Launches new independent, publicly traded company focused on returning capital to stockholders through owning financial interests as a non-operator in oil and gas wells drilled by leading U.S. operators
NEW YORK & CENTENNIAL, Colo.--(BUSINESS WIRE)--Jefferies Financial Group Inc. (“Jefferies”) (NYSE: JEF) and Vitesse Energy, Inc. (“Vitesse”) (NYSE: VTS) announced today the completion of the distribution (the “Distribution”) by Jefferies of all the outstanding shares of common stock of Vitesse (“Vitesse Common Stock”) held by Jefferies. As a result of the Distribution, Vitesse became an independent, publicly traded company. Prior to the Distribution, Vitesse acquired all of the issued and outstanding equity interests of Vitesse Energy, LLC and Vitesse Oil, LLC.
Common shares of Jefferies (“Jefferies Common Shares”) and Vitesse Common Stock will each begin trading “regular way” today, January 17, 2023, on the New York Stock Exchange under the symbols “JEF” and “VTS,” respectively.
Rich Handler, CEO of Jefferies, and Brian Friedman, President of Jefferies, remarked: “We congratulate Bob Gerrity, Brian Cree and their team for all the smart and hard work they have done to build Vitesse into the solid business it is and to help manage the process of becoming an independent, publicly traded company. As we have noted before, we each look forward to being stockholders of Vitesse and to seeing its success in the coming years.”
Bob Gerrity, CEO of Vitesse, stated: “We at Vitesse could not be more excited to have gone public. We are extremely grateful to Jefferies for having provided the insight and resources that allowed us to grow from the start-up we were in 2014 to where we are today. And we are especially grateful for their confidence in us as we move into the future as an independent, publicly traded company.”
In connection with the Distribution, on January 13, 2023, Jefferies shareholders received one share of Vitesse Common Stock for every 8.49668 Jefferies Common Shares held at the close of business on December 27, 2022. Fractional shares will be aggregated and sold into the public market and the proceeds distributed pro rata to Jefferies shareholders who otherwise would have received such fractional shares. The shares will be credited to “street name” shareholders through the Depository Trust Corporation. Approximately 26.6 million shares of Vitesse Common Stock were distributed to Jefferies shareholders, which equals approximately 94.37% of the total issued and outstanding shares of Vitesse Common Stock.
About Jefferies
Jefferies is a leading global, full-service investment banking and capital markets firm that provides advisory, sales and trading, research and wealth and asset management services. With more than 40 offices around the world, we offer insights and expertise to investors, companies and governments.
About Vitesse
Vitesse is an independent energy company engaged in the acquisition, development, and production of non-operated oil and natural gas properties in the United States that are generally operated by leading oil companies and are primarily in the Bakken and Three Forks formations in the Williston Basin of North Dakota and Montana. Vitesse also has properties in the Central Rockies, including the Denver-Julesburg Basin and the Powder River Basin. Since Vitesse’s inception in 2014, Vitesse has built a strong and diversified asset base through a combination of property acquisitions, development activities and the implementation of proprietary platforms and processes utilizing its extensive data resources.
Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current views and include statements about the future and statements that are not historical facts. These forward-looking statements are usually preceded by the words “should,” “expect,” “intend,” “may,” “will,” “would,” or similar expressions. Forward-looking statements may include, without limitation, statements relating to the spin-off of Vitesse, such as the anticipated timing and implementation of the distribution of Vitesse Common Stock to Jefferies shareholders. Forward-looking statements represent only our belief regarding future events, many of which by their nature are inherently uncertain. It is possible that the actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Factors that could cause actual results to materially differ from those expressed in the forward-looking statements set forth in this press release include, without limitation, risks that either the distribution of proceeds from the sale of fractional shares or regular-way trading in Vitesse Common Stock or Jefferies Common Shares will not proceed as expected. The forward-looking statements in this press release also should be considered in light of the risks and uncertainties described in the reports Jefferies and Vitesse file with the U.S. Securities and Exchange Commission (the “SEC”) and in the information statement (the “Information Statement”) containing details regarding the Distribution, Vitesse’s business and management following the spin-off and other information regarding the spin-off that was made available to Jefferies shareholders prior to the distribution date. You should read and interpret any forward-looking statement together with the reports Jefferies and Vitesse file with the SEC and the Information Statement. Jefferies and Vitesse are providing the information in this press release as of this date and assume no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Jefferies Financial Group Inc.:
Jonathan Freedman (212) 778-8913
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Vitesse Energy, Inc.:
Ben Messier (720) 532-8232
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Counterspark will be focused on advocating for state-based solutions that can rapidly scale and decarbonize the American economy
WASHINGTON--(BUSINESS WIRE)--Counterspark, a consumer-empowering, solutions-oriented nonprofit organization, launched its new brand today to give individuals the tools they need to make an impact in accelerating the clean energy transition. The revamped 501(c)(4) organization will build momentum for policies and projects that significantly expand use of clean energy and electrified transportation, with the goal of advancing a vision of the future that has clean air, a safe climate, and a thriving economy.
“Americans overwhelmingly want action on solving the climate crisis, but too often the local benefits of clean energy projects are misunderstood or even intentionally distorted by small but vocal minorities,” said Counterspark President J.R. Tolbert. “That minority of voices saying ‘no’ is too often winning out. The goal of Counterspark is to give people a platform to tell elected officials it’s time to start saying ‘yes’ to climate solutions, and say yes to the technologies, policies, and projects we need to solve the climate crisis.”
As it launches its new brand, Counterspark will be focused on advocating for state-based solutions that can rapidly scale and decarbonize the American economy, starting with critical issues that supporters can have a big impact on quickly:
“The technologies needed to solve the climate crisis already exist, we just need to make them broadly available,” added Tolbert, a veteran of clean energy advocacy campaigns. “We want to speed up the deployment of climate solutions by overcoming policy barriers at the local, state, and federal level.”
Initial funding for Counterspark comes from Advanced Energy United, a national business association whose mission is to accelerate the transition to a 100% carbon-free economy in the U.S. The businesses in Advanced Energy United’s membership are lowering consumer costs, creating millions of new jobs, and providing the full range of clean, efficient, and reliable energy and transportation solutions. Counterspark will use its relationship with Advanced Energy United and Advanced Energy Institute, an educational and research partner organization, to work with the innovative industries delivering clean energy resources to our homes, businesses, and schools.
For more information about Counterspark, visit Counterspark.org
Josh Sweetin, Silverline Communications
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HOUSTON--(BUSINESS WIRE)--NOW Inc. (NYSE:DNOW) has scheduled a conference call to discuss the results for the fourth quarter and full-year 2022 on Thursday, February 16, 2023 at 8:00 am (US Central Time). Financial results for the fourth quarter and the year ending December 31, 2022 are expected to be released that morning before the market opens.
The call will be broadcast through the Investor Relations link on NOW Inc.’s web site at ir.dnow.com on a listen-only basis. Listeners should log in prior to the start of the call to register for the webcast. A replay of the call will be available online for thirty days following the conference. Participants may also join the conference call by dialing 1-844-200-6205 within North America or 1-929-526-1599 outside of North America, Access Code: 703044, five to ten minutes prior to the scheduled start time and asking for the “NOW Inc. Earnings Conference Call” or the “DistributionNOW Earnings Conference Call.”
DistributionNOW is a worldwide supplier of energy and industrial products and packaged, engineered process and production equipment with a legacy of 160 years. Headquartered in Houston, Texas, with approximately 2,350 employees and a network of locations worldwide, we offer a broad set of supply chain solutions combined with a suite of digital solutions branded as DigitalNOW® that provide customers world-class technology for digital commerce, data and information management. Our locations provide products and solutions to exploration and production companies, midstream transmission and storage companies, refineries, chemical companies, utilities, mining, municipal water, manufacturers, engineering and construction companies as well as companies operating in the decarbonization, energy transition and renewables end markets.
NOW Inc.
Mark Johnson
Senior Vice President and Chief Financial Officer
(281) 823-4754
Millions of Data Points, Ability to Drill Down will Allow Companies to Find Efficient Path to EV Transition
TROY, Mich.--(BUSINESS WIRE)--J.D. Power, a global leader in data analytics and consumer intelligence, today announced the introduction of the J.D. Power EV Index℠, an analytics tool to track the growing EV market in the United States. Each month, the index will arrive at one number (on a 100-point scale) to make it easy to understand the progress to parity of EVs with traditional internal combustion engine (ICE) vehicles. The sub-category numbers will represent all the roadblocks to parity. Today, the EV Index score is 47 (based on the most recent available data from November 2022), with some categories improving and others declining during the 12-month pilot period. The EV Index score and accompanying analysis will be available monthly.
“Vehicle electrification has industry leaders grappling with billion-dollar decisions, and hyper-detailed data and analytics will help guide their decision making,” said Elizabeth Krear, vice president of electric vehicle practice at J.D. Power. “We’ve created a smart and dynamic way to capture how the EV marketplace is performing in relation to gas-powered vehicles, and the index provides a heightened level of detail never seen before in this arena.”
Millions of data points are aggregated into six specific categories to make up the EV Index:
The first-of-its-kind EV Index for the U.S. market enables industry stakeholders—automakers, utilities, suppliers, charge point operators and legislators—to navigate today’s rapidly evolving EV environment with real-time data that is plugged into a dynamic, web-based portal. The portal is equipped with cutting-edge visualizations, a simple-to-understand dashboard and a custom query tool that can help stakeholders make faster and more reliable decisions.
