Vicinity expands service to the Fenway area to offer carbon-free eSteamTM to support IQHQ’s ESG goals.
BOSTON--(BUSINESS WIRE)--#BOSpoli--Vicinity Energy, a national decarbonization leader with an extensive portfolio of district energy systems across the United States, announced a long-term partnership with IQHQ, Inc., a premier life sciences real estate development company focused on leadership in sustainability. Vicinity will provide eSteamTM, its new carbon-free, renewable thermal energy offering to IQHQ to rapidly decarbonize IQHQ’s developments in the Fenway neighborhood district.
Under the agreement, IQHQ’s development at 109 Brookline Avenue will use 100% eSteamTM for heating—making it one of Boston’s first entirely carbon-neutral buildings. The 305,000-square-foot office and laboratory space is part of IQHQ’s FWD district, a growing life science cluster connecting Kenmore Square with the Longwood Medical Academic Area.
IQHQ is also pursuing eSteamTM at its Fenway Center development, a mixed-use, transit-oriented life science campus located at the western gateway to Boston. Fenway Center will include nearly 1 million square feet of commercial office and lab space built over the Mass Pike, and will become the anchor of IQHQ’s FWD district.
Vicinity will begin delivering carbon-free eSteamTM in 2024.
“At IQHQ, we have a commitment to developing class-A life science districts that provide our tenant, visitors, and communities at large with healthy, resilient, and responsible spaces,” said Jenny Whitson, Director, Sustainability & ESG for IQHQ. “We are excited to partner with Vicinity Energy to decarbonize the steam serving our projects.”
Vicinity’s expansion into Boston’s Fenway neighborhood marks a significant milestone in Vicinity's Clean Energy Future plans, and paves the way for more building owners and property managers to leverage eSteamTM for rapid building decarbonization to combat climate change and meet sustainability goals.
Vicinity is the first district energy company in the U.S. to commit to fully decarbonizing its operations, offering renewable thermal energy by installing electric boilers, industrial-scale heat pumps, and thermal storage at its central facilities starting in Boston and Cambridge, with its other districts to follow. eSteamTM is the nation's first 100% carbon-free renewable energy product, providing a one-stop-shop for Greater Boston businesses and institutions grappling with enforceable emissions performance standards and cities tackling the highest source of emissions.
“We are proud to partner with IQHQ as our first carbon-free eSteamTM customer to reduce their buildings' carbon emissions and enable IQHQ to achieve their ESG goals while complying with the city’s BERDO 2.0 regulations,” said Bill DiCroce, president and chief executive officer of Vicinity Energy. “This eSteam partnership not only signifies our commitment to a clean energy future, but it also demonstrates the commitment from progressive, innovative industry leaders, like IQHQ, who are committed to lower carbon emissions and to combat climate change.”
Click here to read more about Vicinity’s district energy systems and its commitment to innovation and the environment.
About IQHQ
IQHQ is giving progress a home, empowering the life science community to thrive and succeed by creating and developing districts that inspire innovation and drive progress and growth. IQHQ’s focus is to acquire, develop, and operate sustainable transformational life science districts in the innovation hubs of San Francisco, San Diego, and Boston in the United States, and the United Kingdom. IQHQ has offices in San Diego, Boston and the UK. To learn more, visit iqhqreit.com or follow us on Linkedin or Instagram.
About Vicinity Energy
Vicinity Energy is a clean energy company that owns and operates an extensive portfolio of district energy systems across the United States. Vicinity produces and distributes reliable, clean steam, hot water, and chilled water to over 230 million square feet of building space nationwide. Vicinity continuously invests in its infrastructure and the latest technologies to accelerate the decarbonization of commercial and institutional buildings in city centers. Vicinity is committed to achieving net zero carbon across its portfolio by 2050. To learn more, visit www.vicinityenergy.us or follow us on LinkedIn, Twitter, Instagram, or Facebook.
Vicinity Energy
Sara DeMille
Marketing and Communications
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STAMFORD, Conn.--(BUSINESS WIRE)--Crane Holdings, Co. (“Crane” or the “Company,” NYSE: CR), a diversified manufacturer of highly engineered industrial products, announced that the U.S. Securities and Exchange Commission has declared effective the Registration Statement on Form 10 filed by Crane Company. The Form 10 relates to the Company’s previously announced plan to separate into two independent and simplified businesses to optimize investment and capital allocation, accelerate growth, and unlock shareholder value. We intend to complete the separation and distribution on April 3, 2023.
Max Mitchell, Crane’s President and Chief Executive Officer of Crane stated: “The effectiveness of the Form 10 is another key milestone toward the separation transaction, and further confirmation that we are on-track to complete the transaction on our original target date in early April. We continue to believe that the separation will deliver long-term value for our stakeholders by creating two focused businesses, each with differentiated technology, industry leading positions, strong balance sheets and significant opportunities for growth and value creation.”
Upcoming Investor Conference for Crane Company and Crane NXT
Crane Company and Crane NXT will each host an investor conference on March 9, 2023 in New York City. At both events, key executives will provide a detailed review of each company’s business, strategy, capital structure, and capital deployment policies, as well as an update on their 2023 business outlook. To RSVP or to request additional information, please email: This email address is being protected from spambots. You need JavaScript enabled to view it..
Details of Previously Announced Separation
On March 30, 2022, Crane announced that its Board of Directors had unanimously approved a plan to pursue a separation into two independent, publicly-traded companies to optimize investment and capital allocation, accelerate growth, and unlock shareholder value.
Upon completion, Crane shareholders will have ownership in two focused and simplified businesses that are both leaders in their respective industries and well-positioned for continued success:
Transaction Details
The separation is expected to occur through a tax-free distribution of the Aerospace & Electronics, Process Flow Technologies, and Engineered Materials businesses to the Company’s shareholders. Crane Holdings, Co. will retain the Payment & Merchandising Technologies businesses and will be renamed Crane NXT, Co. concurrent with the separation. The Aerospace & Electronics, Process Flow Technologies, and Engineered Materials businesses will be owned by the newly created public company, named Crane Company. Upon completion of the separation, shareholders as of the record date will own 100% of the equity in both of the publicly traded companies.
About Crane Holdings, Co.
Crane Holdings, Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane provides products and solutions to customers across end markets including aerospace, defense, chemical and petrochemical, water and wastewater, payment automation, and banknote security and production, as well as for a wide range of general industrial and consumer applications. The Company has four business segments: Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies, and Engineered Materials. Crane has approximately 11,000 employees in the Americas, Europe, the Middle East, Asia and Australia. Crane is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com.
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations, including, but not limited to: statements regarding Crane’s and the ultimate spin-off company’s (“SpinCo”) portfolio composition and their relationship following the business separation; the anticipated timing, structure, benefits, and tax treatment of the separation transaction; benefits and synergies of the separation transaction; strategic and competitive advantages of each of Crane and SpinCo; future financing plans and opportunities; and business strategies, prospects and projected operating and financial results. In addition, there is also no assurance that the separation transaction will be completed, that Crane’s Board of Directors will continue to pursue the separation transaction (even if there are no impediments to completion), that Crane will be able to separate its businesses or that the separation transaction will be the most beneficial alternative considered. We caution investors not to place undue reliance on any such forward-looking statements.
Words such as “anticipate(s),” “expect(s),” “intend(s),” “believe(s),” “plan(s),” “may,” “will,” “would,” “could,” “should,” “seek(s),” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained.
Risks and uncertainties that could cause actual results to differ materially from our expectations include, but are not limited to: changes in global economic conditions (including inflationary pressures) and geopolitical risks, including macroeconomic fluctuations that may harm our business, results of operation and stock price; the continuing effects from the coronavirus pandemic on our business and the global and U.S. economies generally; information systems and technology networks failures and breaches in data security, theft of personally identifiable and other information, non-compliance with our contractual or other legal obligations regarding such information; our ability to source components and raw materials from suppliers, including disruptions and delays in our supply chain; demand for our products, which is variable and subject to factors beyond our control; governmental regulations and failure to comply with those regulations; fluctuations in the prices of our components and raw materials; loss of personnel or being able to hire and retain additional personnel needed to sustain and grow our business as planned; risks from environmental liabilities, costs, litigation and violations that could adversely affect our financial condition, results of operations, cash flows and reputation; risks associated with conducting a substantial portion of our business outside the U.S.; being unable to identify or complete acquisitions, or to successfully integrate the businesses we acquire, or complete dispositions; adverse impacts from intangible asset impairment charges; potential product liability or warranty claims; being unable to successfully develop and introduce new products, which would limit our ability to grow and maintain our competitive position and adversely affect our financial condition, results of operations and cash flow; significant competition in our markets; additional tax expenses or exposures that could affect our financial condition, results of operations and cash flows; inadequate or ineffective internal controls; specific risks relating to our reportable segments, including Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies and Engineered Materials; the ability and willingness of Crane and SpinCo to meet and/or perform their obligations under any contractual arrangements that are entered into among the parties in connection with the separation transaction and any of their obligations to indemnify, defend and hold the other party harmless from and against various claims, litigation and liabilities; and the ability to achieve some or all the benefits that we expect to achieve from the separation transaction.
Readers should carefully review Crane’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Crane’s Annual Report on Form 10-K for the year ended December 31, 2021 and the other documents Crane and its subsidiaries file from time to time with the SEC. Readers should also carefully review the “Risk Factors” section of the registration statement relating to the business separation, which has been filed by SpinCo with the SEC. These 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.
These forward-looking statements reflect management’s judgment as of this date, and Crane assumes no (and disclaims any) obligation to revise or update them to reflect future events or circumstances.
We make no representations or warranties as to the accuracy of any projections, statements or information contained in this document. It is understood and agreed that any such projections, targets, statements and information are not to be viewed as facts and are subject to significant business, financial, economic, operating, competitive and other risks, uncertainties and contingencies many of which are beyond our control, that no assurance can be given that any particular financial projections ranges, or targets will be realized, that actual results may differ from projected results and that such differences may be material. While all financial projections, estimates and targets are necessarily speculative, we believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets. The inclusion of financial projections, estimates and targets in this press release should not be regarded as an indication that we or our representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, securities for sale.
