The latest addition to the DTN Marine Content API suite is designed to support variable route analysis and improve shipping cargo bid accuracy.
MINNEAPOLIS--(BUSINESS WIRE)--DTN®, a global data, analytics, and technology company, has announced a new, first-to-market WeatherFactor API to help freight traders improve pre-voyage planning and better anticipate voyage duration risks. Further expanding its suite of marine data APIs for the shipping industry, the DTN WeatherFactor API blends multiple data sets to make a variety of voyage simulations possible, supporting increased cargo bid accuracy and more reliable cost margin expectations.
“Integrated and timely insights are critical for cargo bids because weather is the biggest uncontrollable factor in the equation,” said DTN Marine Product Manager Jarco van den Brink. “Even incremental changes in wind or currents can have a large impact on voyage costs and over time those changes can significantly alter key assumptions about route and port conditions. We designed the WeatherFactor API to bring more timely data into consideration and give freight traders a higher level of confidence in the accuracy of their voyage cost calculations.”
DTN customer data suggests that additional, unplanned time at sea can cost up to $20,000 per day, per vessel. That kind of variance can make or break the profit margin of a voyage. Using WeatherFactor API as part of a voyage management system or other pre-voyage planning platform offers traders access to vessel digital twin technology with 20 years of verified historical weather and ocean data that is continuously updated to minimize voyage duration risk. Tapping into more precise assessments, freight traders can quickly create and proactively evaluate multiple scenarios before making a bid.
“Using data science and APIs allow operators to avoid using guestimates or fixed look-up tables,” continued van den Brink. “It is a much more accurate and reliable way to assess voyage duration risk factors and how weather impacts the overall vessel performance during the time of year, a critical factor in calculating profitable bids.”
The new WeatherFactor API can create vessel-specific simulations for any given route using an ensemble of proprietary data, modeling, and machine learning. The API blends and seamlessly delivers insights not only on voyage duration, but also weather impacts, fuel consumption, carbon emissions and other bid profitability indicators. Specifically designed to integrate with current commercial voyage management systems, the cloud-based API can also quickly help improve assessments in other charter and cargo platforms.
For more information on the DTN WeatherFactor API visit here.
About DTN
DTN is a global data, analytics, and technology company. Its proprietary solutions and expertise deliver trusted operational intelligence for organizations with complex supply chains worldwide. Access to the unparalleled, cloud-based data, applications, and insights that DTN offers help businesses prosper, improving service delivery and the movement of goods for many critical sectors of the global economy. DTN is headquartered in Minneapolis, MN, and Utrecht, Netherlands, and operates or has investments in the Americas, Europe, and the Asia Pacific region with support from more than 1,200 employees worldwide.
Media Contact:
Kylie Swanson
This email address is being protected from spambots. You need JavaScript enabled to view it.
515.709.9653
WALTHAM, Mass.--(BUSINESS WIRE)--PerkinElmer Inc., (NYSE: PKI), a global leader committed to innovating for a healthier world, today announced that it will release its fourth quarter and full year 2022 financial results prior to market open on Tuesday, February 14, 2023. The Company will host a conference call the same day at 8:00 a.m. ET to discuss these results. Prahlad Singh, president and chief executive officer, and Max Krakowiak, chief financial officer, will host the conference call.
To access the call, a live audio webcast will be available via this registration form or on the Investors section of the Company's website.
The Company is also updating its fourth quarter 2022 guidance as previously provided on November 8, 2022. The Company now expects its fourth quarter 2022 results to meet or exceed the guidance provided on November 8, 2022.
Factors Affecting Future Performance
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to estimates and projections of future adjusted earnings per share, revenue, revenue growth and other financial results. Words such as "believes," "intends," "anticipates," "plans," "expects," “estimates”, "projects," "forecasts," "will" and similar expressions, and references to guidance, are intended to identify forward-looking statements. Such statements are based on management's current assumptions and expectations and no assurances can be given that our assumptions or expectations will prove to be correct. A number of important risk factors could cause actual results to differ materially from the results described, implied or projected in any forward-looking statements. These factors include, without limitation: the completion of quarterly and year end closing procedures for the fourth quarter and fiscal year ended January 1, 2023 and other factors which we describe under the caption "Risk Factors" in our most recent quarterly report on Form 10-Q and in our other filings with the Securities and Exchange Commission. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
About PerkinElmer
PerkinElmer enables scientists, researchers, and clinicians to address their most critical challenges across science and healthcare. With a mission focused on innovating for a healthier world, we deliver unique solutions to serve the diagnostics, life sciences, food, and applied markets. We strategically partner with customers to enable earlier and more accurate insights supported by deep market knowledge and technical expertise. Our dedicated team of more than 16,000 employees worldwide is passionate about helping customers work to create healthier families, improve the quality of life, and sustain the well-being and longevity of people globally. The Company reported revenue of approximately $5 billion in 2021, serves customers in 190 countries, and is a component of the S&P 500 index. Additional information is available at www.perkinelmer.com. Follow PerkinElmer on LinkedIn, Twitter, Facebook, Instagram and YouTube.
Investor Relations:
Steve Willoughby
(781) 663-5677
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media Relations:
Chet Murray
(781) 663-5719
This email address is being protected from spambots. You need JavaScript enabled to view it.
New Jersey’s Homegrown Aerospace and Defense Supplier Credits Speed, Agility, and Community for Its Legacy of Success
MONTVILLE, N.J.--(BUSINESS WIRE)--#NewJersey--Marotta Controls, a rapidly growing aerospace and defense supplier based in New Jersey, celebrated its 80th anniversary. President and CEO Patrick Marotta took the opportunity to recognize his team members’ talent, passion, and creativity that has contributed to decades of innovation in Flow Control, Control Systems, and Power Electronics.
“I am humbled by the commitment demonstrated by our staff year after year. Marotta Controls began as a straight-forward production company focused on quality. Together, we took that business and evolved it into a world-class solutions provider,” said Patrick, the third-generation leader of the family-owned company. “We don’t shy away from sharing customer risk or challenge. Instead, we remain nimble. We lean in and collaborate with them as a trusted partner. We help them quickly bring to market technologies that positively impact their performance and operations. It’s an incredible position to be in and one I owe to our teams then and now.”
Marotta Controls was founded as a machined components manufacturer by Patrick’s grandfather on January 06, 1943, in Boonton, New Jersey. An opportunity to help Reaction Motors solve a design challenge led to the company’s first major innovation: the balanced poppet solenoid valve. That valve’s technology, though improved upon since its first iteration, still serves as the foundation for the company’s cornerstone products today.
Since the moment it opened its doors, Marotta Controls has played a supporting role in significant events throughout aerospace history. The company supplied valve systems for the Saturn Apollo program that landed a man on the moon. It designed fluid control technologies for the first intercontinental ballistic missile, the first Polaris submarine, the first jetliner, the first Tiros weather satellite, and more.
Those elegant valve solutions inspired Marotta Controls to expand its capabilities into complementary areas. The company applied its knowledge to reimagining electromechanical motor drives, power supplies, and actuation systems among other products—additions that led to significant growth over the last decade. The bar was raised yet again with Marotta Controls’ introduction of a patented additive manufacturing technique that allows the supplier to produce finely intricate solutions that were previously impossible to build via traditional machine boring methods.
