DUBLIN--(BUSINESS WIRE)--The "GCC Countries Diesel Gensets Market 2023-2027" report has been added to ResearchAndMarkets.com's offering.
The diesel gensets market in GCC countries is poised to grow by $283.08 mn during 2023-2027, accelerating at a CAGR of 5.34%
The market is driven by low operating costs, power blackouts due to natural disasters, and increasing demand for uninterrupted power.
The report on the diesel gensets market in GCC countries provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
This study identifies the incorporation of remote monitoring system in gensets as one of the prime reasons driving the diesel gensets market growth during the next few years. Also, the emergence of bi-fuel portable generators and the use of advanced technology in diesel gensets will lead to sizable demand in the market.
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading diesel gensets market vendors.
Also, the diesel gensets market in GCC countries analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
Vendor Analysis
Key Topics Covered:
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
4 Historic Market Size
4.1 Diesel gensets market in GCC countries 2017 - 2021
4.2 Product Segment Analysis 2017 - 2021
4.3 Application Segment Analysis 2017 - 2021
4.4 Geography Segment Analysis 2017 - 2021
5 Five Forces Analysis
5.1 Five forces summary
5.2 Bargaining power of buyers
5.3 Bargaining power of suppliers
5.4 Threat of new entrants
5.5 Threat of substitutes
5.6 Threat of rivalry
5.7 Market condition
6 Market Segmentation by Application
6.1 Market segments
6.2 Comparison by Application
6.3 Residential - Market size and forecast 2022-2027
6.4 Commercial - Market size and forecast 2022-2027
6.5 Industrial - Market size and forecast 2022-2027
6.6 Market opportunity by Application
7 Market Segmentation by Product
7.1 Market segments
7.2 Comparison by Product
7.3 Stationery diesel gensets - Market size and forecast 2022-2027
7.4 Portable diesel gensets - Market size and forecast 2022-2027
7.5 Market opportunity by Product
8 Customer Landscape
8.1 Customer landscape overview
9 Geographic Landscape
9.1 Geographic segmentation
9.2 Geographic comparison
9.3 Saudi Arabia - Market size and forecast 2022-2027
9.4 Qatar - Market size and forecast 2022-2027
9.5 United Arab Emirates - Market size and forecast 2022-2027
9.6 Oman - Market size and forecast 2022-2027
9.7 Rest of GCC - Market size and forecast 2022-2027
9.8 Market opportunity By Geographical Landscape
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
10.4 Market trends
11 Vendor Landscape
11.1 Overview
11.2 Vendor landscape
11.3 Landscape disruption
11.4 Industry risks
For more information about this report visit https://www.researchandmarkets.com/r/entscf
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HONG KONG--(BUSINESS WIRE)--#FnLWeek--F+L Week, the knowledge-driven industry event leader for the fuels, lubricants, additives and base oils industries and the number one information source for decision-makers in Asia-Pacific, has announced that its flagship event will be held at the Four Seasons Hotel in Kuala Lumpur, Malaysia.
Originally known as the Annual Fuels & Lubes Asia Conference, the event celebrates its 28th year in 2023 and will build on the successful return of F+L Week Live! in 2022. New dates for the highly anticipated event have also been confirmed. Next year, F+L Week shifts from its traditional March timeslot to June 14-16.
The theme for F+L Week 2023 is “Fuels and Lubricants: Navigating the Energy Transition”. Industry experts and thought leaders will provide deep insight into opportunities for businesses to not only survive the energy transition, but also to evolve to create a more resilient business model.
“As the world transitions to a low-carbon future, the fuel and lubricant industries must determine where and how to compete,” says Vicky Villena-Denton, CEO of F&L Asia Ltd., the company that organises this premier industry-leading annual event.
“F+L Week 2023 will answer some of the complex questions around the role of fuels and lubricants in a changing energy landscape,” she adds.
F+L Week is now accepting abstract proposals on topics relating to the rapidly changing energy landscape and the far-reaching impacts on transport fuels, lubricants, additives and base oils. The deadline to submit abstracts is January 31, 2023, with the preliminary speaker line-up expected to be confirmed at the end of February. To submit an abstract, click here.
The F&L Asia Awards, a highlight of the three-day event, provide a unique opportunity to come together as a community to acknowledge and celebrate outstanding individuals and companies that have played a critical role in our industry. As we emerge from the disruption of Covid-19 into a new era for our industry, the F&L Asia Awards allow us to honour the talent and creativity of industry professionals. The deadline for the submission of the awards nominations is March 31, 2023.
A dinner at the Four Seasons Hotel, sponsored by Lubrizol, will be held to honour the recipients of the F&L Asia 2023 Awards on June 15. Awards categories include: Person of the Year, Product Development of the Year, Lifetime Achievement Award, and Future Leaders Award. To submit a nomination, click here.
F+L Week’s conference advisory board provides strategic advice to support the enactment of the annual conference. Every year, respected industry leaders are invited to be part of this independent panel.
