LONDON--(BUSINESS WIRE)--#apac--The Gas Turbines Market is poised to experience spend growth of more than USD 2.78 billion between 2020-2024 at a CAGR of over 2.79%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Request free sample pages
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Table of Content
Executive Summary
Market Insights
Category Pricing Insights
Cost-saving Opportunities
Best Practices
Category Ecosystem
Category Management Strategy
Category Management Enablers
Suppliers Selection
Suppliers under Coverage
US Market Insights
Category scope
Appendix
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PINE BLUFF, Ark.--(BUSINESS WIRE)--Highland Pellets LLC (“Highland”) has announced a strategic capital partnership with Orion Energy Partners, L.P. (“Orion Energy”) to fund the expansion and upgrade of its existing wood pellet facility in Pine Bluff, Arkansas as well as provide capital for additional long-term growth initiatives. The facility is supported by a long-term contract with a major European power producer and, when complete, will be capable of producing up to 675,000 metric tonnes of sustainably sourced wood pellets per year.
Highland is a Pine Bluff, Arkansas-based wood pellet producer that supplies sustainably sourced renewable biomass for export where it is used as fuel for renewable base load electricity production at a converted coal power plant. The Highland facility was initially completed in 2017 and is currently undergoing equipment upgrades to improve operational performance and increase production capacity.
Highland sources sustainable fiber resources for its wood pellets consisting of trees that are not suitable for the lumber market (either due to size or quality), thinnings from crowded forests, and leftover material from local sawmills. The facility supports over 90 full-time jobs to the local community and over 330 jobs in the adjacent forest industries and transportation supply chains.
Orion Energy provides creative capital solutions to middle market energy infrastructure businesses across North America and select international markets.
“Our partnership with Orion Energy puts us in position to become a top global supplier of sustainable wood pellets,” said Tom Reilley, Highland’s CEO. “This transaction will allow us to scale up our Pine Bluff facility and continue to execute our growth strategy. Orion Energy has been a collaborative capital partner and was able to execute the transaction in an uncertain market backdrop with speed and efficiency. We look forward to growing our platform with the Orion Energy team.”
“We are pleased to partner with Highland to expand the Pine Bluff facility and provide a sustainable fuel source to support the global renewable fuels market. Tom and his dedicated team have worked relentlessly to execute their plan and we are excited to collaborate at this transformational stage,” said Ethan Shoemaker, Investment Partner and Head of the Houston Office for Orion Energy.
Barclays acted as lead arranger and sole bookrunner on the transaction. Linklaters LLP acted as legal counsel to Highland. Latham & Watkins LLP and Shearman & Sterling LLP acted as legal counsel to Orion Energy.
About Highland Pellets
Highland Pellets, LLC (“Highland”) is an Arkansas-based wood pellet producer that supplies sustainably sourced renewable biomass fuel for export to the European market. Highland’s first facility, located in Pine Bluff, Arkansas, was initially completed in 2017, and is undergoing equipment upgrades to improve operational performance and increase production capacity. For more information, visit www.highland-pellets.com.
About Orion Energy Partners
Orion Energy Partners is a private capital partner to lower/middle market energy infrastructure and related companies, primarily in North America, with assets under management in excess of $2.0 billion. We provide non-control and non-dilutive capital in flexible, senior secured loan structures as an alternative to equity investment and traditional loans. Our target investment sectors include downstream, renewable fuels, sustainable and conventional power generation, energy efficiency, midstream, digital infrastructure, asset-heavy services, recycling, and other industrial or environmentally innovative energy opportunities. Orion Energy manages long-term, committed capital across multiple investment funds, allowing us to forge transformational relationships across a diverse group of companies and to be patient and supportive as these organizations execute on their business plans. We aim to have more than 50% of our capital partnerships support a transition to sustainable, environmentally innovative energy businesses and practices. Please visit www.OrionEnergyPartners.com to learn more about our capital partnerships.
Contact information for Highland:
Tom Reilley
CEO
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Contact information for Orion Energy:
Reyno Norval
Managing Director, Investor Relations and Business Development
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New HY-OPTIMA 2745 delivers real-time measurement with no cross-sensitivity to other gases in the stream and is up to 50% CO tolerant
VALENCIA, Calif.--(BUSINESS WIRE)--#h2scan--H2scan, a leading provider of proven, proprietary hydrogen sensors and technologies for utilities and industrial markets, announced today the release of its latest product in the HY-OPTIMA™ line of sensors. The HY-OPTIMA 2745 hydrogen specific analyzer is designed to deliver real-time measurement of hydrogen levels in synthesis gas (syngas), with no cross sensitivity to high concentrations of CO.
Increasing global energy demand has driven interest in syngas, which can be used as an alternative energy fuel. Syngas also provides a way to turn waste gases, such as CO2 produced by power plants or factories, into usable fuels. Syngas is composed mainly of carbon monoxide and hydrogen, with carbon dioxide sometimes also present. There are various methods of producing syngas, such as gasification from different feedstocks (coal, natural gas, or biomass / waste products), partial oxidation, steam methane reforming, or autothermal reforming.
The most common use of Syngas is for production of hydrogen, with the hydrogen then sold as a separate product and the residual gases recycled to be used as fuel for a steam methane reformer. Additionally, syngas can be used for production of synthetic petroleum, as a fuel or lubricant for internal combustion engines or as an intermediate for the production of other chemicals.
Importance of HY-OPTIMA™ 2745 Hydrogen Measurement
Hydrogen measurement in syngas is important as it indicates the quality of the syngas produced. Historically, this was done using either a thermal conductivity device to measure hydrogen or by measuring the other components and assuming everything else was hydrogen. This assumption can result in costly inefficiencies in the production process.
H2scan’s HY-OPTIMA™ 2745 hydrogen-specific analyzer is the best measurement solution that provides a cost effective and real-time measurement of hydrogen in syngas streams. The solid state, non-consumable sensor technology, that is used in thousands of successful installations worldwide, provides continuous hydrogen concentration data with no cross-sensitivity to other gases in the stream, including CO (up to 50% CO tolerant). No reference or carrier gas systems are required to reliably and accurately report real-time hydrogen measurements with fast response times.
“The use of syngas is growing rapidly throughout the world, particularly where gasification can be used to produce high value products from low value feedstocks. Proper hydrogen measurement is absolutely critical in ensuring quality syngas production,” said Michael Nofal, VP Sales and Business Development for H2scan. “Real-time hydrogen measurement removes the uncertainty from this process, and having this information available in real time allows syngas production to be tightly controlled to ensure process optimization.”
Real-time hydrogen measurement allows an end user to adjust the hydrogen and carbon ratios to ensure maximum efficiency. For example, a typical adjustment could be adding water to increase the hydrogen percentage, or removing water to increase the carbon monoxide percentage.
Availability
Syngas-optimized HY-OPTIMA™ 2745 sensors are currently available for sale. For more information on H2scan and its hydrogen sensors, visit http://h2scan.com/.
About H2scan Corporation
H2scan was founded in 2002, and has its headquarters, sales, production and marketing staff in Valencia, California. The Company provides the most accurate, tolerant and affordable hydrogen leak detection and process gas monitoring solutions for industrial markets. H2scan enables the accurate monitoring and control functions for a wide range of applications, including control systems, safety monitoring and alarm systems. H2scan also provides portable, handheld configurations for easy leak detection and monitoring. H2scan supplies its hydrogen process analyzer and hydrogen leak detectors to utility, petrochemical, refinery, and gas line companies, nuclear power plants, fuel cell, petroleum and other industrial organizations through distribution, or long-term supply agreements. H2scan helps its customers meet safety, regulatory and process control requirements while doing critical hydrogen monitoring. H2scan’s customer base includes some of the largest manufacturing enterprises in the world including: General Electric, DOD, ABB, Siemens, ExxonMobil, Shell, Chevron, NASA, Proctor & Gamble and more.
