HOUSTON--(BUSINESS WIRE)--Permianville Royalty Trust (NYSE: PVL, the “Trust”) today announced a cash distribution to the holders of its units of beneficial interest of $0.056000 per unit, payable on February 14, 2023 to unitholders of record on January 31, 2023. The net profits interest calculation represents reported oil production for the month of October 2022 and reported natural gas production during September 2022. The calculation includes accrued costs incurred in November 2022.
The following table displays reported underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month recorded net profits interest calculations.
|
|
Underlying Sales Volumes |
|
Average Price |
||||||||||
|
|
Oil |
|
Natural Gas |
|
Oil |
|
Natural Gas |
||||||
|
|
Bbls |
|
Bbls/D |
|
Mcf |
|
Mcf/D |
|
(per Bbl) |
|
(per Mcf) |
||
Current Month |
|
36,796 |
|
1,187 |
|
222,785 |
|
7,426 |
|
$ |
85.39 |
|
$ |
6.89 |
Prior Month |
|
37,419 |
|
1,247 |
|
250,486 |
|
8,080 |
|
$ |
94.66 |
|
$ |
7.20 |
Recorded oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $3.1 million for the current month on realized wellhead prices of $85.39/Bbl, down $0.4 million from the prior month’s oil cash receipts.
Recorded natural gas cash receipts from the Underlying Properties totaled $1.5 million for the current month on realized wellhead prices of $6.89/Mcf, down $0.3 million from the prior month.
Total accrued operating expenses for the period were $2.0 million, a decrease of $0.3 million from the prior period. Capital expenditures decreased $0.3 million from the prior period to $0.2 million.
As previously disclosed, COERT Holdings 1 LLC (the “Sponsor”) has established a $1.0 million cash reserve for approved, future development expenses. As operators of the Underlying Properties are still finalizing their capital expenditure budgets for the upcoming fiscal year, and given current commodity price volatility, the Sponsor has informed the Trustee that it plans to continue to maintain the $1.0 million reserve to fund incremental future development expenses; however, if those expenses are ultimately delayed or are less than expected, or if the outlook changes, amounts reserved but unspent will be released as an incremental cash distribution in a future period.
About Permianville Royalty Trust
Permianville Royalty Trust is a Delaware statutory trust formed to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain, predominantly non-operated, oil and gas properties in the states of Texas, Louisiana and New Mexico. As described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”), the amount of the periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, the amount and timing of capital expenditures, and the Trust’s administrative expenses, among other factors. Future distributions are expected to be made on a monthly basis. For additional information on the Trust, please visit www.permianvilleroyaltytrust.com.
Forward-Looking Statements and Cautionary Statements
This press release contains statements that are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are “forward-looking statements” for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unitholders, expectations regarding the cash reserve for future development expenses and expectations regarding current and future capital expenditures and development activities on the Underlying Properties. The anticipated distribution is based, in large part, on the amount of cash received or expected to be received by the Trust from the Sponsor with respect to the relevant period. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by the volatility in commodity prices, which have experienced significant fluctuation since the beginning of 2020 as a result of a variety of factors that are beyond the control of the Trust and the Sponsor. Low oil and natural gas prices will reduce profits to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders. Other important factors that could cause actual results to differ materially include expenses of the Trust, reserves for anticipated future expenses and the effect, impact, potential duration or other implications of the COVID-19 pandemic. In addition, future monthly capital expenditures may exceed the average levels experienced in 2021 and prior periods. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither the Sponsor nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by the Trust is subject to the risks described in the Trust’s filings with the SEC, including the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 25, 2022. The Trust’s quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov.
Permianville Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell 1 (512) 236-6555
BUFFALO, N.Y.--(BUSINESS WIRE)--$ROCK #ROCK--Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets, today released its annual Corporate Social Responsibility report detailing the company’s work to improve lives and make a difference in the world.
“With this report, we are deepening our commitment and demonstrating our responsibility to our people, our communities and our stakeholders,” said CEO Bill Bosway. “As a significant player in creating more sustainable ways to grow food, generate cleaner energy and live and work with greater efficiency, ease and comfort, we are confronting some of the world’s most important challenges.”
Corporate social responsibility is fundamental to Gibraltar’s operations. This comprehensive report provides an opportunity to be more accountable, strategic and transparent, Bosway said.
Gibraltar operates 34 facilities, including 25 manufacturing facilities, one distribution center and eight offices across 16 states, as well as Canada, China and Japan. It is committed to making a difference in the lives of the people the business touches.
Highlights of the report include:
- Gibraltar conducted seven comprehensive energy audits at critical manufacturing plants, identifying opportunities to reduce energy consumption and increase energy efficiency.
- The company decreased energy intensity by Net Sales 8.2% from 64.7 MWh in 2020 to 59.4 MWh in 2021.
- Gibraltar has built greater diversity of thought, experience and perspective on its Board of Directors with a broadened range of skills and tenure and expanded the responsibilities of its CSR Committee.
Bosway said he was proud of the way the Gibraltar team has embraced the challenges of delivering progress.
Gibraltar said in the report it would continue to evolve its efforts to look for opportunities to take a leading role in its industries as the global need for sustainable solutions grows and expectations for best practices rise.
About Gibraltar
Gibraltar is a leading manufacturer and provider of products and services for the renewable energy, residential, agtech, and infrastructure markets. Gibraltar’s mission, to make life better for people and the planet, is fueled by advancing the disciplines of engineering, science, and technology. Gibraltar is innovating to reshape critical markets in comfortable living, sustainable power, and productive growing throughout North America. For more please visit www.gibraltar1.com.
Forward-Looking Statements
Certain information set forth in this news release, other than historical statements, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current expectations, estimates, forecasts, and projections about the Company’s business, and management’s beliefs about future operations, results, and financial position. These statements are not guarantees of future performance and are subject to a number of risk factors, uncertainties, and assumptions. Actual events, performance, or results could differ materially from the anticipated events, performance, or results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, among other things, the availability and pricing of our principal raw materials and component parts, supply chain challenges causing project delays and field operations inefficiencies and disruptions, availability of labor at our manufacturing and distribution facilities or on our project sites, further impacts of COVID-19 on our customers, suppliers, employees, operations, business, liquidity and cash flows, the loss of any key customers, adverse effects of inflation, other general economic conditions and conditions in the particular markets in which we operate, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, our ability to realize synergies from newly acquired businesses, disruptions to our IT systems, the impact of regulation (including the Department of Commerce’s solar panel anti-circumvention investigation and the Uyghur Forced Labor Prevention Act (UFLPA)), rebates, credits and incentives and variations in government spending and our ability to derive expected benefits from restructuring, productivity initiatives, liquidity enhancing actions, and other cost reduction actions. Before making any investment decisions regarding our company, we strongly advise you to read the section entitled “Risk Factors” in our most recent annual report on Form 10-K and Quarterly Report on Form 10-Q which can be accessed under the “SEC Filings” link of the “Investor Info” page of our website at www.Gibraltar1.com. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law or regulation.
LHA Investor Relations
Jody Burfening/Carolyn Capaccio
(212) 838-3777
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HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) today announced that it has priced a public offering of $500,000,000 in aggregate principal amount of 8.875% senior unsecured notes due 2030. The offering was upsized from the previously announced $400,000,000 in aggregate principal amount of the notes. The price to investors will be 100% of the principal amount of the notes. The notes will be co-issued with our subsidiary, Genesis Energy Finance Corporation, and will be guaranteed, with certain exceptions, by substantially all of our existing and future subsidiaries other than our unrestricted subsidiaries. We intend to use a portion of the net proceeds from the offering to fund the purchase price and accrued and unpaid interest for all of our 5.625% senior unsecured notes due 2024 that are validly tendered and accepted for payment in our concurrent tender offer and the redemption price and accrued and unpaid interest for any 5.625% senior unsecured notes due 2024 that remain outstanding after the completion or termination of our concurrent tender offer and the remainder for general partnership purposes, including repaying borrowings outstanding under our credit facility. The offering of the notes is expected to settle and close on January 25, 2023, subject to customary closing conditions.
Wells Fargo Securities, LLC, SMBC Nikko Securities America, Inc., BofA Securities, Inc., BNP Paribas Securities Corp., Capital One Securities, Inc., Citigroup Global Markets Inc., Fifth Third Securities, Inc., RBC Capital Markets, LLC, Regions Securities LLC, Scotia Capital (USA) Inc. and Truist Securities, Inc. are acting as joint book-running managers for the offering and Comerica Securities, Inc. is acting as co-manager. A copy of the final prospectus supplement and accompanying base prospectus relating to this offering, when available, may be obtained from:
Wells Fargo Securities, LLC
550 South Tyron Street, 5th Floor
Charlotte, NC 28202
Attn: Leverage Syndicate
Telephone: (704) 410-4885
You may also obtain these documents for free, when they are available, by visiting the SEC’s website at www.sec.gov.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offer is being made only through the prospectus supplement and accompanying base prospectus, each of which is part of our effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission.
Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation. Genesis’ operations are primarily located in Texas, Louisiana, Arkansas, Mississippi, Alabama, Florida, Wyoming and the Gulf of Mexico.
This press release includes forward-looking statements as defined under federal law. Although we believe that our expectations are based upon reasonable assumptions, no assurance can be given that our goals will be achieved, including statements regarding our ability to successfully close the offering and to use the net proceeds as indicated above. Actual results may vary materially. We undertake no obligation to publicly update or revise any forward-looking statement.
Genesis Energy, L.P.
Ryan Sims
SVP – Finance and Corporate Development
(713) 860-2521
FORT WORTH, Texas--(BUSINESS WIRE)--MorningStar Partners, L.P., which will be renamed “TXO Energy Partners, L.P.” (“TXO”), announced today the launch of its initial public offering of 5,000,000 common units representing limited partner interests in TXO (the “common units”). TXO will also grant the underwriters an option to purchase up to an additional 750,000 common units at the initial public offering price, less underwriting discounts and commissions. The initial public offering price is expected to be between $19.00 and $21.00 per common unit. We have applied to list our common units on the New York Stock Exchange under the ticker symbol “TXO.”
The common units being offered to the public represent an approximate 17% limited partner interest in TXO, or an approximate 19% limited partner interest if the underwriters exercise, in full, their option to purchase additional common units.
Raymond James, Stifel, Janney Montgomery Scott and Capital One Securities are acting as joint book-running managers for the offering. The offering of these securities is being made only by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. When available, a copy of the preliminary prospectus may be obtained from any of the following sources:
Raymond James & Associates, Inc. Attention: Syndicate 880 Carillon Parkway St. Petersburg, Florida 33716 Telephone: (800) 248-8863 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. |
Stifel, Nicolaus & Company, Incorporated Attention: Syndicate Department One South Street, 15th Floor Baltimore, MD 21202 Telephone: (443) 224-1988 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. |
Janney Montgomery Scott LLC Attention: Equity Capital Markets Group 60 State Street Boston, MA 02109 Telephone: 617-557-2971 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. |
Capital One Securities, Inc. Attention: ECM Syndicate Operations 201 St. Charles Avenue, Suite 1830 New Orleans, LA 70170 Telephone: 800-666-9174 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. |
Important Information
A registration statement relating to these securities has been filed with the Securities and Exchange Commission (the “SEC”) but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The registration statement may be obtained free of charge at the SEC’s website at www.sec.gov under “MorningStar Partners, L.P.” This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
About TXO Energy Partners, L.P.
TXO Energy Partners, L.P. is a master limited partnership focused on the acquisition, development, optimization and exploitation of conventional oil, natural gas, and natural gas liquid reserves in North America. TXO’s current acreage positions are concentrated in the Permian Basin of West Texas and New Mexico and the San Juan Basin of New Mexico and Colorado.
