ANNAPOLIS, Md.--(BUSINESS WIRE)--$HASI--Hannon Armstrong Sustainable Infrastructure Capital, Inc. (“Hannon Armstrong” or the “Company”) (NYSE: HASI), a leading investor in climate change solutions, today announced it has upsized and priced its private offering of $375 million in aggregate principal amount of 3.75% senior unsecured notes due 2030 (the “Senior Unsecured Notes”) by its indirect subsidiaries, HAT Holdings I LLC (“HAT I”) and HAT Holdings II LLC (“HAT II,” and together with HAT I, the “Issuers”). The offering was upsized from the previously announced $350 million in aggregate principal amount.
The Senior Unsecured Notes will be guaranteed by the Company, Hannon Armstrong Sustainable Infrastructure, L.P., and Hannon Armstrong Capital, LLC. The settlement of the Senior Unsecured Notes is expected to occur on August 25, 2020, subject to customary closing conditions. The Notes (as defined below) are expected to be rated BB+ by Standard & Poor's Rating Services and Fitch Ratings.
The Company believes the Notes meet the environmental eligibility criteria for green bonds as defined by the International Capital Market Association’s Green Bond Principles. The Company intends to utilize the net proceeds of the offering of the Notes to acquire or refinance, in whole or in part, eligible green projects, which include assets that are neutral to negative on incremental carbon emissions. In addition, these projects may include projects with disbursements made during the twelve months preceding the issue date of the bonds and those with disbursements to be made following the issue date. Prior to the full investment of such net proceeds, the Company intends to invest such net proceeds in interest-bearing accounts and short-term, interest-bearing securities which are consistent with the Company's intention to continue to qualify for taxation as a REIT.
The Senior Unsecured Notes and the related guarantees will be offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The Senior Unsecured Notes and the related guarantees will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from the registration requirements of the Securities Act or any state securities laws.
Additionally, the Company announced the pricing of its underwritten public offering of $125 million aggregate principal amount of its 0% convertible senior notes due August 2023 (the “Convertible Notes,” and together with Senior Unsecured Notes, the “Notes”). The Company has granted to the underwriters a 30‑day over-allotment option to purchase up to an additional $18.75 million aggregate principal amount of the Convertible Notes.
The Convertible Notes will not bear regular interest, and the principal amount of the Convertible Notes will not accrete. The conversion rate will initially equal 20.6779 shares of common stock per $1,000 principal amount of notes, which is equivalent to a conversion price of approximately $48.36 per share of common stock, representing a 27.5% conversion premium based on the closing price of the Company's common stock of $37.93 per share on August 18, 2020. The initial conversion rate is subject to adjustment upon the occurrence of certain events. The Convertible Notes will mature on August 15, 2023. The offering of the Convertible Notes is expected to close on or about August 21, 2021, subject to customary closing conditions.
Morgan Stanley is acting as a sole book-running manager and Oppenheimer & Co. Inc. is acting as a co-manager for the offering of the Convertible Notes.
A registration statement relating to the Convertible Notes has been filed with the Securities and Exchange Commission ("SEC") and has become effective. The offering of the Convertible Notes will be made by means of a preliminary prospectus supplement and accompanying prospectus. A copy of the preliminary prospectus supplement and accompanying prospectus related to the offering of the Convertible Notes can be obtained by contacting Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or email: This email address is being protected from spambots. You need JavaScript enabled to view it..
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Hannon Armstrong
Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate change solutions, providing capital to leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $6 billion in managed assets as of June 30, 2020, Hannon Armstrong’s core purpose is to make climate-positive investments with superior risk-adjusted returns.
Forward-Looking Statements
Some of the information in this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, words such as “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may,” “target,” or similar expressions, are intended to identify such forward-looking statements. Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include those discussed under the caption “Risk Factors” included in the Company’s Annual Report on Form 10-K for the Company’s fiscal year ended December 31, 2019 and the Company’s Quarterly Reports on Form 10-Q for the Company’s quarters ended March 31, 2020 and June 30, 2020, which were filed with the SEC, as well as in other reports that the Company files with the SEC.
Forward-looking statements are based on beliefs, assumptions and expectations as of the date of this press release. The Company disclaims any obligation to publicly release the results of any revisions to these forward-looking statements reflecting new estimates, events or circumstances after the date of this press release.
INVESTOR RELATIONS INQUIRIES
Chad Reed
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Industry Boosted by the Increasing Use of Thin-Film Solar PV Modules
LONDON--(BUSINESS WIRE)--#GlobalSolarPVBacksheetMarket--The global solar PV backsheet market size is expected to grow by USD 2.06 billion during 2020-2024, progressing at a CAGR of almost 15% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of the Market Impact of COVID-19.
Thin-film solar PV modules are gaining prominence over other solar PV modules because they can be installed on curved surfaces and offer improved flexibility. They are less expensive and offer a promising growth option for the adoption of solar electricity. Cadmium telluride (CdTe) is the most commonly used type of thin-film solar PV module. Moreover, thin-film solar PV modules are extensively used in building-integrated photovoltaics (BIPVs). Thus, the diverse applications of thin-film solar PV modules are expected to drive market growth during the forecast period.
Report Highlights
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Growing Emphasis on Biodegradable solar PV Backsheeters will be a Key Market Trend
Solar power generation has emerged as one of the least expensive sources of clean energy. Several governments and organizations are undertaking initiatives and providing subsidies to reduce costs and increase solar power generation. For instance, The Solar Energy Technologies Office (SETO) of the US Department of Energy (US DOE) launched the SunShot Initiative in 2011 to reduce the cost and increase the adoption of solar-powered electricity. Such initiatives are expected to increase the number of solar PV panel installations globally. This will result in the global solar PV backsheet market growth during the forecast period as it is an integral component of the solar PV modules.
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Solar PV Backsheet Market 2020-2024 : Key Highlights
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HALIFAX, Nova Scotia--(BUSINESS WIRE)--Scott Balfour, President and CEO of Emera Inc. (TSX: EMA) announced today that Peter Gregg will become the next President & CEO of Nova Scotia Power Inc. (NSPI). Following a rigorous Canadian search that attracted a long list of high caliber internal and external energy executives, Peter was selected as the successful candidate.
“We are excited for Peter to join the Emera team as President and CEO of NSPI,” says Scott Balfour, President and CEO of Emera Inc. “Peter brings deep experience in the Canadian energy sector with a focus on energy efficiency, renewables and innovation. He is joining a strong team at NSPI that’s committed to transitioning to a lower carbon future while ensuring reliability, affordability and a superior customer experience for Nova Scotians.”
Peter is currently the President and CEO of the Independent Electricity System Operator (IESO) in Ontario. The IESO is an independent organization that oversees the safe and reliable operation of the bulk electricity system in Ontario, ensuring affordable electricity is available when and where people need it. The IESO also operates the wholesale electricity markets, plans for Ontario’s future electricity needs, focuses on energy efficiency and demand management programs, and works with partners to foster innovation in support of system cost effectiveness and reliability. Prior to his role at the IESO, Peter served as the President and CEO of Enersource and COO at Hydro One Networks where he was heavily focused on energy distribution in Ontario.
“I was attracted to this exciting opportunity because NSPI is recognized as an innovative and customer-centric utility with an impressive track record and plan for the continued transition to cleaner energy – all at a pace that is affordable for customers,” says Peter Gregg, Incoming President and CEO of NSPI. “I am looking forward to joining NSPI and working with the dedicated team to continue to deliver for customers in Nova Scotia.”
Peter will officially join the NSPI team in mid-November 2020.
About Emera
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $32 billion in assets and 2019 revenues of more than $6.1 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments throughout North America, and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F and EMA.PR.H. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional Information can be accessed at www.emera.com or at www.sedar.com.