H2scan now holds 27 patents on its core technology, software and electronics and its products are sold in over 50 countries worldwide. For more information, please visit http://www.h2scan.com.
David Rodewald/Amber Rubin
The David James Agency LLC
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805-494-9508
Cross-border logistics startup to offer real-time, cross-border freight tracking thanks to project44’s Advanced Visibility Platform
CHICAGO--(BUSINESS WIRE)--With many international supply chains in disarray due to COVID-19, the need for freight visibility in the U.S. and abroad is more critical than ever. Forager and project44, two leaders in the logistics technology space, today announced a new partnership that will redefine visibility for cross-border shipments and bring a level of transparency long thought impossible for U.S./Mexico freight.
“Businesses that ship domestically already expect a high level of visibility on all their loads, but historically that expectation of transparency stopped at the U.S./Mexico border. There’s this industry belief that Mexico is ‘The Blackhole of Freight’ and that it’s impossible to know where your truck is once it leaves the U.S.,” said Matt Silver, CEO and Co-founder of Forager. “We don’t buy that. Forager is committed to providing real-time visibility to North American freight, and our new partnership with p44 really highlights our dedication to a new standard of cross-border transparency.”
This partnership combines Forager’s flagship cross-border freight management platform, SCOUT by Forager, with project44’s leading, global Advanced Visibility Platform. Now, Forager’s customers will be able to leverage automated, real-time tracking data to seamlessly manage their supply chains across North America, regardless of borders.
“The work that goes into tracking the movement of goods internationally is enormous,” said Vernon O’Donnell, Chief Product and Services Officer at project44. “Our partnership with Forager eases that burden on shippers and carriers by automatically stitching together shipment information — regardless of side of the border . Our customers need a single view of real-time, high-fidelity information where shipments are to manage their production, inventory, and transportation networks. The Forager team shares our mission - to bring new levels of trust and predictability into supply chains - and they bring deep cross-board freight expertise to help carriers and shippers better serve their customers, regardless of location.”
The p44 integration also allows Forager's expansive network of cross-border carriers to track via ELD — cutting down on tedious manual tracking processes and eliminating dozens of unnecessary calls and emails to drivers.
“Our customers will benefit significantly from increased cross-border visibility, but automating the tracking process will also remove a huge weight from our carriers’ shoulders,” said Silver. “We’re launching a new cross-border load board in 2021 alongside a whole host of carrier-focused solutions. Naturally, we want the experience of our carriers to be just as efficient and seamless as it is for our customers. SCOUT is a marketplace with two sides, and this partnership with project44 serves both.”
This development comes shortly after the announcement of Forager’s partnership with global TMS leader Blue Yonder, and the introduction of an industry first — a completely transparent pricing policy and public pricing tool.
Forager and project44’s collaboration represents another step in bringing much-needed technology to the cross-border space.
About Forager
Forager is a cross-border logistics technology company that’s revolutionizing the trillion-dollar supply chain industry. Led by Co-Founder and CEO Matt Silver, Forager launched in 2018 to tackle the challenges of shipping truckload freight between the United States, Mexico, and Canada. Using an innovative marketplace, Forager connects all parties on both sides of the border to automate complex supply chains and save businesses time and money. Forager has been named to the FreightWaves Freight Tech 100 every year since its inception. In 2020, the company was also recognized by leading Chicago business incubator 1871 and The Chicagoland Entrepreneurial Center as one of five Rising Stars of tech. With a combination of purpose-built technology and industry expertise, Forager is setting the new standard for cross-border shipping. To learn more, visit www.foragerscs.com.
About project44
project44 is the world’s leading advanced visibility platform for shippers and third-party logistics firms. project44 connects, automates and provides visibility into key transportation processes to accelerate insights and shorten the time it takes to turn those insights into actions. Leveraging the power of the project44 cloud-based platform, organizations are able to increase operational efficiencies, reduce costs, improve shipping performance, and deliver an exceptional Amazon-like experience to their customers. Connected to over 175,000 carriers worldwide and having comprehensive coverage for all ELD and telematics devices on the market, project44 supports all transportation modes and shipping types, including Parcel, Final-Mile, Less-than-Truckload, Volume Less-than-Truckload, Truckload, Rail, Intermodal, and Ocean. To learn more, visit www.project44.com.
Taylor Herpich
773-360-3389
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New STEM partnership to focus on ag-science, career development for the next generation of leaders in agriculture
SAN FRANCISCO--(BUSINESS WIRE)--Brightmark, the global waste solutions provider and 4-H, the nation’s largest youth development organization, announced a new partnership that aims to inspire young people to pursue careers in agriculture, particularly in agricultural science and technology.
As part of the partnership, Brightmark will sponsor 4-H's annual National 4-H Youth Summit on Agri-Science and will provide educational opportunities throughout the year for 4-H youth to learn about sustainable agriculture practices, such as natural gas projects on dairy farms.
“We’re thrilled to announce this new partnership with 4-H to help inspire the next generation of agriculture leaders,” said Brightmark Founder and CEO Bob Powell. “Agriculture is a cornerstone industry in the U.S. economy, and Brightmark wants to see the best and brightest pursuing career paths in ag, particularly as the field embraces and innovates sustainability practices like anaerobic digestions to reduce the environmental impacts of food production. I’m looking forward to meeting some of these youth leaders out on our project sites.”
Brightmark is a proven leader in sustainable agriculture technology solutions. The company has partnerships with 23 dairy farms in nine states for renewable natural gas projects featuring anaerobic digestion technology that drastically reduces the climate, air, and water impacts associated with animal manure. Brightmark recently announced a joint venture with Chevron that will build and own dairy biomethane projects across the United States, allowing the expansion of its anaerobic digestion project model to more farms in more states.
“Today’s youth will play a critical role in future ag innovation, forming a diverse talent pipeline that ensures a safe and sustainable food supply for future generations,” said Heather Elliott, Vice President, Development at National 4-H Council. “4-H’s collaboration with Brightmark provides even more young people the opportunity to experience hands-on STEM and agri-science activities, giving them the skills to innovate and create a sustainable future.”
4-H's 2021 National Youth Summit on Agri-Science will enable high school students to develop the skills and knowledge needed to tackle the challenges facing agriculture, such as food security and sustainability. Brightmark will host a workshop for summit attendees focusing on explanation of how anaerobic digestors work to produce renewable natural gas, personal professional power, and will also highlight ways participants can put their passion into action. The summit will be held virtually from March 5-7, 2021. Interested participants can learn more here.
ABOUT BRIGHTMARK
Brightmark is a global waste solutions company with a mission to reimagine waste. The company takes a holistic, closed loop, circular economy approach to tackling the planet’s most pressing environmental challenges with imagination and optimism for the future. Through the deployment of disruptive, breakthrough waste-to-energy solutions focused on plastics renewal (plastic waste-to-fuel) and renewable natural gas (organic waste-to-fuel), Brightmark enables programs specifically tailored to environmental needs in order to build scalable project solutions that have a positive impact on the world and communities in which its stakeholders live and work. For more information, visit www.brightmark.com.
ABOUT 4-H
4-H, the nation’s largest youth development organization, grows confident young people who are empowered for life today and prepared for career tomorrow. 4-H programs empower nearly six million young people across the U.S. through experiences that develop critical life skills. 4-H is the youth development program of our nation’s Cooperative Extension System and USDA and serves every county and parish in the U.S. through a network of 110 public universities and more than 3000 local Extension offices. Globally, 4-H collaborates with independent programs to empower one million youth in 50 countries. The research-backed 4-H experience grows young people who are four times more likely to contribute to their communities; two times more likely to make healthier choices; two times more likely to be civically active; and two times more likely to participate in STEM programs.
Learn more about 4‑H at 4-H.org, find us on Facebook at Facebook.com/4‑H and follow us on Twitter at Twitter.com/4H.