Non-GAAP Financial Measures
Crane Holdings, Co. reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). This press release includes certain forward-looking non-GAAP financial measures, including pre-corporate Adjusted EBITDA margin, that are not prepared in accordance with GAAP. Crane Holdings, Co. calculates “pre-corporate Adjusted EBITDA margin” as pre-corporate Adjusted EBITDA (earnings before interest, tax, depreciation and amortization expenses, before corporate overhead expense which includes director compensation, securities laws compliance costs, audit and professional fees, and other public company costs, and before Special Items which include transaction related expenses such as tax charges, professional fees and incremental corporate costs related to the proposed separation and other potential corporate transactions), divided by sales. These non-GAAP measures are an addition, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to operating income, net income or any other performance measures derived in accordance with GAAP.
We believe that pre-corporate Adjusted EBITDA margin on a forward-looking or projected basis provides useful supplemental information to investors about Crane Company and Crane NXT after the proposed separation transaction by presenting a prospective view of each post-separation company’s underlying profitability that is not influenced by: depreciation and amortization related to historical acquisition and capital investment activity, and which may not be representative of future levels of capital investment and acquisition activity post-separation; corporate costs which will be influenced by the corporate structure of each post-separation company that will be determined by management teams and Boards of Directors that have not yet been fully established; and Special Items primarily related to separation transaction costs that are not related to the underlying and ongoing operations of the post-separation company’s businesses. Our management uses certain forward looking non-GAAP measures to evaluate projected financial and operating results. However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore our non-GAAP measures may not be directly comparable to similarly titled measures of other companies.
Reconciliations of the forward-looking and projected non-GAAP measures used in this press release, such as pre-corporate Adjusted EBITDA margin, to the closest corresponding GAAP measure are not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures, which could have a potentially significant impact on our future GAAP results.
Jason D. Feldman
Vice President, Investor Relations
203-363-7329
www.craneco.com
The state-of-the-art, highly automated industrial punch press technology for the Gwinner plant is among the first of its kind to be installed in North America
WEST FARGO, N.D.--(BUSINESS WIRE)--Bobcat Company, a global leader in the compact equipment industry, has completed a $9.3 million investment in punch press automation and press technology at its manufacturing facility in Gwinner, N.D. The new press line, which recently began production, is expected to more than double press production capabilities, reduce energy consumption, lower noise levels and improve complex forming for sheet metal parts, all of which will help meet the increasing demand for Bobcat equipment. The company also invested an additional $1.2 million for entrance and building upgrades at the Gwinner location.
"As the home of our original manufacturing facility in North America, we are excited to invest in the facility and add this new automation technology to the Gwinner plant,” said Mike Ballweber, president of Bobcat Company North America. “This investment will provide us with new capabilities and efficiencies in our metal stamping operations, and it also aligns with our commitment to innovation, sustainability and continued investments in our manufacturing footprint.”
Bobcat partnered with AP&T North America, Inc., a leading provider of advanced production solutions, for the fully automated tandem line, which includes design and build of the new 2000 Ton Valveless Servo Hydraulic Lead Press at the Gwinner facility.
“Bobcat is one of the first companies in North America to invest in the future by implementing this automated solution using our new press technology,” said Dr. Christian Koroschetz, chief sales officer of AP&T Group. “This investment also supports Bobcat’s interest in pursuing sustainable, energy-efficient manufacturing solutions.”
The highly automated, closed-looped, valveless servo-hydraulic press is 70 percent more energy efficient than a conventional hydraulic press. The press also provides increased productivity and superior forming capabilities, which enables the pressing of more intricate and complex designed parts, along with shorter cycle times. The press line and automation are smart controlled via internet-based solutions.
Bobcat first became aware of the new press technology through a relationship with Wisconsin-based TCR Integrated Stamping Systems, a leading equipment manufacturer consultant and system provider for the metal forming industry. Bobcat partnered with TCR Integrated Stamping Systems to provide the new press control systems and magnetic quick die changes for all other presses in the tandem line.
“While visiting AP&T in Sweden, I was introduced to their latest automation breakthrough and knew it would provide a significant advancement for Bobcat. This unique solution provided the ability to move parts in excess of 200 pounds very quickly over great distances; it was perfect for them,” said Todd Wenzel, president of TCR. “In addition to the latest automation, AP&T also demonstrated their new valveless, servo hydraulic technology for me. It’s unique capabilities, too, had clear application for the Gwinner facility and is consistent with Bobcat’s sustainability goals.”
The Gwinner manufacturing complex serves as the very first Bobcat production facility, which was established in 1947. Today, the facility covers 780,000 square feet, employs approximately 1,500 employees, and produces Bobcat loaders and utility work machines. The operation continues to grow with about 60 open positions in general production, including assembly, welding, material handling, fabrication, paint, maintenance and machining.
“This investment demonstrates Bobcat’s commitment to our manufacturing footprint in Gwinner and supports our next generation manufacturing capabilities for North America,” said Jim Flynn, vice president of operations at Bobcat Company. “It is another step for us when it comes to automation, robotics, new technologies and advanced data analytics."
The investment in people and technology at Gwinner is part of Bobcat Company’s long-term strategic growth initiatives as a leading equipment manufacturer to support its manufacturing footprint plan.
Media Resources: Images of the installed 2000 Ton Valueless Servo Hydraulic Press are available to download and publish at this Dropbox link. Please click into each photo to see a caption and short descriptor within the “Info” section. Longer captions and descriptions may be found within the Description document in the Dropbox folder.
About Bobcat Company
Since 1958, Bobcat Company has been empowering people to accomplish more. As a leading global manufacturer of compact equipment, Bobcat has a proud legacy of innovation and a reputation based on delivering smart solutions to customers’ toughest challenges. Backed by the support of a worldwide network of independent dealers and distributors, Bobcat offers an extensive line of compact equipment, including loaders, excavators, compact tractors, utility products, telehandlers, mowers, attachments, implements, parts, and services. Headquartered in West Fargo, North Dakota, Bobcat continues to lead the industry, all while helping people succeed and build stronger communities and a better tomorrow.
©2023 Bobcat Company. All rights reserved.
Nadine Erckenbrack, Bobcat Public Relations Manager
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701-205-9207
HOUSTON--(BUSINESS WIRE)--Cactus, Inc. (NYSE: WHD) (“Cactus” or the “Company”) today announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR"), with respect to the previously announced agreement to acquire FlexSteel Technologies Holdings, Inc. and its affiliates through a merger with its holding company, HighRidge Resources, Inc. (“FlexSteel”) and Atlas Merger Sub, LLC, a newly formed subsidiary of Cactus, Inc.
The expiration of the HSR waiting period occurred at 11:59 p.m. Eastern Standard Time on February 6, 2023, without any action taken by the Federal Trade Commission or the U.S. Department of Justice. This was a condition to the closing of the pending transaction. Completion of the transaction is subject to the satisfaction of the remaining customary closing conditions and is expected to occur during the first quarter of 2023.
About Cactus, Inc.
Cactus designs, manufactures, sells and rents a range of highly engineered wellhead and pressure control equipment. Its products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of its customers’ wells. In addition, it provides field services for all its products and rental items to assist with the installation, maintenance and handling of the wellhead and pressure control equipment. Cactus operates service centers throughout the United States and Australia, while also providing equipment and services in select international markets.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Cactus’ control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.
Forward-looking statements can be identified by the use of forward-looking terminology including “may,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “continue,” “potential,” “will,” “hope” or other similar words and include the Company’s expectation of future performance contained herein. These statements discuss future expectations, may contain projections of results of operations or of financial condition, or state other “forward-looking” information. You are cautioned not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by risks or uncertainties, including unanticipated challenges relating to the pending FlexSteel transaction and related financing. Consequently, no forward-looking statements can be guaranteed. When considering these forward-looking statements, you should keep in mind the risk factors and other factors noted in the Company’s Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files with the Securities and Exchange Commission. The risk factors and other factors noted therein could cause actual results to differ materially from those contained in any forward-looking statement. Cactus disclaims any duty to update and does not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation.
Cactus, Inc.
John Fitzgerald, 713-904-4655
Director of Corporate Development and Investor Relations
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Company’s Wildlife Rehabilitation Program totals more than $500,000 in grants to centers nationwide through its seven-year history
Funds will be used to combat the Avian Influenza, study copper toxicity, build new shelters, purchase nutritious food and more
ORANGE, Conn.--(BUSINESS WIRE)--The Avangrid Foundation, the primary philanthropic arm of leading sustainable energy company AVANGRID, Inc. (NYSE: AGR), today announced a record total of $136,000 in grants to 15 wildlife rehabilitation centers as part of its Wildlife Rehabilitation Program. This is the highest amount of grants ever given in the program’s history. The funds will support operational capabilities and expand outreach to communities within the service area of the AVANGRID family of companies to improve knowledge and awareness of wildlife resources.
“As a leading clean energy company, we acutely understand the importance of environmental stewardship,” said Pablo Colón, director of corporate citizenship and executive director of the Avangrid Foundation. “We are committed to wildlife protection, preserving healthy ecosystems and promoting biological diversity—all of which are essential for a sustainable future. This year’s grantees are making impactful and lasting changes for the good of wildlife and our environment, all in unique ways. We’re thrilled to support their efforts.”
