LONDON--(BUSINESS WIRE)--#ElectricVehicleRelaysMarket--Technavio has been monitoring the electric vehicle relays market and it is poised to grow by USD 14.92 billion during 2020-2024, progressing at a CAGR of almost 31% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts
Frequently Asked Questions:
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. DENSO Corp., Fujitsu Ltd., Hella GmbH & Co. KGaA, Littelfuse Inc., OMRON Corp., Panasonic Corp., Robert Bosch GmbH, Sensata Technologies Holding Plc, Siemens AG, and TE Connectivity Ltd. are some of the major market participants. The increasing preference for bi-directional & inductive charging systems will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Electric Vehicle Relays Market 2020-2024: Segmentation
Electric Vehicle Relays Market is segmented as below:
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Electric Vehicle Relays Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The electric vehicle relays market report covers the following areas:
This study identifies the increasing adoption of battery electric vehicles and plug-in hybrid electric vehicles as one of the prime reasons driving the Electric Vehicle Relays Market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Electric Vehicle Relays Market 2020-2024: Key Highlights
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Relay terminal
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Bidgely continues to advance electrification initiatives with global utilities and energy retailers through applied artificial intelligence (AI) and personalization techniques proven to drive customer engagement and operational efficiencies. Bidgely equips utilities with the ability to identify electric vehicles (EV) in the home, create personalized customer load shifting incentives and pinpoint customers with a higher propensity to invest in EVs or solar PV. These data-driven insights generated through Bidgely’s advanced analytics helps utilities and energy retailers plan for the impact of EVs and renewables on the grid for better load management as well as achieve their decarbonization and clean energy goals.
“The growing adoption of EVs presents a unique opportunity for utilities and energy retailers to further global decarbonization efforts, all while gaining greater control of the grid and creating new revenue streams,” said Bidgely CEO Abhay Gupta. “Bidgely uses AI to help not only identify and manage the impact of EVs on the grid, but also implement solutions to make the EV customer experience personalized and engaging. With many successes to share in electrification and EV programs, we have dedicated sessions to the topic at Bidgely Engage Virtual 2020, featuring experts from Duke Energy and the Smart Energy Consumer Collaborative.”
Using applied-AI data to determine lifestyle characteristics and customer preferences, Bidgely’s patented disaggregation technology empowers utilities to hyper-personalize customer offerings and influence behavior without investing in additional meter hardware or customer surveys. The Analytics Workbench Solution advances electrification initiatives through:
One recent deployment of Bidgely’s EV Solution for an East Coast utility servicing 300,000 customers provided the utility with insights into EVs across its entire territory -- accurately and efficiently detecting the number and location of EVs in use, identifying charger size and pinpointing specific charging times. This intelligence resulted in:
To hear from industry leaders on utility AI, electrification, and personalized EV solutions, register for Engage 2020, the energy industry’s premier artificial intelligence event hosted by Bidgely, here: bidgely.com/engage.
See how Bidgely’s UtilityAI™ platform informs EV programs with advanced AI-powered analytics, improving the targeting and adoption of EV-related behavior-based load management and the success of DER controls, here: go.bidgely.com/EVAnalytics-PhasedApproach
About Bidgely
Bidgely is an AI-powered SaaS Company that enables utilities to create greater business value and accelerate our path towards zero carbon by delivering personalized customer experience. Powered by our unique patented technology, Bidgely's UtilityAI™ Platform transforms multiple dimensions of customer data - such as energy consumption, demographic, and interactions - into deeply accurate and actionable consumer energy insights. We leverage these insights to empower each customer with personalized recommendations, tailored to their individual personality and lifestyle, usage attributes, behavioral patterns, purchase propensity, and beyond. From smart thermostats to EV chargers, solar PVs or personalized / ToU tariffs, UtilityAI™ recommends new value-added products and services to the right customer at the right time. With roots in Silicon Valley, Bidgely has over 15 energy patents, $50M+ in funding, retains 30+ data scientists, and brings a passion for AI to utilities serving residential customers around the world. For more information, please visit www.bidgely.com or the Bidgely blog at bidgely.com/blog.
Christine Bennett
Bidgely
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With increased demand for used vehicles during COVID-19 pandemic and rapid growth in electric vehicle sales over the last several years, Recurrent projects a $10 billion addressable opportunity by 2025
SEATTLE--(BUSINESS WIRE)--Recurrent, a new Seattle-based startup focused on electric vehicles (EVs), today became the first company to offer third-party reports on the battery life and range of used EVs to help car buyers with their purchase decision. Nearly half of American car buyers say they expect to own an electric car in the next 10 years according to recent surveys, but the lack of reliable information about battery condition and actual range stops most of those purchasers from choosing EVs.
“The battery in an electric car is its most expensive component, and it’s been a black box until now,” said Recurrent CEO and co-founder Scott Case. “Imagine buying a traditional used car without knowing the odometer reading. Battery health is the new odometer for electric vehicles, and we’re bringing transparency to it.”
Recurrent’s vehicle reports are available through participating car dealer websites, and EV buyers can request them directly online at www.recurrentauto.com.
"Recurrent is working on an important question we get all the time from our customers at iDrive," said Dink Davis, Owner, iDrive1 Motorcars. "We're one of the largest pre-owned Tesla dealerships in the country and are thrilled to offer Recurrent's vehicle reports to our customers."
Backed by initial seed funding from Seattle’s PSL Ventures, Recurrent was founded by two successful entrepreneurs with deep roots in Seattle’s tech industry. CEO Scott Case previously served as COO at EnergySavvy and as Entrepreneur-in-Residence at UW’s Clean Energy Institute. CTO Kyle Rippey is a veteran of Seattle startups Rover.com, Estately and Avvo. Recurrent is the 23rd spinout of Pioneer Square Labs (PSL), the Seattle-based startup studio.
"We're a picks-and-shovels business in the EV space," Case said. "Car buyers and dealers need to understand how to value vehicles accurately as they age to create a more liquid secondary market."
To build its independent reports analyzing battery condition and projecting longevity, Recurrent’s nationwide fleet of volunteer EV drivers provide detailed data on range and battery conditions for their vehicles. By using thousands of cars with different battery pack configurations, from different manufacturers, in different operating environments and with different ages and odometer readings, Recurrent has built up a unique data set to train its predictive algorithms to predict future battery life and range for nearly every used EV for sale.
"Electric vehicles are where all the growth in the retail auto industry is,” said Mike Galgon, Managing Director of PSL, who serves on Recurrent’s board of directors. “Recurrent’s timing as the first mover here is perfect. They are already turning the flywheel of data collection, machine learning and user-centric design to innovate a product that clearly fits the market."
The team behind Recurrent’s technology includes battery scientists from University of Washington’s Chemical Engineering program and technical advisors from Stanford University, Columbia University, University of Washington and Lawrence Berkeley Labs.
About Recurrent
Recurrent provides car dealers and private-party buyers with vehicle reports for used electric vehicles (EVs). By providing more transparency and confidence in pre-owned electric car transactions, Recurrent will accelerate the overall adoption of EVs. EV adoption is key to reducing the 20% of U.S. carbon emissions that are currently produced by light-duty combustion-engine vehicles. For more information, visit www.recurrentauto.com.
About Pioneer Square Labs
Pioneer Square Labs is a Seattle-based startup studio and venture firm that finances, creates and launches technology startups. For more information, visit www.psl.com.
Christiaan Boer, This email address is being protected from spambots. You need JavaScript enabled to view it., 406-360-5239
General Motors to use ADI’s Wireless Battery Management System Across its Ultium Battery Platform
NORWOOD, Mass.--(BUSINESS WIRE)--Analog Devices, Inc. (Nasdaq: ADI) today announced the industry’s first wireless battery management system (wBMS), which enables automotive manufacturers increased flexibility to scale their electric vehicle fleets into volume production across a wide range of vehicle classes. This is the first wireless battery management system available for production electric vehicles, and it will debut on General Motors’ production vehicles powered by Ultium batteries.
The implementation of ADI’s wBMS eliminates the traditional wired harness, saving up to 90% of the wiring and up to 15% of the volume in the battery pack, as well as improving design flexibility and manufacturability, without compromising range and accuracy over the life of the battery.
