DUBLIN--(BUSINESS WIRE)--The "North America EV Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitor, Solid-state Batteries), Capacity (<50 kWh, 51-100 kWh, 101-300 kWh, >300 kWh), Bonding Type (Wire, Laser), Form, Application, End User, and Country - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The North American EV Batteries Market is expected to reach $22.79 billion by 2028, at a CAGR of 30.2% during the forecast period, 2021-2028.
The growth of this market is mainly attributed to factors such as increasing investments by leading automotive OEMs to set up battery manufacturing facilities in the region, increasing adoption of EVs, and decreasing battery prices. Increasing investments in alternative batter technology provide significant growth opportunities for market players.
The solid-state battery segment is expected to grow at the fastest rate once it gets commercialized. As per Meticulous Research analysis, we expect the commercialization of solid-state batteries would happen from 2025. A solid-state battery can effectively increase the energy density per unit area as compared to lithium-ion batteries. Due to such properties, a solid-state battery pack will have a higher capacity than a lithium-ion battery of the same size.
The 101kWh to 300kWh segment is expected to grow at the highest CAGR during the forecast period. This capacity segment has a high growth rate during the forecast period mainly because 101kWh to 300kWh power capacity batteries are widely used in light commercial vehicles and utility vehicles. The adoption of such EVs is increasing due to the rise in fuel prices and government initiatives for lowering fleet emissions of logistics and public transportation.
Also, the increasing launch of new EVs by automotive OEMs for electrification of logistics and public transport fleets and increasing adoption of electric vehicles by e-commerce companies, such as Amazon and UPS, support the market's growth during the forecast period.
The laser bonding segment is expected to grow at the highest CAGR during the forecast period. This segment is expected to have high growth during the forecast period mainly because laser-welded bonds can withstand higher currents, offers the advantages of narrow welds, high welding speed, and low heat level, which is important for battery tab welding chemicals within the batteries are heat sensitive.
The pouch segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment is attributed to higher energy density compared with the same weight of prismatic cells, more safety performance, and lower internal resistance. A pouch cell's energy storage capacity is much greater in a given physical space than cylindrical cells. Leading automotive and battery OEMs are investing in pouch cell formats for powering the upcoming EVs.
The light commercial vehicles segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment during the forecast period is attributed to the increasing shift of retail MNCs and transport fleet operators to electric light commercial vehicles, growing awareness regarding the role of electric vehicles in reducing emissions, increase in demand for electric vehicles to reduce fleet emissions, and stringent government rules and regulations towards vehicle emissions.
The mass production of batteries and government tax incentives have further brought down vehicle costs, making electric light commercial vehicles much more cost-effective.
The battery swapping stations segment is expected to grow at the highest CAGR during the forecast period. This segment is expected to have high growth during the forecast period mainly because battery swapping service helps reduce EV acquisition costs, increase the battery lifespan, and increase the launch of battery swapping services by various automotive start-up companies. Also, other mobility stakeholders such as oil refining companies are partnering with e-mobility start-ups to set up battery swapping stations, which will support the market growth of this segment.
The U.S. is expected to account for the largest share of the North American EV batteries market. The increasing adoption of electric vehicles, the presence of raw material resources for cobalt and lithium, and increasing investment in EV battery development are some of the major factors driving the country's market growth.
The key players operating in the North American EV batteries market are
Scope of the Report:
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
North American EV Batteries Market, by Type
North American EV Batteries Market, by Capacity
North American EV Batteries Market, by Bonding Type
North American EV Batteries Market, by Form
North American EV Batteries Market, by Application
North American EV Batteries Market, by End User
North American EV Batteries Market, by Country
For more information about this report visit https://www.researchandmarkets.com/r/qvlx55
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator, hereby announces the filing of its Form 20-F for the fiscal year ended December 31, 2021, with the Securities and Exchange Commission (the “SEC”).
GeoPark’s Form 20-F can be accessed by visiting either the SEC’s website at www.sec.gov or the “Investor Support” section of the Company’s website at www.geo-park.com. In addition, Shareholders may receive a hard copy of the Company’s audited financial statements, or its complete 2021 Form 20-F including audited financial statements, free of charge, by requesting a copy from the investor relations team.
Additional information about GeoPark can be found in the “Investor Support” section on the website at www.geo-park.com.
For further information, please contact:
INVESTORS:
Stacy Steimel
Shareholder Value Director
T: +562 2242 9600
This email address is being protected from spambots. You need JavaScript enabled to view it.
Miguel Bello
Market Access Director
T: +562 2242 9600
This email address is being protected from spambots. You need JavaScript enabled to view it.
Diego Gully
Investor Relations Director
T: +5411 4312 9400
This email address is being protected from spambots. You need JavaScript enabled to view it.
MEDIA:
Communications Department
This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Coriolis Meters - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Coriolis Meters Market to Reach $2.5 Billion by 2024
The global market for Coriolis Meters is projected to reach a revised size of US$2.5 Billion by 2024, registering a compounded annual growth rate (CAGR) of 9.2% over the analysis period.
Given the high accuracy and reliability offered, Coriolis flowmeters are emerging as a chosen flow measurement technology.
United States represents the largest regional market for Coriolis Meters, accounting for an estimated 23.2% share of the global total. The market is projected to reach US$606.9 Million by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 12.2% over the analysis period.
Global market for Coriolis meters continues to make strong gains globally, driven primarily by the rapidly rising demand for energy across the world and the subsequent increase in planned energy projects being established in various regions, especially in emerging nations.
In particular investments into oil & gas projects have been increasingly in developing regions of Asia-Pacific and Middle East, as governments look to address the escalating demand for energy, thus providing favorable outlook for Coriolis meters market. Oil & gas industry uses Coriolis meters for measuring mass flow of fluids. With production of natural and shale gas production rising constantly and investments into deep water projects increasing, the market for Coriolis meters is poised for growth.
With energy demand rising, the market for Coriolis flowmeters is expected to witness strong growth in the coming years. However, high cost involved in installation and calibration of Coriolis meters are the major impediments to adoption of the meters.
The United States represents a promising regional market for Coriolis meters due mainly to the discovery of vast reserves of shale gas and the subsequent rise in demand for the meters in the industry. The shale gas discoveries are also positively impacting the chemical and petrochemicals segments, thus spurring demand for Coriolis meters in the market.
In Latin America, rising investments in oil & gas projects and adoption of innovation technology in the oil & gas industry are contributing to high growth in Coriolis meters market.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/ah6ivy
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
- Company Expects to Report Fourth Quarter and Full Year 2021 Revenue of approximately $12 Million and $32 Million, respectively -
- Expects First Quarter 2022 Revenue to Range from $8 million to $8.5 Million -
- Provides Full Year 2022 Revenue Outlook of $70 million to $80 Million -
- Expects Form 10-K Filing to be Delayed -
SAN FRANCISCO--(BUSINESS WIRE)--Volta Inc. ("Volta" or the “Company") (NYSE: VLTA), an industry leading global EV charging network, powering vehicles and commerce, today announced preliminary revenues of approximately $12 million for its fourth quarter 2021, up 45% year-over-year, and revenues of $32 million for the full year ended December 31, 2021, up 66% year-over-year. Total stalls connected as of December 31, 2021 was 2,330.
Furthermore, the Company expects first quarter 2022 revenues to range from $8 million to $8.5 million. For full year 2022, the Company anticipates revenues to range from $70 million to $80 million. Volta expects 2022 revenue to be greater in the second half of the year, as a reflection of the growing scale of our network and accompanying seasonal media revenue patterns. For 2022, the Company expects total incremental, connected stalls in the range of 1,700 to 2,000.
Due to additional time required to complete its year-end reporting process and file its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, Volta expects to file a Notification of Late Filing on Form 12b-25. Upon completion of the filing of Form 10-K, the Company anticipates holding an investor call.
About Volta Inc.
Volta Inc. (NYSE: VLTA) is a leading global EV charging network, powering vehicles and commerce. Volta Charging's vision is to build EV charging networks that capitalize on and catalyze the shift from combustion-powered miles to electric miles by placing stations where consumers live, work, shop and play. By leveraging a data-driven understanding of driver behavior to deliver EV charging solutions that fit seamlessly into drivers' daily routines, Volta Charging's goal is to benefit consumers, brands and real-estate locations while helping to build the infrastructure of the future. As part of Volta Charging's unique EV charging offering, its stations allow it to enhance its site hosts' and strategic partners' core commercial interests, creating a new means for them to benefit from the transformative shift to electric mobility. To learn more, visit www.voltacharging.com.
