Business Wire News

The program’s fourth cohort will receive world-class research support and non-dilutive funding to develop commercially viable clean technologies

DENVER & HOUSTON--(BUSINESS WIRE)--The Shell GameChanger Accelerator™ Powered by NREL (GCxN) has selected three additional startups to participate in the program. The new companies are focused on creating electrochemical systems that can help reduce carbon emissions in hard-to-decarbonize sectors and represent the program’s fourth cohort. GCxN provides promising cleantech startups with technical resources to accelerate product commercialization while de-risking investment.


The selected startups are using electrochemistry to sustainably restructure the development of society’s most widely-used chemicals, materials and fuels. The fourth GCxN cohort includes:

  • Air Company (Brooklyn) - Transforming carbon dioxide captured from the air into impurity-free alcohols for spirits, fragrances, sanitizers and a variety of consumer industries, as well as for carbon-negative fuel in the long-term.
  • Ionomr Innovations (Vancouver, B.C.) - Developing ion-exchange membranes and polymers used for electrochemical applications in order to reduce the use of cost-prohibitive and toxic materials. Applications include green hydrogen production, hydrogen fuel cells and carbon capture and utilization (CCU).
  • Versogen (Wilmington, Del.) - Innovating and producing high-performing hydroxide exchange membranes for a variety of applications, such as lowering the production costs of fuel cells. Formerly W7Energy.

“Almost every aspect of our modern lives depends on certain materials and fuels, but with great consequence. For example, the American manufacturing industry is on-track to become the nation’s largest source of greenhouse gas emissions within the next ten years,” said Katie Richardson, GCxN program manager at the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL). “The selected GCxN startups are restructuring essential building blocks to reduce the carbon impact of essential goods and services.”

“GCxN’s fourth cohort will help prove that electrochemistry technologies can replace carbon-intensive legacy processes. As renewable energy costs continue to drop, cross-industry initiatives and partnerships will prove that it's possible to cost-effectively scale these technology applications and achieve real-world impact,” said Haibin Xu, Shell’s GCxN program manager.

GCxN startups are nominated by the program’s network partners—more than 60 cross-industry cleantech incubators, accelerators and universities—before undergoing in-depth review by Shell and NREL. Participating companies benefit from NREL’s state-of-the-art research capabilities, receive up to $250,000 in non-dilutive funding, and have access to networking opportunities through NREL's Innovation and Entrepreneurship Center. Participating startups have raised more than $52 million of funding to date, representing a $21 leverage ratio for each dollar of GCxN funding. Portfolio companies have also hired 51 new employees since GCxN program onboarding. For more information about the program, the new cohort and other participating startups visit GCxNREL.com.

About GCxN

The Shell GameChanger Accelerator™ powered by NREL (GCxN) is a multi-million dollar, multi year program developed in collaboration between Shell GameChanger and the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) to discover and advance emerging clean technologies with the potential to dramatically alter the future global energy landscape. GCxN identifies promising startup companies through an ecosystem of more than 60 cleantech business incubators, accelerators and universities, providing access to up to $250,000 in non-dilutive funding in the form of technical expertise to develop and demonstrate new energy technologies. GCxN is made possible by funding through Shell GameChanger. GCxN is administered by NREL, located in Golden, Colo.


Contacts

Camille Cater
This email address is being protected from spambots. You need JavaScript enabled to view it.

WASHINGTON--(BUSINESS WIRE)--DC Green Bank is excited to announce the launch of a pre-development loan in DC to support customized design of sustainable improvements for commercial buildings, community-based nonprofit organization buildings, and multifamily or mixed-use properties. The product was developed by and will be offered in partnership with Inclusive Prosperity Capital, a mission-driven nonprofit investment fund specializing in clean energy, energy efficiency, and resiliency.


The pre-development loan, named Navigator, can be used to fund costs required to design high quality energy savings projects, including energy audits and benchmarking, design, engineering, bidding work, and other sustainable design costs. Navigator loans will range from $10,000 - $250,000 or more on a case-by-case basis and fill a critical gap in the District’s sustainable funding landscape, particularly for affordable housing development.

“Through our engagement with District residents, contractors, developers, property owners, engineers and beyond, we have identified pre-development loans as a crucial missing piece in the city’s clean energy puzzle,” said DC Green Bank CEO Eli Hopson. “We’re excited to be partnering with Inclusive Prosperity Capital to fill this financing gap and make sure that DC has investment offerings at each stage of the renewable energy and energy efficiency project lifecycle.”

The Navigator product provides an on-ramp for District building owners as they consider financing options to upgrade their energy systems, decrease their environmental footprint, save money, and meet DC’s emerging Building Energy Performance Standards (BEPS). With 75% of the District’s emissions emanating from the building sector, these standards are designed to help the city bring emissions down by 50% by 2032 and to achieve net-zero emissions by 2050. Navigator provides financial resources needed for building owners and operators, District contractors, and DC Green Bank to come together to think holistically about the evaluation and design phase of building projects.

“The Navigator loan allows building owners to access financing for early-stage audits, benchmarking, and design for clean energy projects, which can often be a challenge,” said Kerry O’Neill, CEO of Inclusive Prosperity Capital. “DC has a proven track record of leadership on climate and energy issues, and this collaboration with DC Green Bank has the potential to unlock millions of dollars to accelerate action and climate impact.”

The Navigator product is available now, and the DC Green Bank team is ready to initiate discussions to close the first round of deals. Additional information on the remainder of DC Green Bank’s loan and financing products can be found at https://dcgreenbank.com/products/.

_____________________________

About DC Green Bank

DC Green Bank was established by the District's Green Finance Authority Establishment Act of 2018. DC Green Bank develops innovative financial solutions to support District businesses, organizations, and residents in the journey to a cleaner future. DC Green Bank invests in solar energy systems, energy efficient buildings, green infrastructure, and transportation electrification in line with its values of Sustainability, Clean Economy, and Inclusive Prosperity.

About Inclusive Prosperity Capital (IPC)

Inclusive Prosperity Capital is a mission-drive nonprofit investment fund designed to deliver financing solutions to communities that need it most. IPC invests in clean energy and resilience in partnership with local initiatives and organizations to provide energy security, climate justice, and economic growth. Inclusive Prosperity Capital everyone should have access to the benefits of clean energy and resilience.


Contacts

Gary Decker
External Relations Partner
DC Green Bank
This email address is being protected from spambots. You need JavaScript enabled to view it.
202-301-8306

Madeline Priest
Senior Manager, Market Development
Inclusive Prosperity Capital
This email address is being protected from spambots. You need JavaScript enabled to view it.
860-257-2891

EVForward™ DeepDive outlines most appealing attributes of electric vehicle leader’s product lineup among car buyers

LIVONIA, Mich.--(BUSINESS WIRE)--Escalent, a top human behavior and analytics firm, today released the latest EVForward™ DeepDive to closely examine electric vehicle (EV) shopper attitudes regarding industry leader Tesla, Inc. The findings challenge common perceptions of the factors that contribute to Tesla’s success and position as the global leader in EV adoption.


“While perception among industry experts suggests Tesla is beating traditional automakers in the EV adoption race due to an extraordinary affection for the brand or its polarizing leader, consumers told us they are drawn to the company’s products themselves,” said Mike Dovorany, Automotive & Mobility vice president at Escalent. “In fact, among respondents who are shopping for or already own an EV—Tesla or otherwise—Elon Musk is among the top drawbacks in their consideration of the brand.”

Top five attributes driving consideration of Tesla:

  • Range
  • Performance and acceleration
  • Styling
  • Build quality
  • Vehicles are new and different

Further, Tesla’s vehicles are living up to the expectations of those who ultimately decide to purchase them. Most Tesla owners point to 10 or more factors that positively impact their consideration of the brand.

Additionally, Tesla drivers rate the company’s integrated approach to the EV ownership experience extremely positively. As a result of offering a one-stop-shop approach to sales, financing, service, chargers and navigation, 91% of Tesla owners and 70% of non-Tesla EV owners indicated they are more likely to consider a Tesla for their next purchase.

That said, there is vast potential for other EV brands, but success does not lie in trying to copy Tesla in every way. Consumers make clear which of Tesla’s attributes are key to EV success and which cause pause or concern.

To learn more about what EV owners and shoppers say Tesla is getting right—and wrong—join Escalent’s Mike Dovorany for an informational webinar on Thursday, March 18 from 2 pm to 2:30 pm ET.

Register for the webinar today at Escalent.co.

About EVForward™

Escalent EVForward™ is the largest, most comprehensive study of the next generation of EV buyers. The program provides rich, actionable analysis based on an unrivaled quantity and quality of inputs to inform the steps that industry players need to take today to inspire broader adoption of EVs and ensure their success with future buyers.

This EVForward DeepDive was conducted among a national sample of 1,003 respondents and included a survey, focus groups and industry expert interviews between December 21, 2020 and February 19, 2021. These respondents are a subset of the EVForward database, a national sample of 10,293 new-vehicle buyers aged 18 to 80 that is weighted by age, gender and US state to match the demographics of the US new-vehicle purchaser population and by vehicle segment to match current vehicle sales. The sample for this research comes from an opt-in, online panel. As such, any reported margins of error or significance tests are estimated and rely on the same statistical assumptions as data collected from a random probability sample. Escalent will supply the exact wording of any survey question upon request.

About Escalent

Escalent is a top human behavior and analytics firm specializing in industries facing disruption and business transformation. As catalysts of progress for more than 40 years, we tell stories that transform data and insight into a profound understanding of what drives human beings. And we help businesses turn those drivers into actions that build brands, enhance customer experiences and inspire product innovation. Visit escalent.co to see how we are helping shape the brands that are reshaping the world.


Contacts

Jordan Walker
248.258.2333
This email address is being protected from spambots. You need JavaScript enabled to view it.

Daphne H. Foster to Retire August 31, 2021; Gregory B. Hanson, Global’s Treasurer Since 2014, Promoted to CFO Effective September 1, 2021

WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) today announced that Daphne H. Foster has notified the Board of Directors that she plans to retire as Chief Financial Officer and step down as a member of the board effective August 31, 2021, after more than 14 years with the Partnership. Gregory B. Hanson, Global’s Treasurer since 2014, will succeed Foster as CFO effective September 1, 2021.

Daphne has played an integral role in advancing Global’s strategic goals over the past 14 years,” said Eric Slifka, the Partnership’s President and Chief Executive Officer. “She has strengthened the organization by investing in people and new processes, guided a number of successful financings and financial transactions, and helped lead us to a strong financial position. I thank Daphne for her innumerable contributions and wish her well in retirement.”

I also want to congratulate Greg on his appointment as CFO. He has done an exceptional job in managing our treasury department and has established strong relationships with our banking group. Greg’s in-depth understanding of the business and ability to lead make him the ideal candidate to oversee the finance function. I look forward to working with Greg in his new role as we continue to focus on delivering outstanding results for our unitholders, our employees, our customers and our guests,” said Slifka.

Hanson has more than 20 years of finance experience. Prior to joining Global in 2013, Hanson served as a Senior Vice President at G.E. Financial Services and RBS Citizens Financial Group. Before that, he was a Vice President for Merrill Lynch Capital and a Principal for Bank of America. Hanson received a bachelor’s degree from Colby College and an M.B.A. from Babson College’s Franklin W. Olin School of Business.