ADI’s wBMS includes all integrated circuits, hardware and software for power, battery management, RF communication, and system functions in a single system-level product that supports ASIL-D safety and module-level security building upon ADI’s proven industry leading BMS battery cell measurement technology. By delivering high accuracy for the lifetime of the vehicle, the system enables maximum energy use per cell required for best vehicle range and supports safe and sustainable zero-cobalt battery chemistries, such as lithium iron phosphate (LFP).
“The transition of battery packs from wired to wireless connectivity enables automotive manufacturers to scale their electric vehicle platforms across multiple vehicle models to meet growing consumer demand,” said Patrick Morgan, Vice President, Automotive at Analog Devices. “Our wBMS solution not only simplifies manufacturing, but also allows new systems to be built on wireless data, accelerating the entire industry towards a sustainable future. We are honored to bring this breakthrough system innovation to market with General Motors.”
Additional system features enable batteries to measure and report their own performance, increasing early failure detection, and enabling optimized battery pack assembly. The data can be monitored remotely throughout the battery lifecycle – from assembly to warehouse and transport through installation, maintenance and into a second-life phase.
ADI and General Motors recently announced a collaboration, bringing the wBMS technology to General Motors’ Ultium battery platform. The ADI technology helps ensure scalability of the Ultium platform across General Motor’s future lineup, which will encompass different brands and vehicle segments, from work trucks to performance vehicles.
“We are pleased to collaborate with ADI to take the wBMS technology to production as part of our ground-breaking Ultium battery platform,” said Kent Helfrich, Executive Director, Global Electrification and Battery Systems at General Motors. “ADI’s wBMS technology enables the more widespread electrification of our fleet, and we look forward to a continued collaboration with ADI to deliver innovation in safety, quality, and performance for the future.”
To learn more about ADI’s wBMS, please visit: www.analog.com/electrification
Analog Devices, Inc.
Analog Devices (Nasdaq: ADI) is a leading global high-performance analog technology company dedicated to solving the toughest engineering challenges. We enable our customers to interpret the world around us by intelligently bridging the physical and digital with unmatched technologies that sense, measure, power, connect and interpret. Visit http://www.analog.com.
(ADI-WEB)
General Motors
General Motors (NYSE:GM) is a global company committed to delivering safer, better and more sustainable ways for people to get around. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Holden, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at http://www.gm.com.
This release may contain forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements by Messrs. Helfrich and Morgan and other statements regarding the expected opportunities, utilization, benefits, cost savings, product and service offerings and developments relating to our wireless battery management system that are based on current expectations, beliefs, assumptions, estimates, forecasts, and projections about the industry and markets in which the companies operate. The statements contained in this release are not guarantees of future performance, are inherently uncertain, involve certain risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements, and such statements should not be relied upon as representing Analog Devices' expectations or beliefs as of any date subsequent to the date of this press release. Important factors that could cause actual results to differ materially from the results described, implied or projected in any forward-looking statements are included as risk factors as described in the most recent filings of Analog Devices with the Securities and Exchange Commission. Analog Devices does not undertake any obligation to update forward-looking statements made by us.
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LONDON--(BUSINESS WIRE)--#GlobalSeismicServicesMarket--Technavio has been monitoring the seismic services market and it is poised to grow by USD 1.12 billion during 2020-2024, progressing at a CAGR of almost 3% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts
Frequently Asked Questions:
The market is concentrated, and the degree of concentration will accelerate during the forecast period. CGG SA, China Oilfield Services Ltd., Halliburton Co., PGS ASA, Polarcus Ltd., SAExploration Holdings Inc., Schlumberger Ltd., SeaBird Exploration Plc, Shearwater GeoServices Holdings AS, and TGS-NOPEC Geophysical Co. ASA are some of the major market participants. The rising multi-client survey approach will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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View market snapshot before purchasing
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Seismic Services Market 2020-2024: Segmentation
Seismic Services Market is segmented as below:
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR44210
Seismic Services Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The seismic services market report covers the following areas:
This study identifies increasing investments in the upstream sector as one of the prime reasons driving the Seismic Services Market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
Register for a free trial today and gain instant access to 17,000+ market research reports. Technavio's SUBSCRIPTION platform
Seismic Services Market 2020-2024: Key Highlights
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Deployment
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
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Website: www.technavio.com/
HOUSTON--(BUSINESS WIRE)--Halliburton Labs today announced that its first advisory board members will be Reginald DesRoches, John Grotzinger, and Walter Isaacson. Advisory board members will help guide Halliburton Labs’ vision, strategy, evaluation of applicants, cohort selection and other matters.
“We are thrilled to have these advisors join us as we embark on our mission to advance cleaner, affordable energy. Their experiences and perspectives will play a pivotal role in shaping the future of the rapidly evolving energy industry,” said Scott Gale, executive director of Halliburton Labs.
Reggie DesRoches is Rice University’s Provost and serves as Professor of Civil & Environmental Engineering, and Mechanical Engineering. As the University’s chief academic officer, DesRoches works closely with the President to advance the University’s teaching, research, and service mission. In 2020, DesRoches was elected a member of the National Academy of Engineering.
John Grotzinger is Chair for Caltech’s Division of Geological and Planetary Sciences and serves as the Fletcher Jones Professor of Geology. Between 2007 – 2014, he served as the Chief Scientist for NASA’s Curiosity Mars rover mission for which he received NASA’s Distinguished Public Service Medal in 2013. From 2014-2019 he served on the Science Advisory Board for Shell International Exploration and Production.
Walter Isaacson is the Leonard Lauder Professor of American History and Values at Tulane University. He previously served as the chief executive officer of the Aspen Institute, where he is now a Distinguished Fellow. Mr. Isaacson has also held positions as the chairman of CNN and the editor of TIME magazine. He also is an advisory partner at Perella Weinberg/Tudor, Pickering, Holt & Co.
Separately, Halliburton Labs recognizes the Energy Tech team at Tudor, Pickering, Holt & Co for their support in the formation of Halliburton Labs.
“It has been great working with the TPH team who share our passion for emerging technologies and delivery of our mission to advance cleaner, affordable energy,” added Gale.
ABOUT HALLIBURTON LABS
Halliburton Labs is a collaborative environment where entrepreneurs, academics, investors and industrial labs join to advance cleaner, affordable energy. Located at Halliburton Company’s headquarters in Houston, Texas, Halliburton Labs provides access to world-class facilities, operational expertise, practical mentorship and financing opportunities in a single location to help participants scale their business. Visit the company’s website at www.halliburtonlabs.com. Connect with Halliburton Labs on Twitter, LinkedIn and Instagram. Halliburton Labs is a wholly-owned subsidiary of Halliburton Company.
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HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (NYSE:EPD) today announced that it and certain of its customers have amended agreements that provide Enterprise the ability to use the partnership’s existing pipelines to support its crude oil transportation agreements and to cancel the 450,000 barrels per day Midland-to-ECHO 4 crude oil pipeline project (“M2E4”). Generally, the amendments provide for the reduction of near term volume commitments in exchange for extending the term of the agreements.
The cancellation of M2E4 will reduce aggregate growth capital expenditures for 2020, 2021 and 2022 by approximately $800 million. Based on currently sanctioned projects, we expect growth capital expenditures, net of contributions from joint venture partners, for 2020, 2021 and 2022 to be approximately $2.8 billion, $1.6 billion and $900 million, respectively. These estimates do not include capital investments associated with our proposed deep water offshore crude oil terminal (“SPOT”), which remains subject to governmental approvals. We do not expect to receive the approvals for SPOT in 2020. As a result of the cancellation, Enterprise expects to record an impairment charge of approximately $45 million to its earnings for the third quarter of 2020.
“We are very proud of our commercial team for responding and working with our customers to amend these long-term agreements,” said A. J. “Jim” Teague, co-CEO of Enterprise’s general partner. “This is another example of Enterprise working with customers for a ‘win/win’ solution that allows our customers and Enterprise to better allocate capital during the challenging times of the current economic cycle while retaining long-term, fee-based volumes and revenues for our assets. The capital savings from the cancellation of M2E4 will accelerate Enterprise toward being discretionary free cash flow positive, which would give us the flexibility to reduce debt and return additional capital to our partners, including through buybacks.”
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Our services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and export and import terminals; crude oil gathering, transportation, storage and export and import terminals; petrochemical and refined products transportation, storage, export and import terminals and related services; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems. The partnership’s assets include approximately 50,000 miles of pipelines; 260 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 Bcf of natural gas storage capacity.