“Our innovations have flown to space. They have descended deep into the ocean. And, they have sped through the air at supersonic speeds. These incredible achievements would not have been possible without the talent and support sourced from our home state. Our primary facility is still located in Montville, New Jersey, where my grandfather began this business 80 years ago. We do it all there. Innovate. Design. Build. Test. And, while we have recently expanded to a second New Jersey location, I envision that Montville facility standing as our home base for the next 80 years. There’s a lot more to come,” added Patrick.
About Marotta Controls
Founded in 1943, Marotta Controls is a fully integrated solutions provider which designs, develops, qualifies, and manufactures innovative systems and sub-systems for the aerospace and defense sectors. Our portfolio includes pressure, power, motion, fluid, and electronic controls for tactical systems, shipboard and sub-sea applications, satellites, launch vehicles, and aircraft systems. With over 200 patents, Marotta Controls continues to build on its legacy as a highly respected, family-owned small business based in the state of New Jersey. Twitter: @marottacontrols LinkedIn: Marotta Controls, Inc.
Heather Ailara
211 Communications
+1.973.567.6040
This email address is being protected from spambots. You need JavaScript enabled to view it.
Katee Glass
Marotta Controls, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.
HIGHLIGHTS
MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (the “Company” or “NOG”) today announced the closing of its acquisition of non-operated properties in the core of the Midland Basin.
MIDLAND BASIN ACQUISITION
On January 5, 2023, NOG closed on its previously announced acquisition of non-operated interests in the Mascot Project from Midland Petro D.C. Partners, LLC (“MPDC”). As part of the closing, NOG upsized the originally announced transaction by acquiring an additional 3.25% working interest in the Mascot Project for an incremental $29.2 million of unadjusted purchase price (identical pro rata economic terms as originally announced).
In total, NOG acquired a 39.958% working interest in the Mascot Project. The initial closing settlement was $320.0 million in cash, which includes a $43.0 million deposit paid at signing in October 2022. The closing cash settlement is net of preliminary and customary purchase price adjustments and remains subject to post-closing settlements between NOG and MPDC. More information regarding this acquisition can be found in NOG’s October 19, 2022 press release announcing the transaction, which is available here.
NOG funded the acquisition with cash on hand, operating free cash flow and borrowings from NOG’s revolving credit facility.
ABOUT NORTHERN OIL AND GAS
NOG is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with focus on the premier hydrocarbon producing basins within the contiguous United States. More information about NOG can be found at www.northernoil.com.
SAFE HARBOR
This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this release regarding NOG’s financial position, common stock dividends, business strategy, plans and objectives of management for future operations, industry conditions, capital expenditures, production, cash flow, hedging and other matters are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “guidance,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond NOG’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in crude oil and natural gas prices, the pace of drilling and completions activity on NOG's properties and properties pending acquisition, the effects of the COVID-19 pandemic and related economic slowdown, NOG's ability to acquire additional development opportunities, integration and benefits of property acquisitions, or the effects of such acquisitions on Northern’s cash position and levels of indebtedness, changes in NOG's reserves estimates or the value thereof, general economic or industry conditions, nationally and/or in the communities in which NOG conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, risks and uncertainties related to the closing of recent acquisition transactions (including the transactions described herein), NOG's ability to raise or access capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting NOG's operations, products, services and prices.
NOG has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond NOG's control. NOG does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.
Evelyn Infurna
Vice President of Investor Relations
(952) 476-9800
This email address is being protected from spambots. You need JavaScript enabled to view it.
New MM101 Single-Chip High-Voltage Driver with Integrated Charge Pump Reduces Board Space and BOM Cost
IRVINE, Calif.--(BUSINESS WIRE)--#5g--Menlo Micro, the company responsible for reinventing the electronic switch, today announced the formal qualification and production release of the MM101, an 8-channel, low-voltage to high-voltage driver with an integrated charge pump. The MM101 driver provides a cost-effective solution for microelectromechanical system (MEMS) devices and other high-voltage driving applications in a highly integrated form factor. Built as a companion to Menlo Micro’s Ideal Switch® products, the MM101 provides up to eight drive outputs, programmable from 80 V or 90 V, in a miniature 5 mm x 5 mm 32-pin QFN or WLCSP flip-chip package powered with 5 V charge pump and 3.3 V driver circuit supply sources.
The MM101 high-voltage driver features selectable communication interfaces (SPI, GPIO) with up to 33 MHz SPI clocking speed, enabling SPI to be configured in a daisy-chain mode. In addition, the driver’s communication interface supports interface fault indicators, power-on-reset, power ON/OFF sequence control, and under-voltage protection for charge pump and supply voltage. The MM101’s highly integrated driver design reduces board layout space and BOM costs when compared to the industry’s common multi-chip, high-voltage driver solutions for controlling MEMS devices.
“The new MM101 driver provides a miniature, low-power solution for driving our MEMS-based switches and other Ideal Switch products, bringing size, weight, power and cost benefits to a wide range of applications,” said Chris Giovanniello, co-founder and SVP marketing, Menlo Micro. “We developed this high-voltage driver solution to simplify the creation of highly integrated, multi-chip modules that are easy to program and control. Using the MM101 in system designs, customers will be able to reduce the board space required for driving multiple switches, as well as have the option to integrate our new driver into their own custom modules.”
MM101 Product Highlights:
Availability
The MM101 is available today to customers worldwide. For pricing information, please contact a Menlo Micro sales representative. Connect with Menlo Micro’s global network of manufacturers, sales representatives and channel partners at menlomicro.com/contact-us. Learn more about Menlo Micro, Ideal Switch technology and the new MM101 high-voltage driver solution at menlomicro.com.
About Menlo Micro
Menlo Micro is on a mission to create a more energy efficient and sustainable world, with an entirely new category of electronic switches. The Ideal Switch eliminates compromises and tradeoffs by combining the benefits of electromechanical and solid-state switches into the best of both worlds. Menlo is bringing more than 99 percent reductions in size, weight, power, and cost to dozens of industries such as medical, aerospace and defense, telecommunications, consumer electronics, industrial IoT, and test and measurement. For more information, visit menlomicro.com or follow the company on Twitter, YouTube, and LinkedIn.
Jeremy Hyatt
Green Flash Media
This email address is being protected from spambots. You need JavaScript enabled to view it.
TULSA, Okla.--(BUSINESS WIRE)--In conjunction with Helmerich & Payne, Inc.’s (NYSE: HP) fiscal first quarter 2023 earnings release, you are invited to listen to its conference call on Tuesday, January 31, 2023, at 11:00 a.m. (ET) with John Lindsay, President and CEO, Mark Smith, Senior Vice President and CFO, and Dave Wilson, Vice President of Investor Relations. Investors may listen to the conference call either by phone or audio webcast.
|
What: |
Helmerich & Payne, Inc.’s Fiscal First Quarter 2023 Earnings Release. Other material developments may also be discussed. |
|
|
|
|
When: |
11:00 a.m. ET (10:00 a.m. CT), Tuesday, January 31, 2023 |
|
|
|
|
Via Phone: |
Domestic: 800-895-3361 Access Code: Helmerich |
|
|
International: 785-424-1062 Access Code: Helmerich |
|
|
|
|
Via Internet: |
Visit http://www.helmerichpayne.com then click on “Investors” and then click on “News & Events – Event & Presentations” to find the link to the webcast. |
|
|
|
|
Questions: |
Dave Wilson, This email address is being protected from spambots. You need JavaScript enabled to view it., 918-588-5190 |
If you are unable to listen during the live webcast, the call will be archived for 365 days on Helmerich & Payne, Inc.’s website, http://www.helmerichpayne.com, under “News & Events – Event & Presentations”, which can be accessed through the “Investors” section of the website.
