New investment will help Highland accelerate its mission of bringing cheaper, cleaner transportation to schools throughout the US
HAMILTON, Mass.--(BUSINESS WIRE)--Highland Electric Transportation, a provider of turnkey fleet solutions delivering the latest in zero-emission technologies to school districts and fleet managers, has raised $253MM of corporate equity to accelerate its growth. The financing was led by Vision Ridge Partners with participation by Fontinalis Partners and existing investors.
“We want everyone to enjoy the benefits of going electric – providing a safer, cleaner, quieter ride to students and delivering cost savings to school districts. Highland is making that possible through a comprehensive, cost-effective solution and we are excited to invest in the Company to accelerate its mission,” said Reuben Munger, Founder and Managing Partner of Vision Ridge Partners.
Highland reduces the complexity of going electric by providing customers a full-service solution of electric vehicles that are owned, powered, and maintained by the Company. This all-inclusive transportation-as-a-service model is the simple and cost-effective way for districts to transition their fleets. With technology solutions allowing vehicles to optimally charge and provide grid services, Highland is helping customers improve energy efficiency and resiliency.
“My partners and I believe millions of fleet vehicles will electrify,” said Chris Cheever, Founder and Partner at Fontinalis. “Highland is well positioned to help customers make it happen and our firm is excited to help the Company become a leader in its industry.” Fontinalis Partners was co-founded by Bill Ford, Executive Chairman of the Ford Motor Company (NYSE: F) with deep expertise in mobility.
School districts and other governmental organizations are embracing electric vehicles because they are cheaper and cleaner. In addition to school buses, Highland plans to expand its service to help electrify entire government fleets. Currently, the Company is working on projects to electrify thousands of medium-duty vehicles in government fleets, which makes Highland among the biggest electric fleet owners.
“Our goal is to use this capital to build the largest electric fleet company that delivers economic and environmental value to our customers and society,” said Duncan McIntyre, Highland Founder and CEO. “We are blessed with great customers and a growing team that includes outstanding investors and company builders.”
The Company benefits from government initiatives that accelerate fleet electrification. These include President Biden’s executive order to electrify 645,000 Federal government vehicles as well as Build Back Better policy to provide incentives to electrify all 500,000 municipally-operated school buses in the United States. State governments are supporting the switch to electric vehicles too. For example, Maryland offers grants for zero-emission school buses. Additionally, last year’s Federal Energy Regulatory Commission Order 2222 created the nationwide ability to connect vehicle batteries to the electricity grid. Today, Highland is selling battery services into ISO-NE and will soon provide similar services to the PJM Energy Market.
Concurrent with the financing Reuben Munger, Justin Goerke, and Nat Kreamer, chief executive officer of the Advanced Energy Economy (AEE) and co-founder of Sunrun (NASDAQ: RUN), are joining Duncan McIntyre on Highland’s board of directors. Before founding Highland, Duncan co-founded Altenex, which pioneered the virtual power purchase agreement for renewable energy, developed over two gigawatts of renewable energy for marquee customers that included Microsoft (NASDAQ: MSFT), Home Depot (NYSE: HD), and General Motors (NYSE: GM), and was acquired by Edison International (NYSE: EIX).
Highland Electric Transportation is headquartered in Hamilton, Massachusetts, neighboring its first customer, the City of Beverly. Today, Highland owns and operates American-made electric vehicles manufactured by North Carolina-headquartered Thomas Built Buses and powered by California-headquartered Proterra, which has announced its plan to go public by merging with Arclight Clean Transition Corp (NASDAQ:ACTC).
About Vision Ridge Partners
Launched in 2008 to invest in transformative growth companies within the sustainable energy sector, Vision Ridge Partners is an investment firm focused on the future. Our vision is to unleash capital markets to solve our generation's greatest challenge: the threat posed to our planet by climate change. More information is available www.vision-ridge.com
About Fontinalis Partners
Fontinalis Partners is a venture capital firm investing in vertical and enabling technologies impacting the efficient movement of people and goods. The firm was founded in 2009, has offices in Detroit and Boston, and has raised more than $260 million of committed capital to date. More information is available at www.fontinalis.com
Duncan McIntyre
Chief Executive Officer
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DUBLIN--(BUSINESS WIRE)--The "Refinery Catalyst Market Size, Share & Trends Analysis Report by Material (Zeolites, Metallic, Chemical Compounds), by Application (FCC, Alkylation, Hydrotreating, Hydrocracking), by Region and Segment Forecasts, 2020 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global refinery catalyst market size is expected to reach USD 9.5 billion by 2027, expanding at a revenue-based CAGR of 4.7%
Growing demand for petroleum products is the major factor driving the market. Refinery catalysts are chemicals that are used in different operations for carrying out refining activities. These substances are responsible in altering the rate of chemical reactions in the FCC unit, thereby, speeding up the reaction, which reduces the turnaround time of the manufacturing process.
Among the different raw material used in the production of refinery catalysts, zeolites have emerged as one of the major segments. Zeolites are generally aminosilicates composed of frameworks of silicon, oxygen, and aluminum in the form of SiO4 and AlO4. A number of them occur naturally, and hence are procured via mining as minerals. However, the synthetic ones are also produced commercially.
Refinery catalysts are widely utilized in refining processes such as fluid catalytic cracking, alkylation, and hydrotreating. The role of an accelerator in FCC process is to aid in breaking heavy molecules at high temperature and moderate pressure so that they can be separated from the mixture and collected as a vapor. The separated products are purified and treated for application in multiple end-use industries.
The key market players are aiming at introducing customized solutions for different regions based on individual regulatory trends, fuel quality, and driving condition in order to reach out to a broader customer base. The European Union (EU) plans to cut down carbon dioxide emission by 2020, and hence, is encouraging major companies to introduce innovative biocatalysts for the market.
Refinery Catalyst Market Report Highlights
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Refinery Catalysts Market: Market Variables, Trends & Scope
3.1 Market Lineage Outlook
3.1.1 Catalyst And Related Market Outlook
3.2 Penetration & Growth Prospect Mapping
3.3 Value Chain Analysis
3.3.1 Raw Material Trends
3.3.1.1 Major Raw Material Analysis
3.3.1.2 Procurement Best Practices
3.3.2 Manufacturing Trends
3.3.2.1 Technology Trends
3.3.2.2 Outsourcing And Contract Manufacturing Trends
3.3.3 Cost Structure And Profit Margin Analysis
3.3.4 Sales Channel Analysis
3.3.5 Vendor Selection Criteria
3.4 Technology Overview
3.5 Regulatory Framework
3.6 Market Dynamics
3.6.1 Market Driver Analysis
3.6.1.1 Favorable Government Regulations
3.6.1.2 Increasing Refinery Throughput
3.6.2 Market Restraint Analysis
3.6.2.1 Raw Material Volatility And Declining Crude Oil Prices
3.6.3 Industry Challenges
3.7 Business Environment Analysis
3.7.1 Industry Analysis - Porter's
3.7.2 Pestel Analysis
3.8 Market Entry Strategy
Chapter 4 Refinery Catalysts Market: Material Estimates & Trend Analysis
4.1 Material Movement Analysis & Market Share, 2019 & 2027 (Kilotons) (USD Million)
4.2 Refinery Catalysts Market Size & Forecasts And Trend Analysis, By Material, 2016 - 2027 (Kilotons) (USD Million)
4.2.1 Zeolities
4.2.2 Metallic
4.2.3 Chemical Compounds
4.2.4 Others
Chapter 5 Refinery Catalysts Market: Application Estimates & Trend Analysis
5.1 Application Movement Analysis & Market Share, 2019 & 2027 (Kilotons) (USD Million)
5.2 Refinery Catalysts Market Size & Forecasts And Trend Analysis, By Application, 2016 - 2027 (Kilotons) (USD Million)
5.2.1 Fcc Catalysts
5.2.2 Alkylation Catalysts
5.2.3 Hydrotreating Catalysts
5.2.4 Hydrocracking Catalysts
5.2.5 Catalytic Reforming
5.2.6 Others
Chapter 6 Refinery Catalysts Market: Regional Estimates & Trend Analysis
6.1 Market Share, 2019 & 2027 (Kilotons) (USD Million)
6.2 Market Size & Forecasts And Trend Analysis, By Region, 2016 - 2027 (Kilotons) (USD Million)
Chapter 7 Competitive Landscape
7.1 Key Global Players & Recent Developments & Their Impact On The Industry
7.2 Key Innovators, Market Leader, And Emerging Players
7.3 Vendor Landscape
7.4 Public Companies
7.5 Competitive environment
7.6 Private Companies
Chapter 8 Company Profiles
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Laura Wood, Senior Press Manager
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The award winning brand is demonstrating the future of performance materials and the possibilities unlocked by Checkerspot, Inc’s vertically integrated innovation platform enabled by biotechnology
SALT LAKE CITY & BERKELEY, Calif.--(BUSINESS WIRE)--Checkerspot, Inc. announced today that the company’s outdoor brand, WNDR Alpine (pronounced “Wonder Alpine”), has integrated into its B Corp™ Certification and has demonstrated significant positive impact in order to carry the B Corp™ Certification logo. This certification marks Checkerspot’s participation in a global movement of for-profit companies dedicated to using the power of business to build a more inclusive and sustainable economy.
“When we launched WNDR Alpine in 2019, we set out to create the highest performing equipment to push the boundaries of what’s possible for backcountry travel and our community more broadly, but also to make strides toward a more responsible way to build products,” said Matt Sterbenz, GM of Wintersports at Checkerspot. “Novel materials and production techniques can benefit the alpinist and the environment. Our goal at Checkerspot is to make these new materials and manufacturing innovations accessible, and through the brand, attract others in the outdoor space to join us in a new standard of environmental responsibility.”