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that Enterprise and its general partner expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in Enterprise’s reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, Enterprise does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Randy Burkhalter, Investor Relations, (713) 381-6812 or (866) 230-0745
Rick Rainey, Media Relations (713) 381-3635
HOUSTON--(BUSINESS WIRE)--SANDRIDGE PERMIAN TRUST (NYSE: PER) today announced that it has received notification from the New York Stock Exchange (“NYSE”) of its determination to suspend trading of the Trust’s units of beneficial interest (the “Trust units”), effective as of the close of trading on September 8, 2020, and to initiate proceedings to delist the Trust units. The determination to commence the delisting proceeding results from the Trust’s inability to satisfy the continued listing compliance standards set forth under Rule 802.01C of the NYSE Listed Company Manual because the average closing price of the Trust units fell below $1.00 over a 30 consecutive trading-day period that ended December 24, 2019, and the Trust was unable to regain compliance with the applicable standards within a cure period that concluded on September 5, 2020.
As a result of the suspension, the Trust expects that the Trust units will begin trading on September 9, 2020 under the symbol “PERS” on the OTC Pink Market, which is operated by OTC Markets Group Inc. (“OTC Pink”). To be quoted on OTC Pink, a market maker must sponsor the security and comply with SEC Rule 15c2-11 before it can initiate a quote in a specific security. OTC Pink is a significantly more limited market than the NYSE, and the quotation of the Trust units on OTC Pink may result in a less liquid market available for existing and potential unitholders and could further depress the trading price of the Trust units. There is no assurance that an active market in the Trust units will develop on OTC Pink.
Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are “forward-looking statements” for purposes of these provisions. These forward-looking statements include the Trust’s expectations regarding the timing of the transition of the quotation of the Trust units to OTC Pink and expectations regarding the trading of the Trust units on OTC Pink. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither Avalon Energy, LLC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in common units issued by the Trust is subject to the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019, its Quarterly Report on Form 10-Q for the period ended June 30, 2020, and all of its other filings with the SEC. The Trust’s annual, quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov.
SandRidge Permian Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
E-kick scooters and seated e-scooters are expected to represent the largest growth opportunities in shared micromobility services over the next 10 years
BOULDER, Colo.--(BUSINESS WIRE)--#Ebikes--A new report from Guidehouse Insights examines the global market for micromobility sharing services, providing forecasts for the installed base of shared micromobility vehicles, annual shared micromobility vehicle trips, and annual shared micromobility service revenue, through 2030.
The global market for micromobility sharing services is expected to experience considerable growth over the coming decade as consumers and governments continue to prioritize the adoption of affordable, low carbon, and congestion-reducing technologies. Click to tweet: According to a new report from @WeAreGHInsights, the global market for micromobility sharing services revenue is expected to grow from $8.0 billion in 2020 to $30.8 billion by 2030, at a compound annual growth rate (CAGR) of 14.4%.
“There are significant business opportunities for manufacturers, software providers, and service operators in shared micromobility, but they are varied by geography and technology,” says Ryan Citron, senior research analyst with Guidehouse Insights. “The proliferation of shared e-kick scooters and seated e-scooters in North America, Europe, and pockets of Asia Pacific and Latin America are expected to represent most of the growth opportunities in shared micromobility services over the next 10 years.”
According to the report, the next phase of development for the industry is deploying at scale and achieving profitability. Technology advances in data sharing, automation, wireless charging, and battery swapping offer the potential for increased shared micromobility deployments, significant reductions in operating costs, and improved customer experience.
The report, Micromobility Sharing Services, analyzes the global market for shared e-kick scooters, seated e‑scooters, and e-bikes. The study provides a detailed analysis of the market opportunities, key drivers of growth, and technology trends associated with micromobility sharing services. Global market forecasts for the installed base of shared micromobility vehicles, annual shared micromobility vehicle trips, and annual shared micromobility service revenue extend through 2030 and are segmented by technology and region. In addition, the report provides an examination of vendor consolidation and comparative analysis, along with a value chain assessment of the competitive landscape. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Micromobility Sharing Services, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
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Industry Veterans Lou Canaras, Mellissa Atle and Rob Concepcion Lead the Houston-Based Team
NEW YORK--(BUSINESS WIRE)--AmTrust Title Insurance today announced the expansion of its Energy Team within its National Commercial Division. The industry leading team will facilitate title insurance transactions for renewable and conventional energy projects, including refineries, LNG facilities and wind and solar farms, along with various other energy related transactions, accounting for some of the largest insured real estate matters in the United States. Lou Canaras and nine others join AmTrust Title in Houston, Texas expanding not only the company’s Energy Division but adding an average of 20 years of general title insurance underwriting and production experience in Texas and the surrounding states.
“This extremely knowledgeable and experienced team was added to address some of the most complicated transactions in the real estate industry, with hundreds of millions of dollars at stake per transaction. A typical energy project presents complex underwriting issues that can involve thousands of acres with acquisition, easement, mineral estate, access, development and project finance challenges. There is no room for error in the transaction process,” said Jason Gordon, President of AmTrust Title Insurance Company, a subsidiary of AmTrust Financial. “This team has successfully insured hundreds of these transactions.”
Canaras will serve as SVP and Underwriter for the Energy Division, responsible for overseeing the team of underwriting, sales and production specialists, including Lynn Babineaux with whom he has worked with for 25 plus years. Over his career, Canaras has gained an unparalleled expertise in underwriting energy related transactions which has allowed him to work with notable industry leaders and successfully insure numerous national and international energy facilities. Prior to joining AmTrust, he served as Senior Vice President, Senior Underwriter and Director at another major title underwriter.
Mellissa Atle will serve as Vice President of the Energy Division and will oversee the work of six dedicated Energy Project Coordinators. Atle has over 9 years of experience in the title industry managing multi-million dollar transactions involving Wind, Solar, LNG, Transmission Lines, and other energy-related sectors. Most recently she served as the Energy Closing Supervisor at Canaras’ former company.
Rob Concepcion will serve as Vice President, Business Development, Energy Division. Concepcion relies on his strong renewable energy development background when helping clients get through the many stages of project development. His recent roles included VP Business Development-Renewables for another underwriter and Real Estate Supervisor for both Sempra U.S. Gas & Power and EGPNA.
Steven Napolitano, President of First Nationwide Title Agency, a subsidiary of AmTrust Financial, said, “Lou’s ability to understand and insure complex transactions is well known throughout the energy industry. Mellissa and Rob have led remarkably successful careers in the energy space, overseeing operations and sales under Lou and forging one of the largest energy focused groups in the country.”
Randy Elkins, Executive Vice President of First Nationwide Title Agency’s Texas operations noted, “We have been searching for additional expertise and bandwidth to specifically address our growing client list of energy companies, developers, lenders and tax equity purchasers.” Citing the activity in both conventional and renewable energy projects and their unique needs for title insurance coverage, Elkins said, “We’ve added the most respected experts in the space.”
About AmTrust Title Insurance Company
AmTrust Title is a wholly-owned subsidiary of AmTrust Financial Services, Inc., an insurance holding company headquartered in New York, which offers specialty property and casualty insurance products, including workers' compensation, business owner's policy (BOP), general liability and extended service and warranty coverage. AmTrust Title is headquartered and domiciled in New York, New York. AmTrust Title utilizes advanced technology, supported by the financial strength of AmTrust Financial, to support real estate clients of all sizes. For more information about AmTrust Title, visit www.amtrusttitlegroup.com.
About AmTrust Financial Services, Inc.
AmTrust Financial Services, Inc., a multinational insurance holding company headquartered in New York, offers specialty property and casualty insurance products, including workers' compensation, business owner’s policy (BOP), general liability and extended service and warranty coverage. For more information about AmTrust, visit www.amtrustfinancial.com.
AmTrust Title Insurance Company
Anuska S. Amparo
646-386-2655
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AKRON, Ohio--(BUSINESS WIRE)--$BW #CombinedCycle--Babcock & Wilcox (B&W) (NYSE: BW) announced today that its B&W Environmental segment has successfully installed a new cooling tower system for Naturgy Generación’s combined cycle natural gas power plant in Puerto de Sagunto, Spain. The cooling system, designed to reduce water usage and reliance on chemicals for water treatment, was supplied and installed by B&W’s subsidiary, SPIG S.p.A.
