offer to sell or a solicitation of an offer to buy the senior notes, except as required by law.

Forward-Looking Statements

This press release may include “forward-looking statements.” All statements, other than statements of historical fact, included in this press release that address activities, events or developments that Blue Racer expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by Blue Racer based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. Blue Racer undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release.

Media contact:
Casey Nikoloric, Managing Principal, TEN|10 Group
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HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC Pink: ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on December 18, 2020 based on the Trust’s calculation of net profits generated during October 2020 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest. If the Trust continues to experience negative monthly net profits, the Trust is expected to terminate by its terms by the end of 2021. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. The Trust may also be terminated upon the occurrence of other events as described in the Trust’s filings with the SEC. All financial and operational information in this press release has been provided to the Trustee by PCEC.

The Current Month’s distribution calculation for the Developed Properties resulted in an operating loss of approximately $0.56 million. Revenues from the Developed Properties were approximately $1.35 million, lease operating expenses including property taxes were approximately $1.89 million, and development costs were approximately $22,000. The average realized price for the Developed Properties was $38.50 per Boe for the Current Month, as compared to $38.19 per Boe in September 2020. Commodity prices continue to remain depressed during 2020, primarily attributable to the decrease in demand for crude oil due to the COVID-19 pandemic and oversupply resulting from the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries. The cumulative net profits deficit amount for the Developed Properties increased slightly at approximately $25.9 million in the current month versus approximately $25.3 million in the prior month.

The Current Month’s calculation included approximately $40,000 for the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $34.31 per Boe in the Current Month, as compared to $34.57 per Boe in September 2020. The cumulative net profits deficit for the Remaining Properties decreased by approximately $35,000 and was approximately $2.8 million for the Current Month.

The monthly operating and services fee of approximately $95,000 payable to PCEC and Trust general and administrative expenses of $50,000 together exceeded the payment of approximately $40,000 received from PCEC from the 7.5% overriding royalty interest on the Remaining Properties, creating a shortfall of approximately $105,000.

PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. Further, the trust agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC, will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. PCEC has informed the Trustee that due to the current economic conditions, including the low commodity prices and market oversupply of oil, for the foreseeable future, PCEC does not expect to loan such funds to the Trust other than the $1 million letter of credit. Under the trust agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. The Trust will be drawing funds from the letter of credit to pay the expected shortfall of approximately $105,000, which together with prior drawdowns would leave approximately $222,000 remaining of the $1 million. In addition to the funds drawn from the letter of credit, the Trust has outstanding borrowings from PCEC of approximately $272,000, including interest thereon, related to shortfalls from prior months. Consequently, no further distributions may be made to Trust unitholders until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full.

Sales Volumes and Prices

The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:

Update on Estimated Asset Retirement Obligations

As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the agreements governing the conveyances to the Trust, PCEC intended to begin deducting its estimated ARO associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields reducing the amounts payable to the Trust under its Net Profits Interest. ARO is the accounting recognition related to plugging and abandonment obligations that all operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by its consultants, PCEC’s estimated ARO, as of December 31, 2019, is $45,695,643, which is approximately $10.0 million less than the amount that was originally estimated before PCEC’s consultants completed their analysis, as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflects PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO that PCEC provided to the Trustee. The Trustee is currently analyzing Martindale’s evaluation of that estimate. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to the ARO estimated by PCEC.

PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC.

Based on PCEC’s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.

As described in more detail in the Trust’s filings with the SEC, the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interest and Royalty Interest total less than $2.0 million for each of any two consecutive calendar years. PCEC is deducting estimated ARO, thereby reducing the amounts payable to the Trust. Unless significant market changes were to occur, no payments will be made by PCEC to the Trust for the foreseeable future, which would result in the total proceeds received by the Trust to total less than $2.0 million in each of 2020 and 2021.