Don’t miss the opportunity to network, reunite with industry colleagues and learn from world experts in the fuels and lubricants industries as we transition towards a more sustainable future. Registrations for F+L Week are now open. Register by December 31, 2022, to avail of the Super Early Bird Rate and save US$500. To register, click here.
For more information on F+L Week visit https://www.fuelsandlubes.com/fl-week/
ABOUT F+L WEEK
F+L Week 2023 will be held from June 14-16, 2023, at the Four Seasons Hotel in Kuala Lumpur, Malaysia. The event will be co-located with the ALIA Annual Meeting. For full details of the F+L Week 2023 event or to register, click here.
The conference theme is "Fuels and Lubricants: Navigating the Energy Transition”. Governments, investors, and consumers around the world are signalling plans for a more rapid shift away from fossil fuels. While fossil fuels will continue to play a key role in the decades to come, the pattern of use will change. F+L Week will provide insights into the technical challenges and opportunities that come with the energy transition and the implications for fuels and lubricants of a more sustainable future.
The F+L Week 2023 Conference & Exhibition starts on June 14, 2023, with a dedicated networking day, F+L Connect, for customers and suppliers to connect over coffee, tea, lunch and evening cocktails. Participants can pre-book their appointments via our powerful digital app.
For inquiries, please contact us at This email address is being protected from spambots. You need JavaScript enabled to view it..
For more information, please, visit our event website: https://www.fuelsandlubes.com/fl-week
Vicky Villena-Denton
F&L Asia Ltd.
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
22/F., 3 Lockhart Road
Wanchai, Hong Kong
Phone (Hong Kong): +852 3183 4143
LEMONT, Ill.--(BUSINESS WIRE)--Research by the Joint Center for Energy Storage Research (JCESR) has enabled spinoff company Blue Current to develop a safe, solid-state battery that is ready for megawatt-scale manufacturing. JCESR is an Energy Innovation Hub led by the U.S. Department of Energy’s Argonne National Laboratory. An arm of Koch Industries has invested $30 million in Blue Current to build its first pilot factory in Hayward, California. Blue Current’s target market is electric vehicles.
Solid-state batteries, which contain solid electrolytes, are much less flammable than liquid batteries, potentially making them safer. But solid electrolytes face technical challenges.
A crystalline class of solids known as glass ceramics have good conductivity. But they lack the ability to stick to the chemically active materials in battery electrodes that store lithium ions. Another class of materials known as polymers is effective at sticking to electrodes. But they have low conductivity.
In 2015, as part of JCESR-sponsored research, Lawrence Berkeley National Laboratory addressed the shortcomings of glass ceramics and polymers by bonding them together. The resulting composite solid electrolyte demonstrated good conductivity and good stickiness. Inspired by the composite’s potential, Blue Current developed it further.
Since then, the company has refined its components and addressed technical challenges common with solid-state batteries. For example, to help solid electrolytes stick to electrodes, some companies add heavy metal plates and bolts that put battery cells under high pressure. These fixtures increase manufacturing costs. Blue Current’s composite can maintain good contact with electrodes without the use of plates.
As part of rigorous safety testing, the company subjected its cells to harsh conditions that electric vehicles could encounter in the real world. Thermal runaway—an overheating event that can lead to fires—never occurred.
“JCESR creates and proves the ideas that eventually go commercial,” said George Crabtree, JCESR’s director and an Argonne senior scientist. “These are the riskier ideas that no investors would fund—and that companies are unlikely to pursue—because the outcome is so uncertain.”
“The idea of using composites in batteries was new and unproven prior to the JCESR program,” said Kevin Wujcik, Blue Current’s Chief Technology Officer. “JCESR put resources behind composites because the materials had potential to address a market need for safe, solid-state batteries while solving important technical challenges.”
JCESR's science has also enabled the success of two other startups: Sepion Technologies and Form Energy.
Christopher J. Kramer
Head of Media Relations
Argonne National Laboratory
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Office: 630.252.5580
DUBLIN--(BUSINESS WIRE)--The "Boat Davits Market By Type, By Mode, By Material, By Application, By Propulsion, By Weighing Capacity: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report the boat davits market was valued at $347.50 million in 2021, and is estimated to reach $615.10 million by 2031, growing at a CAGR of 6.1% from 2022 to 2031.
A boat davit is a machine that is used to help people on decks of ships and boats. These boat davits are used to lift heavy items on the boats or marine vessels such as emergency boats. Depending on the size of the boat/ship it is placed on, davits can be either large or small. Boat Davits can be a very economical alternative to standard boat lifts as emergency boats can be kept suspended from them.
The market for boat davits market is growing significantly in emerging economies such as China, India, Brazil, and South Africa. The manufacturing sector witnesses prominent growth in these countries, which is expected to provide lucrative opportunities for the growth of the marine industry, which in turn is expected to fuel the boat davits market.
Also, in some undeveloped countries, there is an increase in the marine vessel sales, which is expected to boost the boat davits market.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights key areas of investments.