The work included removal of some of the plant’s existing cooling tower components and the supply and installation of a cooling tower with state-of-the-art fiberglass-reinforced plastic structure. The new cooling tower is designed to protect against corrosion and wear from saltwater used for cooling and was completed and delivered to Naturgy on time.
B&W Environmental’s seawater cooling towers help safeguard delicate marine ecosystems and reduce overall environmental impact by decreasing or eliminating the need for desalination and processing of cooling water. The company’s experience includes wet, dry and wet/dry hybrid cooling solutions as dictated by site-specific requirements. This includes the supply of mechanical and natural draft systems and designs for a wide range of project specifications such as high seismic loads, vibration control, corrosion, noise control, sub-freezing operation, and seawater use.
“SPIG is part of the B&W Environmental segment and is a leading turnkey cooling technology supplier to customers for a wide range of industries, including oil and gas, petrochemical, power generation, cogeneration and combined cycle, and district heating and cooling,” said SPIG Managing Director Alberto Galantini. “Our cooling products are well-suited for a variety of demanding conditions and can meet the needs of virtually any industrial or power application, including fiberglass-reinforced plastic, concrete or wooden cooling towers, noise abatement technologies maintenance, upgrade services and more.”
About B&W
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc., is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow us on Twitter @BabcockWilcox and learn more at www.babcock.com.
About B&W Environmental
Babcock & Wilcox Environmental offers a full suite of best-in-class emissions control products and solutions for utility and industrial steam generation applications around the world. The segment’s broad experience includes systems for ash handling, particulate control, nitrogen oxides and sulfur dioxides removal, chemical looping for carbon control, and mercury control, along with cooling solutions.
Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox
704.625.4944 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Terminal continues to modernize its operations to meet the growing trade demand in the region
OAKLAND, Calif.--(BUSINESS WIRE)--Navis, a part of Cargotec Corporation and provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the shipping supply chain, today announced that Patrick Terminals - Sydney AutoStrad has migrated to N4 3.8 from its decades old, in house TOS. As a result of a well-planned and executed strategy, the go-live was successfully completed remotely with minimal staff on site.
Strategically located in Port Botany on the Australian coast, Sydney Automated AutoStrad terminal is the largest container terminal in Australia by capacity. Operating at 1.2 million TEU annually, Sydney AutoStrad manages 580 vessels per year, handles over 1400 gate moves per day and has the greatest quay line length in the region of 1.4km. Additionally, the terminal has four container berths on site, which allows the team to be flexible to adjust vessel working and provide berths if unplanned events impact the schedule. With modernization and automation in mind, Patrick Terminals selected N4 as its TOS for Sydney AutoStrad to optimize its performance and streamline operations at the terminal to meet the growing trade demand in the region.
“Replacing our 30-year-old legacy TOS system with Navis N4 has been a major milestone for Patrick's business. We have successfully implemented N4 in our two manual terminals over the past 6 months and have now integrated that technology suite at our Automated AutoStrad Terminal in Sydney,” said Adrian Sandrin, CIO for Patrick Terminals. “Patrick's has always emphasized the importance of information technology and real time systems and with the help of our new N4 TOS, Patrick will optimize our central vessel planning, improve processes and create efficiencies to ensure we meet the complex and changing requirements of our industry.”
“As more terminals are planning to advance their automation capabilities, we are able to help them upgrade their offerings and reach their goals with our innovative, best-in-class TOS,” said Charles Gerard, VP & General Manager, APAC at Navis. “We are proud of the work we did with Patrick Terminals over the past year and are looking forward to continuing to support their terminals and their modernization plans, for years to come.”
For more information visit www.navis.com.
About Navis, LLC
Navis, a part of Cargotec Corporation, is a provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the cargo supply chain. Navis combines industry best practices with innovative technology and world-class services, to enable our customers, regardless of cargo type, to maximize performance and reduce risk. Through its holistic approach to operational optimization, Navis customers benefit from improved visibility, velocity and measurable business results. Whether tracking cargo through a terminal, improving vessel safety and cargo capacity, optimizing rail network planning and asset utilization, automating equipment operations, or managing multiple terminals through an integrated, centralized solution, Navis helps streamline operations. www.navis.com
About Cargotec Corporation
Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec's sales in 2019 totalled approximately EUR 3.7 billion and it employs around 12,000 people. www.cargotec.com
Jennifer Grinold
Navis, LLC
+1 510 267 5002
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Geena Pickering
Affect
+1 212 398 9680
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NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Clean Energy Fuels Corp. (CLNE), the leading provider of natural gas fuel for transportation in North America, announced that Estes Express Lines will add to its fleet 50 new trucks fueled with Redeem™ renewable natural gas (RNG), bringing its total to 71.
Estes, the nation’s largest privately-owned freight transportation carrier, is acquiring the Class 8 natural gas trucks equipped with the Cummins Westport ultra-clean ISX12N engine for its California fleet, and is expected to use an approximate 2.8 million gallons of RNG over the seven-year contract.
Clean Energy’s Redeem was the first commercially available RNG vehicle fuel, derived from capturing the biogenic methane produced by the decomposition of organic waste from dairies, landfills, and wastewater treatment plants. Redeem reduces climate-harming greenhouse gas emissions by at least 70%, and even up to 300% depending on the source of the RNG.
Estes purchased the trucks through Clean Energy’s Zero Now program, which brings the price of a natural gas truck at parity with a diesel truck, while offering a guaranteed fuel discount for the duration of the agreement. For Estes, this represents a geographical expansion of its current 21 ultra clean truck fleet currently operating out of Texas, and also fueled by Redeem.
“Switching to trucks fueled with ultra-low carbon fuel is vital to improving air quality and fighting climate change in the regions that we serve,” said Estes Chief Executive Officer and President, Rob Estes. “Clean Energy’s Zero Now program has enabled us to switch to cleaner fuel and engine technologies that make financial sense – so it’s a win on several levels.”
“By adding 50 clean, sustainable natural gas trucks to its fleet, Estes demonstrates their leadership in the drive to lower the carbon footprint by the heavy-duty trucking industry,” said Brett Lindsay, Vice President of Clean Energy. “With the support of our Zero Now program, Estes has been able to easily and quickly switch a growing number of their trucks to RNG, significantly decreasing the environmental impact of their operations.”
“Transitioning to natural gas has allowed Estes to set a new standard for the trucking industry on how to be operationally successful,” said Mike Palmer, Estes Vice President of Fleet Services. “The trucks are performing well.”
A fourth-generation company, Estes was established in 1931 and currently ranks among the nation’s top 10 national less-than-truckload carriers with 19,000 employees and a fleet of 7,000 tractors and 30,000 trailers.
About Clean Energy
Clean Energy Fuels Corp. is North America’s leading provider of the cleanest fuel for the transportation market. Through its sales of Redeem™ renewable natural gas (RNG), which is derived from capturing biogenic methane produced from decomposing organic waste, Clean Energy allows thousands of vehicle fleets, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas by at least 70% and even up to 300% depending on the source of the RNG. Clean Energy can deliver Redeem through compressed natural gas (CNG) and liquified natural gas (LNG) to its network of approximately 540 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 liquefication 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.
About Estes Express Lines
Estes is the largest, privately-owned freight carrier in North America. As an asset-based transportation and custom-logistics solutions provider, Estes delivers responsive freight solutions across a vast regional, national, international, and global footprint. The Richmond, VA-based, fourth-generation company has nearly 90 years of freight shipping expertise and has worked through the decades to build a robust transportation network, a reputation for financial stability, and an award-winning safety record. Estes offers comprehensive freight shipping solutions, including Less Than Truckload (LTL), Volume LTL, Truckload, Time Critical, and Final Mile.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, including without limitation statements about amounts of RNG expected to be consumed and the benefits of RNG. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements. The forward-looking statements made herein speak only as of the date of this press release and, unless otherwise required by law, Clean Energy undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Additionally, the reports and other documents Clean Energy files with the SEC (available at www.sec.gov) contain risk factors, which may cause actual results to differ materially from the forward-looking statements contained in this news release.
Clean Energy Contact:
Raleigh Gerber
949-437-1397
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Investor Contact:
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NILES, Ill.--(BUSINESS WIRE)--Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today financial results for the second quarter ended July 31, 2020.