About Nova Scotia Power
Nova Scotia Power Inc. is a wholly-owned subsidiary of Emera Inc. (TSX-EMA), a diversified energy and services company. Nova Scotia Power provides 95% of the generation, transmission and distribution of electrical power to more than 525,000 residential, commercial and industrial customers across Nova Scotia. The company is focused on new technologies to enhance customer service and reliability, reduce emissions and add renewable energy. Nova Scotia Power has over 1,700 employees and $4.1 billion in operating assets. Learn more at www.nspower.ca.
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CALGARY, Alberta--(BUSINESS WIRE)--White Whale announced today its AI Analytics platform, DeepSea, will be deployed across additional Husky Energy thermal bitumen projects in Saskatchewan.
The announcement follows a year-long pilot with the goal of improving steam-to-oil ratio (SOR) and optimizing production for Husky’s thermal bitumen projects in Saskatchewan. White Whale’s technology was successfully tested and validated at three Husky projects, Sandall, Edam East and Edam West. Husky plans to roll out the AI solution to monitor and optimize its remaining thermal projects using the DeepSea platform.
“Reducing our steam-to-oil ratios lowers our energy and air emissions intensity, including GHGs, while reducing operating costs and water use,” said Glen McCrimmon, Husky’s Chief of Innovation. “With the implementation of DeepSea, steam use is down 10%, and we have seen these results sustained over a year, which gave us a lot of confidence to expand our use of White Whale’s technology.”
The DeepSea AI-based solution is able to achieve these benefits by optimizing steam distribution and pump control across the entire field rather than a single or subset of wells. The system ingests billions of data points from downhole and surface sensors to determine each well’s sensitivity, then ciphers through millions of possible scenarios to find the global optimal solution.
“Solving for the global solution turned out to be an extremely difficult task even for experienced engineers, this is because the number of combinations scales exponentially with the number of wells,” explains Peter Guo, Head of Algorithms at White Whale. “Being built on distributed compute engines, DeepSea is able to get the run-time down from hours to minutes.”
To learn more about White Whale, please visit: www.whitewhale.ai
About White Whale:
White Whale is a growing software technology company that empowers businesses to turn their data into insights with AI Analytics. White Whale’s AI platform, DeepSea, provides machine learning and AI optimization solutions to a variety of industries including, Energy, Health and Wellness, Real Estate, Not For-Profit and Professional Sports. Clients include Boardwalk, YMCA Calgary, The Calgary Flames, United Way Calgary, and a number of Canada’s largest energy companies.
Jack Williams, Head of Operations, White Whale
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Together, Kahuna and HRG offer a digital platform and framework to keep a culture of excellence, quality, and safety front-of-mind at all times.
HOUSTON--(BUSINESS WIRE)--Kahuna Workforce Solutions and High Reliability Group (HRG) announce a partnership combining Kahuna’s proven SaaS platform with HRG’s organizational framework enabling organizations to create and sustain Operational Excellence.
Built with compliance and workforce management in mind, Kahuna gives enterprise-wide visibility into competencies and meets organizational needs of how they are really assigned, assessed, and managed. Ultimately, Kahuna’s platform ensures organizations have complete visibility and control, empowering complex organizations to place the right worker in the right job at the right time – one hundred percent of the time. HRG’s foundational framework is based on using the principles of the US Nuclear Navy to help clients in highly complex and potentially dangerous operational environments transform into High Reliability Organizations (HRO).
“Customers often ask for recommendations regarding their operating models and competency frameworks. HRG’s approach and expertise to ensure management systems, culture, leadership, and feedback all work together is a natural fit for our customer base,” said Jai Shah, Kahuna Co-founder and CEO. “Kahuna allows organizations who adopt the HRG framework to better sustain their operational excellence initiatives by engaging participants and allowing organizations to track and measure progress.”
“To transform at scale into a High Reliability Organization, our clients are often in need of tools that will enable change across geographically and operationally diverse operations. Combining our proven HRO principles with the Kahuna platform gives our clients the ability to accelerate the implementation of these required changes to establish a more safe, efficient, and effective working environment,” said Bob Koonce, HRG Founder and President.
In highly regulated environments, mistakes can cost lives. By partnering together, Kahuna’s best-of-breed competency management platform and HRG’s model for High Reliability Organizations offer clients the framework and software to transform their operational culture and performance, improve productivity, and prioritize safety into ongoing reputable processes.
About High Reliability Group
High Reliability Group LLC was founded in 2016 to help our clients improve operations based on the principles of the US Nuclear Navy. Each one of our consultants has significant experience in the U.S. Nuclear Submarine Force or Nuclear Surface Navy along with post-Navy industry experience. We look forward to helping you on your journey to Extreme Operational Excellence.
About Kahuna Workforce Solutions
Kahuna Workforce Solutions is transforming competency management and workforce planning. Our flagship Kahuna platform helps organizations gain an objective view of their workforce’s capabilities, measure talent supply against current and future demand, and maximize the return on training investment. Kahuna is used in a wide array of industries including oil and gas, healthcare, manufacturing, construction, and aerospace. For information visit www.kahunaworkforce.com.
Torrye Metoyer
Director of Marketing
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Industry Boosted by the High Rate of Infrastructure Development
LONDON--(BUSINESS WIRE)--#GlobalMetalWeldingMarket--The global metal welding market size is expected to grow by USD 8.56 million during 2020-2024, progressing at a CAGR of over 5% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of the Market Impact of COVID-19.
The high rate of infrastructure development will be one of the key factors driving the metal welding market growth. There has been a significant increase in investments in infrastructure projects across the world. For instance, in July 2019, the Government of India, in its FY2019 budget, announced a significant allocation of funds for several infrastructure development projects, including industrial corridors, dedicated freight corridor (DFC), Bharatmala Pariyojana, the Sagarmala Programme, and the UDAN schemes. Moreover, various governments are significantly investing in the development of sports infrastructure and facilities. Hence, spending on capital-intensive infrastructure development projects is expected to increase significantly in the next decade, which will support the growth of the global metal welding market.
Report Highlights
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Growth in Global Demand for Oil and Gas will be a Key Market Trend
The demand for oil and gas is continuously increasing, owing to the rising consumption of energy. The use of oil and gas will grow during the forecast period due to rapid industrialization and urbanization in developing countries such as India and China. With the increase in offshore oil and gas exploration activities, particularly deepwater exploration, metal welding operations have become significant. In the oil and gas industry, metal welding is used for the fabrication of pipelines, oil rigs, and other infrastructure. Therefore, the demand for metal welding equipment is high in the industry.
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Metal Welding Market 2020-2024: Key Highlights
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DAYTON, Ohio--(BUSINESS WIRE)--REX American Resources Corporation (NYSE American: REX), a leading ethanol company, announced today that it will report its fiscal 2020 second quarter financial results on Wednesday, August 26, pre-market and will host a conference call and webcast at 11:00 a.m. ET that morning to review the results.
To access the conference call, interested parties may dial 212-231-2900 (domestic and international callers). Participants can also listen to a live webcast of the call on the REX website at www.rexamerican.com/Corp/Page4.aspx. A webcast replay will be available for 30 days following the live event at www.rexamerican.com/Corp/Page4.aspx.
About REX American Resources Corporation
REX American Resources has interests in six ethanol production facilities, which in aggregate shipped approximately 650 million gallons of ethanol over the twelve-month period ended April 30, 2020. REX’s effective ownership of the trailing twelve-month gallons shipped (for the twelve months ended April 30, 2020) by the ethanol production facilities in which it has ownership interests was approximately 226 million gallons. In addition, the Company acquired a refined coal operation in August 2017. Further information about REX is available at www.rexamerican.com.