About Helmerich & Payne, Inc.
Founded in 1920, Helmerich & Payne, Inc. is committed to delivering industry leading drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for our customers and returns for shareholders. Through its subsidiaries, the Company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies. For more information, visit www.helmerichpayne.com.
Helmerich & Payne uses its website as a channel of distribution for material company information. Such information is routinely posted and accessible on its investor relations website at www.helmerichpayne.com.
Dave Wilson, This email address is being protected from spambots. You need JavaScript enabled to view it., 918-588-5190
Recognition lists America’s best corporate citizens in creating a positive workplace, supporting our communities and protecting the environment
AVANGRID recognized as environmental leader within the utility sector
ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, today was recognized for the third consecutive year on the annual JUST 100—a list of America’s best corporate citizens published by JUST Capital and its media partner CNBC. AVANGRID improved its overall ranking from 48 in 2022 to 45 in 2023. AVANGRID is ranked second overall within the utility industry, up from fourth in 2022, and is ranked first among utilities for its commitment to the environment.
“Earning recognition as one of America’s Most JUST Companies for the third consecutive year demonstrates our dedication to creating clean energy projects while maintaining a deep commitment to socially responsible business practices,” said Pedro Azagra, CEO of AVANGRID. “I’m proud of our ESG+F strategy, which ensures we adhere to a principled and robust governance structure and a disciplined capital investment strategy to build long-term shareholder value and create positive social and environmental impacts. This recognition by JUST is a testament to the entire AVANGRID team, who put this strategy and our core values into practice daily.”
In addition to earning the JUST 100 recognition since 2021, last year AVANGRID was also named among the top 100 companies on JUST Capital’s inaugural Workforce Equity and Mobility Ranking, demonstrating the company’s commitment to investing in hiring, training, and promoting a diverse workforce.
The JUST 100 Rankings are the only comprehensive evaluation of how the nation’s largest corporations perform on the issues that matter most to Americans today, including creating jobs in the U.S., paying a fair, living wage, acting with integrity at the leadership level, supporting workforce retention and training, protecting worker health and safety, providing benefits and work-life balance, protecting customer privacy, minimizing pollution and more.
“There has never been a more important time for businesses to step up, do right by their workers, and restore trust in capitalism and the American Dream,” said JUST Capital CEO Martin Whittaker. “This year’s JUST 100 leaders demonstrate that just business truly is better business.”
For the annual Rankings, JUST Capital collects and analyzes corporate data to evaluate the 1,000 largest public U.S. companies across 20 issues identified through comprehensive, ongoing public opinion research on Americans’ attitudes toward responsible corporate behavior. JUST Capital has engaged more than 160,000 participants, on a fully representative basis, since 2015.
Compared to their Russell 1000 peers, companies in the JUST 100 on average:
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs more than 7,000 people and has been recognized by JUST Capital in 2021, 2022 and 2023 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2023, AVANGRID ranked first within the utility sector for its commitment to the environment. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth consecutive year by the Ethisphere Institute. AVANGRID is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.
About CNBC: CNBC is the recognized world leader in business news, providing real-time financial market coverage, business content and general news consumed by more than 544 million people per month across all platforms. The network's 14 live hours a day of news programming in North America (weekdays from 5:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries.
About JUST Capital: JUST Capital is an independent nonprofit dedicated to measuring and improving corporate stakeholder performance – from fair wages to workforce diversity to climate commitments – at America’s largest public companies. Our mission is to tackle the most pressing social challenges of our time by galvanizing the collective power of corporate America. We believe that business and markets can and must be a greater force for good, and that by shifting the resources of the $19 trillion private sector, we can address systemic issues at scale. Guided by the priorities of the public, our research, rankings, indexes, and data-driven tools help deliver on the promise of stakeholder capitalism and an economy that works for all Americans. JUST Capital publishes the annual list of America’s Most JUST Companies, the JUST 100, in partnership with CNBC. To learn more, visit: www.JUSTCapital.com.
About Our Methodology: Since 2015, JUST Capital has surveyed more than 160,000 Americans on what Issues they believe U.S. companies should prioritize when it comes to just business behavior. Those Issues become the foundation by which we track, analyze, and incentivize corporate behavior change, including the Rankings of America’s Most JUST Companies. JUST evaluated 951 companies across 5 stakeholders, 20 Issues, and 245 raw data points to produce the 2023 Rankings, including the JUST 100 and Industry Leader lists.
MEDIA:
Sarah Warren
This email address is being protected from spambots. You need JavaScript enabled to view it.
585-794-9253
HOUSTON--(BUSINESS WIRE)--$HESM--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) announced today that it will hold a conference call on Wednesday, January 25, 2023, at 12:00 p.m. Eastern Time to discuss its fourth quarter 2022 earnings release.
To phone into the conference call, participants should register in advance using this link to receive a unique PIN and dial-in number. This conference call and subsequent replay will also be accessible by webcast (audio only) on Hess Midstream’s website at www.hessmidstream.com.
About Hess Midstream
Hess Midstream is a fee-based, growth-oriented, midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess and third-party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at www.hessmidstream.com.
Forward Looking Statements
This press release may include forward-looking statements within the meaning of the federal securities laws. Generally, the words “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “believe,” “intend,” “project,” “plan,” “predict,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and current projections or expectations. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the filings made by Hess Midstream with the U.S. Securities and Exchange Commission, which are available to the public. Hess Midstream undertakes no obligation to, and does not intend to, update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Investor Contact:
Jennifer Gordon
(212) 536-8244
Media Contact:
Robert Young
(713) 496-6076
WASHINGTON--(BUSINESS WIRE)--#MiamiBoatShow--The start of a new year brings the beginning of boat show season for the $170 billion U.S. recreational boating industry and the National Marine Manufacturers Association (NMMA), which represents 85 percent of the country’s recreational boat, marine engine and accessory manufacturers. The recreational boating industry is preparing to welcome an estimated two million Americans to dozens of boat shows between January and March to shop the latest boats as they continue prioritizing outdoor recreation. Boat retailers and manufacturers have historically generated between 30-to-50 percent of their annual sales at boat shows.
Coming off a record year of extraordinary demand in 2021 led to the second highest ranked year in nearly two decades for recreational marine expenditures at $56.7 billion. New powerboat retail unit sales normalized in 2022, down an estimated 15-18 percent, to pre-pandemic growth years (2015-2019) with an estimated 250,000 new units sold, 25 percent above previous averages (2008-2014). Looking ahead to 2023, early indications point to continued healthy demand with new retail unit sales expected to remain on par with 2022.
This momentum comes as Americans demonstrate an ongoing prioritization of a life well-lived, spent enjoying outdoor experiences with family and friends and marine manufacturers continue strategically managing production and inventory pipelines following two years of supply chain bottlenecks. Segments driving growth in 2022 included entry-level boats such as personal watercraft, freshwater aluminum and fiberglass fishing boats, as well as pontoon boats that are less than 26 feet.