“Second quarter revenue was $20.4 million, $16.3 million below the same quarter last year, and net income was $0.3 million compared to $3.7 million in the same quarter of 2019,” noted President and CEO David Mansfield.
“During the quarter the global economy endured an unprecedented decline as a result of the response to the COVID-19 pandemic. The impact of the pandemic on our industries has continued to endure and it remains unpredictable when a full recovery can be anticipated. The negative effect on our operations was greater in the second quarter than we experienced in the first quarter of the year. Governmental actions that included lock downs and stay at home orders had a significant impact on the construction industry and caused delays to many of the projects we expected to perform this year.
“Oil and gas price declines also had a significant negative impact on the oil and gas industry, as E&P companies curtailed their capital budgets leading to the postponement of many projects.
“Although we have seen significant delays to projects, to date there have been few cancellations and the delayed projects are expected to resume. We therefore currently see the same encouraging future prospects that existed before the pandemic began, but we must continue to remain cautious until the market drivers return to normal.
“The cost reduction activities that were implemented earlier this year in response to the pandemic and reduced oil and gas prices enabled us to mitigate the impact of substantially reduced levels of activity for the quarter. We will continue with these cost containment efforts and cash expenditure controls until market conditions improve. We have been fortunate that few employees have contracted COVID-19 and most have recovered and returned to work. As a result, our plants have been operational during most of the quarter.
“Our backlog currently stands at $41.3 million, which reflects a decline of $5.4 million from the backlog at January 31, as a consequence of reduced levels of bidding activity in the Canadian oil and gas industry, and backlog execution in our Middle East operations and PermAlert,” Mr. Mansfield concluded.
Second Quarter Fiscal 2020 Results
Net sales were $20.4 million in the current quarter, a decrease of $16.3 million, or 44%, from $36.7 million in the prior year quarter. The decrease in the Company's Canadian and offshore Gulf of Mexico businesses resulted from the impact of lower oil prices combined with project delays in the Company's U.S. and Middle East district heating and cooling businesses arising as a result of the COVID-19 pandemic.
Gross profit decreased to $2.4 million, or 12% of net sales, in the current quarter from $9.7 million, or 26% of net sales, in the prior year quarter. This decrease was primarily driven by lower sales volumes.
General and administrative expenses decreased to $4.5 million in the current quarter from $4.8 million in the prior year quarter. This decrease was primarily driven by cost cutting measures enacted as a result of the COVID-19 pandemic.
Selling expenses decreased to $1.3 million in the current quarter, compared to $1.4 million in the prior year quarter due primarily to lower personnel costs.
Net interest expense decreased to $0.1 million in the current quarter, compared to $0.2 million in the prior year quarter. This decrease was driven by lower interest rates on borrowings during the period.
Other income increased to $3.7 million in the current quarter, compared to $0.2 million in the prior year quarter, an increase of $3.5 million. This increase was primarily the result of recognition of the Company's reasonable expectation of forgiveness of its Paycheck Protection Program ("PPP") loan proceeds during the period of $3.2 million.
Income from operations before income taxes decreased by $3.3 million to $0.2 million in the current quarter from $3.5 million in the prior year quarter. The decrease resulted from lower revenues in North America due to declines in oil prices and certain of the Company's Middle East and U.S. district heating and cooling operations due to project delays as a result of the COVID-19 pandemic. The negative impact of these lower revenues was offset by increased income from the Company's new operations in Egypt and by reduced overhead as a consequence of cost reduction initiatives.
The Company's worldwide effective tax rates ("ETR") were (56.8%) and (7.6%) in the current quarter and the prior year quarter, respectively. The change in the ETR from the prior year quarter to the current year quarter was largely due to changes in the mix of income and loss in various jurisdictions, as well as the impact of the lower current quarter pre-tax income as compared to the prior year quarter.
The resulting net income of $0.3 million in the current quarter was a decline of $3.4 million over the net income of $3.7 million in the prior year quarter. The decrease resulted from lower revenues in North America due to declines in oil prices and certain of the Company's Middle East and U.S. district heating and cooling operations due to project delays as a result of the COVID-19 pandemic. The negative impact of these lower revenues was offset by increased income from the Company's new operations in Egypt and by reduced overhead as a consequence of cost reduction initiatives.
Year-to-Date July 31, 2020 Results
Net sales were $43.1 million in the current year-to-date, a decrease of $17.8 million, or 29%, from $60.9 million in the prior year year-to-date. The decrease resulted from lower revenues in North America due to declines in oil prices and certain of the Company's Middle East and U.S. district heating and cooling operations due to project delays as a result of the COVID-19 pandemic.
Gross profit decreased to $5.8 million, or 14% of net sales, in the current year-to-date from $14.4 million, or 24% of net sales, in the prior year year-to-date. This decrease was primarily driven by lower sales volumes.
General and administrative expenses decreased to $8.8 million in the current year-to-date from $9.3 million in the prior year year-to-date. This decrease was primarily driven by cost cutting measures enacted as a result of the COVID-19 pandemic.
Selling expenses increased to $3.0 million in the current year-to-date, compared to $2.7 million in the prior year year-to-date, an increase of $0.3 million, or 11%. This increase was primarily due to payroll expenses for additional sales employees added in 2019.
Net interest expense decreased to $0.3 million in the current year-to-date, compared to $0.4 million in the prior year year-to-date. This decrease was driven by lower interest rates on borrowings during the period.
Other income increased to $3.7 million in the current year-to-date, compared to $0.3 million in the prior year year-to-date, an increase of $3.4 million. This increase was primarily the result of recognition of the Company's reasonable expectation of forgiveness of the PPP loan proceeds during the period of $3.2 million.
Income/(loss) from operations before income taxes decreased by $4.8 million to a loss of $2.6 million in the current year-to-date from income of $2.2 million in the prior year year-to-date. The decrease resulted from lower revenues in North America due to declines in oil prices and certain of the Company's Middle East and U.S. district heating and cooling operations due to project delays as a result of the COVID-19 pandemic. The negative impact of these lower revenues was offset by increased income from the Company's new operations in Egypt and by reduced overhead as a consequence of cost reduction initiatives.
The Company's worldwide ETRs were 12.3% and 2.1% in the current year-to-date and the prior year year-to-date, respectively. The change in the ETR from the prior year year-to-date to the current year year-to-date was largely due to changes in the mix of income and loss in various jurisdictions.
The resulting net loss of $2.3 million in the current year-to-date was a decline of $4.5 million over the net income of $2.2 million in the prior year year-to-date. The decrease resulted from lower revenues in North America due to declines in oil prices and certain of the Company's Middle East and U.S. district heating and cooling operations due to project delays as a result of the COVID-19 pandemic. The negative impact of these lower revenues was offset by increased income from the Company's new operations in Egypt and by reduced overhead as a consequence of cost reduction initiatives.
Percentages set forth above in this press release have been rounded to the nearest percentage point and may not exactly correspond to the comparative data presented.
Perma-Pipe International Holdings, Inc.
Perma-Pipe International Holdings, Inc. (the “Company”) is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, the Company has operations at eight locations in six countries.
Forward-Looking Statements
Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) the impact of the coronavirus (COVID-19) on the Company's results of operations, financial condition and cash flows; (ii) fluctuations in the price of oil and natural gas and its impact on the customer order volume for the Company's products; (iii) the Company's ability to comply with all covenants in its credit facilities; (iv) the Company’s ability to repay its debt and renew expiring international credit facilities; (v) risks and uncertainties related to the Company's newly reported material weakness in its internal control over financial reporting; (vi) risks and uncertainties related to the Company's receipt of funding under the Paycheck Protection Program; (vii) the Company’s ability to effectively execute its strategic plan and achieve profitability and positive cash flows; (viii) the impact of global economic weakness and volatility; (ix) fluctuations in steel prices and the Company’s ability to offset increases in steel prices through price increases in its products; (x) the timing of orders for the Company’s products; (xi) decreases in government spending on projects using the Company’s products, and challenges to the Company’s non-government customers’ liquidity and access to capital funds; (xii) the Company’s ability to successfully negotiate progress-billing arrangements for its large contracts; (xiii) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xiv) the Company’s ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (xv) the Company’s ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xvi) reductions or cancellations of orders included in the Company’s backlog; (xvii) risks and uncertainties related to the Company's international business operations; (xviii) the Company’s ability to attract and retain senior management and key personnel; (xiv) the Company’s ability to achieve the expected benefits of its growth initiatives; (xx) the Company’s ability to interpret changes in tax regulations and legislation; (xxi) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company’s percentage-of-completion revenue recognition; and (xxii) the impact of cybersecurity threats on the Company’s information technology systems. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at https://www.sec.gov and under the Investor Center section of our website (http://investors.permapipe.com.)