Douglas Bruggeman
Chief Financial Officer
937/276‑3931
Joseph Jaffoni, Norberto Aja
JCIR
212/835-8500
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Annual Green Region Program supports pollinator and other sustainability projects with nearly $200,000 in funding
CHICAGO--(BUSINESS WIRE)--To support habitats and other open-space projects throughout northern Illinois, ComEd and Openlands today announced grants to 26 public agencies through the annual ComEd Green Region Program. Grantees each receive a one-time grant of up to $10,000 to support and improve open-space projects. To address the recent decline in pollinators in our service area, many of this year’s projects focus on enhancing pollinator habitats and protecting species, such as butterflies, bees, and others. Illinois is home to thousands of native pollinator species, which provide critical support to our region's flowering and food plant populations.
Since the inception of the Green Region Program in 2013, ComEd has awarded a total of more than $1.5 million to municipalities across northern Illinois. This support has helped fund nearly 200 open-space projects, as well as restore and protect approximately 1,000 acres of land. ComEd provides the funding for the Green Region Program and Openlands, one of the oldest metropolitan conservation organizations in the nation, administers the grants to local communities.
“Every year, the Green Region Program reminds us of the power of investment in local environmental projects to provide customers and communities with their own, unique green spaces,” said Melissa Washington, senior vice president of governmental and external affairs at ComEd. “With each grant, ComEd, alongside Openlands, helps ensure the enhancement of green space and biodiversity, while creating a lasting impact in the communities we’re so privileged to serve.”
“Over the past seven years we’ve seen the incredible impact the ComEd Green Region Program has made in communities across northern Illinois,” said Jerry Adelmann, Openlands’ President and CEO. “Now more than ever we know how vital open natural areas are for our health and well-being. Through the leadership and cooperation of ComEd, we’ve supported the creation and sustainability of 189 sites, and protected and restored more than 1,000 acres for residents to enjoy. We extend our gratitude to ComEd and thank the many partners who have implemented these projects across the region.”
Additional information on the ComEd Green Region Program can be found at Openlands.org/GreenRegion.
The 26 ComEd Green Region Program grant recipients for 2020 are:
Rusty Patched Bumble Bee Habitat Recovery and Community Outreach Program (Kendall County Forest Preserve District): This project will build on efforts to enhance the pollinator habitat within the population's high-probability zone for occurrence at Hoover and Fox River Bluffs Forest Preserves. Kendall County's only documented local population of the federally endangered Rusty Patched Bumble Bee (Bombus affinis) is located within these two forest preserves areas.
Tuscany Woods Pollinator Meadow (Hampshire Township Park District): This project will establish the first natural area as a pollinator meadow at the park at Tuscany Woods to create a native habitat in a developing community and provide public education on the importance of pollinator species.
Pearl City Prairie Project (Village of Pearl City): This project will help with the development of native prairie plantings with walking paths for a vacant property on Main Street. The native prairie will establish pollinator habitats where none existed before. The project will also include a parking area and a walking bridge.
Heritage Knolls Naturalization Project (Frankfort Park District): This project will help naturalize a 3/4-acre area along an existing trail. This area is currently mowed turf and a swale area for water runoff from the adjacent neighborhood.
Farming with Pollinators: A Growing for Kane Project (Kane County): This project will help create a plan to illustrate how farm and farm-adjacent properties can best include pollinator conservation space and practices. It will also inform farm policies and practices in Kane County and the surrounding region.
Pollinator Park at Hillcrest Lake in Prospect Heights (City of Prospect Heights): This project will replace a three-acre site surrounding Hillcrest Lake with a native pollinator park by creating riparian buffers, rich in biodiversity that incorporates a trail network and interpretative signage. Currently, the site suffers from localized flooding and shoreline erosion, which leaves the area with little ecological and recreational value.
Gray Willows Farm Pollinator Habitat Improvement (Campton Township Parks): This project will support an ongoing effort to restore new habitat and enhance restored areas at Gray Willows Farm with essential native plants and seeds.
Pollinator Project at Neville Park (Foss Park District): This project will establish a portion of one of the parks as a pollinator habitat for beneficial insects. This includes installing signage to educate the public on pollinators and pollinator conservation.
2020 Native Habitats (Kishwaukee Water Reclamation District): This project will convert 22.5 acres of mowed turf grass to native habitat at Hopkins Park and Rotary Park in DeKalb County. The native habitats will provide habitat for pollinators, as well as other wildlife, and to educate the public on the importance of pollinator conservation.
DuPage County Turf to Meadow Demonstration Project (DuPage County Stormwater Management): This project will convert 3/4 acres of turf into a native meadow in a high-profile location on its campus in Wheaton, Ill. In addition to supporting pollinators, this demonstration project will educate the campus’ more than one million annual visitors on alternative options to traditional turf grass.
Maryknoll - Interpretive Pollinator Garden and Turf to Pollinator Prairie (Glen Ellyn Park District): This project will support two key locations at Maryknoll Park being planned for pollinator enhancements. A garden at the entry will be enhanced and expanded with pollinator container plants. Turf in the park will be converted to a pollinator prairie.
Beautify the Crossroads of the Midwest (Village of Dolton): This project will help beautify the Crossroads of the Midwest, currently a dilapidated parcel of land in Dolton, by pollinating the land with planting flowers, bushes and trees.
Native Restoration of Tower Lakes Nature Preserve (Village of Tower Lakes): This project will help restore the 17-acre Tower Lakes Nature Preserve, which includes oak groves, prairie and wetlands, by eliminating invasive trees and brush and seeding native plants to encourage pollinators and create education opportunities for residents.
Pollinator Meadows Across Kane County (Forest Preserve District of Kane County): This project will help turn 22 acres of formerly mowed turf, spread out across five preserves, into pollinator habitat. This effort will aid in the creation of natural corridors and promote pollinator awareness and education.
Northbrook Park District Prescribed Burn & Community Outreach Program (Village of Northbrook): This project involves completing prescribed burns of native landscaping to improve the vitality of the native landscapes and wildlife. It will also help develop educational programming and materials on native landscape care and connect with the park district’s existing programs.
Village Butterfly Gardens (Village of La Grange Park): This project will help construct multiple butterfly gardens within the La Grange Park village limits. It will also utilize village-owned green spaces to enhance awareness and education about pollinators and help beautify existing green spaces.
Lake Carroll Water Conservation and Pollinator Habitat Initiative (Lake Carroll Association): This project will provide water quality improvements using native vegetation. This is a highly visible public space that will bring awareness of the need of pollinator plants for overall environmental health to many visitors annually.
Bartlett Creek Restoration Project (Village of Bartlett): This project will help remove invasive weeds along the Bartlett Creek and replant the area with pollinators to promote pollinating species and creek stabilization.
Village of Deer Park Butterfly Garden (Village of Deer Park): This project will help enhance the Butterfly Garden at Vehe Farm Park for residents and visitors.
Village Hall Rain Garden and Bee Habitat (Village of Port Barrington): This project will create a rain garden, vegetative swale and butterfly/bee habitats to educate the public about the importance of conservation with aesthetic benefits.
Urban Pollinator Conservation (City of Waukegan): This project will establish multiple native pollinator gardens, including along a block of Sheridan Road, a trail by the lakefront and at the “Welcome to Waukegan” signs. Interpretive signage will be installed to explain the importance and significance of urban pollinator conservation.
Everts Park Rain Garden and Native Wildflower Plantings (City of Highwood): This project will help renovate Everts Park with pollinator-attracting wildflowers, shrubs turned into planting beds, and a rain garden. The planting beds will attract bees, butterflies and other pollinators. Educational signage describing the plantings and gardening methods is also planned to encourage region-wide implementation.