About Global Partners LP

With approximately 1,550 locations primarily in the Northeast, Global Partners is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global Partners also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global Partners engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global Partners LP, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.

Forward-looking Statements

Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on Global Partners’ current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. All comments concerning the Partnership’s expectations for future revenues and operating results and otherwise are based on forecasts for its existing operations and do not include the potential impact of any future acquisitions. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) including, without limitation, the impact and duration of the COVID-19 pandemic, uncertainty around the timing of an economic recovery in the United States which will impact the demand for the products we sell and the services we provide, uncertainty around the impact of the COVID-19 pandemic to our counterparties and our customers and their corresponding ability to perform their obligations and/or utilize the products we sell and/or services we provide, uncertainty around the impact and duration of federal, state and municipal regulations related to the COVID-19 pandemic, and assumptions that could cause actual results to differ materially from the Partnership’s historical experience and present expectations or projections. For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global Partners’ filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. The Partnership undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.


Contacts

Daphne H. Foster
Chief Financial Officer
Global Partners LP
(781) 894-8800

Edward J. Faneuil
Executive Vice President, General Counsel and Secretary
Global Partners LP
(781) 894-8800

DUBLIN--(BUSINESS WIRE)--The "Oil Downstream Products Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.


The global oil downstream products market is expected to grow from $2042.01 billion in 2020 to $2534.61 billion in 2021 at a compound annual growth rate (CAGR) of 24.1%.

Oil Downstream Products Global Market Report 2021: COVID-19 Impact and Recovery to 2030 provides the strategists, marketers and senior management with the critical information they need to assess the global oil downstream activities market as it emerges from the COVID-19 shut down.

Major companies in the oil downstream products market include Royal Dutch Shell; Exxon Mobil Corporation; China Petroleum & Chemical Corporation; BP Plc and Chevron.

The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $3181.88 billion in 2025 at a CAGR of 6%.

The oil downstream products market consists of sales of the post extraction activities for crude oil and natural gas by entities (organizations, sole traders or partnerships) that provide post extraction activities for crude oil and natural gas, including refined petroleum products manufacturing and asphalt, lubricating oil and grease manufacturing. The oil downstream products market is segmented into refined petroleum products and asphalt, lubricating oil and grease.

Asia Pacific was the largest region in the global oil downstream products market, accounting for 30% of the market in 2020. North America was the second largest region accounting for 18% of the global oil downstream products market. South America was the smallest region in the global oil downstream products market.

To reduce the pollution levels, companies have started adopting the gas to liquid technology which produce high quality petroleum products. The gas to liquid technology is the conversion of natural gas to high quality liquid products such as transportation fuels, motor oils, naphtha, diesel and waxes. This technology uses natural gas as a substitute to crude oil as gas and is considered to be the cleanest burning fossil fuel and is abundant, versatile and easily affordable.

The by- products obtained by using the GTL technology are colorless, odorless and contain negligent amounts of impurities. For Instance, Shell, Chevron and PetroSA have adopted this technology to produce transportation fuels, oils and by products to produce plastics, detergents and cosmetics.

Disruption in supply of oil in certain markets due to political instability and extremism was one of the major factors affecting the growth of global oil downstream activities market. Oil supplies from major crude oil exporters such as Libya, Iraq, Nigeria and Columbia were getting disrupted due to political instability and terrorist attacks on oil and gas wells and refineries, thus affecting the growth of the market. For instance, Nigeria and Columbia constituted 74% of all attacks on oil and gas assets in 2016 , thereby causing significant disruption to oil and gas supplies.

The oil downstream activities market was mainly driven by rapid growth in emerging markets in the historic period. Emerging markets growth was aided by rising disposable income, stable political environment and increasing foreign investments in these countries. For instance, according to the IMF, China's GDP grew from $11 trillion in 2015 to $13.6 trillion in 2018.

Additionally, according to the World Economic Outlook Reports by the IMF, emerging markets and developing economies together registered a growth of 4.0% in 2015 and this increased to 4.5% in 2018. Thus, strong economic growth boosted the demand for products such as diesel, gasoline, asphalt and this drove the oil downstream activities market during the historic period.

Key Topics Covered:

1. Executive Summary

2. Report Structure

3. Oil Downstream Products Market Characteristics

3.1. Market Definition

3.2. Key Segmentations

4. Oil Downstream Products Market Product Analysis

4.1. Leading Products/ Services

4.2. Key Features and Differentiators

4.3. Development Products

5. Oil Downstream Products Market Supply Chain

5.1. Supply Chain

5.2. Distribution

5.3. End Customers

6. Oil Downstream Products Market Customer Information

6.1. Customer Preferences

6.2. End Use Market Size and Growth

7. Oil Downstream Products Market Trends And Strategies

8. Impact Of COVID-19 On Oil Downstream Products

9. Oil Downstream Products Market Size And Growth

9.1. Market Size

9.2. Historic Market Growth, Value ($ Billion)

9.2.1. Drivers Of The Market

9.2.2. Restraints On The Market

9.3. Forecast Market Growth, Value ($ Billion)

9.3.1. Drivers Of The Market

9.3.2. Restraints On The Market

10. Oil Downstream Products Market Regional Analysis

10.1. Global Oil Downstream Products Market, 2020, By Region, Value ($ Billion)

10.2. Global Oil Downstream Products Market, 2015-2020, 2020-2025F, 2030F, Historic And Forecast, By Region

10.3. Global Oil Downstream Products Market, Growth And Market Share Comparison, By Region

11. Oil Downstream Products Market Segmentation

11.1. Global Oil Downstream Products Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

  • Refined Petroleum Products
  • Asphalt, Lubricating Oil And Grease

12. Oil Downstream Products Market Segments

12.1. Global Refined Petroleum Products Market, Segmentation By Type, 2015-2020, 2020-2025F, 2030F, Value ($ Billion) - Diesel; Gasoline; Fuel Oil; Kerosene; Other Refined Petroleum Products

12.2. Global Asphalt, Lubricating Oil And Grease Market, Segmentation By Type, 2015-2020, 2020-2025F, 2030F, Value ($ Billion) - Asphalt; Other Petroleum Products

Companies Mentioned

  • Royal Dutch Shell
  • Exxon Mobil Corporation
  • China Petroleum & Chemical Corporation
  • BP Plc
  • Chevron

For more information about this report visit https://www.researchandmarkets.com/r/spwir2


Contacts

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

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the “Company”) today announced its operating results for the fourth quarter of 2020.

Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated “Companies, municipalities and any organization that operates a fleet of vehicles are looking to de-carbonize as quickly as they can. Fortunately, Clean Energy’s previous investments in renewable natural gas and our ongoing focus on that business is beginning to pay off, highlighted by recent deals like LA Metro that signed a long-term high-volume RNG agreement with us as part of their commitment to becoming carbon neutral. Simply put, RNG is the future of our company. We believe the road ahead is to offer RNG to every customer so that they can make a substantial contribution towards addressing climate change. We finished the year as expected financially and announced two exciting RNG joint venture arrangements with Total and BP as we grow to meet demand for our low carbon RNG.”

The Company delivered 96.0 million gallons in the fourth quarter of 2020, a 7% decrease from 103.3 million in the fourth quarter of 2019. This decrease was principally from the continuing effects of COVID-19, primarily impacting the airports and public transit customer markets. For 2020 the Company delivered 382.5 million gallons, a 5% decrease from 400.8 million in 2019. While the airports and public transit customer markets were below 2019 levels due to COVID-19, refuse, trucking, and bulk deliveries each finished ahead in 2020 compared to 2019. RNG gallons delivered increased 7% in 2020 to 153.3 million gallons despite also experiencing negative impacts from lower fuel volumes within the airports and public transit markets.

The Company’s revenue for the fourth quarter of 2020 was $75.0 million, a decrease of 37.3% compared to $119.6 million for the fourth quarter of 2019. This decrease is principally attributed to revenue for the fourth quarter of 2019 including eight quarters of U.S. federal excise tax credits for alternative fuels ("AFTC") in the amount of $47.1 million, which applied to vehicle fuel sales made from January 1, 2018 through December 31, 2019, compared to only one quarter of AFTC in the fourth quarter of 2020 in the amount of $5.0 million, which applied to vehicle fuel sales made from October 1, 2020 through December 31, 2020. Revenue for the fourth quarter of 2020 was also negatively impacted by lower volumes from the continuing effects of COVID-19. Each period included an unrealized loss on commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program in the amount of $1.9 million and $3.3 million for the fourth quarters of 2020 and 2019, respectively. Station construction revenue was steady at $7.1 million for the fourth quarter of 2020 compared to $7.6 million for the fourth quarter of 2019.

The Company’s revenue for the year ended December 31, 2020 was $291.7 million, a decrease of 15.2% compared to $344.1 million for the year ended December 31, 2019. This decrease was attributed to 2019 including two years of AFTC in the amount of $47.1 million, compared to one year of AFTC included in 2020 in the amount of $19.8 million, as well as lower volumes from the pandemic and generally lower effective pricing for gallons delivered in 2020 versus 2019. Both years included unrealized gains (losses) on commodity swap and customer fueling contracts relating to the Company’s Zero Now program in the amount of $2.1 million and $(6.6) million for 2020 and 2019, respectively. Station construction sales increased 15.2% to $26.6 million for 2020 compared to $23.1 million for 2019.

On a GAAP (as defined below) basis, net income (loss) attributable to Clean Energy for the fourth quarter of 2020 was $(2.6) million, or $(0.01) per share, compared to $41.1 million, or $0.20 per diluted share, for the fourth quarter of 2019. The primary differences between the periods being greater AFTC in 2019 by $36.7 million due to the recognition of eight quarters of AFTC in 2019 versus one quarter of AFTC in 2020, and $6.6 million of additional gain on the disposal of certain assets of a subsidiary in 2019 versus 2020. In 2020 we also delivered lower volumes of fuel and had lower related volume gross profit margins from the effects of COVID-19.

On a GAAP basis, net income (loss) attributable to Clean Energy for the year ended December 31, 2020 was $(9.9) million, or $(0.05) per share, compared to $20.4 million, or $0.10 per diluted share, for the year ended December 31, 2019. The comparability of yearly results is impacted by the negative effects of COVID-19 in 2020, and the inclusion of eight quarters of AFTC in 2019 versus four quarters in 2020, and a greater gain on disposal of certain assets in 2019 versus 2020. Additionally, the year ended December 31, 2020 was positively affected by station installation revenue and the unrealized gain on commodity swap and customer fueling contracts, while the comparable 2019 period was negatively affected by the unrealized loss on commodity swap and customer fueling contracts.

Non-GAAP loss per share and Adjusted EBITDA (each as defined below) for the fourth quarter of 2020 was $(0.00) and $13.6 million, respectively. Non-GAAP income per share and Adjusted EBITDA for the fourth quarter of 2019 was $0.21 and $57.0 million, respectively.

Non-GAAP loss per share and Adjusted EBITDA for the year ended December 31, 2020 was $(0.04) and $45.1 million, respectively. Non-GAAP income per share and Adjusted EBITDA for the year ended December 31, 2019 was $0.15 and $85.6 million, respectively.

Non-GAAP income (loss) per share and Adjusted EBITDA are described below and reconciled to GAAP net income (loss) per share attributable to Clean Energy and GAAP net income (loss) attributable to Clean Energy, respectively.