Cory Ziskind
ICR
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646-277-1232
NEW YORK--(BUSINESS WIRE)--Moses & Singer LLP is pleased to announce the arrival of Dean W. Steele as the firm’s newest partner to its Corporate and Maritime and Multimodal Transportation practice groups. As a Master Mariner with more than 10 years-experience aboard large vessels and as former in-house counsel for a large international ship owner, Steele brings an insider’s perspective focusing on transportation law and insurance, shipping, private aircraft, real estate transactions and maritime litigation, as well as, a growing general corporate and dispute resolution practice. He joins the firm from Norton Rose Fulbright where he was a senior counsel.
“I have known Dean for many years and have always been impressed with his skill and tenacity. His maritime and transportation-related experience and overall dedication to client service perfectly aligns with our core values. We are thrilled to welcome him to the firm,” said Dean Swagert, Moses & Singer’s Managing Partner.
Steele’s unique skill set makes him a valuable asset to clients who regularly turn to him to navigate the complex legal issues surrounding shipping finance, compliance, regulatory matters, bankruptcy and restructuring, as well as general corporate and commercial challenges. One of his recent engagements involved representing ExxonMobil in negotiating a multi-million dollar payment within days of filing eight cases for security of their claims in the Eastern District of New York.
Steele has also recently grown his practice beyond Maritime law, including the representation of AMI Expeditionary Healthcare, a provider of medical services to international aid organizations and companies operating in remote areas of the world. AMI is also on the frontlines of the COVID-19 crisis, working with states, federal and international agencies, and the private sector in support of the response to the crisis and broad-based vaccination efforts.
“I am excited to join a firm that provides a collaborative and team approach to assisting clients to achieve their objectives and solve their problems,” said Steele. “I look forward to interacting with the very talented team at Moses & Singer to help our clients resolve even the most perplexing challenges.”
Steele studied at the United States Merchant Marine Academy and served for months at a time on military supply and hospital ships as Chief Officer, GS-13 for Military Sealift Command. He earned his J.D. from Brooklyn Law School where he received the Cali Excellence for the Future Award in Admiralty Law.
About Moses & Singer
Since 1919, Moses & Singer LLP has represented diverse businesses and successful individuals and their families. Among the firm's broad array of U.S. and international clients are industry leaders in banking and finance, entertainment, media, real estate, healthcare, and advertising and communication. The firm's attorneys advise clients on complex transactions that involve financing, securities, mergers and acquisitions, insolvency, intellectual property and digital media, fiduciary and tax issues. They are advocates in commercial, real estate and intellectual property litigation, white-collar criminal cases, family disputes and business reorganizations and bankruptcies. The firm’s single office in the Chrysler Building in New York City provides an environment of collaboration to focus on personal service and value.
Anca Munteanu
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NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE:HES) has been recognized for climate change stewardship in CDP’s Climate Change Report 2020. Hess has earned Leadership status for 12 consecutive years from CDP, an international nonprofit that runs a global environmental disclosure system for investors, companies, cities, states and regions. This year, Hess is one of only two U.S. oil and gas producers to achieve Leadership status.
“CDP’s rating recognizes our continued leadership in transparency and performance as we address climate-related risks and opportunities,” said Alex Sagebien, Vice President, Environmental, Health and Safety. “Hess will continue to be guided by our values and longstanding commitment to sustainability as we help to meet the world’s growing need for energy while reducing our carbon footprint.”
CDP scores are based upon a company’s climate related governance, disclosure practices and management of risks. Ratings for the complete list of companies from around the world can be found at https://www.cdp.net/en/scores.
In addition, Newsweek today published its second annual ranking of America's Most Responsible Companies and once again included Hess. Of the 400 companies on the 2021 list, Hess is the highest ranked oil and gas producer. The ranking is based on an analysis of 2,000 public companies by a research firm using an independent survey and publicly available key performance indicators for environmental, social and corporate governance. The complete list and methodology are available here.
For more information about sustainability at Hess, including annual Sustainability Reports, please visit www.hess.com/sustainability.
Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at www.hess.com.
Investor:
Jay Wilson, (212) 536-8940
Media:
Lorrie Hecker, (212) 536-8250
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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
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/2minys
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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--Proceeds to be Used for Direct Energy Acquisition and to Support the Advancement of the Company’s Customer-Centric Strategy--
PRINCETON, N.J.--(BUSINESS WIRE)--$NRG #ESG--NRG Energy Inc. (NYSE:NRG) has completed the issuance of $900 million in senior secured first lien notes in a landmark issuance, with NRG pioneering the first Sustainability-Linked Bond (SLB) in North America, and the first issued by any energy company outside of Europe. In concert with the Direct Energy acquisition, the SLB will support the Company’s efforts to pursue growth, achieve its climate transition strategy, and bring increasing value to its stakeholders.
As a complement to the sustainability-linked pricing metric added to the Company’s corporate credit agreement in 2019, the Company’s issuance of the SLB aligns NRG’s business and financing with company commitments and values by creating a direct link between climate and funding strategies. The SLB links attractive financing to the realization of the Company’s previously announced goals to achieve a 50% reduction of absolute greenhouse gas (GHG) emissions by 2025, and reach net-zero GHG emissions by 2050, from the current 2014 baseline.
“For over a decade, we have considered our comprehensive sustainability framework foundational to our company strategy,” said Jeanne-Mey Sun, Vice President, Sustainability, NRG Energy, “We have a legacy of leading our sector in sustainability, transparency and disclosure, and the issuance of this Sustainability-Linked Bond is another example of our dedication to lead in the energy transition.”
“We’re proud to lead the way with this innovative Sustainability Linked Bond, which ties our financing to the achievement of our sustainability objectives,” said Gaetan Frotte, Senior Vice President and Treasurer, NRG Energy, “We are pleased by the overwhelmingly positive response to this offering, demonstrating the depth of interest for this type of instrument in the market.”
The Company’s SLB will be measured in accordance with one key performance indicator (KPI) and an associated Sustainability Performance Target (SPT), which support United Nations Sustainable Development Goals (SDG) 7 – Affordable and Clean Energy and 13 – Climate Action. The SPT set by NRG is absolute GHG emissions of 31.7 million metric tons of carbon dioxide equivalent by the end of 2025.
Reaching this goal is equivalent to removing over 6.8 million passenger vehicles from the road for a year. Measurement of the KPI will cover emissions from the production of wholesale electric power at facilities owned or controlled by the Company (Scope 1), emissions generated from the electricity purchased and consumed by the Company (Scope 2), and emissions encompassed by employee business travel (Scope 3).
Further, NRG has obtained a separate second-party opinion (SPO) from Vigeo Eiris on the robustness and relevance of the KPI and SPT. Vigeo Eiris is a global leader in environmental, social, and governance (ESG) assessments, data, research, benchmarks and analytics, and is a Climate Bonds Initiative Verified Provider of Second Party Opinions.
NRG was also advised by Natixis, which acted as sole sustainability-linked bond structurer and coordinator. Natixis is a leader in providing innovative financial products and solutions to support companies’ transitions to a more sustainable business model, providing invaluable expertise and guidance as an active structurer and coordinator.
The Company’s GHG emissions will continue to be reported on an annual basis through NRG’s Sustainability Report and in a separate third-party assurance report from its auditor.
For full details see investors.nrg.com/fixed-income.
Forward-Looking Statements
This news release contains 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. Forward-looking statements are subject to certain risks, uncertainties and assumptions and typically can be identified by the use of words such as “expect,” “estimate,” “should,” “anticipate,” “forecast,” “plan,” “guidance,” “outlook,” “believe” and similar terms. Although NRG believes that the expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially.
NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The foregoing review of factors that could cause NRG’s actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect NRG’s future results included in NRG’s filings with the SEC at www.sec.gov.
About NRG
At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to more than 3.7 million residential, small business, and commercial and industrial customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, and by working towards a sustainable energy future. More information is available at www.nrg.com. Connect with NRG on Facebook, LinkedIn and follow us on Twitter @nrgenergy, @nrginsight.