Ben Miller Park Improvements (Village of German Valley): Through a volunteer initiative, this project will update an aging park with a new playground and memorial butterfly garden. So far, project volunteers have raised more than $70,000 to provide residents with a much-needed outdoor experience.
Whippoorwill Park Pollinator Gardens (Village of Mettawa): This project will enhance Whippoorwill Park, one of the most visited and easily accessible Mettawa parks, with pollinator gardens.
Edgewater Drive Rain Garden (City of Crystal Lake): This project will convert a parcel of city-owned property into a rain garden using native vegetation.
The Triangle Pollinator Habitat (City of Hickory Hills): This project will transform an unused area of turf grass into an established pollinator habitat. The habitat will support native pollinator species, educational signage and a public passive recreational area.
ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 100 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube.
Founded in 1963, Openlands is one of the nation’s oldest and most successful metropolitan conservation organizations, having helped secure, protect, and provide public access to more than 55,000 acres of land for parks, forest preserves, wildlife refuges, land and water greenway corridors, and urban gardens. For more information, please visit openlands.org.
ComEd Media Relations
312-394-3500
HOUSTON--(BUSINESS WIRE)--#BESS--Key Capture Energy (KCE) has selected Mitsubishi Hitachi Power Systems Americas, Inc. (MHPS) and Powin Energy Corporation (Powin) to build three utility-scale battery energy storage systems (BESS) projects totaling 200 megawatts (MW) in Texas. MHPS will provide turnkey engineering, procurement, and construction, as well as long-term service support for all direct current (DC) equipment, power conversion systems, and high voltage substations. Powin will provide a fully integrated battery, a battery management system, and long-term service.
Construction on KCE TX 11 (50 MW), KCE TX 12 (100 MW), and KCE TX 23 (50 MW) will begin in the fall of 2020, and the projects will be online before the summer of 2021. KCE has been a first mover in Electric Reliability Council of Texas (ERCOT) standalone storage. The company’s first-half 2021 operating capacity of 229.7 MW of battery storage projects is enhanced by 199 MW of offtake contracts with investment grade counterparties.
MHPS and Powin both have extensive lithium ion energy storage experience and together developed a custom solution to meet KCE’s technical requirements. It uses lithium iron phosphate battery chemistry (LiFePO4) combined with fast acting controls and power conversion systems selected from key suppliers.
The BESS projects expand all three companies’ presence in ERCOT. KCE is currently the second largest operator of stand-alone battery storage projects in Texas, with three operating projects totaling 29.7 MW — all of which Powin contributed to as the battery system integrator. KCE also has a growing pipeline of stand-alone energy storage projects under development in Texas. The Mitsubishi Heavy Industries Group Companies have been leading the investment in lower carbon intensive energy technology in Texas, which includes 2 gigawatts (GW) of on-shore wind generation, 1.3 GW of natural gas generation, and the world’s largest post-combustion carbon dioxide capture project. The BESS projects continue Mitsubishi’s history of technology-driven partnerships and solutions in the region.
Jeff Bishop, Chief Executive Officer of Key Capture Energy, stated, “As an industry-leading energy storage solution provider, MHPS has a strong history of technological innovation, a proven track record in large-scale project management, and strong financial positioning. We are pleased to partner with MHPS to supply full turnkey solutions for this round of Texas projects. Texas is the epicenter of the global energy market, and with a growing Houston office, we look forward to providing best-in-class energy storage solutions in the Lone Star state for decades to come.”
Tom Cornell, MHPS’ Vice President of NEXT, said, “Key Capture Energy is a premier developer with an impressive 1500 MW of stand-alone battery storage projects in its pipeline across the country. We look forward to joining forces in Texas to build battery energy storage for ERCOT’s needs. With today’s increasing penetration of renewable energy, it’s an ideal time for projects such as this to optimize the grid. We are experiencing a Change in Power.”
About Key Capture Energy
Key Capture Energy (KCE) identifies, develops, constructs and operates energy storage solutions to foster greater deployment of renewable energy, create a more stable electric grid, and provide value to all ratepayers. By comprehensively studying the grid for geographically and electrically beneficial market opportunities and researching and selecting the best technology solutions to meet the needs of an evolving energy landscape, KCE efficiently constructs and effectively operates large-scale energy storage projects today that will transition us to the grid of tomorrow. For more information about KCE, visit www.keycaptureenergy.com.
About Mitsubishi Hitachi Power Systems Americas, Inc.
Mitsubishi Hitachi Power Systems Americas, Inc. (MHPS Americas) headquartered in Lake Mary, Florida, employs more than 2,000 power generation, energy storage, and digital solutions experts and professionals. Our employees are focused on empowering customers to affordably and reliably combat climate change while also advancing human prosperity throughout North and South America. MHPS Americas’ power generation solutions include natural gas, steam, aero-derivative, geothermal, distributed renewable technologies, environmental controls, and services. Energy storage solutions include green hydrogen and battery energy storage systems. MHPS also offers digital solutions that enable autonomous operations and maintenance of power assets. MHPS Americas is a subsidiary of Mitsubishi Hitachi Power Systems (MHPS), a joint venture between Mitsubishi Heavy Industries, Ltd. and Hitachi, Ltd. integrating their operations in power generation systems. MHPS recently announced that its name will change to Mitsubishi Power on September 1, 2020.
Learn more about MHPS by visiting www.changeinpower.com and https://www.linkedin.com/company/mitsubishi-hitachi-power-systems-americas-inc-/.
About Powin Energy Corporation
Based in Tualatin, Oregon, Powin is a global leader in cost-effective, safe and scalable battery energy storage systems. The Powin Stack™ is purpose-built for the demands of utility, C&I, and microgrid applications. Powin's BESS has a modular architecture, which facilitates streamlined and cost efficient installation for projects from MWh to GWh scale. Powin's industry-leading product offering is supported by an unrivaled team of experts from across the energy industry with decades of experience in product design, manufacturing, and software development. To learn more about Powin, please visit http://www.powinenergy.com/ or call (503) 516-3398.
Sarah Bray
Key Capture Energy
(832) 226-2116
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Sharon Prater
MHPS Americas, Inc.
(407) 688-6200
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--Strategic Senior Leadership Hires Will Support the Advancement of NRG’s Customer-Centric Strategy--
PRINCETON, N.J.--(BUSINESS WIRE)--NRG Energy, Inc. (NYSE: NRG) today announced the appointment of two new members of senior management to the organization. Jeanne-Mey Sun, Ph.D., joins NRG as Vice President, Sustainability, and Dak Liyanearachchi joins NRG in the newly created role of Senior Vice President, Data and Analytics.
“As we redefine the role of power in the lives of our customers, it’s critical to add experienced voices to our management team who can support the advancement of our strategy,” said Mauricio Gutierrez, President and Chief Executive Officer. “With the acceleration in 2019 of our emissions-reduction goals and our increasing focus on the customer through data analytics, the appointment of Jeanne-Mey and Dak will help to drive our business forward.”
In her role as Vice President, Sustainability, Sun will continue the advancement of NRG’s leading sustainability strategy, including developing and implementing a range of approaches to achieve the Company’s previously announced carbon reduction targets of 50% by 2025 and net-zero by 2050, from a 2014 baseline. Sun will also facilitate a deeper understanding of sustainability standards and solutions for new and existing residential and commercial customers who are looking to reach their sustainable energy goals.