In addition, it includes Porter's five forces analysis to understand competitive scenario of the industry and role of each stakeholder. The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights competitive landscape of key players to increase their market share and sustain intense competition in the industry.
Key Benefits
Key Market Segments
By Type
By Mode
By Material
By Application
By Propulsion
By Weighing Capacity
By Region
Key Market Players
For more information about this report visit https://www.researchandmarkets.com/r/pda1po
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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WHITE PLAINS, N.Y.--(BUSINESS WIRE)--$OPAL--OPAL Fuels Inc. (“OPAL Fuels” or the “Company”) (Nasdaq: OPAL), a leading vertically integrated producer and distributor of renewable natural gas, today announced the completion of its previously disclosed exchange offer (the “Offer”) and consent solicitation (the “Consent Solicitation”) relating to (i) public warrants to purchase shares of Class A common stock of the Company, par value $0.0001 per share (the “Class A common stock”), which warrants traded on The Nasdaq Capital Market under the symbol “OPALW” (the “public warrants”), and (ii) private placement warrants to purchase shares of Class A common stock (the “private placement warrants” and, together with the public warrants, the “warrants”). The Company issued approximately 3,310,189 shares of Class A common stock in exchange for the warrants tendered in the Offer.
The Company and Continental Stock Transfer & Trust Company have entered into the related amendment to the warrant agreement governing the warrants (the “Warrant Amendment”), dated December 21, 2022. Pursuant to the Warrant Amendment, the Company exercised its right to exchange each warrant that was outstanding at the closing of the Offer for 0.225 shares of Class A common stock per warrant, which is a ratio 10% less than the exchange ratio applicable to the Offer (the “Post-Offer Exchange”). The Company has fixed the date for the Post-Offer Exchange as December 23, 2022.
As a result of the completion of the Offer and the Post-Offer Exchange, there will not be any outstanding warrants. Accordingly, the public warrants will be suspended from trading on the Nasdaq and will be delisted upon completion of the Post-Offer Exchange. The shares of Class A common stock will continue to be listed and trade on the Nasdaq under the symbol “OPAL.” Following completion of the Offer, there are approximately 28,981,579 shares of Class A common stock outstanding (an increase of approximately 12.9% from prior to the closing of the Offer) and following completion of the Post-Offer Exchange there will be approximately 29,477,870 shares of Class A common stock outstanding (an increase of approximately 14.8% from prior to the closing of the Offer and the Post-Offer Exchange).
The Company engaged BofA Securities as the dealer manager for the Offer and Consent Solicitation, D.F. King & Co., Inc. as the information agent for the Offer and Consent Solicitation, and Continental Stock Transfer & Trust Company served as the exchange agent for the Offer and Consent Solicitation.
About OPAL Fuels Inc.
OPAL Fuels Inc. (Nasdaq: OPAL) is a leading vertically integrated renewable fuels platform involved in the production and distribution of renewable natural gas (“RNG”) for the heavy-duty truck market. RNG is a proven low-carbon fuel that is rapidly decarbonizing the transportation industry now while also significantly reducing fuel costs for fleet owners. OPAL Fuels captures harmful methane emissions at the source and recycles the trapped energy into a commercially viable, lower-cost alternative to diesel fuel. The Company also develops, constructs, and services RNG and hydrogen fueling stations. As a producer and distributor of carbon-reducing fuel for heavy-duty truck fleets for more than a decade, OPAL Fuels delivers complete renewable solutions to customers and production partners.
Forward-Looking Statements
Certain statements in this communication may be considered forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and generally relate to future events or OPAL Fuels’ (the “Company’s”) future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, as the case may be, are inherently uncertain and subject to material change. Factors that may cause actual results to differ materially from current expectations include various factors beyond management’s control, including, but not limited to, general economic conditions and other risks, uncertainties and factors set forth in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in the Company’s quarterly report on Form 10-Q, and other filings it makes with the Securities and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Except as required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based.
Disclaimer
This communication 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, nor shall there be any sale, issuance or transfer or 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 of 1933, as amended.
Media
Jason Stewart
Senior Director Public Relations & Marketing
914-421-5336
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ICR, Inc.
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Investors
Todd Firestone
Vice President Investor Relations & Corporate Development
914-705-4001
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DUBLIN--(BUSINESS WIRE)--The "Global Semiconductor Gas Sensors Market - Sensing Materials and Applications" report has been added to ResearchAndMarkets.com's offering.
The overall global market for Semiconductor Gas Sensors is estimated to reach US$1.1 billion in 2022.
The report reviews analyzes and projects the global Semiconductor Gas Sensors market for the period 2018-2027 in terms of value in US$; and the compound annual growth rates (CAGRs) projected from 2022 through 2027.
Safety & Security applications account for the largest share of the global demand for Semiconductor Gas Sensors, which is estimated to account for 23.4% share in 2022.
The use of Semiconductor Gas Sensors has gained popularity for detecting flammable, toxic, or explosive gases at low concentrations in a range of industrial and other settings, as well as for monitoring environmental pollution.