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 include the words such as “possible,” “if,” “will” and “expect” and contain statements regarding the size, timing or results of the initial public offering. These forward-looking statements represent TXO’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved, and they are subject to risks, uncertainties and other factors, many of which are outside of TXO’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, TXO does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for TXO to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus filed with the SEC in connection with TXO’s initial public offering. The risk factors and other factors noted in TXO’s prospectus could cause its actual results to differ materially from those contained in any forward-looking statement. You are cautioned not to place undue reliance on these forward-looking statements.
TXO Energy Partners, L.P.
Investor Relations Contact: This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone,” “BSM,” or “the Company”) today announced that Jeff Wood, the President, Chief Financial Officer, and Treasurer of Black Stone’s general partner, will leave the company effective February 28, 2023. Upon Mr. Wood’s departure, Evan Kiefer, who currently serves as Vice President, Finance and Investor Relations, will assume the role of Interim Chief Financial Officer and Treasurer.
Thomas L. Carter, Jr., Black Stone’s Chief Executive Officer and Chairman commented, “Jeff has been an integral part of our management team and our success as a public company since he joined us in 2016, shortly after our initial public offering. He has brought a high level of professionalism to our organization and helped to navigate us through some difficult times, including Covid and the accompanying downturn in the commodity markets.” Mr. Carter concluded, “On behalf of Black Stone’s Board and senior management team, I want to thank Jeff for his contributions to the Company, which is today in one of the strongest financial positions in its history.”
About Black Stone Minerals, L.P.
Black Stone Minerals is one of the largest owners of oil and natural gas mineral interests in the United States. The Company owns mineral interests and royalty interests in 41 states in the continental United States. Black Stone believes its large, diversified asset base and long-lived, non-cost-bearing mineral and royalty interests provide for stable to growing production and reserves over time, allowing the majority of generated cash flow to be distributed to unitholders.
Black Stone Minerals, L.P. Contacts
Jeff Wood
President and Chief Financial Officer
Evan Kiefer
Vice President, Finance and Investor Relations
Telephone: (713) 445-3200
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Matrix Sensors, RPSi, and SunGreenH2 join the movement to bring on the future
HOUSTON--(BUSINESS WIRE)--Halliburton Labs introduces Matrix Sensors, Renew Power Systems (RPSi), and SunGreenH2 as the newest participants in its clean energy accelerator.
The move is part of Halliburton Labs’ ambition to advance clean energy innovation. Halliburton Labs helps early-stage companies increase their attractiveness to prospective customers and investors by contributing expertise, connections, facilities, and more to help achieve strategic commercialization milestones with more efficient use of time and capital.
“Companies across the energy landscape are interested in scalable innovations that improve the cost, reliability, and sustainability of energy,” said Managing Director Dale Winger. “Our tailored program combines expert support, access to a global network, and the physical resources for participants to scale. We’re excited to help these companies accelerate their market traction.”
Matrix Sensors
Matrix Sensors uses a new class of gas-adsorbing materials known as metal-organic frameworks to develop the world’s first quantitative gas sensor on a chip. The touch-free technology enables advancements in sensor size, power, cost, and performance to address limitations of current gas sensor technologies, which require manual calibration every six months.
Matrix Sensors CEO Steve Yamamoto said, “With Halliburton’s global reach, we can apply our technology to some of the biggest problems facing the energy sector today, including CO2 sensors for energy efficient buildings and methane sensors for leak detection.”
Renew Power Systems
RPSi is a U.S.-based, clean-tech company that develops hardware and software solutions that enable flexible and sustainable grid infrastructure. RPSi uses power electronics to connect renewable energy resources, such as wind and solar, with each other and the grid.
“Our mission is to help change the way the world generates and distributes energy,” said CEO Zach Emond. “With RPSi technology, a diverse range of domestic and global communities will benefit from the acceleration of renewable energy resources that work with new and existing grid infrastructure and improve access to affordable, sustainable, and resilient electricity.”
SunGreenH2
SunGreenH2 builds high-performance hardware for electrolyzer cells, stacks, and systems that increase hydrogen production, decrease energy use, and reduce platinum group metals use. The company supplies hardware components for alkaline and proton-exchange membrane electrolyzers. Its modular, high-efficiency anion exchange membrane (AEM) electrolyzer stack, which is being commercialized, uses renewable power to produce low-cost green hydrogen for industries, transport, and energy storage.
“We are excited to unlock the future of green hydrogen production. With the help of Halliburton’s engineering and manufacturing expertise, we plan to commercialize and roll out our product in major international markets,” said Tulika Raj, Co-founder and CEO.
The next Halliburton Labs Finalists Pitch Day is Friday, Jan. 27 from 9:30 a.m.-12:30 p.m. CT at The Ion in Houston. The event will include pitches from 10 innovative, early-stage energy tech companies. To attend or watch via online broadcast, please register here.
About Halliburton Labs
Halliburton Labs is a collaborative environment where entrepreneurs, academics, investors, and industrial labs join to advance cleaner, affordable energy. Located at Halliburton Company’s headquarters in Houston, Texas, Halliburton Labs provides access to world-class facilities, operational expertise, practical mentorship, and financing opportunities in a single location to help participants scale their business. Visit the company’s website at www.halliburtonlabs.com. Connect with Halliburton Labs on Twitter, LinkedIn and Instagram. Halliburton Labs is a wholly owned subsidiary of Halliburton Company (NYSE: HAL).
Investor Relations Contact
David Coleman
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281-871-2688
Press Contact
Amina Rivera
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281-871-2601
MONTREAL--(BUSINESS WIRE)--Ecolomondo Corporation (TSXV: ECM) (OTC: ECLMF) (the “Company” or “Ecolomondo”), a cleantech company specializing in the commercialization of its Thermal Decomposition Process (“TDP”) proprietary recycling technology and the building and operating of turnkey TDP facilities globally, announces that it has closed on January 16, 2023, a private placement (the “Private Placement”) for aggregate gross proceeds of $1,000,051.60. This Private Placement is comprised of 2,222,336 units (the “Units”) at the price of $0.45 per Unit. Each Unit consisted of one common share (the “Common Shares”) and one common share purchase warrant (the “Warrants”). Each Warrant will entitle the holder thereof to acquire an additional Common Share of the Company for $0.55 for a period of six months from the closing date, being July 16, 2023.
150,000 Units of this Private Placement for gross proceeds of $67,500 has closed in escrow pending final acceptance of the TSX Venture Exchange (the “TSXV”) pursuant to subscriptions by pro group members, as defined in TSXV policies. The funds and securities will be released upon receiving final acceptance from the TSXV.
As previously disclosed in the Form 45-106F19 offering document, the proceeds of this Private Placement will be used for general working capital purposes to meet strategic objectives and commitments, including the construction and completion of the new Hawkesbury TDP facility.
The Company has paid in cash an amount of $3,150 equal to 7% of the gross proceeds raised from the subscriptions in the Private Placement from persons introduced to the Company by eligible brokers and exempt market dealers.
3212521 Canada Inc., a company controlled by Mr. Eliot Sorella, Chairman, CEO and significant shareholder of the Company has acquired 852,225 Units in the Private Placement. This participation by 3212521 Canada Inc. in the Private Placement constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). However, the Company expects such participation would be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the Units subscribed for by the insiders, nor the consideration for the Units paid by such insiders, would exceed 25% of the Company's market capitalization. The recipient of the Units and the extent of such participation were not finalized until shortly prior to the completion of the Private Placement described herein. Accordingly, it was not possible to publicly disclose details of the nature and extent of related party participation in the transactions contemplated hereby pursuant to a material change report filed at least 21 days prior to the completion of such Private Placement. 3212521 Canada Inc.’s funds will also be held in escrow as this insider participation exceeds 25% of the total aggregate proceeds raised in this Private Placement, pending final acceptance of the TSXV.
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 Prospectus Exemptions (“NI 45-106”), the Units were offered for sale to purchasers resident in Canada pursuant to the Listed Issuer Financing Exemption under Part 5A of NI 45-106. The Units, the Common Shares and the Warrants issued in the Private Placement will not be subject to a hold period pursuant to applicable Canadian Securities laws.
The securities to be offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Ecolomondo Corporation
Ecolomondo Corporation is a Canadian cleantech company headquartered in Québec, Canada with an over 25-year history focused on waste-to-resource technology development and deployment. Ecolomondo has developed the proprietary TDP which recovers high value circular commodities from end-of-life tires including rCB, oil and steel. TDP lowers carbon emissions by up to 90% versus virgin carbon black production. Ecolomondo has adopted a triple bottom line approach to business focused on people, planet, and profit. Ecolomondo trades on the TSX Venture Exchange under the symbol (TSXV:ECM). To learn more, visit www.ecolomondo.com
Please follow @EcolomondoECM on Twitter, Facebook, LinkedIn, Instagram and YouTube.
Twitter: https://twitter.com/EcolomondoECM
Facebook: https://www.facebook.com/EcolomondoECM
LinkedIn: https://www.linkedin.com/company/ecolomondo/
Instagram: https://www.instagram.com/ecolomondoecm/
YouTube: https://www.youtube.com/@Ecolomondo
Cautionary Note Regarding Forward Looking Statements
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Although Ecolomondo believes that the expectations reflected in forward looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Except as required by law, Ecolomondo disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Ecolomondo Corporation
Eliot Sorella
Chairman and Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
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www.ecolomondo.com
DURHAM, N.C.--(BUSINESS WIRE)--Wolfspeed, Inc. (NYSE: WOLF), the global leader in Silicon Carbide technology, will conduct a conference call and audio webcast to discuss its second quarter fiscal 2023 results and business outlook on January 25, 2023, at 5:00 p.m. Eastern Time.
After the close of the market on January 25, and prior to the conference call, Wolfspeed will issue a copy of the earnings press release via Business Wire. The press release may also be viewed on Wolfspeed’s website at http://www.wolfspeed.com/.
To listen to a live webcast of the call, simply go to Events & Presentations - Wolfspeed, Inc. and follow the login instructions. The recorded webcast will also be available at the site for replay.
About Wolfspeed, Inc.:
Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of Silicon Carbide and GaN technologies. We provide industry-leading solutions for efficient energy consumption and a sustainable future. Wolfspeed’s product families include Silicon Carbide materials, power devices and RF devices targeted for various applications such as electric vehicles, fast charging, 5G, renewable energy and storage, and aerospace and defense. We unleash the power of possibilities through hard work, collaboration and a passion for innovation. Learn more at www.wolfspeed.com.
Wolfspeed® is a registered trademark of Wolfspeed, Inc.
Twitter: @Wolfspeed
LinkedIn: @Wolfspeed
Media Relations:
Melinda Walker
Director, Corporate Communications
818-261-4585
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Investor Relations:
Tyler Gronbach
VP, Investor Relations
919-407-4820
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HONOLULU--(BUSINESS WIRE)--#awardrecipients--Pacific Telecommunications Council (PTC) celebrated outstanding achievements in the information and communication technologies (ICT) industry, to improve the ability of people and firms in the Pacific region, at last night’s PTC Awards 2023 event, which was held during PTC’23 in Honolulu, Hawaii.
“Now in its fifth year, the PTC Awards program continues to excel from the number of entries received to the high caliber work being done in the industry,” commented Joe Weinman, founder and principal, XFORMA LLC and chair of the PTC Awards 2023 Committee. “It was incredible to celebrate the individual and organizational achievements and particularly those that support the non-profit mission of PTC, to advance the ethical development and use of ICT for collaboration, knowledge, and outreach.”