Now in its seventh year, AVANGRID’s Wildlife Rehabilitation Program has given a total of more than $500,000 in grants to centers nationwide. This round of grantees spans ten states: Arizona, California, Connecticut, Maine, New Mexico, New York, Ohio, Oregon, Pennsylvania and Iowa. The grantees will use the funds to:
“The Avangrid Foundation has provided us with this grant at a critical time for wildlife rehabs across the country as we all deal with Highly Pathogenic Avian Influenza (HPAI),” said Laura Hale, president of Badger Run Wildlife Rehab. “The HPAI virus has made it critical for us to be able to quarantine all new avian patients upon admission to avoid spreading this virus throughout our facility. This virus would be deadly to any raptor patients, as well as our entire team of educational avian animal ambassadors. By providing these funds, the Avangrid Foundation will make it possible for us to break ground in Spring 2023 to erect a building specifically dedicated as a quarantine facility on our grounds. This will allow us to safely admit and triage multiple new patients at the same time while keeping them safely separated during the quarantine period. Our most heartfelt thank you to the Avangrid Foundation for helping us continue to care for the sick, injured, and orphaned wildlife of Southern Oregon.”
For more information on the Avangrid Foundation, click here.
About Avangrid Foundation: The Avangrid Foundation is an independent, nonprofit organization that funds philanthropic investments that primarily impact communities where AVANGRID, Inc. (NYSE: AGR) and its subsidiaries operate. Since 2001, the Avangrid Foundation and its predecessors have invested more than $36 million in partnerships that focus on building sustainable, vital and healthy communities; preserving cultural and artistic heritage; advancing education; and improving people’s lives. The Avangrid Foundation is committed to advancing the United Nations Sustainable Development Goals in the United States. For more information, please visit www.avangridfoundation.org.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs more than 7,000 people and has been recognized by JUST Capital in 2021, 2022 and 2023 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2023, AVANGRID ranked first within the utility sector for its commitment to the environment. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth consecutive year by the Ethisphere Institute. AVANGRID is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.
MEDIA CONTACT:
Sarah Warren
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585-794-9253
GOTHENBURG, Sweden--(BUSINESS WIRE)--Polestar (Nasdaq: PSNY) and Rivian (Nasdaq: RIVN) have collaborated on a ‘Pathway Report' which concludes that the automotive industry is set to overshoot the IPCC’s 1.5-degree pathway by at least 75% by 2050. The two pioneering EV makers initiated the report in response to the climate crisis. The report, which uses existing, open-source data to model the current trajectory for emissions stemming from the car industry, was carried out by global management consulting firm Kearney.
Passenger vehicles currently account for 15% of all greenhouse gas (GHG) emissions globally.1 The IPCC has stated that all GHG emissions need to be reduced by 43% by 2030, and the report makes clear that the automotive industry is far off track, and, alarmingly, will have spent its full CO2e budget already by 2035 without urgent action.
Despite the gloomy outlook, the report suggests that the car industry still has a chance to get on track. By redirecting resources and focus, the industry can rapidly build the momentum required to remain in line with the Paris Agreement. The Pathway Report focuses on the current decade and outlines immediate, clear actions that car manufacturers can take between now and 2030, including some that can be triggered immediately.
The data presents a pathway based around three key levers. Lever 1 looks at the speed at which fossil fuel-powered cars need to be replaced by electric cars but points out that this alone will not be enough. A lot more work will be required for levers 2 and 3:
Pulling just one or two levers in isolation will be insufficient and only reduce the overshoot. Collective action from automakers is needed on all three levers, in parallel, at a global level. Firstly, the industry must accelerate the transition to electric vehicles by investing in manufacturing capabilities, as well as implementing a firm end date for fossil fuel car sales globally. Secondly, build out renewable energy supply to global grids that enable EV's to reach their full potential through green charging. Thirdly, decarbonize the manufacturing supply chains for these vehicles through switching to low carbon materials, and investing in renewable energy solutions for supply chains.
Fredrika Klarén, Polestar Head of Sustainability, says: “Car companies may be on different paths when it comes to brand, design, and business strategies, and some won’t even admit that the road to the future is electric. I believe it is, and that the climate crisis is a shared responsibility, and we must look beyond tailpipe emissions. This report makes clear the importance of acting now and together. There’s a clear cost to inaction, but there’s also a financial opportunity for innovators who find new answers to the challenges we face.”
Kearney’s report has also been shared with several of the world’s leading car makers, together with an invitation to a roundtable held at the end of January to discuss areas of collective action. The aim is to find a path towards unprecedented, relevant and collective climate action for the car industry.
Anisa Costa, Rivian’s Chief Sustainability Officer, adds: “The report’s findings are sobering. Our hope is that this report lays the groundwork for the automotive industry to collaborate in driving progress at the pace and scale we need – and ideally inspiring other industries to do the same. Together, I’m confident we can win the race against time.”
The Pathway Report clearly shows the cost of inaction and the strong case for sustainable development. The investment community is moving, and capital flows are shifting from traditional investment to sustainable investment, recognizing an increasing link between sustainable transformation and financial benefits. In 2021, global sustainability investments totaled USD 35.3 trillion, representing over a third of all assets in five of the world’s biggest markets.
Angela Hultberg, global sustainability director at Kearney, says: “We are proud to have been chosen as a trusted expert to develop this report. The result of our modeling clearly shows that the industry needs to accelerate the pace of becoming a low carbon industry. We looked at different scenarios, different data points, and the conclusion is that no matter how you model it, we are far too close for comfort. We sincerely hope this report will be a starting point for the industry to focus on areas where there is agreement and find specific initiatives. It will take collective action to solve some of the issues at hand, and we look forward to seeing what the manufacturers will do in the near future.”
More talks are planned over the coming months. Other car manufacturers interested in partaking can contact This email address is being protected from spambots. You need JavaScript enabled to view it..
Read the full report here.
__________________
1 https://www.kearney.com/automotive/article/-/insights/polestar-and-rivian-pathway-report-
Rivian
Harry Porter (UK)
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Polestar
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DAVIS, Calif.--(BUSINESS WIRE)--BioConsortia, Inc., a recognized leader in the field of gene-editing to unleash the power of microbes for crop protection, nitrogen-fixation and yield improvement, announced today that Dr. Damian Curtis, BioConsortia’s Director of Synthetic Biology and Genomics, will present “Unleashing the Power of Microbes to Meet the World’s Food Needs” at the 5th Annual CRISPR AgBio Congress. The event will take place in San Diego, February 14 to 16, 2023.
Dr. Curtis’ presentation will highlight the company’s recent success in its efforts to design microbes for superior nitrogen-fixing performance. Dr. Curtis, who leads new technology development in strain improvement and engineering for BioConsortia’s next generation of biopesticides, biostimulants and nitrogen fixation products, will also be seeking to connect with potential partners from the seed, fertilizer, and seed treatment industries to discuss ways BioConsortia’s gene-edited microbes can address performance challenges in crop production.
CRISPR AgBio Congress
Date: February 14 – 16, 2023
Conference Link: https://crispr-agbio-conference.com/
For more information on the 5th Annual CRISPR AgBio Congress or to schedule a one-on-one meeting, please contact BioConsortia at This email address is being protected from spambots. You need JavaScript enabled to view it..
ABOUT BIOCONSORTIA:
BioConsortia, Inc. develops superior microbial products that protect plants, enhance fertility, and increase yields while improving the sustainability of agriculture for our environment. Pioneering the use of directed selection within microbial communities, BioConsortia’s patented Advanced Microbial Selection (AMS) process and cutting-edge GenePro genomics and gene-engineering platform enable the company to predict, design, and unleash the natural power of microbes.
BioConsortia’s microbial products deliver superior efficacy, higher consistency, and easier grower adoption. The company’s rich pipeline includes nitrogen fixation microbes to replace synthetic nitrogen fertilizers; nutrient use efficiency and biostimulants to increase crop yields; bionematicides & biofungicides to protect crops from pests and diseases; and products for post-harvest pathogen control to safeguard food waste in the distribution chain, retail store and home. BioConsortia is producing breakthrough solutions for growers in major agricultural markets with multiple environmental benefits.
Media contact: Jon Amdursky
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Consortium Accelerates California’s Climate Leadership and Offers Transformative Benefits to Local Communities
LONG BEACH, Calif.--(BUSINESS WIRE)--Carbon TerraVault Holdings, LLC (CTV), a subsidiary of California Resources Corporation (NYSE: CRC), today announced it has assembled a consortium of organizations across industry, technology, academia, national labs, community, government, and labor, to pursue U.S. Department of Energy (DOE) funding under its Regional Direct Air Capture (DAC) Hubs Initiative to create the California DAC Hub, the state’s first full-scale DAC plus storage (DAC+S) network of regional DAC+S hubs. DAC+S is a solution that can remove and then permanently store atmospheric carbon dioxide (CO2) using low carbon emission energy and provide economic benefits to surrounding communities.
California DAC Hub will help accelerate the Golden State’s climate leadership and achieve its carbon neutrality goal, and prioritize surrounding under-represented California communities through transformative benefits potentially including local air quality improvements, from helping maximize the use of renewable energy; utilization of reclaimed water and/or production of new water; quality union jobs in construction and low carbon energy technologies; and science, technology, engineering, and math (STEM) and energy transition education programs. Through California DAC Hub, the consortium will pursue funding to develop a network of DAC+S hubs across the state under the DOE’s Regional DAC Hubs Initiative, as outlined under the recent $3.5 billion Funding Opportunity Announcement (FOA), to accelerate the commercialization of atmospheric CO2 removal via integrated capture, processing, transport, and secure geologic storage. CO2 from DAC+S hubs will not be used for enhanced oil recovery. Key to the success of the California DAC Hub will be strong relationships with diverse community stakeholders to develop an equitable, just, and environmentally responsible approach to the project.
Non-profit energy research and development institute EPRI intends to submit an application to the DOE on or before March 13, 2023, as specified in the FOA instructions on behalf of the California DAC Hub consortium, including consortium lead CTV Direct, LLC, a wholly owned subsidiary of CTV focused exclusively on DAC+S, and community benefits plan lead Kern Community College District (Kern CCD). The first hub is targeted to launch in Kern County, California, and the consortium will look to expand to other locations across the state. Each hub will provide benefits to surrounding communities, such as high-paying and permanent jobs and training programs for reskilling workers, to help California progress toward its 2030 and 2045 carbon removal goals.