The new service also includes substantially increased data granularity in which metrics are available at the national, regional, state and Designated Market Area (DMA) levels, and can be broken down by segment, brand and model.
About J.D. Power
J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.
J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The J.D. Power auto shopping tool can be found at JDPower.com.
About J.D. Power and Advertising/Promotional Rules: http://www.jdpower.com/business/about-us/press-release-info
Geno Effler, J.D. Power; West Coast; 714-621-6224; This email address is being protected from spambots. You need JavaScript enabled to view it.
Shane Smith; East Coast; 424-903-3665; This email address is being protected from spambots. You need JavaScript enabled to view it.
Respected nuclear industry players, DL E&C and Doosan Enerbility, will make a strategic investment into X-energy totaling $25 million
ROCKVILLE, Md.--(BUSINESS WIRE)--$AAC #SMRs--X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced small modular nuclear reactor and fuel technology for clean energy generation, announced today a strategic investment from DL E&C (KRX: 375500) and Doosan Enerbility (KRX: 034020) (“Doosan”) of $25 million in a private round of financing pursuant to the Company’s previously announced Series C-2 investment round to support the advancement of the global deployment of X-energy’s Xe-100 Generation IV advanced small modular reactor.
Leading nuclear industry heavyweights, DL E&C and Doosan, focus respectively on global engineering, procurement and construction and major nuclear component design and manufacturing, with each company bringing decades of experience and expertise in the nuclear power industry.
Doosan—which will continue to work with X-energy as a major component and system vendor—will engineer, supply and manufacture key components for the Xe-100 plant, including the reactor pressure vessel, a critical component that contains the reactor core, composed largely of X-energy’s proprietary TRISO-X nuclear fuel. Doosan and X-energy also plan to jointly pursue diverse applications of the Xe-100 technology, such as efficient provision of power and heat to industrial processes like hydrogen production.
DL E&C—one of the world’s leading power and energy sector engineering and construction firms, having installed 51GW of power plants in 17 countries and participated in the construction of several nuclear plants—will work with X-energy to identify opportunities around the world to employ its renowned practices to support the deployment of Xe-100 plants on a global scale.
In addition to the $25 million investment from DL E&C and Doosan, X-energy is continuing to negotiate the terms of a potential incremental investment from certain additional Korean investors. To date, X-energy has raised $148 million in financing to support its previously-announced proposed business combination with Ares Acquisition Corporation (NYSE: AAC) (“AAC”); to the extent raised, any additional proceeds would be additive to this amount.
“We are thrilled to partner with world-class nuclear companies like Doosan and DL E&C as we continue to work toward the deployment of our Xe-100 advanced small modular reactor,” said X-energy CEO J. Clay Sell. “These companies’ expertise and support has been and will continue to be invaluable as we continue to expand our business. We are grateful for their confidence in our technology, our team and our mission to revolutionize the energy industry.”
“Beyond our long-standing business focus on large-scale nuclear equipment supply, Doosan has established a solid foothold in SMR as a global foundry,” said Jongdoo Kim, Executive Vice President and Head of Nuclear Business Group of Doosan. "We are very glad to take part as a key supplier of major equipment including the reactor for the Xe-100, the Gen. IV HTGR of X-energy.”
“Our investment in X-energy, coupled with our intention to help develop and deploy the world’s leading nuclear technology, is in-line with our stated goal to focus on eco-friendly projects as our growth engines for the future,” said Mr. Jaeho Yoo, Chief Executive for Plant Business Division of DL E&C. “To fulfill decarbonization goals with alternative energy, X-energy has impressed us the most with their industry-leading multi-application reactor with several use cases for chemical process plants which has long been DL E&C's core competency. We are excited to work together with X-energy to deploy the Xe-100 around the world as the most versatile reactor technology to achieve net zero through pioneering hydrogen and ammonia.”
As previously announced on December 6, 2022, X-energy has entered into a definitive business combination agreement with AAC, a publicly traded special purpose acquisition company. Upon the closing of the transaction, which is expected to be completed in the second quarter of 2023, the combined company will be named X-energy, Inc. and its common equity securities and warrants are expected to be listed on the New York Stock Exchange.
Completion of the transaction is subject to approval by AAC’s shareholders and other customary closing conditions.
About X-Energy Reactor Company, LLC
X-Energy Reactor Company, LLC, is a leading developer of small modular nuclear reactor and fuel technology for clean energy generation that is redefining the nuclear energy industry through its development of safer and more efficient advanced small modular nuclear reactors and proprietary fuel to deliver reliable, zero-carbon and affordable energy to people around the world. X-energy’s simplified, modular and intrinsically safe SMR design expands applications and markets for deployment of nuclear technology and drives enhanced safety, lower cost and faster construction timelines when compared with conventional nuclear and broader use cases when compared with other SMRs. For more information, visit X-energy.com or connect with us on Twitter or LinkedIn.
About Doosan Enerbility
Doosan supplies not only the core components of nuclear power plants, such as reactors, steam generators, reactor cooling pumps, but also man-machine interface systems, nuclear fuel handling facilities, nuclear fuel casks, turbines & generators and the majority of auxiliary equipment for nuclear reactor systems to domestic and overseas nuclear power plants. Doosan maintains a high quality standard based on extensive experience in manufacturing major components of nuclear power plants. Doosan has an integrated manufacturing facility in Changwon, Korea, which is capable of raw material production to final assembly of nuclear components. Doosan has manufactured and supplied 34 reactor pressure vessels & 124 steam generators globally. For more information, visit: https://www.doosanenerbility.com/en.
About DL E&C
Since its establishment in 1939, DL E&C has been providing a broad range of solution services in global mid/downstream energy sector such as oil & gas, refining petrochemical and power plant including nuclear as an Engineering, Procurement and Construction (EPC) contactor with abundant track records in more than 35 nations. DL E&C is the flagship company of DL Group, which consists of 13 affiliates in chemical, developer, power generation, logistics, manufacturing, IT, etc. For more information, visit www.dlenc.co.kr/eng/main.do.
About Ares Acquisition Corporation
AAC is a special purpose acquisition company (SPAC) affiliated with Ares Management Corporation, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination. AAC is seeking to pursue an initial business combination target in any industry or sector in North America, Europe or Asia. For more information about AAC, please visit www.aresacquisitioncorporation.com.
Additional Information and Where to Find It
In connection with the business combination (the “Business Combination”) with X-energy, AAC will file a registration statement on Form S-4 (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”), which will include a preliminary proxy statement/prospectus to be distributed to holders of AAC’s ordinary shares in connection with AAC’s solicitation of proxies for the vote by AAC’s shareholders with respect to the Business Combination and other matters as described in the Registration Statement, as well as a prospectus relating to the offer of securities to be issued to X-energy equity holders in connection with the Business Combination. After the Registration Statement has been filed and declared effective, AAC will mail a copy of the definitive proxy statement/prospectus, when available, to its shareholders. The Registration Statement will include information regarding the persons who may, under the SEC rules, be deemed participants in the solicitation of proxies to AAC’s shareholders in connection with the Business Combination. AAC will also file other documents regarding the Business Combination with the SEC. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS OF AAC AND X-ENERGY ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS CONTAINED THEREIN, AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH THE BUSINESS COMBINATION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE BUSINESS COMBINATION.
Investors and security holders will be able to obtain free copies of the Registration Statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by AAC through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by AAC may be obtained free of charge from AAC’s website at www.aresacquisitioncorporation.com or by written request to AAC at Ares Acquisition Corporation, 245 Park Avenue, 44th Floor, New York, NY 10167.
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the Business Combination, including statements regarding the benefits of the Business Combination, the anticipated timing of the Business Combination, the markets in which X-energy operates and X-energy’s projected future results. X-energy’s actual results may differ from its expectations, estimates and projections (which, in part, are based on certain assumptions) and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. Although these forward-looking statements are based on assumptions that X-energy and AAC believe are reasonable, these assumptions may be incorrect. These forward-looking statements also involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Factors that may cause such differences include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted in connection with any proposed business combination; (2) the inability to complete any proposed business combination or related transactions; (3) inability to raise sufficient capital to fund our business plan, including limitations on the amount of capital raised in any proposed business combination as a result of redemptions or otherwise; (4) delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals or complete regulatory reviews required to complete any business combination; (5) the risk that any proposed business combination disrupts current plans and operations; (6) the inability to recognize the anticipated benefits of any proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain key employees; (7) costs related to the proposed business combination; (8) changes in the applicable laws or regulations; (9) the possibility that X-energy may be adversely affected by other economic, business, and/or competitive factors; (10) the ongoing impact of the global COVID-19 pandemic; (11) economic uncertainty caused by the impacts of the conflict in Russia and Ukraine and rising levels of inflation and interest rates; (12) the ability of X-energy to obtain regulatory approvals necessary for it to deploy its small modular reactors in the United States and abroad; (13) whether government funding and/or demand for high assay low enriched uranium for government or commercial uses will materialize or continue; (14) the impact and potential extended duration of the current supply/demand imbalance in the market for low enriched uranium; (15) X-energy’s business with various governmental entities is subject to the policies, priorities, regulations, mandates and funding levels of such governmental entities and may be negatively or positively impacted by any change thereto; (16) X-energy’s limited operating history makes it difficult to evaluate its future prospects and the risks and challenges it may encounter; and (17) other risks and uncertainties separately provided to you and indicated from time to time described in filings and potential filings by X-energy, AAC or X-energy, Inc. with the SEC.