While the properties of any sensing material, such as high sensitivity, rapid response/recovery, and good selectivity, play a crucial role in determining their scope of operation, it is a challenging prospect to develop cost-effective and reliable sensing devices that can detect gases, particularly at room temperature.
Research Findings & Coverage
Product Outline
The report analyzes the market for the following applications Semiconductor Gas Sensors:
Key Topics Covered:
PART A: GLOBAL MARKET PERSPECTIVE
1. INTRODUCTION
1.1 Product Outline
1.1.1 Primary Causes of Atmospheric Pollution
1.1.2 The Rationale Behind Using Gas Sensors
1.1.3 Semiconductor Gas Sensors: A Brief Overview
1.1.3.1 Semiconductor Sensing Materials
1.1.3.1.1 Some History & Something Current
1.1.3.1.2 Metal Oxide Semiconductors
1.1.3.1.3 Conducting Polymers
1.1.3.1.4 Carbon Nanotubes
1.1.3.1.5 2D Materials
1.1.3.2 What the Future Holds
1.1.3.3 Fabrication Methods of Semiconductor Gas Sensors
1.1.3.4 Components and Design of Sensor Devices
1.1.3.4.1 Signal Conditioning and Interfaces for Gas Sensors
1.1.3.4.2 Circuitry for Driving, Sensing and Control
1.1.3.4.3 Measuring Sensing Material and Readout Interface
2. SEMICONDUCTOR GAS SENSORS APPLICATIONS - A MARKET SNAPSHOT
2.1 Air Quality & Environmental Monitoring
2.2 Automotive
2.3 Electronic Nose (e-Nose or eNose)
2.4 Industrial
2.5 Medical & Healthcare
2.6 Safety & Security
3. KEY MARKET TRENDS
3.1 Future of Chemoresistive-Based Heterostructure Gas Sensors Bright
3.2 Series of Studies on Tin Oxide Result in Enhancing Gas Sensing Performance
3.3 Copper Oxide Nanomaterial-Based Gas Sensors Gaining Wider Adoption
3.4 SnO2-Based Sensor Technology Advanced for Detecting VOCs
4. KEY GLOBAL PLAYERS
5. KEY BUSINESS & PRODUCT TRENDS
6. GLOBAL MARKET OVERVIEW
6.1 Global Semiconductor Gas Sensors Market Overview by Sensing Material
6.1.1 Global Metal Oxide (MOx) Semiconductor Gas Sensors Market Overview by Sub-Segment
6.1.2 Semiconductor Gas Sensors' Sensing Material Market Overview by Global Region
6.1.2.1 2D Materials
6.1.2.2 Carbon Nanotubes
6.1.2.3 Conducting Polymers
6.1.2.4 Metal Oxide (MOx) Semiconductors
6.1.2.4.1 Metal Oxide (MOx) Semiconductor Gas Sensors Sub-Type Market Overview by Global Region
6.2 Global Semiconductor Gas Sensors Market Overview by Application
6.2.1 Semiconductor Gas Sensors Application Market Overview by Global Region
6.2.1.1 Air Quality & Environmental Monitoring
6.2.1.2 Automotive
6.2.1.3 Electronic Nose (eNose or e-Nose)
6.2.1.4 Industrial
6.2.1.5 Medical & Healthcare
6.2.1.6 Safety & Security
PART B: REGIONAL MARKET PERSPECTIVE
REGIONAL MARKET OVERVIEW
7. NORTH AMERICA
Major Market Players
8. EUROPE
Major Market Players
9. ASIA-PACIFIC
Major Market Players
SOUTH AMERICA
11. REST OF WORLD
11.1 Rest of World Semiconductor Gas Sensors Market Overview by Sensing Material
11.1.1 Rest of World Metal Oxide (MOx) Semiconductor Gas Sensors Market Overview by Sub-Segment
11.2 Rest of World Semiconductor Gas Sensors Market Overview by Application
PART C: GUIDE TO THE INDUSTRY
PART D: ANNEXURE
For more information about this report visit https://www.researchandmarkets.com/r/ft7qci
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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SAN JOSE, Calif.--(BUSINESS WIRE)--Power Integrations (Nasdaq: POWI), the leader in high-voltage integrated circuits for energy-efficient power conversion, today announced that Nancy L. Gioia will join the company’s board of directors on January 1, 2023.
Ms. Gioia retired from Ford Motor Company in 2014 after more than 33 years of service including executive roles in product development, manufacturing, and strategy and planning. Among her roles at Ford, she served as director of global electrification, leading all aspects of the company’s electrified vehicle technologies and product portfolio. She currently serves on the boards of Lucid Group and Brady Corporation, and her past board roles include Meggitt PLC and Exelon Corporation. Ms. Gioia holds a bachelor’s degree in electrical engineering from the University of Michigan – Dearborn and a M.S. in manufacturing systems engineering from Stanford University.
“We are delighted that Nancy Gioia is joining our board,” commented William L. George, chairman of the board of directors of Power Integrations. “In addition to her impressive experience as a business leader, her deep knowledge of the automotive industry will be extremely valuable to Power Integrations as the company continues to execute its automotive strategy.”
