DUBLIN--(BUSINESS WIRE)--The "Europe Geosteering Technology Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product, Measurement-While-Drilling, Rotary Steerable Systems, Drive Systems, and Others and Application" report has been added to ResearchAndMarkets.com's offering.
According to this report the European geosteering technology market is expected to reach US$7,620.25 million by 2027 from US$4,190.86 million in 2019.
The market is estimated to grow at a CAGR of 11.7% from 2020 to 2027. The report provides trends prevailing in the Europe geosteering technology market along with the drivers and restraints pertaining to the market growth. Surge in demand for precise real-time information to achieve maximum production and increase in production of shale and resulting rise in horizontal and unconventional drilling are the major factor driving the growth of the Europe geosteering technology market. However, expensive materials and overall manufacturing process hinder the growth of Europe geosteering technology market.
In the case of COVID-19, Europe is highly affected specially UK and Russia. In Europe, several countries are expected to suffer an economic hit of the decline in business activities across the oil & gas sector due to lowering oil prices in the first quarter of 2020. Many of these member states have implemented drastic measures on imports & exports, and shipment of goods including partially closing their borders impacting the demand for energy in various industry verticals. This is anticipated to impact market growth of geosteering technologies and its associated services in Europe following the outbreak of pandemic. The lockdown is expected to continue negative impact on the geosteering technology market in Europe due to disruption in oil & gas sector and drilling activities across selected countries. However, as several countries begin to reopen industry vertical and subsequently drive the demand for energy is expected to resume the drilling activities to support the growth. Thus, the market is projected to recover steadily over the coming period and gain traction for geosteering technologies during the later forecast period.
The Europe geosteering technology market is segmented in terms of product, application, and country. Based on the product, the market is segmented into logging while drilling (LWD), measurement-while-drilling (MWD), rotary steerable systems (RSS), drive systems, and others. Logging while drilling (LWD) segment held the largest market share in 2019. Measurement-while-drilling (MWD) segment is expected to be fastest growing during forecast period. Based on the application, the market is segmented into petroleum development, natural gas transportation, and others. The petroleum development segment held the largest share of market in 2019 and is expected to be fastest growing segment during forecast period.
Cougar Drilling Solution Inc.; Emerson Paradigm Holding LLC; Exlog; Geonaft; Halliburton Energy Services, Inc.; ROGII Inc.; Schlumberger Limited are among the leading companies in the Europe geosteering technology market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, Schlumberger Limited entered in JV with Rockwell Automation Inc. to develop Sensia, the oil and gas industry's pioneer of digital enabled automated integrated solution.
Reasons to Buy
Market Dynamics
Drivers
Restraints
Opportunities
Future Trends
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/6vaw28
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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SAN FRANCISCO--(BUSINESS WIRE)--Pacific Gas and Electric Company (PG&E) announced today that it plans to sell its Pleasant Creek natural gas storage field, located in Yolo County, Calif. The Pleasant Creek field is the smallest of four underground natural gas storage fields owned wholly or partly by PG&E. With a natural gas inventory capacity of 2.3 billion cubic feet (Bcf), the Pleasant Creek field accounts for about two percent of PG&E’s total storage inventory capacity.1 A successful sale will allow ratepayers to avoid decommissioning and remediation costs.
About the Pleasant Creek Natural Gas Storage Field
The Pleasant Creek storage field lies partly within the city of Winters and partly in unincorporated Yolo County. A previous owner discovered the field and operated it from 1948 to 1958 as a natural gas production field. PG&E acquired the field in 1958 and began operating it as a natural gas storage field in 1960.
The Pleasant Creek storage field consists of approximately 400 acres of land, an additional 2,167 acres of subsurface rights, six injection and withdrawal wells, compression and processing facilities, as well as pipeline infrastructure that connects the field to PG&E’s gas transmission system.
Reasons for Sale
Several factors led PG&E to a determination that the Pleasant Creek field is no longer a necessary asset for providing safe, reliable natural gas service to customers, including PG&E’s assessment of future gas demand and the existence of ample storage capacity at PG&E’s other gas storage fields.
In its 2019 Gas Transmission and Storage (GT&S) Rate Case at the California Public Utilities Commission (CPUC), PG&E proposed a reliability-focused storage service strategy, which was approved. This proposal included the sale or decommissioning of the Pleasant Creek field. In the event of a successful sale, the facility will not be decommissioned by PG&E.
The proposed sale is not related to bankruptcy, from which PG&E emerged this past July.
Sale Announcement
PG&E’s full sale notification may be found here. This link provides a summary description of the Pleasant Creek field and invites interested parties to: (1) notify PG&E of their interest; (2) sign a standard non-disclosure agreement; and (3) receive a prospectus and other confidential materials describing the Pleasant Creek natural gas storage field.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 23,000 employees, the company delivers some of the nation's cleanest energy to 16 million people in Northern and Central California. For more information, visit pge.com and pge.com/news.
1 PG&E’s other three natural gas storage fields—Los Medanos, McDonald Island, and Gill Ranch (25 percent interest)—have a combined maximum inventory capacity of 104.9 Bcf.
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415-973-5930
NEW YORK--(BUSINESS WIRE)--Sheppard, Mullin, Richter & Hampton LLP is pleased to announce that Soyun Park has joined the firm’s Energy, Infrastructure and Project Finance Team and the Tax, Employee Benefits, and Trusts and Estates practice group as a partner in the New York office. Park joins from Winston & Strawn. She is the 14th partner to join Sheppard Mullin in 2020.
"We’ve added some incredibly smart and talented tax attorneys to our team over the past few years as we continue building our transactional practices,” said Jon Newby, vice chairman of Sheppard Mullin. "Soyun is a first-class attorney with a wealth of knowledge and experience that makes her a valuable addition to our Energy Team and Tax practice group. We’re thrilled she’s joined us."
Amy L. Tranckino, leader of the firm’s Tax, Employee Benefits, and Trusts and Estates practice, added, "Soyun will bring her transactional and structuring skills to clients in the renewable energy sector, many of whom have parent companies overseas and multiple overseas investments. Her experience also dovetails with our existing international tax capabilities and our robust Korea practice. Her ability to help clients navigate tax implications on a wide range of issues and her international tax planning experience will be of great benefit to our cross-border clients."
Park concentrates her practice on international tax planning and transactional matters. She advises domestic and multinational clients in connection with their structural and transactional tax planning, including advice concerning domestic and cross-border mergers and acquisitions, financings, dispositions, restructurings, joint ventures, financial products, securities offerings, and other major transactions. At Sheppard Mullin, Soyun will focus her efforts on renewable energy transactions, international tax planning, and expanding the firm’s Korea practice. Park earned her B.S. from Columbia University, her J.D. from Georgetown University Law Center, and her LL.M. from New York University School of Law.
About Sheppard Mullin’s Tax, Employee Benefits, and Trusts and Estates Practice
Sheppard Mullin's tax attorneys provide sophisticated advice in all areas of corporate, partnership, real estate, renewable energy, tax credit transactions, and international taxation; employee benefits; executive compensation; private equity and hedge fund formation and operation; debt and equity financing and derivative and hybrid securities; tax-exempt organizations; and estate planning and wealth transfer. Based on our understanding of evolving and complex tax law, we are often able to design sophisticated transactions that are advantageous for our clients.