The foregoing list of factors is not exhaustive. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by investors as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AAC’s Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, the proxy statement/prospectus related to the transaction, when it becomes available, and other documents filed (or to be filed) by AAC from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These risks and uncertainties may be amplified by the conflict between Russia and Ukraine, rising levels of inflation and interest rates and the ongoing COVID-19 pandemic, which have caused significant economic uncertainty. Forward-looking statements speak only as of the date they are made. Investors are cautioned not to put undue reliance on forward-looking statements, and X-energy and AAC assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities and other applicable laws.
No Offer or Solicitation
This press release is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any securities or the solicitation of any vote in any jurisdiction pursuant to the Business Combination or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
Participants in the Solicitation
AAC and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from AAC’s shareholders, in favor of the approval of the proposed transaction. For information regarding AAC’s directors and executive officers, please see AAC’s Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, and the other documents filed (or to be filed) by AAC from time to time with the SEC. Additional information regarding the interests of those participants and other persons who may be deemed participants in the Business Combination may be obtained by reading the registration statement and the proxy statement/prospectus and other relevant documents filed with the SEC when they become available. Free copies of these documents may be obtained as described in the preceding paragraph.
X-energy
Investors:
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Media:
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Ares Acquisition Corporation
Investors:
Carl Drake and Greg Mason
+1-888-818-5298
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Media:
Jacob Silber
+1-212-301-0376
or
Brittany Cash
+1-212-301-0347
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KILGORE, Texas--(BUSINESS WIRE)--Enviro Technologies U.S., Inc. (OTCQB: EVTN) (“EVTN” or the “Company”) today announced that its previously declared 4-for-1 stock split was paid on January 13, 2023 to shareholders of record as of the close of business on December 30, 2022. EVTN’s common stock will begin trading at the split-adjusted price at the market open on January 17, 2023. As a result of the split, EVTN’s current shares of common stock outstanding have increased from approximately 19,567,083 million to approximately 78,268,332 million. In addition, the Company’s authorized common stock increased to 1,000,000,000.
On September 13, 2022, Ecoark Holdings, Inc. (“Ecoark”) (NASDAQ: ZEST) announced the rebranding and renaming of EVTN, a majority-owned indirect subsidiary, to Wolf Energy Services. On September 7, 2022, EVTN filed with the State of Florida to begin conducting business as Wolf Energy Services. The Company expects to effectuate a corporate name change to “Wolf Energy Services Inc.”, subject to approval of the Financial Industry Regulatory Approval (“FINRA”) and filing of articles of amendment with the State of Florida, on or about January 30, 2023. This rebranding and renaming initiative is the completion of the Company’s first planned step, after its recently completed reverse merger, to begin developing a larger and more diversified oilfield services company.
About EVTN -- EVTN, d/b/a “Wolf Energy Services”, through its wholly owned subsidiary, Banner Midstream Corp., has two operating subsidiaries: Pinnacle Frac Transport LLC (“Pinnacle Frac”) and Capstone Equipment Leasing LLC (“Capstone”). Pinnacle Frac provides transportation of frac sand and logistics services to major hydraulic fracturing and drilling operations. Capstone procures and finances equipment to oilfield transportation service contractors.
Safe Harbor Disclosure -- This Press Release contains or incorporates by reference “forward-looking statements,” including certain information with respect to plans and strategies of EVTN. For this purpose, any statements regarding this announcement, which are not purely historical, are forward-looking statements, including EVTN beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and based on information available to EVTN as of such date. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including, the risks and uncertainties set forth in our Annual Report on Form 10-K for the year ended December 31, 2021 and Form 10-Q for the quarterly period ended September 30, 2022, as filed with the Securities and Exchange Commission. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are generally outside the control of EVTN and are difficult to predict. EVTN undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Jim Galla
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Renewable diesel conversion project remains on schedule, on budget, and on track for mechanical completion by late March
Throughput volumes for the fourth quarter of 2022 were approximately 77,000 bpd, exceeding prior forecast of 74,000 bpd by 4%
Fourth quarter 2022 financial results expected to benefit from continued robust refining margins, lack of hedge impact and reduced inventory backwardation charges, vs. third quarter 2022 results
HOUSTON--(BUSINESS WIRE)--Vertex Energy, Inc. (NASDAQ: VTNR) ("Vertex" or “the Company"), a leading specialty refiner and marketer of high-quality refined products, today provided an update on the construction of its renewable diesel conversion project as well as its fourth quarter 2022 operating and financial results.
Renewable Diesel Conversion Project Remains on Schedule and Budget
Vertex is continuing to advance construction activities on its renewable diesel conversion project, which is designed to convert the Mobile, Alabama refinery’s (the “Mobile Refinery's”) existing hydrocracking unit to produce renewable diesel fuel on a standalone basis. On January 6, 2023, the Company safely completed shutdown procedures on the hydrocracker unit for the next stage of construction activities, as planned. The unit is scheduled to remain offline for a total of approximately 70 days while the project is finalized, with ultimate mechanical completion expected to occur during the final week of March, 2023.
Upon completion of the project, the refinery is expected to commence production of renewable diesel in 2Q 2023. Initial volumes are planned to ramp to approximately 8 – 10 thousand barrels per day (Mbpd), with production volumes anticipated to subsequently ramp up to approximately 14 Mbpd upon installation of additional required infrastructure.
The project continues to progress on schedule and on budget, with total capital expenditures on the renewable diesel conversion project during the fourth quarter of approximately $33.2 million. Total capital expenditures spent to date on the renewable diesel project are $72 million, or approximately 76% of the total projected budget for the project of $90-$100 million.
Fourth Quarter Throughput Volumes Exceed Prior Guidance By 4%
Throughput volumes at the Company’s Mobile Refinery for the fourth quarter of 2022 came in at approximately 77 Mbpd, exceeding management’s prior forecast of 73 – 75 Mbpd, by 4% at the mid-point. The stronger throughput volumes for the quarter versus the Company's previously communicated estimates reflect continued consistent, efficient operations at the Mobile Facility. Operating expenses per barrel for the fourth quarter of 2022 are estimated to total between $3.75 - $4.00 per barrel, while the targeted capture rate on the benchmark Gulf Coast 2-1-1 crack spread is expected to be 50%-54%, in-line with prior forecasts.
Total capital expenditures for the fourth quarter of 2022 were approximately $42 million, slightly ahead of the prior forecasted capex range of $35-$40 million.
Updated 4Q 2022 Guidance
Based on performance during the quarter, we are updating the prior guidance we provided for 4Q 2022 as follows:
|
4Q 2022 |
||
Prior Guidance |
Current Guidance |
||
(as of 11/8/22) |
(as of 1/17/2023) |
||
Mobile Refinery Throughput Volume (Mbpd)1 |
73 - 75 |
|
77 |
Capacity Utilization (%) |
99% |
|
103% |
Direct Operating Expense ($/bbl) |
$3.50 - $3.75 |
|
$3.75 - $4.00 |
Capture Rate (%)2 |
50% - 54% |
|
50% - 54% |
Capex ($/MM) |
$35 - $40 |
|
$42 |
% Capex Spent on RD Project |
- |
|
79% |
1. Preliminary actual throughput volume results (Mbpd = Thousand barrels per day). |
|||
2. Capture rate relates to benchmark Gulf Coast 2-1-1 Crack Spread. |
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Benjamin P. Cowart, President and CEO of Vertex stated, “Our progress on the construction of the renewable diesel conversion project continues to track right in-line with our planned timeline and budget, something I am very proud of given the scale and breadth of the project. We continue to expect the unit to be brought back online following the planned 70-day outage in mid-March with full mechanical completion anticipated shortly thereafter.” Mr. Cowart continued, “Our Q4 2022 throughput volumes reflect the strength in operational performance I know the team is capable of. With refining margins remaining strong and the team executing on the ground in Mobile, I look forward to updating the market on our full Q4 2022 results in the near future.”
ABOUT VERTEX ENERGY
Houston-based Vertex Energy, Inc. (NASDAQ: VTNR), is an energy transition company focused on the production and distribution of conventional and alternative fuels. Vertex owns a refinery in Mobile (AL) with an operable refining capacity of 75,000 barrels per day and more than 3.2 million barrels of product storage, positioning it as a leading supplier of fuels in the region. Vertex is also one of the largest processors of used motor oil in the U.S., with operations located in Houston and Port Arthur (TX), Marrero (LA), and Columbus (OH). Vertex also owns a facility, Myrtle Grove, located on a 41-acre industrial complex along the Gulf Coast in Belle Chasse, LA, with existing hydroprocessing and plant infrastructure assets, that include nine million gallons of storage. The Company has built a reputation as a key supplier of base oils to the lubricant manufacturing industry throughout North America.