Forward-Looking Statements
This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “anticipates,” “feels,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, statements regarding Volta’s strategy and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: intense competition faced by Volta in the electric vehicle (“EV”) charging market and in its content activities; the possibility that Volta is not able to build on and develop strong relationships with real estate and retail partners to build out its charging network and content partners to expand its content sales activities; market conditions, including seasonality, that may impact the demand for EVs and EV charging stations or content on Volta’s digital displays; the ability of Volta to effectively retain senior management and execute on its business strategy; risks, cost overruns and delays associated with construction and installation of Volta’s charging stations; risks associated with any future expansion by Volta into additional international markets; cost increases, delays or new or increased taxation or other restrictions on the availability or cost of electricity; rapid technological change in the EV industry may require Volta to continue to develop new products and product innovations, which it may not be able to do successfully or without significant cost; the impact of competing technologies that could reduce the demand for EVs; the risk that Volta’s shift to including a pay-for-use charging business model and the requirement of mobile check-ins adversely impacts Volta’s ability to retain driver interest, content partners and site hosts; the EV market may not continue to grow as expected; the risk that Volta may fail to effectively build scalable and robust processes to manage the growth of its business and to expand its geographic footprint; the ability to protect its intellectual property rights; and those factors discussed in Volta’s Quarterly Report on Form 10-Q under the heading “Risk Factors,” filed with the Securities and Exchange Commission (the “SEC”), as supplemented by other reports and documents Volta files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Volta undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
Investors: This email address is being protected from spambots. You need JavaScript enabled to view it.
Media: This email address is being protected from spambots. You need JavaScript enabled to view it.
Even in wide-open spaces, safe operation is required to prevent CO exposure
CLEVELAND--(BUSINESS WIRE)--Off-grid camping is becoming more popular, as travelers eschew traditional pay-to-stay campsites and RV parks for public lands like Bureau of Land Management (BLM) property or other off-the-beaten path accommodations. Sometimes called “boondocking” or “dispersed camping,” this type of camping requires a campsite to be self-sustaining, relying on no public utilities for water, sewer, and power.
This is why portable generators are so popular with off-grid campers, as they can power refrigerators, TVs, stoves, and lights when away from shore power, bringing all the comforts of home to nature’s wide open spaces. But even in these rustic settings, portable generator users still need to be aware of basic safety. The Portable Generator Manufacturers’ Association (PGMA) warns that misuse of portable generators can result in exposure to dangerous – even deadly – carbon monoxide (CO).
The safety rules are simple, but they could save a life. Always read the operator’s manual first. Be sure to choose portable generators with automatic CO shutoff systems that meet ANSI/PGMA G300-2018 standard requirements. Keep the generator outside and far away from doors and openings. Always position the generator so fumes are pointed away from your RV, truck/car, trailer, tent, and people. Always be aware of your neighbors and keep fumes pointed away from them, too.
Also, know the symptoms of CO poisoning. They include headache, dizziness, nausea, fatigue, and shortness of breath. If you feel symptoms, leave the area right away.
For more information, a campground safety fact sheet is available on PGMA’s dedicated safety website, https://www.takeyourgeneratoroutside.com/.
About PGMA
The Portable Generator Manufacturers’ Association (PGMA) is a trade association that seeks to develop and influence safety and performance standards for our industry’s products. PGMA members include major manufacturers of portable generators sold in North America. www.pgmaonline.com.
Pete Zeller
216.579.6100 ext. 2
email: This email address is being protected from spambots. You need JavaScript enabled to view it.
DULUTH, Minn.--(BUSINESS WIRE)--ALLETE, Inc. (NYSE:ALE) (the “Company”) today announced the pricing of an underwritten public offering of 3,200,000 shares of its common stock at $63.00 per share. The size of the common stock offering was increased from the previously announced 2,950,000 shares. In conjunction with this offering, the underwriters have been granted an option to purchase up to an additional 480,000 shares of the Company’s common stock. The offering is expected to close on April 5, 2022, subject to customary closing conditions.
The Company intends to use the net proceeds from this offering for corporate purposes, including, without limitation, the payment of the purchase price for the acquisition of New Energy Equity as well as capital investments.
J.P. Morgan, BofA Securities, RBC Capital Markets and Wells Fargo Securities are acting as joint book-running managers for the offering. BTIG, Mizuho Securities, Sidoti & Company and Siebert Williams Shank are acting as co-managers for the offering.
The offering is being made under the Company’s existing shelf registration statement filed with the Securities and Exchange Commission, which became effective on July 31, 2019.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, and no offer, solicitation or sale of any securities shall be made, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering of these securities will be made only by means of a prospectus and a related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933. A copy of the prospectus supplement and accompanying prospectus with respect to this offering may be obtained from (i) J.P. Morgan by calling 1-866-803-9204 or by mail at J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department or (ii) BofA Securities by mail at BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001 Attn: Prospectus Department or by Email: This email address is being protected from spambots. You need JavaScript enabled to view it..
ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth; and BNI Energy in Bismarck, N.D.; and has an eight percent equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com.
ALE-CORP
Forward-looking statements
Certain matters discussed in this news release are “forward-looking statements.” In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that could cause our actual results to differ materially from those indicated in forward-looking statements made by or on behalf of the Company in this news release. Any statements that express, or involve discussions as to, future expectations, risks, beliefs, plans, objectives, assumptions, events, uncertainties, financial performance, or growth strategies (often, but not always, through the use of words or phrases such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “projects,” “likely,” “will continue,” “could,” “may,” “potential,” “target,” “outlook” or words of similar meaning) are not statements of historical facts and may be forward-looking. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there can be no assurance that the expected results will be achieved. These forward-looking statements are qualified by, and should be read together with, the risk factors and other statements included in (i) the prospectus supplement and the prospectus for this offering (including the documents incorporated by reference therein), and (ii) Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2021. Investors should refer to these risk factors and other statements in evaluating the forward-looking statements contained in this news release. Any forward-looking statements speak only as of the date such statement was made and the Company does not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statement was made or to reflect the occurrence of unanticipated events.
Investor Contact:
Vince Meyer
218-723-3952
This email address is being protected from spambots. You need JavaScript enabled to view it.
LIVERMORE, Calif.--(BUSINESS WIRE)--Monarch Tractor, maker of the fully electric, driver-optional smart tractor, today introduced Luc de Gaspe Beaubien as the company’s Global Head of Sales. The appointment comes as the company prepares to deliver its award-winning tractors to customers in North America, followed by a global expansion.
“As Monarch Tractor continues to grow at a rapid pace,” said Praveen Penmetsa, Co-Founder & CEO, Monarch Tractor. “Luc will drive sales growth and help farmers maximize profitability and meet sustainability goals as we plan our expansion nationwide and into markets across the globe.”
Luc de Gaspe Beaubien is a business development and compliance law veteran with more than 25 years of global experience. “In my career, I’ve worked with both startups and multi-billion dollar companies alike to bring innovative products to market,” said Beaubien. “Monarch Tractor is disrupting an age-old industry with technology that will deliver benefits far beyond the farm. I am excited to join this exciting company and exceptional team, and help Monarch Tractor and its farmers reach new levels of success.”
Beaubien has a rich automotive background with past go-to-market, revenue-generating and compliance success. He most recently served as vice president of business development at Mahindra Automotive North America. He also previously served at Techtonic Industries where he led business development and compliance for its Baja vehicle division, and at Bombardier/BRP where he was responsible for growing the dealer network and managing daily operations of over 1400 North American dealers.
Monarch Tractor is the first to deliver a convergence of electrification, automation and data analysis that empowers sustainable farming, increases efficiency and safety, and maximizes profitability for farmers. To see the Monarch Tractor in action, watch this video.
To learn more about Monarch Tractor, visit www.monarchtractor.com.
About Monarch Tractor
Monarch Tractor is working to utilize 21st-century technology to empower farmers by enabling profitable implementation of regenerative, sustainable and organic practices. Monarch Tractor, the world’s first fully electric, driver optional, smart tractor, enhances farmer’s existing operations, alleviating labor shortages, and maximizing yields. Monarch is committed to elevating farming practices to enable clean, efficient, and economically viable solutions for today’s farmers and the generations of farmers to come. With cutting-edge technology, global reach, and an experienced team, Monarch is delivering meaningful change for the future of farming. For more information, visit www.monarchtractor.com.
Donna Loughlin Michaels
LMGPR for Monarch Tractor
(408) 393-5575
This email address is being protected from spambots. You need JavaScript enabled to view it.
TORONTO--(BUSINESS WIRE)--dynaCERT Inc. (TSX VENTURE: DYA) (OTCQB: DYFSF) (FRA: DMJ) ("dynaCERT" or the "Company") notes that the filing of its audited annual financial statements, accompanying management discussion and analysis and related CEO and CFO certifications for the year ended December 31, 2021 (the "Annual Financial Filings") has not been completed prior to today's deadline for filing of the Annual Financial Filings. The Company’s auditors have not concluded their audit and the Company is working expeditiously to resolve certain issues raised by their auditors so as to permit the submission of the Annual Financial Filings as soon as possible. The Company continues to work with its auditors to address such issues and is endeavouring to file the Annual Financial Filings by Monday, April 4, 2022.