Sun joins NRG from Baker Hughes Company, where she most recently served as Executive of Energy Transition and Clean Energy Solutions and previously held leadership roles in Corporate Strategy, Growth, and Integration Planning. In her most recent role, Sun led the development and operationalization of Baker Hughes’ energy transition strategy, partnered with key stakeholders to jointly reduce the carbon footprint of the company and its customers, led an expansion into cleaner energy solutions, and wrote and began the execution of the organization’s commitment to achieve net-zero carbon emissions by 2050.
As Senior Vice President, Data and Analytics, reporting to Mauricio Gutierrez, NRG’s President and CEO, Liyanearachchi will help enhance NRG’s customer strategy by bringing the organization’s digital transformation to scale. Liyanearachchi will drive the expansion of the company’s data and analytics capabilities, moving the organization forward toward further interorganizational interconnection, customer personalization and service, and an analytics-supported strategy.
Liyanearachchi joins NRG from Hilton Worldwide, where he most recently served as Chief Data & Analytics Officer. In his previous role, Liyanearachchi drove further innovation in Hilton, building the organization’s Data Analytics Center of Excellence and a Data Lake, which expanded self-service reporting capabilities across the enterprise. Further, Liyanearachchi implemented data science and analytics-led initiatives focused on revenue management, marketing optimization, personalization, and forecasting. Prior to his time at Hilton, Dak was Chief Data & Analytics Officer at Catalina Marketing.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are subject to certain risks, uncertainties and assumptions and typically can be identified by the use of words such as “expect,” “estimate,” “should,” “anticipate,” “forecast,” “plan,” “guidance,” “outlook,” “believe” and similar terms. Although NRG believes that the expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially.
NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The foregoing review of factors that could cause NRG’s actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect NRG’s future results included in NRG’s filings with the SEC at www.sec.gov.
About NRG
At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to more than 3.7 million residential, small business, and commercial and industrial customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, and by working towards a sustainable energy future. More information is available at www.nrg.com. Connect with NRG on Facebook, LinkedIn and follow us on Twitter @nrgenergy, @nrginsight.
Investors:
Kevin L. Cole, CFA
609.524.4526
Media:
Candice Adams
609.455.3777
Clean Energy Facility Capable of Powering an Average of 30,000 Texas Homes Annually
174 Power Global Affiliate Chariot Energy Commits to Purchasing Nearly 20% of Oberon Output
HOUSTON--(BUSINESS WIRE)--174 Power Global today announced that it has completed and energized its Oberon Solar Power Facility (“Oberon”), one of the largest utility-scale solar generation facilities in Texas. Chariot Energy, an affiliate of 174 Power Global, has entered into a power purchase agreement (PPA) for 30 megawatts (MW) of the 180-MW project to support its 100 percent renewable energy product offering to retail customers across the deregulated Texas energy market, the Electric Reliability Council of Texas (“ERCOT”).
“This is a major milestone for both 174 Power Global and Chariot Energy, as we commissioned this project as a means of helping transform the way energy is generated and provided to the grid,” said 174 Power Global and Chariot Energy President and CEO, Henry Yun, PhD. “This announcement underscores our commitment to providing sustainable energy solutions to homes and businesses across the state.”
174 Power Global broke ground on the 180-MW project, located outside of Odessa in Ector County, in June 2019. The area was selected as it receives an abundance of productive sun and is a welcoming environment for new business by the local community. The facility is comprised of more than 560,000 solar panels.
The energy generated by the Oberon facility also will directly benefit Chariot Energy retail customers, who will receive grid energy powered by solar, without the need for the upfront expense of costly equipment traditionally required to go solar.
“Last year, we set out to position Chariot Energy as a leader in the renewable energy space at the consumer level in Texas, in addition to providing world-class customer service and transparency in our product offerings,” said Yun. “Today’s announcement does just that. Customers who choose Chariot Energy get clean, solar-generated electricity at prices competitive with energy plans that rely on traditional sources of energy, such as fossil fuels.”
About 174 Power Global
Irvine, California-headquartered 174 Power Global is a leading solar energy company that is wholly owned by the Hanwha Group. With deep expertise across the full spectrum of the project development cycle, 174 Power Global works closely with landowners, local communities, financial investors and other partners to build highly productive, utility scale solar power plants throughout North America. Since its formation in 2017, 174 Power Global has signed nearly 2 gigawatts (GW) of power purchase agreements and has more than 6 GW of additional projects in the development pipeline. The Company was ranked as the 2018 number #1 solar project development company in the United States by Wood Mackenzie. 174 Power Global’s name was inspired by the 174 petawatts (PW) of power the earth receives from the sun at any moment.
For more information, visit: www.174powerglobal.com/
About Chariot Energy
Chariot Energy is a Houston-headquartered retail energy provider that provides 100% clean, renewable energy to the Texas market. By offering simple, transparent and reliable electricity products to the communities it serves, Chariot Energy is transforming the energy supply for Texas while modernizing and simplifying the way solar energy is sold and delivered. In collaboration with its affiliate companies, Chariot Energy is able to bring competitive prices to the market by leveraging its value chain from the manufacturing of the solar modules and development of utility scale solar plants to the delivery of renewable power to homes and businesses.
Chariot Energy’s mission is to bring solar electricity to all, without a premium.
Chariot Energy was recently named a top three retail electricity provider by the readers of the Houston Chronicle and awarded five out of five stars by the Public Utilities Commission of Texas (PUCT). Additionally, a well-established energy ratings website named Chariot Energy a top two retail energy provider, ahead of legacy brands, such as Reliant, TXU and Gexa.
For more information, visit: https://chariotenergy.com/
For media inquiries:
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713.822.7538
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Brian Armentrout
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Dubai–Israel Trading Opportunities
NEW YORK--(BUSINESS WIRE)--The Rapaport Group congratulates the governments of the United Arab Emirates (UAE) and Israel on the normalization of relations. Trade ties between the two countries are expected to improve with significant opportunity for the diamond and jewelry industry.
The Rapaport Group with offices in the Dubai Diamond Exchange and Israel Diamond Exchange for over fifteen years and hundreds of clients in both Dubai and Ramat Gan offers its services to help connect members of the Dubai and Israel diamond trade. We are able to assist with payment, shipping and quality control services. Companies seeking to develop trading relationships are encouraged to email This email address is being protected from spambots. You need JavaScript enabled to view it..
“The diamond industry is undergoing a period of great change, challenge and opportunity. The normalization of relations between Dubai and Ramat Gan sets the stage for improved trade and relationships between Jews and Arabs. It’s not just about diamonds, it’s about people getting to know each other and trust each other through business. We look forward to helping members of the diamond community build relationships that promote peace and prosperity," said Martin Rapaport, Chairman of the Rapaport Group.
About the Rapaport Group:
The Rapaport Group provides a broad range of international added-value services that support the development of ethical, transparent, competitive and efficient diamond and jewelry markets. Established in 1978, the Rapaport Price List is the primary source of diamond price and market information. Group activities include Rapaport Information and Research Services, Rapaport Magazine, and the Diamonds.Net portal; RapNet, the world’s largest diamond trading network; RapLab diamond grading services; and Rapaport Trading and Auction Services, specializing in recycled diamonds and jewelry. The Group supports over 20,000 clients in 121 countries and has offices in New York, Las Vegas, Antwerp, Ramat Gan, Mumbai, Surat and Hong Kong. Additional information is available at www.Rapaport.Com.
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HOUSTON--(BUSINESS WIRE)--National Oilwell Varco, Inc. (the “Company” or “NOV”) (NYSE: NOV) announced today that it has commenced a cash tender offer for any and all of its outstanding $400,000,000 aggregate principal amount of 2.600% Senior Unsecured Notes due 2022 (CUSIP No. 637071 AJ0) (the “Notes”), on the terms and subject to the conditions set forth in the Offer to Purchase, dated the date hereof (the “Offer to Purchase”), and the related Notice of Guaranteed Delivery attached to the Offer to Purchase (the “Notice of Guaranteed Delivery”). The tender offer is referred to herein as the “Offer.” The Offer to Purchase and the Notice of Guaranteed Delivery are referred to herein collectively as the “Offer Documents.”
