SIMI VALLEY, Calif.--(BUSINESS WIRE)--AeroVironment, Inc. (NASDAQ: AVAV), a global leader in unmanned aircraft systems, today announced it has entered into an agreement to acquire Telerob Gesellschaft für Fernhantierungstechnik mbH, a German leader in ground robotic solutions with a global footprint, for approximately $45.4 million (€37.5 million) in cash, and will pay-off approximately $9.4 million (€7.8 million) in Telerob’s debt at closing. Telerob’s shareholder has the potential to receive an additional earn-out over three years of up to approximately $7.3 million (€6 million) based upon achieving specific milestones.
Founded in 1994, Telerob offers one of the industry’s most advanced and comprehensive turn-key unmanned ground robotics solutions, including the telemax and tEODor EVO family of UGVs, fully-equipped transport vehicles and training, repair and support services. Telerob’s cutting-edge solutions safely and effectively perform a variety of dangerous missions, including explosive ordinance disposal (EOD), hazardous materials handling (HAZMAT) and chemical, biological, radiological and nuclear (CBRN) threat assessment. Telerob’s ruggedized UGVs possess all-terrain capabilities and offer some of the most advanced, specialized, precision manipulators, autonomous functionality and intuitive operation to deliver a high degree of mission flexibility. Telerob’s customers span 45 countries and numerous applications, including homeland security, emergency response and defense. Telerob is based near Stuttgart, Germany, with its U.S. office in Erie, PA.
“Acquiring Telerob marks a significant step toward achieving AeroVironment’s goal of offering an integrated portfolio of intelligent, multi-domain robotic solutions in response to evolving threat environments and customer requirements for more effective, rapid and cost-effective capabilities,” said Wahid Nawabi, AeroVironment president and chief executive officer. “Telerob’s advanced, proven ground robotic solutions provide a valuable capability to complement our market leading tactical UAS and tactical missile solutions and address a broader set of missions for our customers.”
“Telerob’s recent track record of strong revenue growth and its culture of innovation and agility align extremely well with AeroVironment. We look forward to welcoming the talented Telerob team to AeroVironment,” Nawabi added. “Together, we will focus on delivering continued growth in our existing businesses, addressing significant new adjacent market opportunities and developing new technologies and combined solutions to drive shareholder value and help our customers proceed with certainty.”
AeroVironment also announced that it recently submitted a proposal in partnership with Telerob to the United States Air Force for its multi-year, EOD robotic system program. AeroVironment’s strong track record supporting the Department of Defense and its proven delivery and support capabilities, coupled with Telerob’s advanced robotic system offering, represent a compelling solution for the Air Force mission. AeroVironment plans to pursue additional, significant domestic UGV opportunities with the United States Navy, Marine Corps, Air National Guard and numerous police forces. Specific international opportunities include UGVs for security at airports in a Middle Eastern allied nation and multiple UAS programs with the German Federal Ministry of Defense, which Telerob’s local presence supports.
“AeroVironment is a leader in unmanned systems, with a compelling vision for integrated robotic solutions that Telerob can help to achieve,” said Norbert Gebbeken, Telerob managing director. “We are excited to become part of the AeroVironment team and look forward to developing and delivering the advanced, integrated robotic solutions that will expand our reach and help our customers succeed. We are confident that working together, we will accelerate the progress underway and create greater opportunities to expand our geographic and customer footprint.”
AeroVironment expects the acquisition to be accretive to GAAP EPS in two years, and to non-GAAP EPS in fiscal year 2022, excluding intangible amortization and integration costs. Upon closing, Telerob will operate as a wholly-owned subsidiary of AeroVironment, which plans to retain its entire team. The acquisition is expected to close by the Spring of 2021, subject to German government clearance.
BNP Paribas Securities and King & Spalding LLP advised AeroVironment on the transaction.
About AeroVironment, Inc.
AeroVironment (NASDAQ: AVAV) provides technology solutions at the intersection of robotics, sensors, software analytics and connectivity that deliver more actionable intelligence so you can proceed with certainty. Celebrating 50 years of innovation, AeroVironment is a global leader in unmanned aircraft systems and tactical missile systems, and serves defense, government and commercial customers. For more information, visit www.avinc.com.
About Telerob
Telerob Gesellschaft für Fernhantierungstechnik mbH is an independent, medium-sized, owner-managed company based in Ostfildern near Stuttgart, Germany, producing defense and homeland security solutions. The product range includes remote-controlled robots for disarming improvised explosive devices and investigating CBRN hazards, fully equipped service vehicles as well as mobile system solutions ensuring the safety and security of critical infrastructure and people. For more information, visit https://www.telerob.com/en/.
Safe Harbor Statement
Certain statements in this press release may constitute “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from those expressed or implied. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to successfully consummate the transactions contemplated by the agreement to purchase Telerob on a timely basis, if at all, including the satisfaction of the closing conditions of such transactions; the risk that disruptions will occur from the transactions that will harm our business; any disruptions or threatened disruptions to our relationships with our distributors, suppliers, customers and employees; the ability to timely and sufficiently integrate international operations into our ongoing business and compliance programs; our ability to perform under existing contracts and obtain additional contracts; changes in the regulatory environment; the activities of competitors; failure of the markets in which we operate to grow; failure to expand into new markets; failure to develop new products or integrate new technology with current products; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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Strategic partnership expands full-service offerings, easing path to achieve green energy standards
TORONTO--(BUSINESS WIRE)--#cleanenergy--Subterra Renewables (Subterra) and Turnkey Site Solutions (Turnkey) announced the formation of a strategic collaboration today. Creating Canada’s first full-service geothermal drilling and shoring service, STS Geothermal, the alliance combines Turnkey’s extensive drilling and site execution capabilities with Subterra’s geothermal energy platform, delivering a seamless experience for builders and developers.
This alliance offers the potential to drive explosive growth in the sector. Joining forces to bring experts from all angles in-house, STS Geothermal’s new end-to-end product manages and executes every stage of the underground process for clients – from design through first excavation, installation through project completion and site cleanup. This holistic strategy creates an opportunity for developers to embrace geothermal field development, implementation, and operation with less capital expense and time commitment. The geothermal system is provided without cost, and financing for the field is available from STS Geothermal.
As the first geothermal company in Canada to offer comprehensive in-house drilling and shoring capabilities, STS Geothermal will lead the industry in delivering scalable, innovative solutions that geothermal clients can count on.
“We believe in delivering a complete building solution,” said Lucie Andlauer, CEO/Partner at Subterra. “This partnership will greatly contribute toward expanding our product offerings to our clients while creating efficiencies in pricing and resources.”
“This is a tremendous opportunity to expand our reach, addressing a serious industry bottleneck by filling the current void of reliable, quality and safety focused contractors,” said Matthew Over, President & Founder at Turnkey Site Solutions.
Developers, builders, homeowners, and the environment all stand to benefit from the new partnership and improvements in on-time, on-schedule project completion, cost-efficiencies, quality, and access to clean energy solutions. The collaboration will further enhance the quality of service experience for clients, partners, residents, and society at large as the partners continue to contribute to building a better future, one clean energy project at a time.
About Subterra Renewables (Subterra Capital Partners) (subterrarenewables.com)
Subterra Renewables develops and operates thermal district energy systems using the latest geothermal and heat recovery technology. The company helps building developers across North America reduce costs while meeting the unique energy needs and carbon reduction targets of their buildings. Over the last three years, the company has reduced approximately 1,320 tonnes of greenhouse gas.
About Turnkey Site Solutions (turnkeyss.ca)
A leader in Shoring and Renewable Energy solutions, Toronto-based Turnkey Site Solutions was founded eight years ago to deliver full-service specialty shoring solutions. Dedicated to delivering a quality and safety focused product – from engineering design to permitting, project & site management through execution – Turnkey quickly established a track record for reliability, safety, and quality. With the largest fleet of state-of-the-art drill rigs in Ontario and rights to patented new technology from Soilmec Europe, Turnkey completed 150 jobs in 2018, 185 jobs in 2019, on-time and on-budget.
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STAMFORD, Conn.--(BUSINESS WIRE)--Crane Co. (NYSE: CR), a diversified manufacturer of highly engineered industrial products, announced that its Board of Directors has elected John S. Stroup, as a Director of Crane Co.
Since May 2020, Mr. Stroup has served as the Executive Chairman of Belden Inc., a global leader in signal transmission and security solutions. Prior to his current role, Mr. Stroup served as Belden’s President, Chief Executive Officer and member of its board of directors from 2005, and was chairman of Belden’s board of directors from 2016. Prior to Belden, Mr. Stroup held leadership positions with Danaher Corporation, Scientific Technologies Inc., and Rockwell Automation, Inc. In addition to Belden, Mr. Stroup currently sits on the boards of directors of Tenneco Inc. and Rexnord Corporation.