The certification process uses credible, comprehensive, transparent, and independent standards to measure performance in areas of governance, workers, community, and the environment. The team has worked hard to reduce waste specifically in the local fabrication of its skis.
Key innovations highlighted in earning this certification:
“We have a vision of empowerment - to create new sustainable performance materials and to put them into the hands of innovators. To do this requires a community willing to think differently and step forward into a post petroleum future. We are so proud to be a part of the B Corp™ community of companies who are committed to realizing a more sustainable future,” said Charles Dimmler, CEO and co-founder of Checkerspot. “The 20th century was defined by the industrial revolution and growing consumerism, the foundation of which continues to be petroleum and other commodity oils. In the 21st century, biotechnology has unlocked our ability to biomanufacture at large scale other natural oils with unique chemistries never before available in large quantities. Through our products, such as those available at WNDR Alpine, we have just begun to demonstrate why this is important: unique, novel oils enable us to engineer better performing products designed for their specific application. The fact that we are also leveraging a more sustainable approach will one day become the global norm.”
In the coming season, all of WNDR® Alpine’s skis will proudly display the B Corp™ logo.
About Checkerspot
Checkerspot designs performance materials at a molecular level. It does this by optimizing microbes to biomanufacture unique structural oils produced in nature, but not previously accessible at commercial scale. The company is currently commercializing three materials: a light-weight urethane-based composite (Algal Core) and a cast urethane (Algal Wall), both commercialized initially through the brand WNDR® Alpine, as well as algal oil formulated into MiDori® BioWick and sold in partnership with Beyond Surface Technologies to clothing brands worldwide. Checkerspot empowers product designers and innovators, including Beyond Surface Technologies, Gore and WNDR Alpine, with better materials to develop improved consumer and B2B applications for a post-petroleum future.
About B Lab®
B Lab is a nonprofit that serves a global movement of people using business as a force for good™. Their initiatives include B Corp™ Certification, administration of the B Impact Management programs, and advocacy for governance structures like the benefit corporation. B Lab’s vision is of an inclusive and sustainable economy that creates a shared prosperity for all.
https://checkerspot.com
https://wndr-alpine.com
Nina Reyes This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Breakthrough Innovations in Artificial Photosynthesis" report has been added to ResearchAndMarkets.com's offering.
The gap between energy demand and supply is one of the major global challenges and simultaneously, the replacement of coal, oil and natural gas with carbon dioxide lean or neutral fuels has also become very crucial. The development of technologies accelerating renewable and sustainable energy generation provides alternatives to the current fuel supplies, minimises greenhouse gas emissions, and ultimately reduces the negative impact on the environment.
Artificial Photosynthesis (AP) is considered as one of the emerging technologies with a high potential of delivering sustainable alternatives to the current set of fossil fuels. AP can be used to produce hydrogen and other specialty chemicals that can be used as feedstocks in a wide range of high-end applications. Successful commercialization of AP at an industrial scale will definitely reduce anthropogenic carbon dioxide emissions by a significant amount and will also enable an easy energy transition in the near future.
Key Topics Covered:
1.0 Executive Summary
1.1 Research Scope
1.2 Research Process and Methodology
1.3 Key Findings
2.0 Overview of Artificial Photosynthesis
2.1 Difference between Artificial Photosynthesis and Natural Photosynthesis
2.2 Artificial Photosynthesis Stores Renewable Energy in the form of Specialty Chemicals thereby Minimizing Energy Loss
2.3 Applications of the Artificial Photosynthesis Process
2.4 Types of Artificial Photosynthesis and their Current Status
2.5 Hydrogen Evolution is the Rate Determining Step in an Artificial Photosynthesis Process
2.6 Benefits and Challenges Involved in Artificial Photosynthesis Processes
3.0 Current and Emerging Artificial Photosynthesis Technologies
3.1 Current Enabling Technologies
3.1.1 Co-Electrolysis and Photo-Electro catalysis are the Most Established Technologies in Artificial Photosynthesis
3.1.2 Co-Electrolysis Produces Syngas which Can be Used as a Feedstock for many Industrial Processes
3.1.3 Benefits and Challenges Associated with Co-Electrolysis
3.1.4 Co-Electrolysis Processes are established and are Commercialized at a Lower Scale
3.1.5 Generation of Hydrogen and Carbon Dioxide Reduction Using Photo electrochemical (PEC) Cells
3.1.6 Benefits and Challenges Associated with Photoelectrocatalysis
3.1.7 Photoelectrocatalysis Processes for Hydrogen Generation Have High TRL levels
3.1.8 Comparative Analysis between Co-Electrolysis and Photoelectrocatalysis
3.1.9 Research Trends Enhancing the Commercialization of AP Technologies
3.2 Emerging Technologies
3.2.1 Hybrid Processes Involve Integration of Biological Processes with AP to Enhance Generation of Specialty Chemicals
3.2.2 Pilot Plants for the Hybrid Process Will be Tested with Increased Generation of Specialty Chemicals
3.2.3 Nanotechnology-enabled Artificial Photosynthesis Offers High Surface Area and Better Light Absorption
3.2.4 Nanotechnology Driven Multi-electron Reduction Process Provides Excellent Energy Conversion Efficiency
3.2.5 Pilot Plants for Nano-catalysts Tested for Reverse Combustion of Carbon Dioxide to Generate Hydrocarbons
3.2.6 Artificial Leaves are 10 Times More Efficient than Natural Photosynthesis
3.2.7 More Research on the Permeable Membranes is carried out to Expedite Commercialization
3.2.8 Comparative Analysis of Emerging Technologies
3.2.9 Initiatives in Europe for Rapid Commercialization of Artificial Photosynthesis Processes
3.2.10 Initiatives in APAC and North America for Rapid Commercialization of Artificial Photosynthesis Processes
4.0 Innovations based on Current and Emerging Technologies
4.1 Research Focused on Current Technologies for Artificial Photosynthesis
4.2 Research Focused on Emerging Technologies for Artificial Photosynthesis
4.3 Stakeholders with Innovative Eco-systems based on Technology Readiness Levels
4.4 Successfully Demonstrated Hybrid Processes for Generation of Specialty Chemicals
4.5 New Concept Tires to Achieve Circular Economy in the Transportation Industry
4.6 Novel Innovations to Enhance the Productivity of AP Processes
4.7 Photoelectrocatalysis with Gold Nanocrystals as Catalyst
4.8 Photoelectrocatalysis with Molecular Catalyst
4.9 Photoelectrocatalysis Using Metal Catalyst and Nitride as Semiconductor
4.10 Next-generation Photoelectrochemical Cells (PEC) for Efficient Hydrogen and Carbon Monoxide Generation
4.11 Solar Thermal Chemical Reactor for Converting Carbon Dioxide to Hydrocarbons
5.0 Growth Opportunities
5.1 Growth Opportunity - R&D Investment
5.2 Growth Opportunity - Technology Convergence
5.3 Growth Opportunity - R&D Partnership
6.0 Analyst Insights
7.0 Key Contacts
For more information about this report visit https://www.researchandmarkets.com/r/sxy2ok
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DUBLIN--(BUSINESS WIRE)--The "Residential Energy Management Market by Component (Hardware (RTU, Relays, LCS, DR devices, Control Devices, In-house Displays), Software(EMP, Energy Analytics, CEP); Communication Technology (Wired, Wireless); Application; Region - Global forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global residential energy management market is projected to reach USD 4.1 billion by 2025 from an estimated USD 2.2 billion in 2020, at a CAGR of 12.9% during the forecast period.
The market's growth in is mainly driven by investments in smart grid and the upgrade of the existing power infrastructures focus on energy efficiency and the replacement of aging infrastructure. Moreover, upcoming smart city projects in developing economies provide opportunities for the residential energy management market in this region creates a lucrative opportunity for the market. Furthermore, high initial costs related to deploying residential energy management systems, need for ensuring privacy and security of residential consumer data is likely to hamper the growth of the residential energy management market.
The flexible load management, by application, is expected to be the fastest-growing market from 2020 to 2025.
The residential energy management market has been segmented based on component into power monitoring & control, load shedding & management, and flexible load management. The flexible load management is projected to be the fastest market owing to the need for the reduction of stress on the electricity grid during peak periods and enabling building systems to act as distributed energy assets for the grid to achieve significant cost savings. North America is expected to hold the largest flexible load management market.
The wired segment is projected to witness a larger market share than the wireless segment from 2020 to 2025.
Based on communication technology, the residential energy management market has been segmented into wired and wireless. The wired segment accounted for a larger market share in 2019. Wired communication technology transmits large volumes of data, analyzes the data, and provides actionable information for grid operators. The growth of this wired communication technology segment is attributed to its increased security, lack of interference, and high speed. The most commonly used wired communication technology is fiber optic, which is expected to witness a high CAGR during the forecast period.
North America is estimated to lead the residential energy management market during the forecast period.
North America is estimated to be the largest market for residential energy management during the forecast period. For the market analysis, the region has been segmented into US, Canada, and Mexico. The demand for residential energy management in this region is driven by increasing investments in grid expansion projects to increase energy efficiency, grid reliability and increased power consumption residential sector.
Market Dynamics
Companies Mentioned
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ROTTERDAM, Netherlands--(BUSINESS WIRE)--LBC Tank Terminals announced today that a conference call will be held to discuss the company’s financial results for Q2 FY21 which ended on 31 December 2020.