“Last year was a healthy year for recreational boating with momentum coming off of record sales in 2021 due to continued demand and the fact that supply chain shortages prevented our industry from overproducing like we saw happen in other sectors over the past two years,” said Frank Hugelmeyer, NMMA president. “With boat shows fully returning following two years of limited events due to COVID, we’ve already seen encouraging sales reports within certain categories, coupled with consumers continuing to invest in the unique experiences that come from being on the water.”
New data from the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA), released in November, shows the outdoor recreation economy has seen record-breaking years, sustaining remarkable growth despite navigating a post-pandemic environment. In 2021, outdoor recreation generated $862 billion in economic output, accounting for 1.9 percent of U.S. GDP, making it a larger contributor than agriculture, extraction of oil and gas, and mining. Outdoor recreation also supported 4.5 million American jobs. What’s more, recreational boating and fishing are the number one contributor to the near-billion dollar outdoor recreation economy, surpassing RVing, hunting, and other outdoor activities.
With dozens of boat shows being held around the U.S., including Discover Boating®’s 10 show line-up this winter, manufacturers and dealers will unveil the latest product innovations and technologies, offer exclusive promotions and provide immersive boating activities to engage potential first-time boat buyers as well as millions of boaters look to come together during the off season.
“We’ve done extensive research to better understand boaters of today and tomorrow and local boat shows are a consistent favorite given the sense of community they create by bringing together boaters of all interests, access to all local dealers and new boat models in one place, the ability to board and buy boats, shop the newest gear, and be immersed in education and experiences—they take pop-up retail and social meet-ups to the next level,” said Ellen Bradley, senior vice president of marketing and communications for NMMA.
U.S. Recreational Boating by the Numbers
Unless otherwise noted, the following additional data are from the NMMA’s 2021 Recreational Boating Statistical Abstract.
About NMMA: The National Marine Manufacturers Association (NMMA) is the leading trade organization for the North American recreational boating industry. NMMA member companies produce more than 80 percent of the boats, engines, trailers, marine accessories and gear used by millions of boaters in North America. The association serves its members and their sales and service networks by improving the business environment for recreational boating including providing domestic and international sales and marketing opportunities, reducing unnecessary government regulation, decreasing the cost of doing business, and helping grow boating participation. As the largest producer of boat and sport shows in the U.S., NMMA connects the recreational boating industry with the boating consumer year-round. Learn more at www.nmma.org and get engaged with us on Facebook, Twitter and LinkedIn.
Rebecca Egsieker
404.309.6415
This email address is being protected from spambots. You need JavaScript enabled to view it.
VANCOUVER, British Columbia--(BUSINESS WIRE)--EverGen Infrastructure Corp. (“EverGen” or the “Company”) (TSXV: EVGN) (OTCQX: EVGIF), is pleased to announce that it has signed a definitive agreement with its existing lender, Roynat Capital (a subsidiary of The Bank of Nova Scotia) (“Roynat”) and Export Development Canada (“EDC”) for a $31 million syndicated senior term loan (the “Facility”). Roynat and EDC are each providing for 50% of the proceeds from the Facility.
“This milestone provides greater certainty for EverGen moving forward. Executing the debt facility with Roynat and the EDC is an essential piece of our funding strategy as we push forward with our core expansion projects which will deliver 480,000 GJ of RNG annually.” said Chase Edgelow, CEO of EverGen.
Term Loan
The Facility will be used to support the upgrade and construction of EverGen’s Renewable Natural Gas (“RNG”) facilities and provides for $15 million for refinancing of existing debt and construction at Fraser Valley Biogas (“FVB”) and $16 million at Net Zero Waste Abbotsford (“NZWA”). The Company anticipates the first additional draw on the Facility in early-2023 to finance a portion of the FVB RNG Expansion project currently under construction.
The Facility is a five-year senior term loan with a 10-year amortization period and interest only payments for the first 12 months. The Facility is secured by assets of the Company and is subject to the completion of financing terms and conditions as included in the Offer of Finance filed on SEDAR. The Facility bears interest at a rate of the Canadian Variable Rate + 3.0 to 4.0% based on achieving certain EBITDA targets.
“EDC welcomes the opportunity to participate in EverGen’s growth and supports the Company as they expand their renewable energy infrastructure in Canada and abroad” said Anna Pipin, Global Accounts Director at EDC.
“This is a very exciting time for EverGen as they continue the build-out of their RNG infrastructure platform in Canada, and we are excited to be participating in the growth of the industry,” said Derek Strong, Managing Director from Roynat.
About EverGen Infrastructure Corp.
EverGen, Canada’s Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future. Headquartered on the West Coast of Canada, EverGen is an established independent renewable energy producer which acquires, develops, builds, owns and operates a portfolio of Renewable Natural Gas, waste to energy, and related infrastructure projects. EverGen is focused on Canada, with continued growth expected across other regions in North America and beyond.
For more information about EverGen Infrastructure Corp. and our projects, please visit www.evergeninfra.com.
EverGen Investor Contact
Victoria Rutherford
480-625-5772
This email address is being protected from spambots. You need JavaScript enabled to view it.
New enhancements enable global manufacturers and service centers to quickly and easily buy, sell, finance and transport copper, brass, and bronze
ATLANTA--(BUSINESS WIRE)--Reibus International, the independent digital marketplace for industrial metals, today announced the expansion of its product offering to include red metals – copper, brass, and bronze – which are key ingredients in the electrical, metal roofing, and pipe manufacturing processes. In a recent report by S&P Global, copper demand alone is projected to nearly double by 2035, and market opportunities are emerging for copper product recycling.
“Red metals, especially copper, are in high demand, and current market conditions make it very difficult to locate and purchase inventory,” said John Armstrong, founder and CEO of Reibus. “This product expansion will enable global manufacturers and service centers to buy, sell, finance and transport copper, brass and bronze, reducing supply chain friction and improving cash flow.”
Reibus helps buyers and sellers easily navigate challenges and opportunities created by supply chain and geopolitical volatility in industrial metals. Founded in 2018, thousands of companies rely on Reibus to buy and sell materials, improve liquidity and cash flow, and maximize market share.
“New tools that make it faster and easier for consumers of industrial metals to buy, sell, and ship copper, brass, and bronze are a win,” said Dan Kendall, managing partner of Aeris Advisor, former president of ABC Metals, and past president of the Copper & Brass Servicenter Association. “Providing increased liquidity for participants in the red metals supply chain is very powerful.”
About Reibus
Reibus was founded in 2018 as the only independent and anonymous, SaaS-enabled marketplace utilizing technology to solve ingrained supply chain problems in the industrial materials market. Reibus uses its advanced technology and deep industry knowledge to revolutionize supply chain efficiency by shortening lead-times, reducing inventory, and streamlining finance and freight services. For more information, visit Reibus at http://www.Reibus.com.
Lauren Bovard
Arketi (for Reibus)
678-477-5546
This email address is being protected from spambots. You need JavaScript enabled to view it.
ALEXANDRIA, Va.--(BUSINESS WIRE)--VSE Corporation (NASDAQ: VSEC), a leading provider of aftermarket distribution and maintenance, repair and overhaul (MRO) services for land, sea and air transportation assets for government and commercial markets, announced that the Company’s Board of Directors has declared a regular quarterly cash dividend of $0.10 per share of VSE common stock. The dividend is payable on February 9, 2023 to stockholders of record at the close of business on January 26, 2023.
