NEW YORK--(BUSINESS WIRE)--Equinor and bp, the 50-50 partners in the Empire and Beacon Wind projects, held the second of three supplier expo events at the CUNY (City University of New York) Graduate Center in Manhattan on February 7. Over 150 local and regional manufacturers, suppliers, and contractors attended to meet key offshore wind project suppliers and vendors. The event offered an important opportunity for New York City small businesses to learn how to take part in the local offshore wind supply chain arising from new large-scale projects like Equinor and bp’s Empire Wind 1 and 2 and Beacon Wind under development off the Long Island coast.
The expo focused on finding solutions to industry supply chain issues by developing partnerships with local New York businesses. Speakers included Georges Sassine, the Vice President of Large-Scale Renewables at NYSERDA; U.S. service vessel manufacturer Edison Chouest, as well as representatives from labor, the Workforce Development Institute (WDI), and Vestas. The event featured panels that focused on workforce development opportunities springing from the substantial new investments in New York’s offshore wind infrastructure.
Equinor and bp also announced at the expo that New York City-based Skanska, one of the world’s largest construction and development companies, has been chosen to serve as construction manager for the South Brooklyn Marine Terminal’s (SBMT) offshore wind-related upgrades. Skanska’s initial involvement will be to provide pre-construction services. SBMT will serve as a staging hub for the construction of Empire and Beacon Wind.
“These Supply Chain Expos are a fantastic opportunity for New York businesses to start getting involved in this exciting new industry. Equinor and bp’s investments are helping provide the seeds for an entire offshore wind ecosystem in the state. There is an enormous appetite among local businesses to participate in the effort to provide New York with renewable energy. This event served as a great opportunity to meet with the many talented businesses from across this great city that could play a vital role as partners in building this industry for New York,” said Molly Morris, President of Equinor Wind US.
In addition to panels, speakers and networking, companies that have contracts with Equinor set up tables and supplied information on their involvement in the offshore wind industry. Participants included Vestas and Maersk as well as NYSERDA. A matchmaking session also took place for key suppliers to meet one-on-one with New York City businesses.
BOND Civil & Utility Construction, the firm responsible for EPC (Engineering, Procurement, and Construction) of Empire Wind 1's onshore substation, was also in attendance. Since being awarded the project in March 2022, BOND C&U has worked closely with Equinor and bp in the early stages of the project, supporting outreach to local suppliers and businesses for the Empire and Beacon Wind projects.
“We are committed to the communities in which we work and are eager to grow our network and partner with more local businesses to create more green, good paying jobs and expand the local offshore wind supply chain of the future. We are thankful to Equinor and bp for convening an event that connects industry leaders, local businesses, and workforce development programs to ensure stakeholders throughout the supply chain play a vital role in New York’s renewable energy industry,” said Daniel Foppiano, VP, NYC/NJ, BOND Civil & Utility.
“Vestas is excited to join Equinor once again to participate in the Supply Chain Expo and connect with diverse and local suppliers in the State of New York. This is a key step to establishing a sustainable supply chain, creating reliable, long-term jobs, and building an inclusive clean energy economy in New York,” said Amy McGinty, Vice President of Offshore Construction and Operations, Vestas North America.
“We are excited to be participating in Equinor’s New York Supplier Expo and are committed to working with the local community on building the sustainable energy future.” – Ragnhild Kattleland, EVP Generation and Transmission and Special Telecom Business Group, Nexans
The third supplier expo will take place at Farmingdale State College on Long Island on March 10th. You can register for that event by clicking here.
Equinor Renewables US
Equinor is one of the largest offshore wind developers in the world. Its work in the United States includes the development of two lease areas off of New York, Empire Wind and Beacon Wind. The projects plan to provide New York State with 3.3 gigawatts (GWs) of energy—enough to power nearly two million homes—including more than 2 GWs from Empire Wind and 1,230 megawatts from Beacon Wind 1. For more information, please visit www.equinor.com/NY.
bp in the US
bp’s ambition is to become a net zero company by 2050 or sooner, and to help the world get to net zero. bp has a larger economic footprint in the United States than anywhere else in the world, investing more than $135 billion in the economy and supporting about 245,000 jobs. For more information on bp in the US, please visit www.bp.com/us.
About Empire Wind
Empire Wind is being developed by Equinor and bp through their 50-50 strategic partnership in the US. Empire Wind will power more than 1 million homes and generate 2.1 GW of power. For more information, please visit www.empirewind.com.
About Beacon Wind
Beacon Wind is being developed by Equinor and bp and planned for an area of 128,000 acres in federal waters between Cape Cod and Long Island. The lease area was acquired in 2019 and is being developed in two phases. Beacon Wind 1 is on track to deliver 1.2 GW of renewable energy directly to New York City in the late 2020s – enough to power 1 million homes. Beacon Wind 2 has the capacity to generate another 1.2 GW of clean energy for consumers in the US Northeast. For more information, please visit www.beaconwind.com.
Lauren Shane
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 (917) 392- 4252
Brian Young
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 (917) 915-6461
CAMDEN, N.J.--(BUSINESS WIRE)--American Water (NYSE: AWK), the largest publicly-traded U.S. water and wastewater utility company, announced today that four representatives will join regulatory policy panels at the National Association of Regulatory Utility Commissioners’ (NARUC) Winter Policy Summit, taking place from February 12 through 15 in Washington, D.C. American Water will have a leading presence at the conference to discuss issues of heightened importance to commissioners, customers and communities across the U.S.
Mark McDonough, president of New Jersey American Water, is sharing how the company created a robust customer communications effort to comply with state requirements on lead service line identification, notification, and replacement. This will include New Jersey American Water’s approach to prioritizing replacement work across the state.
Deb Degillio, chief customer officer, is taking part in a panel titled Reexamining Customer Policies and Practices from an Equity and Effectiveness Perspective to share American Water’s best practices on internal and customer-policies, including customer assistance programs and communications around advancing water equity for all customers and communities.
Bruce Aiton, vice president of engineering for Pennsylvania American Water, is participating in a discussion surrounding the question of, Can Regulated Water Infrastructure Help Facilitate Carbon-Free Hydro-Electric Generation? Aiton will highlight how Pennsylvania American Water us taking advantage of hydroelectric technology at its dams to produce electricity and further opportunities to utilize renewable energy sources across water infrastructure.
Dr. Lauren Weinrich, principal scientist, will contribute to the policy discussion on emerging contaminants through her panel on The Unknown Unknowns: Water Quality Challenges beyond PFAS. Weinrich will share American Water’s leading role on emerging contaminant treatment and detection technologies, regulatory collaboration and public and customer education.
The NARUC Winter Policy Summit is an annual gathering of state utility regulators, industry representatives, consumer advocates and others to advance leading themes and opportunities for collaboration across regulatory policy. For more information and the full agenda, visit https://www.naruc.org/meetings-and-events/naruc-winter-policy-summits/2023-winter-policy-summit/.
About American Water
With a history dating back to 1886, American Water (NYSE: AWK) is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs approximately 6,500 dedicated professionals who provide regulated and regulated-like drinking water and wastewater services to an estimated 14 million people in 24 states. American Water provides safe, clean, affordable and reliable water services to our customers to help keep their lives flowing. For more information, visit amwater.com and diversityataw.com. Follow American Water on Twitter, Facebook and LinkedIn.
Media:
Ruben Rodriguez
Senior Director, External Communications
856-955-4180
This email address is being protected from spambots. You need JavaScript enabled to view it.
● U.S. Secretary of Energy Secretary Granholm joined Massachusetts Lieutenant Governor Driscoll, U.S. Senator Warren, U.S. Senator Markey, Congresswoman Trahan, and a host of state and local leaders today for a ceremonial ribbon-cutting held by CFS
● CFS’ new Devens, MA campus is home to the most advanced private fusion energy company working to commercialize a new clean energy source to combat climate change
DEVENS, Mass.--(BUSINESS WIRE)--Commonwealth Fusion Systems (CFS) officially opened its new campus to support the development and deployment of commercial fusion energy. The ceremonial event today included visits from U.S. Secretary of Energy Jennifer M. Granholm, U.S. Senator Elizabeth Warren, U.S. Senator Edward Markey, U.S. Representative Lori Trahan, Massachusetts Lieutenant Governor Kim Driscoll, along with a host of state and local leaders.
The nearly 50-acre campus is home to CFS’ corporate headquarters, advanced manufacturing facility, and the SPARC facility, the world’s first commercially viable net energy fusion machine now under construction. The expansive campus also enables ongoing company growth to scale commercial fusion power for the world.
“The opening of this campus marks an important moment as we continue to accelerate towards commercially, globally deployable fusion energy. This site brings together our team, the proven and next stage technologies, the advanced manufacturing capabilities, and the demonstration of actual fusion performance at the scale required to bring fusion energy off the lab bench and to the market,” said CFS CEO Bob Mumgaard. “From the beginning, CFS’ mission has been to leverage proven fusion energy science and the speed of the private sector to support the fastest surest path to clean commercial fusion energy to combat climate change. This campus demonstrates our commitment to and execution of that plan, and will be the place where fusion science becomes fusion energy.”
“Massachusetts has such a rich history of being on the forefront. You’re the place where the first telephone call was made, you’re the place where the typewriter was invented, you’re the place where the industry standards for the internet happened, you’re the place where the chocolate chip cookie was invented. You are on the cutting edge of so much. But this Commonwealth Fusion Systems effort, for the world, could be the most momentous of all,” said Secretary of Energy Granholm.
“I was glad to celebrate the opening of Commonwealth Fusion Systems’ new campus in Devens, Massachusetts dedicated to fusion energy!” said Senator Warren. “The landmark achievements that we have seen in the fusion energy space have been made possible because of federal investments in science and research, which I have been fighting for alongside my colleagues since I got to the Senate. I am proud that Massachusetts is a leader in developing this technology of the future that will help us meet our scientific and clean energy goals.”
“Massachusetts is the Brain State, leading the nation in innovative solutions to some of the world’s most pressing challenges—and the Commonwealth Fusion Systems’ groundbreaking work on magnetic fusion is an exciting next chapter in this history,” said Senator Markey. “These brilliant minds are charting the fastest path to commercial fusion energy, putting us on the road to deploying limitless, safe, carbon-free energy. Combatting the climate crisis will require an arsenal of inventive technologies, and CFS’ fusion technology will be a critical arrow in our quiver.”
“From the American Revolution to our Industrial Revolution, Massachusetts has always led the way. Today, as we find ourselves on the precipice of another revolution – a clean energy revolution – the Commonwealth is ready to lead once again,” said Congresswoman Lori Trahan. “Commonwealth Fusion’s work to get us closer to unlocking low cost, carbon free fusion energy is groundbreaking. This trailblazing research and development is only made possible by the strong leadership of President Biden and Secretary Granholm, our Congressional Delegation, the Healey-Driscoll administration, and private investment. I look forward to the work ahead with each of these partners to win the fusion energy race and defeat the climate crisis.”