About dynaCERT Inc.
dynaCERT Inc. manufactures and distributes Carbon Emission Reduction Technology for use with internal combustion engines. As part of the growing global hydrogen economy, our patented technology creates hydrogen and oxygen on-demand through a unique electrolysis system and supplies these gases through the air intake to enhance combustion, resulting in lower carbon emissions and greater fuel efficiency. Our technology is designed for use with many types and sizes of diesel engines used in on-road vehicles, refrigerated trailers, off-road construction, power generation, mining and forestry equipment, marine vessels and railroad locomotives. Website: www.dynaCERT.com.
READER ADVISORY
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to the potential filing of the Annual Financial Filings by April 4, 2022. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance of achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: the Company not settling outstanding issues with its auditors.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither The Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of the release.
On Behalf of the Board
Murray James Payne, CEO
For more information:
Jim Payne, CEO & President
dynaCERT Inc.
#101 – 501 Alliance Avenue
Toronto, Ontario M6N 2J1
+1 (416) 766-9691 x 2
jpayne@dynaCERT.com
Investor Relations
dynaCERT Inc.
Nancy Massicotte
+1 (416) 766-9691 x 1
This email address is being protected from spambots. You need JavaScript enabled to view it.
CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)--CVD Equipment Corporation (NASDAQ: CVV), a leading provider of chemical vapor deposition systems and materials, today announced its fourth quarter 2021 financial results.
CVD fourth quarter 2021 revenue was $4.7 million as compared to $3.2 million in the fourth quarter of 2020, an increase of $1.5 million or 48.8%. CVD’s operating loss for each of the quarters ended December 31, 2021 and 2020 was $1.2 million and $5.4 million, respectively. Included in the operating loss for the quarter ended December 31, 2020 is an impairment charge of $3.6 million related to the Company’s Tantaline product line. Net loss for the fourth quarter of 2021 was $1.2 million, or $.18 per diluted share, as compared to a net loss of $5.3 million, or $.80 per diluted share in the fourth quarter of 2020.
Revenue for the year ended December 31, 2021 was $16.5 million as compared to $16.9 million in the year ended December 31, 2020, a decrease of $.4 million or 2.8%. CVD’s operating loss for the year ended December 31, 2021 and 2020 was $4.8 million and $7.8 million, respectively. Included in other income for the year ended December 31, 2021 was a gain on the sale of building of the Company’s 555 North Research Place facility in the amount of $6.9 million and gain on debt extinguishment, in the amount of $2.4 million, which was related to the forgiveness of the Company’s PPP loan received due to the effects of the COVID-19 pandemic. Included in the operating loss for the year ended December 31, 2020 is an impairment charge of $3.6 million related to the Company’s Tantaline product line.
Net income for the year ended December 31, 2021 was $4.7 million, or $.71 per diluted share, as compared to a net loss of $6.1 million, or $.91 per diluted share for the year ended December 31, 2020. During the first quarter of 2020, CVD was favorably impacted by the CARES Act which allowed for the carryback of net operating losses and resulted in CVD recognizing an income tax benefit of $1.5 million in the year ended December 31, 2020.
Sequentially, CVD’s revenue in the fourth quarter of 2021 was $4.7 million as compared to $4.3 million in the third quarter 2021, an increase of $.4 million, and the operating loss increased to $1.2 million in the fourth quarter of 2021, as compared to an operating loss of $.9 million in the third quarter of 2021. Beginning in Q3 2021 and continuing to date, CVD has been impacted by increased costs on certain manufacturing material components as well as delays in supply chain deliveries. This may also impact CVD’s ability to recognize revenue and reduce gross profit margins in future quarters, as well as extend manufacturing lead times and reduce manufacturing efficiencies. CVD has commenced placing orders with increased lead times to try to help mitigate the manufacturing delays, as well as assessing other material suppliers to mitigate the potential cost impacts. In addition, CVD is utilizing its in-house flexible manufacturing to further mitigate both potential schedule delivery delays and material cost increases.
Thomas McNeill, Executive Vice President and Chief Financial Officer, said “As previously announced, we were pleased to have closed on the sale of our facility located at 555 North Research Place, Central Islip, NY. This improved our cash position, which was $16.7 million at December 31, 2021, and provides us with a balance sheet to implement sustainable growth strategies. On March 1, 2022, we paid off our remaining mortgage of $1.7 million on our 355 South Technology Drive facility and as such have no debt outstanding.
“The Company’s backlog at December 31, 2021 improved by $4.7 million, or 82%, to $10.4 million, as compared to $5.7 million at December 31, 2020. While the negative effect of COVID-19 crisis continues to impact the aerospace industry due to reduced travel and reduction of industry gas turbine engine sales, we have achieved new orders during the quarters ended June, September and December 2021 in the amounts of $6.0 million, $6.1 million and $5.2 million, as compared to $3.8 million in the quarter ended March 31, 2021. While the anticipated recovery in the Aerospace markets has been slow, industry reports indicate improvement will begin to occur in the 2022-2023 timeframe.”
Mr. Lakios added, “2021 was a year of transition, reorganization and focus on providing a path to profitability and growth. We are pleased with the improvement in performance of the Company and increased demand of our products during this difficult period. We spent the first half of 2021 shoring up our balance sheet and optimizing our market focus and product offerings, all in the interest of maximizing the future profitability and viability of the Company.
“In 2021, new orders for the Company as a whole were $21 million, up 75% from prior year 2020. The equipment group had an increase of 100% over 2020. Twenty three systems were booked in 2021 compared to nine systems in 2020. We obtained multiple strategic orders in our focused growth markets serving electric vehicles, the first being battery anode material and the second silicon carbide growth systems for high power electronics.
“The COVID pandemic and now more recently the geopolitical instability in Russia and the Ukraine have caused global issues in supply chain. The negative effects have been felt by many companies, resulting in increases in commodity and product material costs as well as in product delivery uncertainty. We have implemented a rigorous supplier engagement and expanded our network of suppliers. We have also initiated a program to expand our internal manufacturing capability with the objective to be “self-reliant”.
“Along with the CVD Board of Directors and all our loyal employees, we are committed to stay the course of our strategy to achieve profitability, with a focus on growth and return on investment. We look forward to communicating with you in our upcoming conference call.”
The Company will hold a conference call to discuss its results today at 5:30 pm (Eastern Time). To participate in the live conference call, please dial toll free (877) 407-2991 or International (201) 389-0925. A telephone replay will be available for 7 days following the call. To access the replay, dial (877) 660-6853 or international (201) 612-7415. The replay passcode is 13728107. A live and archived webcast of the call is also available on the company’s website at www.cvdequipment.com/events.
About CVD Equipment Corporation
CVD Equipment Corporation (NASDAQ: CVV) designs, develops, and manufactures a broad range of chemical vapor deposition, gas control, and other state-of-the-art equipment and process solutions used to develop and manufacture materials and coatings for research and industrial applications. This equipment is used by its customers to research, design, and manufacture these materials or coatings for aerospace engine components, medical implants, semiconductors, battery nanomaterials, solar cells, smart glass, carbon nanotubes, nanowires, LEDs, MEMS, and other applications. Through its application laboratory, the Company provides process development support and process startup assistance with the focus on enabling tomorrow’s technologies™. It’s wholly owned subsidiary CVD Materials Corporation provides advanced materials and metal surface treatments and coatings to serve demanding applications in the electronic, biomedical, petroleum, pharmaceutical, and many other industrial markets.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by CVD Equipment Corporation) contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as “forward-looking statements, “as such term is defined in Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking information involves a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated by management. Potential risks and uncertainties include, among other factors, market and business conditions, the COVID-19 pandemic, the success of CVD Equipment Corporation’s growth and sales strategies, the possibility of customer changes in delivery schedules, cancellation of, or failure to receive orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers and failure to satisfy customer acceptance requirements, and other risks and uncertainties that are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and the Company’s other filings with the Securities and Exchange Commission. For forward-looking statements in this release, the Company claims the protection of the safe harbor of the Private Securities Litigation Reform Act of 1995. The Company assumes no obligations to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Past performance in not a guaranty of future results.
CVD EQUIPMENT CORPORATION AND SUBSIDIARIES |
||||||||
Condensed Consolidated Statements of Operations |
||||||||
For the Three and Twelve Months Ended December 31, 2021 and 2020 |
||||||||
(In thousands) |
||||||||
Three Months Ended |
Twelve Months Ended |
|||||||
2021 |
2020 |
2021 |
2020 |
|||||
Revenue |
$4,717 |
$3,172 |
$16,447 |
$16,920 |
||||
Gross profit |
640 |
(91) |
2,539 |
2,882 |
||||
Operating expenses |
1,823 |
5,316 |
7,346 |
10,706 |
||||
Operating loss |
(1,183) |
(5,407) |
(4,807) |
(7,824) |
||||
Net income (loss) |
(1,192) |
(5,307) |
4,746 |
(6,075) |
||||
Diluted income (loss) per share |
$ (0.18) |
$ (0.80) |
$ 0.71 |
$ (0.91) |
||||
Note 1:
2021:
CVD’s net income for the year ended December 31, 2021 includes a gain on the sale of the 555 facility in the amount of $6.9 million and a gain on debt extinguishment, in the amount of $2.4 million, which was related to its PPP loan received due to the effects of the COVID-19 pandemic.