Following Governor Gavin Newsom’s call for more ambitious climate action, the California Air Resources Board (CARB) released its updated California Climate Plan to implement the most ambitious climate action of any jurisdiction in the world, including annual carbon removal/capture targets of 20 million metric tonnes (MT) of CO2 equivalent by 2030 and 100 million MT by 2045. According to the Intergovernmental Panel on Climate Change (IPCC), carbon removal methods such as DAC+S are key to mitigation pathways aimed at keeping global warming to below 1.5 degrees Celsius. In its 2022 Scoping Plan For Achieving Carbon Neutrality, CARB quoted the IPCC saying, “The deployment of CDR [carbon dioxide removal] to counterbalance hard-to-abate residual emissions is unavoidable if net zero CO2 or GHG [greenhouse gas] emissions are to be achieved.” California DAC Hub, combined with permanent geological storage, will be essential to executing on those ambitions and helping build a clean and equitable energy economy that benefits all California communities.
The blueprint for expanding DAC+S throughout California leverages the significant ongoing investments in the San Joaquin Valley community, including:
Led by CTV Direct, Kern CCD and EPRI, the consortium includes the following organizations and may expand as appropriate based on further community engagement and future regional hub locations: Industry – Accenture, AECOM, Bloom Energy, Brookfield Renewable, Carbon TerraVault, EPRI, GeothermEx, GreenFire Energy, Pacific Gas and Electric (PG&E), Sage Geosystems, and Southern California Gas Company (SoCalGas); Technology – Avnos and Climeworks; Academia – Bakersfield College, CSUB, Taft College, and the University of California, Los Angeles (UCLA) Institute for Carbon Management; National Labs – Lawrence Livermore National Laboratory (LLNL), Livermore Lab Foundation (LLF), National Renewable Energy Laboratory (NREL), and Pacific Northwest National Laboratory (PNNL); Community – B3K Prosperity, CAPK, Greater Bakersfield Chamber of Commerce, Kern CCD, Kern County Black Chamber of Commerce, Kern County Hispanic Chamber of Commerce (KCHCC), Mexican American Opportunity Foundation (MAOF), National Impact Mentoring and Training Program (NIMTP), and the Tejon Indian Tribe; Government – City of Bakersfield, Kern Economic Development Corporation (KEDC), and the West Kern Water District (WKWD); and Labor – Employers’ Training Resource (ETR), International Brotherhood of Electrical Workers (IBEW) - Local 428; International Union of Operating Engineers - Local 12, Kern, Inyo, Mono Counties Building Trades Council, and the State Building and Construction Trades Council of California (SBCTC).
“Governor Newsom has set the most ambitious targets for California of any state in the nation – and in the world – to rapidly and permanently remove carbon from the atmosphere, and California DAC Hubs will be essential to helping achieve the Governor’s goals,” said Mac McFarland, CRC President and Chief Executive Officer. “According to the International Energy Agency (IEA), carbon removal technologies such as DAC+S are expected to be critical in the transition to a decarbonized economy. We have an unprecedented consortium of project participants who are committed to working together to create DAC+S hubs across the state, accelerate the energy transition and benefit working families throughout our California communities.”
“The ‘community’ in community colleges is a real answer for good jobs with equity and the development of the future energy workforce,” said Sonya Christian, Chancellor, Kern Community College District. “Kern CCD is well-positioned to do the important work to ensure the California DAC Hub project is grounded in authentic partnerships between community and industry and provides educational and workforce opportunities that will lead to economic mobility for the people and communities we serve.”
“Preserving affordability and reliability on the path to net-zero rests on deploying every tool in the carbon reduction toolbox,” said Neva Espinoza, Vice President, Energy Supply and Low-Carbon Resources, EPRI. “Advancing the development of direct air capture technology through collaborative innovation could bring net-zero one step closer by offsetting emissions from hard-to-decarbonize sources.”
“It is very exciting that these organizations are working together cross-functionally to not only provide a carbon removal and storage solution but doing so using low carbon energy and providing economic benefits to California communities,” said California State Treasurer Fiona Ma. “This project is more than a shared DAC infrastructure project; it serves as a hub model that delivers community benefits and jobs for other parts of the U.S. that also face climate change induced challenges.”
CTV is committed to engaging with our community-based organizations and including them throughout the development of the California DAC Hub and future associated regional hubs. Open and meaningful dialogue with our diverse stakeholders is a priority for the consortium as we expand participation of organizations and local communities.
Guggenheim Securities, LLC is acting as financial advisor for CRC in connection with the formation of CTV Direct and the development of the California DAC Hub consortium.
About Carbon TerraVault Holdings
Carbon TerraVault Holdings, LLC (CTV), a subsidiary of CRC, provides services that include the capture, transport and storage of carbon dioxide for its customers. CTV is engaged in a series of CCS projects that inject carbon dioxide (CO2) captured from industrial sources into depleted underground reservoirs and permanently store CO2 deep underground. CTV Direct is a wholly owned subsidiary of CTV focused on direct air capture. For more information, visit www.carbonterravault.com.
About EPRI
Founded in 1972, EPRI is the world's preeminent independent, non-profit energy research and development organization, with offices around the world. EPRI's trusted experts collaborate with more than 450 companies in 45 countries, driving innovation to ensure the public has clean, safe, reliable, affordable, and equitable access to electricity across the globe. Together, we are shaping the future of energy.
About Kern Community College District
Kern Community College District (Kern CCD) serves more than 33,000 students in communities over 24,800 square miles in parts of Kern, Tulare, Inyo, Mono and San Bernardino counties through the programs of Bakersfield College, Cerro Coso College, and Porterville College.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that we believe to be “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. All statements other than historical facts are forward-looking statements, and include statements regarding our future financial position, business strategy, projected revenues, earnings, costs, capital expenditures and plans and objectives of management for the future. Words such as “expect,” “could,” “may,” "anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” "see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy” or similar expressions are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Although CRC believes the expectations and forecasts reflected in our forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include, but are not limited to: legislative or regulatory changes, including those related to direct air capture and the availability of related tax credits; our ability to successfully develop and finance direct air capture projects, including our ability to obtain funding from the federal government and other financing sources; availability or timing of, or conditions imposed on, permits and approvals necessary for direct air capture and other carbon management projects; and the other risks and uncertainties set forth in the CRC’s Annual Report on Form 10-K for the year ended December 31, 2021 (especially in Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations) and in the CRC’s other filings with the SEC. There may be other factors of which CRC is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. CRC does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement.
Richard Venn (Media)
818-661-6014
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Joanna Park (Investor Relations)
818-661-3731
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Auto Show Returns After Two-year Hiatus to New Venue on New Dates
SANTA CLARA, Calif.--(BUSINESS WIRE)--The Silicon Valley Auto Show returns to the Bay Area, after a two-year hiatus, with a collection of some of the latest cars, trucks, crossovers, SUVs, electric vehicles, exotics and more. The show is back and celebrating all things cars and tech at its new location, the Santa Clara Convention Center, with plenty of free parking. Set to take place Friday, February 17 through Sunday, February 19, 2023, this is the place to check out many of the 2023-new model vehicles in a non-selling environment.
“While much of today’s headlines focus on high priced vehicles, there are many affordable new car choices to check out including an abundance of affordable fuel-sipping new cars too – 40, 50 or even 60 miles per gallon is common in today’s hybrid and plug-in hybrid vehicles,” said Kelly Blue Book Executive Editor Brian Moody “Trucks, hybrids, electric vehicles, high performance and high tech, the Silicon Valley Auto Show really does have something for everyone.”
Product specialists from leading automotive manufacturers will be at the auto show to answer questions and provide information. From all-electric vehicles to large trucks, attendees are invited to sit behind wheels, inspect engines, experience new technologies.
A lineup of all-new gas and electric vehicles will be available for test drives right at the show. Licensed drivers are invited to get a feel for the performance and handling of several new models from Toyota, Polestar, and Kia, including Kia’s all-electric EV6 and Niro EV. New this year, the all-electric Polestar 2 will be available for test drives, courtesy of Polestar San Jose.
A collection of exotics will turn heads at the auto show with models from McLaren, Porsche, Ferrari, and more. Additionally, car fans will enjoy a showcase of custom tricked-out cars with wild paint jobs and custom modifications, courtesy of Spider Custom Cars.
The Silicon Valley Auto Show takes place at its new location, the Santa Clara Convention Center, 5001 Great America Parkway, Santa Clara, CA 95054 (next to Levi’s Stadium). Free parking available onsite. The Silicon Valley Auto Show is owned and presented by the Silicon Valley Automobile Dealers Association and sponsored by CEFCU. Visit www.svautoshow.com.
DeeDee Taft
Spin Communications
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o) 415-380-8390
Utilities can achieve over 300 percent ROI for load shifting with Bidgely’s comprehensive EV Solution
SAN DIEGO--(BUSINESS WIRE)--Bidgely today introduced electric vehicle (EV) Active Managed Charging to its award-winning UtilityAI™ EV Solution at DistribuTECH, the world’s premier event that connects utilities to future-ready solutions. New Active Managed Charging (also known as direct load control) is now part of Bidgely’s end-to-end EV Solution that also includes: EV Detection and Targeting, EV Passive Managed Charging (behavioral load shift) and EV Grid Analytics. Active Managed Charging can be launched in just weeks without data integration as a turn-key standalone application. Over 25 OEMs are available for data connection with seven available for active control: Ford, Hyundai, Jaguar, Land Rover, Toyota, Tesla, VW.
As the industry’s only complete and proven approach to EV engagement and management, Bidgely’s EV Solution accurately targets high-peak charging customers for incentive programs using the company’s patented AI-powered EV disaggregation technology. By delivering 90 percent or better accuracy in identifying customers with EVs on the grid and providing behind-the-meter visibility into their charging behaviors, Bidgely’s EV Solution provides utilities the ability to better target their highest-value customers for load-shift programs, reducing program costs from an average of ~$225/kW to ~$65/kW.