Non-GAAP Financial Measures

To supplement the Company’s unaudited consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the Company uses non-GAAP financial measures that it calls non-GAAP income (loss) per share (“non-GAAP income (loss) per share”) and adjusted EBITDA (“Adjusted EBITDA”). Management presents non-GAAP income (loss) per share and Adjusted EBITDA because it believes these measures provide meaningful supplemental information about the Company’s performance, for the following reasons: (1) these measures allow for greater transparency with respect to key metrics used by management to assess the Company’s operating performance and make financial and operational decisions; (2) these measures exclude the effect of items that management believes are not directly attributable to the Company’s core operating performance and may obscure trends in the business; and (3) these measures are used by institutional investors and the analyst community to help analyze the Company’s business. In future quarters, the Company may make adjustments for other expenditures, charges or gains to present non-GAAP financial measures that the Company’s management believes are indicative of the Company’s core operating performance.

Non-GAAP financial measures are limited as an analytical tool and should not be considered in isolation from, or as a substitute for, the Company’s GAAP results. The Company expects to continue reporting non-GAAP financial measures, adjusting for the items described below (and/or other items that may arise in the future as the Company’s management deems appropriate), and the Company expects to continue to incur expenses, charges or gains similar to the non-GAAP adjustments described below. Accordingly, unless expressly stated otherwise, the exclusion of these and other similar items in the presentation of non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent or non-recurring. Non-GAAP income (loss) per share and Adjusted EBITDA are not recognized terms under GAAP and do not purport to be an alternative to GAAP income (loss), GAAP income (loss) per share or any other GAAP measure as an indicator of operating performance. Moreover, because not all companies use identical measures and calculations, the Company’s presentation of non-GAAP income (loss) per share and Adjusted EBITDA may not be comparable to other similarly titled measures used by other companies.

Non-GAAP Income (Loss) Per Share

Non-GAAP income (loss) per share, which the Company presents as a non-GAAP measure of its performance, is defined as net income (loss) attributable to Clean Energy Fuels Corp., plus stock-based compensation expense, plus (minus) loss (income) from equity method investments, and plus (minus) any loss (gain) from changes in the fair value of derivative instruments, the total of which is divided by the Company’s weighted-average common shares outstanding on a diluted basis. The Company’s management believes excluding non-cash expenses related to stock-based compensation provides useful information to investors regarding the Company’s performance because of the varying available valuation methodologies, the volatility of the expense (which depends on market forces outside of management’s control), the subjectivity of the assumptions and the variety of award types that a company can use, which may obscure trends in a company’s core operating performance. Similarly, the Company believes excluding the non-cash results from equity method investments is useful to investors because these charges are not part of or representative of the core operations of the Company. In addition, the Company’s management believes excluding the non-cash loss (gain) from changes in the fair value of derivative instruments is useful to investors because the valuation of the derivative instruments is based on a number of subjective assumptions, the amount of the loss or gain is derived from market forces outside of management’s control, and the exclusion of these amounts enables investors to compare the Company’s performance with other companies that do not use, or use different forms of, derivative instruments.

The table below shows GAAP and non-GAAP income (loss) attributable to Clean Energy per share and also reconciles GAAP net income (loss) attributable to Clean Energy to an adjusted net income (loss) figure used in the calculation of non-GAAP income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

December 31,

(in thousands, except share and per share data)

 

2019

 

 

2020

 

 

2019

 

2020

 

Net income (loss) attributable to Clean Energy Fuels Corp.

 

$

41,084

 

 

$

(2,561

)

 

$

20,421

 

$

(9,864

)

Stock-based compensation

 

 

824

 

 

 

435

 

 

 

3,880

 

 

2,957

 

(Income) loss from equity method investments

 

 

(4

)

 

 

(207

)

 

 

119

 

 

161

 

Loss (gain) from change in fair value of derivative instruments

 

 

691

 

 

 

1,880

 

 

 

5,545

 

 

(2,175

)

Adjusted (non-GAAP) net income (loss)

 

$

42,595

 

 

$

(453

)

 

$

29,965

 

$

(8,921

)

Diluted weighted-average common shares outstanding

 

 

205,852,492

 

 

 

198,230,811

 

 

 

205,987,509

 

 

200,657,912

 

GAAP income (loss) attributable to Clean Energy Fuels Corp. per share

 

$

0.20

 

 

$

(0.01

)

 

$

0.10

 

$

(0.05

)

Non-GAAP income (loss) attributable to Clean Energy Fuels Corp. per share

 

$

0.21

 

 

$

-

 

 

$

0.15

 

$

(0.04

)

Adjusted EBITDA

Adjusted EBITDA, which the Company presents as a non-GAAP measure of its performance, is defined as net income (loss) attributable to Clean Energy, plus (minus) income tax expense (benefit), plus interest expense, minus interest income, plus depreciation and amortization expense, plus stock-based compensation expense, plus (minus) loss (income) from equity method investments, and plus (minus) any loss (gain) from changes in the fair value of derivative instruments. The Company’s management believes Adjusted EBITDA provides useful information to investors regarding the Company’s performance for the same reasons discussed above with respect to non-GAAP income (loss) per share. In addition, management internally uses Adjusted EBITDA to determine elements of executive and employee compensation.

The table below shows Adjusted EBITDA and also reconciles this figure to GAAP net income (loss) attributable to Clean Energy:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

December 31,

(in thousands)

 

2019

 

 

2020

 

 

2019

 

 

2020

 

Net income (loss) attributable to Clean Energy Fuels Corp.

 

$

41,084

 

 

$

(2,561

)

 

$

20,421

 

 

$

(9,864

)

Income tax expense

 

 

664

 

 

 

74

 

 

 

858

 

 

 

309

 

Interest expense

 

 

2,137

 

 

 

2,288

 

 

 

7,574

 

 

 

7,348

 

Interest income

 

 

(730

)

 

 

(264

)

 

 

(2,437

)

 

 

(1,345

)

Depreciation and amortization

 

 

12,294

 

 

 

11,964

 

 

 

49,625

 

 

 

47,682

 

Stock-based compensation

 

 

824

 

 

 

435

 

 

 

3,880

 

 

 

2,957

 

(Income) loss from equity method investments

 

 

(4

)

 

 

(207

)

 

 

119

 

 

 

161

 

Loss (gain) from change in fair value of derivative instruments

 

 

691

 

 

 

1,880

 

 

 

5,545

 

 

 

(2,175

)

Adjusted EBITDA

 

$

56,960

 

 

$

13,609

 

 

$

85,585

 

 

$

45,073

 

Definition of “Gallons Delivered”

The Company defines “gallons delivered” as its gallons sold as compressed natural gas (“CNG”) and liquefied natural gas (“LNG”), along with its gallons associated with providing operations and maintenance services, in each case delivered to its customers in the applicable period, plus the Company’s proportionate share of gallons delivered by joint ventures in the applicable period. RNG sold as vehicle fuel is included in the CNG or LNG amounts as applicable based on the form in which it was sold.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

December 31,

RNG gasoline gallon equivalents delivered (in millions)

 

2019

 

2020

 

2019

 

2020

CNG

 

 

25.9

 

 

34.1

 

 

112.5

 

 

124.4

LNG

 

 

6.4

 

 

7.1

 

 

30.8

 

 

28.9

Total

 

 

32.3

 

 

41.2

 

 

143.3

 

 

153.3

The table below shows gallons delivered for the three months and years ended December 31, 2019 and 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

December 31,

Gallons Delivered (in millions)

 

2019

 

2020

 

2019

 

2020

CNG

 

 

87.3

 

 

81.2

 

 

335.7

 

 

321.0

LNG

 

 

16.0

 

 

14.8

 

 

65.1

 

 

61.5

Total

 

 

103.3

 

 

96.0

 

 

400.8

 

 

382.5

Sources of Revenue

The following table shows the Company's sources of revenue for the three months and years ended December 31, 2019 and 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

December 31,

Revenue (in millions)

 

2019

 

2020

 

2019

 

2020

Volume-related (1)

 

$

64.9

 

$

62.9

 

$

273.6

 

$

245.3

Station construction sales

 

 

7.6

 

 

7.1

 

 

23.1

 

 

26.6

AFTC (2)

 

 

47.1

 

 

5.0

 

 

47.1

 

 

19.8

Other

 

 

 

 

 

 

0.3

 

 

Total revenue

 

$

119.6

 

$

75.0

 

$

344.1

 

$

291.7


(1)

For the three months and year ended December 31, 2020, volume-related revenue includes an unrealized gain (loss) from the change in fair value of commodity swap and customer fueling contracts of $(1.9) million and $2.1 million, respectively. For the three months and year ended December 31, 2019, volume-related revenue includes an unrealized (loss) from the change in fair value of commodity swap and customer contracts of $(3.3) million and $(6.6) million, respectively.

(2)

In 2019, we recognized AFTC revenue for the vehicle fuel we sold in 2018 and 2019 in the three months ended December 31, 2019.

2021 Outlook

GAAP net income (loss) for 2021 is expected to be approximately breakeven, assuming no unrealized gains or losses on commodity swap and customer contracts and contemplates a prolonged effect and more flattened recovery curve from the COVID-19 pandemic through the middle of 2021. Changes in diesel and natural gas market conditions resulting in unrealized gains or losses on the Company’s commodity swap contracts could significantly impact the Company’s estimated GAAP net income for 2021. Adjusted EBITDA for 2021 is expected to range from $60 million to $62 million. These expectations also exclude the impact of any acquisitions, divestitures, new joint ventures, transactions or other extraordinary events including a deterioration in, slower or lack of any recovery from the COVID-19 pandemic. Additionally, the expectations regarding 2021 Adjusted EBITDA assumes the calculation of this non-GAAP financial measure in the same manner as described above and without adjustments for any other items that may arise during 2021 and that management deems appropriate to exclude. These expectations are forward-looking statements and are qualified by the statement under “Safe Harbor Statement” below.

 

 

 

 

(in thousands)

 

2021 Outlook

GAAP Net income (loss) attributable to Clean Energy Fuels Corp.

 

$

Breakeven

Income tax expense (benefit)

 

 

300

Interest expense

 

 

4,100

Interest income

 

 

(1,050)

Depreciation and amortization

 

 

48,000

Stock-based compensation

 

 

10,250

Loss (income) from equity method investments

 

 

400

Loss (gain) from change in fair value of derivative instruments

 

 

0

Adjusted EBITDA

 

$

60,000 – 62,000

Today’s Conference Call

The Company will host an investor conference call today at 4:30 p.m. Eastern time (1:30 p.m. Pacific). Investors interested in participating in the live call can dial 1.877.407.4018 from the U.S. and international callers can dial 1.201.689.8471. A telephone replay will be available approximately two hours after the call concludes through Friday, April 9, 2021, by dialing 1.844.512.2921 from the U.S., or 1.412.317.6671 from international locations, and entering Replay Pin Number 13715902. There also will be a simultaneous, live webcast available on the Investor Relations section of the Company’s web site at www.cleanenergyfuels.com, which will be available for replay for 30 days.

About Clean Energy Fuels Corp.