Investors:
Kevin L. Cole, CFA
Investor Relations
NRG Energy
(609) 524-4526
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Media:
Candice Adams
Corporate Communications
NRG Energy
(609) 524-5428
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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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AllegroGraph Positioned as a Champion and Strong Performer by Leading Analyst Firms and Acknowledged for Graph Innovation
LAFAYETTE, Calif.--(BUSINESS WIRE)--Franz Inc., an early innovator in Artificial Intelligence (AI) and leading supplier of Semantic Graph Database technology for Knowledge Graph Solutions, today announced that independent analyst firms have positioned AllegroGraph 7 as a Champion and Strong Performer. AllegroGraph 7 has also secured industry awards from leading technology news organizations and been recognized for technical innovation from large enterprise customers.
During 2020, AllegroGraph and Franz were recognized by the following industry analysts and technology media.
AllegroGraph 7 is a breakthrough solution that allows infinite data integration through a patented approach unifying all data and siloed knowledge into an Entity-Event Knowledge Graph solution that can support massive big data analytics. AllegroGraph 7 utilizes unique federated sharding capabilities that drive 360-degree insights and enable complex reasoning across a distributed Knowledge Graph.
“AllegroGraph 7’s support of Entity-Event Data Modeling is the most welcome innovation and addition to our arsenal in reimagining healthcare and implementing Precision Medicine,” said Dr. Parsa Mirhaji, Director of Center for Health Data Innovations at the Albert Einstein College of Medicine and Montefiore Health System, NY. “Precision Medicine is about moving away from statistical averages and broad-based patterns. It is about connecting many dots, from different contexts and throughout time, to support precision diagnosis and to recommend the precision care that can take into account all the subtle differences and nuisances of individuals and their personal experiences throughout their life. This technology is about saving lives, by leveraging data, context and analytics and is what Franz’s Entity-Event Data Modeling brings to the table.”
AllegroGraph 7 provides users with an integrated version of Gruff, a unique browser-based graph visualization software tool for exploring and discovering connections within enterprise Knowledge Graphs. Gruff enables users to visually build queries and visualize connections between data without writing code, which speeds discoveries and enhances the ability to uncover hidden connections within data.
“Few tools exist that can quickly turn arbitrary RDF graph pattern matches into clear visualizable results,” said Michael Pool, Global Head of Semantic Modeling and Engineering, Senior Director at BNY Mellon Bank. “Gruff is invaluable in turning our knowledge graph data into useful and actionable analytic insights.”
Louis Rumanes at UnitedHealth Group Research and Development recognizes the value of using Gruff as a browser-based app and commented, "Nice job on Gruff in a browser and I think this will be a gamechanger.”
Gartner predicts “the application of graph processing and graph DBMSs will grow at 100 percent annually through 2022 to continuously accelerate data preparation and enable more complex and adaptive data science.” In addition, Gartner named graph analytics as a “Top 10 Data and Analytics Trend” to solve critical business priorities.” (Source: Gartner, Top 10 Data and Analytics Trends, November 5, 2019)
About Franz Inc.
Franz Inc. is an early innovator in Artificial Intelligence (AI) and leading supplier of Graph Database technology with expert knowledge in developing and deploying Knowledge Graph solutions. The foundation for Knowledge Graphs and AI lies in the facets of semantic technology provided by AllegroGraph and Allegro CL. AllegroGraph is a database technology that enables businesses to extract sophisticated decision insights and predictive analytics from highly complex, distributed data that cannot be uncovered with conventional databases. Unlike traditional relational databases or other NoSQL databases, AllegroGraph employs semantic graph technologies that process data with contextual and conceptual intelligence. AllegroGraph is able run queries of unprecedented complexity to support predictive analytics that help organizations make more informed, real-time decisions. AllegroGraph is utilized by dozens of the top Fortune 500 companies worldwide. To learn more about Franz and AllegroGraph, go to https://www.franz.com/.
The current free versions of AllegroGraph v7.0.4 and Gruff v8.0.3 are available for download at https://allegrograph.com/downloads/
All trademarks and registered trademarks in this document are the properties of their respective owners.
Media Contact:
Craig Norvell
Franz Inc.
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+1-510-452-2000
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
With Taygete I, 7X Reaches 900 MW of operating solar projects in ERCOT
AUSTIN, Texas--(BUSINESS WIRE)--#ERCOT--7X Energy, Inc. (“7X”), a leading utility-scale solar developer, owner, and asset manager, announced it has partnered with Nestlé to be the sole tax equity investor for its 250 MWac Taygete I Energy Project (“Taygete I” or “Project”) located in Pecos County, Texas. 7X has now successfully originated 1,350 MWac of solar projects either in operation or under construction in Texas. The projects combined represent a capital injection of over $1.5 billion dollars.
Taygete I construction activities are complete and the Project is in the final energization phase with full commercial operation expected in early 2021. 7X Energy, the project owner, will also be the asset manager. A portion of the energy generated from the Taygete I solar project will be sold through a long-term hedge agreement to J. Aron & Company LLC., a subsidiary of Goldman Sachs. The other power purchaser is an S&P A- Rated entity. CIT was the coordinating lead arranger and the other lenders included Deutsche Bank, National Bank of Canada, CIBC, Rabobank, and Amalgamated Bank. Marathon Capital acted as the exclusive financial advisor to Nestlé on the transaction.
“Taygete I is an exciting achievement for 7X in which it is now an independent power producer,” said Clay Butler, President and CEO of 7X Energy. “Our expansion into ownership and asset management is the clear evolution for 7X as we are committed to the highest design and construction standards while also aggressively managing end to end costs to provide greater access to more competitive clean energy.”
Nestlé is the sole tax equity investor for the Taygete I project. This investment represents the company’s largest direct investment (by capacity) in a renewable energy project to date. In addition to its tax equity investment, Nestlé will purchase 100% of the renewable electricity attributes generated by the project’s energy production, estimated to be 750,000 megawatt hours per year for 15 years. This renewable energy will help the company reduce carbon emissions while making household favorites like DiGiorno® pizza, Sweet Earth® meals, Purina® Pro Plan® pet food and Tidy Cats® cat litter.
“Nestlé’s investment in Taygete I is an important milestone on our journey to achieve net zero by 2050. This is an aggressive goal, and to achieve it we are innovating across our company, from the ingredients we use, to the packaging that keeps our food and beverages safe, to how we make and transport our products,” said Jim Wells, Chief Supply Chain Officer for Nestlé USA. “We are proud that our investment will expand the availability of renewable energy, adding enough solar electricity to the U.S. grid to power 90,000 homes each year. Also, with this step, we continue to be on track for a 35% GHG emissions reduction per tonne of product in our U.S. manufacturing facilities by the end of 2020.”
The project, covering approximately 2,000 acres, used NextTracker components, Power Electronic Freesun HEM inverters, and over 856,000 Jinko modules. Swinerton Renewable Energy constructed the Taygete I solar project under an engineering, procurement, and construction (EPC) contract with 7X Energy. Taygete I solar project created over 300 jobs during the peak of construction. Over the life of the facility the project will generate tens of millions of dollars in property tax revenue to the county.
“7X has been a great community partner during the development and construction of Taygete I. The economic benefits the project has brought to the region confirms the value of utility-scale solar energy,” said The Honorable Judge Joe Shuster, Pecos County. “This county has been at the forefront of energy generation as exemplified in that we’re #14 in oil and gas production, #5 in wind energy, and #1 in solar in the State of Texas. The Taygete I project showcases how oil and gas and solar can co-exist and we’re proud to be part of the Texas solar boom!”
For additional information on the Taygete I Energy Project, please visit here.
About 7X Energy
7X Energy, Inc. (7X), is a leading independent power producer that develops, owns, and provides asset management services of utility-scale solar projects. The company is independently owned and consists of a diverse team of seasoned industry veterans, with over 10,000 MW of collective utility-scale development expertise. 7X has over 1,300 MW of solar projects that are operating or under construction and has a 4 GW development portfolio. 7X’s corporate office is located in Austin, Texas, with regional offices located in Denver, CO; San Francisco, CA; and Washington, D.C. Contact us at www.7x.energy.