ABOUT VSE CORPORATION
VSE is a leading provider of aftermarket distribution and repair services for land, sea and air transportation assets for government and commercial markets. Core services include MRO services, parts distribution, supply chain management and logistics, engineering support, and consulting and training services for global commercial, federal, military and defense customers. VSE also provides information technology and energy consulting services. For additional information regarding VSE’s products and services, visit www.vsecorp.com.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause VSE’s actual results to vary materially from those indicated or anticipated by such statements. Many factors could cause actual results and performance to be materially different from any future results or performance, including, among others, the risk factors described in our reports filed or expected to be filed with the SEC. Any forward-looking statement or statement of belief speaks only as of the date of this press release. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
INVESTOR RELATIONS CONTACT: Noel Ryan | 720.778.2415 | This email address is being protected from spambots. You need JavaScript enabled to view it.
ST. CATHARINES, Ontario--(BUSINESS WIRE)--Due to its ongoing successful delivery of Anaerobic Digesters (AD) and Renewable Natural Gas (RNG) technology into the North American market, PlanET Biogas has created PlanET Organics, a new company specifically focused on food waste processing and nutrient recovery technologies. This complementary platform will enhance PlanET’s leadership position in the organics to renewable energy market and help it execute both manure based and complex food waste projects in the US and Canada.
Leading this new endeavor will be recently hired Mike Muffels, formerly of GHD, who brings close to 20 years of experience in the AD, RNG and Organics Processing sectors. As the newly appointed Program Director of Organics, Mike and his team will guide leading edge designs through project development to implementation. Known for his adaptive leadership approach, Mike has successfully led a wide array of projects, ranging from smaller, on-farm, manure based AD and composting systems to larger, municipal biogas projects. His proven track record of delivering organics management and RNG projects is based on his understanding of all aspects of a project life cycle having performed key roles on projects across Canada and globally.
To further complement PlanET’s market expansion, David Thompson has been hired as the Director of Business Development. Joining us from Walker Industries, David comes with more than 15 years’ experience in the field of Engineering, Business Development and Project Management. An experienced leader in his field, Dave has a proven track record of developing and managing large, complex biogas, chemical and renewable energy projects and has played an instrumental role in growing Walker Industries’ landfill gas to energy portfolio over the past 5+ years. David’s efforts will be focused on the continued growth of PlanET’s business activities across North America.
After three consecutive years of doubling its North American staffing levels, PlanET has promoted Nils Hirsch, formerly General Manager to the position of Vice President – Engineering, Sales and Procurement and has promoted Patrick Cluckey, formerly Operations Manager to the position of Vice President – Operations. In their expanded roles, both Patrick and Nils will continue to lead and support the dedicated efforts of PlanET’s ongoing presence in North America.
“We have uniquely positioned our company in the North American biogas market and our ongoing growth is a testament to the hard work and perseverance this great team has put forth in achieving our objectives,” said Derek Hundert, President of PlanET. “With over 40 North American installations in operation or construction, we are just beginning to reach the potential this market has to offer.”
About PlanET Biogas
Biogas pioneers since 1998, PlanET is a leader in the North American agriculture biogas sector and is among the world leaders in the biogas industry. With over 600 AD installations and over 80 RNG plants worldwide, PlanET continues to promote biogas as a renewable energy source that delivers business success while protecting the climate. Our highly motivated and trained staff are customer focused and PlanET biogas plants are characterized by reliability, innovation and efficiency.
David Thompson, P.Eng. PMP
Director of Business Development – North America
This email address is being protected from spambots. You need JavaScript enabled to view it.
GARDEN VALLEY, Texas--(BUSINESS WIRE)--Mercy Ships, the global, faith-based healthcare charity that through a fleet of first-class hospital ships provides free surgeries and healthcare services to the world’s most disadvantaged peoples, today announced that Gary Brown was elected Chairman of the Board of Directors of Mercy Ships International effective January 1, 2023.
Brown, who has served on the Mercy Ships board since 2006, spent 42 years in the banking and securities industry, most recently as CEO of CIBC FirstCaribbean International Bank Limited. Previously he was head of CIBC’s business in the United States, as President and CEO of CIBC World Markets Corp, their US broker-dealer for nine years. He holds a Bachelor of Science in business administration from Oral Roberts University and has attended executive programs at the Salzburg Institute and Harvard Business School. Brown also serves on the board of trustees of Oral Roberts University.
“Gary Brown was the only person nominated by the committee, a testament to our board’s unanimous confidence in his qualifications,” said Ruben Martin, head of the nominating committee and outgoing chairman. “We look forward to his leadership and his ability to keep moving the organization forward, especially in our season of growth as we operate a two-ship platform. We believe we’re poised to provide an even greater impact to the people of Africa.”
Martin brought to Mercy Ships four decades of business leadership experience and a deep knowledge of global business operations, especially in the marine sector and said that he felt truly honored to have served as Chairman of the Board. In total, he served 11 years on the International Board and will continue serving on the Mercy Ships Foundation Board. “I’m proud that the world’s largest and first purpose-built hospital ship was launched during my tenure and that it will begin surgeries in Africa early next year,” he said.
Brown commented, “Ruben Martin fulfilled his intended two-year commitment, overseeing significant growth in the organization, the return of the Africa Mercy® after a challenging season due to COVID-19 and the launch of our newest vessel, the Global Mercy®. It is a privilege for me to assume leadership at the board level working with our Founder, Don Stephens, and CEO Gert van de Weerdhof as we continue the work of Mercy Ships in bringing hope and healing to those who need it most.”
In 2023 Mercy Ships will provide ship-based care to three countries, Senegal, The Gambia and Sierra Leone, while continuing on-going partnerships with other countries in Africa.
ABOUT MERCY SHIPS:
Mercy Ships operates hospital ships that deliver free surgeries and other healthcare services to those with little access to safe medical care. An international faith-based organization, Mercy Ships has focused entirely on partnering with African nations for the past three decades. Working with in-country partners, Mercy Ships also provides training to local healthcare professionals and supports the construction of in-country medical infrastructure to leave a lasting impact.
Each year, more than 3,000 volunteer professionals from over 60 countries serve on board the world’s two largest non-governmental hospital ships, the Africa Mercy and the Global Mercy. Professionals such as surgeons, dentists, nurses, health trainers, cooks, and engineers dedicate their time and skills to accelerate access to safe surgical, obstetric, and anesthetic care. Mercy Ships was founded in 1978 and has offices in 16 countries as well as an Africa Service Center in Dakar, Senegal. For more information, visit mercyships.org and follow @MercyShips on social media.
Laura Rebouché
U.S. National Media Relations Director Mercy Ships
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.mercyships.org/press
International:
Diane Rickard
International Media Relations Manager
Mercy Ships
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.mercyships.africa/press
Wells Fargo, MUFG and Silicon Valley Bank to provide $260 million in Green Loan construction financing; J.P. Morgan Chase to provide $143 million tax equity investment
LRE expands footprint in California with 174-megawatt (MW) solar facility and 88-MW storage facility
DALLAS--(BUSINESS WIRE)--Leeward Renewable Energy (“LRE” or “Company”) today announced it has closed approximately $260 million in construction financing and secured tax equity commitments for its Chaparral Springs Solar + BESS Facility located in Kern County, California. Wells Fargo served as the administrative, green structuring agent, and coordinating lead arranger on the construction financing, and MUFG and Silicon Valley Bank served as joint lead arrangers. The debt was issued under the Green Loan Principles, which aim to facilitate and support environmentally sustainable economic activity. Additionally, J.P. Morgan provided approximately $29 million of tax equity investment and committed to investing an additional approximately $114 million once the project is operational, which is expected to occur in September 2023.