Clean Energy Fuels Corp. is North America’s leading provider of the cleanest fuel for the transportation market. Through its sales of renewable natural gas (RNG), which is derived from biogenic methane produced by the breakdown of organic waste, Clean Energy helps thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas by 60% to over 400% depending on the source of the RNG. Clean Energy delivers RNG in the form of compressed natural gas (CNG) and liquefied natural gas (LNG) to its network of 565 fueling stations across the U.S. and Canada. Clean Energy builds and operates CNG and LNG fueling stations for the transportation market, owns natural gas liquefaction facilities in California and Texas, and transports bulk CNG and LNG to non-transportation customers around the U.S. For more information, visit www.CleanEnergyFuels.com.

Safe Harbor Statement

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, including statements about, among other things, the Company’s outlook for fiscal 2021, the expected impact of the COVID-19 pandemic on the Company’s business and the demand for renewable vehicle fuels, including fleets transitioning to lower carbon solutions in transportation.

Forward-looking statements are statements other than historical facts and relate to future events or circumstances or the Company’s future performance, and they are based on the Company’s current assumptions, expectations and beliefs concerning future developments and their potential effect on the Company and its business. As a result, actual results, performance or achievements and the timing of events could differ materially from those anticipated in or implied by these forward-looking statements as a result of many factors including, among others: the COVID-19 pandemic and the measures taken to prevent its spread and the related impact on our operations, liquidity and financial condition; the willingness of fleets and other consumers to adopt natural gas as a vehicle fuel, and the rate and level of any such adoption; the Company’s ability to capture a substantial share of the market for alternative vehicle fuels and vehicle fuels generally and otherwise compete successfully in these markets; the potential adoption of government policies or programs or increased publicity or popular sentiment in favor of other vehicle fuels; the market’s perception of the benefits of RNG and conventional natural gas relative to other alternative vehicle fuels; natural gas vehicle and engine cost, fuel usage, availability, quality, safety, convenience, design, performance and residual value, as well as operator perception with respect to these factors, in general and in the Company’s key customer markets, including heavy-duty trucking; the Company’s ability to manage and grow its RNG business, including its ability to procure adequate supplies of RNG and generate revenues from sales of such RNG; the Company and its suppliers’ ability to successfully develop and operate projects and produce expected volumes of RNG; the potential commercial viability of livestock waste and dairy farm projects to produce RNG; the Company’s history of net losses and the possibility the Company incurs additional net losses in the future; the Company’s and its partners’ ability to acquire, finance, construct and develop other commercial projects; the Company’s ability to potentially modify its fueling stations to reform its RNG to fuel hydrogen and electric vehicles; future supply, demand, use and prices of crude oil, gasoline, diesel, natural gas, and other vehicle fuels, including overall levels of and volatility in these factors; changes in the competitive environment in which we operate, including potentially increasing competition in the market for vehicle fuels generally; the Company’s ability to manage and grow its business of transporting and selling CNG for non-vehicle purposes via virtual natural gas pipelines and interconnects, as well as its station design and construction activities; construction, permitting and other factors that could cause delays or other problems at station construction projects; the Company’s ability to execute and realize the intended benefits of any acquisitions, divestitures, investments or other strategic relationships or transactions; future availability of and our access to additional capital, which may include debt or equity financing, in the amounts and at the times needed to fund growth in the Company’s business and the repayment of its debt obligations (whether at or before their due dates) or other expenditures, as well as the terms and other effects of any such capital raising transaction; the Company’s ability to generate sufficient cash flows to repay its debt obligations as they come due; the availability of environmental, tax and other government regulations, programs and incentives that promote natural gas, such as AFTC, or other alternatives as a vehicle fuel, including long-standing support for gasoline- and diesel-powered vehicles and growing support for electric and hydrogen-powered vehicles that could result in programs or incentives that favor these or other vehicles or vehicle fuels over natural gas; the Company’s ability to comply with various registration and regulatory requirements related to its RNG projects; the effect of, or potential for changes to greenhouse gas emissions requirements or other environmental regulations applicable to vehicles powered by gasoline, diesel, natural gas or other vehicle fuels and crude oil and natural gas fueling, drilling, production, transportation or use; the Company’s ability to manage the safety and environmental risks inherent in its operations; the Company’s compliance with all applicable government regulations; the impact of the foregoing on the trading price of the Company’s common stock; and general political, regulatory, economic and market conditions.


Contacts

Investor Contact:
This email address is being protected from spambots. You need JavaScript enabled to view it.

News Media Contact:
Raleigh Gerber
Manager of Corporate Communications
949.437.1397


Read full story here

  • Energy Resilience Readiness Exercise (ERRE) validates the microgrid’s ability to maintain military operations during a simulated power outage
  • Installation includes a new diesel and natural gas power plant, and an advanced energy and water operations center (EWOC)
  • Advanced microgrid provides energy security and sustainability through natural gas and diesel, landfill gas and solar PV, in addition to advanced smart grid control systems and demand response capabilities

BOSTON--(BUSINESS WIRE)--#EcoStruxure--Schneider Electric, the leader in the digital transformation of energy management and automation, and Black & Veatch, a leading provider of resilient sustainable energy solutions to mission-critical U.S. facilities and infrastructure, today announced the completion of a microgrid system they jointly designed and constructed for the Marine Corps Air Station (MCAS) Miramar, in San Diego, California. The microgrid is online, fully operational and has been proven to provide 100 percent capability – even in the event of power outages – across the facility’s more than 100 mission critical buildings, including its entire flight line.


“This microgrid makes MCAS Miramar one of the most sustainable and energy secure facilities in the Department of Defense and plays a key role in helping California reach its clean energy goals.” said Mark Feasel, North American President of Smart Grids at Schneider Electric. “We’re excited to partner with industry leaders such as Black & Veatch and MCAS that share a similar objective to modernize our energy infrastructure and achieve cleaner energy, new efficiencies and cost savings.”

MCAS Miramar conducted its first full-scale Energy Resilience Readiness Exercise to assess resilience and reliability of the microgrid system, and whether it could keep operations up and running at full operational loads. During a full-day simulated power outage, the microgrid system completely disconnected from the grid and all operations were successfully carried out throughout its critical buildings and flight line. Similarly, the microgrid performed as designed twice in the fall of 2020, as it dispatched in support of the local utility, San Diego Gas & Electric (SDG&E) when it was struggling to fulfill peak loads. During Public Safety Power Shutoffs in California, the operation of the Miramar microgrid allowed SDG&E to maintain electrical service to thousands of homes that would have otherwise been curtailed.

“This microgrid system not only strengthens resilience with the ability to support our station with energy for up to 14 days, but it’s enabling us to significantly lower emissions,” said Mick Wasco, Installation Energy Manager at MCAS Miramar. “We’re excited to take this major step integrating renewable energy into our mission and making MCAS Miramar one of the most energy resilient defense facilities in the nation.”

In addition to the buildout of a new diesel and natural gas power plant, this project also includes construction of an advanced Energy and Water Operations Center (EWOC). The microgrid is operated directly out of the air station’s EWOC, where plant managers have direct visibility of the integrated microgrid control system, which utilizes Schneider Electric’s SCADA software and a certified network to connect field devices into the system. The applications that form the advanced microgrid control system, such as real-time monitoring and optimization, provide economic generation and load balance while maintaining system stability through load/frequency and voltage/VAR controls.

“Because energy resilience and reliability play such vital roles to our nation’s security and military preparedness, making this mission-critical project a reality helps to ensure the energy security of MCAS Miramar for years to come,” said Scott Kinner, Vice President of Black & Veatch’s federal business. “The collaboration with Schneider Electric and other stakeholders in this effort highlighted our extensive expertise in power generation and distributed infrastructure delivery as well as MCAS clear commitment to a more sustainable energy future.”

In 2016, Black & Veatch and Schneider Electric were selected to construct a microgrid at MCAS Miramar, bringing together an industry-leading portfolio of expertise, equipment and service to develop and operate a state-of-the-art microgrid. The system provides power to critical base loads, while cutting energy costs by using renewables and natural gas to lessen the base load, reduce energy demand and peak shave. In February 2019, Schneider Electric announced the expansion of the microgrid project at MCAS Miramar to further boost resilience. Supported by a $5 million California Energy Commission (CEC) Electric Program Investment Charge (EPIC) grant, the next phase of the project will add an energy storage system and integrate demand side management.

For more information about Schneider Electric’s microgrid solutions, please visit: https://www.se.com/us/en/work/solutions/microgrids/

For more information about Black & Veatch’s microgrid solutions, please visit: https://www.bv.com/industries/power/microgrids

About Schneider Electric

Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.

Our mission is to be your digital partner for Sustainability and Efficiency.

We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.

We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.

www.se.com

About Black & Veatch

Black & Veatch is an employee-owned engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people in over 100 countries by addressing the resilience and reliability of our world's most important infrastructure assets. Our revenues in 2019 were US$3.7 billion. Follow us on www.bv.com and on social media.

Discover Life Is On

Hashtags: #SchneiderElectric, #LifeIsOn, EcoStruxure, #Microgrid, #MCASMiramar


Contacts

Vicki True
Media Relations Manager
Schneider Electric
774-613-1158

Highlights


  • Completed transition to pure-play infrastructure terminalling company with $164 million sale and exit of crude oil business
  • Fourth quarter and full year 2020 net loss of $29.2 million and $13.5 million, respectively, primarily due to crude oil pipeline impairment
  • Fourth quarter 2020 Adjusted EBITDA of $17.8 million and distribution coverage of 1.64 times
  • Exceeded 2020 financial targets with full year Adjusted EBITDA of $67.5 million, distribution coverage of 1.53 times, and leverage ratio of 3.83 times

  • Full year 2020 Adjusted EBITDA from continuing operations of $49.7 million, which excludes any expected synergies from the crude oil business sale

  • 2021 outlook underpinned by stable cash flows, solid distribution coverage, improved balance sheet and liquidity profile, with pro forma leverage ratio of approximately 2.0 times

TULSA, Okla.--(BUSINESS WIRE)--$BKEP #Asphalt--Blueknight Energy Partners, L.P. (“Blueknight” or the “Partnership”) (Nasdaq: BKEP and BKEPP) today reported its financial results for the fourth quarter and full year ended December 31, 2020. Net loss was $29.2 million in fourth quarter 2020, compared to net income of $4.3 million for the same period in 2019, primarily due to a $39.1 million impairment of its crude oil pipeline and trucking assets included in discontinued operations.

Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) was $17.8 million in fourth quarter 2020 compared to $16.0 million for the same period in 2019. Adjusted EBITDA in fourth quarter 2020 excluded $0.7 million in transaction fees and severance costs related to the sale of the crude oil business.

“We ended 2020 with strong performance in our asphalt terminalling segment to cap off one of our best years despite challenges brought on by COVID-19, a testament to the stability and strength of our core businesses and solid execution by our team. Most importantly, we delivered on our top strategic priority, transforming Blueknight into a pure-play infrastructure terminalling business with greater financial flexibility,” commented Andrew Woodward, Chief Executive Officer.

“With the sale of our crude oil businesses, we significantly reduced the volatility and risk profile of our business, and now have a sharper strategic focus and improved growth trajectory. As we look forward to the remainder of 2021 and beyond, our team is optimistic about the long-term investment trends in infrastructure and is turning its full attention to growth and expansion of our core terminalling competencies, while maintaining our key financial metrics and a disciplined capital allocation strategy,” added Woodward.