About Sheppard, Mullin, Richter & Hampton LLP
Sheppard Mullin is a full-service Global 100 firm with more than 900 attorneys in 15 offices located in the United States, Europe and Asia. Since 1927, industry-leading companies have turned to Sheppard Mullin to handle corporate and technology matters, high-stakes litigation and complex financial transactions. In the U.S., the firm's clients include almost half of the Fortune 100. For more information, please visit www.sheppardmullin.com.
KARA EYER
(312) 499-0533
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LEAWOOD, KS--(BUSINESS WIRE)--Tortoise today announced the following unaudited balance sheet information and asset coverage ratio updates for TYG, NTG, TTP, NDP, TPZ and TEAF.
Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced that as of November 30, 2020, the company’s unaudited total assets were approximately $456.0 million and its unaudited net asset value was $306.3 million, or $24.94 per share.
As of November 30, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 435 percent, and its coverage ratio for preferred shares was 330 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited preliminary balance sheet at November 30, 2020.
Unaudited preliminary balance sheet
|
(in Millions) |
Per Share |
|
Investments |
$402.1 |
$32.75 |
|
Cash and Cash Equivalents |
0.1 |
0.01 |
|
Income Tax Receivable |
52.1 |
4.24 |
|
Other Assets |
1.7 |
0.13 |
|
Total Assets |
456.0 |
37.13 |
|
Short-Term Borrowings |
13.2 |
1.07 |
|
Senior Notes |
87.9 |
7.16 |
|
Preferred Stock |
32.3 |
2.63 |
|
Total Leverage |
133.4 |
10.86 |
|
Other Liabilities |
2.9 |
0.24 |
|
Current Tax Liability |
13.4 |
1.09 |
|
Net Assets |
$ 306.3 |
$ 24.94 |
12.28 million common shares currently outstanding.
TYG has completed approximately $18.1 million of share repurchases under the publicly announced repurchase plan allowing up to $25.0 million through December 31, 2020. Under the program, TYG has repurchased 1,084,400 shares of its common stock at an average price of $16.687 and an average discount to NAV of 24.8%.
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today announced that as of November 30, 2020, the company’s unaudited total assets were approximately $226.7 million and its unaudited net asset value was $149.8 million, or $25.56 per share.
As of November 30, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 394 percent, and its coverage ratio for preferred shares was 320 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited preliminary balance sheet at November 30, 2020.
Unaudited preliminary balance sheet
|
(in Millions) |
Per Share |
|
Investments |
$225.6 |
$ 38.48 |
|
Cash and Cash Equivalents |
0.1 |
0.02 |
|
Other Assets |
1.0 |
0.18 |
|
Total Assets |
226.7 |
38.68 |
|
|
|
|
|
Short-Term Borrowings |
40.0 |
6.83 |
|
Senior Notes |
15.3 |
2.61 |
|
Preferred Stock |
12.7 |
2.17 |
|
Total Leverage |
68.0 |
11.61 |
|
|
|
|
|
Other Liabilities |
1.0 |
0.16 |
|
Current Tax Liability |
7.9 |
1.35 |
|
Net Assets |
$ 149.8 |
$ 25.56 |
5.86 million common shares currently outstanding.
NTG has completed approximately $8.0 million of share repurchases under the publicly announced repurchase plan allowing up to $12.5 million through December 31, 2020. Under the program, NTG has repurchased 475,322 shares of its common stock at an average price of $16.921 and an average discount to NAV of 25.5%.
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that as of November 30, 2020, the company’s unaudited total assets were approximately $69.3 million and its unaudited net asset value was $48.2 million, or $19.96 per share.
As of November 30, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 476 percent, and its coverage ratio for preferred shares was 334 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited preliminary balance sheet at November 30, 2020.
Unaudited preliminary balance sheet
|
(in Millions) |
Per Share |
|
Investments |
$67.4 |
$ 27.92 |
|
Cash and Cash Equivalents |
1.6 |
0.65 |
|
Other Assets |
0.3 |
0.15 |
|
Total Assets |
69.3 |
28.72 |
|
|
|
|
|
Senior Notes |
14.5 |
5.99 |
|
Preferred Stock |
6.1 |
2.53 |
|
Total Leverage |
20.6 |
8.52 |
|
|
|
|
|
Other Liabilities |
0.5 |
0.24 |
|
Net Assets |
$48.2 |
$ 19.96 |
2.41 million common shares currently outstanding.
TTP has completed approximately $1.4 million of share repurchases under the publicly announced repurchase plan allowing up to $5.0 million through December 31, 2020. Under the program, TTP has repurchased 94,976 shares of its common stock at an average price of $14.254 and an average discount to NAV of 25.0%.
Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that as of November 30, 2020, the company’s unaudited total assets were approximately $35.5 million and its unaudited net asset value was $30.3 million, or $16.41 per share.
As of November 30, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 706 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited preliminary balance sheet at November 30, 2020.
Unaudited preliminary balance sheet
|
(in Millions) |
Per Share |
|
Investments |
$ 35.2 |
$ 19.09 |
|
Cash and Cash Equivalents |
0.1 |
0.04 |
|
Other Assets |
0.2 |
0.09 |
|
Total Assets |
35.5 |
19.22 |
|
Credit Facility Borrowings |
5.0 |
2.71 |
|
Other Liabilities |
0.2 |
0.10 |
|
Net Assets |
$ 30.3 |
$ 16.41 |
|
1.85 million common shares currently outstanding.
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of November 30, 2020, the company’s unaudited total assets were approximately $116.2 million and its unaudited net asset value was $89.6 million, or $13.01 per share.
As of November 30, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 442 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited preliminary balance sheet at November 30, 2020.
Unaudited preliminary balance sheet
|
(in Millions) |
Per Share |
|
Investments |
$ 114.8 |
$ 16.67 |
|
Other Assets |
1.4 |
0.21 |
|
Total Assets |
116.2 |
16.88 |
|
|
|
|
|
Credit Facility Borrowings |
26.2 |
3.80 |
|
|
|
|
|
Other Liabilities |
0.4 |
0.07 |
|
Net Assets |
$ 89.6 |
$ 13.01 |
6.89 million common shares currently outstanding.
TPZ has completed approximately $0.8 million of share repurchases under the publicly announced repurchase plan allowing up to $5.0 million through August 31, 2021. Under the program, TPZ has repurchased 78,206 shares of its common stock at an average price of $9.615 and an average discount to NAV of 24.8%
Tortoise Essential Assets Income Term Fund (NYSE: TEAF) today announced that as of November 30, 2020, the company’s unaudited total assets were approximately $246.7 million and its unaudited net asset value was $214.6 million, or $15.91 per share.
As of November 30, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 790 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited preliminary balance sheet at November 30, 2020.