“Governor Healey and I are thrilled that Commonwealth Fusion Systems chose Massachusetts as the home for their corporate headquarters, advanced manufacturing facility and SPARC facility. We have a great opportunity here to make Massachusetts a hub for fusion energy and drive real progress on our climate goals, job creation and economic competitiveness. Our administration wants to be a partner to the scientists, academics, researchers, and businesses who are exploring this new frontier,” said Lt. Governor Kim Driscoll.
CFS spun out of MIT’s Plasma Science and Fusion Center as a private company in 2018 and is backed by more than $2 billion from the world’s leading investors in clean energy. The company’s approach to fusion is magnetic confinement, a well-studied and proven science. In 2021, CFS and MIT successfully demonstrated a revolutionary 20 tesla high-temperature superconducting (HTS) magnet, uniquely enabling CFS to develop commercial fusion energy systems by combining proven science with new innovation.
Phase 1 development of the new campus, which broke ground 18 months ago, includes:
● SPARC facility: SPARC is a compact tokamak fusion device that will produce fusion power at a level needed to design commercially viable power plants. SPARC is based on the previously demonstrated HTS technology and builds on decades of proven tokamak science. SPARC is predicted through peer reviewed papers and based on the same assumptions in large international projects to produce over 100 MW of fusion power at fusion gains of Q>10. The facility, under active construction, will be operational in 2025 and achieve net energy soon thereafter, demonstrating that the fusion plasmas can form the basis of a power source and pave the way for the first fusion power plant, ARC, that is expected to start feeding energy into the grid in the early 2030s.
● Manufacturing facility: The site also includes an advanced manufacturing factory for the production of CFS’ groundbreaking HTS magnets that enable the fusion device to be substantially smaller, lower cost, and on a faster timeline than existing tokamak devices, supporting efforts to decarbonize with the speed and scale needed to address climate change. The manufacturing facility is designed to support not only SPARC, but also the first commercial ARC fusion power plants.
● Corporate Headquarters: CFS has grown to more than 430 employees with the majority now working at the Devens, MA location. Teams include experts in fusion, magnets, manufacturing, engineering, materials science, and supply-chain management.
● Expansion: The company plans to expand the campus to include the development of additional facilities for advanced R&D and future manufacturing capabilities for ARC power plants.
“Fusion is entering the transition from exciting science to game changing energy,” said Mumgaard. “The field is unrecognizable to what it was only years ago and it is exciting to think of what we’ll show over the next few years on the path to commercially viable fusion power plants in time to make a difference.”
About CFS
Commonwealth Fusion Systems (CFS) was spun out of MIT and founded as a private company. CFS continues its collaboration with MIT’s Plasma Science and Fusion Center (PSFC), combining decades of world-leading research with the innovation and speed of the private sector. The mission is to deploy fusion power plants to meet global decarbonization goals as fast as possible. CFS has raised more than $2 billion in funding since it was founded in 2018 and assembled a team of leaders in tough tech, fusion science, and manufacturing with a track record of rapid execution. Supported by the world’s leading investors, CFS is uniquely positioned to deliver limitless, clean, fusion power to combat climate change.
Media:
Lynda McKinney
This email address is being protected from spambots. You need JavaScript enabled to view it.
+ Financial assistance of CA$3 million through the Québec government’s Technoclimat program to support NMG’s advanced transformation of environmentally friendly anode material
+ Additional grants of CA$600,000 from the FRQNT to go toward two R&D projects to optimize NMG’s advanced transformation processes
+ Government leadership to develop critical and strategic minerals boosts NMG’s commercialization efforts and positions Québec and Canada as major players in the Western battery market
+ From the mine to anode material, NMG is developing a fully integrated value chain offering traceability, carbon neutrality and local sourcing of graphite products
MONTRÉAL--(BUSINESS WIRE)--$NMG #ESG--In line with its strategy of full vertical integration, Nouveau Monde Graphite Inc. (“NMG” or the “Company”) (NYSE: NMG, TSX.V: NOU) is continuing to develop its advanced graphite transformation technologies to supply the Western battery and electric vehicle (“EV”) market with environmentally friendly anode material. Through the Technoclimat program and the Fonds de recherche du Québec – Nature et technologies (“FRQNT”), the Government of Québec will provide the Company with financial leverage of up to CA$3.6 million for advanced graphite transformation projects.
Arne H Frandsen, NMG's Chair of the Board, stated: “In addition to having the required mineral resources for the energy transition, clean hydroelectricity, an established research ecosystem, and an attractive fiscal environment, Québec has been an exceptional partner throughout all stages of NMG’s development. The funding announced today will boost our manufacturing capabilities and battery materials expertise right here in the province to serve the growing EV market.”
Eric Desaulniers, Founder, President and CEO of NMG, said: “By investing in our portfolio of technologies, we are shaking off our dependence on Chinese production lines and supporting the development of an environmentally responsible and ethical battery industry in the Western World. NMG is positioning itself at the forefront of this growing sector with its fully integrated mine-to-anode-material model, its ESG commitment, and its business relationships.”
Technology Projects for Active Anode Material
The Government of Québec is providing financial assistance of up to CA$3 million through its Technoclimat program, a public investment platform dedicated to innovation in energy and the reduction of greenhouse gas (“GHG") emissions. These funds will support the deployment of the coating technology at NMG’s Phase-1 operations and research and development (“R&D”) initiatives launched in partnership with Professor Philippe Ouzilleau, an expert in graphite materials engineering from McGill University, and his research team.
Coating reduces the specific surface area of purified spherical graphite and increases its electrochemical performance through the surface application of a nanoscale layer of amorphous carbon. As a complement to the funding received from the Government of Canada, this financial assistance will go toward NMG’s innovative coating technology that could reduce energy consumption by up to 25%, reduce the environmental footprint of its products, and provide versatility for different coating precursor sources for greater flexibility in production. Indeed, the project’s R&D component aims at developing a biomass-based coating material to replace traditional petroleum-based coatings which would reduce greenhouse gas emissions from the use of these petroleum precursors by up to 50%.
On a commercial scale similar to what is planned for the Bécancour Battery Material Plant (Phase 2), NMG’s Phase-1 coating module supports product qualification with battery manufacturers.
NMG’s choice of technology for its equipment and use of Québec’s clean energy to power its operations will reduce both current and projected GHG emissions associated with the coating of anode material. NMG is already developing anode material with an industry-leading low environmental footprint and continues to optimize its processes and integrate environmentally friendly measures into its operations and R&D projects to further improve its environmental profile.
The FRQNT is providing NMG with two new grants totalling up to CA$600,000 for the material production of quality graphite with a low environmental impact for the lithium-ion battery sector.
In collaboration with Professor Lionel Roué from the Énergie Matériaux Télécommunications Research Centre of the Institut national de la recherche scientifique (« INRS ») and Professor Philippe Ouzilleau from McGill University, NMG intends to develop a series of high electrochemical performance graphite-based composites by valorizing residual materials from NMG's process as well as bio-sourced materials. The Company will also work with Professors Gervais Soucy and Jocelyn Veilleux of the University of Sherbrooke on advanced graphite transformation technologies based on high-performance ecological thermal processes.
NMG intends to develop a high-performance composite series by beneficiating residual materials. The Company will also work with Professor Gervais Soucy and Professor Jocelyn Veilleux from the Université de Sherbrooke on an advanced graphite transformation technology using a thermal plasma reactor.
NMG has developed an R&D portfolio targeting the next generation of lithium-ion battery materials. The Québec government’s leadership in the strategy to develop critical and strategic minerals reinforces NMG’s business plan and supports the deployment of a dynamic and high-performance battery industry to supply the Western market.
About Nouveau Monde Graphite
Nouveau Monde Graphite is striving to become a key contributor to the sustainable energy revolution. The Company is working towards developing a fully integrated source of carbon-neutral battery anode material in Québec, Canada for the growing lithium-ion and fuel cell markets. With low-cost operations and enviable ESG standards, NMG aspires to become a strategic supplier to the world’s leading battery and automobile manufacturers, providing high-performing and reliable advanced materials while promoting sustainability and supply chain traceability. www.NMG.com
Subscribe to our news feed: https://bit.ly/3UDrY3X
Cautionary Note
All statements, other than statements of historical fact, contained in this press release including, but not limited to the development of the Company's environmentally friendly advanced graphite materials processes, the Company's ESG goals, aspirations and commitments, including potential greenhouse gas emission reductions, and the achievement thereof, the Company's research and development plans, the timing and progress of the initiatives described in this press release, the anticipated results of the initiatives described in the press release, the amounts to be awarded to the Company in connection with the grants announced in this press release, and those statements which are discussed under the “About Nouveau Monde” paragraph and elsewhere in the press release which essentially describe the Company’s outlook and objectives, constitute “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of Canadian and United States securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Moreover, these forward-looking statements were based upon various underlying factors and assumptions, including the current technological trends, the business relationship between the Company and its stakeholders, the ability to operate in a safe and effective manner, the timely delivery and installation at estimated prices of the equipment supporting the production, assumed sale prices for graphite concentrate, the accuracy of any Mineral Resource estimates, future currency exchange rates and interest rates, political and regulatory stability, prices of commodity and production costs, the receipt of governmental, regulatory and third party approvals, licenses and permits on favorable terms, sustained labor stability, stability in financial and capital markets, availability of equipment and critical supplies, spare parts and consumables, the various tax assumptions, CAPEX and OPEX estimates, the Uatnan Mining Project permits’ status, all economic and operational projections relating to the project, local infrastructures, the Company’s business prospects and opportunities and estimates of the operational performance of the equipment, and are not guarantees of future performance.
Forward-looking statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, those risks which are discussed under the “Next Steps and Quality Assurance” paragraph, delays in the scheduled delivery times of the equipment, the ability of the Company to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the availability of financing or financing on favorable terms for the Company, the dependence on commodity prices, the impact of inflation on costs, the risks of obtaining the necessary permits, the operating performance of the Company’s assets and businesses, competitive factors in the graphite mining and production industry, changes in laws and regulations affecting the Company’s businesses, political and social acceptability risk, environmental regulation risk, currency and exchange rate risk, technological developments, the impacts of the global COVID-19 pandemic and the governments’ responses thereto, and general economic conditions, as well as earnings, capital expenditure, cash flow and capital structure risks and general business risks. A further description of risks and uncertainties can be found in NMG’s Annual Information Form dated March 22, 2022, including in the section thereof captioned “Risk Factors”, which is available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Unpredictable or unknown factors not discussed in this Cautionary Note could also have material adverse effects on forward-looking statements.
Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Further information regarding the Company is available in the SEDAR database (www.sedar.com), and for United States readers on EDGAR (www.sec.gov), and on the Company’s website at: www.NMG.com
MEDIA
Julie Paquet
VP Communications & ESG Strategy
+1-450-757-8905 #140
This email address is being protected from spambots. You need JavaScript enabled to view it.
INVESTORS
Marc Jasmin
Director, Investor Relations
+1-450-757-8905 #993
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--ECA MARCELLUS TRUST I (OTC Pink: ECTM) announced today that the Trust’s distribution for the quarter ended December 31, 2022, will be $0.124 per unit, which is expected to be distributed on or before February 28, 2023, to holders of record as of the close of business on February 21, 2023.
As previously disclosed, commencing with the distribution to unitholders paid in the first quarter of 2019, the Trustee has withheld, and in the future intends to withhold, the greater of $90,000 or 10% of the funds otherwise available for distribution each quarter to gradually build a cash reserve of approximately $1.8 million. In November 2021, the Trustee notified the Sponsor that the Trustee has determined to increase its targeted cash reserve for the payment of future expenses and liabilities to approximately $3.8 million, and therefore the Trustee plans to increase the cash reserve amount to be withheld from each quarterly distribution, commencing with the distribution payable to unitholders in the first quarter of 2022. This cash is reserved to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities of the Trust. The Trustee may increase or decrease the targeted amount at any time and may increase or decrease the rate at which it is withholding funds to build the cash reserve at any time, without advance notice to the unitholders. Cash held in reserve will be invested as required by the trust agreement. Any cash reserved in excess of the amount necessary to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities of the Trust eventually will be distributed to unitholders, together with interest earned on the funds. The Trustee has elected to withhold approximately $135,000 from funds otherwise available for distribution this quarter.
The Trust was formed to own royalty interests in natural gas properties now held by Greylock Energy LLC, and certain of its wholly owned subsidiaries (“Greylock”) in the Marcellus Shale formation in Greene County, Pennsylvania. The Trust is entitled to receive certain amounts of the proceeds attributable to Greylock’s interest in the sale of production from the properties. As described in the Trust's filings, the amount of the quarterly distributions is expected to fluctuate from quarter to quarter, depending on the proceeds received by the Trust as a result of production and natural gas prices and the amount of the Trust's administrative expenses, among other factors. The amount of proceeds received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by the volatility in commodity prices, which have experienced significant fluctuation since the beginning of 2020 as a result of a variety of factors that are beyond the control of the Trust or Greylock. Low natural gas prices will reduce proceeds to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders.
Pursuant to IRC Section 1446, withholding tax on income effectively connected to a United States trade or business allocated to non-U.S. persons (“ECI”) should be made at the highest marginal rate. Under Section 1441, withholding tax on fixed, determinable, annual, periodic income from United States sources allocated to non-U.S. persons should be made at a 30% rate unless the rate is reduced by treaty. This release is intended to be a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b) by ECA Marcellus Trust I, and while specific relief is not specified for Section 1441 income, this disclosure is intended to suffice. For distributions made to non-U.S. persons, nominees and brokers should withhold at the highest marginal rate.
This press release contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unit holders. The anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from Greylock with respect to the relevant quarterly period. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause actual results to differ materially include expenses of the Trust and reserves for anticipated future expenses and the effect, impact, potential duration or other implications of the COVID-19 pandemic. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither Greylock nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in Common Units issued by ECA Marcellus Trust I is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2021, and all of its other filings with the Securities and Exchange Commission. The Trust's annual, quarterly and other filed reports are or will be available over the Internet at the SEC's web site at http://www.sec.gov.
ECA Marcellus Trust I
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
The Marine Power Innovation (MPI) awards recognizes those manufacturers who advance the state-of-the-art in marine propulsion and, in so doing, change the recreational boating experience for the better.
DETROIT--(BUSINESS WIRE)--Sharrow Marine announced today that their flagship product, the revolutionary Sharrow MX™ Propeller, has been awarded the prestigious 2022 Marine Power Innovation (MPI) award from Boating Magazine. The Marine Power Innovation Awards honor makers of marine propulsion products that substantially advance the state of the art and/or substantially impact the owner experience.
“Boating is both pleased and proud to award Sharrow Marine the 2023 Marine Power Innovation Award. Our independent A-B testing proved the value of the Sharrow Propeller to boaters and the substantial advancement of powerboating that comes with it," said Kevin Falvey, Editorial Director for Boating.
The Sharrow Propeller™ has garnered widespread attention for its design that offers some of the largest improvements in fuel efficiency and performance that the boating industry has ever seen. Sharrow Marine also won the coveted NMMA® Innovation Awards at the 2020 Miami International Boat Show. The Sharrow Propeller™ is available now for all major outboard manufacturers: Yamaha, Mercury, Honda, Evinrude, Suzuki, Johnson, Nissan, OXE, and COX.
“We are honored to be the 2022 recipient of Boating’s Marine Power Innovation award,” said Greg Sharrow, inventor of the Sharrow Propeller and President of Sharrow Marine. “After 12 years, it is gratifying to be recognized for creating a product that gives virtually all powerboat owners the ability to improve their boat’s performance without having a costly re-power or boat upgrade. This remarkable propeller gives new life to both new boats and old ones, enabling boat owners to have a more satisfying boating experience.” Sharrow said.
Over the last four years of both independent and factory testing, the Sharrow Propeller has proven to provide the following benefits over standard blade technology: more command of the vessel when docking, up to 30% greater range, significant speed increase at mid-range RPMs, up to 30% more fuel efficient between 2500-4000 RPM, planes at 500-1000 lower RPM, noticeably less vibration, up to 50% more reverse thrust, dramatic noise reduction, and superior handling in tight turns at high speeds.
BOATING and the Marine Power Innovation Awards:
As the world’s largest powerboat magazine and marine media brand, Boating presents the first annual Boating Marine Power Innovation Awards (MPI). Advances and impacts may be, but are not limited to: efficiency, economy, performance, ease of use, ease of maintenance, harnessing new technology, engine controls, propellers and drive components, monitoring and more.
Categories - There are no fixed annual categories for MPI Awards. This maintains the integrity of the awards by not putting us in the position of honoring an engine maker simply to fill a category. That said, there will be multiple Awardees each year.
Selection - In all cases the awardee, or awardees, will be selected by Boating’s editorial staff. Only one awardee per category will be selected. Boating staff must have run the candidate product and produced a published review of it in the year of the award.
Sharrow Engineering, LLC, is a nautical and aeronautical engineering company dedicated to the research and development of revolutionary high-performance propulsion technologies for the maritime and aeronautical industries. Sharrow Engineering is the parent company for Sharrow Marine, LLC, and Sharrow Commercial Marine, LLC. Company offices are headquartered in Detroit, MI. Sharrow Engineering, LLC, has assembled a team of the world’s top aeronautical, nautical, aerospace, and mechanical engineers to assist with the company’s core mission to reinvent the methodologies and technologies used for propulsion in the 21st century.
To learn more about Sharrow Engineering and its innovative products, go to www.sharrowmarine.com
Matt Friedman 248-762-1430 This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--NRG Energy, Inc. (NYSE: NRG) plans to report its Full Year and Fourth Quarter 2022 financial results on Thursday, February 16, 2023. Management will present the results during a conference call and webcast at 9:00 a.m. EST (8:00 a.m. CST).
A live webcast of the conference call, including presentation materials, can be accessed through NRG’s website at http://www.nrg.com and by clicking on “Presentations & Webcasts” in the “Investors” section found at the top of the home page. The webcast will be archived on the site for those unable to listen in real-time.
About NRG Energy
NRG Energy is a leading energy and home services company powered by people and our passion for a smarter, cleaner, and more connected future. A Fortune 500 company operating in the United States and Canada, NRG delivers innovative solutions that help people, organizations, and businesses achieve their goals while also advocating for competitive energy markets and customer choice. More information is available at www.nrg.com. Connect with NRG on Facebook and LinkedIn, and follow us on Twitter, @nrgenergy.
Investors:
Brendan Mulhern
609.524.4767
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media:
Laura Avant
713.537.5437
This email address is being protected from spambots. You need JavaScript enabled to view it.
Polaris and TOTE Services Sign Additional Long-term Service Contracts
JACKSONVILLE, Fla.--(BUSINESS WIRE)--Seaside LNG announced the acquisition of the liquefied natural gas fueling barge the Clean Jacksonville from TOTE Maritime Puerto Rico, LLC, a subsidiary of TOTE Group, LLC.
Seaside LNG’s maritime transportation company, Polaris New Energy, has contracted to continue fueling TOTE’s Marlin Class LNG-powered container ships and other commercial customers with its fleet of LNG bunker barges. The Clean Jacksonville recently reached a significant milestone having successfully completed her 300th bunkering at the Port of Jacksonville.
Seaside now has the largest fleet of LNG barges operating in the United States. “Seaside continues to expand its ability to bring environmentally-friendly LNG to the shipping industry with our partnership in JAX LNG and our investments in growing the LNG barge fleet,” said Tim Casey, CEO of Seaside LNG. “Use of LNG as a maritime fuel delivers substantial environmental and public health benefits by dramatically lowering emissions of NOx, SOx, CO2 and particulate matter. By purchasing the Clean Jacksonville, our team gains not only a new customer and valuable operating partner, but also the opportunity to expand our fleet operations geographically.”
In addition, Polaris entered a long-term contract with TOTE Services, LLC, a separate subsidiary of TOTE Group, to continue serving as the technical manager of the Clean Jacksonville. The Clean Jacksonville complements the bunkering services of Polaris’ 5,500 m3 Clean Canaveral that operates along the coast of the southeastern U.S. and is the largest bunker barge in the Jones Act market. Polaris also has a second 5,500 m3 barge, the Clean Everglades, under construction which is scheduled for delivery by end of 2023.
“TOTE Services’ experience in bringing LNG to the maritime sector is the most extensive in the industry. By working across every aspect, from vessel construction to ship management and technical expertise, we help our customers achieve their business and environmental objectives,” added Jeff Dixon, President of TOTE Services. “We look forward to continuing to operate the Clean Jacksonville safely and reliably for years to come.”
The LNG for Polaris’ vessels is loaded at the Jacksonville dock of JAX LNG, an LNG production facility and joint venture between Seaside LNG and Pivotal LNG.
About Seaside LNG
Seaside provides LNG production and maritime transportation logistics to meet the growing demand for LNG, a cleaner alternative fuel, to customers in the maritime, aerospace and transportation industries. Seaside owns 50% of JAX LNG, a small-scale (360,000 gallons/day) LNG production facility operating two trains in Jacksonville, Florida, and a 100% ownership stake in an LNG bunkering barge operation through Polaris New Energy. The company currently owns the barges Clean Canaveral, Clean Jacksonville and tug Polaris. Seaside is expanding its fleet by constructing sister barge Clean Everglades and tug Tortuga which are scheduled for delivery by end of 2023. For more information, visit www.seasidelng.com.