Production Update

PCEC has informed the Trustee that the economic effects of the COVID-19 pandemic and the oversupply of crude oil resulting from the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries have had an adverse impact on PCEC’s production. PCEC continuously evaluates, based on price, whether to curtail production or whether to spend additional amounts to return production from down wells. PCEC has informed the Trustee that unless a substantial number of wells return to production, or oil prices improve significantly or both, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.

Overview of Trust Structure

Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit www.pacificcoastoiltrust.com.

Cautionary Statement Regarding Forward-Looking Information

This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders in 2020 and 2021, expectations regarding the impact of COVID-19 on the Trust and the impact of the pandemic on future distributions to unitholders, expectations regarding the impact of lower commodity prices on oil and gas reserve estimates, PCEC’s plans to shut in production or to spend additional amounts to return production from down wells, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by prevailing low commodity prices, which have declined significantly, could decline further and could remain low for an extended period of time in light of the economic effects of the COVID-19 pandemic and the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.

Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555

DALLAS--(BUSINESS WIRE)--Blue Racer Midstream, LLC (“Blue Racer”) announced today that it has commenced a cash tender offer (the “Tender Offer”) to purchase any and all of its outstanding 6.125% senior unsecured notes due 2022 (the “2022 Notes”). As of November 30, 2020, there was $700.3 million aggregate principal amount of the 2022 Notes outstanding. The Tender Offer is being made pursuant to an offer to purchase, dated today, and a related notice of guaranteed delivery. The Tender Offer will expire at 5:00 p.m., New York City time, on December 16, 2020, unless extended (the “Expiration Time”). Tendered 2022 Notes may be withdrawn at any time before the Expiration Time.

Holders of 2022 Notes that are validly tendered (and not validly withdrawn) at or prior to the Expiration Time, or who deliver to the tender and information agent a properly completed and duly executed notice of guaranteed delivery and subsequently deliver such 2022 Notes, each in accordance with the instructions described in the offer to purchase, will receive $1,001.65 per $1,000 principal amount of the 2022 Notes accepted for purchase. In addition, all holders of 2022 Notes accepted for purchase will receive accrued and unpaid interest from and including the last interest payment date up to, but not including, the settlement date.

The Tender Offer is contingent upon, among other things, Blue Racer’s (i) successful completion of a proposed debt financing transaction, the gross proceeds of which will be at least $550 million(the “Proposed Financing”) and (ii) borrowing of at least $150.0 million under its revolving credit facility (together with the Proposed Financing, the “Financing Condition”). The Tender Offer is not conditioned on any minimum amount of 2022 Notes being tendered. Blue Racer may amend, extend or terminate the Tender Offer, in its sole discretion. Concurrently with the launch of the Tender Offer, Blue Racer has given notice of its intent to redeem, on January 7, 2021, any and all 2022 Notes not purchased in the Tender Offer, pursuant to the terms of the indenture governing the 2022 Notes, conditioned upon and subject to satisfaction of the Financing Condition.

The Tender Offer is being made pursuant to the terms and conditions contained in the offer to purchase and related notice of guaranteed delivery, copies of which are available at https://www.gbsc-usa.com/blueracer/ or may be requested from the information agent for the Tender Offer, Global Bondholder Service Corporation, by telephone at (866) 470-3700 (toll free) or for banks and brokers, at (212) 430-3774, and by email at This email address is being protected from spambots. You need JavaScript enabled to view it..

Persons with questions regarding the Tender Offer should contact the lead dealer manager for the Tender Offer, RBC Capital Markets, LLC, at (877) 381-2099 (toll free) or (212) 618-7843.

This news release does not constitute an offer to purchase or the solicitation of an offer to sell the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful.

Forward-Looking Statements

This press release may include “forward-looking statements.” All statements, other than statements of historical fact, included in this press release that address activities, events or developments that Blue Racer expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by Blue Racer based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. Blue Racer undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release.

Casey Nikoloric, Managing Principal, TEN|10 Group
303.433.4397, x101 o | 303.507.0510 m | This email address is being protected from spambots. You need JavaScript enabled to view it.