2020:
During the year ended December 31, 2020, CVD’s net loss included an impairment charge of $3.6 million related to the Company’s Tantaline product line. During the first quarter of 2020, CVD was favorably impacted by the CARES Act which allowed for the carryback of net operating losses and resulted in CVD recognizing an income tax benefit of $1.5 million in the year ended December 31, 2020.
CVD EQUIPMENT CORPORATION AND SUBSIDIARIES |
||||
Condensed Consolidated Balance Sheets |
||||
As of December 31, 2021 and 2020 |
||||
(In thousands) |
||||
2021 |
2020 |
|||
Assets |
||||
Current Assets |
||||
Cash and cash equivalents |
$16,652 |
$7,699 |
||
Accounts receivable, net |
1,446 |
1,048 |
||
Contract assets |
2,538 |
494 |
||
Inventories, net |
1,225 |
1,124 |
||
Taxes Receivable |
716 |
716 |
||
Other current assets |
494 |
709 |
||
Total Current Assets |
$23,071 |
$11,790 |
||
Property, plant and equipment, net |
12,261 |
28,843 |
||
Other assets |
192 |
303 |
||
Total Assets |
$ 35,524 |
$ 40,936 |
||
Liabilities and Stockholders' Equity |
||||
Current Liabilities |
$6,336 |
$3,704 |
||
Total Long-Term Liabilities |
- |
13,106 |
||
Total Stockholders’ Equity |
29,188 |
24,126 |
||
Total Liabilities and Stockholders’ Equity |
$35,524 |
$40,936 |
||
CVD earnings release should be read in conjunction with the Company’s filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for fiscal year ended December 31, 2021
For further information about this topic:
Thomas McNeill, EVP & CFO
Phone: (631) 981-7081
Fax: (631) 981-7095
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Sales increased $5.2 billion with strong demand for sustainable products and services
BASEL, Switzerland--(BUSINESS WIRE)--Syngenta Group today announced full year and fourth quarter 2021 results. Sales for full year 2021 grew 23 percent ($5.2 billion) year-on-year to $28.2 billion. EBITDA for 2021 was $4.6 billion, 14 percent higher year-on-year.
Sales in the fourth quarter were $7.2 billion, up 17 percent compared to the prior year period. Fourth-quarter EBITDA increased 4 percent to $1.1 billion.
Full Year 2021
|
FY 2021 |
FY 2020 |
Change |
|||
|
$bn |
$bn |
% |
|||
Sales |
28.2 |
23.0 |
+23% |
|||
EBITDA |
4.6 |
4.0 |
+14% |
|||
Q4 2021
|
Q4 2021 |
Q4 2020 |
Change |
|||
|
$bn |
$bn |
% |
|||
Sales |
7.2 |
6.2 |
+17% |
|||
EBITDA |
1.1 |
1.1 |
+4% |
|||
Syngenta Group’s growth was above market, fueled by demand for products and services that help farmers increase yields.
Syngenta Group China delivered strong growth across all segments with total sales of $7.4 billion in 2021. MAP revenues more than doubled to $1.8 billion and expanded to 492 centers (167 new) across China (average MAP center sales were up 43 percent year over year), equipping farmers with solutions that reduce greenhouse gases.
Syngenta Group managed its supply chains in the face of difficult procurement and ongoing logistics challenges to meet grower needs.
Synergy-driven sales increased by more than 60 percent to more than $0.7 billion, with a profit contribution of $0.3 billion.
For further information, see the reporting of financial results for ADAMA Ltd. (SHE: 000553), Sinofert Holdings (SEHK: 0297), Winall Hi-tech Seed (SHE: 300087) and Yangnong Chemical (SHA: 600486).
Highlights
Sales by Business Units
Full Year 2021
|
FY 2021 |
FY 2020 |
Change |
|||
|
$bn |
$bn |
% |
|||
Syngenta Group |
28.2 |
23.0 |
+23% |
|||
Syngenta Crop Protection |
13.5 |
11.4 |
+19% |
|||
ADAMA |
5.8 |
4.7 |
+24% |
|||
Syngenta Seeds |
4.1 |
3.3 |
+24% |
|||
Syngenta Group China |
7.4 |
5.2 |
+41% |
|||
Eliminations |
-2.5 |
-1.6 |
n/a |
|||
Q4 2021
|
FY 2021 |
FY 2020 |
Change |
|||
|
$bn |
$bn |
% |
|||
Syngenta Group |
7.2 |
6.2 |
+17% |
|||
Syngenta Crop Protection |
3.5 |
3.0 |
+17% |
|||
ADAMA |
1.5 |
1.3 |
+21% |
|||
Syngenta Seeds |
1.3 |
1.1 |
+23% |
|||
Syngenta Group China |
1.5 |
1.2 |
+26% |
|||
Eliminations |
-0.6 |
-0.4 |
n/a |
|||
Syngenta Crop Protection
In 2021, Syngenta Crop Protection sales grew 19 percent to $13.5 billion.
Sales in Europe, Africa and the Middle East grew 11 percent; North America 14 percent; Latin America 26 percent; Asia Pacific (excluding China) 19 percent; and China 27 percent.
Initial registrations were achieved for the new PLINAZOLIN® insecticide, with growers in Argentina the first to benefit from this innovative active ingredient under the brand name of VIRANTRA™. PLINAZOLIN® delivers a new standard of performance, particularly against pests for which existing products no longer can provide effective control.
Launched in the U.S. and Canada, VAYANTIS® seed care is a broad-spectrum novel seed treatment fungicide dedicated to protecting soybean and corn from key diseases such as pythium. It also supports early planting to maximize yield and enables low tillage practices to protect the soil.
In China, we launched VESTORIA™, another innovative, low-use rate product to help smallholder rice farmers control the damaging brown planthopper.
Syngenta Crop protection saw increasing growth of ISABION®, a biostimulant which increases harvest quality and yield by improving plant nutrition.
ADAMA
ADAMA sales grew by 24 percent in 2021, with continued robust growth in all regions, resulting in full-year sales of $5.8 billion.
Driven by the positive start of the autumn season, Europe grew 4 percent; North America 18 percent; Latin America 17 percent; India, Middle East and Africa 14 percent; Asia Pacific (excluding China) 16 percent; and China 59 percent. Sales benefited from the acquisition of Huifeng’s crop protection business, completed in Q2 2021.
ADAMA continues to strengthen its presence in the biologicals space with the launch in Europe of VIGNEXEL®, a plant extract biostimulant for the treatment of abiotic stress in vines.
Syngenta Seeds
In 2021, Syngenta Seeds sales grew 24 percent to $4.1 billion.
Field crop sales in Europe, Africa and the Middle East grew by 8 percent; North America 5 percent; Latin America 26 percent; and Asia Pacific (excluding China) 6 percent. Sales in China more than tripled due to the consolidation and growth of Winall and higher sales across field crops overall. Vegetable Seeds saw growth in all regions, resulting in a 7 percent increase in sales. Flowers recovered from a challenging year in 2020 and recorded sales growth of 17 percent.
ENOGEN™ corn for feed saw record sales in North America; farm animals better digest the corn, which helps lower feed needs and livestock emit around 10 percent less methane, significantly reducing greenhouse gas emissions.
Syngenta Group China
Syngenta Group China, consisting of the Group’s seeds, crop protection, crop nutrition, MAP and digital activities in China, achieved sales of $7.4 billion in 2021 and grew 41 percent compared to the previous year.
MAP and digital revenues more than doubled.
Syngenta Group China’s Crop Protection business increased sales by 30 percent despite supply chain challenges in the fourth quarter.
Sales of Seeds, including vegetables, more than tripled, driven by the launch of new rice and vegetable varieties and following the addition of Winall. Crop Nutrition sales increased 15 percent benefiting from high growth of specialty products.
New MIRAVIS® products continue to help millions of Chinese farmers better control pest diseases at 20 percent lower use rates, with improved crop yields. The Group’s TYMIRIUM® technology has demonstrated effective control of wheat fusarium crown rot disease and rice bakanae disease.
Plant biostimulants have also been utilized throughout China to promote crop growth and increase crop yield. Newly launched biostimulant UHA enhances nitrogen uptake.
MEILINMEI®, an improved phosphorus fertilizer, increases phosphorus absorption efficiency by 15-20 percent.
Syngenta Group China developed MAIMIAOLE®, a seed care product which is used to foster seed germination in extreme weather, humid conditions and when soil is flooded, saline or alkaline. The product increases seedling emergence rates by 8-23 percent.