About TOTE Group
The TOTE Group includes some of the leading transportation and logistics companies in the U.S. domestic market. TOTE Maritime Puerto Rico, LLC and TOTE Maritime Alaska, LLC bring unmatched reliability and service to their respective markets, while TOTE Services, LLC offers crewing and technical services to meet the needs of commercial, privately owned and U.S. Government vessels. The TOTE Group and its subsidiaries are part of the Saltchuk family of companies. For more information about the TOTE Group, visit www.totegroup.com.
Seaside LNG, LLC
Jennifer Petree
This email address is being protected from spambots. You need JavaScript enabled to view it.
713.269.3776
TOTE Group, LLC
Christopher B. Smith
This email address is being protected from spambots. You need JavaScript enabled to view it.
314.443.0832
While overall emissions are decreasing, transport emissions continue to grow
VIENNA--(BUSINESS WIRE)--Since 1990, emissions in Europe have fallen more than 30%. However, this hides the fact that transport emission have yet to follow the trend – between 1990 and 2019, they have grown by almost 20%. The damaging effects of these emissions on the climate, environment and particularly health are well known – in fact, according to the WHO, the number of untimely fatalities in Europe due to air pollution is higher than that of road accidents. That is why more and more countries are introducing legislature to reduce emissions.
Clean Air Zones (CAZs) are an important instrument for achieving these emission targets. These zones define urban areas that certain vehicle classes are not allowed to drive in, or are only allowed to drive in for a fee. The development of a technical infrastructure ensures that the flow of traffic can be controlled in accordance with the new targets. In this way, traffic congestion in the relevant areas of the city can be reduced, thereby improving air quality.
"With congestion charging, Clean Air Zones or zero-emission zones, you could use a strong lever to significantly reduce traffic emissions," says Julia Azfar, mobility expert at Kapsch TrafficCom. "Governments and cities are starting to become active, but there is a lot of room for improvement, especially in urban areas. The technology is there - we just need the political will to tackle the 'mobility of the future' properly."
Clean Air Zones are already a recipe for success in other European countries: in London, for example, CO2 pollution has been reduced by 20 percent, while in Milan a similar measure has resulted in an 18 percent drop in particulate matter.
Spain is also among the pioneers: After a new emissions law was introduced in 2021, more and more cities are turning to CAZ solutions to improve their air quality. Kapsch TrafficCom is now supporting six cities in the introduction and technical implementation of this solution, enabling them to meet EU targets and ensure access to EU funding.
Kapsch TrafficCom is a globally renowned provider of transportation solutions for sustainable mobility with successful projects in more than 50 countries: www.kapsch.net/ktc
Kapsch TrafficCom AG
Sandra Bijelic
P +43 50 811 1724
This email address is being protected from spambots. You need JavaScript enabled to view it.
FORT WORTH, Texas--(BUSINESS WIRE)--Brazos Midstream ("Brazos") (the "Company") today announced that its subsidiary, Brazos Delaware II LLC, has completed the issuance of a new $800 million senior secured Term Loan B due February 2030. The Company used the net proceeds from the Term Loan, along with excess balance sheet cash, to repay its existing $830 million Term Loan B due May 2025. As part of the transaction, Brazos has also increased its currently undrawn super-priority revolving credit facility to $150 million from $90 million and extended the facility's maturity date to 2028.
CEO Perspective
“We appreciate the support of our lender base and are excited to complete this opportunistic transaction,” said Brad Iles, Brazos Chief Executive Officer. “Brazos has successfully transformed into a substantial, free cash flow generating business despite significant industry and macro challenges. This transformation is a direct result of our team’s financial discipline, the scale of our platform and the quality of our producer customer base.”
Iles added, “We are thankful for our majority owner, Morgan Stanley Infrastructure Partners, and their continued support. Together, we have positioned this business for prudent, long-term ownership and to capitalize on future growth in the Delaware Basin.”
Advisors
The transaction was underwritten and arranged by a Barclays-led bookrunner group including Jefferies Finance LLC, Bank of Oklahoma Securities and with Cadence Bank as structuring advisor.
About Brazos Midstream
Headquartered in Fort Worth, Texas, Brazos is one of the largest private natural gas and crude oil midstream companies in the Permian Basin. The Company’s Delaware Basin assets are located in Reeves, Ward, Loving, Winkler, and Pecos counties in West Texas and include approximately 865 miles of intrastate natural gas, NGL, and crude oil gathering pipelines, a natural gas processing complex with 460 MMcf/d of processing capacity and approximately 75,000 barrels of crude oil storage. Brazos serves leading major and independent oil and gas producers, which together have made long-term dedications of over 540,000 acres. For more information, please visit brazosmidstream.com.
Media Contact:
Meggan Morrison
Redbird Communications Group
This email address is being protected from spambots. You need JavaScript enabled to view it.
DALLAS & MONTREAL--(BUSINESS WIRE)--Flowserve Corporation (“Flowserve”) (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, and Velan Inc. (“Velan”) (TSX: VLN), a leading manufacturer of highly engineered industrial valves, today announced that they have entered into a definitive agreement (the “Arrangement Agreement”) under which Flowserve will acquire Velan in an all cash transaction (the “Transaction”) valued at approximately $245 million (C$329 million), including the purchase of all of the issued and outstanding Velan equity for approximately $209 million (C$281 million) and the assumption of approximately $36.3 million (C$48.9 million) in outstanding gross debt as of November 30, 2022. Flowserve will also assume Velan’s $31.4 million (C$42.2 million) of cash and cash equivalents, also as of November 30, 2022. The Transaction is expected to close by the end of the second quarter of 2023.
Founded in Montreal in 1950, Velan is a leading manufacturer of industrial valves with a strong presence in the nuclear, cryogenic and defense markets. Velan is a family-controlled business, with a team of 1,650 people and manufacturing facilities in nine countries. Through its fiscal third quarter ended November 30, 2022, Velan reported trailing twelve-month revenues of approximately $380 million with reported EBITDA of approximately $21 million. Upon completion of the Transaction, Velan will become part of Flowserve’s Flow Control Division (FCD) segment.
Velan adds significant value within Flowserve’s existing valves portfolio and further builds upon Flowserve’s existing assets through the addition of Velan’s premier brands, strong heritage and technical expertise in attractive and diverse end markets. The additional scale, footprint consolidation and procurement opportunities provided by the combination is expected to result in substantial synergies. Further, the Transaction is expected to increase Flowserve’s aftermarket potential, based on the large installed base of Velan products and the expansive network of Flowserve’s Quick Response Centers (QRCs.)
In addition to revenue synergies created through a global aftermarket footprint, Flowserve expects to realize approximately $20 million (C$26 million) of run-rate cost synergies within two years after close. The Transaction is expected to be accretive to Flowserve’s adjusted EPS in the first full year following close. Including anticipated synergies, the economics imply an EBITDA multiple of less than 7x.
“We are excited about the opportunity to add Velan and its talented team to the Flowserve family,” said Scott Rowe, Flowserve’s President and Chief Executive Officer. “With its strong positioning in the nuclear, cryogenic, industrial and defense markets and highly complementary product portfolio, the addition of Velan furthers our Diversification, Decarbonization and Digitization (3D) strategy. The Transaction also meets our disciplined financial criteria, bringing meaningful aftermarket revenue and synergy opportunities.”
Velan’s Chairman of the Board and of its Special Committee, James Mannebach, commented, “This agreement is the culmination of an extensive and robust review of strategic options to maximize shareholder value and reflects the incredible efforts of our team members to serve customers with a focus on innovation and excellence. The Transaction provides Velan shareholders an opportunity to realize an immediate and attractive premium for their shares and is recommended by the Board of Directors and Special Committee of Velan. We see a very bright future for Velan as part of Flowserve’s leading global flow control business, and we look forward to working closely with their team to quickly integrate and realize the significant benefits of this complementary combination.”
Velan Holding Co. Ltd. (“Velan Holding”), Velan’s controlling shareholder, the sole holder of multiple voting shares, representing approximately 72% of the total shares outstanding of Velan and 92% of the aggregate voting rights attached to all Velan shares, respectively; together with Kernwood, an affiliate of Ed Kernaghan, a director of Velan, holding 1,405,500 subordinate voting shares, have entered into support and voting agreements pursuant to which they have agreed to vote all of their shares in favor of the Transaction at the Special Meeting.
Following closing of the Transaction, Flowserve expects to maintain a significant presence in Québec, including Velan’s Montreal, Québec head office and the combined company will continue to maintain a significant global presence.
Velan Board Recommendation
The Transaction follows the unanimous recommendation of Velan’s Special Committee of the Board of Directors, which reviewed various strategic alternatives available to Velan in order to enhance shareholder value (including status quo and a variety of other stand-alone structures). The Transaction represents the best and highest proposal received by the Special Committee as part of its process.
The C$13.00 purchase price per multiple voting and subordinate voting share represents a 119% premium to Velan’s 30-day volume-weighted average price per subordinate voting share on the Toronto Stock Exchange, and a 100% premium to the unaffected price of the subordinate voting shares on February 8, 2023. The cash consideration provides immediate liquidity and certainty of value to Velan shareholders.
After receiving a unanimous recommendation from the Special Committee of the Board of Directors of Velan, comprised solely of independent directors, and fairness opinions from BMO Capital Markets and Richter LLP, the Velan Board of Directors has unanimously determined (with Messrs. Ivan Velan, Peter Velan, Rob Velan and Tom Velan abstaining from voting thereon, due to their interest in Velan via Velan Holding) that the consideration to be received by Velan shareholders pursuant to the Transaction, is fair, from a financial point of view, to such holders, that the Transaction is in the best interests of Velan and recommends that shareholders vote in favor of the Transaction.
Approvals
The Transaction is expected to proceed by way of a plan of arrangement by which Flowserve would acquire all of the issued and outstanding shares of Velan, subject to the satisfaction of customary closing conditions, including applicable court and regulatory approvals and the approval of at least 66⅔% of the votes cast by Velan shareholders represented at a Special Meeting in person or represented by proxy as a single class, and a simple majority of the votes cast by the Velan shareholders, by class, after excluding votes from certain shareholders. The Transaction is not subject to any financing conditions. The Transaction is expected to close by the end of the second quarter of 2023.
Offer Details
Further details regarding the terms of the Transaction are set out in the Arrangement Agreement, which will be publicly filed in due course by Flowserve at www.sec.gov and Velan under its issuer profile at www.sedar.com. Additional information regarding the Transaction, the terms of the Arrangement Agreement, the background to the Transaction, the rational for the recommendations made by the Special Committee and the Board of Directors of Velan and how Velan shareholders can participate in and vote at the Special Meeting will be contained in a management proxy circular that Velan will prepare, file and mail to Velan shareholders in advance of the Special Meeting, which will also be made available on SEDAR under Velan’s profile at www.sedar.com. Shareholders are urged to read these and other relevant materials when they become available.