The results will be published today, Monday 15 February 2021, followed by a conference call for all investors on Tuesday, 23 February 2021 at 16:00 (Central European Time) / 10:00 (Eastern Standard Time).
Call details and copies of the financial statements will be made available on the Intralinks website.
Investors of LBC Tank Terminals Holding Netherlands B.V. Senior Notes, due 2023, can request access to Intralinks by contacting This email address is being protected from spambots. You need JavaScript enabled to view it..
LBC Tank Terminals
LBC Tank Terminals, with its headquarter in Belgium, is an independent operator of midstream and downstream bulk liquid storage facilities for chemicals, oils and refined petroleum products currently owning and operating seven terminals located in Houston, Freeport, Baton Rouge, Antwerp and Rotterdam with combined storage capacity of 2.6 million m³, serving over 100 customers including all major players. Our goal is simple: we aim to provide our customers with the safest, most reliable and efficient tank storage and logistical solutions. More information is available at www.lbctt.com
LBC Belgium Holding NV
Steven Pauwels, 0032 15 28 73 10
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FERGUS FALLS, Minn.--(BUSINESS WIRE)--Otter Tail Corporation (Nasdaq: OTTR) today announced financial results for the year ended December 31, 2020.
2020 SUMMARY |
|||||||||||||||
(in millions, except per share amounts) |
4Q20 |
|
4Q19 |
|
2020 |
|
2019 |
||||||||
Operating Revenues |
$ |
226.8 |
|
|
$ |
215.7 |
|
|
$ |
890.1 |
|
|
$ |
919.5 |
|
Net Income |
$ |
18.7 |
|
|
$ |
20.4 |
|
|
$ |
95.9 |
|
|
$ |
86.8 |
|
Diluted Earnings Per Share |
$ |
0.45 |
|
|
$ |
0.51 |
|
|
$ |
2.34 |
|
|
$ |
2.17 |
|
2020 HIGHLIGHTS
CEO OVERVIEW
“Otter Tail Corporation achieved outstanding financial results in 2020 despite the economic impacts from the global pandemic. These results are attributable to the collective efforts of employees across all of our operating companies,” said President and CEO Chuck MacFarlane. “Our Electric segment led the way with a $7.7 million increase in net income primarily driven by capital investments in energy generation and regional transmission projects. Our Plastics segment increased net income by $7.0 million driven by strong construction markets and favorable market conditions driven by supply constraints and rising prices. Manufacturing segment earnings were down $1.9 million primarily due to the impacts of COVID-19 on sales volumes. Our corporate costs increased $3.9 million mainly due to a $2.5 million committed contribution to the Otter Tail Corporation Foundation.
“Employees across the organization performed admirably during the year despite the challenges presented by COVID-19.
“Otter Tail Power Company executed on a record year in capital spending, driven by two significant projects that marked major milestones in our generation resources transition.
“Our Merricourt Wind Energy Center, a $260 million 150-megawatt (MW) wind generation facility began commercial operation in December. The facility generates enough energy to power more than 65,000 homes.
“We expect our Astoria Station, a $152.5 million 245-megawatt natural gas-fired combustion turbine generation facility, to be substantially complete in the first quarter of 2021. This facility complements our wind generation with more dispatchable capacity than our soon-to-be retired 140 MW Hoot Lake Plant—with projected carbon emissions 85% less than historic Hoot Lake Plant levels.
“Otter Tail Power Company announced in September the $60 million Hoot Lake Solar project. This is a 49.9‑megawatt (MW) solar farm we plan to build on and near Hoot Lake Plant property in Fergus Falls, Minnesota. The project will include up to 150,000 solar panels and generate enough energy to power approximately 10,000 homes each year. The location of Hoot Lake Solar offers us a unique opportunity to re-use our existing Hoot Lake transmission rights, substation and land after retiring Hoot Lake Coal Plant in 2021.
“Otter Tail Power Company continues to enhance its generation mix as it transitions to a cleaner energy future while maintaining low rates in the region for its customers. By 2023, up to 35 percent of our energy is projected to come from renewable resources.
“Otter Tail Power Company filed a rate request with the Minnesota Public Utilities Commission (MPUC) in November. Investment in cleaner energy generation and smarter technologies primarily are driving this request along with rising costs for providing electric service. In December the MPUC approved our request to begin recovering $6.9 million or a 3.2 percent increase on an interim basis in January 2021 as it considers our overall request to increase revenue $14.5 million or 6.77 percent. Even with this increase Otter Tail Power Company will continue to have some of the lowest rates in the country.
“Otter Tail Power Company continues to benefit from strong rate base growth investments. These investments represent over 85 percent of our total capital spending over the next five years and include regulated investments in renewable generation, technology and infrastructure, and transmission assets. We expect this to result in a projected compounded annual growth rate of approximately 5 percent in utility rate base from year-end 2020 through 2025 and to deliver value to customers and shareholders. We continue to make system investments to meet our customers’ expectations, reduce operating and maintenance costs, reduce emissions and improve reliability and safety.
“Our Plastics segment had a record year, maintained production in a time when some competitors did not and continued to see strong market demand as new home and other construction continued through the pandemic.
“BTD Manufacturing was significantly impacted by the COVID-19 pandemic primarily in the second quarter as many of their customers had temporary plant shutdowns. BTD did an excellent job of managing staffing and inventory during the year to help mitigate the negative impact on sales. The recreational vehicle and lawn and garden end markets did experience a rapid recovery during the third and fourth quarters last year as they began to rebuild depleted inventories.
“Our long-term focus remains on executing our growth strategies, which are expected to increase shareholder value. For the utility, our strategy is to continue to invest in rate base growth opportunities and drive cost efficiency within our operating and maintenance expenses, which will lower our overall risk, create a more predictable earnings stream, maintain our credit quality and preserve our ability to pay dividends. Over time, we expect the electric utility business will provide approximately 75 percent of our overall earnings.
“The utility is complemented by well-run, strategic manufacturing and plastic pipe businesses, which provide organic growth opportunities from new products and services, market expansion and increased efficiencies. We expect these companies will provide approximately 25 percent of our earnings over the long term.
“Our strategic initiatives to grow our business and achieve operational, commercial and talent excellence continue to strengthen our position in the markets we serve. We remain confident in our ability to grow earnings per share in the range of 5 to 7 percent compounded annually from a base of $2.34 in 2020. And we are announcing our 2021 earnings per share guidance to be in the range of $2.39 to $2.54.”
CASH FLOWS AND LIQUIDITY
Our consolidated cash provided by operating activities was $211.9 million in 2020 compared with $185.0 million in 2019.
Investing activities included capital expenditures of $371.6 million in 2020 compared with $207.4 million in 2019. The increase in capital expenditures was primarily for construction of Astoria Station and the Merricourt Wind Energy Center (Merricourt).
Financing activities in 2020 included the issuance of $75.0 million in long-term debt at Otter Tail Power Company, $75.0 million borrowed under the Otter Tail Corporation and Otter Tail Power Company Credit Agreements and net proceeds of $49.7 million raised from the issuance of common stock. Proceeds from the debt and equity issuances were used to fund a portion of Otter Tail Power Company’s construction program expenditures in 2020. We also paid $60.3 million in common dividends in 2020. Financing activities in 2019 included net proceeds of $99.0 million from the issuance of long-term debt at Otter Tail Power Company and $17.0 million from the issuance of common stock. Proceeds from the debt and equity issuances were used to fund a portion of Otter Tail Power Company’s construction program expenditures in 2019 and to repay $12.6 million in short-term debt. We paid $55.7 million in common dividends in 2019.
The following table presents the status of the corporation’s lines of credit at December 31, 2020 and 2019 :
|
|
|
2020 |
|
2019 |
||||||||||||||
(in thousands) |
Line Limit |
|
Amount
|
|
Letters |
|
Amount
|
|
Amount
|
||||||||||
Otter Tail Corporation Credit Agreement |
$ |
170,000 |
|
|
$ |
65,166 |
|
|
$ |
— |
|
|
$ |
104,834 |
|
|
$ |
164,000 |
|
Otter Tail Power Company Credit Agreement |
170,000 |
|
|
15,831 |
|
|
14,101 |
|
|
140,068 |
|
|
154,524 |
|
|||||
Total |
$ |
340,000 |
|
|
$ |
80,997 |
|
|
$ |
14,101 |
|
|
$ |
244,902 |
|
|
$ |
318,524 |
|
Both credit agreements are in place until October 31, 2024.