The PTC Awards 2023 recipients are:
Networking and Network-Centric Solutions Awards
Outstanding Satellite or Submarine Company: Southern Cross Cable Network
Outstanding Wireline and/or Wireless Company: TELUS
Outstanding Applications Company: Swarmio Media
Outstanding Cloud/Edge Company: AWS
Outstanding Data Center/Colo/Interconnection Company: Equinix
Outstanding Innovation or Transformation: CITIC Telecom CPC
Outstanding Start-up: AdaniConneX
PTC Vision and Mission Award
Outstanding Support for PTC’s Vision and Mission Award: Pacific Dataport
Leadership Awards
Outstanding C-level Executive: Joe Zhu, CEO, Zenlayer
Outstanding Female Executive: Keri Gilder, CEO, Colt
Outstanding Diversity and Inclusion Champion: Phillip Marangella, Chief Marketing & Product Officer, EdgeConneX
Outstanding Up-and-Coming Leader: Nicky Peshwani, Vice President, Bankai Group
In addition, William “Bill” Barney, chairman of Asian Century Equity, received the Richard J. Barber PTC Distinguished Service Award for his exceptional service to PTC for more than 25 years.
ABOUT PACIFIC TELECOMMUNICATIONS COUNCIL
Recognized as PTC, the Pacific Telecommunications Council is the leading global non-profit membership organization promoting the advancement of information and communications technologies (ICT) in the Pacific Rim, the most dynamic geography of the world, spanning over 40 nations. PTC’s Annual Conference, held each January in Honolulu, is the Pacific Rim’s premier telecommunications event and serves as the strategic springboard for the global communications industry.
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Marketing & Communication Director
Jason O’Rourke
Marketing Manager
Pacific Telecommunications Council
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Issues letter to stockholders outlining strategy for reconfiguring the Board to ensure the Company ends its persistent underperformance and captures the benefits of the Inflation Reduction Act (IRA)
MILWAUKEE--(BUSINESS WIRE)--WM Argyle Fund (the “Fund”, “we”, or “our”), which owns 207,200 of the outstanding common shares of Broadwind, Inc. (NASDAQ: BWEN) (“BWEN” or the “Company”), today announced that it has nominated six highly qualified, independent candidates for election to the Company’s Board of Directors (the “Board”) at the 2023 Annual Meeting of Stockholders (the “Annual Meeting”). In addition, the Fund issued the below letter and launched the following site to house stockholder resources: www.BWEN2023.com
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Fellow Stockholders,
We are one of the largest stockholders of BWEN, holding a 207,200 share stake in the Company. We built this position after watching the Company underperform for many years despite its potential. Over the last six months, we have been trying to work with the Board to discuss significant performance issues that must be addressed so the Company can achieve its potential. Namely, they have not acted with urgency to make the Company profitable, are burning cash at an unsustainable rate, have diluted stockholders through equity raises, and have incurred debt to fund the cash burn. Unfortunately, they have not been willing to discuss these issues with us.
While the 2-year $175 million wind tower order is welcome news, the Board simply does not have a track record of success that would make us believe they can capitalize on the opportunities presented by the Inflation Reduction Act (IRA). The fabrication business has historically been the best performing business unit; however, it could not offset the bloated overhead and losses generated by the other business units. We believe there is significant execution risk moving forward, and we question the Board’s ability to manage all aspects of the Company to the benefit of its Stockholders.
It is our honor to be firmly aligned with you as a fellow stockholder and to seek to represent your interests in the boardroom. We believe in the long-term value that can be unlocked at BWEN. Accordingly, we recently decided to exercise our right as a stockholder to nominate a full slate of highly qualified director candidates for election to the Company’s Board at the Annual Meeting. This letter is intended to convey three key points that are expanded upon in subsequent sections:
Our decision to nominate a slate has been planned for a while and is about creating sustained value for all BWEN stockholders. To be clear, we are not seeking to acquire all or part of the Company. We are not seeking to take any steps that are counter to your interests. We are investing our own energy, capital, and time in a campaign to ignite a brighter future for all the Company’s stakeholders.
Our director nominees have a track record of success and operational execution. They all have a background working at Bucyrus International. Bucyrus was a successful global mining equipment company that was sold to Caterpillar (CAT) for $7.6 billion in 2011. Bucyrus excelled at manufacturing large fabrications and gearing. These products are central to what BWEN is built upon. Furthermore, Bucyrus grew significantly in the span of a decade through organic growth and prudent acquisitions. This is the approach and track-record we want to bring to BWEN.
THE FACTS PERTAINING TO BWEN’S HISTORY
BWEN is an unsuccessful company with great potential. The current Board of BWEN think they can bring about change despite already having over a decade to do so. They have signed previous tower orders worth tens of millions of dollars and yet the Company is still unprofitable. They also have wasted tens of millions of dollars on acquisitions that have been written off. The execution risk is just too high for this Board to stay in place.
Throughout BWEN’s history as a public company, it has consistently promised a brighter future but has never delivered. Here are some facts about the Company.
Prior to undertaking our decision to nominate our own slate of directors, we reached out to the Board to discuss our concerns. We sent letters starting on July 25, 2022 and expressed the need for the Board to discuss the issues we identified and to appoint new directors who could bring a fresh set of eyes and new ideas. However, instead of engaging with one of BWEN’s largest stockholders, they declined to discuss any of the topics we proposed.
After trying for several months to engage with the Board, they unilaterally appointed a new director on November 2, 2022. In their rush to appoint a new director, they failed to find a candidate that brings new experience and simply duplicated experience already found on the Board. We view this appointment as a reactionary decision by the Board that only serves to prove our governance concerns.
If the Board believes BWEN is on the right track, we would like to know what standard they are using to make such a determination. We are not convinced the Board can effectively manage the Company and do not want to risk the unique opportunity that the IRA legislation has brought.
WE BELIEVE WE HAVE THE RIGHT PLAN AND INDIVIDUALS TO PRODUCE SUPERIOR LONG-TERM VALUE
Given BWEN’s distinct assets, significant potential, and positioning in addressable markets, we believe the Company can evolve into a diversified, growing, and profitable manufacturing platform for clean-tech and mission critical equipment. To achieve this, our nominees believe a new set of strategic priorities is needed. A high-level and preliminary overview of these priorities includes:
In the coming weeks, we look forward to sharing more detail regarding our strategy for unlocking the full potential and value of BWEN. We intend to issue a public presentation prior to this year’s Annual Meeting to provide the market with a very clear sense of our plan, tactics, and transition planning.
In the meantime, I am pleased to share summarized biographies for the WM Argyle Fund six-member slate:
We thank you in advance for your consideration and willingness to evaluate WM Argyle Fund’s plan and slate. To join our mailing list and share your views on BWEN, we invite you to visit www.BWEN2023.com.
Sincerely,
Ryan Bogenschneider
January 18, 2023
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Certain Information Concerning the Participants
The WM Argyle Fund intends to file a preliminary proxy statement and accompanying GREEN Universal proxy card with the Securities and Exchange Commission to be used to solicit votes for the election of its slate of highly qualified director nominees at BWEN’s 2023 Annual Meeting.
THE WM ARGYLE FUND STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.
The participants in the solicitation are anticipated to be WM Argyle Fund, Jay Douglas Armburger, Ryan Bogenschneider, Kenneth H. Bergman, Christine M. Candela, Kristina A. Harrington, and James M. Robinson IV.
As of the date hereof, each of Mr. Bogenschneider, as a board member and CEO of WM Argyle Fund, and Mr. Armburger, as a board member of WM Argyle Fund, may be deemed to beneficially own 207,200 shares of common stock of the Company held by WM Argyle Fund. As of the date hereof, none of Mr. Bergman, Ms. Candela, Ms. Harrington, or Mr. Robinson beneficially owns any shares of Common Stock.
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1 SEC Filings; 2021 net income was due to PPP loan forgiveness
2 SEC Filings; Q3-2022 Accumulated Deficit
3 SEC Filings; Acquisitions include Brad Foote, EMS, Badger, and Red Wolf
4 SEC Filings; 2012 and 2021 Annual Reports
5 SEC Filings; Q4-2012 and Q3-2022 quarterly reports
6 SEC Filings; Acquired Q1-2017, subsequent write downs in Q2-2018 and Q4-2018
7 SEC Filings; Q3-2016 to Q3-2022 shares outstanding
8 SEC Filings; 2001 Annual Report
Investors:
InvestorCom
John Glenn Grau, 203-972-9300
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Mahony Partners
Richard Mahony, 917-257-6811
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MONTRÉAL--(BUSINESS WIRE)--$NMG #ESG--Nouveau Monde Graphite Inc. (“NMG” or the “Company”) (NYSE: NMG, TSXV: NOU) announces the engagement of Red Cloud Securities to provide liquidity services to the Company. Also, NMG specifies that the new options granted on December 1, 2022, to two consultants, will vest at certain conditions on or before March 28, 2025, and will expire two (2) years following the vesting of those options (no later than March 28, 2027).
Engagement of Red Cloud Securities
NMG announces that it has retained Red Cloud Securities (“Red Cloud”), subject to all required regulatory approvals, including the approval of the TSX Venture Exchange (the “Exchange”) to provide liquidity services to the Company in compliance with the policies and guidelines of the Exchange and other applicable legislation, pursuant to an agreement engagement letter entered into between the Company and Red Cloud effective January 2, 2023 (the “Agreement”). Red Cloud is a Toronto-based financial services company that helps mineral exploration and mining companies with accessing capital markets and enhancing their corporate profile. Red Cloud is not promoting the specific purchase or sale of securities. Red Cloud will trade shares of NMG on the Exchange for the purposes of maintaining a reasonable market and improving the liquidity of NMG’s common shares.
Under the Agreement, the Company will pay Red Cloud $5,000 per month during the term, payable quarterly in advance. The term of engagement is ongoing and may be terminated by either party on 30-day prior written notice. The Company and Red Cloud have an arm’s length relationship, but Red Cloud and/or its clients may have an interest, directly or indirectly, in the securities of NMG. Adam Smith will be the responsible person. The Agreement is principally for the purposes of maintaining market stability and liquidity for the Company's common shares and is not a formal market-making agreement. There are no performance factors contained in the Agreement and Red Cloud will not receive any shares or options from the Company as compensation for the services it will render.
Other
On December 1, 2022, NMG announced the cancellation of 487,804 options and grant of 453,048 new options to two consultants, subject to the Exchange approval. NMG wishes to specify that those new options will vest at certain conditions on or before March 28, 2025, and will expire two (2) years following the vesting of those options (no later than March 28, 2027).
About Red Cloud Securities
Red Cloud Securities Inc. is registered as an Investment Dealer in Ontario, Québec, Alberta and British Columbia and is a member of the Investment Industry Organization of Canada. It is focused on providing unique comprehensive capital market services and innovative financing alternatives to the junior resource sector. The company was founded by capital markets professionals who designed the firm to service small public and private companies. This solution is a comprehensive platform that provides a full range of unconflicted corporate access services. Offering these services as a unified platform provides the ultimate value proposition for issuer clients.
About Nouveau Monde Graphite
Nouveau Monde Graphite is striving to become a key contributor to the sustainable energy revolution. The Company is working towards developing a fully integrated source of carbon-neutral battery anode material in Québec, Canada for the growing lithium-ion and fuel cell markets. With low-cost operations and enviable ESG standards, Nouveau Monde Graphite aspires to become a strategic supplier to the world’s leading battery and automobile manufacturers, providing high-performing and reliable advanced materials while promoting sustainability and supply chain traceability. www.NMG.com
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Cautionary Note Regarding Forward-Looking Information
All statements, other than statements of historical fact, contained in this press release including, but not limited to the vesting of the new options and the “About Nouveau Monde Graphite” paragraph which essentially describe the Company’s outlook and objectives, constitute “forward-looking information” or “forward-looking statements” within the meaning of certain securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Moreover, these forward-looking statements were based upon various underlying factors and assumptions, including the current technological trends, the business relationship between the Company and its stakeholders, the ability to operate in a safe and effective manner, the timely delivery and installation of the equipment supporting the production, the Company’s business prospects and opportunities and estimates of the operational performance of the equipment, and are not guarantees of future performance.