The tender offer consideration for each $1,000 principal amount of the Notes purchased pursuant to the Offer will be $1,035 (the “Tender Offer Consideration”). Holders must validly tender (and not validly withdraw) or deliver a properly completed and duly executed Notice of Guaranteed Delivery for their Notes at or before the Expiration Time (as defined below) in order to be eligible to receive the Tender Offer Consideration. In addition, holders whose Notes are purchased in the Offer will receive accrued and unpaid interest from the last interest payment date to, but not including, the Payment Date (as defined in the Offer to Purchase) for the Notes. The Company expects the Payment Date to occur on August 26, 2020 and the Guaranteed Delivery Payment Date to occur on August 28, 2020.
The Offer will expire at 5:00 p.m., New York City time, on August 25, 2020 (such time and date, as it may be extended by the Company, the “Expiration Time”), unless extended or earlier terminated by the Company. The Notes tendered may be withdrawn at any time at or before the Expiration Time by following the procedures described in the Offer to Purchase.
The Company’s obligation to accept for purchase and to pay for the Notes validly tendered and not validly withdrawn pursuant to the Offer is subject to the satisfaction or waiver, in the Company’s discretion, of certain conditions, which are more fully described in the Offer to Purchase. The complete terms and conditions of the Offer are set forth in the Offer Documents. Holders of the Notes are urged to read the Offer Documents carefully.
The Company has retained D.F. King & Co., Inc. as the tender agent and information agent for the Offer. The Company has retained Barclays Capital Inc. (“Barclays”) and J.P. Morgan Securities LLC (“J.P. Morgan”) as the dealer managers (the “Dealer Managers”) for the Offer.
Holders who would like additional copies of the Offer Documents may call or email the information agent, D.F. King & Co., Inc. at (212) 269-5550 (banks and brokers), (800) 967-7510 (all others), or This email address is being protected from spambots. You need JavaScript enabled to view it.. Copies of the Offer to Purchase and Notice of Guaranteed Delivery are also available at the following website: www.dfking.com/nov. Questions regarding the terms of the Offer should be directed to Barclays at (800) 438-3242 (U.S. toll-free) or (212) 528-7581 (collect) or J.P Morgan at (866) 834-4666 (toll-free) or (212) 834-3424 (collect).
This press release shall not constitute an offer to buy, or a solicitation of an offer to sell, any Notes. The Offer is being made solely pursuant to the Offer Documents. The Offer is not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Offer to be made by a licensed broker or dealer, the Offer will be deemed to be made on behalf of the Company by the Dealer Managers or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.
About NOV
NOV is a leading provider of technology, equipment, and services to the global oil and gas industry that supports customers’ full-field drilling, completion, and production needs. Since 1862, NOV has pioneered innovations that improve the cost-effectiveness, efficiency, safety, and environmental impact of oil and gas operations. NOV powers the industry that powers the world.
Visit www.nov.com for more information. Information on the Company’s website is not part of this release.
Cautionary Notice Regarding Forward-Looking Statements
Statements made in this press release that are forward-looking in nature are intended to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and may involve risks and uncertainties. Such statements include plans, projections and estimates regarding the Offer. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including prevailing market conditions, satisfaction of conditions, changes in timing and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. Readers are referred to documents filed by NOV with the SEC, including the Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which identify significant risk factors. Actual results may differ from those contained in the forward-looking statements. The Company undertakes no obligation to update forward-looking statements, except as required by law.
Blake McCarthy
(713) 815-3535
SAN DIEGO--(BUSINESS WIRE)--BAE Systems has received a $103.5 million contract from the U.S. Navy for the maintenance and modernization of the Arleigh Burke-class guided-missile destroyer USS Preble (DDG 88). The value of the competitively awarded contract could reach $117.7 million if all options are exercised.
Under the depot maintenance period (DMP) availability contract awarded, BAE Systems will dry-dock the ship, perform underwater hull preservation work, upgrade the ship’s Aegis combat system and its command and control equipment, and refurbish the living spaces for the ship’s 280 crewmembers. The work is expected to begin in October 2020 and be completed in February 2022.
“The depot maintenance availability BAE Systems will perform aboard USS Preble is complex and critical,” said David M. Thomas Jr., vice president and general manager of BAE Systems San Diego Ship Repair. “Our team of employees, subcontractors and Navy personnel have a great deal of experience with the DDG class and look forward to ushering the USS Preble into its next phase of fleet readiness.”
BAE Systems’ San Diego shipyard is completing similar work aboard the guided missile destroyer USS Shoup (DDG 86).
USS Preble is the 38th ship in the Arleigh Burke class and was commissioned in June 2002. The ship is named in honor of Commodore Edward Preble, an early 19th century U.S. Navy hero. Five previous U.S. naval combatants were named after the commodore.
BAE Systems is a leading provider of ship repair, maintenance, modernization, conversion, and overhaul services for the Navy, other government agencies, and select commercial customers. The company operates four full-service shipyards in California, Florida, Hawaii, and Virginia, and offers a highly skilled, experienced workforce, eight dry-docks/railways, and significant pier space and ship support services. The company’s San Diego shipyard has approximately 1,230 employees and works with the Navy and several subcontractor companies to accomplish its ship sustainment work.
Karl Johnson, BAE Systems
757-375-5086
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www.baesystems.com/US
@BAESystemsInc
DUBLIN--(BUSINESS WIRE)--The "Micro Inverter Market - Growth, Trends, and Forecast (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
The Micro Inverter Market is expected to register a CAGR of 20.8% during the forecast period of 2020-2025.
Microinverter is a device which converts direct current (DC) generated by solar cells to alternating current (AC). The demand for these inverters is increasing amongst the commercial sector on account of increasing electricity cost and longer installation duration of string inverters.
The factors like enabling module-level monitoring, easier installation, enhanced design flexibility, removing the need for DC switching points and better safety than conventional inverters are some factors that are fueling the growth of micro inverter market.
The microinverter market is driven by constant R&D activities and significant reduction in the costs of microinverters. Further, market also receives a great boost due to its compact size and versatility. Also, increasing requirement of consumers, based on modularity, safety, and maximum energy harvest will continue to drive the market at a considerable pace in the forecast period.
Due to COVID-19 pandemic spread around the world, disruption in supply of micro inverters has quickly turned to an unprecedented stall in global demand, switching the industry almost overnight from a sellers' market to a buyer's markets.
COVID-19 is also expected to severely hit the planning and completion of new projects in 2020 for this market. In solar, a shortage of installation components including inverters and modules is pushing prices up by as much as 15 per cent in markets like United States.
Key Market Trends
Residential Segment to Drive the Market Growth
Asia-Pacific to Register Highest Market Growth
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rise in benefits and awareness about the renewable energy sources along with increased adoption
4.2.2 Cost-effectiveness and increased developments of these products
4.3 Market Restraints
4.3.1 High installation and maintenance costs
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.6 Assessment of Impact of COVID-19 on the Industry
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Single Phase
5.1.2 Three Phase
5.2 By Communication Technology
5.2.1 Wired
5.2.2 Wireless
5.3 By Sales Channel
5.3.1 Direct
5.3.2 Indirect
5.4 By Application
5.4.1 Residential
5.4.2 Commercial
5.4.3 PV Power Plant
5.5 Geography
5.5.1 North America
5.5.2 Europe
5.5.3 Asia-Pacific
5.5.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Enphase Energy Inc.