Unaudited preliminary balance sheet
|
(in Millions) |
Per Share |
|
Investments |
$242.9 |
$18.00 |
|
Cash and Cash Equivalents |
0.6 |
0.04 |
|
Other Assets |
3.2 |
0.24 |
|
Total Assets |
246.7 |
18.28 |
|
|
|
|
|
Credit Facility Borrowings |
31.1 |
2.30 |
|
|
|
|
|
Other Liabilities |
1.0 |
0.07 |
|
Net Assets |
$214.6 |
$15.91 |
|
|
|
|
13.49 million common shares outstanding.
The top 10 holdings for TYG, NTG, TTP, NDP, TPZ and TEAF as of the most recent month-end can be found on each fund’s portfolio web page at https://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. For additional information, please visit www.TortoiseEcofin.com.
Tortoise Capital Advisors, L.L.C. is the Adviser to Tortoise Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., Tortoise Energy Independence Fund, Inc., 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.
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.
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.
Maggie Zastrow
(913) 981-1020
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NEW YORK & LOS ANGELES--(BUSINESS WIRE)--RMG Acquisition Corp. (the “Company”) announced the nomination of Paul Williams for election at a special meeting of stockholders of the Company to serve on the board of directors of the combined company upon consummation of the previously announced merger between the Company and Romeo Systems, Inc. (“Romeo Power”).
Prior to his retirement in 2018, Mr. Williams served as a Partner and Managing Director of Major, Lindsey & Africa, LLC, an executive recruiting firm, where he conducted searches for board members, CEOs and senior legal executives from 2005 to 2018. He also served as Director of Global Diversity Search, assisting legal organizations in enhancing their diversity. From 2001 to 2005, Mr. Williams served as Executive Vice President, Chief Legal Officer & Corporate Secretary of Cardinal Health, Inc. Since 2009, Mr. Williams has served as a member of the board of directors of Compass Minerals International, Inc. (NYSE: CMP). Since early 2020, Mr. Williams has served on the board of directors of several funds in the American Funds mutual fund family (part of the privately held Capital Group). Mr. Williams previously served on the boards of directors of State Auto Financial Corporation, Bob Evans Farms, Inc. and Essendant, Inc. (f/k/a United Stationers Inc.). Mr. Williams is a member of the Economic Club of Chicago, and has served as president of the Chicago chapter of the National Association of Corporate Directors since 2017. Mr. Williams received an undergraduate degree, cum laude, from Harvard and a J.D. from Yale Law School.
Romeo Power and the Company previously announced a definitive agreement for a business combination that would result in Romeo Power becoming a publicly listed company. If elected, the board of the public company upon the consummation of the business combination will consist of Mr. Williams and the other candidates previously announced by the Company nominated for election listed below:
A proxy statement, once final, will be mailed together with a proxy card to the Company’s stockholders. The final proxy statement will include the date, time and location of the special meeting.
About RMG Acquisition Corp.
RMG Acquisition Corp is a special purpose acquisition company whose management and board has deep experience in power, renewable energy, environmental services, energy technology and corporate governance. RMG’s team includes top level executives from Goldman Sachs, Carlyle Group, Cogentrix Energy, Deloitte & Touche, Access Industries, Calpine Corporation (CPN) and Riverside Management Group. For additional information, please visit http://www.rmgacquisition.com.
About Romeo Power
Romeo Power, founded in 2016 in California by Michael Patterson, is an industry leading energy technology company focused on designing and manufacturing lithium-ion battery modules and packs for commercial electric vehicles. Through its energy dense battery modules and packs, Romeo Power enables large-scale sustainable transportation by delivering safer, longer lasting batteries with shorter charge times. With greater energy density, Romeo Power is able to create lightweight and efficient solutions that deliver superior performance, and provide improved acceleration, range, safety and durability. Romeo Power’s modules and packs are customizable and scalable, and they are optimized by its proprietary battery management system. The company has approximately 100 employees and more than 60 battery-specific engineers and a 113,000 square foot manufacturing facility in Los Angeles, California with key battery development capabilities performed in-house. On October 5, 2020, Romeo Power and RMG Acquisition Corp. (“RMG”) (NYSE: RMG), a special purpose acquisition company, announced a definitive agreement for a business combination that would result in Romeo Power becoming a publicly listed company. Upon closing of the transaction, the combined company will be named Romeo Power, Inc. and is expected to remain listed on the NYSE and trade under the new ticker symbol “RMO.” For additional information on Romeo Power, please visit https://romeopower.com.
Important Information and Where to Find It
This press release relates to a proposed transaction between RMG and Romeo Power. RMG has filed with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 that includes a proxy statement/consent solicitation statement/prospectus. The proxy statement/consent solicitation statement/prospectus will be mailed to stockholders of RMG as of a record date to be established for voting on the proposed business combination. RMG also will file other relevant documents from time to time regarding the proposed transaction with the SEC. INVESTORS AND SECURITY HOLDERS OF RMG ARE URGED TO READ THE PROXY STATEMENT/CONSENT SOLICITATION STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED BY RMG FROM TIME TO TIME WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the proxy statement/consent solicitation statement/prospectus and other documents containing important information about RMG and Romeo Power once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by RMG when and if available, can be obtained free of charge on RMG’s website at www.rmginvestments.com or by directing a written request to RMG Acquisition Corp., 50 West Street, Suite 40-C, New York, New York 10006.
Participants in the Solicitation
RMG and Romeo Power and their respective directors and executive officers, under SEC rules, may be deemed to be participants in the solicitation of proxies of RMG’s stockholders in connection with the proposed transaction. Investors and security holders may obtain more detailed information regarding the names and interests in the proposed transaction of RMG’s directors and officers in RMG’s filings with the SEC, including RMG’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on April 1, 2019. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to RMG’s stockholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus for the proposed business combination when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination is included in the proxy statement/consent solicitation statement/prospectus relating to the proposed business combination.
No Offer or Solicitation
This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Forward Looking Statements
This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside RMG’s or Romeo Power’s management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability to complete the transactions contemplated by the proposed business combination; the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the amount of cash available following any redemptions by RMG stockholders; the ability to meet the NYSE’s listing standards following the consummation of the transactions contemplated by the proposed business combination; costs related to the proposed business combination; Romeo Power’s ability to execute on its plans to develop and market new products and the timing of these development programs; Romeo Power’s estimates of the size of the markets for its products; the rate and degree of market acceptance of Romeo Power’s products; the success of other competing technologies that may become available; Romeo Power’s ability to identify and integrate acquisitions; the performance of Romeo Power’s products; potential litigation involving RMG or Romeo Power; and general economic and market conditions impacting demand for Romeo Power’s products. Other factors include the possibility that the proposed transaction does not close, including due to the failure to receive required security holder approvals, or the failure of other closing conditions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of RMG’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, the registration statement on Form S-4 and proxy statement/consent solicitation statement/prospectus discussed below and other documents filed by RMG from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and neither RMG nor Romeo Power undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Romeo Power
For Investors
ICR, Inc.
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ICR, Inc.
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RMG Acquisition Corp.