2020 SEGMENT PERFORMANCE
Electric Segment |
||||||||||||||||
($ in thousands) |
2020 |
|
2019 |
|
$ Change |
|
% Change |
|||||||||
Retail Electric Revenues |
$ |
389,522 |
|
|
$ |
406,478 |
|
|
$ |
(16,956 |
) |
|
|
(4.2 |
) |
% |
Transmission Services Revenues |
44,001 |
|
|
40,542 |
|
|
3,459 |
|
|
|
8.5 |
|
% |
|||
Wholesale Electric Revenues |
4,857 |
|
|
5,007 |
|
|
(150 |
) |
|
|
(3.0 |
) |
% |
|||
Other Electric Revenues |
7,750 |
|
|
7,070 |
|
|
680 |
|
|
|
9.6 |
|
% |
|||
Total Electric Revenues |
446,130 |
|
|
459,097 |
|
|
(12,967 |
) |
|
|
(2.8 |
) |
% |
|||
Net Income |
$ |
66,778 |
|
|
$ |
59,046 |
|
|
$ |
7,732 |
|
|
|
13.1 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Retail mwh Sales |
4,776,687 |
|
|
4,969,089 |
|
|
(192,402 |
) |
|
|
(3.9 |
) |
% |
|||
Heating Degree Days (HDDs) |
6,174 |
|
|
7,240 |
|
|
(1,066 |
) |
|
|
(14.7 |
) |
|
|||
Cooling Degree Days (CDDs) |
534 |
|
|
392 |
|
|
142 |
|
|
|
36.2 |
|
|
|||
The following table shows heating and cooling degree days as a percent of normal.
|
2020 |
|
2019 |
||
HDDs |
97.2 |
% |
|
115.6 |
% |
CDDs |
116.3 |
% |
|
85.0 |
% |
The following table summarizes the estimated effect on diluted earnings per share of the difference in retail kilowatt-hour (kwh) sales under actual weather conditions and expected retail kwh sales under normal weather conditions in 2020 and 2019.
|
2020 vs |
|
2020 vs |
|
2019 vs |
||||||
Effect on Diluted Earnings Per Share |
$ |
— |
|
|
$ |
(0.08) |
|
|
$ |
0.08 |
|
Retail Sales Revenue decreased $17.0 million driven by:
These decreases in revenue were partially offset by:
Transmission Services Revenues increased $3.5 million due to increases of $1.9 million in transmission tariff revenues and $1.6 million in revenues from the recovery of infrastructure investment costs from interconnected generators.
Other Electric Revenue increased $0.7 million, which includes $1.9 million from the recovery of infrastructure investment costs from a large commercial customer in 2020, partially offset by a $1.2 million decrease in revenue from steam sales to an ethanol producer driven by lower natural gas prices resulting in the producer switching to an alternative generation source to meet its steam requirements.
Production Fuel costs decreased $13.0 million mainly as a result of a 22.0% decrease in kwhs generated from our fuel-burning plants due to lower customer demand and a 6.9% increase in kwh purchases for system use. Decreased system demand and lower prices for alternative fuels and generation sources, which drove market prices for electricity down in 2020, contributed to decreases in generation of 37.7% at Big Stone Plant and 36.7% at Hoot Lake Plant. These decreases were partially offset by a 13.7% increase in generation at Coyote Station, which was offline for maintenance during the entire second quarter of 2019.
Purchased Power costs to serve retail customers decreased $10.4 million as a result of a 19.9% decrease in purchased power prices, partially offset by a 6.9% increase in kwhs purchased. The increase in kwhs purchased was mainly due to a decrease in market prices for electricity in 2020 driven by low prices for natural gas-fired generation in combination with lower demand in 2020 due to COVID-19-related declines in electricity use by commercial and industrial consumers.
Operating and Maintenance Expense decreased $2.7 million mainly due to:
These decreases in expense were partially offset by:
Depreciation and Amortization expense increased $3.1 million mainly due to 2019 capital additions for generation and transmission plant, a new customer information system, and the inception of depreciation of Merricourt assets in the fourth quarter of 2020.
Property Taxes increased $1.2 million due to property additions and increased valuations on existing property.
Interest Charges increased $3.3 million due to debt issuances of $100 million in October 2019, $35 million in February 2020 and $40 million in August 2020 under Otter Tail Power Company’s 2019 Note Purchase Agreement.
Income Tax Expense decreased $0.4 million primarily due to $1.3 million in production tax credits earned on Merricourt generation in the fourth quarter of 2020, which more than offset the additional tax expense due to an increase in segment income before income taxes.
Manufacturing Segment
(in thousands) |
2020 |
|
2019 |
|
$ Change |
|
% Change |
|||||||
Operating Revenues |
$ |
238,769 |
|
|
$ |
277,204 |
|
|
$ |
(38,435) |
|
|
(13.9) |
% |
Net Income |
11,048 |
|
|
12,899 |
|
|
(1,851) |
|
|
(14.3) |
|
|||
BTD’s revenues decreased $37.3 million in 2020 mainly due to a $20.7 million reduction in parts volumes across all end markets served by BTD as well as lower prices related to the pass through of lower material costs of $18.5 million. The decreased sales mainly resulted from customers implementing temporary plant shutdowns in the second quarter due to the COVID-19 pandemic. These items were partially offset by $1.7 million in revenue increases due to a change in the product mix exclusive of the pass through of material cost reductions.
Cost of products sold at BTD decreased $34.2 million as a result of both the decreased sales volume and the $18.5 million in lower material costs passed through to customers, but also due to labor cost decreases related to second quarter 2020 workforce reductions. BTD recorded a net decrease in operating expenses of $1.7 million mainly due to reductions in travel and outside services related to initiatives taken to help mitigate the negative impacts on sales related to COVID-19. BTD’s net income decreased $1.5 million in 2020 compared with 2019.
Revenues at T.O. Plastics decreased $1.1 million, while costs of products sold decreased $0.6 million and operating expenses decreased $0.2 million, resulting in a $0.3 million decrease in net income between the years.
Plastics Segment
(in thousands) |
2020 |
|
2019 |
|
$ Change |
|
% Change |
|||||||
Operating Revenues |
$ |
205,249 |
|
|
$ |
183,257 |
|
|
$ |
21,992 |
|
|
12.0 |
% |
Net Income |
27,582 |
|
|
20,572 |
|
|
7,010 |
|
|
34.1 |
|
|||
Plastics segment revenues and net income increased $22.0 million and $7.0 million, respectively, in 2020 due to an 8.0% increase in pounds of PVC pipe sold and a 3.7% increase in the price per pound sold. The sales volume increase resulted from improved market conditions during the third and fourth quarters of 2020 driven by strong construction markets and concerns over raw material supply and product availability due to two resin suppliers invoking force majeure, anticipated impacts from hurricanes, significant global demand for PVC resin and limited pipe inventory across the country. Cost of products sold increased $8.9 million due to the increase in sales volume, partially offset by a 1.5% decrease in the cost per pound of PVC pipe sold primarily due to lower material input costs. A $3.6 million increase in operating expenses includes a $2.0 million contribution commitment to Otter Tail Corporation’s charitable foundation in 2020 and additional increases in incentive based compensation.
Corporate Costs
(in thousands) |
|
2020 |
|
|
|
|
2019 |
|
|
|
$ Change |
|
% Change |
|||||
Losses before Income Taxes |
$ |
14,488 |
|
|
|
$ |
11,189 |
|
|
|
$ |
3,299 |
|
|
|
29.5 |
|
% |
Income Tax Savings |
|
(4,931 |
) |
|
|
|
(5,519 |
) |
|
|
|
588 |
|
|
|
(10.7 |
) |
|
Net Loss |
$ |
(9,557 |
) |
|
|
$ |
(5,670 |
) |
|
|
$ |
(3,887 |
) |
|
|
68.6 |
|
% |
Corporate costs increased $3.3 million mainly as a result of a $2.5 million contribution commitment to Otter Tail Corporation’s charitable foundation in 2020 and a $1.5 million increase in incentive compensation costs, partially offset by a $0.6 million decrease in corporate costs charged to subsidiaries. Corporate income tax savings decreased $0.6 million despite the $3.3 million increase in losses before income taxes mainly as a result of increases in expenses not deductible for tax purposes.
FOURTH QUARTER 2020 CONSOLIDATED RESULTS
(in thousands, except per share amounts) |
2020 |
|
2019 |
|
$ Change |
|
% Change |
|||||||||
Operating Revenues |
$ |
226,849 |
|
|
$ |
215,676 |
|
|
$ |
11,173 |
|
|
|
5.2 |
|
% |
Operating Income |
$ |
27,959 |
|
|
$ |
31,237 |
|
|
$ |
(3,278 |
) |
|
|
(10.5 |
) |
|
Income Before Income Taxes |
$ |
20,331 |
|
|
$ |
23,886 |
|
|
$ |
(3,555 |
) |
|
|
(14.9 |
) |
|
Income Tax Expense |
1,663 |
|
|
3,534 |
|
|
(1,871 |
) |
|
|
(52.9 |
) |
|
|||
Net Income |
$ |
18,668 |
|
|
$ |
20,352 |
|
|
$ |
(1,684 |
) |
|
|
(8.3 |
) |
|
Diluted Earnings Per Share |
$ |
0.45 |
|
|
$ |
0.51 |
|
|
$ |
(0.06 |
) |
|
|
(11.8 |
) |
% |
The decrease in fourth quarter 2020 net income was driven by a decrease in Electric segment net income and higher corporate costs, partially offset by increases in Manufacturing and Plastics segments net income.
Electric Segment
Electric segment net income decreased $2.6 million between quarters.
Retail Sales Revenues decreased $7.0 million due to:
These decreases in revenue were partially offset by:
Transmission Services Revenue increased $4.7 million due to increases of $3.9 million in transmission tariff revenues and $0.8 million in Facility Service Agreement revenues from the recovery of infrastructure investment costs from interconnected generators.
Wholesale Electric Revenues increased $0.8 million as a result of a 77.1% increase in wholesale kwh sales.
Production Fuel costs decreased $1.5 million due to a 17.7% decrease in kwhs generated from our fuel-burning plants, partially offset by an 8.3% increase in fuel-cost per kwh of generation. Almost half of the decrease in steam-plant generation was made up for by generation from Merricourt, which went into service in the fourth quarter of 2020.
Purchased Power costs to serve retail customers decreased $1.6 million despite a 1.5% increase in kwhs purchased due to a 10.3% decrease in the cost per kwh purchased. The increase in purchased power volume was a function of the availability of low-priced energy in the wholesale market.