Advisors
Citi is serving as financial advisor and Baker McKenzie is serving as legal advisor to Flowserve. BMO Capital Markets is serving as financial advisor and Davies Ward Phillips & Vineberg LLP is serving as legal advisor to Velan. Norton Rose Fulbright Canada LLP is acting as legal advisor to the Special Committee and McCarthy Tetrault LLP is acting as legal advisor to Velan Holding. Richter LLP has provided a fairness opinion to the Special Committee and the Board.
About Flowserve
Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 50 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.
About Velan Inc.
Founded in Montreal in 1950, Velan Inc. is one of the world’s leading manufacturers of industrial valves. Velan Inc. is a family-controlled public company, employing approximately 1,650 people with manufacturing facilities in 9 countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.
Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended, as well as forward-looking statements pursuant to applicable Canadian securities laws. Words or phrases such as, "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, statements with respect to the rationale of Flowserve or Velan for entering into the Arrangement Agreement, the expected benefits of the Transaction, the timing of various steps to be completed in connection with the Transaction and other statements that are not material facts.
The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: (a) the possibility that the Transaction will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required shareholder, court and regulatory approvals and other conditions of closing necessary to complete the Transaction or for other reasons; (b) the possibility of adverse reactions or changes in business relationships resulting from the announcement or completion of the Transaction; (c) risks relating to Velan’s ability to retain and attract key personnel during the interim period; (d) the possibility of litigation relating to the Transaction; (e) credit, market, currency, operational, liquidity and funding risks generally and relating specifically to the Transaction, including changes in economic conditions, interest rates or tax rates; (f) business, operational and financial risks and uncertainties relating to the COVID-19 pandemic; and (g) other risks inherent to Flowserve or Velan’s respective businesses and/or factors beyond their control which could have a material adverse effect on either of the parties or their ability to complete the Transaction.
All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.
Flowserve Contacts:
Jay Roueche, Vice President, Investor Relations & Treasurer, (972) 443-6560
Mike Mullin, Director, Investor Relations, (214) 697-8568
Velan Contact:
Rishi Sharma, Chief Financial Officer, (438) 817-4430
LOS ANGELES--(BUSINESS WIRE)--#EIN--Energy Independence Now (EIN), AltaSea at the Port of Los Angeles, the Japanese Consulate, Japan House Los Angeles, and UCLA jointly hosted a symposium Monday featuring two expert panel discussions on "Carbon Mitigation” and “Hydrogen Strategy.” The post-panel VIP Reception featured an exclusive preview of the forthcoming DriveH2 Hydrogen Education Center at the AltaSea Campus in San Pedro.
The highly-attended event featured hydrogen-related displays (including a prototype of Honda’s new CR-V hydrogen SUV) and cutting-edge hydrogen technology by Toyota (including the company’s latest Mirai passenger vehicle, heavy duty hydrogen truck, and port-focused cargo handling equipment), a sneak preview of the space to be used for the soon-to-be-launched DriveH2 Hydrogen Education Center at AltaSea, VIP guest speakers (including UCLA Chancellor Gene Block, AltaSea CEO Terry Tamminem, Japanese Consul General Kenko Sone, and Japan House President Yoko Kaifu), presentation topics from the Japan Hydrogen Forum (JH2F), traditional Japanese food and drinks, as well as a traditional Japanese Taiko drum performance.
In collaboration with Japan House Los Angeles, UCLA School of Carbon Management, and EIN, AltaSea welcomed some of the world’s leading climate experts from the US and Japan to share insights on the future of the hydrogen new energy economy.
During the seminar, the first panel discussion covered new solutions for carbon capture, such as UCLA’s groundbreaking research on efficient carbon capture directly from seawater. The second panel delved into the creation of a viable hydrogen energy sector, with a focus on activities of the Japan Hydrogen Forum such as a pilot project for the decarbonization of the port of Los Angeles, as well as other dynamic initiatives by US and Japanese industry leaders.
Panelists included:
Carbon Mitigation Panel
Hydrogen Panel
Both panels were moderated by EIN Executive Director Brian Goldstein, who added, “If we are to effectively meet emission reduction goals, especially in carbon-intense areas like the port complex in Los Angeles, governmental and private investments in H2 innovation are critical. It was gratifying to see so many thought leaders, influencers and innovation-driven organizations here to explore the solutions with us here tonight.”
"The future of our planet and its people demands a clean energy revolution, and hydrogen holds the key,” said Goldstein. “EIN is committed to working towards a hydrogen-powered future. Not only will hydrogen reduce our carbon footprint and help mitigate the effects of climate change, but it will also improve air quality and create a healthier society for current and future generations."
About EIN and the DriveH2 Campaign
DriveH2 is a public service initiative by Energy Independence Now (EIN), an environmental nonprofit dedicated to advancing fuel cell electric vehicles (FCEVs) and renewable hydrogen infrastructure for transportation, renewable energy storage and deep decarbonization. The organization engages in comprehensive research, policy advocacy and public outreach to promote the widespread adoption of a diverse zero emissions portfolio.
Paul Williams, (310) 569-0023, This email address is being protected from spambots. You need JavaScript enabled to view it.
Note to media: photos from event available upon request.
SAN RAMON, Calif.--(BUSINESS WIRE)--Freedom Acquisition I Corp. (“Freedom”) (NYSE: FACT), a publicly-traded special purpose acquisition company, and Complete Solaria, Inc. (“Complete Solaria” or the “Company”), a leading solar technology, services, and installation company, announced that Freedom filed a registration statement on Form S-4 (the “Registration Statement”) with the U.S. Securities and Exchange Commission (“SEC”) on February 10, 2023.
The Registration Statement contains a preliminary proxy statement/prospectus in connection with the previously announced proposed business combination between Freedom and Complete Solaria. While the Registration Statement has not yet become effective and the information contained therein is subject to change, it provides important information about Freedom and Complete Solaria, as well as the proposed business combination.
Complete Solaria utilizes a vertically integrated solar manufacturing and distribution model, delivering end to end residential solar solutions, world-class customer service, aesthetically appealing, high-performance solar panels, as well as project financing, design and software solutions, to the U.S.A and beyond.
On October 3, 2022, Freedom entered into a definitive agreement for a business combination with Complete Solaria. The transaction is expected to occur in the first half of 2023 and is subject to approval by Freedom’s shareholders, the Registration Statement being declared effective by the SEC, and other customary closing conditions.
About Complete Solaria
Complete Solaria is a solar company with unique technology and an end-to-end customer offering, which is expected to include financing, project fulfillment, and customer service, allowing it to sell more products across more markets and enable more options for customers wishing to make the switch to a more energy-efficient existence. To learn more, visit: www.completesolaria.com/investors.
About Freedom
Freedom is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Freedom is led by Executive Chairman Tidjane Thiam, who previously served as CEO of Credit Suisse and Prudential. Senior management of Freedom also includes Chief Executive Officer Adam Gishen and Edward Zeng, a proven entrepreneur with a strong track record of creating value for investors across financial services, technology and energy transition sectors. To learn more about Freedom, visit www.freedomac1.com.
Forward Looking Statements
This press release may contain certain forward-looking statements within the meaning of the federal securities laws with respect to the referenced and proposed transactions. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions, but the absence of these words does not mean that a statement is not a forward-looking statement. Forward-looking statements are forecasts, predictions, projections and other statements about future events that are based on current expectations, hopes, beliefs, intentions, strategies and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that the proposed business combination may not be completed in a timely manner or at all; (ii) the risk that the proposed business combination between Freedom and Complete Solaria may not be completed by Freedom’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Freedom; (iii) the failure to satisfy the conditions to the consummation of the proposed business combination; (iv) the effect of the announcement or pendency of the proposed business combination on Complete Solaria’s business relationships, operating results, and business generally; (v) risks that the proposed business combination disrupts current plans and operations of the companies or diverts managements’ attention from Complete Solaria’s ongoing business operations and potential difficulties in employee retention as a result of the announcement and consummation of the proposed business combination; (vi) the outcome of any legal proceedings that may be instituted in connection with the proposed business combination; (vii) the ability to maintain the listing of Freedom’s securities on a national securities exchange; (viii) the price of Freedom’s securities may be volatile due to a variety of factors, including changes in the applicable competitive or regulatory landscapes, variations in operating performance across competitors, changes in laws and regulations affecting Freedom’s or Complete Solaria’s business, and changes in the combined capital structure; (ix) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed business combination, and identify and realize additional opportunities; (x) the ability to recognize the anticipated benefits of the previously consummated Complete Solaria merger and the proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (xi) the evolution of the markets in which Complete Solaria will compete; (xii) the costs related to the previously consummated Complete Solaria merger and the proposed business combination; (xiii) any impact of the COVID-19 pandemic on Complete Solaria’s business; and (xiv) Freedom and Complete Solaria’s expectations regarding market opportunities.
The foregoing list of factors is not exhaustive. Readers should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Registration Statement and other documents filed by Freedom from time to time with the SEC. Such filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Freedom and Complete Solaria assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Freedom nor Complete Solaria gives any assurance that any of them will achieve its expectations.
Important Information and Where to Find It
This press release relates to proposed transactions involving Complete Solaria and Freedom. Freedom has filed the Registration Statement, which will include a proxy statement for the solicitation of Freedom shareholder approval and a prospectus for the offer and sale of Freedom securities in the proposed transaction with Complete Solaria, and other relevant documents with the Securities and Exchange Commission (the “SEC”) to be used at its extraordinary general meeting of shareholders to approve the proposed transaction with Complete Solaria. Promptly after the Registration Statement is declared effective, the proxy statement will be mailed to shareholders as of a record date to be established for voting on the proposed business combination between Freedom and Complete Solaria. INVESTORS AND SECURITY HOLDERS OF FREEDOM AND COMPLETE SOLARIA ARE URGED TO READ THE REGISTRATION STATEMENT, PROXY STATEMENT, PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of documents filed by Freedom with the SEC, through the website maintained by the SEC at www.sec.gov.
Participants in the Solicitation
Freedom, Complete Solaria and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies of Freedom’s shareholders in connection with the proposed business combination between Freedom and Complete Solaria. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination between Freedom and Complete Solaria will be contained in the proxy statement/prospectus pertaining to the proposed transaction when available at www.sec.gov.
No Offer or Solicitation
This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed business combination between Freedom and Complete Solaria. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Investor Relations – Complete Solaria
Sioban Hickie, ICR, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.
Public Relations – Complete Solaria
Doug Donsky, ICR, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations – Freedom
Adam Gishen, Freedom Acquisition l Corp.