James L.L. Tullis, Chairman of the Board, said: “John Stroup’s many years of experience in industrial manufacturing of highly engineered products, his expertise in business strategy development, and his proven leadership skills will make him a valuable addition to our Board of Directors. I am delighted to welcome him to the Board.”
Crane Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane Co. provides products and solutions to customers in the chemicals, oil & gas, power, automated payment solutions, banknote design and production and aerospace & defense markets, along with a wide range of general industrial and consumer related end markets. The Company has four business segments: Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics and Engineered Materials. Crane Co. has approximately 11,000 employees in the Americas, Europe, the Middle East, Asia and Australia. Crane Co. is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com.
Jason D. Feldman
Vice President, Investor Relations
203-363-7329
www.craneco.com
DALLAS--(BUSINESS WIRE)--Blue Racer Midstream, LLC (“Blue Racer”) and its wholly owned subsidiary, Blue Racer Finance Corp., announced today that, subject to market conditions, they intend to offer for sale $550 million in aggregate principal amount of their senior notes due 2025 (the “senior notes”) in a private offering (the “Notes Offering”) in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to persons outside of the United States pursuant to Regulation S under the Securities Act.
Blue Racer intends to use the net proceeds from the sale of the senior notes, along with borrowings under its revolving credit facility and, if necessary, cash on hand, to fund its obligations under the separately announced tender offer (the “Tender Offer”) for any and all of its outstanding 6.125% senior notes due 2022 (the “2022 Notes”), including fees and expenses in connection therewith, or redeem any of the 2022 Notes that remain outstanding thereafter. The Notes Offering is not conditioned on the consummation of the Tender Offer. The Tender Offer is conditioned on, among other things, the consummation of the Notes Offering and borrowings under Blue Racer’s revolving credit facility.
The senior notes have not been registered under the Securities Act, or any state securities laws, and unless so registered, the senior notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This announcement shall not constitute an offer to sell or a solicitation of an offer to buy the senior notes, except as required by law.
Forward-Looking Statements
This press release may include “forward-looking statements.” All statements, other than statements of historical fact, included in this press release that address activities, events or developments that Blue Racer expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by Blue Racer based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. Blue Racer undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release.
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HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC Pink: ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on December 18, 2020 based on the Trust’s calculation of net profits generated during October 2020 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest. If the Trust continues to experience negative monthly net profits, the Trust is expected to terminate by its terms by the end of 2021. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. The Trust may also be terminated upon the occurrence of other events as described in the Trust’s filings with the SEC. All financial and operational information in this press release has been provided to the Trustee by PCEC.
The Current Month’s distribution calculation for the Developed Properties resulted in an operating loss of approximately $0.56 million. Revenues from the Developed Properties were approximately $1.35 million, lease operating expenses including property taxes were approximately $1.89 million, and development costs were approximately $22,000. The average realized price for the Developed Properties was $38.50 per Boe for the Current Month, as compared to $38.19 per Boe in September 2020. Commodity prices continue to remain depressed during 2020, primarily attributable to the decrease in demand for crude oil due to the COVID-19 pandemic and oversupply resulting from the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries. The cumulative net profits deficit amount for the Developed Properties increased slightly at approximately $25.9 million in the current month versus approximately $25.3 million in the prior month.
The Current Month’s calculation included approximately $40,000 for the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $34.31 per Boe in the Current Month, as compared to $34.57 per Boe in September 2020. The cumulative net profits deficit for the Remaining Properties decreased by approximately $35,000 and was approximately $2.8 million for the Current Month.
The monthly operating and services fee of approximately $95,000 payable to PCEC and Trust general and administrative expenses of $50,000 together exceeded the payment of approximately $40,000 received from PCEC from the 7.5% overriding royalty interest on the Remaining Properties, creating a shortfall of approximately $105,000.
PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. Further, the trust agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC, will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. PCEC has informed the Trustee that due to the current economic conditions, including the low commodity prices and market oversupply of oil, for the foreseeable future, PCEC does not expect to loan such funds to the Trust other than the $1 million letter of credit. Under the trust agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. The Trust will be drawing funds from the letter of credit to pay the expected shortfall of approximately $105,000, which together with prior drawdowns would leave approximately $222,000 remaining of the $1 million. In addition to the funds drawn from the letter of credit, the Trust has outstanding borrowings from PCEC of approximately $272,000, including interest thereon, related to shortfalls from prior months. Consequently, no further distributions may be made to Trust unitholders until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full.
Sales Volumes and Prices
The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:
|
Underlying Properties |
||||
|
Sales Volumes |
|
Average Price |
||
|
(Boe) |
(Boe/day) |
|
(per Boe) |
|
Developed Properties (a) |
35,122 |
1,133 |
|
$38.50 |
|
Remaining Properties (b) |
16,669 |
538 |
|
$34.31 |
|
|
|
|
|
|
|
(a) Crude oil sales represented 99% of sales volumes |
|
|
|||
(b) Crude oil sales represented 100% of sales volumes |
|
||||
Update on Estimated Asset Retirement Obligations
As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the agreements governing the conveyances to the Trust, PCEC intended to begin deducting its estimated ARO associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields reducing the amounts payable to the Trust under its Net Profits Interest. ARO is the accounting recognition related to plugging and abandonment obligations that all operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by its consultants, PCEC’s estimated ARO, as of December 31, 2019, is $45,695,643, which is approximately $10.0 million less than the amount that was originally estimated before PCEC’s consultants completed their analysis, as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflects PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO that PCEC provided to the Trustee. The Trustee is currently analyzing Martindale’s evaluation of that estimate. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to the ARO estimated by PCEC.
PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC.
Based on PCEC’s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.
As described in more detail in the Trust’s filings with the SEC, the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interest and Royalty Interest total less than $2.0 million for each of any two consecutive calendar years. PCEC is deducting estimated ARO, thereby reducing the amounts payable to the Trust. Unless significant market changes were to occur, no payments will be made by PCEC to the Trust for the foreseeable future, which would result in the total proceeds received by the Trust to total less than $2.0 million in each of 2020 and 2021.
Production Update
PCEC has informed the Trustee that the economic effects of the COVID-19 pandemic and the oversupply of crude oil resulting from the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries have had an adverse impact on PCEC’s production. PCEC continuously evaluates, based on price, whether to curtail production or whether to spend additional amounts to return production from down wells. PCEC has informed the Trustee that unless a substantial number of wells return to production, or oil prices improve significantly or both, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.
Overview of Trust Structure
Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit www.pacificcoastoiltrust.com.
Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders in 2020 and 2021, expectations regarding the impact of COVID-19 on the Trust and the impact of the pandemic on future distributions to unitholders, expectations regarding the impact of lower commodity prices on oil and gas reserve estimates, PCEC’s plans to shut in production or to spend additional amounts to return production from down wells, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by prevailing low commodity prices, which have declined significantly, could decline further and could remain low for an extended period of time in light of the economic effects of the COVID-19 pandemic and the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.
Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
DALLAS--(BUSINESS WIRE)--Blue Racer Midstream, LLC (“Blue Racer”) announced today that it has commenced a cash tender offer (the “Tender Offer”) to purchase any and all of its outstanding 6.125% senior unsecured notes due 2022 (the “2022 Notes”). As of November 30, 2020, there was $700.3 million aggregate principal amount of the 2022 Notes outstanding. The Tender Offer is being made pursuant to an offer to purchase, dated today, and a related notice of guaranteed delivery. The Tender Offer will expire at 5:00 p.m., New York City time, on December 16, 2020, unless extended (the “Expiration Time”). Tendered 2022 Notes may be withdrawn at any time before the Expiration Time.
Holders of 2022 Notes that are validly tendered (and not validly withdrawn) at or prior to the Expiration Time, or who deliver to the tender and information agent a properly completed and duly executed notice of guaranteed delivery and subsequently deliver such 2022 Notes, each in accordance with the instructions described in the offer to purchase, will receive $1,001.65 per $1,000 principal amount of the 2022 Notes accepted for purchase. In addition, all holders of 2022 Notes accepted for purchase will receive accrued and unpaid interest from and including the last interest payment date up to, but not including, the settlement date.