About Power Integrations
Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power-conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information please visit www.power.com.
Power Integrations and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc. All other trademarks are property of their respective owners.
Joe Shiffler
Power Integrations, Inc.
(408) 414-8528
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All amounts are in Canadian dollars, unless otherwise indicated.
TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX: SPB) and Certarus Ltd. (“Certarus”) are pleased to announce that the companies have entered into a definitive arrangement agreement (the “Arrangement Agreement”) for Superior to acquire Certarus, a leading North American low carbon energy solutions provider (the “Acquisition”) for a total acquisition value of $1.05 billion, representing 8.5x 2022E EBITDA. Under the terms of the Acquisition, Superior will acquire all the outstanding common shares of Certarus, representing an equity value of $853 million and assume Certarus’ outstanding senior bank credit and leases with a total value of $196 million. The Certarus shareholders will receive $353 million in cash and $500 million of Superior common shares priced at $10.25 per share, representing approximately 17% pro forma ownership. The transaction has been unanimously approved by the Board of Directors of both Superior and Certarus and is expected to close in the first quarter of 2023, subject to customary closing conditions.
Certarus is a rapidly growing North American distributor of over-the-road low carbon fuels, including CNG, RNG and hydrogen. Through the use of mobile storage units (“MSUs”), Certarus delivers low cost and low carbon intensity (“CI”) energy alternatives to its customers. Certarus’ MSUs are interchangeable between CNG, RNG and hydrogen giving Certarus flexibility to service its customers across North America as they transition away from diesel and other distillates. Certarus provides a virtual pipeline to its customers that do not have infrastructure in place or are in need of supplemental infrastructure. Revenue is generated from fees for service to provide its lower cost and lower CI fuels, directly passing on changes in the commodity cost of its fuels to customers.
Certarus has 18 hubs throughout Canada and the U.S. and expects to have 640 MSUs by year end, making it the largest on-road low carbon fuels distributor in North America with approximately 85% of its revenue generated in the U.S. From 2020 to 2022E, Certarus has grown the number of MSUs by 37%, the volume of low carbon fuels delivered by approximately 76% to 57,000 MMBtu/d and is expected to maintain substantial growth as the demand for its products continues to increase. Over the same period, Certarus has more than doubled its Adjusted EBITDA2, with expected 2022 Adjusted EBITDA of $124 million, driven by continued volume and efficiency improvements.
Certarus’ rapid growth is the result of increasing customer demands to transition from higher cost and higher carbon intensity fuels such as diesel and other distillates to lower cost and lower carbon energy alternatives. The acquisition of Certarus accelerates Superior’s energy transition path with a business that is both rapidly growing and accretive to Superior’s financial results.
“The acquisition of Certarus is a highly strategic and transformative transaction for Superior as it represents an exciting opportunity for significant organic growth and provides our existing and new customers with the ability to meet their ESG goals through our low carbon energy distribution platform,” said Luc Desjardins, Superior’s President and CEO. “With our execution on the Superior Way Forward strategic initiatives in the past 24 months, we are ahead of our timing to achieve $700 million to $750 million in EBITDA from operations3 as we now expect to reach the lower end of the target by 2024.”
Curtis Philippon, Certarus’ President and CEO stated, “we are excited to be joining the Superior team. Certarus will benefit from Superior’s scale, portable fuel distribution expertise, and a shared commitment to safety. The joining of our businesses creates a strong platform upon which we can continue to grow and provide decarbonization solutions, including RNG and hydrogen.”
“We are thrilled to partner with Curtis and the team at Certarus,” said Angelo Rufino, Brookfield’s nominee on Superior’s board of directors and a member of Superior’s ad hoc Committee to evaluate Certarus. “Certarus' low carbon and alternative fuel distribution platform provides an exciting new organic avenue of growth for Superior Plus and will further assist our core customers as they transition to a lower carbon future.”
Acquisition Rationale
Financing of the Acquisition
Superior intends to finance the Acquisition and related transaction expenses using a combination of approximately 48.8 million Superior common shares issued directly to Certarus shareholders valued at $500 million and incremental drawings from its expanded senior credit facilities.
The expanded senior credit facilities will increase to $1.3 billion from the current size of $750 million via the addition of a new $550 million senior secured credit facility with a three-year term (the “New Credit Facility”). The New Credit Facility is fully committed with the $550 million provided by a group of lenders including Canadian Imperial Bank of Commerce, The Bank of Nova Scotia, The Toronto-Dominion Bank and National Bank of Canada.