“The EV revolution is going to have a rapid and profound impact on load pressure, grid resilience and decarbonization. This will mean that utilities will need to take a smart and integrated approach to EV engagement and management, at a pace they have not historically moved,” said Bidgely CEO Abhay Gupta. “The only way to do this rapidly at the scale this revolution demands is by harnessing the power of data and AI to empower smarter energy decisions in an integrated and connected way.”
While other EV solutions rely on a patchwork of partners and technology that drive up costs, complexity, and time-to-value, the introduction of Active Managed Charging means Bidgely now provides an end-to-end solution for the smart integration of EVs onto the grid. This approach helps utilities to:
Bidgely has partnered with a range of utilities to help them realize sustainable load shift through the intersection of AI and EV consumer behavior influence. A tier one investor-owned utility reported over 90 percent accuracy in EV detection and estimation, with a 75 percent load-shift from on-peak to off-peak. Now, 97 percent of all EV charging is occurring off-peak.
To learn more about Bidgely’s new EV Active Managed Charging, visit: bidgely.com/resources/ev-active-managed-charging-with-telematics-solution-brief
Bidgely at DistribuTECH 2023
Visitors to DistribuTECH can join Bidgely at the event alongside notables like Duke Energy, Ameren, Southern California Edison, the Department of Energy and more in a series of live sessions and demonstrations. Attendees of yesterday’s SECC 2023 Best Practices Awards ceremony, where Bidgely’s EV Solution was honored as the winner for the Smart Energy Innovation category in collaboration with United Illuminating, can also schedule a meeting with Bidgely at DistribuTECH by visiting: bidgely.com/events/dtech.
About Bidgely
Bidgely is an AI-powered SaaS Company accelerating a clean energy future by enabling energy companies and consumers to make data-driven energy-related decisions. Powered by our unique patented technology, Bidgely's UtilityAI™ Platform transforms multiple dimensions of customer data - such as energy consumption, demographic, and interactions - into deeply accurate and actionable consumer energy insights. We leverage these insights to empower each customer with personalized recommendations, tailored to their individual personality and lifestyle, usage attributes, behavioral patterns, purchase propensity, and beyond. From a Distributed Energy Resources (DER) and Grid Edge perspective, Bidgely is advancing smart meter innovation with data-driven solutions for solar PVs, EV detection, EV behavioral load shifting and managed charging, energy theft, short-term load forecasting, grid analytics, and TOU rate designs. Bidgely’s UtilityAI™ energy analytics provides deep visibility into generation, consumption for better peak load shaping and grid planning, and delivers targeted recommendations for new value-added products and services. With roots in Silicon Valley, Bidgely has over 17 energy patents, $75M+ in funding, retains 30+ data scientists, and brings a passion for AI to utilities serving residential and commercial customers around the world. For more information, please visit www.bidgely.com or the Bidgely blog at bidgely.com/blog.
Christine Bennett
Bidgely
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CANONSBURG, Pa.--(BUSINESS WIRE)--Equitrans Midstream Corporation (NYSE: ETRN) will release its fourth quarter and full-year 2022 earnings information on Tuesday, February 21, 2023, and will also host a conference call with analysts and investors at 10:30 am (ET). A brief Q&A session for security analysts will immediately follow the results discussion.
Call Access: An audio live stream of the call will be available on the internet, and participants are encouraged to pre-register online, in advance of the call, at: Q4/Full-Year 2022 Webcast. A link to the audio live stream will be available on the Investors page of Equitrans' website the day of the call.
Security Analysts :: Dial-In Participation
To participate in the Q&A session, security analysts may access the call in the U.S. tollfree at (888) 330-3573; and internationally at (646) 960-0677. The Equitrans conference ID is 6625542.
All Other Participants :: Webcast Registration
Please Note: For optimal audio quality, the webcast is best supported through Google Chrome and Mozilla Firefox browsers.
An updated investor presentation will be available on Equitrans Midstream's Investor Relations website the day of the call.
Call Replay: For 14 days following the call, an audio replay will be available at (800) 770-2030 or (647) 362-9199. The Equitrans Midstream conference ID is 6625542.
About Equitrans Midstream Corporation
Equitrans Midstream Corporation has a premier asset footprint in the Appalachian Basin and, as the parent company of EQM Midstream Partners, is one of the largest natural gas gatherers in the United States. Through its strategically located infrastructure assets in the Marcellus and Utica regions, Equitrans has an operational focus on gas transmission and storage systems, gas gathering systems, and water services that support natural gas development and production across the Basin. With a rich 140-year history in the energy industry, Equitrans was launched as a standalone company in 2018 with a vision to be the premier midstream services provider in North America. While working to meet America's growing need for clean-burning energy, Equitrans is proud of its environmental, social, and governance (ESG) practices, striving every day to preserve and protect the environment, provide an engaging workplace for its employees, support and enrich its local communities, and to deliver sustained value for customers and shareholders.
Visit www.equitransmidstream.com; and to learn more about our ESG practices visit Equitrans Sustainability Reporting.
Analyst/Investor inquiries:
Nate Tetlow – Vice President, Corporate Development and Investor Relations
412-553-5834
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Media inquiries:
Natalie A. Cox – Communications and Corporate Affairs
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Cognite advances delivery of simple access to complex industrial data with the latest release of its Industrial DataOps Platform, Cognite Data Fusion®
OSLO, Norway & AUSTIN, Texas--(BUSINESS WIRE)--#Data--Cognite, a global leader in industrial software, today announced data product-based, advanced data modeling capabilities coming to its Industrial DataOps platform, Cognite Data Fusion®. Data modeling is critical to build and maintain a standards-based Open Industrial Digital Twin. Managing data models as data products accelerates deployments and drives down the costs and complexity of industrial digital solution scaling through standardization and governance.
Cognite Data Fusion® enables multiple data users to leverage common data in their unique tools and workflows, all from a single, trusted source. It allows them to build data products and populate data models that reduce the complexity of developing and scaling a wide variety of Asset Performance Management (APM) solutions across the enterprise. Cognite Data Fusion® makes it easy for industrial companies to establish sound DataOps practices where the experts who know the data – data engineers and architects – collaborate with the experts who know the business context of the data – the subject matter experts and data scientists.
Previously, application developers and data scientists needed to query, filter, and stage data explicitly for their needs. With advanced data modeling practices, the data consumers who use these solutions can find and interpret data more easily than ever before. Thanks to the more robust search, filter, sorting, and aggregation capabilities, asset-heavy organizations can build, deploy, and scale industrial digital solutions 10-25x faster, resulting in 400% ROI, as identified by the Forrester Total Economic Impact™ study.
“With the latest updates to Cognite Data Fusion®, we continue to make it easier to synchronize IT and OT systems and provide simple access to complex industrial data,” said Moe Tanabian, Chief Product Officer at Cognite. “Cognite Data Fusion® makes it simple to connect to and operate data flows for a number of industry solutions. In this release, you’ll see a specific focus on features that help optimize production, reliability, maintenance, and environmental KPIs.”
Book a 30-minute Cognite Value Review for a complimentary consultation to uncover the economic impact your organization can expect from Cognite Data Fusion®: www.cognite.com/en/value-review
About Cognite
Cognite is a global industrial SaaS company that was established with a clear vision: to rapidly empower industrial companies with contextualized, trustworthy, and accessible data to help drive the full-scale digital transformation of asset-heavy industries around the world. Our core Industrial DataOps platform, Cognite Data Fusion®, enables industrial data and domain users to collaborate quickly and safely to develop, operationalize, and scale industrial AI solutions and applications to deliver both profitability and sustainability. Visit us at www.cognite.com and follow us on Twitter and LinkedIn.
Michelle Holford
Vice President, Global PR Cognite
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DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or the “Company”) today announced it will report fourth quarter and full year 2022 financial results on Monday, February 27, 2023, after market close. The Company’s press release will be available on the Primoris website at www.prim.com.
In conjunction with the press release, management will host a conference call and webcast on Tuesday, February 28, 2023, at 9:00 a.m. U.S. Central Time (10:00 a.m. U.S. Eastern Time), to discuss the Company’s fourth quarter and full year 2022 results and its business outlook for 2023.
Interested parties are invited to dial-in at 1-888-330-3428, or from outside the U.S. at 1-646-960-0679, using access code: 7581464, or by asking for the Primoris conference call. A link to the webcast will be accessible from the “Investors” section of the Company’s website at www.prim.com.
A replay of the conference call will be available Tuesday, February 28, 2022, beginning at 5:00 p.m. U.S. Central Time for seven days. The phone number for the conference call replay is 1-800-770-2030 or, for calls from outside the U.S., 1-647-362-9199, using access code: 7581464. The replay of the webcast will also be available on the Company’s website following the end of the live call.
About Primoris
Primoris Services Corporation is a leading specialty contractor providing critical infrastructure services to the utility, energy/renewables and pipeline services markets throughout the United States and Canada. The Company supports a diversified base of blue-chip customers with engineering, procurement, construction and maintenance services. A focus on multi-year master service agreements and an expanded presence in higher-margin, higher-growth markets such as utility-scale solar facility installations, renewable fuels, power delivery systems and communications infrastructure have also increased the Company’s potential for long-term growth. Additional information on Primoris is available at www.prim.com.
Blake Holcomb
Vice President, Investor Relations
214-545-6773
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HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) announced today that it will host its fourth quarter and full year 2022 earnings conference call at 10:00 a.m. Central Standard Time on Tuesday, February 21, 2023. FET will issue a press release regarding its fourth quarter and full year 2022 earnings prior to the conference call.
The call will be webcast through the Investor Relations link on FET’s website at ir.f-e-t.com.