The Tender Offer is contingent upon, among other things, Blue Racer’s (i) successful completion of a proposed debt financing transaction, the gross proceeds of which will be at least $550 million(the “Proposed Financing”) and (ii) borrowing of at least $150.0 million under its revolving credit facility (together with the Proposed Financing, the “Financing Condition”). The Tender Offer is not conditioned on any minimum amount of 2022 Notes being tendered. Blue Racer may amend, extend or terminate the Tender Offer, in its sole discretion. Concurrently with the launch of the Tender Offer, Blue Racer has given notice of its intent to redeem, on January 7, 2021, any and all 2022 Notes not purchased in the Tender Offer, pursuant to the terms of the indenture governing the 2022 Notes, conditioned upon and subject to satisfaction of the Financing Condition.
The Tender Offer is being made pursuant to the terms and conditions contained in the offer to purchase and related notice of guaranteed delivery, copies of which are available at https://www.gbsc-usa.com/blueracer/ or may be requested from the information agent for the Tender Offer, Global Bondholder Service Corporation, by telephone at (866) 470-3700 (toll free) or for banks and brokers, at (212) 430-3774, and by email at This email address is being protected from spambots. You need JavaScript enabled to view it..
Persons with questions regarding the Tender Offer should contact the lead dealer manager for the Tender Offer, RBC Capital Markets, LLC, at (877) 381-2099 (toll free) or (212) 618-7843.
This news release does not constitute an offer to purchase or the solicitation of an offer to sell the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful.
Forward-Looking Statements
This press release may include “forward-looking statements.” All statements, other than statements of historical fact, included in this press release that address activities, events or developments that Blue Racer expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by Blue Racer based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. Blue Racer undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release.
Casey Nikoloric, Managing Principal, TEN|10 Group
303.433.4397, x101 o | 303.507.0510 m | This email address is being protected from spambots. You need JavaScript enabled to view it.
LEAWOOD, KS--(BUSINESS WIRE)--Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today declared the December monthly distribution of $0.05 per share payable on December 31, 2020 to shareholders of record on December 24, 2020.
Additionally, Tortoise Essential Assets Income Term Fund (NYSE: TEAF) provides an update on the fund’s direct investments, portfolio asset allocation, structure types and impact statistics as of November 30, 2020 on the company website here. Updates will continue to be posted on a monthly basis until the fund reaches its target of 60% direct investments.
In addition, on a monthly basis, details on each private deal that has taken place over the prior month will be published here. The list includes all deals completed since the fund’s inception through November 30, 2020.
You should not draw any conclusions about TPZ’s investment performance from the amount of this distribution or from the terms of TPZ’s distribution policy.
TPZ estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the distribution may be return of capital. A return of capital may occur, for example, when some or all of the money that you invested in TPZ is paid back to you. A return of capital distribution does not necessarily reflect TPZ’s investment performance and should not be confused with “yield” or “income.”
TPZ will report the sources for its distributions at the time of the payment in the applicable Section 19(a) Notice. The amounts and sources of distributions TPZ reports are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon TPZ’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. TPZ will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Tortoise Capital Advisors, L.L.C. is the adviser to Tortoise Power and Energy Infrastructure Fund, Inc. and Tortoise Essential Assets Income Term Fund. Ecofin Advisors Limited is a sub-adviser to Tortoise Essential Assets Income Term Fund.
For additional information on these funds, please visit cef.tortoiseecofin.com.
About Tortoise
Tortoise focuses on energy & power infrastructure and the transition to cleaner energy. Tortoise’s solid track record of energy value chain investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, please visit www.TortoiseEcofin.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Maggie Zastrow, (913) 981-1020
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Only 25% of Industrial Professionals Say Digitizing Their Entire Company at Once Was The Right Approach
PALO ALTO, Calif.--(BUSINESS WIRE)--A highly focused approach to digital transformation is challenging the traditional top-down, all-or-nothing strategy, according to a new report from Plutoshift.
The findings revealed just 25% of industrial professionals said digitizing their entire company at once was the right approach. Rather than embarking on an organizational overhaul, industrial professionals are looking at digitizing and automating specific tasks, departments and functions within their organizations.
The report was developed by Plutoshift, the leader in automated performance monitoring for industrial workflows.
The report, entitled “Instruments Of Change: Professionals Achieving Success Through Operation-Specific Digital Transformation,” details a more targeted, incremental approach to digital transformation called Operation-Specific (or Op-Specific) Digital Transformation. An Op-Specific approach focuses on implementing digitization and automation techniques to specific workflows. According to the report, two-thirds (66%) of industrial professionals believe Op-Specific Digital Transformation would be more manageable and cost-efficient.
In October 2020, Plutoshift surveyed 500 industrial professionals from various industries to better understand whether or not their digital transformation strategies are working, how they’ve had to pivot their strategies and to gauge if they were open to implementing new processes.
The report comes at a time when many organizations are reevaluating or changing their approach: 74% said their digital transformation strategy has changed over the past six months and 84% said that COVID expedited their need to digitize their workflows.
“Industrial companies have felt more pressure to digitize and operate more efficiently, especially amidst the pandemic and changing work conditions,” said Prateek Joshi, CEO and founder of Plutoshift. “A company-wide overhaul is not optimal for companies that need to quickly pivot their digital strategies in challenging market conditions. Industrial professionals are now looking for new approaches to drive ROIs on a more manageable scale. Op-Specific Digital Transformation empowers professionals with the right tools that can transform their day-to-day operations.”
Other key findings include:
To download a full copy of the report, click here.
About Plutoshift:
Prateek Joshi is a leader in AI strategy and solution design and has written 13 relevant books on the subject. He launched Plutoshift in late 2017 with the mission of connecting the constantly changing realities of the physical world with the performance monitoring power of intelligent software. This effort resulted in enabling industrial companies to harness the full potential of existing operational, financial and maintenance data (they invest in collecting and storing) spread across different systems. Plutoshift is the leader in data intelligence for industrial processes.
Plutoshift's cloud-based solution and GROUNDED AI™ delivery platform proactively monitors the performance of industrial processes and assets by empowering front line and remote workers to drive better results. Their GROUNDED AI™ platform transforms passive legacy monitoring systems and data repositories to active performance monitoring workflows in industries like Food & Beverage, Water Technology, Chemicals, Energy, Agtech, Manufacturing, Oil & Gas and Power & Renewables. Plutoshift delivers measurable outcomes supported by a formal ROI. Plutoshift supports clients globally and currently has offices in Palo Alto, CA, Denver, CO, Louisville, KY and strategic partner relationships in the UK and LATAM.
Laura Kubitz
104 West Partners for Plutoshift
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HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) announced today that it will participate in the 2020 Wells Fargo Virtual Midstream and Utility Symposium. The conference is being held virtually on December 8th and 9th.
The Partnership’s latest presentation materials are available and may be downloaded by visiting the Partnership’s website at www.genesisenergy.com under “Presentations” under the Investors tab.
Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.
Genesis Energy, L.P.
Ryan Sims
SVP – Finance and Corporate Development
(713) 860-2521
SCHENECTADY, N.Y. & BOSTON--(BUSINESS WIRE)--GE Renewable Energy announced today that it has signed a multi-year agreement with Veolia North America (VNA) to recycle blades removed from its US-based onshore turbines during upgrades and repowering efforts. Through this agreement, GE plans to recycle the majority of blades that are replaced during repowering efforts.
Veolia will process the blades for use as a raw material for cement, utilizing a cement kiln co-processing technology. VNA has a successful history of supplying repurposed engineered materials to the cement industry. Similar recycling processes in Europe have been proven to be effective at a commercial scale.
As a part of the agreement, blades that have been removed from turbines will be shredded at VNA’s processing facility in Missouri and then used as a replacement for coal, sand and clay at cement manufacturing facilities across the US. On average, nearly 90% of the blade material, by weight, will be reused as a repurposed engineered material for cement production. More than 65% of the blade weight replaces raw materials that would otherwise be added to the kiln to create the cement, and about 28% of the blade weight provides energy for the chemical reaction that takes place in the kiln.
Anne McEntee, CEO of GE Renewable Energy’s Digital Services business, said “Sustainable disposal of composites such as wind turbine blades has been a challenge, not only for the wind turbine industry, but also for aerospace, maritime, automotive and construction industries. VNA’s unique offering provides the opportunity to scale up and deploy quickly in North America, with minimum disruption to customers and significant benefit to the environment. We look forward to working with them on this effort to create a circular economy for composite materials.”
Wind turbine blades may be replaced through turbine improvement or ‘repowering’ efforts, when specific elements of the turbine are upgraded to improve the efficiency and lifespan of the turbine, without replacing the entire machine. Longer, lighter blades help the turbine to generate more energy every year, providing even more renewable energy to their end customers.