The Chaparral Springs Solar + BESS Facility is currently under construction and, when completed, will provide 174 megawatts (MW) of renewable energy to two not-for-profit, community-owned electricity providers, Peninsula Clean Energy and Valley Clean Energy, through two 15-year power purchase agreements. Chaparral Springs will also deliver electricity to the two providers from its 88 MW, 352 MWh battery storage system, which will further improve the resiliency of the region’s clean power grid.
The financing for the Chaparral Springs Solar + BESS facility is an extension of LRE’s previously announced financing for its Rabbitbrush solar and storage project, also in Kern County, and further expands the Company’s generation capacity in the county and its growing portfolio of three integrated solar-plus-storage facilities.
“We are pleased to close financing on our Chaparral Springs project and our continuing expansion of our relationship with each of these leading financial institutions as we grow our solar-plus-storage presence in California,” said Chris Loehr, Senior Vice President of Finance. “This milestone follows the successful development and operation of our Rabbitbrush Solar project, which is adjacent to Chaparral Springs, and further demonstrates our commitment to excellence and ability to deliver on our pipeline of contracted projects. We value the continued support from our financial partners as we continue to drive our sustainability mission in all we do.”
About Leeward Renewable Energy, LLC
Leeward Renewable Energy (LRE) is a leading renewable energy company that owns and operates a portfolio of 24 renewable energy facilities across nine states totaling approximately 2,500 megawatts of generating capacity. LRE is actively developing and contracting new wind, solar, and energy storage projects in energy markets across the U.S., with 1.9 gigawatts contracted and 20 gigawatts under development and construction, spanning over 100 projects. LRE is committed to providing long-term, sustainable energy solutions across all its projects that benefit its community partners while protecting and enhancing the environment. LRE is a portfolio company of OMERS Infrastructure, an investment arm of OMERS, one of Canada’s largest defined benefit pension plans with C$121 billion in net assets (as of December 31, 2021). For more information, visit www.leewardenergy.com.
For more information:
Kelly Kimberly
713.822.7538
Liz James
281.881.5170
FGS Global
This email address is being protected from spambots. You need JavaScript enabled to view it.
SHANGHAI--(BUSINESS WIRE)--“The harvesting season of Chilean cherries nearly coincides with the Chinese New Year. I have a grand vision of replacing the new-year gift the Chinese take back home with Chilean cherries,” said Luis Schmidt Montes, former Chilean Ambassador to China. Statistics show that the cherries Chile exports to China now account for 90 percent of its total output, and the export scale has increased more than 10 times in the past decade.
A cargo ship fully loaded with over 4,300 tons of Chilean cherries arrived at Nangang port of Shanghai on Jan. 4 after traveling for more than 10,000 kilometers. The cherries soon appeared on the shelves of stores on the same day.
It was the first time for Eastern Airlines Logistics (EAL), a subsidiary of China Eastern Air Holding Co. Ltd (CEAH), to arrange a customized ship chartering for China's imports of Chilean cherries, and also marked the first reefer chartering for Chilean cherries of China's fruit industry.
The customized logistics solution, which transported cherries directly from Chile to China, greatly slashed the transportation time and the operation time at the port. Without a stop at a third destination port during sea transportation, the cherries were kept fresh at a constant temperature, which ensured the freshness of the fruits on arrival. Upon their arrival at the port, EAL delivered the cherries to stores using the FCL shipment, as many Chinese are busy preparing for the upcoming Chinese New Year these days.
By leveraging its strengths in the whole logistic chain, EAL started to ship cherries directly from Chile to China in 2013, and soon grew into the largest air cargo transport service provider for China's imports of Chilean cherries. It then went on to better cope with the cost and efficiency of the transportation of cherries, and came up with new modes such as sea air combined transport service and ship chartering service.
Thanks to the “cargo Silk Road” established by CEAH, the volume of Eastern Air Origin Express has expanded over 100 times. And over the years, EAL has made its due contributions to serving China's consumption upgrading and facilitating trade and win-win cooperation between China and countries along the route of the Belt and Road Initiative.
Company: China Eastern Airlines
Website: http://www.ceair.com/
Contact: fangying
TEL: 00862122331470
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
CINCINNATI--(BUSINESS WIRE)--LSI Industries Inc. (Nasdaq: LYTS), a leading U.S. based manufacturer of commercial and industrial lighting and display solutions, today announced results from its turnkey solar installation at a Speedy Stop refueling and convenience store in Austin, Texas. The LSI installation mounts a full array of solar panels atop the refueling center’s canopy and car wash. On an annual basis, the system generates 170 megawatt-hours (MWh) of electricity. These results allow the entire investment in the LSI solar panel system to be paid back in less than four years.
“LSI has been a great partner for years. When the opportunity arose to install solar at one of our sites, we were confident that LSI could deliver,” said Cliff Thomas, CEO and founder of C.L. Thomas Inc., which owns Speedy Stop. “Now that we are up and running, the investment is performing at—and sometimes greater than—the levels LSI modeled. Our electricity needs from the grid have been greatly reduced causing noticeable savings on our energy bills!”
“There are over one hundred thousand refueling sites in the U.S., which represents a significant opportunity for utilizing solar applications to realize substantial energy savings in an environmentally friendly way. LSI is uniquely positioned to support the adoption of this technology as a leading manufacturer of energy-efficient lighting and display solutions within the refueling and C-store industry.” Clark continued, “This installation demonstrates LSI’s ability to provide innovative turnkey energy solutions while expanding our presence within other growing markets, including those well-aligned with our long-term plans.”
Thomas Fuels is a premier fuel, lubricant, and chemical distributor in the southern United States. They offer Exxon, Mobil, Shell, Chevron, Texaco, and Citgo branded fuels. For the last ten years, they have been one of the nation’s top five marketers for Chevron Lubricants and top five distributors for Exxon Gasoline.
About LSI Industries
Headquartered in Cincinnati, LSI is a publicly held company traded on the Nasdaq Stock Exchange under the symbol LYTS. The Company manufactures non-residential lighting and display solutions. Our lighting and lighting control systems consist of high-performance, American-made lighting solutions. The Company’s strength in outdoor lighting applications creates opportunities to introduce additional solutions to its valued customers. Our Display Solutions group consists of graphics solutions, digital signage, and technically advanced food display equipment for strategic vertical markets. LSI’s team of internal specialists also provide comprehensive project management services in support of large-scale product rollouts. The Company employs approximately 1,400 people at 11 manufacturing plants in the U.S. and Canada. Additional information about LSI is available at www.lsicorp.com.
Media Contact
Cliff Spurlock
Marketing & Communications Manager
513.372.3143
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Contact
Noel Ryan, IRC
720.778.2415
This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "North America Energy Transition Market Analysis by Sectors (Power, Electric Mobility, Renewable Fuels, Hydrogen and CCS/CCU) and Trends" report has been added to ResearchAndMarkets.com's offering.