This email address is being protected from spambots. You need JavaScript enabled to view it.
Public Relations – Freedom
Andy Smith, Powerscourt (U.K.)
This email address is being protected from spambots. You need JavaScript enabled to view it.
Second Quarter Fiscal 2023 Revenue Increased 123% to $17.2 Million
Second Quarter Fiscal 2023 Gross Profit Increased 294% to $4.1 Million
Management to Host Conference Call Today at 4:30 p.m. Eastern Time
VISTA, Calif.--(BUSINESS WIRE)--Flux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion energy storage solutions for electrification of commercial and industrial equipment, has reported its financial and operational results for the fiscal second quarter ended December 31, 2022.
Key Financial & Operational Highlights for the Second Quarter Fiscal Year 2023
Backlog Summary
Fiscal Quarter Ended |
|
|
Beginning Backlog |
|
|
New Orders |
|
|
Shipments |
|
|
Ending Backlog |
||||
September 30, 2021 |
|
|
$ |
12,624,000 |
|
|
$ |
13,122,000 |
|
|
$ |
6,313,000 |
|
|
$ |
19,433,000 |
December 31, 2021 |
|
|
$ |
19,433,000 |
|
|
$ |
19,819,000 |
|
|
$ |
7,837,000 |
|
|
$ |
31,415,000 |
March 31, 2022 |
|
|
$ |
31,415,000 |
|
|
$ |
20,495,000 |
|
|
$ |
13,317,000 |
|
|
$ |
38,593,000 |
June 30, 2022 |
|
|
$ |
38,593,000 |
|
|
$ |
11,622,000 |
|
|
$ |
15,195,000 |
|
|
$ |
35,020,000 |
September 30, 2022 |
|
|
$ |
35,020,000 |
|
|
$ |
9,678,000 |
|
|
$ |
17,840,000 |
|
|
$ |
26,858,000 |
December 31, 2022 |
|
|
$ |
26,858,000 |
|
|
$ |
20,652,000 |
|
|
$ |
17,158,000 |
|
|
$ |
30,352,000 |
CEO Commentary
“The second quarter of fiscal year 2023 delivered our 18th consecutive quarter of year-over-year revenue growth as well as an increased credit facility providing additional cash to fund higher working capital requirements related to increased customer demands and meeting our targeted growth goals,” said Ron Dutt, Chief Executive Officer of Flux Power. “The quarter saw gross profit increase 294% to $4.1 million and gross margin expand to 24% compared to $1.0 million and 14%, respectively, in the year-ago period.
“Existing customers continue to drive our revenue growth, with greater than 95% of revenue during the second quarter attributed to customers with whom we have had long-term relationships. Our commitment, consistent performance, and trustworthiness are the foundation for long-term, sustainable relationships with our customers. Our emphasis on price, service, and quality continues to support ongoing new purchase needs and service requirements. “Strong new orders of $20.7 million during the second fiscal quarter increased our backlog to $30.4 million as of December 31, 2022, up from $26.9 million in the prior quarter. We believe our track record with our installed base is an enabler to secure new customers, as the demand and acceptance of lithium-ion packs continues to grow.
“Our strategic initiatives to improve sourcing actions to mitigate part shortages, accelerate backlog conversion to shipments, and increase inventory turns have helped to mitigate backlog expansion from delayed shipments. Recently we expanded our in-house testing and product validation capabilities with all equipment needed to satisfy UL 2580 and UN/DOT 38.3 compliance testing, including an onsite vibration table, eliminating the need to outsource any aspect of testing for either UL or UN certifications and expediting the process. We remain highly focused on timely shipments and believe our efforts will continue to drive revenue results and gross margins that we believe will lead toward profitability.
“Although global supply chain disruptions have improved, we increased our inventory of raw materials and component parts to $19.5 million as of December 31, 2022, to mitigate supply chain disruptions and support timely deliveries. To address disruptions and reduce excess inventory, we have improved lean manufacturing processes and supply chain management. We have launched an in-house automated modular production initiative to manage module SKUs and accommodate diversification of cell suppliers and also utilized lower cost, more reliable, and secondary suppliers of key components including cells, steel, electronics, circuit boards and other production critical components.
“We recently announced an amended agreement to our revolving line of credit with Silicon Valley Bank (“SVB Credit Facility”) to increases the available capacity of the facility from $8.0 million to $14.0 million to support higher working capital requirements related to increased customer demand. We believe this will provide the additional cash needed to fund our operations and working capital requirements to meet our targeted growth goals.
“Looking ahead, we believe the current and potential pipeline of customers will continue to expand with a full product line that caters to large fleets who seek a ‘relationship’ partner to meet ongoing needs. We are encouraged by strong purchase orders, and continued expansion of margins through improved sourcing and supply chain management, implementation of lean manufacturing, continual process improvement, and pricing that will help us achieve profitability. We are focused on the continuation of our growth trajectory through the advancement of our technology, capacity, and customer and partnership relationships, and expanding into new markets. I look forward to additional announcements in the months to come as we strive to create long-term sustainable growth and shareholder value,” concluded Dutt.
Q2’23 Financial Results
Second Quarter Fiscal Year 2023 Results Conference Call
Flux Power CEO Ron Dutt and CFO Chuck Scheiwe will host the conference call, followed by a question-and-answer session. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.
To access the call, please use the following information:
Date: |
Thursday, February 9, 2023 |
Time: |
4:30 p.m. Eastern Time, 1:30 p.m. Pacific Time |
Toll-free dial-in number: |
1-877-407-4018 |
International dial-in number: |
1-201-689-8471 |
Conference ID: |
13735416 |
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.
The conference call will be broadcast live and available for replay at https://viavid.webcasts.com/starthere.jsp?ei=1593147&tp_key=479f1b7074 and via the investor relations section of the Company's website here.
A replay of the webcast will be available after 7:30 p.m. Eastern Time through May 9, 2023.
Toll-free replay number: |
1-844-512-2921 |
International replay number: |
1-412-317-6671 |
Replay ID: |
13735416 |
About Flux Power Holdings, Inc.
Flux Power (NASDAQ: FLUX) designs, manufactures, and sells advanced lithium-ion energy storage solutions for electrification of a range of industrial and commercial sectors including material handling, airport ground support equipment (GSE), and stationary energy storage. Flux Power’s lithium-ion battery packs, including the proprietary battery management system (BMS) and telemetry, provide customers with a better performing, lower cost of ownership, and more environmentally friendly alternative, in many instances, to traditional lead acid and propane-based solutions. Lithium-ion battery packs reduce CO2 emissions and help improve sustainability and ESG metrics for fleets. For more information, please visit www.fluxpower.com.
Note about Non-GAAP Financial Measures
A non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with accounting principles generally accepted in the United States of America, or GAAP. Non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. Other companies may use different non-GAAP measures and presentation of results.
In addition to financial results presented in accordance with GAAP, this press release presents adjusted EBITDA, which is a non-GAAP measure. Adjusted EBITDA is determined by taking net loss and adding interest, taxes, depreciation, amortization and stock-based compensation expenses. The company believes that this non-GAAP measure, viewed in addition to and not in lieu of net loss, provides additional information to investors by providing a more focused measure of operating results. This metric is an integral part of the Company’s internal reporting to evaluate its operations and the performance of senior management. A reconciliation of adjusted EBITDA to net loss, the most comparable GAAP measure, is available in the accompanying financial tables below. The non-GAAP measure presented herein may not be comparable to similarly titled measures presented by other companies.
US-GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION (Unaudited) |
||||||||
|
|
Six Months Ended December 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
Net loss |
|
$ |
(3,820,000 |
) |
|
$ |
(9,207,000 |
) |
Add/Subtract: |
|
|
|
|
|
|
|
|
Interest, net |
|
|
713,000 |
|
|
|
34,000 |
|
Income tax provision |
|
|
- |
|
|
|
- |
|
Depreciation and amortization |
|
|
371,000 |
|
|
|
259,000 |
|
EBITDA |
|
|
(2,736,000 |
) |
|
|
(8,914,000 |
) |
Add/Subtract: |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
304,000 |
|
|
|
449,000 |
|
Adjusted EBITDA |
|
$ |
(2,432,000 |
) |
|
$ |
(8,465,000 |
) |
Forward-Looking Statements
This release contains projections and other "forward-looking statements" relating to Flux Power’s business, that are often identified using "believes," "expects" or similar expressions. Forward-looking statements involve several estimates, assumptions, risks, and other uncertainties that may cause actual results to be materially different from those anticipated, believed, estimated, expected, etc. Such forward-looking statements include impact of COVID-19 on Flux Power’s business, results and financial condition; Flux Power’s ability to obtain raw materials and other supplies for its products at competitive prices and on a timely basis, particularly in light of the potential impact of the COVID-19 pandemic on its suppliers and supply chain; the development and success of new products, projected sales, cancellation of purchase orders, deferral of shipments, Flux Power’s ability to fulfill backlog orders or realize profit from the contracts reflected in backlog sale; Flux Power’s ability to fulfill backlog orders due to changes in orders reflected in backlog sales, Flux Power’s ability to obtain the necessary funds under the credit facilities, Flux Power’s ability to timely obtain UL Listing for its products, Flux Power’s ability to fund its operations, distribution partnerships and business opportunities and the uncertainties of customer acceptance and purchase of current and new products, and changes in pricing, and Flux Power’s ability to negotiate and enter into a definitive agreement in connection with the Letter of Intent. Actual results could differ from those projected due to numerous factors and uncertainties. Although Flux Power believes that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, they can give no assurance that such statements will prove to be correct, and that the Flux Power’s actual results of operations, financial condition and performance will not differ materially from the results of operations, financial condition and performance reflected or implied by these forward-looking statements. Undue reliance should not be placed on the forward-looking statements and Investors should refer to the risk factors outlined in our Form 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov/edgar. These forward-looking statements are made as of the date of this news release, and Flux Power assumes no obligation to update these statements or the reasons why actual results could differ from those projected.
Flux, Flux Power, and associated logos are trademarks of Flux Power Holdings, Inc. All other third-party brands, products, trademarks, or registered marks are the property of and used to identify the products or services of their respective owners.