The Company's Form 10-Q for the quarter ended July 31, 2020 will be accessible at www.sec.gov and www.permapipe.com. For more information, visit the Company's website.
PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES |
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
||||||||||||||||
(In thousands, except per share data) |
||||||||||||||||
|
|
Three Months Ended July 31, |
|
|
Six Months Ended July 31, |
|
||||||||||
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||
Net sales |
|
$ |
20,364 |
|
|
$ |
36,667 |
|
|
$ |
43,106 |
|
|
$ |
60,943 |
|
Cost of sales |
|
|
18,000 |
|
|
|
27,014 |
|
|
|
37,275 |
|
|
|
46,568 |
|
Gross profit |
|
|
2,364 |
|
|
|
9,653 |
|
|
|
5,831 |
|
|
|
14,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
|
|
4,488 |
|
|
|
4,814 |
|
|
|
8,792 |
|
|
|
9,271 |
|
Selling expenses |
|
|
1,331 |
|
|
|
1,416 |
|
|
|
2,978 |
|
|
|
2,676 |
|
Total operating expenses |
|
|
5,819 |
|
|
|
6,230 |
|
|
|
11,770 |
|
|
|
11,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(loss) from operations |
|
|
(3,455 |
) |
|
|
3,423 |
|
|
|
(5,939 |
) |
|
|
2,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
118 |
|
|
|
209 |
|
|
|
304 |
|
|
|
419 |
|
Other income |
|
|
3,739 |
|
|
|
241 |
|
|
|
3,674 |
|
|
|
256 |
|
Income/(loss) from operations before income taxes |
|
|
166 |
|
|
|
3,455 |
|
|
|
(2,569 |
) |
|
|
2,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (benefit)/expense |
|
|
(101 |
) |
|
|
(265 |
) |
|
|
(315 |
) |
|
|
47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) |
|
$ |
267 |
|
|
$ |
3,720 |
|
|
$ |
(2,254 |
) |
|
$ |
2,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
8,126 |
|
|
|
7,887 |
|
|
|
8,087 |
|
|
|
7,937 |
|
Diluted |
|
|
8,278 |
|
|
|
8,202 |
|
|
|
8,087 |
|
|
|
8,122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.03 |
|
|
|
0.47 |
|
|
|
(0.28 |
) |
|
|
0.28 |
|
Diluted |
|
|
0.03 |
|
|
|
0.45 |
|
|
|
(0.28 |
) |
|
|
0.27 |
|
Note: Earnings per share calculations could be impacted by rounding. |
||||||||||||||||
PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(In thousands, except per share data) |
||||||||
|
|
July 31, 2020 |
|
|
January 31, 2020 |
|
||
|
|
(Unaudited) |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
9,106 |
|
|
$ |
13,371 |
|
Restricted cash |
|
|
1,150 |
|
|
|
1,287 |
|
Trade accounts receivable, less allowance for doubtful accounts of $300 at July 31, 2020 and $407 at January 31, 2020 |
|
|
23,884 |
|
|
|
29,402 |
|
Inventories, net |
|
|
12,137 |
|
|
|
14,498 |
|
Prepaid expenses and other current assets |
|
|
7,033 |
|
|
|
3,531 |
|
Costs and estimated earnings in excess of billings on uncompleted contracts |
|
|
1,750 |
|
|
|
2,166 |
|
Total current assets |
|
|
55,060 |
|
|
|
64,255 |
|
Property, plant and equipment, net of accumulated depreciation |
|
|
27,306 |
|
|
|
28,629 |
|
Other assets |
|
|
|
|
|
|
|
|
Operating lease right-of-use asset |
|
|
10,889 |
|
|
|
11,475 |
|
Deferred tax assets |
|
|
566 |
|
|
|
293 |
|
Goodwill |
|
|
2,222 |
|
|
|
2,254 |
|
Other assets |
|
|
3,955 |
|
|
|
5,319 |
|
Total other assets |
|
|
17,632 |
|
|
|
19,341 |
|
Total assets |
|
$ |
99,998 |
|
|
$ |
112,225 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Trade accounts payable |
|
$ |
7,943 |
|
|
$ |
9,577 |
|
Accrued compensation and payroll taxes |
|
|
1,496 |
|
|
|
1,190 |
|
Commissions and management incentives payable |
|
|
1,107 |
|
|
|
1,759 |
|
Revolving line - North America |
|
|
2,470 |
|
|
|
8,577 |
|
Current maturities of long-term debt |
|
|
1,715 |
|
|
|
1,458 |
|
Customers' deposits |
|
|
1,844 |
|
|
|
2,202 |
|
Outside commission liability |
|
|
1,712 |
|
|
|
1,755 |
|
Operating lease liability short-term |
|
|
1,338 |
|
|
|
1,040 |
|
Other accrued liabilities |
|
|
2,836 |
|
|
|
3,444 |
|
Billings in excess of costs and estimated earnings on uncompleted contracts |
|
|
767 |
|
|
|
1,173 |
|
Income taxes payable |
|
|
750 |
|
|
|
664 |
|
Total current liabilities |
|
|
23,978 |
|
|
|
32,839 |
|
Long-term liabilities |
|
|
|
|
|
|
|
|
Long-term debt, less current maturities |
|
|
6,293 |
|
|
|
6,717 |
|
Deferred compensation liabilities |
|
|
4,415 |
|
|
|
4,199 |
|
Deferred tax liabilities |
|
|
672 |
|
|
|
1,052 |
|
Operating lease liability long-term |
|
|
10,563 |
|
|
|
11,214 |
|
Other long-term liabilities |
|
|
628 |
|
|
|
575 |
|
Total long-term liabilities |
|
|
22,571 |
|
|
|
23,757 |
|
Stockholders' equity |
|
|
|
|
|
|
|
|
Common stock, $.01 par value, authorized 50,000 shares; 8,165 issued and outstanding at July 31, 2020 and 8,048 issued and outstanding at January 31, 2020 |
|
|
82 |
|
|
|
80 |
|
Additional paid-in capital |
|
|
60,310 |
|
|
|
60,024 |
|
Accumulated deficit |
|
|
(2,969 |
) |
|
|
(715 |
) |
Accumulated other comprehensive loss |
|
|
(3,974 |
) |
|
|
(3,760 |
) |
Total stockholders' equity |
|
|
53,449 |
|
|
|
55,629 |
|
Total liabilities and stockholders' equity |
|
$ |
99,998 |
|
|
$ |
112,225 |
|
Perma-Pipe International Holdings, Inc.
David Mansfield, President and CEO
Perma-Pipe Investor Relations
(847) 929-1200
This email address is being protected from spambots. You need JavaScript enabled to view it.
AKRON, Ohio--(BUSINESS WIRE)--$BW--Babcock & Wilcox (B&W) (NYSE: BW) announced today that its B&W Environmental segment will supply a patented ash-handling solution to help a Wisconsin utility meet state and federal Environmental Protection Agency (EPA) guidelines.
B&W Environmental will design and manufacture two patented Allen-Sherman-Hoff® Submerged Grind Conveyor (SGC) systems for We Energies’ Oak Creek Power Plant, located near Milwaukee. The contract value is approximately $2 million and was awarded to B&W’s subsidiary, The Babcock & Wilcox Company.
As utilities work to meet federal EPA effluent limitation guidelines (ELG), combustion residuals requirements and state environmental regulations, B&W Environmental’s SGC system offers a solution that uses no ash transport water, resulting in a closed-loop process with no liquid discharge into the environment. This is a significant step to reduce environmental impact.
“B&W Environmental’s advanced technologies can help our customers produce cleaner energy while protecting the environment,” said B&W Chief Operating Officer Jimmy Morgan. “As a complete energy and environmental solutions provider with decades of experience in all types of power production, we are uniquely positioned to serve this market.”