FORWARD-LOOKING STATEMENTS
Certain of the matters discussed in this communication which are not statements of historical fact constitute forward-looking statements within the meaning of the securities laws, including the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. Words such as "strategy," "expects," "continues," "plans," "anticipates," "believes," "would," "will," "estimates," "intends," "projects," "goals," "targets" and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. The important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, the Company’s ability to raise sufficient capital to complete future capital projects and the terms of such funding, to the extent necessary; the timing of planned capital projects at the Company’s Mobile Refinery, downtime associated with such projects and the outcome of such projects; the future production of the Mobile Refinery; the estimated timeline of the renewable diesel capital project at the Mobile Refinery, estimated and actual production associated therewith, estimated revenues over the course of the agreement with Idemitsu, anticipated and unforeseen events which could reduce future production at the refinery or delay planned capital projects, changes in commodity and credits values, and certain early termination rights associated with the Idemitsu agreement and conditions precedent to such agreement; certain mandatory redemption provisions of the outstanding senior convertible notes, the conversion rights associated therewith, and dilution caused by such conversions; the Company’s ability to comply with required covenants under outstanding senior notes and a term loan and pay amounts due under such senior notes and term loan, including interest and other amounts due thereunder; the ability of the Company to retain and hire key personnel; risks associated with the ability of Vertex to complete current plans for expansion and growth, and planned capital projects; the level of competition in our industry and our ability to compete; our ability to respond to changes in our industry; the loss of key personnel or failure to attract, integrate and retain additional personnel; our ability to protect our intellectual property and not infringe on others’ intellectual property; our ability to scale our business; our ability to maintain supplier relationships and obtain adequate supplies of feedstocks; our ability to obtain and retain customers; our ability to produce our products at competitive rates; our ability to execute our business strategy in a very competitive environment; trends in, and the market for, the price of oil and gas and alternative energy sources; the impact of inflation on margins and costs; the volatile nature of the prices for oil and gas caused by supply and demand, including volatility caused by the ongoing Ukraine/Russia conflict, increased interest rates, recessions and increased inflation; our ability to maintain our relationships with our partners; the impact of competitive services and products; the outcome of pending and potential future litigation, judgments and settlements; rules and regulations making our operations more costly or restrictive; changes in environmental and other laws and regulations and risks associated with such laws and regulations; economic downturns both in the United States and globally, increases in inflation and interest rates, increased costs of borrowing associated therewith and potential declines in the availability of such funding; risk of increased regulation of our operations and products; disruptions in the infrastructure that we and our partners rely on; interruptions at our facilities; unexpected changes in our anticipated capital expenditures resulting from unforeseen and expected required maintenance, repairs, or upgrades; our ability to acquire and construct new facilities; our ability to effectively manage our growth; decreases in global demand for, and the price of, oil, due to COVID-19, state, federal and foreign responses thereto, inflation, recessions or other reasons, including declines in economic activity or global conflicts; our ability to acquire sufficient amounts of used oil feedstock through our collection routes, to produce finished products, and in the absence of such internally collected feedstocks, and our ability to acquire third-party feedstocks on commercially reasonable terms; expected and unexpected downtime at our facilities; risks associated with COVID-19, the global efforts to stop the spread of COVID-19, potential downturns in the U.S. and global economies due to COVID-19 and the efforts to stop the spread of the virus, and COVID-19 in general; anti-dilutive rights associated with our outstanding securities; our level of indebtedness, which could affect our ability to fulfill our obligations, impede the implementation of our strategy, and expose us to interest rate risk; dependence on third party transportation services and pipelines; risks related to obtaining required crude oil supplies, and the costs of such supplies; counterparty credit and performance risk; unanticipated problems at, or downtime effecting, our facilities and those operated by third parties; risks relating to our hedging activities; and risks relating to planned and future divestitures and acquisitions. Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in the Company's publicly filed reports, including, but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2021, and the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 and future Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. These reports are available at www.sec.gov. The Company cautions that the foregoing list of important factors is not complete. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on Vertex's future results. The forward-looking statements included in this press release are made only as of the date hereof. Vertex cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Vertex undertakes no obligation to update these statements after the date of this release, except as required by law, and takes no obligation to update or correct information prepared by third parties that are not paid for by Vertex. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
PROJECTIONS
The financial projections (the "Projections") included herein were prepared by Vertex in good faith using assumptions believed to be reasonable. A significant number of assumptions about the operations of the business of Vertex were based, in part, on economic, competitive, and general business conditions prevailing at the time the Projections were developed. Any future changes in these conditions, may materially impact the ability of Vertex to achieve the financial results set forth in the Projections. The Projections are based on numerous assumptions, including realization of the operating strategy of Vertex; industry performance; no material adverse changes in applicable legislation or regulations, or the administration thereof, or generally accepted accounting principles; general business and economic conditions; competition; retention of key management and other key employees; absence of material contingent or unliquidated litigation, indemnity, or other claims; minimal changes in current pricing; static material and equipment pricing; no significant increases in interest rates or inflation; and other matters, many of which will be beyond the control of Vertex, and some or all of which may not materialize. The Projections also assume the continued uptime of the Company's facilities at historical levels and the successful funding of, timely completion of, and successful outcome of, planned capital projects. Additionally, to the extent that the assumptions inherent in the Projections are based upon future business decisions and objectives, they are subject to change. Although the Projections are presented with numerical specificity and are based on reasonable expectations developed by Vertex's management, the assumptions and estimates underlying the Projections are subject to significant business, economic, and competitive uncertainties and contingencies, many of which will be beyond the control of Vertex. Accordingly, the Projections are only estimates and are necessarily speculative in nature. It is expected that some or all of the assumptions in the Projections will not be realized and that actual results will vary from the Projections. Such variations may be material and may increase over time. In light of the foregoing, readers are cautioned not to place undue reliance on the Projections. The projected financial information contained herein should not be regarded as a representation or warranty by Vertex, its management, advisors, or any other person that the Projections can or will be achieved. Vertex cautions that the Projections are speculative in nature and based upon subjective decisions and assumptions. As a result, the Projections should not be relied on as necessarily predictive of actual future events.
INVESTOR CONTACT
John Ragozzino Jr., CFA (ICR)
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DUBLIN--(BUSINESS WIRE)--The "European Residential Solar Market: Analysis By Accumulated Installation, By Accumulated Capacity, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2027" report has been added to ResearchAndMarkets.com's offering.
The European residential solar market, on the basis of accumulated capacity, is anticipated to grow at a CAGR of 9.60% over the projected period of 2022-2027.
The European residential solar market, in terms of accumulated capacity, in 2021 stood at 40.40GW, and is likely to reach 71.75GW by 2027. A residential solar PV system is any solar PV system that produces less power than or equal to 250kW. A typical 65 by 39-inch residential solar panel installation contains 72 cells.
The use of non-renewable fuels and other types of energy resources is posing major dangers to the ecosystem, making solar power more important than ever. The use of solar energy has increased dramatically in recent years in both developed and developing countries.
Solar energy is currently one of the most affordable and widely available renewable energy sources for European households. By 2040, it may be able to supply up to 20% of the EU's electricity needs based on current market trends. The expansion of residential solar energy installations is a crucial step in the transition to clean energy and climate neutrality.
Market Segmentation Analysis:
By Accumulated Installation: On the basis of accumulated installation, the European residential solar market can be divided into five major regions: Germany, Netherlands, Italy, Spain, and Rest of Europe. Germany is the largest solar market in Europe as well as the largest solar PV operator in 2021, owing to the German government's implementation of a subsidy for residential installations of solar PV panels with battery storage in 2016.
By Accumulated Capacity: The European residential solar market can be divided into nine primary regions based on accumulated capacity: Germany, Netherlands, Italy, Poland, Belgium, the UK, Sweden, Spain, and the Rest of Europe. Due to the removal of the Sun tax on self-consumption in 2020, automated excess recompense, as well as collective and through-the-network facilities, the Spanish residential solar market is believed to be the fastest growing market. Since then, the market for final consumers has steadily gained traction.
European Residential Solar Market Dynamics:
Growth Drivers: As a result of a large drop in price, solar energy is becoming economically viable at smaller scales and at more locations. People in Europe are spending more on the installation of solar power systems as the cost of solar energy continues to decline. Further, the market is expected to grow owing to surging demand for electrification in society, higher and more volatile electricity prices, increased support from government, etc. in recent years.
Challenges: The European residential solar market's supply chain has become more clogged, with inefficiencies in hardware delivery. Many countries have experienced a labor shortage in recent years, owing to mismatches between supply and demand. As a result, customers' residential solar power systems appear to take longer to install after they are ordered. Hence, the residential solar market in Europe has faced long-term value chain disruption.
Market Trends: The payback period for residential solar has decreased, even though this varies greatly from country to country due to various sun conditions and deployment rules. The alternative cost of using the grid instead of installing residential solar is also decreasing as a result of positive market dynamics in the Europe. Despite major differences, all countries' payback periods are far less than the solar panels' 30+ year anticipated lifetime.
Therefore, short payback time for residential solar in Europe is likely to upgrow the overall market, in coming years. More trends in the market are believed to grow the residential solar market during the forecasted period, which may include use of artificial intelligence, European solar rooftops initiative, national energy and climate plans (NECPs), etc.
Competitive Landscape and Recent Developments:
A large number of installation businesses make up the highly fragmented residential solar market in Europe, owing to the availability of local, regional, and multinational suppliers.
While some smaller businesses specialize in selling solar panels and are only present in one or a few places, larger businesses often offer a wider range of products, have a larger geographic presence, and strive for continued expansion. In the residential solar sector, where businesses sell or lease products with lengthy lifetimes, scalability and the capacity to rapidly increase market share are key determinants.
Moreover, some of the major drivers that can propel the industry's growth are fierce rivalry, rapid technology advancements, frequent changes in governmental policy, and tight environmental laws. Cost, product quality, dependability, and aftermarket support are all domains where vendors compete. In a highly competitive market environment, providers must offer affordable and effective products to thrive.
With investment budgeted, factories planned, environmental targets established, and governmental strategies outlined to support the predicted expansion of PV systems, ambitious measures are in place to restart a thriving industry.