This report addresses the status of clean energy transition in North America by looking through the lens of several sectors, namely power generation, electric mobility, renewable fuels, carbon capture, and clean hydrogen.
The energy transition in North America is gaining steam due to both the global momentum behind the sector and the Biden administration's support. Recent laws such as the Infrastructure Investment and Jobs Act, Inflation Reduction Act, and other initiatives are beginning to funnel billions of dollars into the sector and reduce the green premium on less developed technologies like green hydrogen and carbon capture.
Coal power generation is set to decrease to under 10% of the total share by 2030, with solar PV largely coming in as a replacement, as well as wind to a lesser extent. Gas will remain an important baseload power source throughout that period.
In 2021, EVs accounted for just 5% of US light vehicle sales, but rapid growth is expected during this decade. EVs are likely to take over 20% of sales by 2030, driven by government policies, tax credits, higher gasoline prices, and growing environmental consciousness.
The US has long been a global leader in ethanol production and use produced from corn. With advancement in renewable fuel technologies, other agricultural and waste products will be used to create fuels like renewable diesel and sustainable aviation fuel (SAF). Fifty-seven renewable refineries are in the pipeline across North America, and twenty-five are already in operation, representing a total production capacity of 11 billion gallons by 2030.
North America is one of the world's most active regions for carbon capture, accounting for 63% of global capacity in 2021. One hundred and fifty projects of varying size are in the pipeline to commence operations by 2030.
North America has seen plenty of activity in the low-carbon hydrogen space, including the announcement of the world's two largest projects in eastern Canada by Green Hydrogen International. At 43 mtpa capacity each, these two projects together account for more than half of the global active and pipeline capacity. In addition, North America is one of the most attractive regions for blue hydrogen due to abundant natural gas and favourable conditions for geological CO2 storage.
Scope
Reasons to Buy
Key Topics Covered:
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/2is8hi
Source: GlobalData
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
CAMPBELL, Calif.--(BUSINESS WIRE)--Tigo Energy, Inc. ("Tigo", or the "Company"), a leading provider of intelligent solar and energy storage solutions, has signed a definitive agreement with L1 Energy for the purchase of $50 million of newly issued Convertible Notes (the “Notes”) to support the Company's future growth opportunities through the deployment of its intelligent solar and energy storage solutions and repayment of existing debt. The transaction closed concurrently with signing.
The Notes bear a fixed annual interest rate of 5.0% with a maturity date of 36 months. The Notes may be converted at the option of the investor into shares of Tigo common stock or an equivalent equity instrument created as a result of a Public Company Event, which includes a merger with a Special Purpose Acquisition Company. The conversion price is based on a pre-money valuation of $550 million, excluding the shares issuable in the respect of the Notes and any such applicable shares issued associated with a Public Company Event.
“We look forward to deploying this capital to further our mission of providing critical solar solutions that optimize safety, yield and costs,” said Zvi Alon, Chairman and CEO of Tigo. “This investment, coupled with anticipated proceeds from our business combination with Roth CH Acquisition IV Co., puts us in a position of strength as we look towards entering the public markets and continuing our robust growth trajectory.”
On December 6, 2022, Tigo and Roth CH Acquisition IV Co. (NASDAQ: ROCG)(“ROCG”) announced a business combination agreement that is expected to result in Tigo becoming a public company. Upon closing of the transaction, subject to approval by ROCG stockholders and other customary requirements, the combined company will be named “Tigo Energy, Inc.” and is expected to list on NASDAQ under the ticker symbol “TYGO”. The transaction is expected to close in the second quarter of 2023.
About Tigo Energy, Inc.
Founded in 2007, Tigo is a worldwide leader in the development and manufacture of smart hardware and software solutions that enhance safety, increase energy yield, and lower operating costs of residential, commercial, and utility-scale solar systems. Tigo combines its Flex MLPE (Module Level Power Electronics) and solar optimizer technology with intelligent, cloud-based software capabilities for advanced energy monitoring and control. Tigo MLPE products maximize performance, enable real-time energy monitoring, and provide code-required rapid shutdown at the module level. The company also develops and manufactures products such as inverters and battery storage systems for the residential solar-plus-storage market. For more information, please visit www.tigoenergy.com.
About Roth CH Acquisition IV Co.
Roth CH Acquisition IV Co. is a blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Roth CH is jointly managed by affiliates of Roth Capital Partners and Craig-Hallum Capital Group. Its initial public offering occurred on August 5, 2021 raising approximately $115 million. For more information, visit www.rothch.com.
About L1 Energy
L1 Energy is the energy investment division of LetterOne (L1). L1 is building a safe, sustainably growing energy group, recognised as a partner of choice in its industry and enabling the transition to a lower-carbon and more circular economy. L1 was founded in 2013 and is a long-term investment group based in Luxembourg that manages more than $20 billion of capital focused on sectors that are fundamental to society’s sustainable prosperity. L1 believes that long-term capital, unmatched sector expertise, world-class teams and active engagement will ultimately bring rewards for investors, employees and society, building businesses that matter.
Additional Information and Where to Find It
The details of the transaction provided above are for information purposes only and contains information with respect to a proposed business combination (the “Proposed Business Combination”) among Tigo, Roth CH IV and Roth IV Merger Sub Inc., a wholly-owned subsidiary of Roth CH IV, in connection with the transactions contemplated in the business combination agreement. In connection with the Proposed Business Combination, Roth CH IV has filed a registration on Form S-4, which includes a preliminary version of the proxy statement to be sent to Roth CH IV stockholders and a preliminary prospectus for the registration of Roth CH IV securities in connection with the Proposed Business Combination (as amended from time to time, the “Registration Statement”). A full description of the terms of the Proposed Business Combination is provided in the Registration Statement filed by Roth CH IV with the SEC. Roth CH IV urges investors, stockholders and other interested persons to read the Registration Statement as well as other documents filed with the SEC because these documents will contain important information about Roth CH IV, Tigo and Proposed Business Combination. If and when the Registration Statement is declared effective by the SEC, the definitive proxy statement/prospectus and other relevant documents will be mailed to stockholders of Roth CH IV as of a record date to be established for voting on the Proposed Business Combination. Stockholders and other interested persons will also be able to obtain a copy of the proxy statement, without charge, by directing a request to: Roth CH Acquisition IV Co., 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660. The preliminary and, once available, definitive proxy statement can also be obtained, without charge, at the SEC’s website (www.sec.gov). The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.