Important note regarding the process for asking questions during the conference call: Participants who want to ask a question during the call should register on FET’s Investor Relations website page or click here to receive the dial-in numbers and a unique PIN. Participants are encouraged to join the call approximately ten minutes prior to its start time. A replay of the call will be available on the Investor Relations website beginning on February 21, 2023, at approximately 5:00 p.m. Central Standard Time.
FET is a global company, serving the oil, natural gas, industrial and renewable energy industries. FET provides value added solutions that increase the safety and efficiency of energy exploration and production. We are an environmentally and socially responsible company headquartered in Houston, TX with manufacturing, distribution and service facilities strategically located throughout the world. For more information, please visit www.f-e-t.com.
Rob Kukla
Director Investor Relations
281.994.3763
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Self-mined 157 Bitcoin in January 2023, a >25% increase over December 2022
Deployed fleet of 18,000 miners exceeding hash rate capacity of 2.0 EH/s as of January 31, 2023
Energization of the Nautilus Cryptomine facility remains on track for Q1 2023
Continued focus on expanding to 5.5 EH/s of operating capacity with 50,000 self-miners
Average power cost per Bitcoin of $9,470 in January 2023 reinforcing industry-leading power costs
EASTON, Md.--(BUSINESS WIRE)--$WULF #Bitcoin--TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, domestic bitcoin mining facilities powered by more than 91% zero-carbon energy, today provided an unaudited monthly production and operations update for January 2023.
January 2023 Highlights
Key Metrics |
October 2022 |
November 2022 |
December 2022 |
January 20231 |
|
Bitcoin (Self-Mined) |
119 |
134 |
125 |
157 |
|
Self-Mining Revenue ($M) |
$2.3 |
$2.4 |
$2.1 |
$3.1 |
|
Hosting Revenue ($M) |
$0.9 |
$0.7 |
$0.6 |
$0.7 |
|
Power Cost ($M) |
$2.0 |
$1.4 |
$2.2 |
$2.0 |
|
Avg. Operating Hash Rate (EH/s) |
1.6 |
1.9 |
1.5 |
2.0 |
|
Revenue per Bitcoin |
$19,646 |
$17,617 |
$17,005 |
$19,930 |
|
Power Cost per Bitcoin |
$11,060 |
$6,151 |
$12,984 |
$9,470 |
|
1 January 2023 results are based on estimated power costs, which remain subject to standard month end adjustments. |
|||||
“TeraWulf made remarkable operational advancements in January as we continued to make significant progress towards expanding capacity at Lake Mariner with the addition of Building 2, and energization of the Nautilus Cryptomine facility, which will be the first behind the meter bitcoin mining facility utilizing low cost, zero-carbon nuclear power at scale in the U.S.,” stated Paul Prager, Co-founder and Chief Executive Officer of TeraWulf.
“In 2023, our plan is to aggressively expand and efficiently operate our deployed hash rate as we receive and install the remaining miner shipments and ramp our two Bitcoin mining facilities with the goal of reaching 5.5 EH/s of sustainable, low-cost operating capacity in early Q2 2023,” added Paul Prager.
Production and Operations Update
As of January 31, 2023, the Company operated approximately 18,000 Bitcoin miners with hash rate capacity of approximately 2.0 EH/s at its Lake Mariner facility. Of these miners, approximately 11,500 are wholly owned with a hash rate capacity of approximately 1.4 EH/s. The remaining approximately 6,500 miners are hosted, for which the Company receives a hosting fee and share of the mining profit.
During the month of January, the Company received approximately 6,100 miners from Bitmain Technologies Limited (“Bitmain”) and is scheduled to receive an additional 15,900 miners in Q1 2023, which will result in a total of approximately 34,000 miners at its Lake Mariner facility and 16,000 miners at its Nautilus facility. Delivery of the remaining miners will conclude TeraWulf’s existing miner purchase agreements with Bitmain and is expected to fully utilize the Company’s 160 MW of infrastructure capacity available in early Q2 2023.
TeraWulf’s power cost in January 2023 corrected to more normalized levels following severe weather and price volatility in late December 2022. Increasingly supportive market fundamentals, forward power curves, and near-term energization of the Nautilus Cryptomine facility (with a fixed power cost of $0.02/kWh) reinforce the Company’s targeted average power cost of approximately $0.035/kWh in 2023.
“These severe weather events highlight why location is so critical and we built where there’s plenty of zero-carbon, baseload energy to maintain our advantage over the long run. That’s what you are seeing when our power costs drop so quickly after major weather events,” said Kerri Langlais, Chief Strategy Officer of TeraWulf. The Company also finalized its enrollment in two additional ancillary service programs with the New York Independent System Operator (NYISO). “We continue to focus on innovative ways for our business to help make the grid more resilient,” Langlais added.
Infrastructure and Miner Energization Update
As previously reported, the Company is in the final stages of construction at its two Bitcoin mining sites and expects to have a total operational capacity of 50,000 miners (5.5 EH/s) in early Q2 2023, representing approximately 160 MW of power demand. Today, the Company’s wholly-owned Lake Mariner facility has approximately 60 MW of operational mining capacity, and TeraWulf expects to reach 110 MW of capacity at the facility in early Q2 2023. The Nautilus Cryptomine facility, a joint venture with Talen Energy Corporation, is in the initial stages of ramping its mining operations and is expected to provide 50 MW of net mining capacity to TeraWulf in Q2 2023, representing the Company’s 25% interest in the joint venture.
Expansion at Existing Sites
TeraWulf is currently evaluating options for utilizing approximately 130 MW of available expansion capacity at its existing sites for further hash rate growth. The Lake Mariner facility has 80 MW of near-term expansion capability with the addition of Building 3 and utilization of existing warehouse space, for which the Company has already commenced development activities. TeraWulf also retains an option to expand its net capacity at the Nautilus facility by an additional 50 MW.
About TeraWulf
TeraWulf (Nasdaq: WULF) owns and operates vertically integrated, environmentally clean Bitcoin mining facilities in the United States. Led by an experienced group of energy entrepreneurs, the Company is currently operating and/or completing construction of two mining facilities: Lake Mariner in New York, and Nautilus Cryptomine in Pennsylvania. TeraWulf generates domestically produced Bitcoin powered by nuclear, hydro, and solar energy with a goal of utilizing 100% zero-carbon energy. With a core focus on ESG that ties directly to its business success, TeraWulf expects to offer attractive mining economics at an industrial scale.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (8) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (9) employment workforce factors, including the loss of key employees; (10) litigation relating to TeraWulf, RM 101 f/k/a IKONICS Corporation and/or the business combination; (11) the ability to recognize the anticipated objectives and benefits of the business combination; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.
Company Contact:
Sandy Harrison
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(410) 770-9500
The Digi IX10 Cellular Router Supports CBRS or Anterix Bands for Smart Grid Applications that Bring Scalability, Reliability, and Agility to Power Infrastructure
SAN DIEGO--(BUSINESS WIRE)--Expanding its portfolio of solutions to support private cellular networks, Digi International (NASDAQ: DGII), a leading global provider of Internet of Things (IoT) solutions, connectivity products, and services, today launched new versions of its widely adopted Digi IX10 cellular router at DistribuTECH 2023. The new solution enables electric utilities to deploy private cellular networks that leverage the CBRS Band 48 shared spectrum or Anterix Band 8 900 MHz licensed spectrum.
Building upon its expansive portfolio of Private Cellular Network (PCN) enabled devices, Digi IX10 is a full-featured cellular router combining trouble-free reliability with long service life. Flexible power and connectivity options make it a versatile and cost-effective choice for electric utilities, smart-grid equipment manufacturers, and other stakeholders that need to secure critical infrastructure data transmission over private cellular networks — including variants for Anterix 900 MHz licensed spectrum and CBRS 3.5 GHz spectrum.
“In the utilities market, private broadband is rapidly emerging as a must-have for grid modernization efforts,” said Carlos L'Abbate, CTO from Anterix. “As the nation’s largest holder of licensed spectrum in the 900 MHz band, our Anterix Active Ecosystem welcomes Digi’s latest addition to its portfolio of PCN-enabled routers. Together, Digi and Anterix are uniquely positioned to help utilities achieve secure, resilient and customer-controlled operations.”
The new Digi solution is ideal for a range of use cases in the industrial and utilities sectors, including transmission and distribution automation, connecting grid assets, metering, power quality monitoring, and remote instrumentation, as well as EV charging, solar farms, and other utilities applications that require greater intelligence, visibility, and edge computing.
“When it comes to modernizing our grid infrastructure, connectivity remains among the most important requirements,” said Kinana Hussain, Vice President of Product Management, from Digi International. “The latest model of the Digi IX10 expands our PCN device portfolio and, coupled with Digi Remote Manager, reaffirms our commitment to providing the smart and affordable connectivity needed by stakeholders in the electric utilities industry.”
Digi’s PCN solutions feature Digi Remote Manager® (Digi RM), the command center enabling the orchestration, management, and visibility of PCN devices. Digi RM enables low/no-touch provisioning, mass configuration, maintenance, and support, even for thousands of devices. With Digi RM, utilities can evaluate, update, and configure Digi devices while gaining visibility into network health. Digi also offers an on-premise remote management option for deployments requiring full control, and customization of their networking infrastructure.
“Digi International has been a prominent member of the OnGo Alliance for many years,” said Alan Ewing, Executive Director of the OnGo Alliance. “The launch of the Digi IX10 for CBRS marks another milestone in the continued adoption of 4G LTE and 5G solutions using shared spectrum. This addition to the company’s broad portfolio of PCN solutions will offer utilities – and other companies as well – more deployment options as they strive to improve the resiliency of the nation’s grid infrastructure.”
IX10 Features & Benefits:
For pricing information, contact Digi International.
About Digi International
Digi International (NASDAQ: DGII) is a leading global provider of IoT connectivity products, services, and solutions. It helps companies create next-generation connected products and deploy and manage critical communications infrastructures in demanding environments with high levels of security and reliability. Founded in 1985, Digi has helped customers connect more than 100 million things and counting. For more information, visit www.digi.com.