Syngenta Group Summary Financials
Full Year 2021
|
FY 2021 |
FY 2020 |
FY 2021 |
FY 2020 |
||||
|
$bn |
$bn |
¥bn |
¥bn |
||||
Sales |
28.2 |
23.0 |
182.0 |
158.8 |
||||
Syngenta Crop Protection |
13.5 |
11.4 |
87.0 |
78.5 |
||||
ADAMA |
5.8 |
4.7 |
37.3 |
32.1 |
||||
Syngenta Seeds |
4.1 |
3.3 |
26.5 |
22.9 |
||||
Syngenta Group China |
7.4 |
5.2 |
47.5 |
35.9 |
||||
Of which MAP |
1.8 |
0.7 |
11.4 |
5.1 |
||||
Eliminations |
-2.5 |
-1.6 |
-16.4 |
-10.7 |
||||
EBITDA |
4.6 |
4.0 |
29.9 |
27.9 |
||||
Q4 2021
|
Q4 2021 |
Q4 2020 |
Q4 2021 |
Q4 2020 |
||||
|
$bn |
$bn |
¥bn |
¥bn |
||||
Sales |
7.2 |
6.2 |
46.0 |
40.6 |
||||
Syngenta Crop Protection |
3.5 |
3.0 |
22.5 |
19.9 |
||||
ADAMA |
1.5 |
1.3 |
9.8 |
8.4 |
||||
Syngenta Seeds |
1.3 |
1.1 |
8.3 |
7.0 |
||||
Syngenta Group China |
1.5 |
1.2 |
9.4 |
7.7 |
||||
Of which MAP |
0.3 |
0.3 |
1.9 |
1.9 |
||||
Eliminations |
-0.6 |
-0.4 |
-4.0 |
-2.3 |
||||
EBITDA |
1.1 |
1.1 |
7.2 |
7.2 |
||||
Endnotes
Unless otherwise mentioned, comparisons are to the same period in 2020.
The results presented in this release are a consolidation of the business units in the Syngenta Group which includes Syngenta AG, Syngenta Group China, ADAMA Ltd., Sinofert Holdings, Winall Hi-tech Seed and Yangnong Chemical. Yangnong Chemical was purchased through a business combination under common control in July 2021, and its respective sales as of the beginning of 2020 appended to the Group’s crop protection units and domestically to Syngenta Group China.
Syngenta Group was formed in 2020 as a business combination under common control under PRC GAAP; on this basis, consolidation starts from the period either ChemChina or Sinochem acquired control of the relevant entity and reported figures for 2020 include the respective companies in the consolidation scope for the year.
EBITDA is a non-GAAP measure and EBITDA as defined by Syngenta Group may not be comparable to similarly described measures at other companies. Syngenta Group has defined EBITDA as earnings before interest, tax, non-controlling interests, depreciation, amortization, restructuring and impairment. Information concerning EBITDA has been included as it is used by management and by investors as a supplementary measure of operating performance. Syngenta Group excludes restructuring and impairment from EBITDA to focus on results excluding items affecting comparability from one period to the next.
EBITDA as used in this press release excludes one-time events (note Syngenta AG full year condensed consolidated financial statements); other documents may treat this as an underlying or adjusted EBITDA. EBITDA excludes other one-off or non-cash/non-operational items that do not impact the ongoing performance of the business, as well as the impact of a time-bound, Group launch long-term incentive scheme for leadership.
When referred to as such, “the Group” implies Syngenta Group.
About Syngenta Group
Syngenta Group is one of the world’s leading agriculture innovation companies, with roots going back more than 250 years. In more than 100 countries, the company strives to transform agriculture through breakthrough products and technologies that play a vital role in enabling the food chain to feed the world safely, sustainably and with respect for our planet. Syngenta Group, registered in Shanghai, China and with its management headquarters in Switzerland, draws strength from its four business units – Syngenta Crop Protection headquartered in Switzerland, Syngenta Seeds headquartered in the United States, ADAMA® headquartered in Israel, and Syngenta Group China – that provide industry-leading ways to serve customers everywhere.
For Syngenta Group photos and videos, please visit the Syngenta Group Media Library.
Data protection is important to us. You are receiving this publication on the legal basis of Article 6 para 1 lit. f GDPR (“legitimate interest”). However, if you do not wish to receive further information about Syngenta Group, just send us a brief informal message and we will no longer process your details for this purpose. You can also find further details in our privacy statement.
Cautionary Statement Regarding Forward-Looking Statements
This document may contain forward-looking statements, which can be identified by terminology such as “expect,” “would,” “will,” “potential,” “plans,” “prospects,” “estimated,” “aiming,” “on track” and similar expressions. Such statements may be subject to risks and uncertainties that could cause the actual results to differ materially from these statements. For Syngenta Group, such risks and uncertainties include risks relating to legal proceedings, regulatory approvals, new product development, increasing competition, customer credit risk, general economic and market conditions, compliance and remediation, intellectual property rights, implementation of organizational changes, impairment of intangible assets, consumer perceptions of genetically modified crops and organisms or crop protection chemicals, climatic variations, fluctuations in exchange rates and/or grain prices, single source supply arrangements, political uncertainty, natural disasters, and breaches of data security or other disruptions of information technology. Syngenta Group assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors.
Media Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA), a leading U.S. residential energy service provider, announced today it will release its first quarter 2022 results after the markets close on April 27, 2022, to be followed by a conference call to discuss the results at 8:00 a.m. Eastern Time on April 28, 2022.
The conference call can be accessed live over the phone by dialing 844-200-6205, or for international callers, 929-526-1599. The access code for the live call is 097110.
Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of Sunnova’s website at https://investors.sunnova.com.
About Sunnova
Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential energy service provider with customers across the U.S. and its territories. Sunnova’s goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted®.
For more information, visit www.sunnova.com, follow us on Twitter @Sunnova_Solar and connect with us on Facebook.
Investor & Analyst Contact
Rodney McMahan
Vice President, Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
(281) 971-3323
Press & Media Contact
Alina Eprimian
Media Relations Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "United States Solar Microinverter Market By Type (Single Phase and Three Phase), By Connectivity (Integrated, Standalone), By Application (Residential, Commercial, PV Power Plant), By Sales Channel, By Region, Competition, Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.
United States solar microinverter market is expected to grow at a formidable rate during the forecast period
The United States solar microinverter market is driven by significant reduction in the costs of microinverters. Moreover, on account of its compact size as well as versatility, the solar micro inverter market is expected to receive enormous boost during the next five years.
Additionally, surging installations of solar products such as solar panels, is further bolstering the market growth in the country. However, growing adoption of DC optimizer is expected to hinder the United States solar micro inverter market's growth over the forecast period.
The United States solar microinverter market is segmented based on type, connectivity, application, sales channel, company and region. In terms of connectivity, the market is segmented into integrated and standalone.
Among them, integrated connectivity segment occupied the leading share in United States solar micro inverter market until 2020 and is estimated to maintain its lead during the coming years as well specifically due to their cost-effectiveness and ease of installation.
Based on type, the single-phase segment is expected to hold the largest size of the market, during the forecast period. This can be attributed to the fact that single-phase technology allows the system to have a compact size, that is well suitable for residential and commercial applications.
Major players operating in the United States solar microinverter market include Enphase Energy, Altenergy Power System, Chilicon Power, SunPower, Siemens, Envertech, ReneSola, Darfon Electronics, AEconversion, ABB and others.
The key market players are adopting some competitive strategies such as mergers & acquisitions, partnership, agreements, new product developments in order to expand their geographic reach and to increase their customer basis.
Objective of the Study:
Report Scope:
Years considered for this report:
United States Solar Microinverter Market, By Type
United States Solar Microinverter Market, By Connectivity
United States Solar Microinverter Market, By Application
United States Solar Microinverter Market, By Sales Channel
United States Solar Microinverter Market, By Region
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in United States solar microinverter market.
For more information about this report visit https://www.researchandmarkets.com/r/a5g2e7
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
DULUTH, Minn.--(BUSINESS WIRE)--ALLETE, Inc. (NYSE:ALE) (the “Company”) today announced that it plans to commence an underwritten public offering of up to 2,950,000 shares of its common stock, subject to market conditions. In conjunction with this offering, the underwriters will be granted an option to purchase up to an additional 442,500 shares of the Company’s common stock.
The Company intends to use the net proceeds from this offering for corporate purposes, including, without limitation, the payment of the purchase price for the acquisition of New Energy Equity as well as capital investments.
J.P. Morgan and BofA Securities are acting as joint book-running managers for the offering.
The offering will be made under the Company’s existing shelf registration statement filed with the Securities and Exchange Commission, which became effective on July 31, 2019.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, and no offer, solicitation or sale of any securities shall be made, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering of these securities will be made only by means of a prospectus and a related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933. A copy of the prospectus supplement and accompanying prospectus with respect to this offering may be obtained from (i) J.P. Morgan by calling 1-866-803-9204 or by mail at J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department or (ii) BofA Securities by mail at BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001 Attn: Prospectus Department or by Email: This email address is being protected from spambots. You need JavaScript enabled to view it..
ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth; and BNI Energy in Bismarck, N.D.; and has an eight percent equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com.