SEGMENT PERFORMANCE

Asphalt Terminalling Services. Total operating margin, excluding depreciation and amortization, in fourth quarter 2020 was $16.5 million, up 4% compared to the same period in 2019 primarily due to higher variable throughput revenue. Full year 2020 total operating margin, excluding depreciation and amortization, was $60.8 million, slightly higher year-over-year. After excluding cost recovery revenue, approximately 95% of Blueknight’s full year 2020 total revenue was considered take-or-pay, which included $91.9 million of fixed fee revenue and $5.7 million of variable throughput and other revenue.

DISCONTINUED OPERATIONS

On December 21, 2020, Blueknight announced it had entered into multiple definitive agreements to sell its (i) crude oil terminalling, (ii) crude oil pipeline, and (iii) crude oil trucking segments (collectively the “Crude Oil Transaction”). As such, these segments are presented as discontinued operations in the Partnership’s financial reporting statements.

BALANCE SHEET AND CASH FLOW

Fourth quarter 2020 distributable cash flow was $13.3 million compared to $11.0 million for the same period in 2019. The 21% increase was attributable to improved business performance and lower cash interest expense. The calculated coverage ratio on all distributions was 1.64 times for fourth quarter 2020 versus 1.36 times for the same period in 2019.

Full year 2020 distributable cash flow was $49.6 million compared to $39.3 million in 2019, representing a $10.3 million, or 26% increase year-over-year. The calculated coverage ratio on all distributions was 1.53 times for full year 2020 versus 1.22 times in 2019.

At December 31, 2020, total debt was $252.6 million. Blueknight’s leverage ratio, which included $1.7 million in outstanding letters of credit, was 3.83 times versus 4.05 times for the same period in 2019.

As of March 4, 2021, total debt was $99.9 million following repayment of cash proceeds from the Crude Oil Transaction, representing a pro-forma leverage ratio of approximately 2.0 times.

2021 OUTLOOK

For 2021, Blueknight expects infrastructure and highway construction demand for its asphalt terminalling business to be comparable with the prior year with a more favorable outlook beyond 2021 over the medium and long-term driven by the expectation of a more comprehensive infrastructure funding bill. As a result, Blueknight expects its Adjusted EBITDA from continuing operations to be in-line with 2020, excluding any expected corporate synergies of $1.5 million to $2.5 million related to the Crude Oil Transaction. These earnings are supported by:

  • Geographically-diverse and industry-leading asphalt terminalling portfolio
  • 95% take-or-pay fixed fee revenue
  • Predominately investment-grade customer base
  • Weighted average remaining contract term of approximately six years

Total maintenance capital expenditures in 2021 are expected to be between $5.5 million and $6.5 million. Blueknight expects to use internally generated cash flow to fund 2021 distributions and is targeting a full year coverage ratio of 1.2 times or greater on all distributions.

CONFERENCE CALL DETAILS, NEW WEBSITE LAUNCH, AND ANNUAL REPORT ON FORM 10-K

The Partnership will discuss fourth quarter and full year 2020 results during a conference call tomorrow, Wednesday, March 10, 2021, at 10:00 a.m. CST (11:00 a.m. EST). The conference call will be accessible by telephone at 1-855-327-6837. International participants will be able to access the conference call at 1-631-891-4304. Participants are requested to dial in five to ten minutes before the scheduled start time. An audio replay will be available through the “Investors” section of the Partnership’s website.

Blueknight is pleased to announce that it has launched a new website, consistent with our strategy and core operations as a terminalling solutions provider focused on infrastructure and transportation end markets. The Partnership’s new website will be updated on a regular basis and visitors are encouraged to explore and learn more at www.bkep.com. The Partnership will upload a new investor presentation to the Investor section of its website at http://investor.bkep.com detailing Blueknight’s investment highlights and long-term strategy on Wednesday, March 10, 2021.

Additional information regarding the Partnership’s results of operations will be provided in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2020, to be filed with the SEC on March 10, 2021.

RESULTS OF OPERATIONS

The following table summarizes the Partnership’s financial results for the three and twelve months ended December 31, 2019 and 2020 (in thousands, except per unit data):

 

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

 

2019

 

2020

 

2019

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed fee revenue

 

$

21,957

 

 

$

24,056

 

 

$

87,218

 

 

$

91,879

 

Cost recovery revenue

 

 

3,344

 

 

 

2,928

 

 

 

14,312

 

 

 

12,664

 

Variable throughput and other revenue

 

 

1,894

 

 

 

2,825

 

 

 

4,988

 

 

 

5,702

 

Total revenue

 

 

27,195

 

 

 

29,809

 

 

 

106,518

 

 

 

110,245

 

Operating expenses, excluding depreciation and amortization

 

 

(11,318

)

 

 

(13,261

)

 

 

(46,367

)

 

 

(49,396

)

Total operating margin, excluding depreciation and amortization

 

 

15,877

 

 

 

16,548

 

 

 

60,151

 

 

 

60,849

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

3,761

 

 

 

3,091

 

 

 

15,196

 

 

 

13,416

 

General and administrative expense

 

 

3,403

 

 

 

3,681

 

 

 

13,388

 

 

 

14,182

 

Asset impairment expense

 

 

160

 

 

 

-

 

 

 

2,476

 

 

 

-

 

Loss on sale of assets

 

 

60

 

 

 

316

 

 

 

131

 

 

 

67

 

Operating income

 

 

8,493

 

 

 

9,460

 

 

 

28,960

 

 

 

33,184

 

Other income (expenses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

 

54

 

 

 

199

 

 

 

530

 

 

 

1,169

 

Interest expense

 

 

(1,678

)

 

 

(1,248

)

 

 

(7,447

)

 

 

(5,665

)

Provision for income taxes

 

 

(16

)

 

 

6

 

 

 

(44

)

 

 

7

 

Income from continuing operations

 

 

6,853

 

 

 

8,417

 

 

 

21,999

 

 

 

28,695

 

Loss on discontinued operations, net

 

 

(2,513

)

 

$

(37,642

)

 

 

(3,587

)

 

 

(42,175

)

Net income(loss)

 

$

4,340

 

 

$

(29,225

)

 

$

18,412

 

 

$

(13,480

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of net income(loss) for calculation of earnings per unit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General partner interest in net income(loss)

 

$

69

 

 

$

(462

)

 

$

337

 

 

$

(213

)

Preferred interest in net income

 

$

6,279

 

 

$

6,279

 

 

$

25,115

 

 

$

25,115

 

Net loss available to limited partners

 

$

(2,008

)

 

$

(35,042

)

 

$

(7,040

)

 

$

(38,382

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net loss from discontinued operations per common unit

 

$

(0.06

)

 

$

(0.87

)

 

$

(0.08

)

 

$

(0.98

)

Basic and diluted net income(loss) from continuing operations per common unit

 

$

0.01

 

 

$

0.05

 

 

$

(0.09

)

 

$

0.07

 

Basic and diluted net loss per common unit

 

$

(0.05

)

 

$

(0.82

)

 

$

(0.17

)

 

$

(0.91

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common units outstanding - basic and diluted

 

 

40,816

 

 

 

41,199

 

 

 

40,755

 

 

 

41,104

 

Non-GAAP Financial Measures

This press release contains the non-GAAP financial measures of Adjusted EBITDA, distributable cash flow and total operating margin, excluding depreciation and amortization. Adjusted EBITDA is defined as earnings before interest, income taxes, depreciation and amortization, non-cash equity-based compensation, asset impairment charges, gains and losses on asset sales, and other select items which management feels decreases the comparability of results among periods. Distributable cash flow is defined as Adjusted EBITDA minus cash paid for interest, maintenance capital expenditures, and cash paid for taxes. Operating margin, excluding depreciation and amortization is defined as revenues from related parties and external customers less operating expenses, excluding depreciation and amortization. The use of Adjusted EBITDA, distributable cash flow and operating margin, excluding depreciation and amortization should not be considered as alternatives to GAAP measures such as operating income, net income or cash flows from operating activities. Adjusted EBITDA, distributable cash flow and operating margin, excluding depreciation and amortization are presented because the Partnership believes they provide additional information with respect to its business activities and are used as supplemental financial measures by management and external users of the Partnership’s financial statements, such as investors, commercial banks and others to assess, among other things, the Partnership’s operating performance and return on capital as compared to those of other companies in the midstream energy sector, without regard to financing or capital structure. Reconciliation of operating margin, excluding depreciation and amortization to its most directly comparable GAAP measure is included in the results of operations table above. Reconciliation of Adjusted EBITDA and distributable cash flow to their most directly comparable GAAP measures are included in the following table.

The following table presents a reconciliation of Adjusted EBITDA and distributable cash flow to income from continuing operations and loss on discontinued operations for the periods shown (in thousands, except ratios):

 

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

 

2019

 

2020

 

2019

 

2020

Income from continuing operations

 

$

6,853

 

 

$

8,417

 

 

$

21,999

 

 

$

28,695

 

Interest expense

 

 

1,678

 

 

 

1,248

 

 

 

7,447

 

 

 

5,665

 

Income taxes

 

 

16

 

 

 

(6

)

 

 

44

 

 

 

(7

)

Depreciation and amortization

 

 

3,761

 

 

 

3,091

 

 

 

15,196

 

 

 

13,416

 

Non-cash equity-based compensation

 

 

244

 

 

 

150

 

 

 

955

 

 

 

801

 

Asset impairment expense

 

 

160

 

 

 

-

 

 

 

2,476

 

 

 

-

 

Loss on sale of assets

 

 

60

 

 

 

316

 

 

 

131

 

 

 

67

 

Other

 

 

-

 

 

 

356

 

 

 

443

 

 

 

1,053

 

Adjusted EBITDA from continuing operations

 

$

12,772

 

 

$

13,572

 

 

$

48,691

 

 

$

49,690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss on discontinued operations, net

 

$

(2,513

)

 

$

(37,642

)

 

$

(3,587

)

 

$

(42,175

)

Interest expense

 

 

1,903

 

 

 

1,151

 

 

 

8,527

 

 

 

5,319

 

Income taxes

 

 

7

 

 

 

(8

)

 

 

19

 

 

 

1

 

Depreciation and amortization

 

 

2,560

 

 

 

2,278

 

 

 

10,336

 

 

 

9,652

 

Non-cash equity-based compensation

 

 

60

 

 

 

22

 

 

 

228

 

 

 

120

 

Asset impairment expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6,417

 

(Gain) loss on sale of assets

 

 

1,252

 

 

 

(1,013

)

 

 

(584

)

 

 

(1,190

)

Loss on classification as held for sale

 

 

-

 

 

 

39,096

 

 

 

-

 

 

 

39,096

 

Other

 

 

-

 

 

 

366

 

 

 

-

 

 

 

564

 

Adjusted EBITDA from discontinued operations

 

$

3,269

 

 

$

4,250

 

 

$

14,939

 

 

$

17,804

 

Total Adjusted EBITDA

 

$

16,041

 

 

$

17,822

 

 

$

63,630

 

 

$

67,494

 

Cash paid for interest

 

 

(3,333

)

 

 

(2,192

)

 

 

(15,150

)

 

 

(10,009

)

Cash paid for income taxes

 

 

(7

)

 

 

25

 

 

 

(227

)

 

 

(30

)

Maintenance capital expenditures, net of reimbursable expenditures

 

 

(1,676

)

 

 

(2,378

)

 

 

(8,932

)

 

 

(7,894

)

Distributable cash flow

 

$

11,025

 

 

$

13,277

 

 

$

39,321

 

 

$

49,561

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions declared(1)

 

 

8,082

 

 

 

8,106

 

 

 

32,330

 

 

 

32,432

 

Distribution coverage ratio

 

 

1.36

 

 

 

1.64

 

 

 

1.22

 

 

 

1.53

 

 

(1) Inclusive of preferred and common unit declared cash distributions.