For example, In October 2021, Meyer Burger Technology AG, a Switzerland-based solar module maker, unveiled a building-integrated PV (BIPV) project regarding solar roof tiles. The new product was designed by a German engineering company paXos Consulting & Engineering GmbH & Co. KG and sold the patent to Meyer Burger.
Market Dynamics
Growth Driver
Challenges
Market Trends
Further, key players in the European residential solar market are:
European Market Analysis
European Solar PV Market: An Analysis
European Solar PV Market: An Overview
European Solar PV Market Accumulated Capacity by Segment
For more information about this report visit https://www.researchandmarkets.com/r/ktk6ux
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NORWELL, Mass.--(BUSINESS WIRE)--Clean Harbors, Inc. (“Clean Harbors” or the “Company”) (NYSE: CLH) announced today that it is commencing a private offering of $500 million of senior notes (the “notes”). Clean Harbors expects the notes to mature in 2031. It is anticipated that the net proceeds from this offering and a $114.0 million loan under Clean Harbors’ existing revolving credit facility, together with cash on hand, will be used to repay the $614.0 million aggregate principal amount of senior secured term loans due in 2024 which are now outstanding under the Company’s term loan credit facility and to pay fees and expenses in connection with the offering of the notes and accrued interest in connection with such repayment of senior secured term loans.
The notes will be offered and sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States pursuant to Regulation S under the Securities Act. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the notes, nor shall there be any sale of notes in any jurisdiction in which such offer, solicitation or sale would be unlawful. The notes will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
About Clean Harbors
Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. Its customer base spans a number of industries, including chemical, energy and manufacturing, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is North America’s largest re-refiner and recycler of used oil and a leading provider of parts washers and environmental services to commercial, industrial and automotive customers. Founded in 1980 and based in Massachusetts, Clean Harbors operates throughout the United States, Canada, Mexico, Puerto Rico and India.
Safe Harbor Statement
Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “seeks,” “should,” “estimates,” “projects,” “may,” “likely,” or similar expressions. Such statements may include, but are not limited to, statements about future financial and operating results, the Company’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the beliefs and expectations of Clean Harbors’ management as of this date only and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, without limitation, those items identified as “risk factors” in Clean Harbors’ most recently filed Form 10-K and Form 10-Q. Forward-looking statements are neither historical facts nor assurances of future performance. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Clean Harbors undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its various filings with the Securities and Exchange Commission.
Michael L. Battles
EVP and Chief Financial Officer
Clean Harbors, Inc.
781.792.5100
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Jim Buckley
SVP Investor Relations
Clean Harbors, Inc.
781.792.5100
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LOS ANGELES--(BUSINESS WIRE)--$CGRN #CleanPower--Capstone Green Energy Corporation (NASDAQ: CGRN), a global leader in carbon reduction and on-site resilient green energy solutions, will be participating in Renmark Financial Communications Inc.'s live Virtual Non-Deal Roadshow Series to discuss its latest investor presentation today, January 17 at 11:00 a.m. CT.
The virtual presentation is marketed to Houston and surrounding areas and will feature Darren Jamison, President and Chief Executive Officer and Scott Robinson, Chief Financial Officer. Capstone welcomes all stakeholders, investors, and other interested individuals to register and attend this live event.
The investor presentation will be followed by a live Q&A. Investors interested in participating in this event will need to register using the link below. As a reminder, registration for the live event may be limited, and access to the replay will be posted on the Investor Relations section of the Company's website within a few days of the event.
Tuesday, January 17 at 11:00 a.m. CT
Register Here
To ensure smooth connectivity, please access this link using the latest version of Google Chrome.
About Capstone Green Energy
Capstone Green Energy (NASDAQ: CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Generation Technologies (EGT) are driven by the Company's industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Solutions (ESS) business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen & Sustainable Products (H2S), Capstone Green Energy offers customers a variety of hydrogen products, including the Company's microturbine energy systems.
To date, Capstone has shipped over 10,000 units to 83 countries and estimates that in FY22, it saved customers over $213 million in annual energy costs and approximately 388,000 tons of carbon. Total savings over the last four years are estimated to be approximately $911 million in energy savings and approximately 1,503,100 tons of carbon savings.
For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: This email address is being protected from spambots. You need JavaScript enabled to view it..
For more information about the Company, please visit www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.
About Renmark Financial Communications Inc.
Founded in 1999, Renmark Financial Communications Inc. is North America's leading retail investor relations firm. Employing a strategic and comprehensive mix of exposure tactics; Renmark hosts Virtual Non-Deal Roadshows as well as in-person corporate presentations and maintains daily communications with thousands of brokers and money managers across Canada and the United States. Renmark empowers its publicly traded clientele to maximize their visibility within the financial community and strengthen their investor audience.
Renmark Financial Communications Inc.
Scott Logan: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: (416) 644-2020 or (212) 812-7680
www.renmarkfinancial.com
Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
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HOUSTON & MIDLAND, Texas--(BUSINESS WIRE)--Kinetik Holdings Inc. (NYSE: KNTK) (“Kinetik” or the “Company”) has declared a cash dividend of $0.75 per share ($3.00 on an annualized basis) for the fourth quarter ended December 31, 2022. The announced quarterly dividend is consistent with prior communications and will be paid on Thursday, February 16, 2023 to shareholders of record as of market close on Monday, February 6, 2023.
Kinetik will host its fourth quarter 2022 results conference call on Tuesday, February 28, 2023 at 8:00 am Central Standard Time (9:00 am Eastern Standard Time) to discuss fourth quarter results. The Company will issue its earnings release after market on Monday, February 27, 2023. The text of the earnings release, the accompanying presentation and link to the live webcast will be available on the Company’s website at www.kinetik.com. A replay of the conference call will also be available on the website following the call.
Kinetik previously implemented a Dividend Reinvestment Plan (the “DRIP” or the “Plan”) open to all shareholders. Participation is optional for public shareholders; meanwhile, Blackstone, I Squared, Apache and Management are reinvesting 100% of their applicable quarterly dividends under the DRIP. The DRIP provides Kinetik’s shareholders with the opportunity to have all or a portion of the cash dividends declared on their common shares automatically reinvested into additional common shares of the Company. Shareholders may elect to terminate participation in the Plan at any time.
A complete description of the Plan is included in the Company’s Form S-3 registration statement filed with the SEC on April 4, 2022 and is posted on the Company’s website at www.kinetik.com.
To participate, shareholders of record may register online by visiting the American Stock Transfer’s website at www.astfinancial.com or by contacting American Stock Transfer, the Plan Administrator, by telephone toll free from inside the United States at 1-(800)-278-4353 or outside of the United States at 1-(718)-921-8124. Shareholders may also contact the Plan Administrator in writing at American Stock Transfer & Trust Company, LLC, 6201 15th Avenue, Brooklyn, NY 11219. Please include a reference to Kinetik Holdings Inc. in all correspondence. Shareholders who own common stock through a broker should consult their broker regarding participation in the Plan.
About Kinetik Holdings Inc.
Kinetik is a fully integrated, pure-play, Permian-to-Gulf Coast midstream C-corporation operating in the Delaware Basin. Kinetik is headquartered in Houston and Midland, Texas. Kinetik provides comprehensive gathering, transportation, compression, processing and treating services for companies that produce natural gas, natural gas liquids, crude oil and water. Kinetik posts announcements, operational updates, investor information and press releases on its website, www.kinetik.com.
Kinetik Investors:
(713) 487-4832
Maddie Wagner
Website: www.kinetik.com
WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) (the “Partnership”) announced today that the Board of Directors (the “Board”) of its general partner, Global GP LLC, has declared a cash distribution of $0.609375 per unit ($2.4375 per unit on an annualized basis) on the Partnership’s Series A preferred units for the period from November 15, 2022 through February 14, 2023. This distribution will be payable on February 15, 2023 to holders of record as of the opening of business on February 1, 2023.
The Board also declared a cash distribution of $0.59375 per unit ($2.375 per unit on an annualized basis) on the Partnership’s Series B preferred units for the period from November 15, 2022 through February 14, 2023. This distribution will be payable on February 15, 2023 to holders of record as of the opening of business on February 1, 2023.
Non-U.S. Withholding Information
This press release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100%) of GLP’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, GLP’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
About Global Partners LP
With approximately 1,700 locations primarily in the Northeast, Global Partners is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.
Forward-looking Statements
Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Global’s current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) including, without limitation, the impact and duration of the COVID-19 pandemic and its impact on our counterparties, our customers and our operations and other assumptions that could cause actual results to differ materially from the Partnership's historical experience and present expectations or projections. We believe these assumptions are reasonable given currently available information. Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, which are described in our filings with the Securities and Exchange Commission (SEC).
For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global’s filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Global undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
Gregory B. Hanson
Chief Financial Officer
Global Partners LP
(781) 894-8800
Sean T. Geary
Chief Legal Officer and Secretary
Global Partners LP
(781) 894-8800
– Enabling a closed-loop recycling system for carbon fiber –
NEW YORK & DÜSSELDORF, Germany--(BUSINESS WIRE)--#asahikasei--Asahi Kasei, a diversified Japanese multinational company, has developed a new technology for recycling carbon fiber plastic compounds together with the National Institute of Technology, Kitakyushu College and Tokyo University of Science.