ALE-CORP
Forward-looking statements
Certain matters discussed in this news release are “forward-looking statements.” In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that could cause our actual results to differ materially from those indicated in forward-looking statements made by or on behalf of the Company in this news release. Any statements that express, or involve discussions as to, future expectations, risks, beliefs, plans, objectives, assumptions, events, uncertainties, financial performance, or growth strategies (often, but not always, through the use of words or phrases such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “projects,” “likely,” “will continue,” “could,” “may,” “potential,” “target,” “outlook” or words of similar meaning) are not statements of historical facts and may be forward-looking. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there can be no assurance that the expected results will be achieved. These forward-looking statements are qualified by, and should be read together with, the risk factors and other statements included in (i) the prospectus supplement and the prospectus for this offering (including the documents incorporated by reference therein), and (ii) Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2021. Investors should refer to these risk factors and other statements in evaluating the forward-looking statements contained in this news release. Any forward-looking statements speak only as of the date such statement was made and the Company does not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statement was made or to reflect the occurrence of unanticipated events.
Investor Contact:
Vince Meyer
218-723-3952
This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Virtual Reality (VR) in Oil and Gas - Thematic Research" report has been added to ResearchAndMarkets.com's offering.
Virtual reality (VR) technology is becoming commonplace in the oil and gas industry as it helps to visualize 3D simulations of real-world objects. VR and augmented reality (AR) enable oil and gas companies to train workers on field equipment in a simulated environment to build their situational awareness.
It can help develop safety procedures at production facilities to address smaller accidents as well as for emergency response. VR simulation can be used to design workflows and identify bottlenecks to optimize a plant's performance.
Scope
Reasons to Buy
Key Topics Covered:
For more information about this report visit https://www.researchandmarkets.com/r/5xlc03
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
HOUSTON--(BUSINESS WIRE)--Helix Energy Solutions Group, Inc. (NYSE: HLX) a leading provider of offshore energy services, is pleased to announce it has entered into a new multi-year contract with Shell Offshore Inc. to provide Well Intervention services in the U.S. Gulf of Mexico. Commencing in March 2022, the three-year contract includes an anticipated 75 days utilization per year with the option to add additional utilization days.
Under the contract Helix will provide either the Q4000 or Q5000 riser-based semi-submersible well intervention vessel, a 10k or 15k Intervention Riser System (IRS), remotely operated vehicles, project management and engineering services to cover operations from fully integrated well intervention to fully integrated plug and abandonment well services. The Q4000 and Q5000 well intervention vessels provide an optimal platform for a wide variety of tasks, including subsea well intervention, field and well decommissioning, installation and recovery of subsea equipment, well testing and emergency well containment.
Scotty Sparks, Helix’s Executive Vice President and Chief Operating Officer, stated, “Shell continues to be a valued customer of Helix. We appreciate their continued confidence in our fully integrated well intervention services, our commitment to safety and cost-effective and efficient solutions. We are confident in the efficiencies and value we bring to our customers, and this contract further signals the increasing demand for our services.”
About Helix
Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations.
For more information about Helix Energy Solutions Group (NYSE: HLX), please visit our website at www.HelixESG.com.
Erik Staffeldt, Executive Vice President and CFO
Ph 281-618-0465
This email address is being protected from spambots. You need JavaScript enabled to view it.
NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (together with its affiliates, “NFE”) today announced that it has concurrently filed applications with the U.S. Maritime Administration, the U.S. Coast Guard and U.S. Department of Energy to request all necessary permits and regulatory approvals to site, construct and operate a new offshore LNG liquefaction terminal off the coast of Louisiana (“the Project”) with a capacity of exporting approximately 145 billion cubic feet of natural gas per year, equivalent to approximately 2.8 million tons per annum (MTPA) of LNG.
“This announcement demonstrates the flexibility, efficiency and significance of our innovative Fast LNG solution to bring more affordable, reliable and cleaner fuels to customers around the world,” said Wes Edens, Chairman and CEO of NFE. “This is a big step in the growth of our Fast LNG portfolio, which will include both tolling liquefaction for high credit worthy partners like ENI as well as market volumes from our merchant assets like these. With rapid deployment, this project can play a significant role in supporting our nation’s commitment to our European allies and their energy security as well as support our efforts to reduce emissions and energy poverty around the world.”
The Project will be located in federal waters approximately 16 miles off the southeast coast of Grand Isle, Louisiana, and will access abundant U.S. gas supply by leveraging existing infrastructure. Procurement of all long-lead materials is complete and modular assembly of equipment is underway. Subject to the receipt of all required permits and approvals, NFE targets beginning operations in the first quarter of 2023.
NFE’s Fast LNG liquefaction design pairs the latest advancements in modular, midsize liquefaction technology with jack up rigs or similar offshore infrastructure to enable a much lower cost and faster deployment schedule than today’s floating liquefaction vessels and onshore liquefaction terminals.
With the recent announcement by the United States and European Commission to ensure additional LNG volumes for the EU, LNG production off the coast of Louisiana can support the EU’s goal to end its dependence on Russian fossil fuels as well as NFE’s growing business around the world of reducing emissions and pollution by providing a cleaner, affordable and reliable alternative to oil-based fuels.
In addition, management will host a conference call on Friday, April 1, 2022 at 8:30 A.M. Eastern Time. The conference call may be accessed by dialing (866) 953-0778 (from within the U.S.) or +1 (630) 652-5853 (from outside of the U.S.) fifteen minutes prior to the scheduled start of the call; please reference “NFE Corporate Update."
A copy of materials that management will reference will be posted and a simultaneous webcast of the conference call will be available to the public on a listen-only basis in the Investor Relations section of NFE’s website, www.newfortressenergy.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.
A replay of the conference call will be available after 11:30 A.M. Eastern Time on April 1, 2022 through 11:30 A.M. Eastern Time on April 8, 2022 at (855) 859-2056 (from within the U.S.) or +1 (404) 537-3406 (from outside of the U.S.), Passcode: 4746436.
About New Fortress Energy Inc.
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.
Cautionary Language Regarding Forward-Looking Statements
This communication contains forward-looking statements. All statements contained in this communication other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these terms or other comparable words. Forward looking statements include but are not limited to: approval of application within the expected timeline or at all; anticipated benefits to US’s commitment to EU and energy security; anticipated benefits to advance NFE’s mission to reduce emissions and energy poverty around the world; location, design and technical specifications and capacity of the project, including anticipated benefits and efficiencies to be derived from the location and design; the development, construction, completion and operation of the facilities on time, within budget and within the expected specifications and design; the receipt of authorizations and permits for the construction, development and operation of the facilities; NFE’s ability to use these volumes to support its expansion and customer growth; and the anticipated benefits of “Fast LNG” technology. These forward-looking statements are necessarily estimates based upon current information and involve a number of risks, uncertainties and other factors, many of which are outside of the Company’s control. Actual results or events may differ materially from the results anticipated in these forward-looking statements. Specific factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to: the receipt of permits, approvals and authorizations from governmental and regulatory agencies on a timely basis or at all; risks related to the development, construction, completion or commissioning schedule for the facilities; inability to effectively implement the “Fast LNG” technology; unknown and unforeseen risks associated with the development of new technologies such as the “Fast LNG” technology, including failure to meet design and engineering specifications, incompatibility of systems, delays and schedule changes, high costs and expenses, regulatory and legal challenges, instability or clarity of application of laws, and rules and regulations to the technology, among others; inability to realize the anticipated benefits from the technology, including the cost and time savings anticipated; and risks related to the implementation of our mission and business strategy. These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of NFE’s forward-looking statements. Other known or unpredictable factors could also have material adverse effects on future results.
Any forward-looking statement speaks only as of the date on which it is made, and we undertake no duty to update or revise these forward-looking statements, even though our situation may change in the future. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in New Fortress Energy Inc.’s annual and quarterly reports filed with the Securities and Exchange Commission, which could cause its actual results to differ materially from those contained in any forward-looking statement.
IR:
Brett Magill
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media:
Jake Suski
(516) 268-7403
This email address is being protected from spambots. You need JavaScript enabled to view it.
OMAHA, Neb.--(BUSINESS WIRE)--Valmont® Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure development and irrigation equipment and services for agriculture, today announced that Valmont® SM has entered into a supply agreement with Siemens Gamesa Renewable Energy (SGRE) to provide components for the next generation of rotor houses for the offshore wind market. The order is the largest single order in Valmont SM’s history.
Valmont SM, a Valmont company, is a leading provider of wind turbine towers and direct-drive generator rotor houses. Valmont SM’s expert craftsmanship and advanced production facility have been highly valued by SGRE. For over twenty years, Valmont SM has partnered with SGRE to support renewable energy projects. This latest agreement emphasizes the strength of the partnership and demonstrates the increased demand for renewable energy solutions globally.
“We have worked closely with SGRE for many years and this agreement is a natural extension of our strong relationship,” said Niels Brix, head of Valmont SM. “The scope of this order emphasizes SGRE’s significant pipeline of offshore wind projects in Europe. We consider this partnership to be a very important collaboration in supporting the green energy transition throughout the region."