B&W Environmental’s SGC system offers a simplified and cost-effective solution that meets zero liquid discharge bottom ash removal requirements and is designed to function optimally in each plant’s unique layout. The B&W Environmental SGC system doesn’t require the removal or displacement of bottom ash hoppers or slag tanks, ash gates, clinker grinders, transfer enclosures and other existing equipment so installation can be accelerated, saving both time and costs compared to other bottom ash conveyance systems.
About B&W
Headquartered in Akron, Ohio, Babcock & Wilcox is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow us on Twitter @BabcockWilcox and learn more at www.babcock.com.
About B&W Environmental
Babcock & Wilcox Environmental offers a full suite of best-in-class emissions control products and solutions for utility and industrial steam generation applications around the world. The segment’s broad experience includes systems for ash handling, particulate control, nitrogen oxides and sulfur dioxides removal, chemical looping for carbon control, and mercury control, along with cooling solutions.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the execution and completion of a contract to supply two Submerged Grind Conveyor ash handling systems for We Energies’ Oak Creek Power Plant, located near Milwaukee. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox
704.625.4944 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345 | This email address is being protected from spambots. You need JavaScript enabled to view it.
LFCA installed nearly 500 charging stations in 2020; more than 1,500 since inception
SALT LAKE CITY--(BUSINESS WIRE)--#EV--Non-profit Leaders for Clean Air (LFCA) ambitiously embraced its mission at the outset of 2020 by setting a goal to distribute 435 electric vehicle (EV) charging stations this year. LFCA today announced the goal was met and achieved four months early. LFCA works in partnership with Rocky Mountain Power to improve air quality by encouraging electric vehicle adoption along the Wasatch Front. The two organizations agreed to the aggressive target of more than one charger a day pre-pandemic.
When Utah reacted to COVID-19 with lockdown measures, the small non-profit's survival was precarious since LFCA deals mostly with workplace charging. However, the charger quota already attained during the pandemic makes it clear that Wasatch Front businesses favorably view EV technology.
"By already reaching our goal, the market shift toward EVs certainly feels real," said Kate Steinicke, Leaders for Clean Air's Director of Development. "Utah's business owners are leading this change and serving as an example to other markets."
LFCA contributes a great deal of its success this year to partnerships, specifically with Rocky Mountain Power and Utah Clean Air Partnership (UCAIR).
"In our efforts to clear the air, there are no perfect answers, but there are practical solutions," said Executive Director of UCAIR Thom Carter. "LFCA shows that an electric vehicle becomes a practical solution when a business provides a charging infrastructure for its employees. LFCA works to empower area businesses, and we are grateful for their hard work. They truly know how to move the needle on this important issue."
What's next? Leaders for Clean Air will continue its 2020 EV charging program and set a higher goal for 2021. For more information about Leaders for Clean Air and LFCA's partnership with Rocky Mountain Power, visit www.leadersforcleanair.org.
ABOUT Leaders for Clean Air
Leaders for Clean Air improves Utah's air quality by providing free electric vehicle (EV) charging stations to Utah businesses, implementing large-scale electric charger projects, and promoting EV technology. A non-profit 501(c)(3) organization, Leaders for Clean Air launched in January 2015. Board members are Packsize International CEO Hanko Kiessner, Utah Paperbox President Steve Keyser, and 3Form former CEO and founder Talley Goodson.
Kate Steinicke - Development Director
801.993.7915
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Enhanced lineup includes Panoptix LiveScope, UHD scanning sonar and new chartplotter and fishfinder options for hard-water anglers
OLATHE, Kan.--(BUSINESS WIRE)--Garmin® International, Inc., a unit of Garmin Ltd. (NASDAQ:GRMN), the world’s leading marine electronics manufacturer1, today unveiled its newest ice fishing bundles in advance of the start of the hard-water fishing season. With anglers of every skill and budget in mind, Garmin’s ice fishing bundle lineup now includes options that extend from a 4-inch STRIKER™ Plus, up to a premium 9-inch ECHOMAP™ UHD 93sv with award-winning Panoptix LiveScope™. Each of the ECHOMAP chartplotter ice bundles have been upgraded to include support for Garmin’s Ultra High-Definition (UHD) scanning sonar, so anglers can pinpoint schools of fish faster with excellent resolution and target separation and spend more time on what’s important – catching fish. And when the ice thaws, all of Garmin’s versatile ice bundles can be easily transitioned to the boat so anglers can fish with their electronics all year long.
“Garmin’s ice fishing bundles give anglers all of the tools they need to help find and catch more fish,” said Dan Bartel, Garmin vice president of global consumer sales. “From new dual-beam ice fishing transducers to preloaded mapping, UHD scanning sonar and industry-leading LiveScope, our robust lineup offers feature-packed solutions that will transform the way anglers fish on the ice.”
LIVESCOPE ICE FISHING BUNDLE & KIT
Paired with a large, 9-inch ECHOMAP UHD 93sv, the Panoptix LiveScope Ice Fishing Bundle allows anglers to take their fishing to the next level with real-time scanning sonar. It features two revolutionary modes in one transducer – LiveScope Down and LiveScope Forward – so anglers can see up to 200 feet under the water in any direction. Either view provides incredibly sharp, real-time scanning sonar images of fish swimming and moving toward or away from the hole and below the surface with remarkable target separation and clarity. The Panoptix LiveScope Ice Fishing Bundle offers full sonar capabilities, including an ice flasher, and support for UHD scanning sonar and CHIRP traditional sonar.*
Like all Garmin chartplotters, the ECHOMAP UHD 93sv has an easy-to-use interface that allows for customized combination screens, so anglers can easily access flasher, map, sonar and other data most important to them. It comes preloaded with LakeVü g3 maps with integrated Garmin and Navionics® data that cover more than 18,000 lakes.
The Panoptix LiveScope Ice Bundle includes the complete LiveScope System with a swivel pole mount, plus a 12Ah battery with charger and power cable – all in a convenient, glove-friendly portable bag for a suggested retail price of $2799.99. A new LiveScope Ice Fishing Kit that includes the LiveScope System, swivel mount and portable kit is also available for a suggested retail price of $1999.99.
ECHOMAP UHD ICE FISHING BUNDLES
The mid-sized ECHOMAP UHD 73cv and ECHOMAP UHD 63cv Ice Fishing Bundles both include a high-wide CHIRP ice fishing transducer with selectable beamwidth and provide crisp, clear fish targets with excellent target separation. The built-in flasher provides precise jig and fish detection as they swim into the sonar beam, and the unique ice fishing sonar mode increases the frequency for better quality images on screen. Both the ECHOMAP UHD 73cv and 63cv also support ClearVü scanning sonar* for nearly photographic images of what’s below the boat.
The ECHOMAP UHD Ice Fishing Bundles come preloaded with LakeVü g3 mapping, Garmin’s latest cartography with integrated Navionics data, for exceptional detail on more than 18,000 lakes. Featuring a 6- or 7-inch keyed-assist touchscreen display, anglers can easily create custom combination pages that combine sonar, flasher and map. Both the ECHOMAP UHD 73cv and ECHOMAP 63sv Ice Bundle include a rugged, glove-friendly carrying case, and are available now for suggested retail prices of $699.99 and $549.99, respectively.
The Panoptix PS22 Ice Bundle has also been updated to include the ECHOMAP UHD 73cv, and offers three types of sonar – narrow beam Garmin CHIRP traditional, Panoptix LiveVü Forward and LiveVü Down – with a suggested retail price of $1899.99.
STRIKER PLUS 4 ICE FISHING BUNDLE
For the ice angler who wants the best sonar available, plus the ability to create and store their own contour maps, the portable STRIKER Plus 4 Ice Fishing Bundle is the perfect entry-level fishfinder solution. The STRIKER Plus 4 ice bundle includes a new dual-beam ice fishing transducer with Garmin CHIRP traditional sonar for crystal-clear images in shallow and deeper water as well as remarkable target separation. Its built-in high sensitivity GPS lets anglers mark hot spots, and with Quickdraw™ Contours mapping software, it’s easy to create and store up to 2 million acres of maps with 1-foot contours. The new STRIKER Plus 4 Ice Fishing Bundle has a suggested retail price of $249.99, and also includes a rugged, portable carrying case.
All of the new 2020 Ice Fishing Bundles from Garmin are expected to be available later this month. To learn more and see Garmin’s full ice fishing product lineup, visit www.garmin.com/marine.