Carbon fiber reinforced plastics (CFRP) are highly attractive for various industries in demanding application fields due to their unique balance of rigidity, mechanical strength and light weight – also compared with conventional glass fiber reinforced plastics. However, CFRPs are expensive and challenging from a recycling perspective, as it is difficult to extract the carbon fibers from the resin after usage.
Together with its project partners at the National Institute of Technology at Kitakyushu College and the Tokyo University of Science, Asahi Kasei has developed a recycling method that allows carbon fibers to be extracted from CFRP or carbon fiber reinforced thermoplastics (CFRTP) used in automobiles. This results in high-quality, inexpensive continuous carbon fiber that can be recycled perpetually, contributing to the circular economy. Unlike carbon fiber that is chopped up during the recycling process, Asahi Kasei’s method allows carbon fiber to be extracted from a plastic compound seamlessly, resulting in continuous strands of carbon fiber that can be reapplied in exactly the same manner while retaining properties identical to the original substance.
The conventional technologies for recycling carbon fibers by chopping and re-applying them results in a lower quality, less durable product that is insufficient for high-performance applications. To address this issue, Asahi Kasei has developed an “electrolyzed sulfuric acid solution method” that can decompose CFRP and CFRTP waste material in a way that allows the carbon fiber to retain its original strength and continuous nature while fully decomposing any residual resins present in the plastic waste. This allows for its continued use in high-performance applications and presents an inexpensive, circular solution to the end-of-life dilemma of carbon fiber plastic compounds. Thus, these carbon fiber compounds present in vehicles for weight reduction can be easily and inexpensively be broken down at end-of-vehicle-life and reapplied to new vehicles in the future.
In addition, Asahi Kasei is developing a carbon fiber reinforced thermoplastic unidirectional tape (CFRTP-UD tape) that utilizes both recycled continuous carbon fiber and the company’s Leona™ polyamide resin. Boasting a higher strength than metal, this CFRTP-UD tape can be applied to automobile frames and bodies, further enabling the recycling of end-of-vehicle-life parts into different, new automobile parts. This presents a solution to the long-term challenge that carbon fiber usage for vehicles has posed on the industry and is expected to economically benefit and strengthen carbon fiber’s usage within the automobile industry on a global scale. Moving forward, Asahi Kasei will perform demonstrations and develop the business, aiming for practical application around 2030.
About Asahi Kasei
The Asahi Kasei Group contributes to life and living for people around the world. Since its foundation in 1922 with ammonia and cellulose fiber businesses, Asahi Kasei has consistently grown through the proactive transformation of its business portfolio to meet the evolving needs of every age. With more than 46,000 employees around the world, the company contributes to a sustainable society by providing solutions to the world's challenges through its three business sectors of Material, Homes, and Health Care. Its Material sector, comprised of Environmental Solutions, Mobility & Industrial, and Life Innovation, includes a wide array of products, from battery separators and biodegradable textiles to engineering plastics and sound solutions. For more information, visit https://www.asahi-kasei.com/.
The Asahi Kasei Group aims to contribute to a carbon-neutral and sustainable world from the perspective of “Care for Earth” by focusing on initiatives such as the use of biomass raw materials, recycled raw materials, and renewable energy. The company strives to meet the expectations of its customers and society by further advancing the provision of products and services with such sustainable characteristics while deepening collaboration with other companies to reach a carbon-neutral society by 2050. To learn more, visit https://www.asahi-kasei.com/sustainability/.
Company Contact North America:
Asahi Kasei America, Inc.
Jon Todd
39475 W. Thirteen Mile Road, Suite 201, Novi, MI 48377
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Company Contact Europe:
Asahi Kasei Europe GmbH
Sebastian Schmidt
Fringsstrasse 17, 40221 Düsseldorf
Tel: +49 (0) 211-3399-2058
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Mawson’s installed operational capacity as of December 31, 2022 was approximately 2.9 Exahash across Bitcoin Self-Mining and Hosting Co-locations
Approximately $4 million in revenue generated from Mawson’s Energy Market Program in December, $13.9 million generated in 2022
SHARON, Pa. & SYDNEY--(BUSINESS WIRE)--Mawson Infrastructure Group Inc. (NASDAQ:MIGI) (“Mawson” or the “Company”), a digital infrastructure provider, announced today its unaudited Bitcoin production and operational update for December 2022.
James Manning, CEO commented, “December was a record month for Mawson’s energy market revenue, at approximately $4 million. This brought our equivalent BTC production to approximately 261.83 for the month, or 8.44 per day.1 This is approximately equivalent to the BTC revenue that could have been produced by 2.2 Exahash of mining in the month of December. This additional source of revenue has given Mawson an advantage through the past 6 months. Through the last 6 months this program has delivered unaudited revenue of $13.9 million. Our expansion at the Midland, Pennsylvania site continues to move forward at speed, with an online date still within Q1, 2023. The first MDCs have been delivered to our Sharon, Pennsylvania site, and we look forward to communicating the online date with our shareholders in the near future. Combined, these first containers have a total capacity of up to approximately 12 MW.2”
December Bitcoin Self-Mining, Energy Market Program & Hosting Co-location Results Update3:
Sale of Georgia Assets:
Mawson achieved another milestone by finalizing the relocation of it’s Georgia hosting customer to Mawson’s Midland, PA facility in late December. This was an obligation under the sale documents relating to the Sandersville, Georgia facility, as announced to the market on October 11, 2022. Mawson expects the balance of the cash consideration to be paid to Mawson in Q1 / early Q2 2023. All stock consideration from CleanSpark, Inc has now been issued to Mawson.
2023 Operational Focus
Mawson looks to advance in 2023 through:
About Mawson Infrastructure
Mawson Infrastructure Group (NASDAQ: MIGI) is a digital infrastructure provider, with multiple operations throughout the USA and Australia. Mawson’s vertically integrated model is based on a long-term strategy to promote the global transition to the new digital economy. Mawson matches sustainable energy infrastructure with next-generation Mobile Data Center (MDC) solutions, enabling low-cost Bitcoin production and on-demand deployment of infrastructure assets. With a strong focus on shareholder returns and an aligned board and management, Mawson Infrastructure Group is emerging as a global leader in ESG focused Bitcoin mining and digital infrastructure.
For more information, visit: www.mawsoninc.com
Statements about hashrate capacity
Statements in the press release about hashrate capacity (including ‘installed capacity’) or ‘nameplate’ capacity, will often differ from the actual or observed hashrates. Hashrate capacity or ‘nameplate’ capacity generally makes certain assumptions about the efficiency of the ASIC miners that are in use. Some ASIC miner models will consume less power to create the same amount of hashing power than other ASIC miner models (typically more recent models are more efficient). Many ASIC miner fleets are blended fleets, including various ASIC miner models each with different efficiency ratings. Hashrate capacity figures typically assume 100% deployment of ASIC miners. Given the large numbers of computing units (often numbering in the tens of thousands), ASIC mining fleets are rarely 100% deployed and online at any one time. This can be due to a variety of factors, including ASIC miners being under maintenance, in repair workshops, in storage, in transit, or due to technical faults and breakdowns. Once deployed and online, the actual or observed hashrate can be influenced by other factors such as heat, overclocking (causing the ASIC miner to perform at levels higher than the manufacturer’s specifications), the age, and wear and tear exhibited by the ASIC miners and also by the limitations of the surrounding infrastructure, such as power outages, and MDC and transformer breakdowns. Construction and development delays are a common risk for mining data centers, for example due to weather, permitting delays, or labor and equipment shortages. Investors should consider all risk factors related to uptime when considering these figures, which are a best-case scenario. The above information is for general information purposes only, and are forward looking statements which should not be relied upon as being necessarily indicative of future results. Mawson takes no responsibility for the accuracy of third-party information, including websites. Please see our Risk Factors in our Annual Report on Form 10-K filed March 21, 2022, under the Sub-Heading Risks Relating to Our Business and Management for important risks related to our Self-Mining.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Mawson cautions that statements in this press release that are not a description of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words referencing future events or circumstances such as “expect,” “intend,” “plan,” “anticipate,” “believe,” and “will,” among others. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon Mawson’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the possibility that Mawson’s need and ability to raise additional capital, the development and acceptance of digital asset networks and digital assets and their protocols and software, the reduction in incentives to mine digital assets over time, the costs associated with digital asset mining, the volatility in the value and prices of cryptocurrencies and further or new regulation of digital assets. More detailed information about the risks and uncertainties affecting Mawson is contained under the heading “Risk Factors” included in Mawson’s Annual Report on Form 10-K filed with the SEC on March 21, 2022, and Mawson’s Quarterly Report on Form 10-Q filed with the SEC on August 22, 2022, November 14, 2022 and in other filings Mawson has made and may make with the SEC in the future. One should not place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Mawson undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as may be required by law.
________________________________
1 “Equivalent BTC Production” is an estimate of the value of the energy market revenue (which is earned in US dollars) expressed in BTC, based on network difficulty as at December 31, 2022, and includes a number of assumptions and estimations, including the use of average USD:BTC exchange rates over the month.
2 Once fully installed, with a full deployment of latest generation miners.
3 All figures unaudited, and as at December 31, 2022.
4 Based on average price of Bitcoin in December of $16,971.
5 As above.
6 Based on fully deployed MDCs with typical power consumption for latest generation miners, not actual capacity.
7 Assumes and is subject to successful acquisition or leasing of multiple sites and then their successful and timely development. Several sites are currently under review and in active negotiation by Mawson.