About Nestlé in the U.S.
Nestlé in the United States is committed to unlocking the power of food to enhance quality of life for everyone, today and for generations to come. We are transforming our product portfolio by focusing on high-growth categories, including pet care, bottled water, coffee, consumer health and infant nutrition, and offering brands people love. With approximately 36,000 employees across 34 states, Nestlé in the U.S. offers a wide portfolio of food and beverage products for people and their pets throughout their lives. Nestlé in the U.S. consists of seven main businesses: Nestlé USA, Nestlé Waters North America, Nestlé Nutrition, Nestlé Professional, Nespresso, Nestlé Health Science, and Nestlé Purina PetCare Company. The United States is Nestlé S.A.’s largest market with combined product sales of $29 billion. For more information, visit Nestléusa.com or Facebook.com/NestléUSA.
Raheleh Folkerts
Tel: + 512-992-0439
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Dana Stambaugh (U.S.)
Tel: +1 571-457-3803
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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
Digital transformation technologies, expertise from Emerson to support TVA’s goal of ensuring long-term, responsive power delivery from its fleet
PITTSBURGH--(BUSINESS WIRE)--The Tennessee Valley Authority (TVA) has selected Emerson (NYSE:EMR), a global software, technology and engineering leader, to modernize and optimize its Magnolia power plant that delivers reliable, cleaner electricity to customers. The Magnolia project is part of TVA’s five-year, $110 million investment to install digital technologies across its power generating fleet. Emerson’s software and technologies will support TVA’s efforts to digitally transform the Mississippi plant through advanced operations, enhanced cybersecurity and digital twin-enabled training.
TVA is the United States’ largest public power provider, supplying electricity to companies that serve 10 million people in the seven-state Tennessee Valley region. The 980-megawatt Magnolia plant, in operation since 2003, uses combined cycle technology, generating up to 50% more electricity from natural gas while producing less emissions than other sources.
Reliable, responsible operations are critical to meet the region’s growing power needs, and legacy technologies – which are more expensive and difficult to maintain – present a challenge. Emerson will replace existing systems at the combined-cycle plant with its Ovation™ automation system and software. Digital twin technologies will provide advanced training to operators, enabling them to respond quickly and safely to power generation demands. Robust cybersecurity technologies are integral to Emerson’s comprehensive solution that is designed to enhance and secure operations at the Magnolia facility.
“These upgrades are part of a larger long-term asset strategy to maintain our existing fleet in such a way that we can depend on their operation for years to come,” said Allen Clare, TVA vice president for gas & hydro operations.
Emerson and TVA are using virtual technologies in place of face-to-face interaction to keep the project moving forward during the COVID-19 pandemic.
“TVA is committed to digitally transforming its fleet so it can provide more reliable and cleaner electricity to its customers,” said Bob Yeager, president of Emerson’s power and water business. “Our technologies have allowed us to keep this critical project on schedule and prioritize the safety of communities and operations.”
The Magnolia project is expected to be completed in 2022. TVA provides power to most of Tennessee and portions of Alabama, Mississippi, Kentucky, Georgia, North Carolina and Virginia.
Emerson has been ranked the leading distributed control systems provider for the global power generation industry, according to Omdia.1
1Omdia, Distributed Control Systems Report, 2020. Market share based on revenue. Results are not an endorsement of Emerson. Any reliance on these results is at the third-party’s own risk.
About Emerson
Emerson (NYSE: EMR), headquartered in St. Louis, Missouri (USA), is a global technology and engineering company providing innovative solutions for customers in industrial, commercial and residential markets. Our Automation Solutions business helps process, hybrid and discrete manufacturers maximize production, protect personnel and the environment while optimizing their energy and operating costs. Our Commercial and Residential Solutions business helps ensure human comfort and health, protect food quality and safety, advance energy efficiency and create sustainable infrastructure. For more information visit Emerson.com.
This news release and a high-resolution photo are also available online. Visit: https://www.emerson.com/en-us/news/automation/20-12-tennessee-valley-authority-modernization
Follow news from Emerson’s Power & Water Solutions business on Twitter: http://twitter.com/OvationUsers
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For Emerson
Denise Clarke
Phone: 512-587-5879
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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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LONDON--(BUSINESS WIRE)--#apac--The new Diesel market research report from SpendEdge indicates an incremental growth during the forecast period as the business impact of COVID-19 spreads.
As the markets recover SpendEdge expects the Diesel market size to grow by USD 41.16 billion during the period 2020-2024.
Get detailed insights on the COVID-19 pandemic crisis and recovery analysis of the Diesel market. Download free report sample
Diesel Market Analysis
Analysis of the cost and volume drivers and supply market forecasts in various regions are offered in this Diesel research report. This market intelligence report also analyzes the top supply markets and the critical cost drivers that can aid buyers and suppliers devise a cost-effective category management strategy.
Insights Delivered into the Diesel Market
This market intelligence report on Diesel provides answers to all the critical problems faced by investors who seek cost-saving opportunities in a competitive market. It also offers actionable anecdotes on the industry structure and supply market forecasts including highlights of the top vendors in this market. Our procurement experts have determined effective category pricing strategies that are attuned to the dynamics of this market which can be leveraged to maximize revenue generation against minimum investments on the products.
Information on Latest Trends and Supply Chain Market Information Knowledge center on COVID-19 impact assessment
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This Diesel Market procurement research report offers coverage of:
For more information on the exact spend growth rate and yearly category spend, download a free sample.
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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
Thirty-one companies have now joined The Climate Pledge, a commitment co-founded by Amazon and Global Optimism to meet the goals of the Paris Agreement 10 years early
New signatories – Atos, Brooks, Canary Wharf Group, Coca-Cola European Partners, ERM, Groupe SEB France, Harbour Air, ITV, Microsoft, Neste, Rubicon, Unilever, and Vaude – are taking real, science-based, high-impact actions to tackle climate change, including deploying renewable energy, investing in sustainable buildings, and mobilizing supply chains
SEATTLE--(BUSINESS WIRE)--Today, Amazon (NASDAQ: AMZN) and Global Optimism announced that 13 new signatories—Atos, Brooks, Canary Wharf Group, Coca-Cola European Partners, ERM, Groupe SEB France, Harbour Air, ITV, Microsoft, Neste, Rubicon, Unilever, and Vaude—have joined The Climate Pledge, a commitment to be net-zero carbon by 2040, a decade ahead of the Paris Agreement’s goal of 2050.
Signatories to The Climate Pledge agree to:
“Last year, Amazon and Global Optimism co-founded The Climate Pledge to encourage companies to reach the goals of the Paris Agreement ten years early. Today, we have exciting news: 13 more companies, including Unilever and Microsoft, are joining this commitment to confront climate change together and save the planet for future generations,” said Jeff Bezos, Amazon founder and CEO. “There are now 31 companies from around the world that have signed The Climate Pledge, and collectively we are sending an important signal to the market that there is significant and rapidly growing demand for technologies that can help us build a zero-carbon economy.”
Atos
As a leader in secure and decarbonized digital services, Atos has made it its mission to pave the way for a carbon-neutral and sustainable economy through technology innovations. Committed to reducing its environmental footprint and helping businesses succeed in their climate ambitions, Atos uses dedicated digital solutions and highly specialized skills to offer one of the most comprehensive approaches to decarbonization in the market. This year, Atos announced its commitment to net-zero carbon emissions by 2035 across scope 1, 2, and 3 carbon emissions, setting the highest decarbonization standards for its industry and accelerating its decade-long environmental program.
“As a trusted transformation and innovation partner, it is our responsibility to use our unique set of capabilities to tackle the climate change emergency and enable others to do the same, starting with our ecosystem,” said Elie Girard, Atos CEO.