Philip Kassin
Chief Operating Officer
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212-785-2579
CALGARY, Alberta--(BUSINESS WIRE)--Seven Generations Energy Ltd. (TSX: VII)
Seven Generations Energy Ltd. has issued a notice of partial redemption to holders of its 6.875% unsecured notes due 2023 (the “6.875% Notes”) to provide notice of its election to redeem US$180 million of the US$294 million aggregate principal amount currently outstanding on December 31, 2020 (the “Redemption Date”) at a redemption price of 101.719% of the aggregate principal amount of redeemed notes, or $1,017.19 per $1,000.00, together with accrued and unpaid interest on the redeemed notes up to, but not including, the Redemption Date.
Seven Generations plans to fund the partial redemption by drawing down its secured credit facilities, currently scheduled to expire in 2024, and expects the partial redemption to reduce corporate interest costs and increase financial flexibility. Following the redemption, the aggregate principal amount of 6.875% Notes outstanding will be US$114 million.
Seven Generations is a low supply-cost energy producer dedicated to stakeholder service, responsible development and generating strong returns from its liquids-rich Kakwa River Project in northwest Alberta. 7G’s corporate office is in Calgary, its operations headquarters is in Grande Prairie and its shares trade on the TSX under the symbol VII. Further information is available on the company’s website: www.7Genergy.com.
READER ADVISORY
This news release contains certain forward-looking information and statements that involve various risks, uncertainties and other factors. The use of any of the words “anticipate”, “intend”, “continue”, “estimate”, “expect”, “may”, “will”, “should”, “believe”, “plans”, and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the following: the timing of the partial redemption; the amount of 6.785% Notes outstanding following the partial redemption; plans to draw the company’s credit facilities; the expected reduction of corporate interest rates and increased financial flexibility to result from the transaction.
Readers are cautioned against unduly relying on forward-looking statements which, by their nature, involve numerous assumptions, risks and uncertainties that may cause such statements not to occur, or results to differ materially from those expressed or implied. Risks and uncertainties that may affect these business outcomes include: risks related to the successful consummation of the proposed transaction described above; the risk of a downgrade in 7G's credit ratings and the potential impact on 7G's access to capital markets and other sources of liquidity; fluctuations in currency and interest rates; changes in or interpretation of laws or regulations; and other risks and uncertainties impacting 7G's business as are described in 7G's Annual Information Form for the year ended December 31, 2019, dated February 26, 2020, which is available on SEDAR at www.sedar.com.
The forward-looking statements contained in this news release speak only as of the date hereof, and the company does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
Seven Generations Energy Ltd. is referred to herein as Seven Generations, Seven Generations Energy, 7G and the company.
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Seismic and well data management portal iGlass now features Elasticsearch technology
HOUSTON--(BUSINESS WIRE)--#datamanagement--Katalyst Data Management has launched a new subsurface data search engine, powered by Elasticsearch, in the latest release of their iGlass data management solution. The new release, named iGlass Portal ES, gives oil and gas companies the ability to use freestyle text searches on their seismic and well data volumes. This release marks the first time that Elasticsearch technology has been applied to an E&P subsurface data management solution.
Similar to search technology used for online shopping and searching, iGlass Portal ES harnesses the power of Elasticsearch, allowing users to search the entirety of their subsurface catalog with a simple textual search. Just like online searches return results from multiple websites, the Elasticsearch technology within iGlass Portal ES searches across multiple data domains, returning all results associated with the search text. Users can quickly find the seismic and well data they need without having to know specifically where to look within their subsurface database.
“This is game-changing technology for our iGlass platform; think about a Google-like search for all of your subsurface assets,” stated Katalyst President and CEO Steve Darnell. “Users across the oil and gas industry have come to expect the ability to perform textual searches when they consume content, and we’re thrilled to be the first company to fully leverage Elasticsearch for subsurface data management with iGlass Portal ES.”
For more information on the iGlass data management solution, visit katalystdm.com/iGlass.
Elasticsearch is a trademark of Elasticsearch BV, registered in the US and in other countries.
About Katalyst (www.katalystdm.com)
Katalyst Data Management provides complete subsurface data management and digital transformation services, assisting oil and gas companies with the challenge of managing ever increasing volumes of subsurface data acquired for exploration and production. Today, Katalyst manages over 80 petabytes of subsurface data from one of our five global locations – Houston, Calgary, London, Perth and Kuala Lumpur. Katalyst’s end-to-end data management services include every step in the subsurface data life cycle, from digital transformation and verification, to multi-cloud storage and organization, to data analytics and subsurface consulting. Katalyst’s signature offerings include the online iGlass solution for subsurface data management and the SeismicZone.com virtual brokerage for seismic data resale.
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Katalyst Data Management
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Integration with Yokogawa portfolio makes possible a “sensor-to-enterprise” solution for solar, wind, and energy storage projects
TOKYO & SAN FRANCISCO--(BUSINESS WIRE)--#Yokogawa--Yokogawa Electric Corporation (TOKYO: 6841) and US-based Power Factors, LLC, announce a global reseller agreement under which Yokogawa will market Power Factors’ industry-leading Drive software platform of asset performance management (APM) solutions for renewable power facilities.
Designed for solar, wind, and energy storage assets, Power Factors’ cloud-based Drive platform for APM delivers the tools and insights needed to optimize the levelized cost of energy (LCOE*) and address the complex integration of large, diverse fleets of renewable energy assets. The platform empowers owners and operators to overcome their biggest challenges, from dealing with aging control technology and disparate systems to the management of data quality, asset performance, and regulatory compliance.
Yokogawa’s renewable energy product portfolio includes edge devices, control platforms, a range of services including system design, and advanced solutions for the optimization of energy storage devices. In an industry with multiple original equipment manufacturers (OEMs), asset types, and interfaces, the combination of Power Factors’ flagship APM platform with Yokogawa’s industrial automation systems and global service network gives owners and operators the ability to deploy a standardized hardware infrastructure and software interface across their different plants for more efficient management and analysis.
Dave Roberts, senior vice president at Power Factors, said, “We are excited to partner with Yokogawa to deliver our industry-proven Drive platform globally. The suite of solutions enables owners and operators of disparate renewable energy assets to maximize their production and revenue opportunities in ever-changing markets. Merchant, hybrid, hedging, and ancillary services offtake opportunities require complex control and optimization capabilities. Through this agreement, we will combine best-in-class asset performance management with best-in-class instrumentation, automation, and control from Yokogawa.”
Koji Nakaoka, Yokogawa vice president and head of the Global Sales and Industrial Marketing Headquarters, commented, “We have high expectations for the synergies that this agreement with Power Factors will generate, both in terms of technology and market development. Yokogawa has served major power and energy companies worldwide for many decades, and, as the world transitions to renewable energy, we will continue to offer industry-leading solutions to our customers.”
The powerful combination of Yokogawa’s expertise in field sensors, data acquisition, and control with Power Factors’ advanced analytics and APM software will support leading renewables companies as they meet the challenges of efficiently expanding and optimizing renewable energy sources. With a shared understanding that meaningful insights start with trustworthy data, Power Factors and Yokogawa have partnered to support the growth of the renewable energy industry and contribute to a cleaner, more sustainable future.
* Levelized cost of energy represents the average revenue per unit of electricity generated that would be required to recover the costs of building and operating a generating plant during an assumed financial life and duty cycle.