Investor Contact:
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646-536-7331
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www.haydenir.com
NEW YORK--(BUSINESS WIRE)--#AGCS--It is both stability and change in the Allianz Risk Barometer 2023. Cyber incidents and Business interruption rank as the biggest company concerns for the second year in succession (both with 34% of all responses). However, it is Macroeconomic developments such as inflation, financial market volatility and a looming recession (up from #10 to #3 year-on-year), as well as the impact of the Energy crisis (a new entry at #4) which are the top risers in this year’s list of global business risks, as the economic and political consequences of the world in the aftermath of Covid-19 and the Ukraine war take hold.
Such pressing concerns call for immediate action from companies, explaining why both Natural catastrophes (from #3 to #6) and Climate change (#6 to #7) drop in the annual rankings, as does Pandemic outbreak (from #4 to #13) as vaccines have brought an end to lockdowns and restrictions. Political risks and violence is another new entry in the top 10 global risks at #10, while Shortage of skilled workforce rises to #8. Changes in legislation and regulation remains a key risk at #5, while Fire/explosion drops two positions to #9.
For the Unites States, Business interruption tops the list again followed by Cyber incidents. For the first time, Macroeconomic developments hit the U.S. list in the third spot. View the full global, country and industry risk rankings.
The Allianz Risk Barometer is an annual business risk ranking compiled by Allianz Group’s corporate insurer Allianz Global Corporate & Specialty (AGCS), together with other Allianz entities, which incorporates the views of 2,712 risk management experts in 94 countries and territories including CEOs, risk managers, brokers and insurance experts. It is being published for the 12th time.
AGCS’ Chief Executive Officer Joachim Mueller comments on the findings: “For the second year in a row the Allianz Risk Barometer shows that companies are most concerned about mounting cyber risks and business interruption. At the same time, they see inflation, an impending recession and the energy crisis as immediate threats to their business. Companies – in Europe and in the US in particular – worry about the current ‘permacrisis’ resulting from the consequences of the pandemic and the economic and political impact from ongoing war in Ukraine. It’s a stress test for every company’s resilience.”
“The positive news is that as an insurer we see continuous improvement in this area among many of our clients, particularly around making supply chains more failure-proof, improving business continuity planning and strengthening cyber controls. Taking action to build resilience and de-risk is now front and center for companies, given the events of recent years.”
In 2023, the top four risks in the Allianz Risk Barometer are broadly consistent across all company sizes globally – large, medium and small – as well as across core European economies and the US (energy crisis excepted). Risk concerns for businesses in Asia Pacific and African countries show some deviation, reflecting the different impact of the ongoing war in Ukraine and its economic and political repercussions.
Digital and disruption dangers
Cyber incidents, such as IT outages, ransomware attacks or data breaches, ranks as the most important risk globally for the second year in succession – the first time this has occurred. It also ranks as the top peril in 19 different countries, among them Canada, France, Japan, India and the UK. It is the risk that small companies (<$250mn annual revenue) are most worried about.
“For many companies the threat in cyber space is still higher than ever and cyber insurance claims remain at a high level. Large companies have become accustomed to being targeted and those with adequate cyber security are able to repel most attacks more effectively. Increasingly, more small- and mid-size businesses are also being impacted. These tend to underestimate their exposure and need to continuously invest in strengthening their cyber control framework,” says Shanil Williams, AGCS Board Member and Chief Underwriting Officer Corporate, responsible for cyber underwriting.
According to the Allianz Cyber Center of Competence, the frequency of ransomware attacks remains elevated in 2023, while the average cost of a data breach is at an all-time high at $4.35mn and expected to surpass $5mn in 2023. The conflict in Ukraine and wider geopolitical tensions are heightening the risk of a large-scale cyber-attack by state-sponsored actors. In addition, there is also a growing shortage of cyber security professionals, which brings challenges when it comes to improving security.
For businesses in many countries, 2023 is likely to be another year of heightened risks for Business interruption (BI) because many business models are vulnerable to sudden shocks and change, which in turn impact profits and revenues. Ranking #2 globally, BI is the number one risk in countries such as Brazil, Germany, Mexico, Netherlands, Singapore, South Korea, Sweden and the US.
The scope of disruptive sources is wide. Cyber is the cause of BI companies fear most (45% of responses); the second most important cause is the energy crisis (35%), followed by natural catastrophes (31%). The skyrocketing cost of energy has forced some energy-intensive industries to use energy more efficiently, move production to alternative locations or even consider temporary shutdowns. The resulting shortages threaten to cause supply disruption across a number of critical industries in Europe, including food, agriculture, chemicals, pharmaceuticals, construction and manufacturing, although warm winter conditions in Europe and stabilization of the price of gas is helping to ease the energy situation.
A possible global recession is another likely source of disruption in 2023, with potential for supplier failure and insolvency, which is a particular concern for companies with single or limited critical suppliers. According to Allianz Trade, global business insolvencies are likely to rise significantly in 2023: +19%.
Macroeconomic malaise
Macroeconomic developments such as inflation or economic and financial market volatility rank as the third top risk for companies globally in 2023 (25%), up from #10 in 2022 – the first time this risk has appeared in the top three for a decade. All three major economic areas – the United States (US), China and Europe – are in a crisis mode at the same time, albeit for different reasons, according to Allianz Research, which forecasts recession in Europe and the US in 2023. Inflation is a particular concern as it is ‘eating’ into the price structure and profitability margins of many companies. Like the real economy, the financial markets are facing a difficult year, as central banks drain excess system-wide liquidity and trading volumes even in historically liquid markets decline.
“2023 will be a challenging year; in purely economic terms, it is likely to be a year to forget for many households and companies. Nevertheless, there is no reason to despair,” says Ludovic Subran, Chief Economist at Allianz. “For one thing, the turnaround in interest rates is helping, not least for millions of savers. The medium-term outlook is also much brighter, despite – or rather because of – the energy crisis. The consequences, beyond the expected recession in 2023, are already becoming clear: a forced transformation of the economy in the direction of decarbonization as well as increased risk awareness in all parts of society, strengthening social and economic resilience.”
Risk risers and fallers
The Energy crisis is the biggest risk riser in the Allianz Risk Barometer appearing for the first time at #4 (22%). Some industries, such as chemicals, fertilizers, glass, and aluminum manufacturing, can be reliant on a single source of energy – Russian gas in the case of many European countries – and are therefore vulnerable to disruption to energy supply or price increases. If such base industries struggle, repercussions can be felt further down the value chain in other sectors. According to Allianz Trade, the energy crisis will remain the largest profitability shock for European countries in particular. At current levels, energy prices would wipe out the profits of most non-financial corporates as pricing power is diminishing amid slowing demand.
Driven by 2022 being another year of turmoil with conflict and civil unrest dominating the news, Political risks and violence is a new entry at #10 (13%). Aside from war, companies are also concerned about increasing disruption from strikes, riots and civil commotion activity as the cost-of-living crisis affects many countries.
Despite dropping in the ranking year-on-year, Natural catastrophes (19%) and Climate change (17%) remain major concerns for businesses. In a year that included Hurricane Ian, one of the most powerful storms recorded in the US, record-breaking heatwaves, droughts and winter storms around the world, and $100bn+ of insured losses, they still rank in the top seven global risks.
About Allianz Global Corporate & Specialty
Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. We provide risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across nine dedicated lines of business and six regional hubs.
Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses. Among them are not only the world’s largest consumer brands, financial institutions, tech companies and the global aviation and shipping industry, but also floating wind farms or Hollywood film productions. They all look to AGCS for smart solutions to, and global programs for, their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience.
Worldwide, AGCS operates with its own teams in more than 30 countries and through the Allianz Group network and partners in over 200 countries and territories, employing around 4,250 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial ratings. In 2021, AGCS generated a total of €9.5 billion gross premium globally. For more information please visit our website www.agcs.allianz.com
Cautionary Note Regarding Forward-Looking Statements
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SAN FRANCISCO--(BUSINESS WIRE)--Stem, Inc. (NYSE: STEM), a global leader in AI-driven clean energy software and services, will hold a conference call on Thursday, February 16, 2023, to discuss its financial results for the quarter ended December 31, 2022, and business outlook for 2023.
The conference call is scheduled to begin at 5:00 p.m. Eastern Time. A press release regarding the results will be issued at approximately 4:05 p.m. Eastern Time.
The conference call may be accessed via a live webcast on a listen-only basis at https://investors.stem.com/events-and-presentations. The call can also be accessed live over the telephone by dialing (855) 327-6837, or for international callers, (631) 891-4304, and referencing Stem.
A replay will be available shortly after the call and can be accessed by dialing (844) 512-2921, or for international callers, (412) 317-6671. The passcode for the replay is 10020963. The replay will be available until Thursday, March 16, 2023. An archive of the webcast will be available shortly after the call on Stem’s website at https://investors.stem.com/overview for 12 months following the call.
About Stem
Stem (NYSE: STEM) provides clean energy solutions and services designed to maximize the economic, environmental, and resiliency value of energy assets and portfolios. Stem’s leading AI-driven enterprise software platform, Athena®, enables organizations to deploy and unlock value from clean energy assets at scale. Powerful applications, including AlsoEnergy’s PowerTrack, simplify and optimize asset management and connect an ecosystem of owners, developers, assets, and markets. Stem also offers integrated partner solutions to help improve returns across energy projects, including storage, solar, and electric vehicle fleet charging. For more information, visit www.stem.com.
Source: Stem, Inc.