Follow us at:
Blog: Flux Power Blog
News Flux Power News
Twitter: @FLUXpwr
LinkedIn: Flux Power
FLUX POWER HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS |
||||||||
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
June 30,
|
|
||
|
|
(Unaudited) |
|
|
|
|
||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash |
|
$ |
157,000 |
|
|
$ |
485,000 |
|
Accounts receivable |
|
|
10,467,000 |
|
|
|
8,609,000 |
|
Inventories, net |
|
|
19,507,000 |
|
|
|
16,262,000 |
|
Other current assets |
|
|
884,000 |
|
|
|
1,261,000 |
|
Total current assets |
|
|
31,015,000 |
|
|
|
26,617,000 |
|
Right of use assets |
|
|
2,601,000 |
|
|
|
2,597,000 |
|
Property, plant and equipment, net |
|
|
1,561,000 |
|
|
|
1,578,000 |
|
Other assets |
|
|
115,000 |
|
|
|
89,000 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
35,292,000 |
|
|
$ |
30,881,000 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
12,797,000 |
|
|
$ |
6,645,000 |
|
Accrued expenses |
|
|
2,298,000 |
|
|
|
2,209,000 |
|
Line of credit |
|
|
6,811,000 |
|
|
|
4,889,000 |
|
Deferred revenue |
|
|
81,000 |
|
|
|
163,000 |
|
Customer deposits |
|
|
29,000 |
|
|
|
175,000 |
|
Finance lease payable, current portion |
|
|
64,000 |
|
|
|
- |
|
Office lease payable, current portion |
|
|
542,000 |
|
|
|
504,000 |
|
Accrued interest |
|
|
1,000 |
|
|
|
1,000 |
|
Total current liabilities |
|
|
22,623,000 |
|
|
|
14,586,000 |
|
|
|
|
|
|
|
|
|
|
Office lease payable, less current portion |
|
|
2,079,000 |
|
|
|
2,361,000 |
|
Finance lease payable, less current portion |
|
|
172,000 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
24,874,000 |
|
|
|
16,947,000 |
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value; 500,000 shares authorized; none issued and outstanding |
|
|
- |
|
|
|
- |
|
Common stock, $0.001 par value; 30,000,000 shares authorized; 16,029,478 and 15,996,658 shares issued and outstanding at December 31, 2022 and June 30, 2022, respectively |
|
|
16,000 |
|
|
|
16,000 |
|
Additional paid-in capital |
|
|
96,036,000 |
|
|
|
95,732,000 |
|
Accumulated deficit |
|
|
(85,634,000 |
) |
|
|
(81,814,000 |
) |
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
10,418,000 |
|
|
|
13,934,000 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
35,292,000 |
|
|
$ |
30,881,000 |
|
FLUX POWER HOLDINGS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Revenues |
|
$ |
17,158,000 |
|
|
$ |
7,690,000 |
|
|
$ |
34,998,000 |
|
|
$ |
13,961,000 |
|
Cost of sales |
|
|
13,050,000 |
|
|
|
6,648,000 |
|
|
|
26,942,000 |
|
|
|
11,581,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
4,108,000 |
|
|
|
1,042,000 |
|
|
|
8,056,000 |
|
|
|
2,380,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and administrative |
|
|
4,250,000 |
|
|
|
4,000,000 |
|
|
|
8,786,000 |
|
|
|
7,498,000 |
|
Research and development |
|
|
1,162,000 |
|
|
|
2,088,000 |
|
|
|
2,385,000 |
|
|
|
4,055,000 |
|
Total operating expenses |
|
|
5,412,000 |
|
|
|
6,088,000 |
|
|
|
11,171,000 |
|
|
|
11,553,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(1,304,000 |
) |
|
|
(5,046,000 |
) |
|
|
(3,115,000 |
) |
|
|
(9,173,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
|
8,000 |
|
|
|
- |
|
|
|
8,000 |
|
|
|
- |
|
Interest expense |
|
|
(385,000 |
) |
|
|
(31,000 |
) |
|
|
(713,000 |
) |
|
|
(34,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,681,000 |
) |
|
$ |
(5,077,000 |
) |
|
$ |
(3,820,000 |
) |
|
$ |
(9,207,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share - basic and diluted |
|
$ |
(0.10 |
) |
|
$ |
(0.32 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.62 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding - basic and diluted |
|
|
16,020,183 |
|
|
|
15,987,502 |
|
|
|
16,008,740 |
|
|
|
14,895,989 |
|
FLUX POWER HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
||||||||
|
|
|
|
|
|
|
||
|
|
Six Months Ended
|
|
|||||
|
|
2022 |
|
|
2021 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(3,820,000 |
) |
|
$ |
(9,207,000 |
) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
|
|
|
|
Depreciation |
|
|
371,000 |
|
|
|
259,000 |
|
Stock-based compensation |
|
|
304,000 |
|
|
|
449,000 |
|
Amortization of debt issuance costs |
|
|
368,000 |
|
|
|
- |
|
Noncash lease expense |
|
|
236,000 |
|
|
|
214,000 |
|
Allowance for inventory reserve |
|
|
135,000 |
|
|
|
169,000 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(1,858,000 |
) |
|
|
913,000 |
|
Inventories |
|
|
(3,380,000 |
) |
|
|
(9,239,000 |
) |
Other current assets |
|
|
(17,000 |
) |
|
|
(409,000 |
) |
Accounts payable |
|
|
6,152,000 |
|
|
|
2,064,000 |
|
Accrued expenses |
|
|
89,000 |
|
|
|
(350,000 |
) |
Accrued interest |
|
|
- |
|
|
|
1,000 |
|
Office lease payable |
|
|
(244,000 |
) |
|
|
(211,000 |
) |
Deferred revenue |
|
|
(82,000 |
) |
|
|
116,000 |
|
Customer deposits |
|
|
(146,000 |
) |
|
|
(171,000 |
) |
Net cash used in operating activities |
|
|
(1,892,000 |
) |
|
|
(15,401,000 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
Purchases of equipment |
|
|
(344,000 |
) |
|
|
(530,000 |
) |
Proceeds from sale of fixed assets |
|
|
8,000 |
|
|
|
- |
|
Net cash used in investing activities |
|
|
(336,000 |
) |
|
|
(530,000 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock in registered direct offering, net of offering costs |
|
|
- |
|
|
|
13,971,000 |
|
Proceeds from issuance of common stock in public offering, net of offering costs |
|
|
- |
|
|
|
1,602,000 |
|
Proceeds from revolving line of credit |
|
|
30,550,000 |
|
|
|
3,500,000 |
|
Payment of revolving line of credit |
|
|
(28,628,000 |
) |
|
|
- |
|
Payment of financed leases |
|
|
(22,000 |
) |
|
|
- |
|
Net cash provided by financing activities |
|
|
1,900,000 |
|
|
|
19,073,000 |
|
|
|
|
|
|
|
|
|
|
Net change in cash |
|
|
(328,000 |
) |
|
|
3,142,000 |
|
Cash, beginning of period |
|
|
485,000 |
|
|
|
4,713,000 |
|
|
|
|
|
|
|
|
|
|
Cash, end of period |
|
$ |
157,000 |
|
|
$ |
7,855,000 |
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosures of Non-Cash Investing and Financing Activities: |
|
|
|
|
|
|
|
|
Initial right of use asset recognition |
|
$ |
258,000 |
|
|
$ |
- |
|
Common stock issued for vested RSUs |
|
$ |
114,000 |
|
|
$ |
- |
|
Supplemental cash flow information: |
|
|
|
|
|
|
|
|
Interest paid |
|
$ |
288,000 |
|
|
$ |
33,000 |
|
Media & Investor Relations:
This email address is being protected from spambots. You need JavaScript enabled to view it.
External Investor Relations:
Chris Tyson, Executive Vice President
MZ Group - MZ North America
949-491-8235
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.mzgroup.us
HOUSTON--(BUSINESS WIRE)--Vertex Energy, Inc. (NASDAQ:VTNR) ("Vertex" or the "Company"), a leading specialty refiner and marketer of high-quality refined products, today announced that it will issue its fourth quarter 2022 financial results before the market opens on Tuesday, February 28, 2023. A conference call will be held that same day at 8:00 A.M. ET to review the Company's financial results, discuss recent events and conduct a question-and-answer session.
An audio webcast of the conference call and accompanying presentation materials (which will be available 15 minutes before the start of the conference call) will also be available in the “Events and Presentation” section of Vertex's website at www.vertexenergy.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.
To participate in the live teleconference:
Domestic: 1-877-300-8521
International: 1-412-317-6026
Conference ID: 10174530
To listen to a replay of the teleconference, which will be available through Tuesday, March 14, 2023 at 11:59 PM ET, either go to the Events and Presentation section of Vertex's website at www.vertexenergy.com, or call the number below:
Domestic Replay: 1-844-512-2921
Access Code: 10172978
ABOUT VERTEX ENERGY
Houston-based Vertex Energy, Inc. (NASDAQ: VTNR), is an energy transition company focused on the production and distribution of conventional and alternative fuels. Vertex owns a refinery in Mobile (AL) with an operable refining capacity of 75,000 barrels per day and more than 3.2 million barrels of product storage, positioning it as a leading supplier of fuels in the region. Vertex is also one of the largest processors of used motor oil in the U.S., with operations located in Houston and Port Arthur (TX), Marrero (LA), and Columbus (OH). Vertex also owns a facility, Myrtle Grove, located on a 41-acre industrial complex along the Gulf Coast in Belle Chasse, LA, with existing hydroprocessing and plant infrastructure assets, that include nine million gallons of storage. The Company has built a reputation as a key supplier of base oils to the lubricant manufacturing industry throughout North America.
INVESTOR CONTACT
John Ragozzino Jr., CFA (ICR)
This email address is being protected from spambots. You need JavaScript enabled to view it.
CAMPBELL, Calif.--(BUSINESS WIRE)--ChargePoint Holdings, Inc. (NYSE:CHPT), a leading electric vehicle charging network, today announced it will release financial results for the fourth quarter and full year 2023, ended January 31, 2023, after market close on March 2, 2023. ChargePoint management will host a conference call to review its financial results at 1:30 p.m. Pacific time (4:30 p.m. Eastern time) on the same day.
A live webcast of the conference call will be accessible from the “Events and Presentations” section of ChargePoint’s investor relations website (investors.chargepoint.com) on March 2, 2023. A replay will be available after the conclusion of the webcast and archived for one year. A copy of the press release with the financial results will also be available on ChargePoint’s investor relations website prior to the commencement of the webcast.
About ChargePoint
ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and a comprehensive portfolio of charging solutions. The ChargePoint cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds of thousands of places to charge in North America and Europe. To date, more than 145 million charging sessions have been delivered, with drivers plugging into the ChargePoint network on average every second. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact the This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it..
CHPT-IR
ChargePoint Holdings, Inc.
Press
AJ Gosselin
Director, Corporate Communications
This email address is being protected from spambots. You need JavaScript enabled to view it.
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations
Patrick Hamer
VP, Capital Markets and Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
This email address is being protected from spambots. You need JavaScript enabled to view it.