6.1.2 Altenergy Power System Inc
6.1.3 Sunpower Corporation
6.1.4 Siemens AG
6.1.5 Zhejiang Envertech Corporation Limited
6.1.6 ReneSolaPower
6.1.7 Darfon Electronics Corp.
6.1.8 AEconversion GmbH & Co. KG
6.1.9 SMA Solar Technology AG
6.1.10 Sparq Systems
6.1.11 Omnik New Energy
6.1.12 Sensata Technologies Inc.
6.1.13 EnluxSolar Co. Ltd.
6.1.14 ABB
6.1.15 Delta Energy Systems
6.1.16 SolarEdge Technologies Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/o0g7sb
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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PG&E Encourages Customers to Conserve Electricity as California ISO Declares Flex Alert Tuesday
Conserve Power Between 3 p.m. and 10 p.m.
SAN FRANCISCO--(BUSINESS WIRE)--Based on current energy supply forecasts, rotating power outages are likely to occur Tuesday. Pacific Gas and Electric Company (PG&E) urges customers to conserve electricity in response to the California Independent System Operator’s (ISO) statewide Flex Alert called for Tuesday from 3 p.m. to 10 p.m. CAISO is the organization that manages the state's power grid.
The CAISO on Friday (Aug, 14) announced a series of Flex Alerts amid forecasts of extended, above-normal temperatures across California. Extreme heat is forecasted to last at least through Thursday. The prolonged heat is expected to drive electricity demand higher, as nighttime temperatures are also forecast to be above average.
Outages are estimated to last about two hours. PG&E’s Emergency Operations Center is activated and working closely with the CAISO to support this event.
Energy Conservation is Key
Thanks in part to conservation among customers across the service area on Monday, the CAISO did not have to call on PG&E and other utilities to conduct rotating outages Monday night. Continued conservation during each Flex Alert will help protect the state’s grid through this ongoing heatwave.
Find Out if Your Address Could be Affected Today
If the CAISO does order PG&E to initiate rotating outages, customers can look up their address to determine if their household will be affected. Visit www.pge.com/rotatingoutages to look up your address.
Reason for Rotating Outages
Rotating outages (Stage 3 Emergencies) are necessary when the CAISO is unable to meet minimum contingency reserve requirements and load interruption is imminent or in progress. These emergencies are declared by the CAISO. During these emergencies, the CAISO will typically order the state's utilities, including PG&E, to reduce electric load by turning off service immediately to prevent larger outages on the grid. Due to the emergency nature of these outages, utilities may not be able to give advance warning to customers.
These outages are not Public Safety Power Shutoffs, which are called during specific high fire-threat conditions, and they are not related to any issues with PG&E’s equipment or its ability to deliver energy locally.
Energy Conservation Tips
PG&E strongly urges customers to reduce electricity use during the Flex Alert, especially during the afternoon and evening, when air conditioners typically run at peak use. Customers should also follow these conservation tips:
PG&E Tips to Stay Safe and Cool
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.
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Industry Boosted by the Maturing Oil and Gas Fields and Aging Platforms
LONDON--(BUSINESS WIRE)--#GlobalOffshoreDecommissioningMarket--The global offshore decommissioning market size is expected to grow by USD 1.77 billion during 2020-2024, progressing at a CAGR of almost 6% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of the Market Impact of COVID-19.
The need for decommissioning an oil field arises due to a decline in production of crude oil or natural gas from the producing well. When the production reduces to the level where the operating cost involved in running the offshore facility is high, and the revenue generated by selling the crude oil is low, the oil well becomes a liability for the oil company as it is no more economically feasible to continue with the operations. For instance, according to the EIA, crude oil prices crashed from over USD 1.2 per gallon in 2017 to USD 0.8 per gallon in 2020 in the US. The decline in the price of crude oil will drive well decommissioning leading to the growth of the market.
Report Highlights
Read the full report here: www.technavio.com/report/offshore-decommissioning-market-industry-analysis?
Rising Investments in Renewable Energy will be a Key Market Trend
The rising investment in renewable energy is one of the key emerging trends in the global offshore decommissioning market. The key to achieving economic, social, and environmental development is to shift from fossil fuels to renewable sources such as wind, solar, and geothermal. Thus, many countries are adopting renewable energy sources such as solar energy, mainly due to the reduction in the overall installation cost associated with solar photovoltaics. This has increased the adoption of alternative sources of energy, which is driving attention away from the oil and gas sector, thus leading to the growth of the well decommissioning market.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Offshore Decommissioning Market 2020-2024 : Key Highlights
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NORTH CHARLESTON, S.C.--(BUSINESS WIRE)--$NGVT #purifyprotectenhance--Ingevity Corporation (NYSE: NGVT) today published its 2019 sustainability report, detailing the company’s ongoing commitment to operating as a sustainable organization. The full report is available at: Ingevity.com/about/sustainability.
“Ingevity’s sustainability framework is aimed at creating value for stakeholders and enabling the company to fulfill its purpose—to purify, protect and enhance the world around us,” said Rick Kelson, Ingevity’s chairman of the board, and interim president and CEO. “Our sustainability initiative is helping to drive our business forward by taking a holistic approach to managing our company, ultimately aiding the long-term viability of our company while meeting short-term challenges. We are proud of the achievements shared in our 2019 report and look forward to continuing the dialogue as we share progress on our new sustainability initiatives.”
The 2019 report provides new information regarding our 2019 performance, outlining key performance indicators and management practices for each of Ingevity’s pillars of sustainability. Additional features that are new to this report include:
The company plans to report on its sustainability journey every two years, with updates in the alternating years. To view Ingevity’s 2019 sustainability report, or learn more about the company’s sustainability initiative, please visit: www.ingevity.com/about/sustainability.
Ingevity’s 2019 sustainability report was prepared in accordance with the Global Reporting Initiative (GRI) Standards, core option. The company self-certifies that the information and data in the report is as accurate and inclusive as possible, as reflected by the management systems that were in place prior to January 1, 2020.
Ingevity: Purify, Protect and Enhance
Ingevity provides specialty chemicals, high-performance carbon materials and engineered polymers that purify, protect and enhance the world around us. Through a team of talented and experienced people, Ingevity develops, manufactures, and brings to market products and processes that help customers solve complex problems. These products are used in a variety of demanding applications, including asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants, publication inks, coatings, elastomers, bio-plastics and automotive components that reduce gasoline vapor emissions. Headquartered in North Charleston, South Carolina, Ingevity operates from 25 locations around the world and employs approximately 1,850 people. The company is traded on the New York Stock Exchange (NYSE: NGVT). For more information visit www.ingevity.com.
--08182020 Sustainability--
Contact:
Laura Woodcock
843-746-8197
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Investors:
Jack Maurer
843-746-8242
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Leading truck leasing company to conduct national tour of Hyliion’s hybrid powertrain technology for U.S. commercial fleets
AUSTIN, Texas--(BUSINESS WIRE)--Hyliion Inc. (Hyliion), a leader in electrified powertrain solutions for Class 8 commercial vehicles, and Dana Incorporated (NYSE: DAN), a leader in commercial vehicle drivetrains known for its Spicer Electrified technologies, have launched a national program with Idealease to demonstrate Hyliion’s Hybrid Diesel Powertrain to Idealease customers. Idealease is North America’s premier full-service commercial truck leasing, rental and maintenance company.
Hyliion’s Hybrid Diesel system can reduce fuel usage, decrease greenhouse gas emissions, improve performance and reduce operating costs for today’s leading commercial fleets and brands. It is designed to be installed on most major Class 8 commercial vehicles.