Stem Investor Contacts
Ted Durbin, Stem
Marc Silverberg, ICR
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Acquisition continues to grow VistaVu Solutions’ Commitment to SAP’s Products with growth into S/4HANA Cloud space.
CALGARY, Alberta & HOUSTON--(BUSINESS WIRE)--#Acquisition--VistaVu Solutions LE, Corporation is pleased to announce the acquisition of Quintel’s SAP S/4HANA Cloud and ECC practice.
The acquisition includes professional staff, existing accounts, as well as accelerated implementation tools. This transaction supports VistaVu’s plans for growth and confirms a commitment to become one of the leading mid-market system integrators in North America. As both entities are privately held, financial details of the transaction were not disclosed.
“Quintel brings an established customer base and a team of experienced and knowledgeable experts. They have implemented many large projects for both SAP ECC and S/4HANA Cloud (S4HC) Private Edition. With this acquisition, VistaVu can offer a migration path for our highest growth customers into S4HC so they may standardize their sales, operations, and finance at scale to better run their business,” stated Jory Lamb, Founder and CEO of VistaVu Solutions.
Quintel’s CEO Leslie Buttorff also stated, “VistaVu Solutions provides us with a great platform for growth. By combining forces with a larger organization, our current customer base will have access to many SAP options and a broader range of skillsets. We are excited to get involved with VistaVu’s Business One and Business ByDesign customer base to determine if the solution set we have built at Quintel based on the ECC/S4HC platform can provide competitive advantages for expansion. Quintel has built standard solution sets around the ECC and S/4HANA platforms to offer quick, cost effective, and efficient implementations. We also offer SAP HCM and Payroll services as an add on to either solution.”
The integration of Quintel’s SAP practice into the VistaVu Solutions team will take place over the next several weeks. During this time, customers from both organizations will continue to receive the same high-quality service and support they have come to expect from Quintel and VistaVu Solutions.
About VistaVu Solutions
VistaVu Solutions, one of the top SAP-certified partners in North America, is a focused, rapidly-growing, and progressive provider of innovative business management solutions for several industries including concentrations in Wholesale Distribution, Industrial Field Services, Manufacturing, and others.
VistaVu leverages the experience of its people, and the results of its successfully proven processes to bring industry-driven, user-focused and mature business management solutions to industrial field services companies across North America, helping companies in this space RUN GREAT. For more information, visit www.vistavusolutions.com.
About Quintel
Quintel was formerly an SAP Gold Partner in the public sector, utilities, and manufacturing industry solutions. They have completed numerous management consulting projects and over 40 SAP implementations (Billing/Customer Service, Enterprise Resource Planning (ERP), Enterprise Asset Management (EAM), Mobile Data, Community Development, Customer Web, and more) over the last twenty-one years. For more information, visit www.quintel-mc.com.
For more information, please contact:
Jory Lamb, CEO | VistaVu Solutions Ltd.| +1.403.263.2727 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Lesli Buttorff , President & CEO| Quintel Management Consulting |+1.303.434.0215| This email address is being protected from spambots. You need JavaScript enabled to view it.
New Community Wins Latest in More Than $20 Million in Recent Solar Contract Awards
WILLISTON, Vt.--(BUSINESS WIRE)--iSun, Inc. (NASDAQ: ISUN) (the "Company," or "iSun"), a leading solar energy and clean mobility infrastructure company with 50-years of experience accelerating the adoption of innovative electrical technologies, today announced that it was awarded two new contracts valued at nearly $6 million combined to implement renewable energy solutions for community solar projects in Northern New England.
HIGHLIGHTS:
“We’re very pleased with our recent contract awards in two more communities as we assist more residents across northern New England in implementing alternative energy solutions,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “These awards, combined with our other recently announced wins, secure more than $20 million in contracts for iSun throughout New England as we show continued success in cultivating long-term customer relationships. The transition to clean energy remains the most important initiative of our generation and we are proud to assist more communities in achieving alternative energy solutions.”
About iSun Inc.
Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.
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HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), a leading U.S. Energy as a Service (EaaS) provider, announced today that it has teamed up with USAA Alliance Services (“USAA”), a leading provider of financial services for active and retired military and their families, to offer its EaaS solutions to its members across the United States. USAA members will benefit from both companies’ commitment to customer service and enjoy affordable, reliable, and clean energy created right from their rooftops.
“We are thrilled to come together with USAA and bring our Sunnova SunSafe® solar + battery storage services to its members,” said Vera Gavrilovich, VP of Marketing at Sunnova. “As more consumers are experiencing rising energy bills and increasingly frequent power outages, many are choosing to make their own power with Sunnova to protect their financial future and increase their energy security.”
USAA members will see Sunnova featured on the USAA Perks site where they can learn more about the available Sunnova products, service, and financing options.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “going to,” “could,” “intend,” “target,” “project,” “contemplates,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the implementation of the program and benefits for USAA members. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, the effects of the coronavirus pandemic on our business and operations, results of operations and financial position, our competition, changes in regulations applicable to our business, fluctuations in the solar and home-building markets, availability of capital, supply chain uncertainty, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2021 and our subsequent Quarterly Reports on Form 10-Q. The forward-looking statements in this press release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.
About Sunnova
Sunnova Energy International Inc. (NYSE: NOVA) is a leading U.S. Energy as a Service (EaaS) provider with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable, and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted®. For more information, please visit sunnova.com.
About USAA
Founded in 1922 by a group of military officers, USAA is among the leading providers of insurance, banking, and investment and retirement solutions to more than 13 million members of the U.S. military, veterans who have honorably served and their families. Headquartered in San Antonio, TX, USAA has offices in eight U.S. cities and three overseas locations and employs more than 38,000 people worldwide. Each year, the company contributes to national and local nonprofits in support of military families and communities where employees live and work. For more information about USAA, follow us on Facebook or Twitter (@USAA), or visit usaa.com.
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DUBLIN--(BUSINESS WIRE)--The "Global Air Compressor Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Type, Technology, Lubrication, Application and Region" report has been added to ResearchAndMarkets.com's offering.
According to estimates, the Global Air Compressor Market grew from around ~US$25 Bn in 2017 to nearly ~US$30 Bn in 2022 and is expected to grow further into a more than ~US$40 Bn opportunity by 2028.
It is expected to record a positive CAGR of ~5% during the forecasted period (2022-2028), owing to the rapid growth in industrialization and rising investments to enhance the oil and gas pipeline network.
One of the main factors propelling the expansion of the global air compressor market is the expanding oil and gas sector. The market is expanding as a result of the increased energy demand in developing nations like China, India, and South Korea. According to India Brand Equity Foundation (IBEF) by 2045, it is anticipated that India's oil consumption will have increased by a factor of 2x, to reach 11 million barrels per day.
Environmentally friendly compressor technologies, low maintenance, retrofitting of existing systems, efficient operation at lower costs, rising adoption of variable-speed systems, oil-free lubrication processes, and growth in the popularity of portable models are propelling the growth of the market.
The global market is expanding due to the rising demand for air compressors that are energy-efficient in order to reduce operating costs. The market growth is anticipated to be positively impacted by the increasing initiatives taken by key industry players to create affordable and environmentally friendly air compressors.
Several businesses have already created next-generation systems that provide high-performance capabilities at reasonable prices. Atlas Copco, a Swedish multinational industrial company, in 2022, has launched a New Energy-Efficient GA VSDS Compressor that provides up to 60% energy savings and intelligent, adaptable operation.
Strict government restrictions related to noise levels and greenhouse gases emitted by air compressors would be a significant barrier for this market. According to Legal Information Institute, a non-profit organization, portable air compressors with a maximum rated capacity of less than or equal to 250 cubic feet per minute (cfm) should not produce an average sound level in excess of 76 dBA when measured and evaluated in accordance with the methodology given by this regulation.
Governments all over the world implemented stringent national lockdowns in 2020 as a result of the growing need to stop the COVID-19 illness from spreading. This in turn hindered a number of businesses and enterprises from expanding. The pandemic also had an impact on the air compressor market, which saw a significant fall in sales and profitability. But post-COVID-19, it's anticipated that a greater emphasis on energy efficiency, energy recovery, and lowering CO2 emissions would fuel demand for air compressors.
Competitive Landscape
The air compressor market is highly competitive with ~300 players which include globally diversified players, regional players as well as a large number of country-niche players having their niche in air compressors.
Country-niche players control about ~55% of the market, while regional players constitute ~30% of the total number of competitors by type. Some of the major players in the market include Ingersoll Rand Plc, Atlas Copco, Elgi equipment limited, MAT Holdings, Inc., Sullair, Mitsubishi Heavy Industries Ltd., Bauer Compressors, Inc., VMAC Company, Kirloskar Pneumatic, and Doosan Portable power
Recent Developments Related to Major Players
In August 2019, the new line of cutting-edge compressors from Atlas Copco was introduced for small and medium-sized businesses. The new compressors contribute to cost- and production-cutting.
In February 2021, the Mid-Range Series Portable Compressors from Sullair were introduced. The electronic spiral valve technology, which enables flexibility and improved operational efficiency, is integrated into this device.
Conclusion
The global air compressor is forecasted to continue the exponential growth that is witnessed since 2017, due to the increasing demand for products with higher operational output and efficiency is the primary concern that manufacturers are seeking to address in the market. Though the market is highly competitive with ~300 players, few global players control the dominant market share and regional players also hold a significant market share.
Key Topics Covered in the Report
Leading Companies
Scope of the Report
Period Captured in the Report
By Type
By Technology
By Lubrication
By Application
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