In this strategic collaboration, the two companies are preparing for the alternative energy needs of the future. “Valmont and SGRE are a perfect match for the long-term cross-functional development of rotor houses for the offshore wind industry,“ says Mark Don Hansen, Global Commodity Manager at SGRE.
Innovative and Sustainable Production
Valmont SM leads the way as a champion for sustainability, having created a cutting-edge paint coatings facility for wind components, resulting in an annual reduction of paint usage of approximately 366 tons, and 8,500 tons of CO2 reduction annually. Additionally, with this order, SGRE is able to source locally-produced renewable energy components in close proximity to its supply chain needs.
“The number of sustainable initiatives that Valmont is driving to reduce CO2 in our supply chain was a strong deciding factor for us to secure this partnership,” added Mr. Hansen.
Production is expected to begin in the fourth quarter of 2022.
About Valmont Industries, Inc.
For over 75 years, Valmont® has been a global leader in creating vital infrastructure and advancing agricultural productivity. Today, we remain committed to doing more with less by innovating through technology. Learn more about how we’re Conserving Resources. Improving Life.® at valmont.com.
Renee Campbell
This email address is being protected from spambots. You need JavaScript enabled to view it.
- B&W named preferred supplier and will provide engineering, design, equipment, and technology services to support project development
- B&W to provide all biomass boiler, emissions and carbon-capture technologies
AKRON, Ohio--(BUSINESS WIRE)--$BW #biomass--Babcock & Wilcox (B&W) (NYSE: BW) announced today that as a preferred technology supplier, it will partner with Kiewit Industrial to deliver Fidelis New Energy’s planned net-negative carbon impact biomass power plant at the Port of Greater Baton Rouge, Louisiana. The 200-megawatt electric plant will be the largest of its kind in the world.
The planned facility, called Project Cyclus, will provide power for Fidelis’ state-of-the-art, 73,000-barrel-per-day Grön Fuels facility, which will produce sustainable aviation fuel, renewable diesel, green hydrogen, and bio-plastic feedstock with a net-negative carbon dioxide (CO2) footprint. Fidelis will sequester the biogenic CO2 in a carbon sink developed and secured by its subsidiary Capio Sequestration pursuant to the previously announced operating agreement between Capio and the State of Louisiana.
B&W will provide engineering, design, equipment, and technology services to support development of the biomass-fueled plant. The company’s B&W Renewable business segment will design and supply a 200-megawatt electric, biomass-fueled bubbling fluidized bed (BFB) boiler, while its B&W Environmental segment will provide its OxyBright™ oxy-combustion technology to isolate and capture CO2 for long-term sequestration, as well as a full suite of environmental technologies to control other emissions, including nitrogen oxides and sulfur oxides, particulate and volatile organic compounds. The plant will utilize these technologies to produce clean energy with a net-negative carbon impact of over two million tons per year.
“We are excited to partner with Fidelis to provide our advanced technologies to assist in the development of green fuels that have a negative net carbon impact in the United States,” said B&W Chairman and Chief Executive Officer, Kenny Young. “We are also in discussions with Fidelis on the creation of green hydrogen from biomass utilizing our Brightloop™ chemical looping process, which will revolutionize hydrogen production globally. We look forward to continuing our joint efforts with Fidelis to create green fuels for use around the world.”
“To design, develop and deliver our climate impact infrastructure systems at scale, Fidelis requires best in class strategic partners, and after significant work and diligence, we are excited to have selected and joined forces with Babcock & Wilcox and Kiewit as our technology and execution partners,” said Dan Shapiro, CEO and Co-Founder, Fidelis.
Bengt Jarlsjo, Co-Founder and COO of Fidelis, added, “Babcock & Wilcox, Kiewit and Fidelis through our RACER™ framework bring the optimal combination of cultures, proven technology, ESG-driven design and execution capacity to deliver carbon-negative power as the third component to the Fidelis flagship Climate GigaSystem™ - Grön Fuels.”
“We’re pleased to continue our long-standing relationship with B&W – this time working closely on a state-of-the-art project that will help Fidelis continue providing innovative green energy solutions in the U.S.,” said Tyler Nordquist, president of Kiewit Industrial. “We’re looking forward to bringing our extensive engineering, procurement and construction experience and resources to this strategic partnership with B&W to safely deliver this important facility.”
“As the transition to clean, near-zero or negative carbon impact emissions energy accelerates in the U.S. and around the world, B&W is ideally positioned to provide advanced technologies for decarbonization, emissions control, and clean power generation,” said B&W Executive Vice President and Chief Operating Officer, Jimmy Morgan. “We are extremely excited to work with Fidelis and its other partners to support development of this cutting-edge clean energy project.”
“Our decarbonization solutions, including our OxyBright oxy-combustion technology, are proven technologies,” Morgan said. “The Cyclus biomass and carbon capture project is an ideal way to utilize this efficient, effective, game-changing technology.”
“We believe that biomass energy with carbon capture and sequestration (BECCS) is a transformative approach to greenhouse gas reduction through carbon negativity. Our partnership with B&W and Kiewit offers us technologies and services that are efficient, flexible, and highly scalable. OxyBright will enable Cyclus and the Grön Fuels ecosystem to achieve carbon negative operation at unprecedented scale with proven technology,” said Byron Best, Senior Vice President and Chief Engineer of Fidelis.
B&W’s OxyBright technology is part of the company’s ClimateBright™ suite of decarbonization and hydrogen technologies. This oxy-combustion process, which uses pure oxygen for combustion, can be used with a broad range of fuels to produce a concentrated stream of CO2 ready for sequestration or beneficial use. For the Cyclus project, the OxyBright process will use biomass fuel – including wood chips, wood waste, bagasse or other opportunity fuels – while captured CO2 will be sequestered underground.
B&W’s BFB boilers are well-suited to integrate with the oxy-combustion process and are designed to operate using a wide range of fuels, separately or in combination. The ability to utilize various fuel sources and types provides owners with the flexibility to take advantage of opportunity fuels and control fuel costs.
About Babcock & Wilcox
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at www.babcock.com.
About Fidelis New Energy
Fidelis New Energy, LLC is a Houston-based climate positive infrastructure firm focused on creating and operating projects and systems in the decarbonization and sustainability sectors in high demand markets. Fidelis uses RACER™ as the proprietary, value maximizing ESG-centric framework to identify, develop, and operate its Climate GigaSystems™, enabling superior risk adjusted economic value and environmental performance through the integration of an “environmental impact reduction” philosophy across the project lifecycle. Fidelis Climate GigaSystems™ are large scale industrial production facilities combined with carbon capture and sequestration infrastructure. While Grön Fuels is the first, Climate GigaSystems™ can be designed to serve a wide variety of industrial sectors, serving as a platform to rapidly decarbonize the global economy. The Fidelis management team and advisory board have extensive experience in market selection, scoping and development to deliver new-build real assets. The team’s experience includes project and corporate finance, mergers and acquisitions, project development, engineering, construction, project management, and operational optimization and management. Fidelis was established in 2019 by the Co-founding Partners who have been working together for over 18 years with a senior leadership team with extensive common work history with the co-founders from their time working together at The Shaw Group, Inc., Quanta Capital Solutions, Inc. and First Infrastructure Capital Advisors, LLC. For more information about Fidelis New Energy, Climate GigaSystems™ or the RACER™ framework, please visit www.fidelisnewenergy.com and stay updated through our LinkedIn.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to B&W being named a preferred technology supplier for Fidelis New Energy’s planned net-negative carbon impact biomass power plant at the Port of Greater Baton Rouge, Louisiana, as well associated technologies for decarbonization, emissions control and clean power generation and project development support. 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.
Recent Highlights
TAMPA, Fla.--(BUSINESS WIRE)--$OMEX--Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a global subsea mineral exploration and development company, reported results for the full year ended December 31, 2021, and provided an update on its current projects and a company outlook.
“This past year was productive for the Odyssey team as we laid the foundation for what we believe will be a transformative 2022. During 2021, we diligently advanced our efforts around the NAFTA litigation to prepare for the successful hearing held earlier this year. Additionally, with the help of our partners, we advanced several mineral resource projects to the exploration stage, a critical step that provides investors with increased portfolio diversity at Odyssey,” said Mark Gordon, Odyssey’s Chief Executive Officer and Chairman of the Board. “During the fourth quarter of 2021, we also strengthened our balance sheet and overall financial position, including retiring $14.5 million of indebtedness. We remain focused on continued optimization of our capital structure in the coming months to put us in a prime position to execute our mineral project growth plans.”
“Looking forward into 2022, we expect to see our results accelerate driven by the combination of continued advancement of our mineral projects up the value curve and continued progress in the NAFTA litigation.”
“We believe our expertise and experience in subsea mineral exploration can provide access to critical minerals and metals, specifically those required to make renewable technologies and address increasing food security issues. Recent global events have magnified the pressures on current global supply chains and amplify the need for diverse supply chains that are not dependent on a limited number of sources. The progress we are making on conducting polymetallic nodule research and project development will be critical to addressing these global needs.”