Bob Cappadona, COO for VNA’s Environmental Solutions and Services division, said “By adding wind turbine blades — which are primarily made of fiberglass — to replace raw materials for cement manufacturing, we are reducing the amount of coal, sand and minerals that are needed to produce the cement, ultimately resulting in greener cement that can be used for a variety of products. Last summer we completed a trial using a GE blade, and we were very happy with the results. This fall we have processed more than 100 blades so far, and our customers have been very pleased with the product. Wind turbine blade repurposing is another example of Veolia’s commitment to a circular economy and ecological transformation in which sustainability and economic growth go hand in hand.”
VNA employs 20 people from the area at the Missouri processing facility, which is located about 70 miles northwest of St. Louis.
An environmental impact analysis conducted by Quantis U.S. found that the net effect of blade recycling through cement kiln co-processing is positive in all categories. Compared to traditional cement manufacturing, blade recycling enables a 27% net reduction in CO2 emissions from cement production and a 13% net reduced water consumption. In addition, a single wind turbine blade that weighs 7 US tons recycled through this process enables the cement kiln to avoid consuming nearly 5 tons of coal, 2.7 tons of silica, 1.9 tons of limestone, and nearly a ton of additional mineral-based raw materials. Largely due to the avoided coal consumption, this type of blade recycling also has a net-positive environmental impact in the categories of human health, ecosystem quality, and resource consumption. The resulting cement has the same properties and performance as cement manufactured using traditional means, meeting all applicable ASTM standards.
Recycling decommissioned wind turbine blades into cement production will aid the cement industry in its efforts to decarbonize. Likewise, GE Renewable Energy is committed to reducing environmental impacts throughout the life cycle of its products, including by announcing an ambitious pledge in 2019 to decarbonize its operations and achieve carbon neutrality by the end of 2020. GE Renewable Energy’s businesses are regularly partnering up with other leaders across the value chain to drive innovation for improved sustainability.
About GE Renewable Energy
GE Renewable Energy is a $15 billion business which combines one of the broadest portfolios in the renewable energy industry to provide end-to-end solutions for our customers demanding reliable and affordable green power. Combining onshore and offshore wind, blades, hydro, storage, utility-scale solar, and grid solutions as well as hybrid renewables and digital services offerings, GE Renewable Energy has installed more than 400+ gigawatts of clean renewable energy and equipped more than 90 percent of utilities worldwide with its grid solutions. With more than 40,000 employees present in more than 80 countries, GE Renewable Energy creates value for customers seeking to power the world with affordable, reliable and sustainable green electrons.
Follow us at www.ge.com/renewableenergy, on www.linkedin.com/company/gerenewableenergy, or on twitter.com/GErenewables
About Veolia
Veolia group is the global leader in optimized resource management. With nearly 179,000 employees worldwide, the Group designs and provides water, waste and energy management solutions which contribute to the sustainable development of communities and industries. Through its three complementary business activities, Veolia helps to develop access to resources, preserve available resources, and to replenish them.
In 2019, the Veolia group supplied 98 million people with drinking water and 67 million people with wastewater service, produced nearly 45 million megawatt hours of energy and treated 50 million metric tons of waste. Veolia Environnement (listed on Paris Euronext: VIE) recorded consolidated revenue of €27.189 billion in 2019 (USD 29.9 billion). www.veolia.com
GE Renewable Energy
Becky Norton
(518) 522-8832
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Veolia North America
Carrie Griffiths
(781) 491-3117
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Veolia
Sandrine Guendoul
+ 33 6 25 09 14 25
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Barriers to widespread market adoption include lack of specific global standards, remaining safety concerns, and high costs
BOULDER, Colo.--(BUSINESS WIRE)--#EVCharging--A new report from Guidehouse Insights examines the market for wireless EV charging equipment, providing an overview of key industry players in addition to global forecasts for transmitter and receiver revenue and installation costs.
Although the market for wireless EV charging infrastructure is still in development, the benefits appear promising. Wireless charging offers improved convenience to drivers by removing cable clutter and enabling charging processes to start automatically when an EV approaches a certain distance. Wireless charging can also improve electric drive utilization of plug-in hybrid EVs (PHEVs) and reduce maintenance costs in commercial fleet applications. Click to tweet: According to a new report from @WeAreGHInsights, the total market volume for wireless EV charger deployments is projected to reach around $807 million by 2025, reaching $2.7 billion by 2030.
“The basic principle of wireless charging is based on electromagnetic induction, where energy is transferred from a transmitter to a receiver located on the vehicle,” says Scott Shepard, senior research analyst with Guidehouse Insights. “Currently, the market landscape consists of startups and major tier one automotive component suppliers, and a few commercial applications that are ready to be deployed while others are still being developed.”
Barriers to widespread market adoption include lack of specific global standards, remaining safety concerns, and high costs. Recommended protocols provide orientation but are not specific enough to ensure global multivendor interoperability. Therefore, all involved market players should prioritize further detailing the standards. Cost development will be a function of standard consolidation, OEM technology adoption, and transferable technology learnings produced in the wireless charging market for other applications such as consumer electronics.
The report, Wireless EV Charging, examines how the market for wireless charging equipment will likely develop until 2030 due to the improved convenience of EV charging, increased electric drive utilization for PHEVs, and reduced fleet maintenance costs. All available power levels are considered, with the market forecast segmented into power levels under and over 22 kW. The adoption rates of wireless charging equipment vary by power level, application, and region. The report focuses on forecast data and provides an overview of key industry players. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Wireless EV Charging, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
Lindsay Funicello-Paul
+1.781.270.8456
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BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the oil refining, petrochemical and defense industries, today announced that Jeffrey F. Glajch, Vice President & Chief Financial Officer, and Chris Johnston, Director of Business Development, will be presenting at the 13th annual LD Micro Main Event investor conference on Tuesday, December 15, 2020.
LD Micro Main Event Conference
Tuesday, December 15. 2020
10:40 a.m. Eastern Time
Live webcast Link and accompanying slide presentation: www.graham-mfg.com.
ABOUT GRAHAM CORPORATION
Graham is a global business that designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. Energy markets include oil refining, cogeneration, and alternative power. For the defense industry, the Company’s equipment is used in nuclear propulsion power systems for the U.S. Navy. Graham’s global brand is built upon world-renowned engineering expertise in vacuum and heat transfer technology, responsive and flexible service and unsurpassed quality. Graham designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. Graham’s equipment can also be found in other diverse applications such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. Graham’s reach spans the globe and its equipment is installed in facilities from North and South America to Europe, Asia, Africa and the Middle East.
Graham routinely posts news and other important information on its website, www.graham-mfg.com, where additional comprehensive information on Graham Corporation and its subsidiaries can be found.
Jeffrey F. Glajch
Vice President - Finance and CFO
Phone: (585) 343-2216
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Deborah K. Pawlowski / Christopher M. Gordon
Kei Advisors LLC
Phone: (716) 843-3908 / (716) 843-3942
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DHAHRAN, Saudi Arabia--(BUSINESS WIRE)--Aramco and Baker Hughes (NYSE:BKR) have announced the formation of Novel, a 50/50 Joint Venture (JV) to develop and commercialize a broad range of non-metallic products for multiple applications in the energy sector. A ceremony was held today at the project site to commence construction, which was attended by Aramco’s Senior Vice President for Technical Services Ahmad Al Sa’adi and Baker Hughes Chairman and CEO Lorenzo Simonelli.
The ceremony comes after both companies signed a memorandum of understanding (MOU) to create a non-metallics JV in July 2019. Novel’s new facility is being developed at King Salman Energy Park (SPARK), in Saudi Arabia’s Eastern Province. SPARK is a 50-square-kilometer energy city megaproject which will position Saudi Arabia as a global energy, industrial and technology hub. Initially, the facility will produce onshore non-metallic pipelines – including reinforced thermoplastic pipes (RTP) – from composite materials.
The JV is based on a shareholders agreement signed in February this year during Aramco’s 5th In-Kingdom Total Value Add (IKTVA) Forum & Exhibition. The JV aligns with Aramco’s strategy to seek new opportunities in oil-based products, which not only offer performance benefits but also aims to reduce carbon emissions. It also supports Saudi Arabia’s efforts to expand its commercial ecosystem and promote domestic investment. The new facility will not only create jobs, it will also help foster growth of an emerging and innovative sector in alignment with Saudi Arabia’s Vision 2030.
Aramco’s Senior Vice President for Technical Services, Ahmad Al Sa’adi, said: “Non-metallic products are reshaping the industries and products we all depend on because they are more reliable, cost effective and offer sustainability benefits. The partnership with Baker Hughes reinforces our commitment to expanding the use of innovative non-metallic materials in our operations to drive efficiency and reduce maintenance and replacement costs, while also positively impacting the Kingdom’s economic development through job creation and local expertise.”