For more information
Yokogawa’s renewable energy solutions: https://www.yokogawa.com/industries/renewable-energy/
Power Factors’ Drive platform: https://pfdrive.com/products/
About Power Factors, LLC
Our mission is to deliver software and services to make renewable energy the world’s leading power generation source. Power Factors consolidates multiple operational data sources, asset hierarchies and metadata frameworks to create a single cloud-based remote asset management platform that works with today’s large-scale portfolios. With embedded connections to maintenance workflows, Power Factors streamlines processes, reduces costs and increases ROI of assets. Implementation and Customer Success Services ensure customers realize value from the platform quickly and for the life of the asset. Learn more at pfdrive.com.
The Power Factors Drive software platform provides clean energy owners, operators and asset managers with a unified system for monitoring, performance analytics, field maintenance and commercial management to enable scalable plant performance optimization fleet wide. In addition, the Drive platform connects to other business tools, seamlessly integrating with applications for weather and market data, enterprise resource planning (ERP) and more.
About Yokogawa
Founded in 1915, Yokogawa engages in broad-ranging activities in the areas of measurement, control, and information. The industrial automation business provides vital products, services, and solutions to a diverse range of process industries including oil, chemicals, natural gas, power, iron and steel, and pulp and paper. With the life innovation business, the company aims to radically improve productivity across the pharmaceutical and food industry value chains. The test & measurement, aviation, and other businesses continue to provide essential instruments and equipment with industry-leading precision and reliability. Yokogawa co-innovates with its customers through a global network of 114 companies spanning 62 countries, generating US$3.7 billion in sales in FY2019. For more information, please visit www.yokogawa.com
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NAPE hybrid event moves to August
FORT WORTH, Texas--(BUSINESS WIRE)--#WhereDealsHappen--Due to the ongoing challenges presented by COVID-19 and concern for the health and safety of our attendees, exhibitors, sponsors, partners, staff and community, the NAPE Operators Committee has decided to move NAPE Summit to August 2021.
NAPE Summit will take place in person Aug. 18-20, 2021, at the George R. Brown Convention Center in Houston and virtually Aug. 9 – Sept. 3, 2021, on the NAPE Network.
NAPE remains dedicated to providing the place for oil and gas professionals from across the industry to gather together to learn, connect and do business safely. As many details of the event were previously finalized, NAPE organizers are working to ensure the current hybrid event schedule — including the Global Business Conference speaker lineup and NAPE Charities Keynote event — will take place in August.
“The decision to postpone NAPE Summit until August resulted from a very robust and heartfelt NAPE Operators Committee meeting discussion. While we wish we could host NAPE Summit in February as we've done for the past 27 years, we believe postponing to August offers the best opportunity for a successful industry event for all parties involved, especially since the lifeblood of NAPE is the face-to-face connections and networking,” said Ron Munn, CPL/ESA, general manager of Land at Chevron U.S.A. Inc. and chairman of the NAPE Operators Committee.
We look forward to seeing you in person in Houston and virtually on the NAPE Network in August.
For more information and to register, visit NAPEexpo.com/summit.
About NAPE
NAPE is the largest exhibition of its kind in the world, providing unmatched venues for energy professionals to meet, network, connect and do business. It was founded in 1993 by the American Association of Professional Landmen and now also includes the Independent Petroleum Association of America, Society of Exploration Geophysicists and American Association of Petroleum Geologists as partner hosts. NAPE hosts NAPE Summit annually — bringing together prospects and all the key players needed to evaluate, facilitate and execute deals. For more information on NAPE, please visit www.NAPEexpo.com and follow NAPE on Twitter at @NAPE_EXPO.
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LONDON--(BUSINESS WIRE)--#WindTurbineGeneratorMarket--The global wind turbine generator market is expected to grow at a CAGR of almost 4% and register an incremental growth of 7.22 billion during 2020-2024.
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The new president-elect of the USA, Joe Biden, has announced his plans to re-enlist the United States to the Paris climate agreement of 2015 within first 100 days in office. Also, he has officially announced to make significant investments in clean energy technologies. In his manifesto, Joe Biden had presented his plans of investing about USD 400 billion over the next ten years. These developments are expected to drive investments in clean energy technologies, including wind energy. This will open significant opportunities for market players over the forecast period.
Globally, the annual investment in wind energy has increased steadily over the past few years. During 2010-2020, the annual investments in both onshore and offshore wind energy projects grew at a CAGR of 4%. The market is witnessing the widespread adoption of new wind energy plants in both developed and developing economies. In 2019, the market in the US witnessed 9,143 new onshore wind power installations compared to 7,588 installations in 2018. Similarly, in 2019, the market saw 23,760 new onshore wind power installations in China.
The market is majorly dominated by European wind turbine manufacturers such as Vestas Wind System AS, ABB Ltd., Siemens Gamesa, and others. For example, Vestas Wind System AS, a Danish manufacturer, seller, installer, and servicer of wind turbines emerged as the world's largest wind turbine supplier in 2018 with a market 20.3% market share. The company registered steady growth in the onshore wind turbine segment since 2014 but witnessed a rare dip in 2019. Other dominant players in the market include Goldwind, Siemens Gamesa, GE Renewable Energy, Envision, and others.
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Global Wind Turbine Generator Market: Application
Based on the application, the onshore wind turbines segment led the market with over 79% share in 2019. The cumulative wind installed capacity of onshore wind power stood at 542 GW globally in 2018. This is expected to grow more than three-fold by 2030 and nearly ten-fold by 2050. This can be attributed to factors such as technological innovations, enhanced reliability, lower capital requirement, and favorable policies undertaken by various countries to promote onshore wind power development.
Global Wind Turbine Generator Market Growth Across Regions
APAC currently leads the global wind turbine market. In 2019, the region generated USD 16.69 billion in revenue, and by the end of the forecast year, the market value is expected to increase to almost USD 21 Billion in revenue. The market is also registering progressive growth in other regions such as North America, Europe, and South America. Although the market saw a slight dip in the MEA region in 2020, healthy growth is expected to happen over the analysis period, and the market value in the region is estimated to increase over USD 591 million by 2024.
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Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Customer Landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Hollub speaks with IHS Markit Vice Chairman Daniel Yergin for the latest CERAWeek Conversations – available at www.ceraweek.com/conversations
WASHINGTON--(BUSINESS WIRE)--Occidental President and CEO Vicki Hollub says that “there has to be a lot more consolidation” among U.S. upstream producers as industry seeks to restore the economies of scale necessary for shale developments in the latest edition CERAWeek Conversations. The market downturn combined with the global pandemic brought the “industry to its knees,” she says, and a renewed focus on full-cycle returns will make it difficult for U.S. oil output to return to its pre-COVID levels.
In a conversation with Daniel Yergin, vice chairman, IHS Markit (NYSE: INFO), Hollub discusses Occidental’s new model for shale projects, public concerns and misconceptions over hydraulic fracturing, the company’s major investments in enhanced oil recovery and direct air capture and how those technological processes are transitioning Occidental towards a future as a “carbon management company.”