Peter Ramsay
Global Results Communications
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949.307.5908
DALLAS--(BUSINESS WIRE)--Atmos Energy Corporation (NYSE: ATO) said today that its Board of Directors declared a quarterly dividend on the company’s common stock of 74.0 cents per share. The indicated annual dividend is $2.96.
The dividend will be paid on March 6, 2023, to shareholders of record on February 20, 2023. This is the company’s 157th consecutive quarterly dividend.
Atmos Energy Corporation, an S&P 500 company headquartered in Dallas, is the country’s largest natural gas-only distributor. We safely deliver reliable, affordable, efficient and abundant natural gas to more than 3 million distribution customers in over 1,400 communities across eight states located primarily in the South. As part of our vision to be the safest provider of natural gas services, we are modernizing our business and infrastructure while continuing to invest in safety, innovation, environmental sustainability and our communities. Atmos Energy manages proprietary pipeline and storage assets, including one of the largest intrastate natural gas pipeline systems in Texas. Find us online at http://www.atmosenergy.com, Facebook, Twitter, Instagram and YouTube.
Analyst and Media Contact:
Dan Meziere
(972) 855-3729
NEW YORK--(BUSINESS WIRE)--Giga Carbon Neutrality Inc. (“GCN”) today announced a USD500 Million capital commitment from GEM Global Yield LLC SCS ("GEM"), the Luxembourg based private alternative investment group, in the form of a Share Subscription Facility (“SSF”). Under the agreement, GEM will provide GCN with a Share Subscription Facility of up to USD 500 Million of GCN’s common stock.
Martin Wade, Chairman of GCN, commented: “The world is embracing rapid industrial transformation brought about by new energy systems and their integration into various industry sectors. GCN has strong and comprehensive technical expertise in commercial vehicles and equipment. With its intelligent V2X (vehicle-connected-to-everything) technology and its smart IoT (internet of things) systems, GCN is a pioneer committed to becoming a total solution provider including vehicle equipment manufacturing, comprehensive technologies, operation platforms, energy data and carbon credit services. The SSF provided by GEM demonstrates investors’ confidence in GCN’s prospects and the company’s ability to build out its leading status as a provider of intelligent new energy commercial solutions. The SSF will allow us to finance cutting-edge technology capabilities and substantial expansion of service platform and sales.”
About GCN
GCN, together with its affiliates, provides solutions of new energy commercial vehicle equipment and comprehensive services to clients globally. GCN acts as a service and product integrator in the global intelligent commercial transportation and equipment market to efficiently realize customers’ carbon neutrality goals. GCN and its partners offer vehicle equipment manufacturing, comprehensive technologies, operation platforms, energy data and carbon credit services. For more information, please visit the website: https://gigacarbonneutrality.com/
About GEM
Global Emerging Markets (“GEM”) is a Luxembourg based private alternative investment group with offices in Paris, New York and The Bahamas. GEM manages a diverse set of investment vehicles focused on emerging markets and has completed over 525 transactions in 72 countries. Each investment vehicle has a different degree of operational controls, risk-adjusted returns, and liquidity profiles. The family of funds and investment vehicles provide GEM and its partners with exposure to: Small-Mid Cap Management Buyouts, Private Investments in Public Equities and select venture investments.
For more information: http://www.gemny.com
GCN
Name: Mr. Timothy Poor
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
DALLAS--(BUSINESS WIRE)--Atmos Energy Corporation (NYSE: ATO) today reported consolidated results for its first fiscal quarter ended December 31, 2022.
Highlights
Outlook
“Our first quarter results, reflect the dedication, focus and effort of all 4,800 Atmos Energy employees as we continued modernizing our natural gas distribution, transmission, and storage systems on our journey to be the safest provider of natural gas services," said Kevin Akers, President and CEO of Atmos Energy. "We remain well positioned to achieve our fiscal 2023 earnings per share guidance," Akers concluded.
Results for the Three Months Ended December 31, 2022
Consolidated operating income increased $45.3 million to $321.2 million for the three months ended December 31, 2022, compared to $275.9 million in the prior year, primarily due to rate outcomes in both segments and customer growth in our distribution segment, partially offset by increased operation and maintenance and higher depreciation and property tax expenses due to increased capital investments.
Distribution operating income increased $41.3 million to $231.8 million for the three months ended December 31, 2022, compared with $190.5 million in the prior-year quarter, primarily due to a $57.5 million increase in rates, a $5.7 million decrease in refunds of excess deferred taxes to customers and customer growth of $2.4 million, partially offset by a $13.2 million increase in operation and maintenance expense driven primarily by pipeline system maintenance and increased administrative costs and a $16.0 million increase in depreciation and property tax expenses.
Pipeline and storage operating income increased $4.0 million to $89.4 million for the three months ended December 31, 2022, compared with $85.4 million in the prior year. Key operating drivers for this segment include a $21.0 million increase from our GRIP filing approved in fiscal 2022, partially offset by a $12.6 million increase in operation and maintenance expense driven primarily by system maintenance spending and a $4.4 million increase in depreciation and property tax expenses.
Capital expenditures increased $111.5 million to $795.7 million for the three months ended December 31, 2022, compared with $684.2 million in the prior year, due to increased system modernization and expansion spending.
For the three months ended December 31, 2022, the company generated operating cash flow of $188.9 million, compared to $61.8 million in the prior-year quarter. The year-over-year increase primarily reflects working capital changes, including the timing of payments for natural gas purchases and deferred gas cost recoveries and the positive effects of successful rate case outcomes achieved in the prior year.
Our equity capitalization ratio at December 31, 2022 decreased to 52.9%, from 53.6% at September 30, 2022, due to $220.0 million in equity issuances under our forward equity agreements, partially offset by the issuance of $500 million of 5.75% senior notes and $300 million of 5.45% senior notes in October 2022. Excluding the $2.2 billion of incremental financing issued to pay for the purchased gas costs incurred during Winter Storm Uri, our equity capitalization ratio was 60.0% and 61.3% at December 31, 2022 and September 30, 2022.
Conference Call to be Webcast February 8, 2023
Atmos Energy will host a conference call with financial analysts to discuss the fiscal 2023 first quarter financial results on Wednesday, February 8, 2023, at 9:00 a.m. Eastern Time. The domestic telephone number is 877-407-3088 and the international telephone number is 201-389-0927. Kevin Akers, President and Chief Executive Officer, and Chris Forsythe, Senior Vice President and Chief Financial Officer, will participate in the conference call. The conference call will be webcast live on the Atmos Energy website at www.atmosenergy.com. A playback of the call will be available on the website later that day.
Forward-Looking Statements
The matters discussed in this news release may contain “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. All statements other than statements of historical fact included in this news release are forward-looking statements made in good faith by the company and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. When used in this news release or any of the company’s other documents or oral presentations, the words “anticipate”, “believe”, “estimate”, “expect”, “forecast”, “goal”, “intend”, “objective”, “plan”, “projection”, “seek”, “strategy” or similar words are intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in this presentation, including the risks relating to regulatory trends and decisions, the company’s ability to continue to access the credit and capital markets, and the other factors discussed in the company’s reports filed with the Securities and Exchange Commission. These risks and uncertainties include the following: federal, state and local regulatory and political trends and decisions, including the impact of rate proceedings before various state regulatory commissions; increased federal regulatory oversight and potential penalties; possible increased federal, state and local regulation of the safety of our operations; possible significant costs and liabilities resulting from pipeline integrity and other similar programs and related repairs; the inherent hazards and risks involved in distributing, transporting and storing natural gas; the availability and accessibility of contracted gas supplies, interstate pipeline and/or storage services; increased competition from energy suppliers and alternative forms of energy; failure to attract and retain a qualified workforce; natural disasters, terrorist activities or other events and other risks and uncertainties discussed herein, all of which are difficult to predict and many of which are beyond our control; increased dependence on technology that may hinder the Company's business if such technologies fail; the threat of cyber-attacks or acts of cyber-terrorism that could disrupt our business operations and information technology systems or result in the loss or exposure of confidential or sensitive customer, employee or Company information; the impact of new cybersecurity compliance requirements; adverse weather conditions; the impact of greenhouse gas emissions or other legislation or regulations intended to address climate change; the impact of climate change; the capital-intensive nature of our business; our ability to continue to access the credit and capital markets to execute our business strategy; market risks beyond our control affecting our risk management activities, including commodity price volatility, counterparty performance or creditworthiness and interest rate risk; the concentration of our operations in Texas; the impact of adverse economic conditions on our customers; changes in the availability and price of natural gas; and increased costs of providing health care benefits, along with pension and postretirement health care benefits and increased funding requirements.
Accordingly, while we believe these forward-looking statements to be reasonable, there can be no assurance that they will approximate actual experience or that the expectations derived from them will be realized. Further, the company undertakes no obligation to update or revise any of our forward-looking statements whether as a result of new information, future events or otherwise.
About Atmos Energy
Atmos Energy Corporation, an S&P 500 company headquartered in Dallas, is the country’s largest natural gas-only distributor. We safely deliver reliable, affordable, efficient and abundant natural gas to more than 3 million distribution customers in over 1,400 communities across eight states located primarily in the South. As part of our vision to be the safest provider of natural gas services, we are modernizing our business and infrastructure while continuing to invest in safety, innovation, environmental sustainability and our communities. Atmos Energy manages proprietary pipeline and storage assets, including one of the largest intrastate natural gas pipeline systems in Texas. Find us online at http://www.atmosenergy.com, Facebook, Twitter, Instagram and YouTube.
This news release should be read in conjunction with the attached unaudited financial information.