On closing of the Acquisition, which is expected to occur in the first quarter of 2023, Superior will continue to be in a strong financial position with an expected Total Net Debt to Adjusted EBITDA Leverage Ratio of 3.8x. As previously announced on December 21, 2022, Superior has entered into an agreement to sell the $125 million 6% unsecured note, issued as part of the sale of the Specialty Chemicals business segment, plus accrued interest (the “Note”) to ERCO Worldwide LP (an affiliate of Birch Hill Equity Partners), the purchaser of the specialty chemicals business, for proceeds of $128 million. With the combination of the increased $1.3 billion credit facilities, the expected proceeds from the sale of the Note, and the stronger free cash flow expected to be generated from the combined business, Superior is expected to have ample liquidity to execute on its planned organic and acquisition growth initiatives, while simultaneously substantially reducing its leverage over time.
Superior expects to maintain its dividend level at the current annualized rate of $0.72 per common share but intends to begin the payment of the dividend on a quarterly basis starting with the 2023 Q2 dividend expected to be paid to holders of record on June 10, 2023 at a rate of $0.18 per common share.
Additional Details, Approvals and Closing
Under the terms of the Acquisition, Superior will acquire all the outstanding common shares of Certarus, representing an equity value of $853 million, or $12.15 per share for Certarus’ issued and outstanding shares, and assuming Certarus’ outstanding senior bank credit and leases with a total value of $196 million.
The Acquisition was unanimously approved by the Boards of Directors of both Superior and Certarus. Holders of more than 66 2/3% of Certarus shares, including the entire senior management team, the Board of Directors and Certarus’ largest shareholders, have entered into voting support agreements pursuant to which they have agreed to vote in support of the Acquisition.
The Acquisition is expected to close in the first quarter of 2023, subject to customary closing conditions, including receipt of at least 66 2/3% of the votes cast by Certarus shareholders at a special meeting expected to take place in February 2023 and receipt of required regulatory, court and stock exchange approvals.
The Arrangement Agreement contains terms and conditions which are customary for transactions of this nature.
Advisors
CIBC Capital Markets is acting as exclusive financial advisor to Superior. Torys LLP is acting as Canadian legal counsel to Superior.
J.P. Morgan and National Bank Financial Inc. are acting as financial advisors to Certarus. TD Securities Inc. is acting as strategic advisor to Certarus. Burnet, Duckworth & Palmer LLP is acting as legal counsel to Certarus.
Webcast and Investor Presentation
Superior will host a webcast December 22, 2022 at 12 pm E.T. to discuss the Acquisition. Luc Desjardins, President and CEO of Superior, Beth Summers, Executive Vice President and CFO of Superior, and Curtis Philippon, President and CEO of Certarus, will present on the webcast. There will not be a question and answer session following the prepared remarks.
To listen to the webcast, please use the following link: Register Here
The webcast will be available for replay on Superior's website at: www.superiorplus.com under the Events section.
A presentation pertaining to the Acquisition is in the Investor Relations area of the Superior website.
About Superior Plus
Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing over 890,000 customer locations in the U.S. and Canada.
For further information about Superior, please visit our website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Capital Markets, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll Free: 1-866-490-PLUS (7587).
About Certarus
Certarus is the North American leader in providing on-road low carbon energy solutions through a fully integrated CNG, renewable natural gas and hydrogen platform. Certarus safely delivers clean burning fuels to energy, utility, agricultural and industrial customers not connected to a pipeline. By displacing more carbon intensive fuels, Certarus is leading the energy transition and helping customers lower operating costs and improve environmental performance. With the largest fleet of mobile storage units in North America, Certarus is uniquely positioned to meet the growing demand for low and zero emission energy distribution. For more information, visit www.certarus.com. For more information, visit www.certarus.com or contact: Curtis Philippon, President & CEO, Tel: (403) 852-1070, or Dan Bertram, Vice President, Corporate Development, Tel: (403) 830-4262.
Forward Looking Information
This press release contains information or statements that are or may be “forward-looking statements” within the meaning of applicable Canadian securities laws. When used in this press release, the words “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “forecast”, “project”, “intend”, “target”, “potential”, “continue” or the negative of these terms or terminology of a similar nature as they relate to Superior or an affiliate/subsidiary of Superior are intended to identify forward-looking statements. Forward-looking statements in this press release include, without limitation, information and statements relating to: the completion and timing of the Acquisition; the New Credit Facility and the resulting increase in size of Superior’s senior credit facilities; the sale of the Note consistent with agreed upon terms and expected timing; Superior continuing to have ample available liquidities; anticipated future leverage; expected synergies; the attractiveness of the Acquisition from a financial perspective and expected accretion in various financial metrics; the strength, complementarity and compatibility of the Certarus business with Superior’s existing Energy Distribution business; continued growth in CNG, RNG and hydrogen demand; other anticipated benefits of the Acquisition and their impact on Superior’s delivery of its 2026 Superior Way Forward targets ahead of schedule; Superior’s and Certarus’ estimated 2024 Adjusted EBITDA; Superior’s expected Total Net Debt to Adjusted EBITDA Leverage Ratio being approximately 3.8x; Superior’s long-term vision, future growth, results of operations, performance, business, prospects and opportunities; Superior’s business outlook, objectives, development, plans, growth strategies and other strategic priorities; Superior’s ability to maintain its dividend level at the current annualized rate of $0.72 per Common Share and anticipated timing for the beginning of quarterly dividends; and statements relating to the Superior’s future growth, results of operations, and opportunities, the expected run-rate synergies to be realized and certain expected financial ratios and other statements that are not historical facts. Although Superior believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements since no assurance can be given that they will prove to be correct.