Forward-Looking Statements

This release includes forward-looking statements. Statements included in this release that are not historical facts (including, without limitation, any statements about future financial and operating results, guidance, projected or forecasted financial results, objectives, project timing, expectations and intentions and other statements that are not historical facts) are forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties. These risks and uncertainties include, among other things, uncertainties relating to the Partnership’s debt levels and restrictions in its credit agreement, its exposure to the credit risk of our third-party customers, the Partnership’s future cash flows and operations, future market conditions, current and future governmental regulation, future taxation and other factors discussed in the Partnership’s filings with the Securities and Exchange Commission. If any of these risks or uncertainties materializes, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The Partnership undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

About Blueknight

Blueknight (Nasdaq: BKEP and BKEPP) is a publicly traded master limited partnership that owns the largest independent asphalt terminalling network in the country. Operations include 8.7 million barrels of liquid asphalt storage capacity across 53 terminals and 26 states throughout the U.S. Blueknight is focused on providing integrated terminalling solutions for tomorrow’s infrastructure and transportation end markets. More information is available at www.bkep.com.


Contacts

Blueknight Investor Relations
Chase Jacobson, (918) 237-4032
This email address is being protected from spambots. You need JavaScript enabled to view it.

CALGARY, Alberta--(BUSINESS WIRE)--#H2--Proton Technologies began separating hydrogen again in late February at their project in Saskatchewan, Canada. The new separation unit is for multi-year hydrogen filter longevity and iteration testing, with hydrogen truck-loading expected later this year. Liquid oxygen is scheduled to be trucked in for injection at modest but still commercial scale. At the demonstration site production is expected to reach one thousand tonnes hydrogen per day after construction of a large air separation unit.



Hydrogen is a carbonless fuel which creates no CO2 when used. Proton has a way to make clean hydrogen at an anticipated production cost below $0.30 US per kg with a lower carbon intensity than wind or solar to electrolysis. Oil fields are not abandoned because they are empty, rather they have reached an economic limit but much of the oil remains in the ground. Proton’s process involves injecting oxygen into oilfields. This triggers reactions that produce hydrogen. Then a downhole hydrogen filter only allows hydrogen to come into the production well and up to surface, leaving all carbon in the ground. The cost structure is low because late-life oilfields become Proton’s reaction vessel which already contains decades of fuel.

There are many paths to move hydrogen, by truck, by rail, by pipeline, as a gas, as a liquid, or incorporated into chemicals such as ammonia, but if the production cost of hydrogen is lower than natural gas, baseload electricity and blending into natural gas systems are attractive as large proven markets with existing infrastructure and customers. “We plan to fuel our power purchase agreement using hydrogen-compatible generators,” says Seta Afshordi, COO of Proton Canada.

A journey is more purposeful when the destination is known. “Proton Canada aspires to supply 10% of humanity’s total energy by 2040. This will require huge investment for construction of many large air separation units and about 1/10th of western Canada’s vast oil resource, most of which is uneconomic for oil production,” says Grant Strem, Chair & CEO. Enquiries may be made to This email address is being protected from spambots. You need JavaScript enabled to view it., This email address is being protected from spambots. You need JavaScript enabled to view it., or This email address is being protected from spambots. You need JavaScript enabled to view it..


Contacts

For Media:
Proton’s Chair & CEO Grant Strem, COO Seta Afshordi, and Head of Commercial Calvin Johnson are available for interviews. Bookings can be made through
Julie Goulder This email address is being protected from spambots. You need JavaScript enabled to view it.

+1 403 467 1220

WILLISTON, Vt.--(BUSINESS WIRE)--$ISUN #EV--iSun, Inc. (NASDAQ: ISUN) (“iSun” or the “Company”) a leading solar energy and clean mobility infrastructure innovator with 50 years of construction expertise for solar, electrical and data services, today announced that the Company will redeem all of its outstanding public warrants (the “Public Warrants”) to purchase shares of the Company’s Common Stock, par value $0.0001 per share (the “Common Stock”), that were issued under the Warrant Agreement, dated March 2, 2016, as amended (the “Warrant Agreement”), by and between the Company (formerly Jensyn Acquisition Corporation and formerly The Peck Company Holdings, Inc. ) and Continental Stock Transfer & Trust Company, as Warrant Agent (the “Warrant Agent”), as part of the Units sold in the Company’s initial public offering (the “IPO”) and that remain outstanding at 6:30 p.m. New York City time on April 12, 2021 (the “Redemption Date”) for a redemption price of $0.01 per Public Warrant (the “Redemption Price”). Warrants to purchase Common Stock that were issued under the Warrant Agreement in a private placement simultaneously with the IPO and that are still held by the initial holders thereof or their permitted transferees are not subject to this redemption.


Each Public Warrant entitles the holder thereof to purchase one-half of one share of Common Stock for a purchase price of $5.75 per half share, subject to adjustment. Any Public Warrants that remain unexercised at 6:30 p.m. New York City time on the Redemption Date will be void and no longer exercisable and their holders will have no rights with respect to those Public Warrants, except to receive the Redemption Price or as otherwise described in this notice for holders who hold their Public Warrants in “street name.” The Company hereby informs you of its intention to irrevocably deposit with the Warrant Agent cash sufficient to pay the redemption price for all outstanding Public Warrants no later than one day prior to the Redemption Date.

Of the 4,194,500 Public Warrants outstanding from our combination with Jensyn Acquisition Corporation in June 2019 and that are available to exercise, 2,629,120 or 63% have been exercised to date and 1,565,380 or 37% remaining outstanding.

“The redemption of our warrants marks another critical step in the evolution of iSun as we work to further streamline our capital structure and enhance our cash position,” said Jeffrey Peck, iSun’s Chief Executive Officer. “With 63% of the public warrants having been exercised to date, the anticipated additional exercises will provide iSun with increased cash on the balance sheet to invest in both organic growth initiatives and to pursue M&A and investment opportunities in-line with our strategy to be an integrated provider of renewable energy as a service.”

None of the Company, its Board of Directors or officers has made or is making any representation or recommendation to any holder of the Public Warrants as to whether to exercise or refrain from exercising any Public Warrants.

The shares of Common Stock underlying the Public Warrants have been registered by the Company under the Securities Act of 1933, as amended, and are covered by a Registration Statement filed on Form S-1 with, and declared effective by, the Securities and Exchange Commission (Registration No. 333-208159). The SEC maintains an Internet website that contains a copy of this Registration Statement and Prospectus filed in connection therewith. The address of that site is www.sec.gov. Alternatively, a copy of the Prospectus from the iSun investor relations website may be obtained at https://investors.isunenergy.com.

Questions concerning exercise of redemption of the Public Warrants can be directed to Continental Stock Transfer & Trust Company, 1 State Street, 30th Floor, New York, New York 10004, Attention: Compliance Department, telephone number (212) 509-4000.

No Offer or Solicitation

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

About iSun, Inc.

Headquartered in Williston, VT, iSun, Inc. (NASDAQ: ISUN) is a business rooted in values of integrity and diversity that align people, innovation and sustainability. Ranked by Solar Power World as one of the leading commercial solar contractors in the United States, iSun provides solar energy and clean mobility infrastructure to customers for projects from smart solar mobile phone and electric vehicle charging, up to multi-megawatt renewable energy solutions. iSun’s innovations were recognized this year by the Solar Impulse Foundation of Bertrand Piccard as one the globe’s Top 1000 Sustainability Solutions. As a winner, this award will result in the iSun solution being presented to hundreds of government entities around the world, including various municipal, state and federal agencies in the United States. Since entering the renewable energy market in 2012, iSun has installed over 200 megawatts of rooftop, ground mount and EV carport solar systems (equal to power required for 38,000 homes). We continue to focus on profitable growth opportunities. For more information, visit www.isunenergy.com

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) iSun’s plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts; and (ii) other statements identified by words such as “expects” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the respective management of iSun and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of iSun. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties.


Contacts

Investor Relations Contact:
Chase Jacobson
This email address is being protected from spambots. You need JavaScript enabled to view it.
802-264-2040

DUBLIN--(BUSINESS WIRE)--The "Marine Port Security - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.


Global Marine Port Security Market to Reach $33.8 Billion by 2027

Amid the COVID-19 crisis, the global market for Marine Port Security estimated at US$ 23.4 Billion in the year 2020, is projected to reach a revised size of US$ 33.8 Billion by 2027, growing at a CAGR of 5.4% over the period 2020-2027.

The U.S. Market is Estimated at $6.3 Billion, While China is Forecast to Grow at 8.3% CAGR

The Marine Port Security market in the U.S. is estimated at US$ 6.3 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$ 7.1 Billion by the year 2027 trailing a CAGR of 8.3% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3% and 4.9% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Influencer Market Insights
  • World Market Trajectories
  • Impact of Covid-19 and a Looming Global Recession
  • Global Competitor Market Shares
  • Marine Port Security Competitor Market Share Scenario Worldwide (in %): 2020E
  • Global Competitor Market Shares by Segment

2. FOCUS ON SELECT PLAYERS (Total 34 Featured):

  • Bosch Security Systems
  • FLIR Systems
  • HCL Infosystems Ltd
  • Honeywell International
  • L3Harris
  • Raytheon
  • SAAB AB
  • Siemens AG
  • Tyco International
  • Unisys Corporation

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

  • World Current & Future Analysis for Marine Port Security by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • World Historic Review for Marine Port Security by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • World 15-Year Perspective for Marine Port Security by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets for Years 2012, 2020 & 2027

III. MARKET ANALYSIS

  • UNITED STATES
  • Market Facts & Figures
  • Market Analytics
  • CANADA
  • JAPAN
  • CHINA
  • EUROPE
  • Market Facts & Figures
  • Market Analytics
  • FRANCE
  • GERMANY
  • ITALY
  • UNITED KINGDOM
  • SPAIN
  • RUSSIA
  • REST OF EUROPE
  • ASIA-PACIFIC
  • AUSTRALIA
  • INDIA
  • SOUTH KOREA
  • REST OF ASIA-PACIFIC
  • LATIN AMERICA
  • ARGENTINA
  • BRAZIL
  • MEXICO
  • REST OF LATIN AMERICA
  • MIDDLE EAST
  • IRAN
  • ISRAEL
  • SAUDI ARABIA
  • UNITED ARAB EMIRATES
  • REST OF MIDDLE EAST
  • AFRICA

IV. COMPETITION

  • Total Companies Profiled: 34

For more information about this report visit https://www.researchandmarkets.com/r/s8wzft


Contacts

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

SINGAPORE--(BUSINESS WIRE)--Green Tiger Markets (GTM) today announced the launch of its pilot for its derivative marketplace platform. The pilot marketplace will allow business participants to buy and sell forward contracts for Philippines energy to hedge their price risk exposure in a simulated, “test trade” environment. GTM has onboarded 5 participants for the pilot, and is scheduled to add another 6 companies by the end of the month. These pilot participants represent, on a wholesale basis, approximately:


  • 40% of the Philippines electricity generation capacity, and
  • 65% of the Philippines electricity consumption.