Engineered on the inside for life on the outside, Garmin products have revolutionized life for anglers, sailors, mariners and boat enthusiasts everywhere. Committed to developing the most sophisticated marine electronics the industry has ever known, Garmin believes every day is an opportunity to innovate and a chance to beat yesterday. For the fifth consecutive year, Garmin was recently named the Manufacturer of the Year by the National Marine Electronics Association (NMEA). Other Garmin marine brands include Fusion® and Navionics. For more information, visit Garmin's virtual pressroom at garmin.com/newsroom, contact the Media Relations department at 913-397-8200, or follow us at facebook.com/garmin, twitter.com/garminnews, instagram.com/garmin or youtube.com/garmin.
1 Based on 2019 reported sales
* Additional transducer(s) required.
About Garmin International, Inc. Garmin International, Inc. is a subsidiary of Garmin Ltd. (Nasdaq: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin, Navionics and Fusion are registered trademarks and STRIKER, ECHOMAP, Panoptix LiveScope and Quickdraw are trademarks of Garmin Ltd. or its subsidiaries.
All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.
Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 28, 2019, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K is available at https://www.garmin.com/en-US/company/investors/earnings/. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Category: Marine
Carly Hysell
913-397-8200
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Pledges Multi-Year Commitment
NEW YORK--(BUSINESS WIRE)--Duff & Phelps, the world’s premier provider of governance, risk and transparency solutions, today announced that it has achieved carbon neutrality across all of its 25 global offices and is now a CarbonNeutral® company, certified in accordance with The CarbonNeutral Protocol. The company has pledged a continued commitment to carbon neutrality globally and will review its offset program every five years.
Becoming a CarbonNeutral company is a primary step in a long-term strategy of emission reduction. The process involves reducing carbon emissions across all or parts of scopes 1, 2 and 3 through a combination of internal efficiencies and offsets. Working with third-party climate finance experts, Natural Capital Partners, Duff & Phelps offsets emissions each year by supporting carbon finance projects that positively impact local communities. All projects are tracked against the United Nations Sustainable Development Goals and contribute to Duff & Phelps’ broader environmental, social and governance (ESG) strategy. The supported projects are located around the world and are representative of Duff & Phelps’ global reach.
Marty Dauer, Chief Marketing and Communications Officer at Duff & Phelps, said, “Becoming a CarbonNeutral company is an important step on our path to achieving our social and environmental sustainability goals. Among our commitments to a cleaner world for future generations, we have supported a number of environmentally focused charities through the Duff & Phelps Charitable Foundation along with our multi-year pledge to carbon neutrality.”
Natalie Taylor, Director of Client Engagement at Natural Capital Partners, said, “We are delighted to be working with Duff & Phelps to achieve its ESG goals. By becoming a CarbonNeutral company and using high-quality offsets, Duff & Phelps is demonstrating climate leadership and contributing to a range of impactful emission reduction projects around the world. We look forward to continuing to work with Duff & Phelps on its climate journey.”
Supported projects for 2019 include:
About Duff & Phelps
Duff & Phelps is the world’s premier provider of governance, risk and transparency solutions. We work with clients across diverse sectors in the areas of valuation, corporate finance, disputes and investigations, cyber security, claims administration and regulatory compliance. With Kroll, the leading global provider of risk solutions, and Prime Clerk, the leader in complex business services and claims administration, our firm has nearly 4,000 professionals in 25 countries around the world. For more information, visit www.duffandphelps.com.
Duff & Phelps
Angela Tucciarone
+1 212 871 6237
Webinar on September 23 to Illuminate Real-Time LOE Benefits and Implementation
HOUSTON--(BUSINESS WIRE)--#blockchain--Data Gumbo, the trusted industrial blockchain network, today announced that it enables real-time lease operating expenses (LOE) for oil & gas operators. By using validated field operating data to trigger automated payments based on pre-agreed terms, real-time LOE enables operators to access accurate, real-time information to continuously access financial visibility, an industry first.
Based on the power of GumboNet™, the company’s industrial blockchain network, real-time LOE opens the door for operators to match contractual terms without human interface, instead of relying on field estimates to book accruals while expenses are stuck in paper tickets or invoice mode. Real-time LOE brings unparalleled transactional transparency and an immediacy that provides the ability to comprehensively digest variable well costs, as often as daily.
Data Gumbo will host a webinar, “Empowering Real-Time LOE,” featuring participants Alan Carnrite, CEO, The Carnrite Group, an energy and industrial sector management consulting firm, and Andrew Bruce, CEO, Data Gumbo. Details and registration available here.
“Real-time LOE is revolutionary. Operators are able to combine all of the disparate threads that go into production in one centralized location to see expenses as they happen,” said Andrew Bruce, CEO, Data Gumbo. “There is tremendous value in knowing to the penny exactly what actual expenditures are instead of finding out 90 days later. Data Gumbo empowers operators to allocate resources and manage wells based on accurate, real-time field readings to know where they stand instead of trying to drive their business in the rearview mirror.”
The current methods for managing LOEs for commodity production, chemical consumption, water haulage and disposal, fuel, power, labor, rental equipment and other well service expenses are time and resource-intensive utilizing paper trails and manual tickets that average 60 to 90 days to work through field approvals and accounting systems processes. Prone to delays, disputes and complicated reconciliations, operators lack visibility to tie spend to production and profitability.
LOE reporting has long been reliant on estimates of events and services as well, instead of verifiable accurate, real-time data. GumboNet executes smart contracts based on existing operational field data sources, harvesting exact information and measurements to supply continuous visibility into actual spend. By enabling a reduction in friction between counterparties, eliminating inefficiencies and automating transactional events, GumboNet enhances financial statements to deliver costs as they unfold. This helps operators identify waste and areas of spend that can be reduced as action occurs, not after the fact.
“Right now, operators are in a position to adapt digital perspectives to speed payment processes, eradicate paper invoices and tickets, and achieve a desirable competitive differentiator: real-time LOE visibility,” said Alan Carnrite, CEO, Carnrite Group. “Data Gumbo sets up operators to achieve a huge economic payoff of improved cash flow and terms, and attract better investors.”
About Data Gumbo
Data Gumbo provides transactional certainty for tomorrow’s industrial leaders through GumboNet™, a massively interconnected industrial blockchain network. With integrated real-time capabilities that power, automate and execute smart contracts, our network reduces contract leakage, frees up working capital, enables real-time cash and financial management and delivers provenance with unprecedented speed, accuracy, visibility and transparency. Headquartered in Houston, Texas, Data Gumbo has a subsidiary office in Stavanger, Norway. To date, the company has received equity funding with Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco, and Equinor Technology Ventures, the venture subsidiary of Equinor, Norway’s leading energy operator. For more information, visit www.datagumbo.com or follow on LinkedIn, @DataGumbo and Facebook.
Gina Manassero
Data Gumbo
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VERO BEACH, Fla.--(BUSINESS WIRE)--Inc. magazine ranked Aluma Tower Company, an Internationally distinguished supplier of aluminum mobile telescoping trailer-tower systems, as number 1941 on its annual Inc. 5000 list. The list is the most coveted ranking of the nation’s entrepreneurial elite.
Revenues from 2016 through 2019 were evaluated to determine this year’s winners. Aluma Tower boasted a three-year growth of 217% to gain the honor among the nation’s fasting growing private companies. This is the first time that Aluma Tower applied for inclusion on the list.
Under its enhanced management team, Aluma Tower is positioned to continue this outstanding growth rate well into the future. This award recognizes the Aluma team’s commitment to excellence in every industry it serves.
CEO Robert Main affirmed “The honor of being named to the Inc. 5000 list is truly a recognition of Aluma’s core values: dedication, continuous improvement, and integrity.”
“This is only the beginning,” commented General Manager and EVP Shane Mullan. “Aluma looks forward to its continued growth and making this a repeat honor in 2021.”
As an Inc. 5000 honoree, Aluma Tower is in notable company. Microsoft, LinkedIn, and Yelp, among other corporate giants, gained their first national exposure on the Inc. 5000 list.
About Aluma
Aluma Tower Company, Inc. conceives, designs, engineers, manufacturers, integrates, deploys and services a robust line of customizable telescoping towers and associated products. The company globally serves mission critical verticals including military, telecommunications service providers, law enforcement, emergency management, surveillance, weather monitoring, the oil and gas industry and utility companies.
Press contact:
Amelia Dickey, Vice President of Change Management
Direct: 561-352-7325
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
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