Brooks
Brooks’ commitment to sustainability spans a decade, and the high-performance running brand recently adopted a roadmap to reduce scope 1, 2, and 3 carbon emissions in line with climate science, and to achieve net-zero carbon emissions by 2040.
“We live, work, and run as part of a global community. The planet is our home. And because more than 150 million people worldwide run outside, it’s critical we take care of it,” said Jim Weber, Brooks CEO. “As we create new gear and run our global business, we seek to minimize our environmental impact, create positive social change, and be transparent about areas where we can do better. We are very proud to be the first athletic brand to join The Climate Pledge. These partnerships will be critical to achieving our ambitious goals.”
Canary Wharf Group
Canary Wharf Group (CWG) is responsible for Europe’s biggest urban regeneration project in London, and it has delivered one of the largest environmentally certified portfolios in the UK, with over 10 million square feet of sustainably certified buildings to date. As part of its commitment to The Climate Pledge, CWG has launched its net-zero carbon pathway, setting out tangible steps to improve energy efficiency and reduce emissions, as to achieve net-zero carbon emissions by 2030.
“Tackling climate change is an urgent challenge facing all of us, and the property industry has a critical role to play. Canary Wharf is run on 100% renewable electricity and has been since 2012 but there is more to do,” said Shobi Khan, Canary Wharf Group CEO. “We are committed to achieving net-zero carbon by 2030, and we will work with our tenants and suppliers over the next decade to improve energy efficiency and reduce emissions, and support the global transition We are committed to reducing our carbon emissions to net zero by 2030, working hand-in-hand with our tenants and suppliers to make this a reality. Joining The Climate Pledge is recognition of this commitment.”
Coca-Cola European Partners
Coca-Cola European Partners (CCEP) aspires to become net zero by 2040 across its entire value chain, and it will reduce its absolute greenhouse gas emissions by 30% by 2030, in alignment with a 1.5°C pathway and the Science-Based Targets Initiative. CCEP has already reduced its emissions across its value chain by 30.5% since 2010 by shifting to using 100% renewable electricity with the support of RE100; reducing the energy intensity of its cold drink equipment fleet by 60% since 2010; and reducing its use of virgin oil-based plastic by a third in its PET bottles.
“We are committed to playing our part in global efforts to address the climate crisis by reducing absolute greenhouse gas emissions across our value chain,” said Damian Gammell, CCEP CEO. “We aim to do this by continuing to decarbonize our own business wherever possible and by encouraging our suppliers to set their own science-based targets and use 100% renewable electricity by 2023. It is a great pleasure to join The Climate Pledge and accelerate our ambition to become net zero by 2040.”
ERM
ERM works with companies around the world to help them identify and address critical climate risks and opportunities. ERM’s deep experience in climate science, policy, and economics, coupled with its digital expertise, provides its clients with the tools and insights required to navigate the complexities of the transition to a low-carbon future. ERM is also acutely aware of its responsibility to reduce its own footprint through better energy management, so it has switched to renewable power and is seeking credible approaches to offset emissions from travel.
“Sustainability at ERM is a commitment to supporting socio-economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs,” said Keryn James, ERM CEO. “Climate-related risk is a business issue that has a direct impact on ERM’s financial health, our reputation, as well as our ability to attract and retain talent. As the leading global sustainability advisory firm, our purpose is to shape a sustainable future with the world’s leading organizations and we are proud to join The Climate Pledge and redouble our efforts to achieve carbon neutrality in our operations.”
Groupe SEB France
Aware of its responsibility to create a more sustainable planet, Groupe SEB France is committed to reducing the environmental impacts stemming from its business activities. Since it established its first environmental commitments, Groupe SEB France has recorded a 21% decrease in the energy used at its industrial and logistics sites, exceeded its objective on recycling with 35% of recycled materials in its products and packaging, and exceeded its goal on the reduction of logistics-related carbon emissions, with a 33% reduction per unit sold.
"Our key ambitions are to step up innovation to guide our business model towards a more circular economy, and we continue to fight against climate change,” said Richard Joaristi, Groupe SEB France General Manager. “We are excited to join The Climate Pledge as we continue our journey to net-zero carbon by 2040.”
Harbour Air
Named one of Canada’s best managed companies for 11 consecutive years, Harbour Air has been calculating and offsetting the airline’s carbon footprint for over a decade. In 2007, the regional airline became the world’s first and only carbon-neutral airline. Since then, Harbour Air has offset 100% of its emissions associated with seaplane fuel use and corporate operations. Last year, Harbour Air took its commitment to sustainability one step further and on December 10, 2019, the airline successfully converted and achieved the world’s first flight of a fully electric commercial aircraft. The ePlane is now being certified and approved by the FAA and Transport Canada—a critical next step in Harbour Air’s goals to become the first fully electric commercial airline.
“Being a sustainable and responsible corporate citizen is not only embedded into our organizational values, but, I believe, is vital to our success in the community,” said Greg McDougall, Harbour Air founder and CEO. “As the world’s first and only carbon-neutral airline, we are proud of our industry leadership towards sustainability. We look forward to joining The Climate Pledge community and supporting other organizations and industry leaders such as Amazon, Global Optimism, and other signatories to reach net-zero carbon by 2040.”
ITV
ITV, the UK TV company, believes that TV has a critical role to play not only in reducing emissions, but also in shifting culture and creating the new normal. ITV has committed to becoming net zero in operations, productions, and business travel by 2030. The company’s strategy for achieving net-zero emissions is to reduce its impact so that it is as close to zero as possible, in line with the latest climate science. The company will also sequester the emissions it absolutely cannot reduce through third party-verified tree planting and blue-carbon offsetting projects.
"Tackling climate change is one of the greatest challenges we will face in our lifetime. The effects of climate change are already here and the time to act is now,” said Carolyn McCall, ITV CEO. “The scale of change needed demands that all of us, businesses, governments and citizens work collaboratively and act boldly. Reaching over 50 million people every month, we believe that ITV has a critical role to play; not only in reducing our own emissions, but in shifting culture and creating the new normal. ITV is proud to be a signatory of The Climate Pledge."
Microsoft
In January, Microsoft committed to be carbon negative by 2030 and remove from the environment all the carbon it has emitted directly or by electrical consumption by 2050. The company has been carbon neutral since 2012 and is committed to promoting sustainable development and low-carbon business practices globally through its cloud-enabled technologies. To meet the company’s ambitious commitments and help partners and customers meet their own climate goals, collaboration is key and its one of the primary reasons Microsoft is signing on to The Climate Pledge.
“No one company or organization can meaningfully address the climate crisis on their own. It will take aggressive approaches, new innovative technologies and strong commitment to collaboration across industries and economic sectors,” said Lucas Joppa, Microsoft Chief Environmental Officer. “By joining The Climate Pledge community and working together, we will be able to collectively rise to the challenge and curb our emissions so that we can make progress toward a net zero future.”
Neste
Neste, a global leader in renewable and circular solutions, is the first major energy company to sign The Climate Pledge. 15 years ago, Neste decided to transform from an oil company to a renewable products company. Since then, Neste has been consistently recognized for its pioneering sustainability leadership. The company has been included in the Dow Jones Sustainability Indices for 14 consecutive years and three years in the top three of the Global 100 list of the world’s most sustainable companies by Corporate Knights. Continuing on its journey, Neste has set two ambitious climate commitments: to reduce customers’ greenhouse gas emissions by at least 20 million tons annually by 2030, and to reach carbon neutral production by 2035. These goals are driven by Neste’s purpose to create a healthier planet for our children.
“The climate crisis is one of the biggest challenges of our times,” said Peter Vanacker, Neste President and CEO. “It will not be solved with one single solution, but calls for utilizing all available solutions and innovating new ones. This is team play. By joining The Climate Pledge we are reinforcing our commitment to sustainability and are excited to join a community that will share knowledge, ideas, and best practices. We look forward to working together on this important mission.”