Forward-looking information and statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking information and statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, delays in the scheduled delivery times of the equipment, the ability of the Company to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the availability of financing or financing on favorable terms for the Company, the dependence on commodity prices, the impact of inflation on costs, the risks of obtaining the necessary permits, the operating performance of the Company’s assets and businesses, competitive factors in the graphite mining and production industry, changes in laws and regulations affecting the Company’s businesses, political and social acceptability risk, environmental regulation risk, currency and exchange rate risk, technological developments, the impacts of the global COVID-19 pandemic and the governments’ responses thereto, and general economic conditions, as well as earnings, capital expenditure, cash flow and capital structure risks and general business risks. Unpredictable or unknown factors not discussed in this Cautionary Note could also have material adverse effects on forward-looking statements.
Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Further information regarding the Company is available in the SEDAR database (www.sedar.com), and for United States readers on EDGAR (www.sec.gov), and on the Company’s website at: www.NMG.com.
MEDIA
Julie Paquet
VP Communications & ESG Strategy
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INVESTORS
Marc Jasmin
Director, Investor Relations
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Shell to Acquire Volta in All-Cash Transaction Valuing Volta at Approximately $169 Million
NEW YORK--(BUSINESS WIRE)--Volta Inc. (NYSE: VLTA) today announced the execution of a definitive merger agreement under which Shell USA Inc., a subsidiary of Shell plc (NYSE: SHEL), will acquire Volta in an all-cash transaction valued at approximately $169 million. The transaction brings Volta's powerful dual charging and media network to Shell's established brand and seeks to unlock robust, long-term growth opportunities in electric vehicle ("EV") charging.
Under the terms of the merger agreement, Shell USA Inc. will acquire all outstanding shares of Class A common stock of Volta at $0.86 per share in cash upon completion of the merger, which represents an approximate 18 percent premium to the closing price of Volta stock on January 17, 2023, the last full trading day prior to the announcement of the transaction.
Vince Cubbage, Interim Chief Executive Officer, said, "The shift to e-mobility is unstoppable, and Shell recognizes Volta's industry-leading dual charging and media model delivers a public charging offering that is affordable, reliable, and accessible. While the EV infrastructure market opportunity is potentially enormous, Volta's ability to capture it independently, in challenging market conditions and with ongoing capital constraints, was limited. This transaction creates value for our shareholders and provides our exceptional employees and other stakeholders a clear path forward."
Cubbage continued, "Both Volta and Shell have a demonstrated ability to meet the changing needs of customers, and this acquisition will bring that experience together to provide the options that are needed as more drivers choose electric."
This acquisition builds on the momentum in electric mobility by combining one of the leading EV charging and media companies in the U.S. with one of the world's largest energy suppliers. The transaction provides the opportunity to unlock Volta's significant signed pipeline of charging stalls in construction or evaluation and capture the seismic EV charging market opportunity. Following the completion of the transaction, there will be no immediate change in driver experience, Volta Media™ Network capabilities available to advertisers, or services provided to commercial properties and retail locations.
As part of the agreement, an affiliate of Shell will provide subordinated secured term loans to Volta to bridge Volta through the closing of the transaction.
Approvals
Volta's Board of Directors, having determined that the transaction is in the best interests of the company's stockholders, has unanimously approved the transaction and recommends that Volta's stockholders approve the transaction and adopt the merger agreement at the special meeting of stockholders to be called in connection with the transaction.
The transaction is expected to close in the first half of 2023. The closing of the merger is subject to the approval of Volta's stockholders, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other applicable regulatory approvals, and other customary closing conditions. Upon closing of the transaction, Volta's Class A common stock will no longer be listed on any public market.
Advisors
Goldman Sachs & Co. LLC and Barclays Capital Inc. are serving as advisors to Volta, and Shearman & Sterling LLP is serving as Volta's legal advisor. Raymond James & Associates, Inc. provided a fairness opinion to Volta's Board of Directors. UBS Securities LLC is serving as a financial advisor to Shell, and Norton Rose Fulbright US LLP is serving as Shell's legal advisor.
About Volta Inc.
Volta Inc. (NYSE: VLTA) is an industry-leading electric vehicle ("EV") charging and media company. Volta's unique network of charging stations powers vehicles and drives business growth while accelerating a clean energy future. Volta delivers value to site hosts, brands, and consumers by installing charging stations that feature large-format digital advertising screens located steps away from the entrances of popular commercial locations. Retailers can attract and influence foot traffic, advertisers can precisely target audiences, and EV drivers can charge their vehicles seamlessly as they go about their daily routines. Volta's extensive network leverages its proprietary PredictEV® platform, which uses sophisticated behavioral science and machine learning technology to help commercial property owners, cities, and electric utilities plan EV infrastructure intelligently, efficiently, and equitably. To learn more, visit www.voltacharging.com.
Additional Information and Where to Find It
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. This communication may be deemed to be solicitation material in respect of the proposed merger between a subsidiary of Shell USA, Inc. (“Shell”) and Volta Inc. (“Volta”). In connection with the proposed transaction, Volta plans to file a proxy statement on Schedule 14A (the “Proxy Statement”) with the U.S. Securities and Exchange Commission (“SEC”). STOCKHOLDERS OF VOLTA ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY DOCUMENTS INCORPORATED BY REFERENCE THEREIN) AND OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED TRANSACTION THAT VOLTA WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION. Stockholders and investors will be able to obtain free copies of the Proxy Statement and other relevant materials (when they become available) and other documents filed by Volta at the SEC’s website at www.sec.gov. Copies of the Proxy Statement (when they become available) and the filings that will be incorporated by reference therein may also be obtained, without charge, on Volta’s website at investors.voltacharging.com or by contacting Volta Investor Relations at This email address is being protected from spambots. You need JavaScript enabled to view it..
Participants in Solicitation
Volta and its directors, executive officers and certain employees, may be deemed, under SEC rules, to be participants in the solicitation of proxies in respect of the proposed merger. Information regarding Volta’s directors and executive officers is available in its proxy statement filed with the SEC on June 13, 2022 and in its current reports on Form 8-K filed with the SEC on June 13, 2022, July 12, 2022, August 2, 2022 and January 6, 2023. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC (when they become available). Investors should read the proxy statement and other relevant materials carefully when they become available before making any voting or investment decisions. These documents can be obtained free of charge from the sources indicated above.
Cautionary Statement Regarding Forward-Looking Statements
This communication includes “forward-looking statements” within the meaning of the U.S. federal securities laws. Such statements include statements concerning anticipated future events and expectations that are not historical facts. All statements included in this communication other than statements of historical fact are statements that could be deemed forward-looking statements. Forward-looking statements are based on current expectations and assumptions about future events and currently available information as to the outcome and timing of future events. Such statements are inherently subject to numerous business, economic, competitive, regulatory and other risks and uncertainties, most of which are difficult to predict and many of which are beyond Volta’s control. No assurance can be given that such expectations will be correct or achieved or that the assumptions are accurate or that any transaction will ultimately be consummated. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “target,” “estimate,” “continue,” “positions,” “plan,” “predict,” “project,” “forecast,” “guidance,” “goal,” “objective,” “prospects,” “possible” or “potential,” by future conditional verbs such as “assume,” “will,” “would,” “should,” “could” or “may,” or by variations of such words or by similar expressions or the negative thereof. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, including, without limitation: (1) risks related to the consummation of the transaction, including the risks that (a) the transaction may not be consummated within the anticipated time period, or at all, (b) the parties may fail to obtain Volta stockholder approval of the merger agreement, (c) the parties may fail to secure the termination or expiration of the waiting period applicable under the Hart-Scott-Rodino Antitrust Improvements Act or other applicable regulatory approvals, and (d) other conditions to the consummation of the merger under the merger agreement may not be satisfied; (2) the possibility of the termination of the merger agreement and the effects that any termination of the merger agreement may have on Volta or its business, including the risks that Volta’s stock price may decline significantly and that Volta may not be able to continue as a going concern if the transaction is not completed; (3) the effects that the announcement or pendency of the merger may have on Volta and its business, including the risks that as a result (a) Volta’s business, operating results or stock price may suffer, (b) Volta’s current plans and operations may be disrupted, (c) Volta’s ability to retain or recruit key employees may be adversely affected, (d) Volta’s business relationships (including, customers and suppliers) may be adversely affected, or (e) Volta’s management’s or employees’ attention may be diverted from other important matters; (4) the effect of limitations that the merger agreement places on Volta’s ability to operate its business, return capital to stockholders or engage in alternative transactions; (5) the nature, cost and outcome of pending and future litigation and other legal proceedings, including any such proceedings related to the merger and instituted against Volta and others; (6) the risk that the transaction and related transactions may involve unexpected costs, liabilities or delays; (7) other economic, business, competitive, legal, regulatory, and/or tax factors; and (8) other factors described under the heading “Risk Factors” in Part I, Item 1A of Volta’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and Quarterly Reports on Form 10-Q, each as updated or supplemented by subsequent reports that Volta has filed or files with the SEC. The risks and uncertainties may be impacted by the COVID-19 pandemic (including supply chain constraints, labor shortages and inflationary pressure). Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which such statement is made. Should one or more of the risks or uncertainties described in this communication occur, or should underlying assumptions prove incorrect, Volta’s actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Except as otherwise required by applicable law, Volta undertakes no obligation to publicly correct or update any forward-looking statement whether as a result of new information, future events or circumstances after the date of this communication, or otherwise.
For Investor / Analyst:
Drew Lipsher, Chief Development Officer
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MELBOURNE, Australia--(BUSINESS WIRE)--Hansen Technologies (ASX:HSN), a leading global provider of software and services to the energy, water, and communications industries, is pleased to announce that it is partnering with Aidon, an established, customer-centric supplier of smart grid, smart metering, and technology services in the Nordics, to provide a fully managed solution for three distribution system operators (DSOs) in the progressive Nordic market. This collaboration comes when DSOs look to enhance their infrastructure capabilities and position themselves for the changing customer market of tomorrow.
The Aidon project covers the delivery of Hansen MDM and associated services for three major DSOs: Kymenlaakson Sähköverkko, Järvi-Suomen Energia, and PKS Sähkönsiirto. A fully managed offering, it provides outsourced meter-reading and reporting capabilities for the Finnish Datahub. With this project, Hansen further bolsters its leadership position as a technology solution provider to the energy sector, delivering cost-efficient and future-ready solutions to meet emerging market demands. Among these is the ability to process real-time five-minute data reads, a crucial aspect of the evolving market regulations. With diverse energy sources such as wind and solar coming online, production and consumption data needs to be much more real-time to maintain grid balance and enable on-demand management services. Additionally, more granular data delivers greater transparency and more actionable data for end customers, especially ‘prosumers’ who also generate energy.
Hansen MDM, part of the Hansen Suite for Energy & Utilities, is a cloud-native implementation able to process large volumes of smart-metering data, and is available in a SaaS deployment model. The cloud-native version of Hansen MDM builds on decades of experience and expertise in Nordic deployments, delivering a full-featured and mature implementation for those utilities that seek the advantages of a cloud-based implementation.
Tommi Blomberg, Chief Executive Officer, Aidon, commented: "We're in the age of digitalisation and massive data generation. This partnership with one of the Nordic's longstanding technology leaders for energy and utilities will ensure that regional DSOs have access to cutting-edge solutions capable of addressing all their smart-metering needs."
Scott Weir, Division President, Energy and Utilities for the EMEA region at Hansen, commented: "At Hansen, we are proud of our legacy in the Nordic region, continually powering transformation and infrastructural enablement for several leading energy and utilities players. With our new alliance with Aidon, leveraging the best that Hansen MDM offers, we are set to bring about a new era in customer-experience innovation in the face of a rapidly changing and dynamic marketplace."
For further information about Hansen Technologies, please visit www.hansencx.com.
About Hansen Technologies
Hansen Technologies (ASX: HSN) is a leading global software provider and services to the energy, water and communications industries. With its award-winning software portfolio, Hansen serves 600+ customers in over 80 countries, helping them to create, sell, and deliver new products and services, manage and analyse customer data, and control critical revenue management and customer support processes.