Operating and Maintenance Expenses increased $4.8 million due to:
Depreciation and Amortization expense increased $0.8 million due to 2019 capital additions for generation and transmission plant and the inception of depreciation of Merricourt assets in the fourth quarter of 2020.
Property Taxes increased $0.4 million due to property additions and increased valuations on existing property.
Interest Charges increased $0.5 million due to debt issuances of $35 million in February 2020 and $40 million in August 2020 under Otter Tail Power Company’s 2019 Note Purchase Agreement.
Income Tax Expense decreased $2.8 million as a result of a $5.4 million decrease in segment income before income taxes and $1.
Media contact:
Stephanie Hoff, Director of Corporate Communications, (218) 739-8535 or (218) 205-6179
Investor contact:
Loren Hanson, Manager of Investor Relations, (218) 739-8481 or (800) 664-1259
HOUSTON--(BUSINESS WIRE)--Due to strong demand, recent short-term raw material disruptions, and to prepare for a planned maintenance turnaround at its Bay City, Texas production site, OQ Chemicals will implement a global sales control program for all grades of n‑Heptanoic Acid, n‑Pelargonic Acid, n‑Heptanal, n‑Nonanal, and n‑Undecanal.
OQ Chemicals will be evaluating all orders for the future supply of the products listed above to ensure that the company can maintain the reliability of supply for its long-term customers per contractual and other ongoing commitments.
The global sales control program will be effective immediately until further notice. Customers should contact their OQ Chemicals sales representative for more details.
About OQ Chemicals
OQ Chemicals (formerly Oxea) is a global manufacturer of oxo intermediates and oxo derivatives, such as alcohols, polyols, carboxylic acids, specialty esters, and amines. These products are used for the production of high-quality coatings, lubricants, cosmetics and pharmaceutical products, flavours and fragrances, printing inks and plastics. OQ Chemicals employs more than 1,400 people worldwide and is part of OQ, an integrated energy company with roots in Oman. OQ emerged in 2019 upon the successful integration of nine legacy companies. Operating in 13 countries, OQ covers the entire value chain in the hydrocarbon sector from exploration and production through to marketing and distribution of its products. OQ sells its fuels and chemicals in over 60 countries worldwide. For more information about OQ Chemicals, visit chemicals.oq.com.
Commercial contact
OQ Chemicals Corporation, 15375 Memorial Drive, Houston, TX 77079, USA
Kyle Hendrix, Marketing - Acids
Phone: +1 346-378-7300, This email address is being protected from spambots. You need JavaScript enabled to view it.
Media contact
OQ Chemicals GmbH, Rheinpromenade 4a, 40789 Monheim am Rhein, Germany
Thorsten Ostermann, Communications and Press Relations
Phone: +49 (0)2173 9993-3009, This email address is being protected from spambots. You need JavaScript enabled to view it.
DALLAS--(BUSINESS WIRE)--Trinity Industries, Inc. (NYSE: TRN) (“Trinity”) will change its previously announced fourth quarter 2020 earnings results conference call due to forecasted inclement weather and ongoing power outages in the area. Trinity will now report financial results for the three months and twelve months ended December 31, 2020 before the financial markets open on Wednesday, February 24, 2021.
Trinity will conduct a conference call shortly thereafter at 8:30 a.m. Eastern on February 24, 2021 to discuss its results. Investors may listen to the conference call via the following live and replay methods:
Webcast:
To listen to the fourth quarter earnings conference call via webcast, visit the Investor Relations section of the Company’s website at www.trin.net and access the Events and Presentations webpage.
A replay of the webcast will be available on the Company’s website for one year from the conference call date.
Teleconference:
The dial-in number for the live Conference Call is 1-888-317-6003; the participant entry number is: 9858917. Please call at least 10 minutes in advance to ensure proper connection.
An audio replay may be accessed by dialing 1-877-344-7529 - Replay Access Code: 10151360 until 11:59 p.m. Eastern on March 3, 2021.
Company Description
Trinity Industries, Inc., headquartered in Dallas, Texas, owns businesses that are leading providers of rail transportation products and services in North America. Our rail-related businesses market their railcar products and services under the trade name TrinityRail®. The TrinityRail integrated platform provides railcar leasing and management services, as well as railcar manufacturing, maintenance and modifications. Trinity also owns businesses engaged in the manufacture of products used on the nation’s roadways and in traffic control. Trinity reports its financial results in three principal business segments: the Railcar Leasing and Management Services Group, the Rail Products Group, and the All Other Group. For more information, visit: www.trin.net.
Investor & Media Contact:
Jessica Greiner
Vice President, Investor Relations and Communications
Trinity Industries, Inc.
(Investors) 214/631-4420
(Media Line) 214/589-8909
DUBLIN--(BUSINESS WIRE)--The "Tanker Trucks Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2020 To 2028" report has been added to ResearchAndMarkets.com's offering.
The tanker trucks market worldwide is expected to reach US$ 1.63 Bn by 2028, growing at a CAGR of 5.2% from 2020 to 2028.
The global tanker trucks market is expected to witness significant growth with increasing economic activities globally, increasing production and trade of oil and gas and chemical products are expected to drive the demand for tanker trucks market globally.
Mandatory regulations related to loading and unloading of dangerous products such as petroleum, chemical, and other and periodic quality testing of tankers transporting dangerous products are expected to drive the demand for tanker trucks globally. In addition, the steadily recovering construction industry is also expected to support the growth of the tanker trucks market globally.
On the basis of capacity, the tanker trucks market is classified into low-duty tanker trucks, medium-duty tanker trucks, and heavy-duty tanker trucks. In the Medium-duty tanker trucks segment, we have considered tankers with a capacity between 1,000 gallons to 4,000 gallons. This type of tanker can either be operated as truck/trailer packages or as frame-carried. Medium duty truck tankers are used for the transportation of gas, fuel, and water.
Medium duty trucks are accounted for the largest revenue as well as volume share compared to other types of truck categories by capacity and commonly used in oil and gas, chemical, and construction industries for transportation. The segment is also expected to witness the fastest growth with the increasing outlook of the oil and gas and construction industry.
The research study on the tanker tanks market identifies key market drivers, restraints, and opportunities in the global market. The report highlights current and future market trends in the global, regional, and country-specific tanker trucks market. The study also includes an exhaustive analysis of demand-supply, technology development, and pricing trends. High-level analysis such as an attractive proposition, competitive analysis, value chain and market attractive analysis included in the report helps industry players to identify key investment areas in this industry.
The global tanker trucks market comprises a large number of multinational players. The report includes profiles of major players in the global tanker trucks industry. Each profile includes detailed information about business overview, product portfolio related to tanker trucks, major competitors, recent developments strategies and financials of the company for last three years. The report also includes detailed information regional positioning of these manufacturers.
The report also provides highlights degree of competition and market winning strategies adopted by the key players to strengthen their market position in the global tanker trucks market.
Some major players profiled in the global tanker truck market include Ford Motor Company, Polar Tank Trailer, LLC, Seneca Tank, Tremcar, Volvo Group, MAN Truck & Bus AG (Volkswagen), Mercedes (Daimler), Iveco, Hyundai Motor Company, Kenworth, Tata Motors Limited, Scania AB (Volkswagen), Freightliner Trucks (Daimler), Navistar International Corporation and others.
Key Topics Covered:
Chapter 1 Preface
1.1 Report Description
1.2 Research Scope
1.3 Market Segmentation
1.4 Research Methodology
Chapter 2 Executive Summary
2.1 Market Snapshot: Global Tanker Trucks Market
2.2 Global Tanker Trucks Market, By Type
2.3 Global Tanker Trucks Market, By Capacity
2.4 Global Tanker Trucks Market, By Geography
Chapter 3 Market Dynamics
3.1 Product Insights and Market Overview
3.1.1 Global Tanker Trucks Market Revenue and Growth, 2018 - 2028, (US$ Bn) (Y-o-Y %)
3.2 Key Market Trends and Future Outlook
3.3 Market Drivers
3.4 Market Growth Inhibitors
3.4.1 Impact Analysis of Drivers and Restraints
3.5 Attractive Investment Proposition
3.6 Competitive Analysis
3.6.1 Market Positioning of Key Vendors
3.6.2 Key Strategies adopted by the Leading Players
Chapter 4 Global Tanker Trucks Market Analysis, by Type
4.1 Market Analysis
4.2 Bulk Feed Tank Trucks
4.3 Coded Tank Truck
4.4 Water Tank Truck
4.5 Sewer Jetters
4.6 Others
Chapter 5 Global Tanker Trucks Market Analysis, by Capacity
5.1 Market Analysis
5.2 Small Duty (Less than 1,000 gallons)
5.3 Medium Duty (Between 1,000 gallons and 4,000 gallons)
5.3 Large Duty (More than 4,000 gallons)
Chapter 6 North America Tanker Trucks Market Analysis
Chapter 7 Europe Tanker Trucks Market Analysis
Chapter 8 Asia Pacific Tanker Trucks Market Analysis
Chapter 9 Rest of the World (RoW) Tanker Trucks Market Analysis
Chapter 10 Company Profiles
10.1 Ford Motor Company
10.2 Polar Tank Trailer, LLC
10.3 Seneca Tank
10.4 Tremcar
10.5 Volvo Group
10.6 MAN Truck & Bus AG (Volkswagen)
10.7 Mercedes (Daimler)
10.8 Iveco
10.9 Hyundai Motor Company
10.10 Kenworth
10.11 Tata Motors Limited
10.12 Scania AB (Volkswagen)
10.13 Navistar International Corporation
10.14 Freightliner Trucks (Daimler)
For more information about this report visit https://www.researchandmarkets.com/r/du9ayr
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
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HOUSTON--(BUSINESS WIRE)--Due to severe weather affecting the Texas Gulf Coast area and its terminals, barging, and shipping facilities, as well as OQ Chemical’s plant operations, OQ Chemicals Corporation has been forced to temporarily shut down its Bay City, Texas plant site.