The GTM platform is built with the latest technology to provide light-weight, flexible solutions that fit the specific needs of each product and market. This platform was designed to support GTM’s mission of bringing the benefits of an open derivatives marketplace to underserved markets and products.

It is no surprise that the pilot is for Philippine energy contracts. The GTM Leadership team has deep ties to the region and understands the market and its unique difficulties.

“We are excited to launch our pilot in support of the Philippines. We know that bringing transparency and price discovery to Philippines energy will help to reduce the price volatility that Filipinos experience,” says John Knorring, CEO of Green Tiger Markets. “It will also give wholesale producers and consumers of electricity the tools to better manage their price risk and their investment in existing and new generation capacity.”

Mr. Knorring also noted that GTM is working on a Singapore Renewable energy contract as the firm’s next market.

For more information about the pilot, click here or contact Matthew Kelber at This email address is being protected from spambots. You need JavaScript enabled to view it..

About Green Tiger Markets: Green Tiger Markets (GTM) develops and operates derivatives marketplaces that facilitate the forward hedging of price on a financial basis. Marketplace participants buy or sell Forward contracts with other participants who have opposing price risk management needs.

GTM’s mission is to support the growth and development of underserved markets through transparency and price discovery. In support of this mission, GTM built an innovative and flexible proprietary platform that allows new products to be launched quickly and the market to be configured based on the needs of the market participants.


Contacts

Matthew Kelber
Green Tiger Markets
+1 917-992-7826 (USA)
This email address is being protected from spambots. You need JavaScript enabled to view it.

FRANKFURT, Germany--(BUSINESS WIRE)--Today, MV Index Solutions GmbH (MVIS®) announced the licensing of the BlueStar Hydrogen and NextGen Fuel Cell Index (ticker: BHDRO) to Defiance ETFs for the use in a next generation ETF that offers retail clients exposure to companies involved in the development of hydrogen-based energy sources and fuel technologies.


We are pleased to license our Hydrogen and NextGen Fuel Cell Index to Defiance ETFs, providing their new fund with pure-play benchmark for this transformative clean-energy-related theme,” said Josh Kaplan, Global Head of Research at MV Index Solutions. ”With this index we add to our family of broad and pure-play clean energy thematic indices,” he added.

"We're already starting to see hydrogen take on a larger role as a viable energy source," Defiance ETFs President Paul Dellaquila said. "We believe that as governments and corporations continue to demand renewable energy sources and adopt more environment-friendly policies, hydrogen will be a pivotal resource to help fuel a cleaner economy."

The BlueStar Hydrogen and NextGen Fuel Cell Index (ticker: BHDRO), launched on 09 March 2021, is a global index that tracks the performance of the global hydrogen and fuel cell segment. Due to the lack of pure-play companies in the global hydrogen and fuel cell segments, this includes pure-play and non-pure-play companies. Detailed information about the index, including methodology details and index data is available on the MV Index Solutions website.

Key Index Features
BlueStar Hydrogen and NextGen Fuel Cell Index (ticker: BHDRO)
Number of Components: 25
Base Date: 19 June 2020
Base Value: 100

Note to Editors:

About MV Index Solutions - www.mvis-indices.com

MV Index Solutions (MVIS®) develops, monitors and licenses the MVIS Indices and BlueStar Indexes, a selection of focused, investable and diversified benchmark indices. The indices are especially designed to underlie financial products. MVIS Indices cover several asset classes, including equity, fixed income markets and digital assets and are licensed to serve as underlying indices for financial products. Approximately USD 25.83 billion in assets under management (as of 10 March 2021) are currently invested in financial products based on MVIS/BlueStar Indices. MVIS is a VanEck company.

About Defiance ETFs- www.defianceetfs.com/

Founded in 2018, Defiance ETFs is an exchange-traded funds (ETFs) sponsor and registered investment advisor focused on thematic investing. Our suite of rules-based ETFs allows retail and institutional investors to express a targeted view on dynamic sub-sectors that are leading the way in disruptive innovations.


Contacts

Media Contact
Séverine Thäsler-Jäger, MV Index Solutions
+49 (0)69 4056 695 53
This email address is being protected from spambots. You need JavaScript enabled to view it.

NEW YORK--(BUSINESS WIRE)--$FRXB--Forest Road Acquisition Corp. II (the “Company”), a newly incorporated blank check company, today announced the pricing of its upsized initial public offering of 30,500,000 units at a price of $10.00 per unit. The units are expected to be listed on the New York Stock Exchange (the “NYSE”) and traded under the ticker symbol “FRXB.U” beginning March 10, 2021. Each unit consists of one share of Class A common stock and one-fifth of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin trading separately, the Company expects that the shares of Class A common stock and redeemable warrants will be listed on the NYSE under the symbols “FRXB” and “FRXB WS,” respectively.


The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any industry, it currently intends to concentrate its search for a target business operating in the technology, media, telecommunications, and consumer (“TMTC”) space.

The Company is led by Thomas Staggs and Kevin Mayer who both serve as Co-Chief Executive Officer and Co-Chairperson of the Board. Zachary Tarica serves as Chief Operating Officer, Idan Shani as Chief Financial Officer, and Jeremy Tarica as Chief Investment Officer of the Company. The team also includes strategic advisors Shaquille O’Neal, Sheila A. Stamps, Rick Hess, and Harlan Cherniak, as well as independent directors Martin Luther King III, Salil Mehta, and Keith L. Horn.

The Forest Road Company, LLC, an affiliate of the Company’s sponsor, is a specialty finance platform across media, real estate, and renewable energy tax credit lending as well as film tax credit administration and tax credit brokerage.

Morgan Stanley and Cantor Fitzgerald & Co. are serving as joint book-running managers with Guggenheim Securities serving as co-manager. The Company has granted the underwriters a 45-day option to purchase additional units in an amount up to 15% of the units sold in the initial public offering at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick, 2nd Floor, New York, New York 10014, telephone: 866-718-1649 or email: This email address is being protected from spambots. You need JavaScript enabled to view it. or Cantor Fitzgerald & Co., Attention Capital Markets, 499 Park Avenue, New York, NY 10022, or by e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission (the “SEC”) on March 9, 2021. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, 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.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the SEC. Copies of these documents are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.


Contacts

For Media:
Jaclyn Fershtman
This email address is being protected from spambots. You need JavaScript enabled to view it.

For Investors:
Jeremy Tarica
This email address is being protected from spambots. You need JavaScript enabled to view it.

COSTA MESA, Calif.--(BUSINESS WIRE)--#aerospace--D.A. Davidson & Co. announced today that it served as exclusive financial advisor to Oasis Materials Company LP , the leading provider of highly-engineered, precision ceramic thermal transition technologies, in its partnership with Fralock Holdings, LLC, a design, engineering and manufacturing company that develops advanced materials for critical applications.


Oasis Materials’ domain expertise and in-house engineering allow it to serve as a platform for a series of disruptive solutions across the aerospace & defense, semiconductor and healthcare markets. Founded in 2005, Oasis Materials occupies over 55,000 square feet throughout two facilities including its headquarters in Poway, Calif. and a Rocklin, Calif. operation.

“Oasis Materials is an innovative technology company with a strong portfolio of thermal management solutions and a sterling reputation. This acquisition will further enhance Fralock’s design, engineering and manufacturing capabilities as it relates to specialty ceramic components and thermal subassemblies,” said Paul Weisbrich, managing director and leader of Aerospace, Defense and Space investment banking at D.A. Davidson. “We wish the team the best of luck in their continued growth.”

Fralock Holdings’ applications are used in a variety of ways that impact our lives, serving OEM’s in the Aerospace, Life Science, Medical, Military, Oil & Gas, Satellite and Semiconductor Equipment Manufacturing markets. This acquisition will enable Fralock to incorporate Oasis Materials’ technology into its existing suite of products to offer a wider variety of solutions for customers seeking cost competitive ways to augment precision thermal transition management. The acquisition is part of a series of several recent acquisitions completed by Fralock Holdings as the company continues to focus on enhancing its capabilities and customer offerings.

This transaction highlights the continued success of D.A. Davidson’s Diversified Industrials practice, further demonstrating the firm's position as a leading advisor in this sector.

D.A. Davidson’s investment banking division is a leading full-service investment bank that offers comprehensive financial advisory and capital markets expertise. The group has extensive transaction experience serving middle market clients worldwide across five industry verticals: consumer, diversified industrials, financial institutions, real estate and technology.

Together with its European strategic partner, MCF Corporate Finance, D.A. Davidson originates and executes transatlantic M&A transactions under the common brand of D.A. Davidson MCF International.

About D.A. Davidson Companies:

D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions, and municipalities nationwide. Founded in 1935 and headquartered in Montana, with corporate offices in Denver, Los Angeles, Portland and Seattle, the company has approximately 1,400 employees and offices in 27 states.

Subsidiaries include: D.A. Davidson & Co., the largest full-service investment firm headquartered in the Northwest, providing wealth management, investment banking, equity and fixed income capital markets services and advice; Davidson Investment Advisors, a professional asset management firm; D.A. Davidson Trust Company, a trust and wealth management company; and Davidson Fixed Income Management, a registered investment adviser providing fixed income portfolio and advisory services.

For more information, visit dadavidson.com.


Contacts

Media Contact:
Emily Roy
Prosek for D.A. Davidson
(646) 818-9232
This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Cactus, Inc. (NYSE: WHD) (“Cactus”) announced today the pricing of an underwritten secondary offering (the “Offering”) of 5,500,000 shares of its Class A common stock (“common stock”) by certain selling stockholders (the “Selling Stockholders”) for total gross proceeds of $173.3 million. In addition, the Selling Stockholders have granted the underwriters a 30-day option to purchase up to an additional 825,000 shares of common stock at the public offering price, less underwriting discounts and commissions. The Offering is expected to close on March 12, 2021, subject to customary closing conditions.

Cactus will not receive any of the proceeds from the sale of common stock in the Offering.

Citigroup and Credit Suisse are acting as joint book-running managers. BofA Securities and Morgan Stanley are also acting as joint book-running managers. Barclays, J.P. Morgan, Tudor, Pickering, Holt & Co., Johnson Rice & Company L.L.C. and Stephens Inc. are acting as co-managers for the Offering.

The securities are being offered and will be sold pursuant to an automatic shelf registration statement (including a prospectus) that was previously filed with the Securities and Exchange Commission (the “SEC”) and became effective upon filing. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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 the registration or qualification under the securities laws of any such state or jurisdiction. The Offering is being made only by means of a prospectus and related prospectus supplement.

Copies of the preliminary prospectus supplement and accompanying base prospectus and, when available, copies of the final prospectus supplement and accompanying base prospectus, related to the Offering may be obtained, free of charge, at the SEC’s website at www.sec.gov. Alternatively, copies of the preliminary prospectus supplement and accompanying base prospectus may be obtained from:

Citigroup Global Markets Inc.
Attention: Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Telephone: (800) 831-9146

Credit Suisse Securities (USA) LLC
Attention: Prospectus Department
6933 Louis Stephens Drive
Morrisville, NC 27560
Telephone: (800) 221-1037
This email address is being protected from spambots. You need JavaScript enabled to view it.