For more information, visit www.hansencx.com
About Aidon
Aidon is the leading provider of smart grid and smart metering solutions, applications and services in the Nordics. Our systems enable reliable metering and distribution of energy as well as efficient maintenance processes of distribution networks for our customers. The technology supplied by Aidon is in use in almost 4 million energy metering points in the Nordic countries. Our head office is in Jyväskylä, Finland, our Swedish office in Stockholm, the Norwegian office in Asker and the Danish office in Copenhagen.
For more information, visit https://www.aidon.com/
Adnan Bashir
Senior Manager, Global Corporate Communications
Hansen Technologies
+1 647-204-0999
As part of the agreement, Reading Municipal Light Department will purchase clean energy and the associated renewable energy certificates produced by one of FirstLight’s hydroelectric facilities in Connecticut
BURLINGTON, Mass.--(BUSINESS WIRE)--FirstLight Power, a leading clean provider of renewable energy and energy storage resources, today announced the extension of the company’s power purchase agreement with Reading Municipal Light Department (RMLD). Through the agreement, RMLD will purchase the full output of hydroelectric power and renewable energy credits from FirstLight’s Falls Village Generating Station in Connecticut, which averages around 41,000 Megawatt hours per year of hydroelectric power, becoming the exclusive buyer of energy generated by this asset. The agreement will advance RMLD’s strategy of exceeding the State’s noncarbon compliance requirements to obtain 50 percent of its power supply from noncarbon sources by 2030 and further position the towns of Reading, North Reading, Wilmington, and Lynnfield as leaders towards the State’s goal of decarbonization.
“We are thrilled to extend our collaboration with the Reading Municipal Light Department, which will help deliver clean, reliable, and cost-competitive electricity to RMLD ratepayers,” said Peter Rider, Senior Vice President of Commercial Operations of FirstLight Power. “The energy transition requires ambitious first-movers to put action on display, and that is exactly what RMLD is doing with this agreement – securing clean electricity for residents while simultaneously lessening the reliance on cost variable fossil fuels, which at this very moment are presenting significant cost challenges for people across the Commonwealth. We are proud to work with true leaders like RMLD who are committed to advancing decarbonization while providing unwavering best-in-class service to customers.”
Working in collaboration with RMLD, the new power purchase agreement will run from 2025 through 2040. As part of the agreement with RMLD, FirstLight’s Falls Village Station, which is located in Falls Village, CT, will supply the municipality with energy and renewable energy credits. Falls Village is a three-unit hydroelectric station on the Housatonic River and the facility is qualified as a Class I (CT Class I) renewable run-of-river energy facility. RMLD is the exclusive purchaser of all the energy and associated Class I certificates from this facility.
“RMLD provides reliable and cost-effective electricity to our customers while decarbonizing our power supply, and this innovative deal strengthens our performance in each of those key areas because hydroelectric power is a clean, affordable, and reliable energy source,” said RMLD General Manager Gregory Phipps. “This deal with FirstLight Power maintains our portfolio at approximately 25 percent hydroelectric power and reinforces RMLD’s prudent risk management practice of maintaining a balanced power supply portfolio across geography and generation type.”
The RMLD agreement builds on FirstLight’s proven track record of successfully working with municipalities to implement clean and cost-competitive power purchase agreements. In 2020, FirstLight entered into a landmark agreement with Energy New England (ENE) on behalf of 21 municipal utilities, which represented the largest renewable energy purchase by municipal utilities in New England. Building on this collaboration, FirstLight has extended individual agreements with several participating utilities along with a recent extension with ENE that included 13 municipal public power entities. In addition to paving the way to a clean energy future, these long-term contracts help protect municipalities and ratepayers from volatile energy prices associated with fossil fuel generation from oil and natural gas.
About FirstLight Power
FirstLight Power (FirstLight) is a leading clean power producer, developer, and energy storage company serving North America. With a diversified portfolio that includes over 1,400 megawatts of operating renewable energy and energy storage technologies, FirstLight specializes in hybrid solutions that pair hydroelectric, pumped-hydro storage, utility-scale solar, large-scale battery, and offshore wind assets. The company’s mission is to accelerate the decarbonization of the electric grid by supporting the development, operation, and integration of renewable energy and storage solutions to advance an electric system that is clean, reliable, affordable, and equitable. Based in Burlington, MA, with operating offices in Northfield, MA and New Milford, CT, FirstLight is a steward of more than 14,000 acres and hundreds of miles of shoreline along some of the most beautiful rivers and lakes in the Northeast. To learn more, visit www.firstlightpower.com or follow us on LinkedIn or Twitter.
About Reading Municipal Light Department (RMLD)
Established in 1894, Reading Municipal Light Department (RMLD) is a municipal electric utility serving over 70,000 residents in the towns of Reading, North Reading, Wilmington, and Lynnfield Center. RMLD has over 30,000 meter connections within its service territory.
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SAINT JOHN, New Brunswick & BURLINGTON, Ontario--(BUSINESS WIRE)--Irving Oil and global waste-to-renewable natural gas (RNG) industry leader Anaergia Inc. (“Anaergia”, TSX: ANRG) have announced a partnership that will supply Canada’s largest refinery with carbon-negative RNG, as well as Irving Oil’s other operations such as Delivered Natural Gas.
The RNG, which is made from organic matter instead of fossil fuels, will be produced at Anaergia’s Rhode Island Bioenergy Facility, where food waste and other organic wastes that would otherwise have been landfilled, are transformed into renewable fuel. About 350 million cubic feet of RNG will be supplied annually from Anaergia Inc. into the regional pipeline where it will reduce the need for conventional natural gas supply to Irving Oil’s operations, including the Saint John refinery in New Brunswick.
This RNG is recognized as carbon-negative due to its ability to capture more methane emissions than the organic waste would have otherwise created when landfilled. In this way, Anaergia’s Rhode Island Bioenergy Facility prevents the release of more than 40,000 metric tonnes per year of carbon dioxide-equivalent greenhouse gas emissions.
“We are proud to continue advancing on our energy transition journey through this new partnership where waste will be diverted from the landfill and converted to renewable natural gas for use in our operations, including at our Saint John refinery,” says Ian Whitcomb, President of Irving Oil. “We are making strides in achieving our 2030 goal of a 30% reduction in greenhouse gas emissions as we shift to lower carbon energies. We know that together we can create real change towards a more sustainable energy future for all.”
The Rhode Island Bioenergy Facility, located near Rhode Island’s central landfill in Johnston, is designed to divert over 100,000 tons per year of waste from landfills and it is the largest anaerobic digester processing organic waste in New England. This facility converts food scraps plus some other organic wastes, into fertilizer, recycled water and RNG. The nutrient-rich solid residual of the digestion process is utilized to enrich New England soils and to reduce the use of fossil fuel-derived fertilizers.
“We are proud to be a part of this partnership where producing RNG from landfill-diverted organic waste is reducing greenhouse emissions from landfills and supporting Canada’s clean energy transition with a carbon-negative fuel,” says Andrew Benedek, Chairman and CEO of Anaergia. “Methane emissions from landfills are a big contributor to global warming. The state of Rhode Island is doing something to solve this problem, while also addressing New England’s waste disposal needs. Likewise, Irving Oil is recognizing the value of using what people throw away every day to create a renewable fuel.”
The opportunity to use diverted landfill waste that is converted into RNG for Irving Oil’s operations, including at the Saint John refinery, is an important step forward as the company works to achieve its sustainability goals.
For more information, please explore Irving Oil’s 2021 Report on Sustainability here.
About Anaergia
Anaergia was created to eliminate a major source of greenhouse gases by cost effectively turning organic waste into renewable natural gas (RNG), fertilizer and water, using proprietary technologies. With a proven track record from delivering world-leading projects on four continents, Anaergia is uniquely positioned to provide end-to-end solutions for extracting organics from waste, implementing high efficiency anaerobic digestion, upgrading biogas, producing fertilizer and cleaning water. Our customers are in the municipal solid waste, municipal wastewater, agriculture, and food processing industries. In each of these markets Anaergia has built many successful plants including some of the largest in the world. Anaergia owns and operates some of the plants it builds, and it also operates plants that are owned by its customers.
About Irving Oil
Irving Oil is a family-owned and privately held international energy company. For nearly 100 years, our commitment to doing good business has been grounded in our commitment to people – to our employees, customers, communities and partners. Founded in 1924, our mission is focused on our continued evolution to meet the changing needs of our customers. Specializing in the refining and marketing of finished energy products, we operate Canada’s largest refinery in Saint John, New Brunswick, and Ireland’s only refinery located in the village of Whitegate. We proudly serve customers with more than 1,000 fuelling locations and a network of distribution terminals spanning Eastern Canada, New England and in Ireland, operating under the Top brand. We are on a continuous journey of sustainable development, working to reduce our environmental footprint while continuing to provide safe and reliable energy to our customers. Named one of Canada’s Top 100 Employers for seven consecutive years, we are proud of our team and our longstanding commitment to our customers and our communities. Learn more at www.irvingoil.com.
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Irving Oil
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Melissa Bailey
Anaergia Inc.
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Revises full year 2022 revenue range to $142 – $152 million from previous $75-100 million
Significant fourth quarter over-performance driven by U.S. energy storage project execution and global gravity storage territory expansions
Updated 2023 outlook to be provided concurrent with upcoming earnings results in late-February 2023
LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the “Company”), a leader in sustainable, grid-scale energy storage solutions, today announced updated fourth quarter and full year 2022 expected revenue results for its fiscal year ended December 31, 2022.
For the full year 2022, Energy Vault expects total revenue of $142 to $152 million, ahead of the Company’s previously communicated full year 2022 guidance of $75 to $100 million. The revised guidance implies expected fourth quarter 2022 revenue of between $96 and $106 million, compared to $29 to $54 million previously required to meet its full year 2022 forecast following the reporting of third quarter 2022 results.
Higher than forecasted results for full year 2022 were driven by project and supply chain execution ahead of schedule for previously announced battery energy storage systems (BESS) in the United States as well as territory expansions in Europe and the Middle East for the Company’s gravity energy storage systems (GESS).
Robert Piconi, Energy Vault’s Chairman and CEO commented, “The Energy Vault team closed the quarter well, demonstrating our collective enterprise focus on delivering for customers while capping off a successful first deployment year of growth and expansion. Despite the industry and supply chain pressures, our team demonstrated laser focus on the critical path of execution, reflecting the prioritization that Energy Vault received from suppliers during the quarter due to our commercial growth and strong global relationships. On our earnings call to be scheduled for late-February, we look forward to reviewing our full year 2022 results in greater detail and providing an update on the activity positively impacting our 2023 outlook.”
About Energy Vault
Energy Vault® develops and deploys utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The company's comprehensive offerings include proprietary gravity-based storage, battery storage, and green hydrogen energy storage technologies. Each storage solution is supported by the Company’s hardware technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault’s innovative technology portfolio delivers customized short-and-long-duration energy storage solutions to help utilities, independent power producers, and large industrial energy users significantly reduce levelized energy costs while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial reuse, Energy Vault’s EVx™ gravity-based energy storage technology is facilitating the shift to a circular economy while accelerating the global clean energy transition for its customers. Please visit www.energyvault.com for more information.