Atmos Energy Corporation Financial Highlights (Unaudited) |
||||||||
Statements of Income |
|
Three Months Ended December 31 |
||||||
(000s except per share) |
|
|
2022 |
|
|
|
2021 |
|
Operating revenues |
|
|
|
|
||||
Distribution segment |
|
$ |
1,440,426 |
|
|
$ |
972,422 |
|
Pipeline and storage segment |
|
|
186,629 |
|
|
|
162,918 |
|
Intersegment eliminations |
|
|
(143,046 |
) |
|
|
(122,554 |
) |
|
|
|
1,484,009 |
|
|
|
1,012,786 |
|
Purchased gas cost |
|
|
|
|
||||
Distribution segment |
|
|
881,915 |
|
|
|
496,799 |
|
Pipeline and storage segment |
|
|
(858 |
) |
|
|
(3,411 |
) |
Intersegment eliminations |
|
|
(142,808 |
) |
|
|
(122,225 |
) |
|
|
|
738,249 |
|
|
|
371,163 |
|
Operation and maintenance expense |
|
|
185,016 |
|
|
|
159,110 |
|
Depreciation and amortization |
|
|
146,020 |
|
|
|
127,856 |
|
Taxes, other than income |
|
|
93,538 |
|
|
|
78,796 |
|
Operating income |
|
|
321,186 |
|
|
|
275,861 |
|
Other non-operating income |
|
|
21,191 |
|
|
|
8,702 |
|
Interest charges |
|
|
36,760 |
|
|
|
19,851 |
|
Income before income taxes |
|
|
305,617 |
|
|
|
264,712 |
|
Income tax expense |
|
|
33,757 |
|
|
|
15,503 |
|
Net income |
|
$ |
271,860 |
|
|
$ |
249,209 |
|
|
|
|
|
|
||||
Basic net income per share |
|
$ |
1.92 |
|
|
$ |
1.86 |
|
Diluted net income per share |
|
$ |
1.91 |
|
|
$ |
1.86 |
|
Cash dividends per share |
|
$ |
0.74 |
|
|
$ |
0.68 |
|
Basic weighted average shares outstanding |
|
|
141,820 |
|
|
|
133,682 |
|
Diluted weighted average shares outstanding |
|
|
141,937 |
|
|
|
133,689 |
|
|
|
Three Months Ended December 31 |
||||
Summary Net Income by Segment (000s) |
|
2022 |
|
2021 |
||
Distribution |
|
$ |
194,468 |
|
$ |
179,571 |
Pipeline and storage |
|
|
77,392 |
|
|
69,638 |
Net income |
|
$ |
271,860 |
|
$ |
249,209 |
Atmos Energy Corporation Financial Highlights, continued (Unaudited) |
||||||
Condensed Balance Sheets |
|
December 31, |
|
September 30, |
||
(000s) |
|
2022 |
|
2022 |
||
Net property, plant and equipment |
|
$ |
17,971,668 |
|
$ |
17,240,239 |
Cash and cash equivalents |
|
|
171,597 |
|
|
51,554 |
Accounts receivable, net |
|
|
826,416 |
|
|
363,708 |
Gas stored underground |
|
|
323,678 |
|
|
357,941 |
Other current assets |
|
|
2,306,072 |
|
|
2,274,490 |
Total current assets |
|
|
3,627,763 |
|
|
3,047,693 |
Goodwill |
|
|
731,257 |
|
|
731,257 |
Deferred charges and other assets |
|
|
1,035,473 |
|
|
1,173,800 |
|
|
$ |
23,366,161 |
|
$ |
22,192,989 |
|
|
|
|
|
||
Shareholders' equity |
|
$ |
9,836,274 |
|
$ |
9,419,091 |
Long-term debt |
|
|
6,551,795 |
|
|
5,760,647 |
Total capitalization |
|
|
16,388,069 |
|
|
15,179,738 |
Accounts payable and accrued liabilities |
|
|
574,723 |
|
|
496,019 |
Other current liabilities |
|
|
755,687 |
|
|
720,157 |
Short-term debt |
|
|
— |
|
|
184,967 |
Current maturities of long-term debt |
|
|
2,201,484 |
|
|
2,201,457 |
Total current liabilities |
|
|
3,531,894 |
|
|
3,602,600 |
Deferred income taxes |
|
|
2,075,596 |
|
|
1,999,505 |
Regulatory excess deferred taxes |
|
|
345,799 |
|
|
385,213 |
Deferred credits and other liabilities |
|
|
1,024,803 |
|
|
1,025,933 |
|
|
$ |
23,366,161 |
|
$ |
22,192,989 |
Atmos Energy Corporation Financial Highlights, continued (Unaudited) |
||||||||
Condensed Statements of Cash Flows |
|
Three Months Ended December 31 |
||||||
(000s) |
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities |
|
|
|
|
||||
Net income |
|
$ |
271,860 |
|
|
$ |
249,209 |
|
Depreciation and amortization |
|
|
146,020 |
|
|
|
127,856 |
|
Deferred income taxes |
|
|
29,693 |
|
|
|
11,813 |
|
Other |
|
|
(17,508 |
) |
|
|
(12,689 |
) |
Changes in other assets and liabilities |
|
|
(241,165 |
) |
|
|
(314,365 |
) |
Net cash provided by operating activities |
|
|
188,900 |
|
|
|
61,824 |
|
Cash flows from investing activities |
|
|
|
|
||||
Capital expenditures |
|
|
(795,660 |
) |
|
|
(684,180 |
) |
Debt and equity securities activities, net |
|
|
(2,472 |
) |
|
|
2,374 |
|
Other, net |
|
|
5,621 |
|
|
|
2,058 |
|
Net cash used in investing activities |
|
|
(792,511 |
) |
|
|
(679,748 |
) |
Cash flows from financing activities |
|
|
|
|
||||
Net decrease in short-term debt |
|
|
(184,967 |
) |
|
|
— |
|
Proceeds from issuance of long-term debt, net of premium/discount |
|
|
797,258 |
|
|
|
596,142 |
|
Net proceeds from equity issuances |
|
|
220,000 |
|
|
|
261,943 |
|
Issuance of common stock through stock purchase and employee retirement plans |
|
|
3,779 |
|
|
|
3,918 |
|
Cash dividends paid |
|
|
(104,552 |
) |
|
|
(90,411 |
) |
Debt issuance costs |
|
|
(7,864 |
) |
|
|
(6,386 |
) |
Net cash provided by financing activities |
|
|
723,654 |
|
|
|
765,206 |
|
Net increase in cash and cash equivalents |
|
|
120,043 |
|
|
|
147,282 |
|
Cash and cash equivalents at beginning of period |
|
|
51,554 |
|
|
|
116,723 |
|
Cash and cash equivalents at end of period |
|
$ |
171,597 |
|
|
$ |
264,005 |
|
|
|
Three Months Ended December 31 |
||||
Statistics |
|
2022 |
|
2021 |
||
Consolidated distribution throughput (MMcf as metered) |
|
|
140,678 |
|
|
108,142 |
Consolidated pipeline and storage transportation volumes (MMcf) |
|
|
142,076 |
|
|
136,067 |
Distribution meters in service |
|
|
3,460,006 |
|
|
3,412,929 |
Distribution average cost of gas |
|
$ |
8.81 |
|
$ |
7.14 |
Analysts and Media Contact:
Dan Meziere (972) 855-3729
Over 572 million lightning pulses detected across the country
GERMANTOWN, Md.--(BUSINESS WIRE)--AEM, the essential source for environmental insights, today announced the release of its 2022 U.S. Lightning Report. Throughout 2022, the company’s Earth Networks Total Lightning Network® detected more than 86 million total lightning flashes, which were comprised of over 572 million total lightning pulses.
Unsurprisingly, the lightning capital of the United States, Florida, led all other states with the greatest density of lightning flashes. Its 103 lightning flashes per square mile translated to more than 5.5 million total lightning flashes across the state, and those flashes were made up of more than 62 million lightning pulses.
Although Florida had the most lightning activity per square mile, it was Hawaii that had the most thunder hours, or hours with lightning activity in its vicinity (more than 23,000).
“Hawaii’s high number of thunder hours might seem surprising, since Hawaii has one of the lowest lightning densities of any state,” said Dr. Elizabeth DiGangi, a lightning scientist at AEM. “However, Hawaii’s tropical ocean climate results in frequent thunderstorms on and around the island chain, which in aggregate produce much less lightning than those we typically see across the continental United States. This is why thunder hours are an important supplemental metric for understanding thunderstorm frequency – a piece of the story not well-captured by measurements of only lightning volume and lightning density.”
At the county level, six Florida counties made the top-10 list of counties with the densest lightning activity. However, the county with the densest lightning activity was Poquoson City, Va., with an average of 300 lightning flashes per square mile. Providing context for the observation, Dr. DiGangi noted, “Poquoson City is situated near the mouth of the Chesapeake Bay, a region that the National Park Service reports has experienced greater precipitation extremes and a 10% increase in annual precipitation.”
Other noteworthy insights from the report:
Dr. DiGangi will present findings from the 2022 U.S. Lightning Report, along with her expert commentary, during a free webinar on Feb. 15. To register and get details about the event, visit the AEM website.
The lightning activity detailed in the report was detected by AEM’s proprietary Earth Networks Total Lightning Network (ENTLN), which monitors both in-cloud and cloud-to-ground lightning activity in more than 100 countries. With more than 1,800 sensors and scientifically advanced detection algorithms, the ENTLN is the most extensive lightning detection network in the world. In fact, since algorithm changes in 2021, the ENTLN detects 50% more lightning worldwide than ever before. Plus, in regions with higher sensor density, the network’s lightning detection efficiency climbs above 95%.
About AEM
AEM is combining global technology leaders like Earth Networks to empower communities and organizations to survive and thrive in the face of escalating environmental risks. By deploying intelligent sensing networks, operating a secure and scalable data management infrastructure, and delivering high-value analytics through a suite of end-user applications, AEM serves as the essential source for environmental insights. These technologies enable positive outcomes, helping reduce environmental impact and creating a safer world. For more information, visit https://aem.eco.
John Lauer
Director of Demand Generation
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