Forward Looking Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, Roth CH IV’s and Tigo’s expectations or predictions of future financial or business performance or conditions. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning our possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. Certain of these risks are identified and discussed in Roth CH IV’s final prospectus for its initial public offering filed with the SEC on August 6, 2021 under the heading “Risk Factors.” These risk factors will be important to consider in determining future results and should be reviewed in their entirety. These forward-looking statements are expressed in good faith, and Roth CH IV and Tigo believe there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and neither Roth CH IV nor Tigo is under any obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
In addition to factors previously disclosed in Roth CH IV’s reports filed with the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (i) expectations regarding Tigo’s strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and Tigo’s ability to invest in growth initiatives and pursue acquisition opportunities; (ii) the occurrence of any event, change or other circumstances that could give rise to the termination of the business combination agreement; (iii) the outcome of any legal proceedings that may be instituted against Roth CH IV or Tigo following announcement of the Proposed Business Combination and the transactions contemplated thereby; (iv) the inability to complete the proposed Merger due to, among other things, the failure to obtain Roth CH IV stockholder approval on the expected terms and schedule and the risk that regulatory approvals required for the merger are not obtained or are obtained subject to conditions that are not anticipated; (v) the risk that the proposed business combination or other business combination may not be completed by Roth CH IV’s business combination deadline and the potential failure to obtain an extension of the business combination deadline (vi) the risk that the announcement and consummation of the proposed Merger disrupts Tigo’s current operations and future plans; (vii) the ability to recognize the anticipated benefits of the proposed Merger; (viii) unexpected costs related to the proposed Merger; (ix) the amount of any redemptions by existing holders of the Roth CH IV Common Stock being greater than expected; (x) limited liquidity and trading of Roth CH IV’s securities; (xi) geopolitical risk and changes in applicable laws or regulations; (xii) the possibility that Roth CH IV and/or Tigo may be adversely affected by other economic, business, and/or competitive factors; (xiii) operational risk; (xiv) risk that the COVID-19 pandemic, and local, state, and federal responses to addressing the pandemic may have an adverse effect on our business operations, as well as our financial condition and results of operations; and (xv) the risks that the consummation of the proposed Merger is substantially delayed or does not occur.
Any financial projections in this communication are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Roth CH IV’s and Tigo’s control. While all projections are necessarily speculative, Roth CH IV and Tigo believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of projections in this communication should not be regarded as an indication that Roth CH IV and Tigo, or their representatives, considered or consider the projections to be a reliable prediction of future events.
Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.
The foregoing list of factors is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Roth CH IV and is not intended to form the basis of an investment decision in Roth CH IV. Readers should carefully review the foregoing factors and other risks and uncertainties described in the “Risk Factors” section of the Registration Statement and the other reports, which Roth CH IV has filed or will file from time to time with the SEC. There may be additional risks that neither Roth CH IV nor Tigo presently know, or that Roth CH IV and Tigo currently believe are immaterial, that could cause actual results to differ from those contained in forward looking statements. For these reasons, among others, investors and other interested persons are cautioned not to place undue reliance upon any forward-looking statements in this press release. All subsequent written and oral forward-looking statements concerning Roth CH IV and Tigo, the Proposed Business Combination or other matters and attributable to Roth CH IV and Tigo or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.
Investor Relations Contacts
Matt Glover or Jeff Grampp, CFA
Gateway Group, Inc.
(949) 574-3860
This email address is being protected from spambots. You need JavaScript enabled to view it.
Roth CH Acquisition IV Co.
This email address is being protected from spambots. You need JavaScript enabled to view it.
Bloom and Telam to team on distributed power and electrolyzer deployment opportunities, supporting the electrification of ports and the development of hydrogen production
SAN JOSE, Calif. & MADRID--(BUSINESS WIRE)--Bloom Energy (NYSE:BE) has teamed with Telam Partners, a leading senior advisory firm specialized in the financing and market entry of energy, infrastructure, and technology projects, to expand Bloom’s footprint into Spain and Portugal.
The two companies will market and deploy the Bloom Electrolyzer, as well as Bloom’s Energy Servers, supporting customers with solutions that can efficiently meet their energy security needs and green hydrogen demand.
“Business and political leaders are looking for clean technologies and energy solutions,” said Tim Schweikert, Senior Managing Director of International Business Development, Bloom Energy Inc. “Bloom is now engaged to address these priorities in Spain and Portugal. Telam is a partner of choice, supporting Bloom’s long-term commitment to the Iberian Peninsula and to respond promptly to green transition policies and environmental imperatives.”
“At Telam we are excited to be able to work with the solid oxide fuel cell leader on the very important and urgent challenge of transitioning towards renewable energy,” said Jaime Malet, CEO of Telam Partners. “We are convinced that Spain and Portugal, thanks to an abundance of wind and solar resources, are among the clearest candidates to lead the production of green hydrogen in Europe.”
In line with Spanish and Portuguese objectives to become global green hydrogen hubs, Telam and Bloom will market Bloom’s solid oxide electrolyzer. With impressive efficiency confirmed in testing at the U.S. Department of Energy’s Idaho National Labs, the Bloom Electrolyzer provides hydrogen with low cost of ownership. Further, the Bloom Electrolyzer is well suited for large-scale installations, as well as projects such as ammonia and renewable fuels synthesis, which can be integrated with the electrolyzer.
Telam and Bloom will also market Bloom’s highly efficient fuel cell Energy Server™ to decarbonize port activities when ships are at berth. Bloom’s fuel-flexible technology, which can operate on natural gas, biogas or hydrogen, produces electricity without combustion and reduces carbon emissions compared to the auxiliary diesel gensets usually used for shore power.
This represents Bloom Energy’s first deal for the Iberian Peninsula. It confirms Bloom’s commitment to the European market, after announcing the installation of its energy platform at Ferrari’s Italian plant and a strategic partnership for the Italian market with the engineering, procurement and construction company CEFLA in 2022.
In addition, Bloom will join several power generation and hydrogen conferences across the peninsula to exhibit Bloom’s products and solutions. These will be opportunities for introducing Bloom to decision-makers in the region and beyond.
For more information about Bloom Energy’s decarbonization platform and the company’s commitment to a net-zero future, visit: https://www.bloomenergy.com/technology/powering-the-future/.
Forward-Looking Statements
This press release contains certain forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or the negative of these words or similar terms or expressions that concern Bloom’s expectations, strategy, priorities, plans or intentions. These forward-looking statements include, but are not limited to, Bloom’s expectations regarding the collaboration with Telam, including plans to install solid oxide fuel cells and electrolyzer sites selected by Telam, any expected benefits from the collaboration with Telam, such as carbon emissions reductions, increased energy efficiency, or satisfying any clean energy or power savings requirements by the European Union or other regulatory agencies, and progress towards any net-zero emissions, decarbonization or energy independence goals, and Bloom’s long-term commitment to particular regions, policies or imperatives. More information on potential risks and uncertainties that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 25, 2022, and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022, filed with the SEC on May 6, 2022, August 9, 2022 and November 3, 2022, respectively, as well as subsequent reports filed with or furnished to the SEC from time to time. Bloom assumes no obligation to, and does not currently intend to, update any such forward-looking statements.
About Bloom Energy
Bloom Energy empowers businesses and communities to responsibly take charge of their energy. The company’s leading solid oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies around the world turn to Bloom Energy as a trusted partner to deliver lower carbon energy today and a net-zero future. For more information, visit www.bloomenergy.com.
About Telam
Telam Partners is a strategic advisory firm specialized in financing and market entry across all sectors involved in the transition towards the new sustainable economy, including energy, water, transportation, telecommunications, logistics, circular economy and AI.
Telam scales up innovative business projects, designing and executing international market entry acceleration strategies, creating opportunities with key partners worldwide. Telam also designs complex financial structures and connects clients with equity and debt from global institutional investors.
Bloom Energy:
Media Contact:
Virginia Citrano
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations:
Ed Vallejo
267.370.9717
This email address is being protected from spambots. You need JavaScript enabled to view it.
Telam Partners:
Media Contact
Cristina Apgar
+34 657 499 702
This email address is being protected from spambots. You need JavaScript enabled to view it.
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.