The complete video is available at: www.ceraweek.com/conversations
Selected excerpts:
Interview Recorded Wednesday, November 18, 2020
(Edited slightly for brevity only)
Watch the complete video at: www.ceraweek.com/conversations
About CERAWeek Conversations:
CERAWeek Conversations features original interviews and discussion with energy industry leaders, government officials and policymakers, leaders from the technology, financial and industrial communities—and energy technology innovators.
The series is produced by the team responsible for the world’s preeminent energy conference, CERAWeek by IHS Markit.
New installments will be added weekly at www.ceraweek.com/conversations.
Recent segments also include:
A complete video library is available at www.ceraweek.com/conversations.
About IHS Markit (www.ihsmarkit.com)
IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2020 IHS Markit Ltd. All rights reserved.
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Recognized as the world leader in robotic solutions, Ecoppia maintains its competitive advantage, completing initial offering stage at $300 million valuation
HERZELIYA, Israel--(BUSINESS WIRE)--Ecoppia Scientific LTD., (TASE: ECPA), the pioneer and world leader in robotic solutions for photovoltaic solar, launched an initial public offering (IPO) on the Tel Aviv Stock Exchange (TASE), after successfully completed the public tender phase. Ecoppia secured $82.5 million from leading institutional investors with a company valuation of $300 million.
During the public tender phase, Ecoppia marked yet another meaningful achievement as public demand reached $76.74 million, despite the fact that the company offered shares for just $1.5 million. During the institutional tender, Ecoppia received $144.7 million in demand, yet accepted only $83.3 million. Discount Capital Underwriting along with Barak Capital and Orion led the initial offering.
Ecoppia offers fully autonomous, water free robotic cleaning solutions for PV modules, ideally for large scale PV installations located in dry and arid regions. Deployed globally in utility-scale sites operated by leading energy players on three continents, Ecoppia’s solutions clean 10 million panels every night and have been field-proven to keep solar panels at a year-round peak performance while minimizing O&M costs.
Despite the unique challenges of the ongoing COVID-19 pandemic, Ecoppia has secured over 10GW of new projects over the last four quarters alone, maintaining a CAGR of booking of over 200% in the past six years.
Last July, CIM Group, the US-based investment firm, invested $40 million in Ecoppia’s shares, with $20 million directly into the company.
Ecoppia was founded in 2013 by Eran and Moshe Meller, who held 21% of the company’s shares prior to the IPO. Along with the CIM Group and the Mellers, the company’s primary stakeholders, prior to the IPO, were prominent international investors and financial institutions.
“I would like to thank our investors for their trust in Ecoppia,” said Ecoppia’s CEO, Jean Scemama. “Ecoppia serves a rapidly growing global market, and has demonstrated strong technological supremacy in all our operational regions. It is expected that manual cleaning for large-scale solar sites will become irrelevant in the coming years. Ecoppia is best positioned to maintain our competitive advantage while expanding the variety of offered services to our tier-1 clients,” he concluded.
About Ecoppia
With over 16GW of signed agreements, Ecoppia (TASE: ECPA) is a pioneer and world leader in robotic solutions for photovoltaic solar. Ecoppia’s cloud-based, water-free, autonomous robotic systems remove dust from solar panels on a daily basis leveraging sophisticated technology and advanced Business Intelligence capabilities. Remotely managed and controlled, the Ecoppia platform allows solar sites to maintain peak performance with minimal costs and human intervention. Ecoppia’s proprietary algorithms and robotic solutions make day-to-day O&M at solar sites safer, more efficient and more reliable. Publicly held and backed by prominent international investment funds, Ecoppia works with the largest energy companies across the globe, cleaning millions of solar panels every day. For more information, please visit www.ecoppia.com
Anat Cohen Segev
VP Marketing, Ecoppia
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SCHAFFHAUSEN, Switzerland--(BUSINESS WIRE)--The Garmin Ltd. (NASDAQ: GRMN) board of directors has established December 31, 2020 as the payment date for the next dividend installment of $0.61 per share with a record date of December 15, 2020. At the 2020 annual shareholders’ meeting, Garmin shareholders, in accordance with Swiss corporate law, approved a cash dividend in the total amount of $2.44 per share (subject to adjustment in the event that the Swiss Franc weakens more than 35% relative to the USD), payable in four equal installments on dates to be determined by the Board in its discretion. The first and second payments were made on June 30, 2020 and September 30, 2020. The Board currently anticipates the scheduling of the remaining quarterly dividend installment as follows:
Dividend Date |
Record Date |
$s per share |
||||||
March 31, 2021 |
March 15, 2021 |
$0.61 |
About Garmin Ltd:
For decades, Garmin has pioneered new GPS navigation and wireless devices and applications that are designed for people who live an active lifestyle. Garmin serves five primary markets, including automotive, aviation, fitness, marine, and outdoor recreation. For more information, visit Garmin's virtual pressroom at garmin.com/newsroom, contact the Media Relations department at 913-397-8200, or follow us at facebook.com/garmin,instagram.com/garmin, twitter.com/garmin, or youtube.com/garmin.
Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin is a registered trademark of Garmin Ltd.
Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors that are described in both the Annual Report on Form 10-K for the year ended December 28, 2019 and the Quarterly Report on Form 10-Q for the quarter ended September 26, 2020 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s 2019 Form 10-K and the Q3 2020 Form 10-Q can be downloaded from https://www.garmin.com/en-US/investors/sec/. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
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Controls systems work to bolster resiliency and optimize DER assets to meet prescribed economic and environmental goals
BOULDER, Colo.--(BUSINESS WIRE)--#ControlsSystems--A new report from Guidehouse Insights examines spending on microgrid controls by technology, region, and market segment through 2029.
The success of the microgrid market rests on the shoulders of digital control platforms that can orchestrate diverse distributed energy resources (DER) into a single optimized aggregation system. Although the costly items for any microgrid are investments in DER assets, the key to project performance and the extraction value from these same assets are the controls, which often represent less than 10% or even 5% of total projects’ cost. Click to tweet: According to a new report from @WeAreGHInsights, total annual microgrid controls spending starts at $551.5 million in 2020, increasing to almost $2.8 billion annually by 2029, at a compound annual growth rate (CAGR) of 19.8%. Cumulatively, more than $14 billion is expected to be invested in microgrid controls over the next decade.
“Microgrid controls technologies are ever-evolving and vary widely,” says Peter Asmus, research director with Guidehouse Insights. “Most often a combination of hardware and software, these controls systems are the orchestrator marshaling generation, storage, and loads to bolster resiliency and optimize DER assets to meet prescribed economic and environmental goals.”
For many controls platforms, emphasis is shifting from hardware devices and on-premise gateways to software and customization performed in the cloud. As with other microgrid trends, such as a recent focus on modular offerings with standardized hardware components, the market continues to shift and grow in diversity, application, and purpose.