Rubicon
Rubicon is a software company that provides smart waste and recycling solutions for businesses and governments worldwide. Using technology to drive environmental innovation, they help businesses become more sustainable enterprises and neighborhoods into greener and smarter places to live and work. Through the design and implementation of circular solutions, which divert waste away from landfills, they help their partners cut greenhouse gas emissions and create a more sustainable world. Rubicon’s mission is to end waste by helping its partners find economic value in their waste streams and confidently execute on their sustainability goals.
“We believe that climate change is among the most urgent issues the world is facing, which makes our joining The Climate Pledge a defining moment for Rubicon. It is our declaration of alliance in the fight against climate change and a restatement of our company’s mission to end waste,” said David Rachelson, Rubicon Chief Sustainability Officer. “Every day, our team works tirelessly alongside our clients to reduce the accumulation of waste and to mitigate its harmful impact on the environment. Putting our name to this pledge reconfirms our dedication to creating a cleaner, healthier, and safer planet for all humankind. We are proud to stand alongside the other companies who have signed The Climate Pledge in this most pressing of global missions.”
Unilever
Unilever first set value chain greenhouse gas footprint targets from cradle to grave back in 2010, as part of the Unilever Sustainable Living Plan. These include halving the greenhouse gas footprint of its products across the value chain and to have no greenhouse gas emissions from its own operations by 2030. The latter target was introduced in a new strategy launched in 2015 ahead of the United Nations Climate Change Conference (COP 21) and included a shift to 100% renewable energy by 2030, with an interim milestone of 100% renewable grid electricity worldwide by 2020—which was achieved in January this year. In June this year, Unilever committed to net zero emissions from all its products, from sourcing to point of sale, by 2039.
“We are delighted to be working with Amazon and Global Optimism on the Climate Pledge,” said Rebecca Marmot, Unilever Chief Sustainability Officer. “Tackling the climate crisis is of paramount importance. At Unilever we have set ourselves a target of net zero emissions from sourcing to point of sale by 2039 and are investing €1bn into a fund to tackle climate change through our brands. With the rest of the Climate Pledge community, we look forward to raising the bar for ambitious collective action on the most urgent challenge of our time.”
Vaude
Vaude is committed to reducing its carbon emissions in line with the goals of the Paris Climate Agreement. Since 2012, the company’s headquarters has been certified as climate neutral. It has now set itself with an ambitious, science-based goal to produce all of its products worldwide with climate-neutral manufacturing.
“In order to effectively tackle climate change, we must succeed in limiting global warming to well below 2 degrees in accordance with the Paris Agreement,” said Antje von Dewitz, Vaude CEO. “At Vaude we want to make our contribution and have set ourselves the goal of manufacturing all products with climate-neutral production. We are proud to join The Climate Pledge, so that we can accelerate our trajectory towards achieving net-zero carbon by 2040.”
“The Paris Agreement set out a unifying roadmap for all countries and all people to address the climate crisis by taking action,” said Christiana Figueres, the UN’s former climate change chief and Global Optimism founding partner. “By joining The Climate Pledge, signatories are not just making a statement of commitment to the future, they are setting a pathway to significant actions and investments that will create jobs, spur innovation, regenerate the natural environment, and help consumers to buy more sustainable products starting now.”
For more information on The Climate Pledge, visit www.theclimatepledge.com.
About Amazon
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon Echo, and Alexa are some of the products and services pioneered by Amazon. For more information, visit www.amazon.com/about.
About Global Optimism
Global Optimism exists to precipitate transformational, sector-wide change. Achieving a zero emissions future is not a far-off challenge. It’s one we must get on track for now. Every scientific assessment shows that to meet the goal of net -zero emissions by 2050, to keep global heating below 1.5 degrees Celsius, we must halve our emissions between 2020 and 2030. Tackling the climate crisis is only possible when everyone, everywhere plays their part. We work with like-minded collectives from all sectors who are willing to invest in the choices required to be on this challenging – and life-affirming – journey. For more information, visit https://globaloptimism.com/.
Amazon.com, Inc.
Media Hotline
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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. Consolidated Statements of Operations (Unaudited) (In thousands except share and per share data) |
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Three Months Ended |
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Six Months Ended |
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October 31, |
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October 26, |
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October 31, |
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October 26, |
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2020 |
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2019 |
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2020 |
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2019 |
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Revenue: |
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Product sales |
|
$ |
65,528 |
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|
$ |
57,386 |
|
|
$ |
123,885 |
|
|
$ |
123,225 |
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Contract services |
|
|
27,137 |
|
|
|
25,885 |
|
|
|
56,230 |
|
|
|
46,957 |
|
|
|
|
|
92,665 |
|
|
|
83,271 |
|
|
|
180,115 |
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|
|
170,182 |
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Cost of sales: |
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Product sales |
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|
34,209 |
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|
|
30,802 |
|
|
|
66,293 |
|
|
|
61,210 |
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|
Contract services |
|
|
17,605 |
|
|
|
17,303 |
|
|
|
37,560 |
|
|
|
32,534 |
|
|
|
|
|
51,814 |
|
|
|
48,105 |
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|
|
103,853 |
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|
|
93,744 |
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Gross margin: |
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Product sales |
|
|
31,319 |
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|
|
26,584 |
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|
|
57,592 |
|
|
|
62,015 |
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Contract services |
|
|
9,532 |
|
|
|
8,582 |
|
|
|
18,670 |
|
|
|
14,423 |
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|
|
|
|
40,851 |
|
|
|
35,166 |
|
|
|
76,262 |
|
|
|
76,438 |
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Selling, general and administrative |
|
|
14,977 |
|
|
|
16,255 |
|
|
|
26,988 |
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|
|
29,923 |
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Research and development |
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|
11,976 |
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|
|
10,858 |
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|
|
23,079 |
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|
|
19,567 |
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Income from operations |
|
|
13,898 |
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|