Forward-Looking Statements
This press release includes forward-looking statements that reflect the Company’s current views with respect to, among other things, the Company’s operations and financial performance. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as “anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “project,” “forecast,” “estimates,” “targets,” “projections,” “should,” “could,” “would,” “may,” “might,” “will” and other similar expressions. We base these forward-looking statements or projections on our current expectations, plans and assumptions, which we have made in light of our experience in our industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at the time. These forward-looking statements are based on our beliefs, assumptions and expectations of future performance, taking into account the information currently available to us. These forward-looking statements are only predictions based upon our current expectations and projections about future events. These forward-looking statements involve significant risks and uncertainties that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including changes in our strategy, expansion plans, customer opportunities, future operations, future financial position, estimated revenues and losses, projected costs, prospects and plans; the implementation, market acceptance and success of our business model and growth strategy; our ability to develop and maintain our brand and reputation; developments and projections relating to our business, our competitors, and industry; the impact of health epidemics, including the COVID-19 pandemic, on our business and the actions we may take in response thereto; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; expectations regarding the time during which we will be an emerging growth company under the JOBS Act; our future capital requirements and sources and uses of cash; our ability to obtain funding for our operations and future growth; our business, expansion plans and opportunities and other important factors discussed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov. New risks emerge from time to time and it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Any forward-looking statement made by us in this press release speaks only as of the date of this press release and is expressly qualified in its entirety by the cautionary statements included in this press release. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws. You should not place undue reliance on our forward-looking statements.
Financial Disclosure Advisory
All financial data in this press release reflects expected preliminary results and represents the most current information available to the Company’s management, as financial closing procedures for the year ended December 31, 2022 are not yet complete. These estimates are not a comprehensive statement of the Company’s financial results for the year or quarter ended December 31, 2022 and actual results may differ materially from these estimates as a result of the completion of normal year-end accounting procedures and adjustments, including the execution of the Company’s internal control over financial reporting, the completion of the preparation and review of the Company’s financial statements for the year ended December 31, 2022 and the subsequent occurrence or identification of events prior to the formal issuance of full year financial results.
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LOWELL, Ark.--(BUSINESS WIRE)--J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) announced fourth quarter 2022 U.S. GAAP (United States Generally Accepted Accounting Principles) net income of $201.3 million, or diluted earnings per share of $1.92 versus fourth quarter 2021 net earnings of $242.2 million, or diluted earnings per share of $2.28.
Total operating revenue for the current quarter was $3.65 billion, compared with $3.50 billion for the fourth quarter 2021, an increase of 4%. Current quarter total operating revenue, excluding fuel surcharge revenue, decreased approximately 3% versus the comparable quarter 2021. This decrease was primarily driven by a 27% decline in volume in Integrated Capacity Solutions (ICS) and a 1% decline in volume in Intermodal (JBI). Revenue, excluding fuel surcharge revenue, performance was positively offset by a 14% increase in average revenue producing trucks and a 3% increase in fleet productivity (excluding fuel surcharge revenue) in Dedicated Contract Services® (DCS®), a 6% increase in revenue per load (excluding fuel surcharge revenue) in JBI, an increase in Final Mile Services® (FMS) revenue driven primarily by our recent acquisition, and a 6% increase in loads in Truckload (JBT) driven primarily by our J.B. Hunt 360box® service offering.
Total freight transactions in the Marketplace for J.B. Hunt 360˚® decreased 22% to $461 million in the fourth quarter 2022 compared to $593 million in the prior year quarter. ICS revenue on the platform decreased 29% to $308 million versus the year ago period. JBI executed approximately $33 million of third-party dray capacity on the platform, a decline of 31% year over year. JBT executed approximately $121 million of independent contractor and power-only capacity through the platform during the quarter, an increase of 7% versus the prior year period.
U.S. GAAP operating income for the current quarter totaled $281.9 million versus $322.5 million for the fourth quarter 2021. Current quarter operating income was negatively impacted by a $64 million pre-tax increase in casualty claim expense. Operating income performance was favorably impacted by customer rate and cost recovery efforts in JBI, DCS and FMS and an increase in revenue producing trucks and productivity in DCS. These items were partially offset by a decrease in volume in ICS and JBI; higher investments to attract and retain professional drivers, office personnel, and maintenance technicians; increases in equipment-related and maintenance expense, and higher insurance and safety costs.
Net interest expense in the current quarter increased primarily from higher interest rates from fourth quarter 2021. The fourth quarter effective tax rates for 2022 and 2021 were 25.7% and 22.6%, respectively. The annual effective tax rates for 2022 and 2021 were 24.4% and 23.9%, respectively. We expect our 2023 annual tax rate to be between 24.0% and 25.0%.
Segment Information:
Intermodal (JBI)
Intermodal volume decreased 1% over the same period in 2021. Eastern network loads increased 8%, while transcontinental loads decreased 7% compared to the fourth quarter 2021. Demand for intermodal capacity was seasonally weak in the fourth quarter, while rail velocity and performance made further progress. Customer activity related to the detention of equipment also improved sequentially but continued to impact dray and network efficiencies. Revenue increased 11% for the quarter versus the prior year, driven by a 12% increase in revenue per load resulting from changes in mix of freight, customer rates, and fuel surcharge revenue. Revenue per load excluding fuel surcharge revenue was up 6% year over year.
Operating income decreased 8% in the fourth quarter primarily from lower volume; higher investments to attract and retain professional drivers, office personnel, and maintenance technicians; and higher insurance costs. These items were only partially offset by higher customer rates and cost recovery efforts compared to the prior year period. JBI incurred approximately $21.8 million of the incremental pre-tax casualty insurance expense. During the period we successfully onboarded 2,000 new units of container capacity. The current period ended with approximately 115,000 units of trailing capacity and approximately 6,700 power units in the dray fleet.
Dedicated Contract Services (DCS)
Demand for our highly engineered private-fleet outsourcing solution remained strong during the quarter. DCS revenue increased 24% year over year, primarily from a 14% increase in average revenue producing trucks and a 9% increase in productivity (revenue per truck per week) versus the same period 2021. Productivity excluding fuel surcharge revenue increased 3% from a year ago driven by increases in contracted indexed-based price escalators and stronger utilization of equipment. A net additional 1,210 revenue producing trucks were in the fleet by the end of the quarter compared to the prior year period, and a net reduction of 187 versus the end of the third quarter 2022. Customer retention rates remain above 98%.
Operating income increased 4% from the prior year quarter, primarily from new business onboarded over the past trailing twelve months, combined with greater productivity and utilization of equipment. These items were partially offset by higher equipment-related and maintenance expenses, higher safety costs, higher investments to attract and retain professional drivers, office personnel, and maintenance technicians, and other costs related to the implementation of new, long-term contractual business. The DCS segment incurred approximately $18.7 million of the incremental pre-tax casualty insurance expense.
Integrated Capacity Solutions (ICS)
ICS revenue decreased 33% in the current quarter over the same period 2021. Overall segment volume decreased 27%, while truckload volume decreased 21% compared to the prior year period. Revenue per load decreased 9% compared to the fourth quarter 2021 due to changes in customer freight mix and lower contractual and transactional rates in our truckload business. Contractual volume represented approximately 62% of the total load volume and 61% of the total revenue in the current quarter compared to 54% and 43%, respectively, in fourth quarter 2021. Of the total reported ICS revenue, approximately $308 million was executed through the Marketplace for J.B. Hunt 360 compared to $431 million in fourth quarter 2021.
Operating income decreased by $24 million compared to the fourth quarter 2021 primarily from lower gross profit, increased insurance and claims expense and higher technology costs over the same period 2021. Gross profit declined 14% on lower revenue compared to prior year period while gross profit margin increased to 15.6% in the current period versus 12.2% in the prior period. ICS carrier base increased 15% year over year. The ICS segment incurred approximately $15.1 million of the incremental pre-tax casualty insurance expense in the quarter.
Truckload (JBT)
JBT revenue increased 6% compared to the same period in the previous year. Revenue excluding fuel surcharge revenue decreased 2% due to an 8% decline in revenue per load excluding fuel surcharge revenue partially offset by a 6% increase in load volume. Total average trailer count increased by approximately 3,900 units, or 37% versus the prior year period. Trailer turns in the quarter were down 21% from the prior period primarily due to freight mix and fewer load opportunities as a result of a softer freight market.
JBT operating income decreased 35% to $16.9 million versus the fourth quarter 2021. JBT continues to leverage the J.B. Hunt 360 platform to grow power capacity and capability for the J.B. Hunt 360box® service offering. Benefits from higher volume and revenue were more than offset by higher truck purchased transportation expense, trailer parts and maintenance costs, personnel costs, insurance and claims expense and continued technology investments to build out 360box. The JBT segment incurred approximately $5.1 million of the incremental pre-tax casualty insurance expense in the quarter.
Final Mile Services (FMS)
FMS revenue increased 15% compared to the same period 2021, primarily driven by the previously announced acquisition of Zenith Freight Lines, LLC (Zenith) and multiple new customer contracts implemented over the past trailing twelve months. Revenue growth continues to be partially offset by internal efforts to improve revenue quality of the business. Excluding the Zenith acquisition, which contributed approximately $26 million to segment revenue in the current quarter, FMS revenue increased 3% year over year.
Operating income increased 70% from the prior year period, primarily driven by an improvement in revenue quality which was partially offset by higher equipment-related and maintenance costs and increased insurance and claims expense. Additionally, investments in new system technology development and implementation costs for newly awarded business partially offset the improvement in revenue quality. The FMS segment incurred approximately $3.3 million of the incremental pre-tax casualty insurance expense in the quarter, and the prior year period included a $5.7 million benefit from the reduction of a contingent liability.
Cash Flow and Capitalization:
At December 31, 2022, we had total debt outstanding of $1.3 billion on various debt instruments which is comparable to the total debt levels at December 31, 2021, and versus $1.2 billion at September 30, 2022.
Our net capital expenditures for 2022 approximated $1.4 billion vs. $877 million in 2021. At December 31, 2022, we had cash and cash equivalents of $52 million.
We had no purchases of our stock during the fourth quarter 2022. At December 31, 2022, we had approximately $551 million remaining under our share repurchase authorization. Actual shares outstanding at December 31, 2022, approximated 103.7 million.
Conference Call Information:
The company will hold a conference call today from 8:00–9:00 a.m. CST to discuss the quarterly earnings. Investors will have the opportunity to listen to the conference call live over the internet by going to investor.jbhunt.com. Please log on 15 minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, an online replay of the earnings call webcast will be available a few hours after the completion of the call.
Forward-Looking Statements:
This press release may contain forward-looking statements, which are based on information currently available. Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended December 31, 2021. We assume no obligation to update any forward-looking statement to the extent we become aware that it will not be achieved for any reason. This press release and additional information will be available to interested parties on our website, www.jbhunt.com.