Neil Saunders, Executive Vice President, Oilfield Equipment, Baker Hughes, said: “As an energy technology company, we are investing for growth in strategic areas like non-metallics, and our deep background in non-metallic product development will benefit a wide range of industries. Aramco’s vision to expand its product development in the region aligns with our vision to support innovation and manufacturing in Saudi Arabia.”
Non-metallic products are being deployed in a variety of industries, from the oil and gas sector to automotive, building and construction, packaging and renewables. In addition to being more sustainable, these advanced materials make them lighter than their conventional counterparts and resistant to corrosion.
About Aramco:
Aramco is a global integrated energy and chemicals company. We are driven by the core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, more sustainable and more useful. This helps promote stability and long-term growth around the world. www.aramco.com
About Baker Hughes:
Baker Hughes (NYSE: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and with operations in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.
Disclaimer
The press release contains forward-looking statements. All statements other than statements relating to historical or current facts included in the press release are forward-looking statements. Forward-looking statements give the Company’s current expectations and projections relating to our capital expenditures and investments, major projects, upstream performance, including relative to peers, and growth in downstream and chemicals. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could”, “continue”, “forward” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements cannot be ascertained, as they involve known and unknown risks, uncertainties and other factors beyond the Company’s control that could cause the Company’s actual results, performance or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward-looking statements, including the following factors: international crude oil supply and demand and the price at which the Company is able to sell crude oil; the impact of natural disasters and public health pandemics or epidemics (such as Coronavirus disease 2019 (COVID-19) on supply and demand for crude oil and general economic conditions; adverse economic or political developments that could impact the Company’s results of operations; competitive pressures faced by the Company; any significant deviation or changes in existing economic and operating conditions that could affect the estimated quantity and value of proved reserves; operational risks and hazards; losses from risks related to insufficient insurance; the Company’s ability to deliver on current and future projects; litigations that the Company is or may be subject to; the Company’s ability to realize benefits from recent and future acquisitions, including with respect to SABIC; risks related to international operations, including sanctions and trade restrictions, anti-bribery and anti-corruption laws and other laws and regulations; environmental regulations; the Company’s dependence on its senior management and key personnel; management’s limited experience in managing a public company; the reliability and security of the Company’s IT systems; climate change concerns and impacts; risks related to Government-directed projects; and other risks and uncertainties that could cause actual results to differ from the forward looking statements in this press release, as set forth in the Company’s latest periodic reports filed with the Tadawul. For additional information on the potential risks and uncertainties that could cause actual results to differ from the results predicted please see the Company’s latest periodic reports filed with the Tadawul. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future.
The information contained in the press release, including but not limited to forward-looking statements, applies only as of the date of this press release and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the press release, including any financial data or forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law or regulation. No person should construe the press release as financial, tax or investment advice.
Undue reliance should not be placed on the forward-looking statements, and the Company, its managers and employees shall not be liable for any direct or indirect loss or damage that any person may incur due to their reliance on the forward-looking statements.
Aramco
International Media Relations: This email address is being protected from spambots. You need JavaScript enabled to view it.
Aramco
Baker Hughes
Media Relations:
Madonna Mekhail
+971 545816086
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$1.08 dividend per share, $450 million available for share repurchases, $2.1 billion net income attributable to KMI, and $1.2 billion in DCF in excess of discretionary capex and dividends
HOUSTON--(BUSINESS WIRE)--Kinder Morgan, Inc. (NYSE: KMI) today announced its preliminary financial projections for 2021. KMI remains committed to maintaining a strong balance sheet, returning value to its shareholders through dividend increases and/or share repurchases, and investing in projects with attractive returns.
“With 2020 coming to a close, we can look back on the year with pride at how our company weathered the economic downturn and energy demand reduction associated with the pandemic. We took decisive action, reducing our 2020 expenses and sustaining capital expenditures by nearly $190 million combined versus our original budget without sacrificing safety and compliance. In addition, we reduced our discretionary capital outlook for 2020 by approximately $680 million, or almost 30%,” said Steve Kean, KMI’s chief executive officer. “We expect these actions to result in an improvement to distributable cash flow (DCF) less discretionary capital expenditures of approximately $160 million compared to our original budget. We expect to end the year with a 2020 Net Debt-to-Adjusted EBITDA ratio of approximately 4.6 times. This is consistent with our long-term target of approximately 4.5 times,” continued Kean.
“In 2021, we expect to generate $2.1 billion in net income attributable to KMI, $2.0 billion more than our 2020 forecast, due primarily to asset and goodwill impairments taken during 2020. We also expect to generate $4.4 billion in DCF during 2021, approximately 3% below our current forecast for 2020 DCF. DCF will be negatively impacted by lower re-contracting rates on certain Natural Gas Pipeline segment assets (mainly Ruby and FEP pipelines, as we have noted for the last couple of years), lower crude volumes and realized prices in the CO2 segment, lower capitalized overhead as a result of lower discretionary capital expenditures, and higher sustaining capital expenditures partially offset by projects placed in service and increased refined product volumes. DCF less discretionary capital expenditures and dividends is expected to be $1.2 billion, an improvement of more than $700 million compared to our 2020 forecast. Our budget guidance includes savings from a corporate-wide organizational efficiency and effectiveness project that resulted in approximately $100 million in annual costs savings to KMI and an expected 2021 DCF benefit of $72 million, taking into account partial year savings in 2020, allocations to capital, and other items. We will go into greater detail on that process when we present our budget on January 27,” continued Kean.
“Pursuant to a recent board of directors meeting, we are also able to announce our 2021 dividend policy and expectation about the fourth quarter 2020 dividend. We expect the board to declare a fourth quarter 2020 dividend of $0.2625 per share or $1.05 annualized, consistent with previous quarters in 2020. Based on our budgeted DCF per share generation detailed below, the board expects the 2021 dividend to be $1.08 per share (annualized), a 3% increase from the 2020 dividend. With budgeted excess coverage of that dividend, we expect also to be able to engage in share repurchases on an opportunistic basis,” concluded Kean.
Below is a summary of KMI’s expectations for 2021:
Please see “Non-GAAP Financial Measures” below for definitions of DCF, Adjusted EBITDA and Net Debt, and the accompanying tables for reconciliations of 2021 budgeted net income attributable to KMI to budgeted DCF and budgeted Adjusted EBITDA.
KMI’s expectations assume the average annual prices for West Texas Intermediate (WTI) crude oil and Henry Hub natural gas of $43 per barrel and $3.00 per million British thermal units (MMBtu), respectively. This is consistent with the forward pricing at the time of the budget process. The vast majority of cash generated by KMI is fee-based and therefore not directly exposed to commodity prices. The primary area where KMI has commodity price sensitivity is in its CO2 segment, where KMI hedges the majority of its next 12 months of oil production to minimize this sensitivity. For 2021, the company estimates that every $1 per barrel change in the average WTI crude oil price impacts DCF by approximately $4 million, and each $0.10 per MMBtu change in the price of natural gas impacts DCF by approximately $1 million.
The KMI board of directors will review the 2021 budget for approval at its January board meeting, and management will discuss the budget in detail during the company’s annual investor conference on January 27, 2021 in Houston, Texas. Kinder Morgan remains committed to transparency and will continue to publish its budget on the company’s website as presented at the investor conference. The 2021 budget will be the standard by which KMI measures its performance next year and will be a factor in determining employee compensation.
About Kinder Morgan, Inc.
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient, and environmentally responsible manner for the benefit of people, communities and businesses we serve. We own an interest in or operate approximately 83,000 miles of pipelines and 147 terminals. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2 and other products, and our terminals store and handle various commodities including gasoline, diesel fuel chemicals, ethanol, metals and petroleum coke. For more information, please visit www.kindermorgan.com.
Important Information Relating to Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Generally the words “expects,” “believes,” anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements in this news release include, among others, express or implied statements pertaining to: the long-term demand for KMI’s assets and services; the future impact on our business of the global economic consequences of the COVID-19 pandemic, KMI’s expected net income, DCF and Adjusted EBITDA; expected Net Debt-to-Adjusted EBITDA ratios; and anticipated dividends. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although KMI believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance as to when or if any such forward-looking statements will materialize nor their ultimate impact on our operations or financial condition. Important factors that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements include the risks and uncertainties described in KMI’s reports filed with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year-ended December 31, 2019 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (under the headings “Risk Factors” and “Information Regarding Forward-Looking Statements” and elsewhere) and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on our website at ir.kindermorgan.com. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, KMI undertakes no obligation to update any forward-looking statement because of new information, future events or other factors. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements.
Non-GAAP Financial Measures
The non-generally accepted accounting principles (non-GAAP) financial measures of distributable cash flow (DCF), both in the aggregate and per share; Adjusted EBITDA; and Net Debt are presented herein.