Superior’s Underlying Assumptions
Forward-looking statements made by Superior are based on a number of assumptions believed by Superior to be reasonable as at the date of this news release or MD&As, as applicable, including assumptions about the satisfaction of all closing conditions within the anticipated timeframe; the expected timing of completion of the Acquisition; Superior’s ability to achieve synergies; Superior’s ability to attract and retain key employees in connection with the Acquisition; management’s estimates and expectations in relation to future economic and business conditions and other factors in relation to the Acquisition and resulting impact on growth and accretion in various financial metrics; the realization of the expected strategic, financial and other benefits of the Acquisition in the timeframe anticipated; the accuracy and completeness of public and other disclosure (including financial disclosure) by Certarus; the absence of significant undisclosed costs or liabilities associated with the Acquisition; and other factors discussed or referred to in the “Risk Factors” section of Superior’s MD&As, which are available under Superior’s profile on SEDAR at www.sedar.com.
Superior cautions that the assumptions used to prepare Certarus’ estimated 2022 Adjusted EBITDA, Superior’s estimated pro forma Adjusted EBITDA and EBITDA from operations, Superior’s estimated 2024 Adjusted EBITDA, Certarus’ estimated 2024 Adjusted EBITDA, Superior’s estimated 2023 DCF per share, and Superior’s estimated 2024 EBITDA from operations could prove to be incorrect or inaccurate. Superior considered numerous economic and market assumptions regarding the foreign exchange rate, competition, and economic performance of each region where Superior and Certarus operate.
Additional key assumptions or risk factors to the forward-looking information include, but are not limited to, the satisfaction of the conditions, including receipt of required regulatory approvals, to the Acquisition, without significant changes to the terms or anticipated timing of the transaction; the amount and timing of the expected synergies from the acquisition of Certarus, the achievement of the Superior Way Forward acquisition target and EBITDA from operations target; obtaining the expected synergies from the acquisitions of Kamps Propane, Kiva Energy and the assets of the Quarles Delivered Fuels business completed earlier this year and other acquisitions consistent with historical averages at approximately 25% over the relevant period; no material divestitures; anticipated financial performance; current business and economic trends; and the amount of future dividends paid by Superior.
In particular, key assumptions and expectations underlying Superior’s achievement of the EBITDA from operations target range in 2024, and expected accretion to Superior’s DCF per share in 2024 include the following: Certarus average MSU count of 655 trailers in 2023 and ~720 trailers in 2024 and average EBITDA per MSU consistent with historic results; Corporate costs consistent with historical levels; Average interest rate of ~5% on Superior’s outstanding debt, including the expanded revolving credit facilities, unsecured high yield notes and leases; Cash taxes in the range of $20 million to $25 million in 2024; Closing of the acquisition of Certarus; completion of propane tuck-in acquisitions in 2024 at multiples consistent with historic multiples for Superior’s acquisitions as well as achieved synergies from acquisitions consistent with historical averages and no material divestitures.
Should assumptions described above prove incorrect, Superior’s actual performance and results in future periods may differ materially from any projections of future performance or results expressed or implied by such forward-looking information. We caution readers not to place undue reliance on this information as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.
Forward-looking information is not a guarantee of future performance. By its very nature, forward-looking information involves inherent assumptions, risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information will not be achieved, including risks relating to satisfaction of the conditions to, and completion of, the Acquisition risks relating to the operating and financial performance of the Energy Distribution business which are described in Superior’s management’s discussion and analysis for the year ended December 31, 2021 and in Superior’s annual information form for the fiscal year ended December 31, 2021.
Forward-looking information contained in this news release is provided for the purpose of providing information about management’s goals, plans and range of expectations for the future and may not be appropriate for other purposes. Any forward-looking information is made as of the date hereof and, except as required by law, Superior does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.
Non-GAAP Financial Measures
In this press release, Superior has used the following terms (“Non-GAAP Financial Measures”) that are not defined by International Financial Reporting Standards (“IFRS”) but are used by management to evaluate the performance of Superior and its business: EBITDA from operations, Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), Distributable Cash Flow (“DCF”) per share, Adjusted Operating Cash Flow (“AOCF”) per share and Total Net Debt to Adjusted EBITDA Leverage Ratio. These measures may also be used by investors, financial institutions and credit rating agencies to assess Superior’s performance and ability to service debt. Non-GAAP Financial Measures do not have standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Securities regulations require that Non-GAAP Financial Measures are clearly defined, qualified and reconciled to their most comparable IFRS financial measures. Except as otherwise indicated, these Non-GAAP Financial Measures are calculated and disclosed on a consistent basis from period to period. Specific items may only be relevant in certain periods. See “Non-GAAP Financial Measures” in Superior’s most recent Management’s Discussion and Analysis (“MD&A”) for a discussion of Non-GAAP Financial Measures used by Superior and certain reconciliations to IFRS financial measures.