The report, Market Data: Microgrid Controls, forecasts spending on microgrid controls by technology, region, and market segment. It also explores the philosophies guiding future technology development. This report shows that overall spending on microgrid controls is less in 2020 than previous forecasts showed but grows faster in revenue over the forecast horizon due to shifts in technology choices favoring cloud-native software. 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, Market Data: Microgrid Controls, 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
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HIAWATHA, Iowa--(BUSINESS WIRE)--#Oi20--Crystal Group, Inc., a leading designer and manufacturer of rugged computer and electronic hardware, announced today it is participating in Oceanology International Connect 2020 Dec. 1-4, 2020.
Crystal Group is poised to deliver game-changing solutions to the maritime environment, particularly in offshore oil and gas, unmanned exploration, prevention and safety, shipping, maintenance, monitoring and more. Visitors to Crystal Group’s virtual booth during the conference will have the opportunity to discover the company’s product lines and capabilities through an interactive, 3D experience.
“Our ability to digitize and automate critical applications in this market promises to transform the maritime operational and tactical landscapes,” said Bob Haag, vice president of Sales & Marketing for Crystal Group. “Whether it’s oil fields or oil rigs, on water or on land, these rugged-edge industries all require improved monitoring, control and cost efficiencies. By re-architecting, ruggedizing and virtualizing the IT infrastructure underpinning their operations, we deliver a coveted combination of powerful artificial intelligence capabilities for greater situational awareness and critical cybersecurity protections in a reduced physical footprint for extreme environments.”
Oceanology International 2020 attendees will learn about Crystal Group’s range of advanced solutions, expertise and success in ruggedizing commercial off-the-shelf (COTS) products for a range of industries, including military, oil and gas, power distribution, autonomous vehicles, railway systems and more.
That includes the more than 15,000 rugged servers Crystal Group has delivered to the U.S. Navy since 2008. Designed to eliminate IT’s failure risks and provide unmatched deployed reliability, Crystal Group designs and manufactures compute systems fortified to withstand shock, vibration and temperature extremes, as well as sea spray and salt fog characteristic to wet and humid maritime environments.
About Crystal Group, Inc.
Crystal Group, Inc., a technology leader in rugged computer hardware, specializes in the design and manufacture of custom and commercial rugged servers, embedded computing, networking devices, displays, and data storage for high reliability in harsh environments. A small employee-owned business founded in 1987, Crystal Group provides the defense, government and industrial markets with integrated solutions that bring seamless, real-time artificial intelligence, autonomy and cybersecurity to demanding edge applications.
Crystal Group products meet or exceed IEEE, IEC, and military standards, including MIL-STD-810, 167-1, 461, and MIL-S-901; are backed by a five-plus-year warranty. All products are manufactured in the company’s facility certified to ISO 9001:2015/AS9100D quality management standards.
©2020 Crystal Group, Inc. All rights reserved. All marks are property of their respective owners. Design and specifications are subject to change.
Contact: Karen Hildebrand
Phone: 319.200.2968
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DUBLIN--(BUSINESS WIRE)--The "Oil and Gas CAPEX Outlook - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The oil and gas CAPEX is expected to grow at a CAGR of more than 8.4% during the forecast period.
Factors, such as strong profitability following a trend to reduce project costs and optimize portfolios, which has led to divestment of low-margin fields, and increased focus on investment in higher-margin growth opportunities, are expected to increase the CAPEX during the forecast period.
Moreover, LNG-oriented gas projects are witnessing increased investment, as it is a less carbon-intensive fuel and helps in the transition to a lower carbon economy. However, volatile crude oil and natural gas prices, coupled with slow economic growth at a global level, are expected to restrain the oil and gas CAPEX during the forecast period.
The upstream sector is expected to be the largest segment, which would have the highest CAPEX, as several region's state-owned firms are prioritizing domestic oil and gas projects to improve energy security and reduce their dependence on imports.
Several greenfield projects, along with deepwater and ultra-deepwater exploration in African countries such as Senegal and Mauritania, possess ample opportunity for increased capital expenditure.
Asia-Pacific has recorded the highest gains in CAPEX and is likely to be the fastest-growing region, owing to operations of globally integrated majors along with national oil companies and new investments during the forecast period.
Key Market Trends
Upstream Sector to Dominate the Market
After the downturn in the oil and gas industry, as crude oil prices increased, the upstream sector gained momentum, and CAPEX represented a gain of 5.5% y-o-y in 2019 and 7.2% in 2018. As a number of oil and gas projects continues to increase, the upstream CAPEX is also expected to increase during the forecast period.
Asia-Pacific to Dominate the Market
Asia-Pacific is expected to witness a significant growth in the oil and gas CAPEX in the coming years due to the recent discoveries in the offshore and onshore region, coupled with increasing energy demand from countries such as China and India.
Competitive Landscape
The global oil and gas CAPEX market is moderately fragmented. Some of the key players are BP PLC, Exxon Mobil Corporation, Total SA, Chevron Corporation, and Royal Dutch Shell PLC.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Crude Oil Production and Consumption Forecast, till 2025
4.4 Natural Gas Production and Consumption Forecast, till 2025
4.5 Installed Pipeline Historic Capacity and Forecast in Kilometers, till 2025
4.6 Historic and Production Forecast of Tight Oil, Oil Sands and Crude from Deepwater in kb/d, until 2030
4.7 Recent Trends and Developments
4.8 Government Policies and Regulations
4.9 Market Dynamics
4.9.1 Drivers
4.9.2 Restraints
4.10 Supply Chain Analysis
4.11 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Sector
5.1.1 Upstream
5.1.2 Midstream
5.1.3 Downstream
5.2 Location
5.2.1 Onshore
5.2.2 Offshore
5.3 Geography
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Operator Companies
6.3.1.1 BP PLC
6.3.1.2 Royal Dutch Shell PLC
6.3.1.3 Chevron Corporation
6.3.1.4 Total SA
6.3.1.5 Exxon Mobil Corporation
6.3.1.6 Oil and Natural Gas Corporation (ONGC)
6.3.1.7 China National Petroleum Corporation (CNPC)
6.3.1.8 Cairn Oil & Gas, a vertical of Vedanta Limited
6.3.1.9 Petroleo Brasileiro SA
6.3.1.10 Equinor ASA
6.3.2 Financial Institutions
6.3.2.1 JPMorgan Chase & Co.
6.3.2.2 Citigroup Inc.
6.3.2.3 Bank of America Corp
6.3.2.4 Royal Bank of Canada
6.3.2.5 Barclays PLC
6.3.2.6 Deutsche Bank AG
6.3.2.7 Credit Suisse Group AG
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/wofx5a
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
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Ticker symbols to remain “PAA” and “PAGP”
HOUSTON--(BUSINESS WIRE)--Plains All American Pipeline, L.P. (NYSE: PAA) and Plains GP Holdings (NYSE: PAGP) (“Plains”) today announced plans to voluntarily transfer the stock exchange listings of their common equity securities from the New York Stock Exchange to The Nasdaq Global Select Market effective December 11, 2020 after market close. PAA common units and PAGP Class A shares will begin trading as Nasdaq-listed securities on December 14, 2020 under their existing ticker symbols.
“The transfer from NYSE to Nasdaq aligns with Plains’ ongoing commitment to reduce costs,” said Willie Chiang, Plains’ Chairman and CEO. “We thank the NYSE for their valued partnership with Plains for more than 20 years, and we look forward to our new relationship with Nasdaq.”
PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (“NGL”) and natural gas. PAA owns an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL producing basins and transportation corridors and at major market hubs in the United States and Canada. On average, PAA handles more than 6 million barrels per day of crude oil and NGL in its Transportation segment. PAA is headquartered in Houston, Texas. More information is available at www.plainsallamerican.com.
PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America. PAGP is headquartered in Houston, Texas. More information is available at www.plainsallamerican.com.
Roy Lamoreaux
Vice President, Investor Relations, Communications and Government Relations
(866) 809-1291
Brett Magill
Director, Investor Relations
(866) 809-1291
DUBLIN--(BUSINESS WIRE)--The "North America Oil and Gas Electric Submersible Pump Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The oil and gas electric submersible pump market in North America is expected to grow at CAGR of more than 7% in the forecast period of 2020-2025.
Increasing upstream activities in the Permian basin in the United States is one of the major driving factors for the ESP market. Additionally, about 70% of the world's daily oil and gas production comes from the mature fields, which are in a state of declining production. To enhance production from these mature fields, the demand for ESP is increasing.
On the other hand, the decline in crude oil prices due to the weaker demand from the end-users has led to a decrease in the drilling activities, and thus, the demand for the ESP is also likely to be hindered. Also, a declining number of offshore wells in the United States is expected to restrain the market growth.
With 990 active onshore rigs in the United States and increasing production from the Permian basin, the onshore sector is expected to dominate the oil and gas ESP market.
The United States has one of the largest technically recoverable shale gas reserves and the second-largest tight oil reserves in the world. The availability of ample reserves is expected to create significant opportunities for ESP manufacturers and suppliers in the near future.
With oil production of 17 million barrels per day in 2019, the United States is leading the market of ESP. It is expected to continue its dominance in the forecast period.
Key Market Trends
Onshore Sector to Dominate the Market
The electric submersible pump (ESP) system is an artificial-lift system that utilizes a downhole pumping system that is electrically driven. The pump typically comprises multiple centrifugal pump sections that can be individually configured ideally for the production and wellbore characteristics of an application.
The United States to Dominate the Market
The United States was one of the largest producers of crude oil and natural gas, accounting for around 18% and 23% of the global production, respectively, in 2019. The production surged in 2019, mainly due to robust drilling in its shale reserves, led by the Permian Basin.
Competitive Landscape
The North America oil and gas electric submersible pump market is moderately consolidated. Some of the major companies include Borets International Limited, Halliburton Company, Weatherford International plc, Baker Hughes Company, and Schlumberger Limited.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Location of Deployment
5.1.1 Offshore
5.1.2 Onshore
5.2 Geography
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Halliburton Company
6.3.2 Weatherford International plc
6.3.3 National Oilwell Varco Inc.
6.3.4 Baker Hughes Company
6.3.5 Borets International Limited
6.3.6 Alkhorayef Petroleum Company
6.3.7 DOS Canada Inc.
6.3.8 Schlumberger Limited
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/d6in2x
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
FORT WORTH, Texas--(BUSINESS WIRE)--Double Eagle III Midco 1 LLC (the “Company”) and Double Eagle Finance Corporation (“Finance Corp” and, together with the Company, “Double Eagle”) both wholly owned by DoublePoint Energy, LLC, today announced the closing of a private placement to eligible purchasers of $650 million in aggregate principal amount of 7.75% senior notes due 2025 (the “Notes”) at par. Double Eagle intends to use the net proceeds from the private placement to fully repay both its term loan and amounts outstanding under its revolving credit facility, and the remainder for general company purposes.
The Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and unless so registered, 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. The Notes are expected to be eligible for trading by qualified institutional buyers under Rule 144A of the Securities Act and outside the United States pursuant to Regulation S of the Securities Act.
This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.
About Double Eagle
Double Eagle is a Fort Worth, Texas-based privately held oil and natural gas company engaged in the acquisition, exploration and development of oil and natural gas assets in the Midland Basin.
Forward-Looking Statements
This press release contains forward-looking statements based on Double Eagle’s current expectations that involve a number of risks and uncertainties. Generally, forward-looking statements do not relate strictly to historical or current facts and may include words such as “believes,” “will,” “expects,” “anticipates,” “intends” or similar words or phrases. Forward-looking statements in this press release include, but are not limited to, statements regarding the proposed offering and the intended use of proceeds. No forward-looking statement can be guaranteed. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statement.
Double Eagle Contact:
Patrick Leach
Corporate Development
817-840-5482
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ENGIE EPS selected by Kearsarge Energy for a 10MWh energy storage system in Massachusetts
PARIS & BOSTON--(BUSINESS WIRE)--ENGIE EPS (Paris:EPS) is pleased to announce that on the heels of over 600MWh of secured contracts in the US territories, it has now been awarded a supply contract in Massachusetts.
Boston-based developer Kearsarge Energy has selected ENGIE EPS for the supply of a 10MWh system to be deployed in Bellingham, Massachusetts that is part of a Solar plus Storage project that was awarded to Kearsarge in a competitive solicitation by the town of Bellingham.
With this award, ENGIE EPS further proves its competitiveness across the Industrial Solutions and Giga Storage product lines, which develop cutting edge energy storage systems leveraging on proprietary technology and knowhow in batteries and hydrogen since 2005.
“In less than one year, we have established a solid foothold in the US with iconic projects awarded in Guam, Hawai‘i and across New England. We are confident this project is the first in a series of fruitful collaborations with Kearsarge Energy for clean energy solution delivery”, said Carlalberto Guglielminotti, CEO and General Manager of ENGIE EPS.
“We are very pleased to have ENGIE EPS provide their expertise as Kearsarge extends its Solar-plus-Storage leadership in the Northeast as we build out our energy storage pipeline which now exceeds 100 MWh. The project once operating will provide discounted solar energy for a Massachusetts Municipality and will provide millions of dollars in lease and tax revenue to the town of Bellingham over twenty years”, added Andrew Bernstein, Managing Partner of Kearsarge Energy.
The project is slated to be online in mid-2021.
* * *
About ENGIE EPS
ENGIE EPS is the technology and industrial player within the ENGIE group that develops technologies to revolutionize the paradigm shift in the global energy system towards renewable energy sources and electric mobility. Listed on Euronext Paris (EPS: FP), ENGIE EPS is listed in the CAC® Mid & Small and the CAC® All-Tradable financial indices. Its registered office is in Paris and conducts its research, development and manufacturing in Italy.
For more information: www.engie-eps.com
About KEARSARGE ENERGY
Kearsarge Energy, based in Boston, MA, is New England’s fastest growing renewable energy project development, operations, ownership and finance company, with a dual mission to help build a more sustainable world and to provide superior returns for stakeholders and the environment. Having successfully developed and financed 140 MW and $350M of Solar since 2011, Kearsarge expects to deploy 75MW of new projects in 2020 including multiple Solar + Storage projects. Commanding a 250 MW pipeline, Kearsarge is focused on creating long-term value by working with local communities to meet the growing demand for commercial and utility-scale renewable energy projects.
Learn more at www.kearsargeenergy.com
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