Our non-GAAP measures described further below should not be considered alternatives to GAAP net income or other GAAP measures and have important limitations as analytical tools. Our computations of these non-GAAP measures may differ from similarly titled measures used by others. You should not consider these non-GAAP measures in isolation or as substitutes for an analysis of our results as reported under GAAP. Management compensates for the limitations of these non-GAAP measures by reviewing our comparable GAAP measures, understanding the differences between the measures and taking this information into account in its analysis and its decision-making processes.
Due to the impracticality of predicting certain amounts required by GAAP such as unrealized gains and losses on derivatives marked to market and potential changes in estimates for certain contingent liabilities, KMI is not providing 2020 budgeted net income attributable to KMI, the GAAP financial measure most directly comparable to the non-GAAP financial measures of DCF and Adjusted EBITDA or budgeted metrics derived therefrom.
Certain Items, as adjustments used to calculate our non-GAAP measures, are items that are required by GAAP to be reflected in net income, but typically either (1) do not have a cash impact (for example, asset impairments), or (2) by their nature are separately identifiable from our normal business operations and in our view are likely to occur only sporadically (for example certain legal settlements, enactment of new tax legislation and casualty losses). We also include adjustments related to joint ventures (see “Amounts from Joint Ventures” below).
DCF is calculated by adjusting net income attributable to KMI for Certain Items, depreciation, depletion and amortization (DD&A), amortization of excess cost of equity investments, income tax expense, cash taxes, sustaining capital expenditures and other items. We also include amounts from joint ventures for income taxes, DD&A and sustaining capital expenditures (see “Amounts from Joint Ventures” below). DCF is a significant performance measure useful to management and external users of our financial statements in evaluating our performance and in measuring and estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and expending sustaining capital, that could be used for discretionary purposes such as common stock dividends, stock repurchases, retirement of debt, or expansion capital expenditures. DCF should not be used as an alternative to net cash provided by operating activities computed under GAAP. We believe the GAAP measure most directly comparable to DCF is net income attributable to KMI. DCF per common share is DCF divided by average outstanding common shares, including restricted stock awards that participate in common share dividends.
Adjusted EBITDA is calculated by adjusting net income attributable to KMI before interest expense, income taxes, DD&A, and amortization of excess cost of equity investments (EBITDA) for Certain Items. We also include amounts from joint ventures for income taxes and DD&A (see “Amounts from Joint Ventures” below). Adjusted EBITDA is used by management and external users, in conjunction with our Net Debt (as described further below), to evaluate certain leverage metrics. Therefore, we believe Adjusted EBITDA is useful to investors. We believe the GAAP measure most directly comparable to Adjusted EBITDA is net income attributable to KMI.
Net Debt is calculated by subtracting from debt (i) cash and cash equivalents, (ii) the preferred interest in the general partner of Kinder Morgan Energy Partners L.P. (which was redeemed in January 2020), (iii) debt fair value adjustments and (iv) the foreign exchange impact on Euro-denominated bonds for which we have entered into currency swaps. Net Debt is a non-GAAP financial measure that management believes is useful to investors and other users of our financial information in evaluating our leverage. We believe the most comparable measure to Net Debt is debt net of cash and cash equivalents.
Amounts from Joint Ventures - Certain Items, DCF and Adjusted EBITDA reflect amounts from unconsolidated joint ventures (JVs) and consolidated JVs utilizing the same recognition and measurement methods used to record “Earnings from equity investments” and “Noncontrolling interests,” respectively. The calculations of DCF and Adjusted EBITDA related to our unconsolidated and consolidated JVs include the same items (DD&A and income tax expense, and for DCF only, also cash taxes and sustaining capital expenditures) with respect to the JVs as those included in the calculations of DCF and Adjusted EBITDA for our wholly-owned consolidated subsidiaries. Although these amounts related to our unconsolidated JVs are included in the calculations of DCF and Adjusted EBITDA, such inclusion should not be understood to imply that we have control over the operations and resulting revenues, expenses or cash flows of such unconsolidated JVs.
Our guidance for 2021 includes a forecast of net income attributable to KMI, which we previously have not provided due to the impracticability of predicting certain components of net income required by GAAP. As a result of changes to GAAP rules and guidance and our 2019 sale of Kinder Morgan Canada Limited, the impact of components related to commodity and interest rate hedge ineffectiveness and foreign currency fluctuations will be inconsequential. In addition, based on our current circumstances, we do not expect that changes in unrealized gains and losses on derivatives marked to market and potential changes in estimates for certain contingent liabilities will materially impact our ability to forecast net income for 2021. If the circumstances relating to these items or other GAAP requirements change and we determine that the difficulty of predicting components required by GAAP makes it impracticable for us to forecast net income attributable to KMI, we will cease to provide a forecast of net income attributable to KMI and will disclose the factors affecting our ability to do so.
Table 1 |
|||||
|
|
||||
Kinder Morgan, Inc. and Subsidiaries |
|||||
Preliminary Reconciliation of Budgeted Net Income Attributable to Kinder Morgan, Inc. to Budgeted DCF |
|||||
(in billions) |
|||||
|
2021B |
||||
Net income attributable to Kinder Morgan, Inc. (GAAP) |
$ |
2.1 |
|||
Total Certain Items (1) |
|
- |
|||
DD&A and amortization of excess cost of equity investments for DCF (2) |
|
2.5 |
|||
Income tax expense for DCF (2)(3) |
|
0.7 |
|||
Cash taxes (4) |
|
(0.1) |
|||
Sustaining capital expenditures (4) |
|
(0.8) |
|||
Other items (1) |
|
- |
|||
DCF |
$ |
4.4 |
|||
Table 2 |
|||||
Kinder Morgan, Inc. and Subsidiaries |
|||||
Preliminary Reconciliation of Budgeted Net Income Attributable to Kinder Morgan, Inc. to Budgeted Adjusted EBITDA |
|||||
(in billions) |
|||||
|
|
2021B |
|||
Net income attributable to Kinder Morgan, Inc. (GAAP) |
$ |
2.1 |
|||
Total Certain Items (1) |
|
- |
|||
DD&A and amortization of excess cost of equity investments |
|
2.2 |
|||
Income tax expense (3) |
|
0.6 |
|||
JV DD&A and income tax expense (5) |
|
0.4 |
|||
Interest, net (3) |
|
|
1.5 |
||
Adjusted EBITDA |
|
$ |
6.8 |
||
Notes: |
|||||
(1) |
Aggregate adjustments for Total Certain Items and Other items (such as non-cash pension expense and non-cash compensation associated with our restricted stock program) are currently estimated to be less than $100 million. |
||||
(2) |
Includes DD&A or income tax expense, as applicable, from unconsolidated JVs, reduced by consolidated JV partners' DD&A. |
||||
(3) |
Amounts are adjusted for Certain Items. |
||||
(4) |
Includes cash taxes or sustaining capital expenditures, as applicable, from unconsolidated JVs, reduced by consolidated JV partners' sustaining capital expenditures. |
||||
(5) |
Represents unconsolidated JV DD&A and income tax expense, reduced by consolidated JV partners' DD&A. |
||||
Media Relations
Dave Conover
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www.kindermorgan.com
DUBLIN--(BUSINESS WIRE)--The "Sea Freight Forwarding Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The Sea Freight Forwarding Market is expected to grow at a CAGR of more than 3% during the forecasted period.
Companies Mentioned
Key Market Trends
Rising Cross Broder E-Commerce driving Sea Freight Forwarding Market
In 2019, retail e-commerce sales worldwide amounted to around 3.53 trillion US dollars and e-retail revenues are projected to grow even further at a quicker pace in the coming few years. Online shopping is one of the most popular online activities worldwide, both domestic and cross-border e-commerce is booming in developing markets such as China, India, and Indonesia due to that reason. This encompasses not just direct-to-consumer retail, but also shipments of electronics, pharmaceuticals, and consumer packaged goods.
Growth in e-commerce is tied very closely to consumption growth in the region as developing economies make the gradual shift from growth by manufacturing for export to higher levels of consumption by expanding middle classes. In China, cross-border e-commerce transactions already account for up to 20 percent of total import and export trading volumes. Compared to China, in other regions, the size of e-commerce-related business is much smaller, but the growth is also rapid. One of the most preferred mode for e-commerce freight forwarding is through sea and many business are favoring that as evidenced by the growing ocean freight volumes to 11 billion tons in 2018.