“Working with industry leaders like Idealease and Dana is critical to introducing our technology to fleets throughout the country,” said Thomas Healy, CEO and founder of Hyliion. “The commercial transportation industry has reached a pivotal point where environmental impact is paramount to business success. Our hybrid system has the potential to transform diesel fleets, offering an immediate, sustainable impact on a company’s carbon footprint while delivering a positive return for their business.”
Idealease’s national tour will continue through the end of 2020, offering short-term rental agreements to Idealease customers interested in evaluating Hyliion’s technology. The hybrid system is installed on an International LT Series chassis and leverages Dana’s latest lightweight, fuel-efficient S23-175 drive axle and reliable SPL driveline, delivering optimal performance and powertrain efficiency. It includes the Hyliion in-cab APU, which provides additional fuel savings by eliminating vehicle idling when picking up and delivering loads.
“Idealease is committed to equipping our customers with the world’s leading technology that reduces operating costs while reinforcing our commitment to building a more sustainable commercial transportation industry,” said Andy McEnaney, vice president of affiliate services at Idealease. “With Hyliion’s hybrid system, we expect to see great results in fuel efficiency, vehicle performance, cost savings and emissions reductions—all of which are critical decision factors for our customers.”
For more information on Hyliion, visit www.hyliion.com.
About Hyliion
Headquartered in Austin, Texas, Hyliion’s mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of commercial transportation Class 8 vehicles by being the leading provider of electrified powertrain solutions. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy, efficient system to decrease fuel and operating expenses while seamlessly integrating with their existing fleet operations. It designs, develops and sells electrified powertrain solutions that are designed to be installed on most major Class 8 commercial vehicles, with the goal of transforming the commercial transportation industry’s environmental impact at scale. For more information, visit www.hyliion.com.
About Idealease
Idealease has served the transportation industry since 1982. With over 400 locations in the U.S., Canada and Mexico, Idealease ranks as one of North America’s largest full service transportation companies. The Idealease fleet numbers over 45,000 trucks, tractors, and trailers.
Idealease is uniquely qualified to service fleets of all sizes. Our locations throughout North America play active roles in the development and support of their local communities and customers. In addition, Idealease National Accounts coordinate and manage the service of some of North America’s largest private fleets.
Providing a safe, cost-effective and efficient alternative to commercial truck ownership, Idealease possesses the industry expertise to seamlessly transition businesses from truck ownership to full service leasing. For more information, visit idealease.com.
About Dana Incorporated
Dana is a world leader in providing power-conveyance and energy-management solutions that are engineered to improve the efficiency, performance, and sustainability of light vehicles, commercial vehicles, and off-highway equipment. Enabling the propulsion of conventional, hybrid, and electric-powered vehicles, Dana equips its customers with critical drive and motion systems; electrodynamic technologies; and thermal, sealing, and digital solutions.
In 2019, the company reported sales of $8.6 billion with 36,000 associates in 34 countries across six continents. Based in Maumee, Ohio, USA, and founded in 1904, Dana has established a high-performance culture that focuses on its people, and the company has earned recognition around the world as a top employer. Learn more at dana.com.
Danielle South
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512-662-7078
HOUSTON--(BUSINESS WIRE)--Permianville Royalty Trust (NYSE: PVL, the “Trust”) today announced the net profits interest calculation for August 2020. The net profits interest calculation represents reported oil production for the month of May 2020 and reported natural gas production during April 2020. The calculation includes accrued costs incurred in June 2020.
As a result of the significant decline in sales volumes and commodity prices since the beginning of the year, caused by the continuing economic volatility related to the COVID-19 pandemic, direct operating and development expenses for the current month net profits interest calculation exceeded cash receipts, leading to a shortfall of $1.8 million this month. As a result, no distribution will be paid to the Trust’s unitholders in September 2020.
The following table displays reported underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month recorded net profits interest calculations. The amounts in the table have not been adjusted to reflect temporarily delayed sales and shut-in oil volumes discussed below.
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|
Underlying Sales Volumes |
|
Average Price |
||||||||||
|
|
Oil |
|
Natural Gas |
|
Oil |
|
Natural Gas |
||||||
|
|
Bbls |
|
Bbls/D |
|
Mcf |
|
Mcf/D |
|
(per Bbl) |
|
(per Mcf) |
||
Current Month |
|
42,572 |
|
1,373 |
|
230,867 |
|
7,696 |
|
$ |
17.25 |
|
$ |
1.13 |
Prior Month |
|
41,444 |
|
1,381 |
|
247,040 |
|
7,969 |
|
$ |
15.58 |
|
$ |
1.25 |
Recorded oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $0.7 million for the current month on realized wellhead prices of $17.25/Bbl, up $0.1 million from the prior month distribution period. Similar to last month, some operators of the Underlying Properties looked to defer sales, utilize infield storage and/or temporarily shut-in production to address the recent oil price volatility. Based on current data for the Underlying Properties, COERT Holdings 1 LLC (the “Sponsor”) indicates that production and cash receipts have continued to normalize.
Recorded natural gas cash receipts from the Underlying Properties remained approximately the same at $0.3 million for the current month on realized wellhead prices of $1.13/Mcf.
Total accrued operating expenses for the period remained approximately the same at $1.9 million. Capital expenditures increased $1.3 million from the prior month. This increase is primarily due to previously unbilled completion costs associated with the three Wolfcamp area wells drilled by Pioneer Natural Resources during early 2019. The monthly net profits interest calculation includes received oil and natural gas receipts from the operators of the Underlying Properties, but represents accrued operating expenses as well as expenses paid during the period, which for a month where production sales were curtailed can lead to higher operating expenses when compared to production receipts. In addition, the Conveyance of Net Profits Interest prohibits the Sponsor from entering into new hedging arrangements burdening the Trust. As a result, all production in which the Trust has an interest is unhedged, and the amount of cash distributions is subject to the possibility of greater fluctuations due to changes in oil and natural gas prices.
The cumulative shortfall in net profits for the current month and the prior month will be deducted from any net profits in next month’s net profits interest calculation. At this time based on current commodity prices, the Sponsor anticipates that the Underlying Properties will return to generating positive net profits later this year.
About Permianville Royalty Trust
Permianville Royalty Trust is a Delaware statutory trust formed to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain, predominantly non-operated, oil and gas properties in the states of Texas, Louisiana and New Mexico. As described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”), the amount of the 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, the amount and timing of capital expenditures, and the Trust’s administrative expenses, among other factors. Future distributions are expected to be made on a monthly basis. For additional information on the Trust, please visit www.permianvilleroyaltytrust.com.
Forward-Looking Statements and Cautionary Statements
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 the amount and date of any anticipated distribution to unitholders, expected expenses, including capital expenditures, and expectations regarding the ability of the Underlying Properties to generate positive net profits later this year. The anticipated distribution is based, in large part, on the amount of cash received or expected to be received by the Trust from the Sponsor with respect to the relevant period. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by the volatility in commodity prices, which have declined since the beginning of 2020 in response to 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, including Saudi Arabia, resulting in an oversupply of crude oil and exacerbating the decline in crude oil prices, and could remain low for an extended period of time. Continued low oil and natural gas prices will reduce profits to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders. Other important factors that could cause actual results to differ materially include expenses of the Trust, reserves for anticipated future expenses and the effect, impact, potential duration or other implications of the COVID-19 pandemic. In addition, future monthly capital expenditures may exceed the average levels experienced in 2019 and prior periods. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither the Sponsor 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 the Trust is subject to the risks described in the Trust’s filings with the SEC, including the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 16, 2020, and the Trust’s Quarterly Report on Form 10-Q for the period ended June 30, 2020, filed with the SEC on August 7, 2020. The Trust’s quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov.
Permianville Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell 1 (512) 236-6555
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