STAMFORD, Conn.--(BUSINESS WIRE)--Altus Power, Inc. (“Altus Power”) (NYSE: AMPS) today announced, in partnership with Blackstone (NYSE: BX) and CBRE (NYSE: CBRE), Altus Power has advanced its Community Solar Partnership Program for large enterprises by offering each company’s employees the opportunity to subscribe to the benefits of clean electricity from solar arrays owned and operated by Altus Power. Employees who subscribe to Altus Power’s Community Solar Partnership Program will receive a discount on the power they use compared with their local utility, generating savings on their monthly utility bills while also supporting the transition to clean energy.
The Community Solar Partnership Program has been implemented in New York City and Westchester County, NY, where employees from both CBRE and Blackstone’s programs were selected and are currently benefitting from credits on their electricity bills driven by energy that is generated by Altus Power from its Zerega community solar project. Zerega generates clean electricity locally on the rooftop of a large self-storage facility in the Bronx, New York.
Altus Power and CBRE plan to extend the program to employees in Hawaii, Maryland and New Jersey where Altus Power is developing additional solar assets tailored to community solar customers. There is additional potential for expansion of this partnership in Minnesota, Massachusetts and Illinois, where Altus Power also has assets serving community solar customers.
“We are excited to offer our Community Solar Partnership Program to Blackstone and CBRE employees as an easy way for them to go green and save money,” said Daniella Gray, Head of Customer Relations at Altus Power. “This program is an attractive employee perk and we expect other employers will be interested in offering it as part of their benefit plans.”
“It’s great to have another avenue to partner with Altus Power,” said Alison Caplan, Chief People Officer, CBRE. “Offering the opportunity to subscribe to community solar differentiates CBRE’s benefits program and will help our people – whether they own or rent their homes – benefit from clean energy without costly equipment installation.”
“Blackstone is proud to offer employees across New York City and Westchester regions the unique opportunity to benefit from the clean electricity generated by Altus Power Community Solar with a discount to their utility bills,” said Paige Ross, Global Head of Human Resources at Blackstone.
Altus Power is in discussions with other parties to create additional employee benefit programs. Employers interested in creating a Community Solar Partnership Program can reach out to Altus Power’s Customer Team at This email address is being protected from spambots. You need JavaScript enabled to view it.. Individuals interested in signing up directly for Altus Power Community Solar can contact This email address is being protected from spambots. You need JavaScript enabled to view it.. For more detailed information on Altus Power Community Solar and how it works, please visit our Community Solar website or download the Altus Power Community Solar App available in the Apple Store and the Google Play Store.
About Altus Power, Inc.
Altus Power, based in Stamford, CT, is the premier commercial-scale clean electrification company serving commercial, industrial, public sector and community solar customers with an end-to-end solution. Altus Power originates, develops, owns and operates locally-sited solar generation, energy storage and charging infrastructure across the nation. Visit www.altuspower.com to learn more.
Altus Power:
For Employers Interested in Community Solar Partnership Programs:
This email address is being protected from spambots. You need JavaScript enabled to view it.
For Individuals Interested in Community Solar:
This email address is being protected from spambots. You need JavaScript enabled to view it.
For Media Inquiries:
Chris Shelton
Head of Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
Senior executives from Williams will join global energy leaders at the world’s preeminent energy conference, March 6-10 in Houston
TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) President and Chief Executive Officer Alan Armstrong will join the world’s energy industry leaders, experts, government officials and policymakers, as well as leaders from the technology, financial and industrial communities at the 41st annual CERAWeek presented by S&P Global, to be held from March 6-10 in Houston.
Mr. Armstrong will participate on an esteemed panel of leaders to discuss: North American Gas: Assuring Supply and Meeting Demand on Wednesday, March 8 at 2:25 p.m. Central Time. The session will focus on how North American energy markets have evolved amid natural gas infrastructure constraints and the growth of U.S. LNG exports and how U.S. energy legislation is expected to reshape electricity markets with reverberations back to the natural gas market.
Williams Executive Vice President of Corporate Strategic Development Chad Zamarin is scheduled to speak on the panel North American Gas: Are Strategies Changing? on Wednesday, March 8 at 11:55 a.m. The session will discuss the energy transition, the challenges ahead and the role of North America’s natural gas in supplying LNG and displacing coal.
Brian Hlavinka, vice president of Williams New Energy Ventures, will participate in two panels. The first, Renewable Natural Gas: How Fast, How Big? is Wednesday, March 8 at 11:55 a.m. The second, Crossing the Chasm: From Low-carbon Innovations to Large-Scale Businesses is Thursday, March 9 at 10:30 a.m. and will cover financing, growth and government support of low-carbon innovations and infrastructure development.
About Williams
As the world demands reliable, low-cost, low-carbon energy, Williams will be there with the best transport, storage and delivery solutions to reliably fuel the clean energy economy. Williams is an industry leader with operations across the natural gas value chain including gathering, processing, interstate transportation, storage, wholesale marketing and trading of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide — including Transco, the nation’s largest volume and fastest growing pipeline — and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use. Learn how the company is leveraging its nationwide footprint to incorporate clean hydrogen, NextGen Gas and other innovations at www.williams.com.
MEDIA:
This email address is being protected from spambots. You need JavaScript enabled to view it.
(800) 945-8723
INVESTOR CONTACTS:
Danilo Juvane
(918) 573-5075
Grace Scott
(918) 573-1092
Boston-based community solar company Perch Energy has been selected as a finalist for two The Cleanie Awards®.
BOSTON--(BUSINESS WIRE)--Perch Energy (or “Perch”), a clean energy technology platform and fast-growing community solar services company connecting solar developers and consumers, has been recognized as a finalist for two The Cleanie Awards®, a leading awards program recognizing innovators in clean energy and highlighting the brands and thought leaders that are paving the way to a decarbonized future.
Perch was nominated as a finalist in the Company of the Year (Startup) category and the Woman of the Year category, with the latter honor going to Perch’s Chief Operating Officer Sencelia Reynolds.
Perch’s community solar platform brings the power of the sharing economy to solar power. Residents and businesses get matched and subscribed to a local solar farm that’s owned by a third party—which generates direct savings off their energy bills while supporting a cleaner, greener electric grid. For renters, homeowners, small businesses, investment-grade companies and more—community solar increases access to state renewable energy incentives without having to own or install rooftop panels. To date, Perch has provided services for solar projects which have generated over 1 billion kWh of power, delivering exceptional value to solar project developers, owners, and subscribers.
Community solar is growing in numerous states, and there is momentum in extending its benefits to low-to-middle income households and communities which are often most impacted by the negative effects of climate change—and of rising energy costs. Perch believes that everyone should have access to the benefits of clean energy, regardless of socioeconomic status.
Perch’s notable managed projects include portfolios in New York that will help more than 3,500 low-to-moderate-income residents save money from their community solar subscriptions. Additionally, many states have started to mandate that a certain percentage of community solar savings must go toward low-to-moderate-income communities—and Perch is already prepping for key upcoming projects in 2023 in New Jersey, Massachusetts, Maine, and Maryland that are forecasted to serve over tens of thousands such customers by the end of 2023.
“It’s an honor for Perch to be recognized by The Cleanie Awards® as a renewable energy innovator,” said Bruce Stewart, Perch Energy President and CEO. “As a community solar technology platform and servicer, we’re incredibly proud of the work we’re doing to make it easier for all energy customers to save money off their bills and support clean energy development, especially when rooftop solar isn’t an option. This Cleanies recognition is a strong testament to the impact community solar has in helping create a fair, just, and rapidly growing clean energy economy.”
Sencelia Reynolds is Perch Energy’s Chief Operating Officer and has been a driving force in scaling the company's operations to extend solar access and savings to a wide range of communities. She is guided by three key tenets: People, Process, and Systems. She believes no company can succeed if these are not working in unison to create the simplest, most cost-effective operating model that is equally beneficial to your company and those you’re serving.
Reynolds has improved Perch’s utility relationships, streamlined client services, managed new market expansion across multiple states, and driven customer satisfaction and customer care improvements. All of these operational advances have helped homeowners, renters, and businesses easily sign up for community solar subscriptions and support clean energy and save money.
“To be considered for Woman of the Year in The Cleanie Awards® is truly humbling,” said Reynolds. “I’m grateful for the amazing team at Perch and the dedication we share for our mission to accelerate an equitable clean energy future. I am also inspired by my fellow female finalists who are helping their companies blaze a trail toward a decarbonized world.”
“Sencelia is incredibly deserving of this award, and her leadership has been invaluable to Perch,” said Stewart. “She is setting the standard not just for Perch, but for the growing clean energy industry.”
About Perch Energy
Perch Energy is a Boston-based clean energy tech and services company that offers a diverse set of products and services for homeowners, renters, businesses, and solar farm owners. Perch provides a suite of services for renewable energy savings and incentives—from their community solar project support team for solar farm owners, dedicated to effective customer acquisition, onboarding, billing, and engagement—to its automated platform for residents and businesses helping them access the cost-saving benefits of clean energy.
Perch announced its launch as an independent company from BlueWave in early 2021, followed by a $7.2M Series A funding and the appointment of President and CEO Bruce Stewart in 2022.
Learn more at www.perchenergy.com
Follow Perch Energy on LinkedIn: http://linkedin.com/company/perchenergy
About The Cleanie Awards®
The Cleanie Awards® are a leading awards program recognizing innovators in clean energy and highlighting the leading brands and thought leaders that are paving the way to a decarbonized future.
For press and media inquiries, please contact This email address is being protected from spambots. You need JavaScript enabled to view it.
Company Recently Added to S&P 500 Dividend Aristocrats Index
EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--$CHRW #CHRobinson--C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) announced that its Board of Directors today declared a regular quarterly cash dividend of 61 cents ($0.61) per share, payable on April 3, 2023, to shareholders of record on March 3, 2023. As of February 8, 2023, there were approximately 116,356,778 shares outstanding.
C.H. Robinson has distributed uninterrupted dividends that have increased annually on a per share basis for twenty-five years, thereby earning a designation as one of only 64 constituents in the S&P 500® Dividend Aristocrats® Index. “C.H. Robinson has a long history of growing our dividend as an important method to return cash to our shareholders,” said Mike Zechmeister, Chief Financial Officer.
About C.H. Robinson
C.H. Robinson solves logistics problems for companies across the globe and across industries, from the simple to the most complex. With $30 billion in freight under management and 20 million shipments annually, we are one of the world’s largest logistics platforms. Our global suite of services accelerates trade to seamlessly deliver the products and goods that drive the world’s economy. With the combination of our multimodal transportation management system and expertise, we use our information advantage to deliver smarter solutions for our 100,000 customers and 85,000 contract carriers. Our technology is built by and for supply chain experts to bring faster, more meaningful improvements to our customers’ businesses. As a responsible global citizen, we are also proud to contribute millions of dollars to support causes that matter to our company, our Foundation and our employees. For more information, visit us at www.chrobinson.com (Nasdaq: CHRW).
CHRW-IR
Chuck Ives, Director of Investor Relations
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
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.