About Cactus, Inc.

Cactus designs, manufactures, sells and rents a range of highly engineered wellhead and pressure control equipment. Its products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of its customers’ wells. In addition, it provides field services for all its products and rental items to assist with the installation, maintenance and handling of the wellhead and pressure control equipment. Cactus operates service centers in the United States, which are strategically located in the key oil and gas producing regions, including the Permian, Marcellus, Utica, Haynesville, Eagle Ford, Bakken, and SCOOP/STACK, among other areas, and in Eastern Australia.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements regarding the size, timing or results of the Offering, represent Cactus’ expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Cactus’ control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Cactus does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Cactus to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus and related preliminary prospectus supplement filed with the SEC in connection with the Offering, Cactus’ Annual Report on Form 10-K for the year ended December 31, 2020 and its other filings with the SEC. These risk factors and other factors noted in Cactus’ SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement.


Contacts

Cactus, Inc.
John Fitzgerald, 713-904-4655
Director of Corporate Development and Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.

CALGARY, Alberta--(BUSINESS WIRE)--Blackline Safety Corp. (TSXV: BLN) today announced that 595,000 stock options were granted on March 9, 2021 to directors, advisor to the Board of Directors, officers and an employee of the company. The options were assigned an exercise price of $8.00 per share and are exercisable for a period of five years, subject to regulatory approval. These options are granted under Blackline's stock option plan as part of its annual compensation package.


About Blackline Safety: Blackline Safety is a global connected safety leader that helps to ensure every worker gets their job done and returns home safe each day. Blackline provides wearable safety technology, personal and area gas monitoring, cloud-connected software and data analytics to meet demanding safety challenges and increase productivity of organizations in more than 100 countries. Blackline Safety wearables provide a lifeline to tens of thousands of men and women, having reported over 140 billion data-points and initiated over five million emergency responses. Armed with cellular and satellite connectivity, we ensure that help is never too far away. For more information, visit www.BlacklineSafety.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Contacts

INVESTOR/ANALYST CONTACT
Cody Slater, CEO
This email address is being protected from spambots. You need JavaScript enabled to view it.
Telephone: +1 403 397 5300

MEDIA CONTACT
Heather Houston
This email address is being protected from spambots. You need JavaScript enabled to view it.
Telephone: +1 904 398 5222
Cell phone: +1 386 216 9472

Represents the industry’s first and only addressable power charge

HOUSTON--(BUSINESS WIRE)--Titan Division of Hunting Energy Services, a subsidiary of Hunting PLC, the international energy services company, today introduced its new PowerSet® Recon addressable power charge.


Enabled by Hunting’s ControlFire® Recon technology, PowerSet Recon is the industry’s only fully addressable power charge, which can be interrogated downhole with ControlFire software and at the surface with Hunting’s VeriFire® panel. Complete with a built-in initiation device that eliminates the need for plug switches and igniters, PowerSet Recon is available in sizes #10F (fast-burning) and #20, and is compatible with Hunting’s T-Set setting tools.

PowerSet Recon completes the first and only fully addressable plug-and-perf tool string. This advanced technology allows the user to read the PowerSet Recon resistance at any time, assuring all components are in place and in working order when running in hole.

PowerSet Recon charges are available through Hunting’s network of distribution centers strategically located in all the world’s oil-producing regions.

About Hunting
Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a premium-listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has operations in Canada, China, Indonesia, Kenya, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, South Africa, United Arab Emirates and the United States of America.

The company’s Hunting Energy Services Titan Division engineers and manufactures perforating systems, wireline selective firing systems, cased hole logging instruments, nuclear detectors, energetics, and associated wireline hardware and accessories.


Contacts

Business Contact:
John Feuerstein, Hunting, 281-442-7382, This email address is being protected from spambots. You need JavaScript enabled to view it.

IRVINE, Calif.--(BUSINESS WIRE)--Smart Energy Water (SEW), a leading software technology provider in the Energy and Utility space, announced today a new alliance with Deloitte. The collaboration aims to enable exceptional customer service and digital experience for global energy, water, and gas providers.


Headquartered in California, SEW (Smart Energy Water) serves over 340+ Energy and Water service providers worldwide. The joint offerings will leverage AI, ML, and IoT technologies to build industry-leading Digital Customer Experience (CX) and Mobile Workforce Experience platforms to address the industry’s current and future needs. Together, this alliance will help achieve better business outcomes and improve operational efficiency for small and large utilities.

“We believe this global strategic alliance with Deloitte will significantly transform the industry and hold our commitment to serving our clients globally. Implementation of our joint digital CX and WX platforms will empower millions of customers with digital self-service capabilities to manage their energy and water use with interactive customer web and native mobile apps,” said Deepak Garg, Founder and CEO of SEW.

The alliance is driven by the large and growing market opportunity for digital self-service. Some initial areas of joint solution focus include Customer Experience, Workforce Engagement, Advanced Analytics, Data Science, Machine Learning (ML) and Artificial Intelligence (AI) to drive digital transformation in utilities and pave the way for continuous innovation.

“As Utility companies throughout North America and the rest of the world continue to expand their digital strategy focused on enhanced customer experience, our alliance with Smart Energy Water (SEW) with its strong digital capabilities coupled with Deloitte’s proven implementation expertise, allows us to jointly provide an offering that is not only unique, but also timely and reliable at this critical point in time,” said Bob Simpson, Managing Director, Power, Utilities & Renewables, Deloitte Consulting LLP.

Deloitte brings years of experience working with Electricity, Gas, and Water service providers, advising, and designing an integrated approach for clients that provides a wide range of services in their implementation journey.

About SEW (Smart Energy Water)

SEW, with its innovative and industry-leading cloud platforms, aims to deliver the best Digital Customer Experiences and Mobile Workforce Experience powered by AI, ML, and IoT Analytics to the global energy, water, and gas providers. We partner with businesses to deliver solutions that are easy-to-use, integrate seamlessly, and help build a strong technology foundation that allows energy, water, and gas providers to become future-ready, by harnessing the power of digital technologies. To learn more about Smart Energy Water, visit www.SEW.ai.

About Deloitte

Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax and related services. Deloitte network of member firms in more than 150 countries and territories serves four out of five Fortune Global 500® companies. Learn how Deloitte’s more than 286,000 people make an impact that matters at www.deloitte.com.


Contacts

Mashal Dhawan
Chief Marketing Officer
Smart Energy Water
909-217-3503
This email address is being protected from spambots. You need JavaScript enabled to view it.

Joint technology demonstrator showcases new solutions for retail, supply-chain and in-home devices.

VANCOUVER, British Columbia--(BUSINESS WIRE)--$YNV #Electrochromicdisplays--Ynvisible Interactive Inc. (the "Company" or "Ynvisible") (TSX-V: YNV, FSE: 1XNA, OTCQB: YNVYF) Creavis, the strategic innovation unit of Evonik Industries AG - an Essen, Germany headquartered global specialty chemicals group, and Epishine AB, a world technological leader for organic photovoltaic (OPV) light energy harvesting devices, announce the creation of a new joint demonstrator featuring TAeTTOOz® printed battery from Evonik, Epishine's solar cells, and Ynvisible's electrochromic display.



All technologies can be printed, and when they are assembled, they can create self-powered signage, functional packaging or device solutions. The joint demonstrator will be featured at LOPEC, TechBlick and on the partner's individual communications channels. Register here for Techblick

"Our new demonstrator is a clear evolution on our journey with Ynvisible, started in May 2020. We are demonstrating the potential use-cases and advantages of this combined solution – energy independence, scale-able manufacturing and design freedom," says Dr. Michael Korell, Head of New Growth Area Energy Storage.

"Epishine's light energy harvesting cells have unique efficiency at indoor light conditions and enable small connected electronics, like electronic shelf labels, without the burden of costly battery maintenance. This collaboration is also an important opportunity to highlight the unique material properties of our thin and flexible printed solar cell," says Jesper Nilsson, Head of Solutions, Epishine.

"Most active electronic devices need a visual interface and a power supply. Our joint demonstrator makes rechargeability, modularity and a dynamic user experience reality," says Michael Robinson, CEO of Ynvisible. "We're proud to showcase how our partners' technologies can come together to deliver holistic and value-added solutions – truly a Display PLUS."

Join us on Lopec, Techblick, and interactive co-hosted webinar

Ynvisible, Evonik, and Epishine will host a joint webinar on April 8th to delve deeper into the details of the Self-Powered Smart Signage Solution and provide a broader idea on what the three technologies will enable. Follow this link to participate in an interactive webinar.

Ynvisible will be exhibiting at TechBlick on March 10th and 11th using a virtual booth to showcase the joint demonstrator. Carolina Gioscio, Marketing Manager Sustainable Solutions at Evonik, is an invited speaker and will present more details related to the Self-Powered Smart Signage Solution on March 10, 5:10 pm CET.

About Evonik

Evonik is one of the world leaders in specialty chemicals. The company is active in more than 100 countries around the world and generated sales of €13.1 billion and an operating profit (adjusted EBITDA) of €2.15 billion in 2019. Evonik goes far beyond chemistry to create innovative, profitable and sustainable solutions for customers. More than 32,000 employees work together for a common purpose: We want to improve life today and tomorrow. Additional information on Evonik is available at https://corporate.evonik.com/en

About Epishine AB

Epishine's business is based on pioneering manufacturing breakthroughs within printed organic solar technology. The company has developed disruptive process steps that provide a unique scalability in terms of manufacturing plus industry-leading low light efficiency. Its roll-to-roll printed organic photocells are optimized for low light conditions and are easily integrated into wireless products. These photocells can be used instead of batteries, which would need to be replaced periodically. The company was founded back in 2016, and has just over 20 employees. Its headquarters in Linköping, Sweden. Additional information on Epishine AB is available at www.epishine.com

About Ynvisible Interactive Inc.

Ynvisible is a leading company in the emerging printed and flexible electronics sector. Given the cost and power-consumption advantages over conventional electronics, printed electronics are a key enabler of mass adoption of the Internet of Things ("IoT") and smart objects. Ynvisible has experience, know-how and intellectual property in the field of electrochromic materials, inks, and systems. Ynvisible's interactive printed graphics solutions solve the need for ultra-low power, mass deployable, & easy-to-use electronic displays and indicators for everyday smart objects, IoT devices, and ambient intelligence (intelligent surfaces). Ynvisible offers a mix of services, materials and technology to brand owners developing smart objects and IoT products. Additional information on Ynvisible Interactive Inc. is available at www.ynvisible.com

ON BEHALF OF THE BOARD OF DIRECTORS
"Micheal Robinson", CEO, Ynvisible Interactive Inc.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Ynvisible Interactive Inc. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Ynvisible Interactive Inc. management on the date the statements are made. Except as required by law, Ynvisible Interactive Inc. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.


Contacts

For further information:
Elyssia Patterson
+1 778-683-4324
This email address is being protected from spambots. You need JavaScript enabled to view it.

Offshore Source Logo

Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.

Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.

Corporate Offices

Technology Systems Corporation
8502 SW Kansas Ave
Stuart, FL 34997

info@tscpublishing.com