As a consequence of the plant shutdown, OQ Chemicals Corporation provides notice of force majeure and suspension of performance of its supply obligations for Oxo Alcohols, Aldehydes, Acids, and Esters.
Fred Gaytan, Vice President of OQ Chemicals Corporation, explained: “OQ Chemicals is monitoring this Force Majeure event and is working diligently to resume production as soon as possible. We understand the difficulties this may cause and apologize for the inconvenience. Our sales representatives will be keeping our customers regularly informed of our status and ability to resume production operations at the Bay City, Texas plant.”
About OQ Chemicals
OQ Chemicals (formerly Oxea) is a global manufacturer of oxo intermediates and oxo derivatives, such as alcohols, polyols, carboxylic acids, specialty esters, and amines. These products are used for the production of high-quality coatings, lubricants, cosmetics and pharmaceutical products, flavours and fragrances, printing inks and plastics. OQ Chemicals employs more than 1,400 people worldwide and is part of OQ, an integrated energy company with roots in Oman. OQ emerged in 2019 upon the successful integration of nine legacy companies. Operating in 13 countries, OQ covers the entire value chain in the hydrocarbon sector from exploration and production through to marketing and distribution of its products. OQ sells its fuels and chemicals in over 60 countries worldwide. For more information about OQ Chemicals, visit chemicals.oq.com.
OQ Chemicals GmbH, Rheinpromenade 4a, 40789 Monheim am Rhein, Germany
Thorsten Ostermann, Communications and Press Relations
Phone: +49 (0)2173 9993-3009, This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Oman Midstream Oil and Gas Industry Outlook to 2025" report has been added to ResearchAndMarkets.com's offering.
Oman Midstream Oil and Gas Industry Outlook to 2025 - Market Outlook for Liquefied Natural Gas (LNG), Liquids Storage, Pipelines and Gas Processing is a comprehensive report on midstream oil and gas industry in Oman. The report provides details such as name, type, operational status and operator for all active and planned (new build) LNG terminals, liquids storage terminals major trunk pipelines and gas processing plants in Oman till 2025. Further, the report also offers recent developments, financial deals as well as latest contracts awarded in the country's midstream sector, wherever available.
Scope
Reasons to Buy
Key Topics Covered:
1. Table of Contents
1.1. List of Tables
1.2. List of Figures
2. Introduction
2.1. What is This Report About?
2.2. Market Definition
3. Oman LNG Industry
3.1. Oman LNG Industry, Liquefaction
3.1.1. Oman LNG Industry, Liquefaction, Key Data
3.2. Oman LNG Industry, Liquefaction, Overview
3.2.1. Oman LNG Industry, Total Liquefaction Capacity
3.3. Oman LNG Industry, Liquefaction, Capacity by Major Companies
3.4. Oman LNG Industry, Liquefaction, Capacity by Terminal
3.5. Oman LNG Industry, Liquefaction Asset Details
3.5.1. Oman LNG Industry, Liquefaction Active Asset Details
4. Oman Oil Storage Industry
4.1. Oman Oil Storage Industry, Key Data
4.2. Oman Oil Storage Industry, Overview
4.3. Oman Oil Storage Industry, Storage Operations
4.3.1. Oman Oil Storage Industry, Total Storage Capacity
4.4. Oman Oil Storage Industry, Storage Capacity Share by Area
4.5. Oman Oil Storage Industry, Storage Capacity by Major Companies
4.6. Oman Oil Storage Industry, Storage Capacity by Terminal
4.7. Oman Oil Storage Industry, Asset Details
4.7.1. Oman Oil Storage Industry, Active Asset Details
4.7.2. Oman Oil Storage Industry, Planned Asset Details
5. Oman Oil and Gas Pipelines Industry
5.1. Oman Oil Pipelines
5.1.1. Oman Oil Pipelines, Key Data
5.2. Oman Oil Pipelines, Overview
5.3. Oman Oil and Gas Pipeline Industry, Crude Oil Pipeline Length by Major Companies
5.4. Oman Oil and Gas Pipeline Industry, Crude Oil Pipelines
5.5. Oman Oil and Gas Pipeline Industry, Petroleum Products Pipeline Length by Major Companies
5.6. Oman Oil and Gas Pipeline Industry, Petroleum Products Pipelines
5.7. Oman Oil and Gas Pipeline Industry, NGL Pipeline Length by Company
5.8. Oman Oil and Gas Pipeline Industry, NGL Pipelines
5.9. Oman Oil and Gas Pipelines Industry, Oil Pipelines Asset Details
5.9.1. Oman Oil and Gas Pipelines Industry, Oil Pipelines Active Asset Details
5.9.2. Oman Oil and Gas Pipelines Industry, Oil Pipelines Planned Asset Details
5.10. Oman Gas Pipelines
5.10.1. Oman Gas Pipelines, Key Data
5.11. Oman Gas Pipelines, Overview
5.12. Oman Oil and Gas Pipeline Industry, Natural Gas Pipeline Length by Major Companies
5.13. Oman Oil and Gas Pipeline Industry, Natural Gas Pipelines
5.14. Oman Oil and Gas Pipelines Industry, Gas Pipelines Asset Details
5.14.1. Oman Oil and Gas Pipelines Industry, Gas Pipelines Active Asset Details
5.14.2. Oman Oil and Gas Pipelines Industry, Gas Pipelines Planned Asset Details
6. Oman Gas Processing Industry
6.1. Oman Gas Processing Industry, Key Data
6.2. Oman Gas Processing Industry, Overview
6.3. Oman Gas Processing Industry, Processing Plant Number by Facility Type
6.4. Oman Gas Processing Industry, Gas Processing Capacity by Major Companies
6.5. Oman Gas Processing Industry, Capacity Contribution of Various Provinces
6.6. Oman Gas Processing Industry, Active Gas Processing Capacity
6.7. Oman Gas Processing Industry, Planned Gas Processing Capacity
6.8. Oman Gas Processing Industry, Asset Details
6.8.1. Oman Gas Processing Industry, Active Asset Details
6.8.2. Oman Gas Processing Industry, Planned Asset Details
7. Recent Contracts
7.1. Detailed Contract Summary
7.1.1. Awarded Contracts
8. Financial Deals Landscape
8.1. Detailed Deal Summary
8.1.1. Acquisition
8.1.2. Venture Financing
8.1.3. Equity Offerings
8.1.4. Debt Offerings
8.1.5. Partnerships
8.1.6. Asset Transactions
9. Recent Developments
9.1. Other Significant Developments
9.2. New Contracts Announcements
10. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/ct3cd1
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
New Zealand Government Issues Patent for Multi-Sensor Machine-Intelligent Probe for Leak Detection Where New Technology Doesn't Require 'Hearing' Leaks and Has 1cm Accuracy
SACRAMENTO, Calif.--(BUSINESS WIRE)--#ASTMF2550--California-based cleantech leader, Electro Scan Inc., announced its 14th international patent for its groundbreaking multi-sensor technology that accurately locates & measures water leaks.
While traditional solutions 'listen' for a leak or rely on cameras to 'see' a leak, Electro Scan's machine-intelligent probe automatically measures leaks by locating actual cracks & holes that go through the pipe wall, measuring the size of each opening using harmless low voltage electric current.
The Electro Scan technology also evaluates pipe wall thicknesses, particularly in Asbestos Cement (AC) pipes that tend to burst, collapse, or lead to catastrophic failure without warning.
The company's award-winning cloud application reports leak locations in minutes – to the closest centimeter or 3/8th of an inch – and quantifies severity expressed in industry standard Gallons per Minute or Liters per Second.
Announcement of the new patent is timely, especially as New Zealand is in the midst of a water crisis where the Government recently created a new regulator, Taumara Arowai, proposing to take control of water from 67 councils to be reorganized into several publicly-owned regional water authorities.
Electro Scan’s Founder, Chuck Hansen, is no stranger to the New Zealand water industry, choosing to ground truth his patented leak detection solutions in Christchurch from 2012 to 2013.
But, Hansen's work with the New Zealand water market began much earlier.
In 1999, Hansen won a competitive New Zealand water & sewer asset management tender issued by the ASSOCIATION OF LOCAL GOVERNMENT ENGINEERS OF NEW ZEALAND (ALGENZ), later merged into INGENIUM, and then becoming the INSTITUTE OF PUBLIC WORKS ENGINEERING AUSTRALASIA (IPWEA).
"Having worked with acoustic leak detection and CCTV-based data for nearly 40 years, I knew these technologies were not capable of protecting our water supplies or containing our effluent," stated Hansen.
New Zealand's summer has already seen a record number of towns issuing ‘boil water’ notices, including Naseby, Pateroa, Te Horo, Otematata, Duntroon, Tokarahi, Awamoko, Cannington, Motukaika, Featherston, Martinborough, Coromandel Town, and Mt Pleasant in Christchurch.
Worldwide, aging infrastructure has resulted in hundreds of millions of miles of underground water and sewer pipes with cracks and holes.
But the use of traditional acoustic listening sensors in pressurized water mains and long-time use of closed-circuit television cameras in gravity sewer pipes, have been unable to reliably locate or quantify leak locations or their size.