|
8,053 |
|
|
|
26,195 |
|
|
|
26,948 |
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Other income: |
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Interest income, net |
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|
115 |
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1,266 |
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|
|
323 |
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|
|
2,595 |
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Other income, net |
|
|
72 |
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|
|
157 |
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|
|
105 |
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|
|
512 |
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Income before income taxes |
|
|
14,085 |
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|
|
9,476 |
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|
|
26,623 |
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|
|
30,055 |
|
|
Provision for income taxes |
|
|
2,491 |
|
|
|
1,108 |
|
|
|
3,698 |
|
|
|
3,241 |
|
|
Equity method investment loss, net of tax |
|
|
(9,522 |
) |
|
|
(863 |
) |
|
|
(10,810 |
) |
|
|
(2,210 |
) |
|
Net income |
|
|
2,072 |
|
|
|
7,505 |
|
|
|
12,115 |
|
|
|
24,604 |
|
|
Net loss (income) attributable to noncontrolling interest |
|
|
22 |
|
|
|
(4 |
) |
|
|
59 |
|
|
|
7 |
|
|
Net income attributable to AeroVironment, Inc. |
|
$ |
2,094 |
|
|
$ |
7,501 |
|
|
$ |
12,174 |
|
|
$ |
24,611 |
|
|
Net income per share attributable to AeroVironment, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.09 |
|
|
$ |
0.32 |
|
|
$ |
0.51 |
|
|
$ |
1.04 |
|
|
Diluted |
|
$ |
0.09 |
|
|
$ |
0.31 |
|
|
$ |
0.50 |
|
|
$ |
1.02 |
|
|
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
23,936,950 |
|
|
|
23,804,364 |
|
|
|
23,914,737 |
|
|
|
23,775,355 |
|
|
Diluted |
|
|
24,196,912 |
|
|
|
24,061,810 |
|
|
|
24,190,316 |
|
|
|
24,063,775 |
|
|
AeroVironment, Inc. Consolidated Balance Sheets (In thousands except share data) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
October 31, |
|
April 30, |
|
|||
|
|
2020 |
|
2020 |
|
|||
|
|
(Unaudited) |
|
|
|
|
||
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
280,099 |
|
|
$ |
255,142 |
|
Short-term investments |
|
|
67,137 |
|
|
|
47,507 |
|
Accounts receivable, net of allowance for doubtful accounts of $561 at October 31, 2020 and $1,190 at April 30, 2020 |
|
|
30,701 |
|
|
|
73,660 |
|
Unbilled receivables and retentions |
|
|
70,573 |
|
|
|
75,837 |
|
Inventories |
|
|
51,779 |
|
|
|
45,535 |
|
Prepaid expenses and other current assets |
|
|
7,310 |
|
|
|
6,246 |
|
Total current assets |
|
|
507,599 |
|
|
|
503,927 |
|
Long-term investments |
|
|
20,976 |
|
|
|
15,030 |
|
Property and equipment, net |
|
|
22,868 |
|
|
|
21,694 |
|
Operating lease right-of-use assets |
|
|
12,363 |
|
|
|
8,793 |
|
Deferred income taxes |
|
|
5,546 |
|
|
|
4,928 |
|
Intangibles, net |
|
|
12,213 |
|
|
|
13,637 |
|
Goodwill |
|
|
6,340 |
|
|
|
6,340 |
|
Other assets |
|
|
102 |
|
|
|
10,605 |
|
Total assets |
|
$ |
588,007 |
|
|
$ |
584,954 |
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
14,225 |
|
|
$ |
19,859 |
|
Wages and related accruals |
|
|
18,737 |
|
|
|
23,972 |
|
Customer advances |
|
|
2,957 |
|
|
|
7,899 |
|
Current operating lease liabilities |
|
|
4,030 |
|
|
|
3,380 |
|
Income taxes payable |
|
|
3,018 |
|
|
|
1,065 |
|
Other current liabilities |
|
|
10,511 |
|
|
|
10,778 |
|
Total current liabilities |
|
|
53,478 |
|
|
|
66,953 |
|
Non-current operating lease liabilities |
|
|
9,422 |
|
|
|
6,833 |
|
Other non-current liabilities |
|
|
243 |
|
|
|
250 |
|
Liability for uncertain tax positions |
|
|
1,017 |
|
|
|
1,017 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Preferred stock, $0.0001 par value: |
|
|
|
|
|
|
|
|
Authorized shares—10,000,000; none issued or outstanding at October 31, 2020 and April 30, 2020 |
|
|
— |
|
|
|
— |
|
Common stock, $0.0001 par value: |
|
|
|
|
|
|
|
|
Authorized shares—100,000,000 |
|
|
|
|
|
|
|
|
Issued and outstanding shares—24,103,980 shares at October 31, 2020 and 24,063,639 shares at April 30, 2020 |
|
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
|
183,298 |
|
|
|
181,481 |
|
Accumulated other comprehensive income |
|
|
342 |
|
|
|
328 |
|
Retained earnings |
|
|
340,264 |
|
|
|
328,090 |
|
Total AeroVironment, Inc. stockholders’ equity |
|
|
523,906 |
|
|
|
509,901 |
|
Noncontrolling interest |
|
|
(59 |
) |
|
|
— |
|
Total equity |
|
|
523,847 |
|
|
|
509,901 |
|
Total liabilities and stockholders’ equity |
|
$ |
588,007 |
|
|
$ |
584,954 |
|
AeroVironment, Inc. Consolidated Statements of Cash Flows (Unaudited) (In thousands) |
|||||||||
|
|
|
|
|
|
|
|
||
|
|
Six Months Ended |
|
||||||
|
|
October 31, |
|
October 26, |
|
||||
|
|
2020 |
|
2019 |
|
||||
Operating activities |
|
|
|
|
|
|
|||
Net income |
|
$ |
12,115 |
|
|
$ |
24,604 |
|
|
Adjustments to reconcile net income to cash provided by operating activities: |
|
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
5,693 |
|
|
|
4,486 |
|
|
Losses from equity method investments |
|
|
10,810 |
|
|
|
2,210 |
|
|
Realized gain from sale of available-for-sale investments |
|
|
(11 |
) |
|
|
— |
|
|
Provision for doubtful accounts |
|
|
(156 |
) |
|
|
14 |
|
|
Other non-cash (income) expense |
|
|
(473 |
) |
|
|
81 |
|
|
Non-cash lease expense |
|
|
2,393 |
|
|
|
2,255 |
|
|
Loss on foreign currency transactions |
|
|
2 |
|
|
|
1 |
|
|
Deferred income taxes |
|
|
(621 |
) |
|
|
(669 |
) |
|
Stock-based compensation |
|
|
3,509 |
|
|
|
2,984 |
|
|
Loss (gain) on sale of property and equipment |
|
|
2 |
|
|
|
(75 |
) |
|
Amortization of debt securities |
|
|
(12 |
) |
|
|
(984 |
) |
|
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
||
Accounts receivable |
|
|
43,115 |
|
|
|
(9,400 |
) |
|
Unbilled receivables and retentions |
|
|
5,264 |
|
|
|
(9,350 |
) |
|
Inventories |
|
|
(6,244 |
) |
|
|
1,621 |
|
|
Income tax receivable |
|
|
— |
|
|
|
821 |
|
|
Prepaid expenses and other assets |
|
|
(1,029 |
) |
|
|
(1,051 |
) |
|
Accounts payable |
|
|
(5,028 |
) |
|
|
(5,046 |
) |
|
Other liabilities |
|
|
(10,736 |
) |
|
|
(4,583 |
) |
|
Net cash provided by operating activities |
|
|
58,593 |
|
|
|
7,919 |
|
|
Investing activities |
|
|
|
|
|
|
|
||
Acquisition of property and equipment |
|
|
(6,052 |
) |
|
|
(6,850 |
) |
|
Equity method investments |
|
|
(1,173 |
) |
|
|
(4,569 |
) |
|
Business acquisition, net of cash acquired |
|
|
— |
|
|
|
(18,641 |
) |
|
Proceeds from sale of property and equipment |
|
|
— |
|
|
|
81 |
|
|
Redemptions of held-to-maturity investments |
|
|
— |
|
|
|
159,839 |
|
|
Purchases of held-to-maturity investments |
|
|
— |
|
|
|
(169,148 |
) |
|
Redemptions of available-for-sale investments |
|
|
92,226 |
|
|
|
— |
|
|
Purchases of available-for-sale investments |
|
|
(116,945 |
) |
|
|
(4,947 |
) |
|
Net cash used in investing activities |
|
|
(31,944 |
) |
|
|
(44,235 |
) |
|
Financing activities |
|
|
|
|
|
|
|
||
Tax withholding payment related to net settlement of equity awards |
|
|
(1,778 |
) |
|
|
(743 |
) |
|
Exercise of stock options |
|
|
86 |
|
|
|
93 |
|
|
Net cash used in financing activities |
|
|
(1,692 |
) |
|
|
(650 |
) |
|
Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
|
24,957 |
|
|
|
(36,966 |
) |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
255,142 |
|
|
|
172,708 |
|
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
280,099 |
|
|
$ |
135,742 |
|
|
Supplemental disclosures of cash flow information |
|
|
|
|
|
|
|
||
Cash paid, net during the period for: |
|
|
|
|
|
|
|
||
Income taxes |
|
$ |
2,364 |
|
|
$ |
518 |
|
|
Non-cash activities |
|
|
|
|
|
|
|
||
Unrealized loss on available-for-sale investments, net of deferred tax (expense) benefit of ($3) and $1 for the three and six months ended October 31, 2020, respectively |
|
$ |
61 |
|
|
$ |
— |
|
|
Change in foreign currency translation adjustments |
|
$ |
75 |
|
|
$ |
179 |
|
|
Acquisitions of property and equipment included in accounts payable |
|
$ |
818 |
|
|
$ |
761 |
|
|
AeroVironment, Inc.
Steven Gitlin
+1 (805) 520-8350
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