Kuehne + Nagel leading the Ocean Freight Forwarders in 2019
In 2019, Kuehne + Nagel was ranked the world's leading ocean freight forwarder, with over 4.8 million twenty-foot equivalent units of ocean freight. Today headquartered in Switzerland, Kuehne + Nagel was founded in 1890 in Bremen, Germany. At the present time, Kuehne + Nagel Group has offices in more than 100 countries and employs approximately around 82,000 people.
In the year 2019, the company generated roughly around 25.3 billion Swiss francs from its worldwide operations, and about 2.7 billion Swiss francs from its operations in Asia Pacific alone. Between the fiscal year of 2013 and 2019, the operational expenses of Kuehne + Nagel increased somewhat continuously, reaching 6.25 billion Swiss francs. The company was followed by Sinotrans and DHL in the leaders ranking worldwide.
The business volume of ocean freight forwarders has been steadily increasing because in the last three decades, the seaborne trade transport volume roughly tripled, reaching 11 billion metric tons in 2018. In 2017, 1.83 billion metric tons of international seaborne trade were transported by container ships. As of January 2019, Japan possessed the second largest merchant fleet by operator domicile globally.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Current Market Scenario
4.2 Value Chain / Supply Chain Analysis
4.3 Technological Trends
4.4 Investment Scenarios
4.5 Government Regulations and Initiatives
4.6 Spotlight - Sea Freight Transportation Costs/Freight Rates
4.7 Insights on the E-commerce Industry
4.8 Impact of Covid-19 on Sea Freight Forwarding Market
5 MARKET DYNAMICS
5.1 Drivers
5.2 Restraints
5.3 Opportunities
5.4 Industry Attractiveness - Porter's Five Forces Analysis
6 MARKET SEGMENTATION
6.1 By Type
6.1.1 Full Container Load (FCL)
6.1.2 Less-than Container Load (LCL)
6.1.3 Others
6.2 By Geography
6.2.1 North America
6.2.2 Europe
6.2.3 Asia-Pacific
6.2.4 Middle East & Africa
6.2.5 South America
7 COMPETITIVE LANDSCAPE
7.1 Market Concentration Overview
7.2 Company Profiles
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
9 DISCLAIMER
For more information about this report visit https://www.researchandmarkets.com/r/23dc3g
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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SANTA ANA, Calif.--(BUSINESS WIRE)--$ITI #IoT--Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today announced that it will host a virtual investor day on Thursday, December 17. The two-hour video webcast will begin at 1:00 p.m. Eastern time (10:00 a.m. Pacific time).
Iteris’ 2020 Investor Day will be hosted by Iteris president and CEO Joe Bergera, and CFO Douglas Groves. Presentations by senior management will include details on:
Speakers throughout the event will include:
Management will host a real-time question and answer session at the end of the investor presentation, as well as answer select questions submitted to the company in advance of the investor day. If you would like to submit a question in advance, please do so before 5 p.m. Eastern time (2 p.m. Pacific time) on December 15, 2020 by emailing Iteris investor relations at This email address is being protected from spambots. You need JavaScript enabled to view it..
To register for the live webcast of Iteris' 2020 Investor Day, please click here. Following the event, the webcast will be available on demand in the investor relations section of the Iteris website at www.iteris.com.
About Iteris, Inc.
Iteris is the global leader in smart mobility infrastructure management – the foundation for a new era of mobility. We apply cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to achieve safe, efficient and sustainable mobility. Our end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world to help ensure that roads are safe, travel is efficient, and communities thrive. Visit www.iteris.com for more information and join the conversation on Twitter, LinkedIn and Facebook.
Iteris Contact
Douglas Groves
Senior Vice President and Chief Financial Officer
Tel: (949) 270-9643
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Investor Relations
MKR Investor Relations, Inc.
Todd Kehrli
Tel: (213) 277-5550
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Data demonstrates high energy density solid-state lithium-metal battery technology that improves life, charging time, and safety
SAN JOSE, Calif.--(BUSINESS WIRE)--QuantumScape Corporation (NYSE: QS, or "QuantumScape"), a leader in the development of next generation solid-state lithium-metal batteries for use in electric vehicles (EVs), has released performance data demonstrating that its technology addresses fundamental issues holding back widespread adoption of high-energy density solid-state batteries, including charge time (current density), cycle life, safety, and operating temperature.
A commercially viable solid-state lithium-metal battery is an advancement that the battery industry has pursued for decades, as it holds the promise of a step function increase in energy density over conventional lithium-ion batteries, enabling electric vehicles with a driving range comparable to combustion engine-based vehicles. QuantumScape’s solid-state battery is designed to enable up to 80% longer range compared to today’s lithium-ion batteries. Previous attempts to create a solid-state separator capable of working with lithium metal at high rates of power generally required compromising other aspects of the cell (cycle life, operating temperature, safety, cathode loading, or excess lithium in the anode).
QuantumScape’s newly-released results, based on testing of single layer battery cells, show its solid-state separators are capable of working at very high rates of power, enabling a 15-minute charge to 80% capacity, faster than either conventional battery or alternative solid-state approaches are capable of delivering. In addition, the data shows QuantumScape battery technology is capable of lasting hundreds of thousands of miles, and is designed to operate at a wide range of temperatures, including results that show operation at -30 degrees Celsius.
The tested cells were large-area single-layer pouch cells in the target commercial form factor with zero excess lithium on the anode and thick cathodes (>3mAh/cm2), running at rates of one-hour charge and discharge (1C charge and 1C discharge) at 30 degrees Celsius. These tests demonstrated robust performance of these single layer pouch cells even at these high rates, resulting in retained capacity of greater than 80% after 800 cycles (demonstrating high columbic efficiency of greater than 99.97%).
“The hardest part about making a working solid-state battery is the need to simultaneously meet the requirements of high energy density (1,000 Wh/L), fast charge (i.e., high current density), long cycle life (greater than 800 cycles), and wide temperature-range operation. This data shows QuantumScape’s cells meet all of these requirements, something that has never before been reported. If QuantumScape can get this technology into mass production, it holds the potential to transform the industry,” said Dr. Stan Whittingham, co-inventor of the lithium-ion battery and winner of the 2019 Nobel prize in chemistry.
“These results blow away what was previously thought to be possible in a solid-state battery,” said Venkat Viswanathan, battery expert and professor of materials science at Carnegie-Mellon University. “Supporting high enough current density to enable fast charge without forming dendrites has long been a holy grail of the industry. This data shows the capability to charge to 80% capacity in 15 minutes, corresponding to an astonishingly high rate of lithium deposition of up to a micron per minute.”
“We believe that the performance data we’ve unveiled today shows that solid-state batteries have the potential to narrow the gap between electric vehicles and internal combustion vehicles and help enable EVs to become the world’s dominant form of transportation,” said Jagdeep Singh, founder & CEO of QuantumScape. “Lithium-ion provided an important stepping stone to power the first generation of EVs. We believe QuantumScape’s lithium-metal solid-state battery technology opens the automotive industry up to the next generation battery and creates a foundation for the transition to a more fully electrified automotive fleet.”
QuantumScape’s team of scientists have worked over the past decade to create the next generation of battery technology: solid-state batteries with lithium-metal anodes. With processes and materials protected by over 200 patents and applications, QuantumScape’s proprietary solid-state separator replaces the organic separator used in conventional cells, enabling the elimination of the carbon or carbon/silicon anode and the realization of an “anode-less” architecture, with zero excess lithium. In such an architecture, an anode of pure metallic lithium is formed in situ when the finished cell is charged, rather than when the cell is produced. Unlike conventional lithium-ion batteries or some other solid-state designs, this architecture delivers high energy density while enabling lower material costs and simplified manufacturing.
Beyond its ability to function at high rates of power while delivering high energy density, other key characteristics of QuantumScape’s solid-state lithium-metal battery technology include:
About QuantumScape Corporation
QuantumScape is a leader in the development of next generation solid-state lithium-metal batteries for use in electric vehicles. The company's mission is to revolutionize energy storage to enable a sustainable future.
For additional information, please visit www.quantumscape.com.
Forward Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, including, without limitation, regarding the development, timeline and performance of QuantumScape’s products and technology are forward-looking statements. When used in this press release, the words “is designed to,” “could,” “should,” “enables,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements, including statements about other solid-state battery systems and their limitations, and our belief that our battery solution opens the industry up to the next generation of EVs, are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside QS’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (i) QS faces significant barriers in its attempts to scale from a single layer pouch cell and complete development of its solid-state battery cell and related manufacturing processes, and development may not be successful, (ii) QS may encounter substantial delays in the development, manufacture, regulatory approval, and launch of QS solid-state battery cells, which could prevent QS from commercializing products on a timely basis, if at all, (iii) QS may be unable to adequately control the costs of manufacturing its solid-state separator and battery cells, and (iv) QS may not be successful in competing in the battery market. QS cautions that the foregoing list of factors is not exclusive. Additional information about factors that could materially affect QS is set forth under the “Risk Factors” section in the proxy statement/prospectus/information statement filed by Kensington Capital Acquisition Corp. with the SEC on November 12, 2020 and available on the SEC’s website at www.sec.gov.