In water pipes, when pressure drops below acceptable levels, cracks and holes allow groundwater to seep back into potable water systems. Some of that groundwater can carry harmful bacteria that can only be eliminated by boiling the water.
In sewer pipes, contractors have successfully fought to keep using CCTV cameras to approve pipes as watertight, despite the inability to tell if cracks go through a pipe wall or if pipe joints have hidden pathways through narrow bell & spigots that allow unseen sewage to seep out of a pipe.
In fact, most ratepayers are surprised to learn that most pipe acceptance standards allow new & rehabilitated pipes to leak; oftentimes allowing only ‘visual inspection’ to accept pipes assumed to have 50-year useful lives.
As a result, acoustic, data correlators, ground penetrating radar, lasers, LIDAR, satellite, and sonar, have been ineffective in locating or quantifying leaks.
Earlier this month, New Zealand's Intellectual Property Office granted Patent No. 713053 for Electro Scan's 'MULTI-SENSOR INSPECTION FOR IDENTIFICATION OF PRESSURIZED PIPE DEFECTS THAT LEAK,' filed in 2015.
In January 2021, Electro Scan Inc. was selected 'WATER LEAK DETECTION SOLUTION OF THE YEAR' for 2021 by IoT Breakthrough.
The Company was also chosen ‘winner’ of the November 2020 UK Water Dragons Competition sponsored by UK-based Future Water Association.
As governments look to stimulate their economies during the post-COVID-19 pandemic recovery, adoption of innovative technologies that allow communities to 'Build Back Better' and 'Find Leaks Before Breaks' are good first steps. Besides, studies find that every US$1 invested in safe water and sanitation yields US$5-to-US$28 due to increased economic activity and reduced health care costs.
Contact the company for international water loss projects and Non-Revenue Water assessments, including technology-as-a-service (TaaS) licensing opportunities and equipment purchasing.
ABOUT ELECTRO SCAN INC.
Electro Scan Inc., is a leading supplier of machine-intelligent pipeline assessment products and services for the water & wastewater pipeline market, developing proprietary pipe condition assessment equipment and delivering field services, and cloud-based applications that automatically locate, measure, and report leaks typically not found by legacy inspection methods. Follow Electro Scan Inc. on LinkedIn.
Carissa Boudwin
Vice President, Marketing
+1 916-779-0660
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DUBLIN--(BUSINESS WIRE)--The "Wind Automation - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The publisher brings years of research experience to the 9th edition of this report. The 112-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
Global Wind Automation Market to Reach $4.7 Billion by 2027
Amid the COVID-19 crisis, the global market for Wind Automation estimated at US$3.4 Billion in the year 2020, is projected to reach a revised size of US$4.7 Billion by 2027, growing at a CAGR of 4.8% over the analysis period 2020-2027.
Supervisory Control and Data Acquisition (SCADA), one of the segments analyzed in the report, is projected to record a 5.1% CAGR and reach US$1.7 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Programmable Logic Controller (PLC) segment is readjusted to a revised 4% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1 Billion, While China is Forecast to Grow at 4.5% CAGR
The Wind Automation market in the U.S. is estimated at US$1 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$834.3 Million by the year 2027 trailing a CAGR of 4.5% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.6% and 3.8% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.9% CAGR.
Distributed Control System (DCS) Segment to Record 5.5% CAGR
In the global Distributed Control System (DCS) segment, USA, Canada, Japan, China and Europe will drive the 5.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$656.5 Million in the year 2020 will reach a projected size of US$957.5 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$541.8 Million by the year 2027.
Competitors identified in this market include, among others:
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/3a24f0
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Combined company to broaden and further diversify its software portfolio, creating the leading software provider to the energy industry
HOUSTON--(BUSINESS WIRE)--Quorum Software ("Quorum"), a world leader in digital transformation for the energy industry, today announced two major transactions that will result in the creation of the world's largest software provider of business workflows focused solely on energy.
Quorum will merge with Aucerna, a globally trusted provider of integrated planning, execution and reserves software for the energy industry. The deal will combine two Thoma Bravo-owned industry leaders with a shared focus on driving digital transformation and complementary customer offerings.
Also announced today, the newly combined company, operating as Quorum Software, has entered into an agreement with TietoEVRY to acquire TietoEVRY's entire Oil and Gas software business, which includes the leading Energy Components hydrocarbon management solutions and DaWinci solution for personnel and materials logistics. Terms of the transactions were not disclosed.
The combination of Aucerna, Quorum and the TietoEVRY Oil and Gas software business will bring together highly complementary workflows, mission-critical technologies and unmatched global expertise. It will position Quorum as a global leader for energy software across the upstream, midstream and downstream sectors of the energy value chain. Following the acquisition, Quorum will be the largest software provider with the broadest portfolio of solutions focused entirely on serving energy companies of any size across the globe.
Gene Austin will serve as CEO of the combined company, and Wayne Sim, CEO and co-founder of Aucerna, will be appointed to its board of directors.
"Over the last 20 years, Quorum has become the leading innovator of software deployed by North American energy companies," said Austin. "Today Quorum is expanding the scope of our technology and expertise to all energy-producing regions of the globe. Customers everywhere will have access to a cloud technology ecosystem that connects decision-ready data from operations to the boardroom."
"Our three organizations complement each other — from the software that our great people design to the energy markets where we operate," said Sim. "Our new company will be able to deliver value to our stakeholders, while accelerating the growth of our combined business and the energy industry's software transformation."
"Quorum and Aucerna are industry leaders that have each spurred significant innovation and digital transformation in the energy industry," said Scott Crabill, a Managing Partner at Thoma Bravo. "By combining these two fast-growing and highly complementary businesses with TietoEVRY’s Oil and Gas software business, the new Quorum will have significant global scale and an unparalleled product portfolio that meets nearly every need within the energy value chain. We look forward to continuing to work closely with Gene, Wayne and the Quorum team in this exciting next chapter of the company's growth story."
The combined company will serve more than 1,800 energy customers across 55 countries. Headquartered in Houston, Texas, Quorum Software will have offices located throughout North America, Latin America, Europe, the Middle East and the Asia Pacific. Quorum will continue to have a significant presence in Calgary, Alberta, the headquarters of Aucerna, and in Norway, the Energy Components/DaWinci software headquarters.
About Quorum Software
Quorum Software is the world's largest provider of digital technology focused solely on business workflows that empower the next evolution of energy. From emerging companies to supermajors, throughout every region of the globe, customers rely on Quorum's proven innovation and unmatched global expertise to streamline business operations and make data-driven decisions that optimize profitability and growth. Our industry-leading solutions are transforming energy companies across the entire value chain, helping visionary leaders evolve their organizations into modern energy companies. Visit quorumsoftware.com.
About TietoEVRY
TietoEVRY creates digital advantage for businesses and society. They are a leading digital services and software company with local presence and global capabilities. Headquartered in Finland, TietoEVRY employs around 24 000 experts globally. The company serves thousands of enterprise and public sector customers in more than 90 countries. TietoEVRY's annual turnover is approximately EUR 3 billion and its shares are listed on the NASDAQ in Helsinki and Stockholm as well as on the Oslo Børs. Visit https://www.tietoevry.com/.
About Thoma Bravo
Thoma Bravo is one of the largest and most successful private equity firms focused on the software and technology-enabled services sectors. With more than $73 billion in assets under management as of September 30, 2020, Thoma Bravo partners with a company's management team to implement operating best practices, invest in growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business. The firm has offices in San Francisco and Chicago, with a planned expansion to Miami in the second half of 2021. For more information, visit thomabravo.com.
Jenna Billings
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978-618-8424
Proxy vote represents latest milestone in approval process
ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE: AGR), a leading clean energy company, marked an important milestone in its proposed PNM Resources, Inc. (NYSE: PNM) merger as PNM Resources’ shareholders voted [overwhelmingly] in favor of the transaction.
AVANGRID announced the strategic PNM Resources merger combination in October 2020 in an all cash offer for PNM Resources’ shares at $50.30 per share, an $8.3 billion enterprise value transaction. The resulting entity would be one of the major clean energy companies in the US with ten regulated utilities in six states and the third largest renewables company with operations in 24 states.
“Approval by PNM’s shareholders is an important step toward realizing this strategic transaction. Our two companies share the same values and we are passionate about our customers, employees, and the communities we serve,” said Dennis V. Arriola, CEO of AVANGRID.
The approval follows recent regulatory clearance from the Committee on Foreign Investment in the United States (CFIUS) and the expiration of the waiting period under the Hart Scott Rodino Antitrust Improvements Act.
The company continues to pursue state and Federal regulatory approvals for the merger, including approvals from the Federal Energy Regulatory Commission, the Federal Communications Commission, and the Nuclear Regulatory Commission, as well as the New Mexico Public Regulation Commission and the Public Utility Commission of Texas.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading sustainable energy company with approximately $36 billion in assets and operations in 24 U.S. states. With headquarters in Orange, Connecticut, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 6,600 people. AVANGRID supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2019 and 2020 by the Ethisphere Institute. For more information, visit www.avangrid.com.