About J.B. Hunt
J.B. Hunt Transport Services, Inc., a Fortune 500 and S&P 500 company, provides innovative supply chain solutions for a variety of customers throughout North America. Utilizing an integrated, multimodal approach, the company applies technology driven methods to create the best solution for each customer, adding efficiency, flexibility, and value to their operations. J.B. Hunt services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, last mile, and more. J.B. Hunt Transport Services, Inc. stock trades on NASDAQ under the ticker symbol JBHT and is a component of the Dow Jones Transportation Average. J.B. Hunt Transport, Inc. is a wholly owned subsidiary of JBHT. For more information, visit www.jbhunt.com.
| J.B. HUNT TRANSPORT SERVICES, INC. | ||||||||
| Condensed Consolidated Statements of Earnings | ||||||||
| (in thousands, except per share data) | ||||||||
| (unaudited) | ||||||||
| Three Months Ended December 31 | ||||||||
2022 |
2021 |
|||||||
| % Of | % Of | |||||||
| Amount | Revenue | Amount | Revenue | |||||
| Operating revenues, excluding fuel surcharge revenues | $ | 3,017,278 |
$ | 3,106,488 |
||||
| Fuel surcharge revenues | 632,344 |
390,483 |
|
|||||
| Total operating revenues | 3,649,622 |
100.0% |
3,496,971 |
100.0% |
||||
| Operating expenses | ||||||||
| Rents and purchased transportation | 1,742,167 |
47.7% |
1,891,298 |
54.1% |
||||
| Salaries, wages and employee benefits | 879,924 |
24.1% |
764,484 |
21.9% |
||||
| Fuel and fuel taxes | 234,229 |
6.4% |
151,606 |
4.3% |
||||
| Depreciation and amortization | 171,606 |
4.7% |
141,254 |
4.0% |
||||
| Operating supplies and expenses | 130,885 |
3.6% |
98,035 |
2.8% |
||||
| Insurance and claims | 124,546 |
3.4% |
50,261 |
1.4% |
||||
| General and administrative expenses, net of asset dispositions | 55,336 |
1.6% |
52,955 |
1.6% |
||||
| Operating taxes and licenses | 19,076 |
0.5% |
15,974 |
0.5% |
||||
| Communication and utilities | 9,905 |
0.3% |
8,601 |
0.2% |
||||
| Total operating expenses | 3,367,674 |
92.3% |
3,174,468 |
90.8% |
||||
| Operating income | 281,948 |
7.7% |
322,503 |
9.2% |
||||
| Net interest expense | 11,189 |
0.3% |
9,697 |
0.3% |
||||
| Earnings before income taxes | 270,759 |
7.4% |
312,806 |
8.9% |
||||
| Income taxes | 69,456 |
1.9% |
70,597 |
2.0% |
||||
| Net earnings | $ | 201,303 |
5.5% |
$ | 242,209 |
6.9% |
||
| Average diluted shares outstanding | 104,737 |
106,312 |
||||||
| Diluted earnings per share | $ | 1.92 |
$ | 2.28 |
||||
| J.B. HUNT TRANSPORT SERVICES, INC. | ||||||||
| Condensed Consolidated Statements of Earnings | ||||||||
| (in thousands, except per share data) | ||||||||
| (unaudited) | ||||||||
| Twelve Months Ended December 31 | ||||||||
2022 |
2021 |
|||||||
| % Of | % Of | |||||||
| Amount | Revenue | Amount | Revenue | |||||
| Operating revenues, excluding fuel surcharge revenues | $ | 12,381,359 |
$ | 10,915,442 |
||||
| Fuel surcharge revenues | 2,432,640 |
1,252,860 |
||||||
| Total operating revenues | 14,813,999 |
100.0% |
12,168,302 |
100.0% |
||||
| Operating expenses | ||||||||
| Rents and purchased transportation | 7,392,179 |
49.9% |
6,449,068 |
53.0% |
||||
| Salaries, wages and employee benefits | 3,373,063 |
22.8% |
2,761,680 |
22.7% |
||||
| Fuel and fuel taxes | 931,710 |
6.3% |
530,642 |
4.4% |
||||
| Depreciation and amortization | 644,520 |
4.4% |
557,093 |
4.6% |
||||
| Operating supplies and expenses | 502,553 |
3.4% |
369,294 |
3.0% |
||||
| Insurance and claims | 318,123 |
2.1% |
165,052 |
1.4% |
||||
| General and administrative expenses, net of asset dispositions | 215,361 |
1.4% |
195,616 |
1.5% |
||||
| Operating taxes and licenses | 68,230 |
0.5% |
59,462 |
0.5% |
||||
| Communication and utilities | 36,707 |
0.2% |
34,865 |
0.3% |
||||
| Total operating expenses | 13,482,446 |
91.0% |
11,122,772 |
91.4% |
||||
| Operating income | 1,331,553 |
9.0% |
1,045,530 |
8.6% |
||||
| Net interest expense | 50,180 |
0.4% |
45,758 |
0.4% |
||||
| Earnings before income taxes | 1,281,373 |
8.6% |
999,772 |
8.2% |
||||
| Income taxes | 312,022 |
2.1% |
238,966 |
1.9% |
||||
| Net earnings | $ | 969,351 |
6.5% |
$ | 760,806 |
6.3% |
||
| Average diluted shares outstanding | 105,276 |
106,593 |
||||||
| Diluted earnings per share | $ | 9.21 |
$ | 7.14 |
||||
| Financial Information By Segment | ||||||||||
| (in thousands) | ||||||||||
| (unaudited) | ||||||||||
| Three Months Ended December 31 | ||||||||||
2022 |
2021 |
|||||||||
| % Of | % Of | |||||||||
| Amount | Total | Amount | Total | |||||||
| Revenue | ||||||||||
| Intermodal | $ | 1,748,798 |
|
48% |
$ | 1,574,174 |
|
45% |
||
| Dedicated | 880,210 |
|
24% |
712,419 |
|
20% |
||||
| Integrated Capacity Solutions | 496,197 |
|
14% |
738,906 |
|
21% |
||||
| Truckload | 275,550 |
|
7% |
259,078 |
|
8% |
||||
| Final Mile Services | 254,809 |
|
7% |
221,907 |
|
6% |
||||
| Subtotal | 3,655,564 |
|
100% |
3,506,484 |
|
100% |
||||
| Intersegment eliminations | (5,942 |
) |
(0%) |
(9,513 |
) |
0% |
||||
| Consolidated revenue | $ | 3,649,622 |
|
100% |
$ | 3,496,971 |
|
100% |
||
| Operating income | ||||||||||
| Intermodal | $ | 179,520 |
|
64% |
$ | 195,337 |
|
61% |
||
| Dedicated | 75,784 |
|
27% |
72,638 |
|
23% |
||||
| Integrated Capacity Solutions | (2,872 |
) |
(1%) |
21,190 |
|
6% |
||||
| Truckload | 16,916 |
|
6% |
25,907 |
|
8% |
||||
| Final Mile Services | 12,630 |
|
4% |
7,442 |
|
2% |
||||
| Other (1) | (30 |
) |
0% |
(11 |
) |
0% |
||||
| Operating income | $ | 281,948 |
|
100% |
$ | 322,503 |
|
100% |
||
| Twelve Months Ended December 31 | ||||||||||
2022 |
2021 |
|||||||||
| % Of | % Of | |||||||||
| Amount | Total | Amount | Total | |||||||
| Revenue | ||||||||||
| Intermodal | $ | 7,021,565 |
|
47% |
$ | 5,453,511 |
|
44% |
||
| Dedicated | 3,378,553 |
|
23% |
2,578,322 |
|
21% |
||||
| Integrated Capacity Solutions | 2,385,797 |
|
16% |
2,537,684 |
|
21% |
||||
| Truckload | 1,082,259 |
|
7% |
795,850 |
|
7% |
||||
| Final Mile Services | 979,991 |
|
7% |
841,963 |
|
7% |
||||
| Subtotal | 14,848,165 |
|
100% |
12,207,330 |
|
100% |
||||
| Intersegment eliminations | (34,166 |
) |
(0%) |
(39,028 |
) |
(0%) |
||||
| Consolidated revenue | $ | 14,813,999 |
|
100% |
$ | 12,168,302 |
|
100% |
||
| Operating income | ||||||||||
| Intermodal | $ | 800,013 |
|
60% |
$ | 602,540 |
|
58% |
||
| Dedicated | 345,159 |
|
26% |
304,125 |
|
29% |
||||
| Integrated Capacity Solutions | 59,225 |
|
4% |
46,324 |
|
4% |
||||
| Truckload | 92,410 |
|
7% |
64,940 |
|
6% |
||||
| Final Mile Services | 34,912 |
|
3% |
27,909 |
|
3% |
||||
| Other (1) | (166 |
) |
0% |
(308 |
) |
0% |
||||
| Operating income | $ | 1,331,553 |
|
100% |
$ | 1,045,530 |
|
100% |
||
| (1) Includes corporate support activity | ||||||||||
| Operating Statistics by Segment | ||||||||||
| (unaudited) | ||||||||||
| Three Months Ended December 31 | ||||||||||
2022 |
2021 |
|||||||||
| Intermodal | ||||||||||
| Loads | 503,340 |
|
509,264 |
|
||||||
| Average length of haul | 1,663 |
|
1,693 |
|
||||||
| Revenue per load | $ | 3,474 |
|
$ | 3,091 |
|
||||
| Average tractors during the period * | 6,748 |
|
6,161 |
|
||||||
| Tractors (end of period) * | 6,696 |
|
6,194 |
|
||||||
| Trailing equipment (end of period) | 115,150 |
|
104,973 |
|
||||||
| Average effective trailing equipment usage | 105,314 |
|
102,926 |
|
||||||
| Dedicated | ||||||||||
| Loads | 1,102,319 |
|
1,053,733 |
|
||||||
| Average length of haul | 166 |
|
160 |
|
||||||
| Revenue per truck per week** | $ | 5,306 |
|
$ | 4,879 |
|
||||
| Average trucks during the period*** | 13,037 |
|
11,441 |
|
||||||
| Trucks (end of period) *** | 12,899 |
|
11,689 |
|
||||||
| Trailing equipment (end of period) | 28,322 |
|
28,822 |
|
||||||
| Integrated Capacity Solutions | ||||||||||
| Loads | 267,989 |
|
364,620 |
|
||||||
| Revenue per load | $ | 1,852 |
|
$ | 2,027 |
|
||||
| Gross profit margin | 15.6 |
% |
12.2 |
% |
||||||
| Employee count (end of period) | 984 |
|
975 |
|
||||||
| Approximate number of third-party carriers (end of period) | 156,400 |
|
136,400 |
|
||||||
| Marketplace for J.B. Hunt 360 revenue (millions) | $ | 307.6 |
|
$ | 431.4 |
|
||||
| Truckload | ||||||||||
| Loads | 131,631 |
|
123,782 |
|
||||||
| Average trailers during the period | 14,395 |
|
10,524 |
|
||||||
| Revenue per load | $ | 2,093 |
|
$ | 2,093 |
|
||||
| Average length of haul | 550 |
|
501 |
|
||||||
| Tractors (end of period) | ||||||||||
| Company-owned | 620 |
|
734 |
|
||||||
| Independent contractor | 2,098 |
|
1,501 |
|
||||||
| Total tractors | 2,718 |
|
2,235 |
|
||||||
| Trailers (end of period) | 14,718 |
|
11,172 |
|
||||||
| Final Mile Services | ||||||||||
| Stops | 1,290,856 |
|
1,450,208 |
|
||||||
| Average trucks during the period*** | 1,864 |
|
1,565 |
|
||||||
| * Includes company-owned and independent contractor tractors | ||||||||||
| ** Using weighted workdays | ||||||||||
| *** Includes company-owned, independent contractor, and customer-owned trucks | ||||||||||
| Operating Statistics by Segment | ||||||||||
| (unaudited) | ||||||||||
| Twelve Months Ended December 31 | ||||||||||
2022 |
2021 |
|||||||||
| Intermodal | ||||||||||
| Loads | 2,068,278 |
|
1,984,834 |
|
||||||
| Average length of haul | 1,665 |
|
1,684 |
|
||||||
| Revenue per load | $ | 3,395 |
|
$ | 2,748 |
|
||||
| Average tractors during the period * | 6,601 |
|
5,904 |
|
||||||
| Tractors (end of period) * | 6,696 |
|
6,194 |
|
||||||
| Trailing equipment (end of period) | 115,150 |
|
104,973 |
|
||||||
| Average effective trailing equipment usage | 107,319 |
|
98,798 |
|
||||||
| Dedicated | ||||||||||
| Loads | 4,406,527 |
|
4,020,308 |
|
||||||
| Average length of haul | 165 |
|
161 |
|
||||||
| Revenue per truck per week** | $ | 5,225 |
|
$ | 4,719 |
|
||||
| Average trucks during the period*** | 12,564 |
|
10,628 |
|
||||||
| Trucks (end of period) *** | 12,899 |
|
11,689 |
|
||||||
| Trailing equipment (end of period) | 28,322 |
|
28,822 |
|
||||||
| Integrated Capacity Solutions | ||||||||||
| Loads | 1,231,334 |
|
1,326,979 |
|
||||||
| Revenue per load | $ | 1,938 |
|
$ | 1,912 |
|
||||
| Gross profit margin | 14.7 |
% |
11.8 |
% |
||||||
| Employee count (end of period) | 984 |
|
975 |
|
||||||
| Approximate number of third-party carriers (end of period) | 156,400 |
|
136,400 |
|
||||||
| Marketplace for J.B. Hunt 360 revenue (millions) | $ | 1,521.1 |
|
$ | 1,583.8 |
|
||||
| Truckload | ||||||||||
| Loads | 500,407 |
|
445,812 |
|
||||||
| Average trailers during the period | 12,798 |
|
9,299 |
|
||||||
| Revenue per load | $ | 2,163 |
|
$ | 1,785 |
|
||||
| Average length of haul | 520 |
|
482 |
|
||||||
| Tractors (end of period) | ||||||||||
| Company-owned | 620 |
|
734 |
|
||||||
| Independent contractor | 2,098 |
|
1,501 |
|
||||||
| Total tractors | 2,718 |
|
2,235 |
|
||||||
| Trailers (end of period) | 14,718 |
|
11,172 |
|
||||||
| Final Mile Services | ||||||||||
| Stops | 5,432,627 |
|
6,413,680 |
|
||||||
| Average trucks during the period*** | 1,814 |
|
1,520 |
|
||||||
| * Includes company-owned and independent contractor tractors | ||||||||||
| ** Using weighted workdays | ||||||||||
| *** Includes company-owned, independent contractor, and customer-owned trucks | ||||||||||
| J.B. HUNT TRANSPORT SERVICES, INC. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (in thousands) | ||||||||
| (unaudited) | ||||||||
December 31, 2022 |
December 31, 2021 |
|||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 51,927 |
$ | 355,549 |
||||
| Accounts Receivable, net | 1,528,075 |
1,506,619 |
||||||
| Prepaid expenses and other | 587,534 |
451,201 |
||||||
| Total current assets | 2,167,536 |
2,313,369 |
||||||
| Property and equipment | 7,999,480 |
6,680,316 |
||||||