Except as otherwise required by applicable law, QuantumScape disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Should underlying assumptions prove incorrect, actual results and projections could different materially from those expressed in any forward-looking statements.
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The company plans to expand its solution portfolio to include network security solutions and services
ATLANTA--(BUSINESS WIRE)--#networksecurity--PDI (http://www.pdisoftware.com), a global provider of ERP, Fuel Pricing, Logistics, and Marketing Cloud solutions for the convenience retail and petroleum wholesale industries, has entered into an agreement to acquire Cybera, a leading provider of network and security solutions. PDI has also entered into an agreement with ControlScan to purchase their Managed Security Services (MSS). The transactions are expected to close by the end of the year.
According to the National Association of Convenience Stores (NACS), data breaches and payment security top the list of “major issues” affecting today's convenience industry. PDI's growth strategy has been focused on expanding and enhancing its solutions portfolio to serve the needs of convenience retailers and multi-site operators as they pursue their digital transformation strategies.
“Our customers are facing increasing complexity as they adopt new technologies and leverage data to deliver better customer experiences,” said Jimmy Frangis, CEO at PDI. “We look forward to bringing together the solutions and expertise from Cybera and ControlScan MSS to provide trusted security solutions to our customers.”
About PDI
Professional Datasolutions, Inc. (PDI) helps convenience retailers and petroleum wholesalers thrive through digital transformation and enterprise software that enables them to grow topline revenue, optimize operations and unify their business across the entire value chain. Over 1,500 customers in more than 200,000 locations worldwide count on our leading ERP, logistics, fuel pricing and marketing cloud solutions to provide insights that increase volume, margin and customer loyalty. PDI owns and operates the Fuel Rewards® loyalty program that is consistently ranked as a top-performing fuel savings program year after year. For more than 35 years, our comprehensive suite of solutions and unmatched expertise have helped customers of any size reimagine their enterprise and deliver exceptional customer experiences. For more information about PDI, visit www.pdisoftware.com.
About Cybera
Cybera cloud networks and service edge solutions empower businesses to accelerate the deployment of new technologies, services, and digital transformation strategies. As a leading provider of SD-WAN Edge solutions for the petro C-store and retail markets, Cybera solves the networking and security needs of highly distributed enterprises. Headquartered in Franklin, Tennessee, the company operates in 23 countries worldwide, serving more than 90,000 customer locations.
About ControlScan
ControlScan managed security and compliance solutions help secure IT networks and protect payment card data. Thousands of businesses throughout the U.S. and Canada partner with us for easy, cost-effective access to the expertise, technologies and services that keep cyber criminals and data thieves at bay. With highly credentialed cybersecurity and compliance experts; 24x7 managed detection and response; managed UTM firewall services; ASV vulnerability scanning; security penetration testing; PCI compliance programs and validation services; QSA and HIPAA assessments; and more, we’ve got your back. For more information, visit www.controlscan.com.
Cederick Johnson, PDI
+1 254.410.7600 I This email address is being protected from spambots. You need JavaScript enabled to view it.
Noble Midstream expects 2021 Affiliate activity in both the DJ and Delaware basins
HOUSTON--(BUSINESS WIRE)--Noble Midstream Partners LP (NASDAQ: NBLX) (Noble Midstream or the Partnership) announced that the Partnership has successfully integrated its business into its new affiliate, Chevron Corporation (NYSE:CVX) (Chevron). Chevron has announced its capital and exploratory budget for 2021, with activity planned on Noble Midstream dedicated acreage in both the DJ and Delaware basins.
On Noble Midstream’s dedicated acreage, the Partnership anticipates Chevron activity to be primarily in the DJ Basin, where there is significant backbone infrastructure in place. As a result, Noble Midstream expects to allocate the majority of its 2021 organic capital program to well connections with minimal larger-scale facility spending. Noble Midstream plans to provide a detailed 2021 investment program and guidance after its third-party customer base finalizes activity plans and the Partnership receives Board approval early in the first-quarter 2021.
In its Equity Method Investments, Noble Midstream does not anticipate any material capital outlays next year. The Partnership anticipates growing full-year run rate cash flow contribution in 2021 from the intermediate and long-haul assets brought online or acquired this year.
Robin Fielder, President and CEO of the Partnership stated, “Noble Midstream achieved significant accomplishments this year, reducing its cash operating costs by more than 20 percent, placing multiple major equity-method investment pipelines into full service, and beginning to fund our investments and distribution from cash flow from operations. Along with these wins and a 2021 organic capital program focused mainly on well connections, we expect Noble Midstream to generate sizable cash flow in excess of capital expenditures in 2021 and enable the Partnership to reduce debt and protect the balance sheet.”
About Noble Midstream
Noble Midstream is a master limited partnership originally formed by Noble Energy, Inc. and majority-owned by Chevron Corp. to own, operate, develop and acquire domestic midstream infrastructure assets. Noble Midstream currently provides crude oil, natural gas, and water-related midstream services and owns equity interests in oil pipelines in the DJ Basin in Colorado and the Delaware Basin in Texas. Noble Midstream strives to be the midstream provider and partner of choice for its safe operations, reliability, and strong relationships while enhancing value for all stakeholders. For more information, please visit www.nblmidstream.com.
Cautionary Statements
This news release contains certain “forward-looking statements” within the meaning of federal securities law. Words such as “anticipates”, “believes”, “expects”, “intends”, “will”, “should”, “may”, “estimates”, and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect the Partnership’s current views about future events. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. For further discussion of risks and uncertainties, you should refer to those described under “Risk Factors” and “Forward-Looking Statements” in the Partnership’s most recent Annual Report on Form 10-K and in other reports we file with the Securities and Exchange Commission. These reports are also available from the Partnership’s office or website, www.nblmidstream.com. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Midstream does not assume any obligation to update forward-looking statements should circumstances, management’s estimates, or opinions change.
Park Carrere
Investor Relations
(281) 872-3208
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Additions empower customers to access data and real-time information from a browser
OAKLAND, Calif.--(BUSINESS WIRE)--Navis, a part of Cargotec Corporation and provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the shipping supply chain, announced the addition of new features to Master Terminal Web Portal, a real-time window that provides customers with access into terminal’s operations. Master Terminal Web Portal empowers customers and enables them to track cargo, create appointments, and run reports, giving them the information they want, when they need it.
Web Portal gives Navis customers, and their customers, access to Master Terminal via a web browser and provides users with the ability to operate certain terminal functionalities at any given time. New features allow any stakeholder at the terminal to access information with ease and without the need for terminal staff to facilitate. Customers can set up an automated email service to document and notify them of cargo events, allowing them to make faster movement decisions in real-time from the browser. With newly added capabilities, Web Portal now allows terminals’ customers to create appointments through a self-service user interface and with the ability for customers to see the information for themselves, eliminating overhead costs from fielding cargo related questions.
“With terminal workers constantly on the move and working from home in response to the pandemic, the Master Terminal Web Portal allows users to check-in on cargo movements from a computer or mobile device,” said Younus Aftab, Chief Product Officer at Navis. “As we face new challenges in the workforce and the industry, it is important to meet them head-on with innovation that streamlines operations.”
With Web Portal, administrators can configure which functions are visible to each user, allowing terminals to determine what information is available and to who. Additionally, external users will only have direct access to the content and data they are authorized to view.
For additional information on the Master Terminal Web Portal, please visit: https://www.navis.com/masterterminal.
To register for the Master Terminal webinar, please click here
About Navis, LLC
Navis, a part of Cargotec Corporation, is a provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the cargo supply chain. Navis combines industry best practices with innovative technology and world-class services, to enable our customers, regardless of cargo type, to maximize performance and reduce risk. Through its holistic approach to operational optimization, Navis customers benefit from improved visibility, velocity and measurable business results. Whether tracking cargo through a terminal, improving vessel safety and cargo capacity, optimizing rail network planning and asset utilization, automating equipment operations, or managing multiple terminals through an integrated, centralized solution, Navis helps all customers streamline operations. www.navis.com
About Cargotec Corporation
Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec’s business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimize global cargo flows and create sustainable customer value. Cargotec’s sales in 2019 totaled approximately EUR 3.7 billion and it employs around 12,000 people. www.cargotec.com
Jennifer Grinold
Navis, LLC
T+1 510 267 5002
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Geena Pickering
Affect
T+1 212 398 9680
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