Forward-Looking Statements
Certain statements made in this press release for AVANGRID that relate to future events or expectations, developments, projections, estimates, intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. All statements contained in this Press Release that do not relate to matters of historical fact should be considered forward-looking statements, and are generally identified by words such as “may,” “will,” “would,” “can,” “expect(s),” “intend(s),” “anticipate(s),” “estimate(s),” “believe(s),” “future,” “could,” “should,” “plan(s),” “aim(s),” “assume(s)”, “project(s)”, “target(s)”), “forecast(s)”, “seek(s)” and or the negative of such terms or other variations on such terms, comparable terminology or similar expressions. These forward-looking statements generally include statements regarding the potential transaction between AVANGRID and PNM Resources, including any statements regarding the expected timetable for completing the potential merger, the ability to complete the potential merger, the expected benefits of the potential merger, projected financial information, future opportunities, and any other statements regarding AVANGRID’s and PNM Resources’ future expectations, beliefs, plans, objectives, results of operations, financial condition and cash flows, or future events or performance. Readers are cautioned that all forward-looking statements are based upon current reasonable beliefs, expectations and assumptions. AVANGRID assumes no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, AVANGRID cautions readers not to place undue reliance on these statements.
AVANGRID’s business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond its control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see AVANGRID’s Form 10-K and Form 10-Q filings and the information filed on Avangrid’s Forms 8-K with the Securities and Exchange Commission (the “SEC”) as well as its subsequent SEC filings, and the risks and uncertainties related to the proposed merger with PNM Resources, including, but not limited to: the expected timing and likelihood of completion of the pending merger, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the pending merger that could reduce anticipated benefits or cause the parties to abandon the transaction, the failure by AVANGRID to obtain the necessary financing arrangement set forth in commitment letter received in connection with the Merger, the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, the risk that the parties may not be able to satisfy the conditions to the proposed Merger in a timely manner or at all, risks related to disruption of management time from ongoing business operations due to the proposed Merger, and the risk that the proposed transaction and its announcement could have an adverse effect on the ability of PNM Resources to retain and hire key personnel and maintain relationships with its customers and suppliers, and on its operating results and businesses generally. Other unpredictable or unknown factors not discussed in this communication could also have material adverse effects on forward looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
Media:
Athena Hernandez, 203-231-2146 or This email address is being protected from spambots. You need JavaScript enabled to view it.
Investors:
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SAN ANTONIO--(BUSINESS WIRE)--Howard Energy Partners (HEP) today announced that it has closed on its previously announced agreement with a subsidiary of MPLX LP (NYSE: MPLX) to purchase the Javelina Facility (Javelina), located in Corpus Christi, Texas. Javelina is a treating and fractionation plant that extracts olefins, hydrogen, and natural gas liquids (NGLs) from the gas streams produced by local refineries, creating purity products that are then sold to local markets on behalf of its refiner-customers.
Javelina produces a wide range of product streams including hydrogen, ethylene, ethane, propylene, propane, mixed butane and other pentanes+ for use in the energy and petrochemical markets. The facility is connected by pipeline to all of the major refineries in the Corpus Christi area and provides a critical service to help ensure the refineries’ productive capabilities. Additionally, excess capacity at Javelina provides the opportunity for future growth.
About Howard Energy Partners
San Antonio-based Howard Midstream Energy Partners, LLC d/b/a Howard Energy Partners is an independent midstream energy company, owning and operating natural gas and crude oil gathering and transportation pipelines, natural gas processing plants, liquid storage terminals, deep-water dock and terminal facilities, rail, terminal and transloading facilities and other related midstream assets in Texas, New Mexico, Oklahoma, Pennsylvania, and Mexico. The company has corporate offices in San Antonio, Houston and Monterrey, Mexico. For more information on Howard Energy Partners, please visit our website www.howardenergypartners.com.
Meggan Morrison
Redbird Communications Group
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Phone: 972-639-8715
OKLAHOMA CITY--(BUSINESS WIRE)--Enable Midstream Partners, LP (NYSE: ENBL) announced that the board of directors of its general partner declared today a quarterly cash distribution of $0.16525 per unit on all outstanding common units for the quarter ended Dec. 31, 2020. The distribution is unchanged from the previous quarter. The quarterly cash distribution of $0.16525 per unit on all outstanding common units will be paid March 1, 2021, to unitholders of record at the close of business Feb. 22, 2021.
Enable also announced today that the board declared a quarterly cash distribution of $0.625 per unit on all Series A Preferred Units for the quarter ended Dec. 31, 2020. The quarterly cash distribution of $0.625 on all Series A Preferred Units outstanding will be paid Feb. 12, 2021, to unitholders of record at the close of business Feb. 12, 2021.
ABOUT ENABLE MIDSTREAM PARTNERS
Enable owns, operates and develops strategically located natural gas and crude oil infrastructure assets. Enable’s assets include approximately 14,000 miles of natural gas, crude oil, condensate and produced water gathering pipelines, approximately 2.6 Bcf/d of natural gas processing capacity, approximately 7,800 miles of interstate pipelines (including Southeast Supply Header, LLC of which Enable owns 50%), approximately 2,200 miles of intrastate pipelines and seven natural gas storage facilities comprising 84.5 billion cubic feet of storage capacity. For more information, visit https://enablemidstream.com.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100%) of Enable’s distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Enable’s distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Brokers and nominees, and not Enable, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.
Media
Leigh Ann Williams
(405) 553-6947
Investor
Matt Beasley
(405) 558-4600
MADRID--(BUSINESS WIRE)--Matrix Renewables, a global renewable energy platform created and backed by alternative asset manager TPG and its impact investing platform The Rise Fund, will invest in an initial portfolio of 150 MW made up of three solar PV assets located in Huelva, Spain. These assets, which have the ability to co-locate energy storage, are part of a 1 GW wider partnership agreement signed with Rolwind Group. Construction is expected to begin in late summer 2021 and the projects will begin generating power in June 2022 under a bilateral power purchase agreement.
Following this investment’s closing, Matrix Renewables increases its Spanish portfolio to 275 MW in ready to build and late-stage development assets. Matrix has further ambitions to increase its expanding portfolio across the Iberian Peninsula.
"Matrix is excited about this new investment in Spain, which represents an important step in expanding our presence in Europe. These projects have great solar resource, are permitted for storage and have a good grid connection – we are excited to be working with Rolwind to bring them into operation next year, " said Iñigo Asensio, Head of M&A and Investments of Matrix Renewables.
Domingo Estepa, CEO of Rolwind said: "We are delighted to partner with Matrix and TPG in this agreement, which allows us to give a strong boost to our developments in Spain where we currently have more than 1GW in different stages of development."
About Matrix Renewables
Matrix Renewables is a renewable energy platform created and backed by global alternative asset manager TPG and its $5 billion impact investing platform The Rise Fund. Matrix Renewables has a 1.3 GW existing portfolio and is focused on growth across Europe, the United States and Latin America. Matrix Renewables benefits from TPG’s extensive investing and business building experience, global network, and deep infrastructure and renewable energy expertise. For more information, visit www.matrixrenewables.com or send an email to This email address is being protected from spambots. You need JavaScript enabled to view it.
About Rolwind
A pioneer in Spain, Rolwind, founded in 2006, is a renewable energy project developer with extensive experience in both wind and solar PV projects. It currently has a portfolio of development projects in Spain and Panama over 1.5 GW in late stage of development and with construction to begin in the coming months.
Caro Chapatte
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IWATA, Japan--(BUSINESS WIRE)--#marine--Yamaha Motor Co., Ltd. (TOKYO:7272) announces consolidated business results for the full fiscal year. Net sales were 1,471.3 billion yen (a decrease of 193.5 billion yen, or 11.6% compared with the previous fiscal year). Operating income was 81.7 billion yen (a decrease of 33.7 billion yen, or 29.2%), ordinary income was 87.7 billion yen (a decrease of 31.8 billion yen, or 26.6%), and net income attributable to owners of parent was 53.1 billion yen (a decrease of 22.7 billion yen, or 29.9%) . We were able to partly recover from the negative effects of the COVID-19 pandemic in the first half with net sales results in the fourth quarter (October -December) at 404.2 billion yen (an increase of 6.7 billion yen, or 1.7% on the same period over the previous fiscal year), and operating income was 25.3 billion yen (an increase of 9.9 billion yen, or 64.5%). For the fiscal year, the U.S. dollar was traded at 107 yen (an appreciation of 2 yen against the previous fiscal year), and the euro at 122 yen (no change from the previous term).
For net sales, although sales increases in the Robotics and Financial Services Businesses were achieved, the Motorcycles and Marine Products Businesses within the Land Mobility Business saw decreases in sales volumes due to the effects from the COVID-19 pandemic, which resulted in a decline in sales overall. Operating income declined overall due to factors such as the impact of foreign exchange rates and decreases in operation rates due to the temporary closures of factory operations in each country.
Forecast of Consolidated Business Results for the next fiscal year ending December 31, 2021
Net Sales |
: |
1,700.0 billion yen |
Operating Income |
: |
110.0 billion yen |
Ordinary Income |
: |
110.0 billion yen |
Net Income Attributable to Owners of Parent |
: |
72.0 billion yen |
About Yamaha Motor Co., Ltd.
Yamaha Motor (TOKYO: 7272) is a world-leading enterprise manufacturing land-mobility such as motorcycles, all-terrain vehicles, and electrically power assisted bicycles, marine products such as boats and outboard motors, robotics products such as surface mounters and drones, as well as engagement in the finance business. The company’s diverse businesses and wide variety of products are built around its proprietary technologies focused on powertrain, chassis and hull, electronic control, and manufacturing technologies. Yamaha Motor operates global development, production and sales networks through 140 subsidiaries and equity-method affiliates in 30 countries and regions, working to realize our Corporate Mission of being a “Kando* Creating Company.” About 90% of consolidated net sales are generated in more than 180 countries and regions outside of Japan. Please visit http://global.yamaha-motor.com.
Naoto Horie
Corporate Communication Division
Global PR Team
Yamaha Motor Co., Ltd.
TEL: +81(0)3-5220-7211
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