| Less accumulated depreciation | 3,019,663 |
2,612,661 |
||||||
| Net property and equipment | 4,979,817 |
4,067,655 |
||||||
| Other assets, net | 594,988 |
413,324 |
||||||
| $ | 7,742,341 |
$ | 6,794,348 |
|||||
| LIABILITIES & STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Current debt | $ | - |
$ | 355,972 |
||||
| Trade accounts payable | 798,776 |
772,736 |
||||||
| Claims accruals | 452,149 |
307,210 |
||||||
| Accrued payroll | 188,252 |
190,950 |
||||||
| Other accrued expenses | 129,054 |
102,732 |
||||||
| Total current liabilities | 1,568,231 |
1,729,600 |
||||||
| Long-term debt | 1,261,738 |
945,257 |
||||||
| Other long-term liabilities | 369,314 |
256,233 |
||||||
| Deferred income taxes | 876,290 |
745,442 |
||||||
| Stockholders' equity | 3,666,768 |
3,117,816 |
||||||
| $ | 7,742,341 |
$ | 6,794,348 |
|||||
| Supplemental Data | ||||||||
| (unaudited) | ||||||||
December 31, 2022 |
December 31, 2021 |
|||||||
| Actual shares outstanding at end of period (000) | 103,743 |
105,094 |
||||||
| Book value per actual share outstanding at end of period | $ | 35.34 |
$ | 29.67 |
||||
| Twelve Months Ended December 31 | ||||||||
2022 |
2021 |
|||||||
| Net cash provided by operating activities (000) | $ | 1,776,882 |
$ | 1,223,898 |
||||
| Net capital expenditures (000) | $ | 1,431,895 |
$ | 877,018 |
||||
Brad Delco
Senior Vice President – Finance
(479) 820-2723
Leaders in secure distributed computing and energy systems unite to deliver a secure virtual power plant platform for distributed management of clean, cost-effective energy
SEOUL, South Korea & SAN FRANCISCO--(BUSINESS WIRE)--Intertrust, the world’s leading trusted distributed computing and rights management technology provider, and Korea’s EIPGRID, a leader in distributed energy resource management, today announced a partnership that will deliver a highly secure, efficient digital energy platform, which provides trusted distributed energy resource management (DERM) and virtual power plant (VPP) capabilities to energy companies and end users around the world. These technologies will be useful to help alleviate the worst energy crisis in decades.
Distributed energy resources such as storage, heat pumps and solar panels are indispensable for ensuring clean and resilient energy are provided to the global economy. DERM and VPP technologies leverage AI technology to match supply with demand and optimize the usage of these devices for energy efficiency. While most VPPs available today provide minimal or no security capabilities, Intertrust’s flagship product, Intertrust PlatformTM, delivers highly secure authentication and data management capabilities that enable DERM/VPP platforms to securely support devices and integrate data from multiple vendors and sources while complying with global regulatory requirements.
“Without robust security and authentication, VPPs are ripe for malicious attacks and data breaches,“ said Tony Lee, CEO of EIPGRID. “With Intertrust Platform, we can seamlessly support a large number of secure, distributed, endpoint devices and data sets in their implementations. The result is best-in-class trust, security, and energy efficiency for our customers,” added Lee.
Intertrust Platform authenticates and secures devices and data sets using a hyperscale IoT authentication technology, XPN technology for end-to-end, persistent protection of data and advanced data governance. Coupled with EIPGRID’s advanced AI and energy management platform, the two companies will stand behind the world's most robust and secure VPP/DERM system currently available.
“EIPGRID recognizes that VPPs are useless if compromised or when they leak data,” said Intertrust CEO, Talal G. Shamoon. “VPPs are only effective if they’re able to work securely with the largest number of distributed energy generation sources and endpoint IoT devices. Intertrust’s decades of experience authenticating billions of secure devices make us a uniquely ideal partner in this domain. We’re delighted to partner with EIPGRID to support their platform with secure, distributed management system that brings clean, cost-effective energy to global customers.”
About EIPGRID
EIPGRID Inc. is a community energy services and solutions provider with more than a decade of experience in the energy domain and operations all across the globe. Headquartered in Seoul, South Korea, the company offers a product line designed to support all energy market players, from community managers and end-users with energy resources, to power aggregators and utilities in charge of the grid. Through EIPGRID’s cutting-edge technology powered by AI, all market participants get to maximize their profits through the most optimal power management while diving into various business applications, including Demand Response, Solar, Energy Storage, EV, Micro-Grid, and simultaneously exploring numerous benefits of the RE100 business model and CO2 trading. For more information and updates, visit EIPGRID’s official website, LinkedIn and Twitter.
About Intertrust
Intertrust provides trusted computing products and services to leading global corporations–from mobile, consumer electronics and IoT manufacturers, to service providers and enterprise software platform companies. These products include the world's leading digital rights management (DRM) and technologies to enable private data exchanges for various verticals, including energy, entertainment, retail/marketing, automotive, fintech, and IoT. Founded in 1990, Intertrust is headquartered in Silicon Valley with regional offices in London, Tokyo, Mumbai, Bangalore, Beijing, Seoul, and Tallinn. The company has a legacy of invention, and its fundamental contributions in the areas of computer security and digital trust are globally recognised. Intertrust holds hundreds of patents that are key to Internet security, trust, and privacy management components of operating systems, trusted mobile code and networked operating environments, web services, and cloud computing. Additional information is available at intertrust.com, or follow us on Twitter or LinkedIn.
EIPGRID Media Contact
Jelena Elek
EIPGRID
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+82-2-3430-1752
Intertrust Media Contact
Jordan Slade
MSR Communications
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+1 757-876-5809
DAVOS, Switzerland--(BUSINESS WIRE)--Geopolitical stability is “absolutely key” to global energy security, Saudi’s Foreign Minister told the World Economic Forum’s 2023 Annual Meeting in Davos on Tuesday.
During a high-level panel titled ‘Keeping the Lights amid Geopolitical Fracture’, His Highness Prince Faisal bin Farhan Al Saud, Saudi Arabia’s Minister of Foreign Affairs, emphasized the need for near-term stability, especially in the world’s energy markets.
“The Kingdom is investing almost $200 billion in renewable energy at home and abroad. Our companies are active in 21 countries, deploying solar and wind energy and other sorts of renewable energy,” he said.
“In the meantime, we need to maintain a supply of traditional energies that are priced in a way that ensures stability – and we will continue to address this in a responsible way,” His Highness Prince Faisal added.
Meanwhile, His Excellency Bandar bin Ibrahim Alkhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources, participated in ‘The Return of Manufacturing’, where he highlighted the need for governments to foster innovation and co-investments in the industrial sector.
“You need the right regulatory framework to allow investment flow,” he said. Alkhorayef also emphasized the need for the right infrastructure to enable factories of the future, as well as the importance of governments to proactively develop skilled human capital to drive sustainable growth.
About the Kingdom of Saudi Arabia at the World Economic Forum 2023:
Saudi Arabia’s participation at the World Economic Forum Annual Meeting 2023 highlights the Kingdom’s commitment to engage in meaningful dialogues with other nations to design solutions for some of the world’s most pressing challenges. In recognizing the crucial role international cooperation plays in ensuring global stability, Saudi Arabia is stepping up its efforts on the world stage to act as a bridge of near-term stability and long-term transformation.
*Source: AETOSWire
Wooud Alquaied
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RALEIGH, N.C.--(BUSINESS WIRE)--#RHSummit--Red Hat, the world's leading provider of open source solutions, today announced its ambition to achieve net-zero operational greenhouse gas (GHG) emissions by 2030 to address the global climate crisis.
Red Hat’s 2030 operational net-zero goal follows a science-aligned pathway to limit global warming to 1.5-degree Celsius above pre-industrial levels, and includes scope 1 and 2 emissions, and scope 3 emissions associated with Red Hat’s electricity consumption in third-party colocation data centers. The company has been through a rigorous exercise to develop an emissions accounting profile which establishes a baseline year of 2019.
“By creating a comprehensive roadmap that is built on our open hybrid cloud strategy and aligned to IBM’s overall climate goals, we will reduce the impact we have on the environment and preserve the planet for generations to come,” shared president and chief executive officer of Red Hat, Matt Hicks. “We all play a role in reducing our carbon footprint and this is just one of the many ways that Red Hat is doing our part.”
To achieve the net-zero goal by 2030 or sooner, Red Hat will:
To drive the continual improvement among suppliers and within its own value chain, Red Hat will:
To ensure transparency and accountability, Red Hat will document and publicly disclose its GHG emissions reduction journey through the company’s annual Community and Social Responsibility (CSR) report and company website. Red Hat’s 2019–2021 GHG emissions data is available in Red Hat’s 2021 CSR report. These goals align with IBM’s commitment to achieve net zero greenhouse gas emissions by 2030.
Additional Resources
Connect with Red Hat
About Red Hat, Inc.
Red Hat is the world’s leading provider of enterprise open source software solutions, using a community-powered approach to deliver reliable and high-performing Linux, hybrid cloud, container, and Kubernetes technologies. Red Hat helps customers integrate new and existing IT applications, develop cloud-native applications, standardize on our industry-leading operating system, and automate, secure, and manage complex environments. Award-winning support, training, and consulting services make Red Hat a trusted adviser to the Fortune 500. As a strategic partner to cloud providers, system integrators, application vendors, customers, and open source communities, Red Hat can help organizations prepare for the digital future.
Forward-Looking Statements
Except for the historical information and discussions contained herein, statements contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the company’s current assumptions regarding future business and financial performance. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially. Any forward-looking statement in this press release speaks only as of the date on which it is made. Except as required by law, the company assumes no obligation to update or revise any forward-looking statements.
Red Hat, Red Hat Enterprise Linux and the Red Hat logo are trademarks or registered trademarks of Red Hat, Inc. or its subsidiaries in the U.S. and other countries. Linux® is the registered trademark of Linus Torvalds in the U.S. and other countries.
Media Contact:
Allison Showalter
201-341-3942
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