“We are also enhancing our position as a leader in subsea phosphate deposit exploration. Drawing on the experience and knowledge gained from the years developing the ExO Phosphate Deposit, we recently signed a Memorandum of Understanding (MoU) for a 75% interest in 19 phosphate exploration licenses in South America. The addition of this new South American Phosphate Project will allow us to leverage our extensive experience in subsea phosphate resource validation, quantification, and development to quickly move these exploration licenses up the value curve. With substantial increases in phosphate prices and demand, our analysis indicates great potential for this South American resource to be strategically significant to the fertilizer markets in the Americas,” concluded Gordon.
“This year we are also excited to add to our team three veteran industry experts, who have consulted on our projects for many years, to form a new Subsea Mineral Advisory Board. They join Odyssey as technical advisors to guide Odyssey’s management and project partners on all aspects of our mineral projects. Marine geologist Dr. James Hein, marine engineer Craig Bryson, and environmental impact and assessment expert Michael Wright are the founding members of the Advisory Board. We plan to appropriately expand this board over time by appointing additional individuals in various fields of expertise related to subsea mineral resource exploration and development,” said John Longley, Odyssey’s President and Chief Operating Officer.”
Information about the careers and background of the Odyssey Subsea Minerals Advisory Board members can be found on our website: https://www.odysseymarine.com/subseamineralsadvisoryboard.
2021 Financial Results
Our consolidated financial statements and Annual Report on Form 10-K for the year ended December 31, 2021, are available on the company's web site at www.odysseymarine.com as well as at www.sec.gov.
Project Updates
NAFTA Case Update
The NAFTA case against Mexico related to the ExO Phosphate Project is nearing the end of the evidentiary phase. Our recent hearing in front of the NAFTA Tribunal was a critical step in moving the case toward final resolution, and we remain highly confident in the merits of our case,” continued Mark D. Gordon, Odyssey Chairman and CEO. “While the NAFTA legal team continues to work on final filings prior to the Tribunal’s deliberation, our team can now devote more time to increasing the value of our diversified mineral portfolio.”
CIC Project
On February 23, 2022, CIC was awarded a five-year exploration license by the Cook Islands’ Seabed Mineral Authority (SBMA). Environmental research expedition details are being finalized and operations are expected to begin within the second quarter. Odyssey is part of the consortium providing services to CIC and currently has rights to 16% of CIC's non-voting shares.
South America Phosphate Project
Odyssey entered into a Memorandum of Understanding to create a joint venture (JV) company in which Odyssey will own a 75% interest. The new company will have exclusive rights to a minimum of 19 areas believed to be highly prospective for phosphorite deposits in a Exclusive Economic Zone (EEZ) of a country in South America. Legacy data and desktop research indicate high-grade phosphate deposits in the concession areas.
With phosphate prices at decade highs, regional demand growing and reductions in supply, the opportunity within the phosphate space has never been greater. Odyssey has spent years and significant capital to develop technologies and processes that allow for the dredging of phosphate product in a manner that is both environmentally sensitive and economically attractive.
Lihir Subsea Gold
Initial offshore survey and mapping operations were completed as planned in the Papua New Guinea, Lihir license area. Raw multi-beam and sub-bottom profiling data is being processed to produce a report and full analysis. The goals of this work include producing a high-resolution acoustic terrain model of the seafloor in the area, as well as acquiring acoustic images of subseafloor sediments and lithology. These activities will help us to further characterize the value of this project and allow informed decision making on how to proceed with environmentally sensitive direct geologic sampling. Odyssey holds an 85.6% ownership stake in this project. The Lihir Subsea Gold license area is adjacent to Lihir Island, Papua New Guinea, where one of the world’s largest terrestrial gold deposits is currently being mined and processed.
About Odyssey Marine Exploration
Odyssey Marine Exploration, Inc. (Nasdaq: OMEX) is a deep-ocean exploration pioneer engaged in the discovery, validation and development of subsea mineral deposits in a socially and environmentally responsible manner. Odyssey’s growing project portfolio includes different mineral sets in various jurisdictions around the world. Odyssey also provides marine services for private clients and governments. For additional details, please visit www.odysseymarine.com.
Forward Looking Information
Odyssey Marine Exploration believes the information set forth in this Press Release may include "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the Securities and Exchange Commission on March 31, 2022. The financial and operating projections as well as estimates of mining assets are based solely on the assumptions developed by Odyssey that it believes are reasonable based upon information available to Odyssey as of the date of this release. All projections and estimates are subject to material uncertainties and should not be viewed as a prediction or an assurance of actual future performance. The validity and accuracy of Odyssey's projections will depend upon unpredictable future events, many of which are beyond Odyssey's control and, accordingly, no assurance can be given that Odyssey's assumptions will prove true or that its projected results will be achieved.
Cautionary Note to U.S. Investors
The U.S. Securities and Exchange Commission (SEC) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as "measured", "indicated," "inferred" and "resources," which the SEC guidelines strictly prohibit us from including in our filings with the SEC. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. U.S. investors are cautioned not to assume that part or all of the inferred mineral resource exists, or is economically or legally mineable, and are urged to consider closely the disclosures in our Form 10-K which may be secured from us or from the SEC's web site at http://www.sec.gov/edgar.shtml.
Laura Barton
Odyssey Marine Exploration, Inc.
(813) 876-1776 x 2562
This email address is being protected from spambots. You need JavaScript enabled to view it.
Pilot project is now the largest transit bus charging project in the U.S., using uniquely interoperable smart charging technology with three brands of chargers on one site
BELMONT, Calif.--(BUSINESS WIRE)--The Mobility House announced today it has fully commissioned an intelligent charging and energy management solution that will reduce the total cost of ownership for King County Metro’s new electric bus charging pilot by over $1 million dollars. The first-of-its-kind charging infrastructure pilot at the South Base Test Facility (Test Facility) was intentionally designed by King County Metro to test the capabilities of high-power plug-in and overhead chargers from three manufacturers – ABB, Siemens and Heliox – in support of their ambitious electrification plans to achieve a 100% zero emissions fleet by 2035. Metro leveraged The Mobility House’s energy and charge management solution ChargePilot for its compatibility with all three brands of charger, as well as its cost-saving load management and smart charging capability.
“We applaud King County Metro for its commitment to bus fleet electrification, and we look forward to supporting them over the long term as they scale up to meet their goals over the next decade,” said The Mobility House U.S. Managing Director Gregor Hintler. “Their pilot program is an innovative demonstration of the value of interoperability and smart charging and energy management. This flexible approach can be a model that will further propel the transition to electric buses throughout the U.S.”
Taking into account transit routes, operating times, local utility prices and power capacity, The Mobility House’s ChargePilot strategically optimizes fleet charging schedules to secure the lowest electricity cost while still ensuring the ongoing availability of each electric bus. Based on Seattle City Light’s local territory rates developed in conjunction with Metro, ChargePilot is anticipated to save Metro at least an estimated $9,457.20 per month on average in operating expenses.
The new chargers have a combined nameplate capacity of 4.63 Megawatts (MW), making it the largest transit bus charging station in the United States. As a result of modeling and evaluating the project goals (timelines) the Test Facility chose 2.5 MW of transformer capacity. The cost to upgrade the transformer could have cost Metro $900,000 to $1M and might have taken longer than two years to complete. Instead, ChargePilot’s local controller works to intelligently manage charging load and keep onsite power usage below the facility’s transformer limitation, obviating the need for utility upgrades and saving project time and money.
“In collaboration with The Mobility House, we will be able to experiment with and learn from a variety of hardware solutions that we believe will help us achieve our long-term electrification goals,” said Kevin Kibet, the manager of the project for King County Metro.
To learn more about The Mobility House’s global expertise in optimizing charging for electric fleets, including the one of the largest public transit charging sites in the U.S. and some of the largest fleets in Europe, visit: mobilityhouse.com.
About The Mobility House
The Mobility House’s mission is to create an emissions-free energy and mobility future. Since 2009, the company has developed an expansive partner ecosystem to intelligently integrate electric vehicles into the power grid, including electric vehicle charger manufacturers, 1,000+ installation partners, 80+ energy suppliers, and automotive manufacturers ranging from Audi to Tesla. The intelligent Charging and Energy Management system ChargePilot and underlying EV Aggregation Platform enable customers and partners to integrate electric vehicles into the grid for optimized and future proof operations. The Mobility House’s unique vendor-neutral and interoperable technology approach to smart charging and energy management has been successful at over 500 commercial installations around the world. The Mobility House has more than 200 employees across its operations in Munich, Zurich and Belmont, Calif. For more information visit mobilityhouse.com.
About King County Metro
King County Metro is the Puget Sound region’s largest public transportation agency. Metro provides bus, paratransit, vanpool, and water taxi services, and operates Seattle Streetcar, Sound Transit Link light rail, and Sound Transit Express bus service. Metro is committed to providing safe, equitable, and sustainable mobility, and prioritizing service where needs are greatest.
Christine Bennett for The Mobility House
This email address is being protected from spambots. You need JavaScript enabled to view it. | +1 925.330.4783
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.