The intent of Non-GAAP Financial Measures is to provide additional useful information to investors and analysts, and the measures do not have any standardized meaning under IFRS. The measures should not, therefore, be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Other issuers may calculate Non-GAAP Financial Measures differently. Investors should be cautioned that Adjusted EBITDA should not be construed as an alternative to net earnings, cash flow from operating activities or other measures of financial results determined in accordance with GAAP as an indicator of Superior’s performance. Non-GAAP Financial Measures are identified and defined as follows:
EBITDA from operations
EBITDA from operations represents earnings before interest, taxes, depreciation, amortization, losses (gains) on disposal of assets, finance expense, restructuring costs, transaction and other costs, and unrealized gains (losses) on derivative financial instruments.
Beth Summers Executive Vice President and Chief Financial Officer
Phone: (416) 340-6015
Rob Dorran Vice President, Capital Markets
Phone: (416) 340-6003
Toll Free: 1-866-490-PLUS (7587)
HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC–ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on December 27, 2022 based on the Trust’s calculation of net profits generated during October 2022 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest (the “Conveyance”). Given the Trust’s receipt of insufficient monthly income from its net profits interests and overriding royalty interest during 2020 and 2021, the Trust had been expected to terminate by its terms at the end of 2021; however, as described further below, a court has issued a temporary restraining order enjoining the dissolution of the Trust until an arbitration tribunal can rule on the plaintiff’s request for injunctive relief. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. All financial and operational information in this press release has been provided to the Trustee by PCEC.
The Current Month’s distribution calculation for the Developed Properties resulted in operating income of approximately $1.5 million. Revenues from the Developed Properties were approximately $3.8 million, lease operating expenses including property taxes were approximately $2.2 million, and development costs were approximately $66,000. The average realized price for the Developed Properties was $88.64 per Boe for the Current Month, as compared to $86.12 per Boe in September 2022. Oil prices in recent months generally have remained elevated well above their 2020 and 2021 levels, and were higher in the Current Month as compared to October 2021. The cumulative net profits deficit amount for the Developed Properties declined approximately $1.2 million, to approximately $6.7 million in the Current Month versus approximately $7.9 million in the prior month.
As revenues from the Remaining Properties during the month of August were sufficient to repay the remaining cumulative net profits deficit for the Remaining Properties, the Trust received income from the 25% net profits interest instead of income from the 7.5% overriding royalty interest, as provided under the Conveyance. Revenues from the Remaining Properties were $1.6 million and lease operating expenses including property taxes were approximately $663,000. Average realized prices for the Remaining Properties were $86.56 per Boe in October, as compared to $83.92 per Boe in September. Income from the net profits interest for the Remaining Properties for the month of October was approximately $233,000.
The monthly operating and services fee of approximately $100,000 payable to PCEC, together with Trust general and administrative expenses of approximately $75,000 and the payment to PCEC of approximately $133,000 of accrued interest under the promissory note between the Trust and PCEC, together exceeded the payment of approximately $233,000 received from PCEC from the 25% net profits interest on the Remaining Properties, creating a shortfall of approximately $75,000.
PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. As of March 31, 2021, the letter of credit has been fully drawn down. Further, the trust agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. Under the trust agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC or another source to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. As the Trust has fully drawn down the letter of credit, PCEC will be loaning funds to the Trust to pay the expected shortfall of approximately $75,000, which would bring the total amount of outstanding borrowings (including the amount drawn from the letter of credit, which also must be repaid as provided in the trust agreement) from PCEC to approximately $3.8 million plus interest thereon, related to shortfalls from prior months. Consequently, no further distributions may be made to Trust unitholders until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full.
Sales Volumes and Prices
The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:
Underlying Properties |
||||||
Sales Volumes |
Average Price |
|||||
(Boe) |
(Boe/day) |
(per Boe) |
||||
Developed Properties (a) |
42,853 |
1,382 |
|
$88.64 |
||
Remaining Properties (b) |
18,556 |
599 |
$86.56 |
|||
(a) Crude oil sales represented 99% of sales volumes |
||||||
(b) Crude oil sales represented 100% of sales volumes |
||||||
Update on Estimated Asset Retirement Obligations
As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the Conveyance, PCEC intended to begin deducting its estimated asset retirement obligations (“ARO”) associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields, thereby reducing the amounts payable to the Trust under its Net Profits Interests. ARO is the recognition related to net present value of future plugging and abandonment costs that all oil and gas operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by Moss Adams, PCEC’s estimated ARO, as of December 31, 2019, was $45,695,643, which is approximately $10.0 million less than the undiscounted amount that was originally estimated before Moss Adams completed its analysis, as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflected PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. The accrual has resulted in a current cumulative net profits deficit of approximately $6.7 million, which must be recouped from proceeds otherwise payable to the Trust from the Trust’s Net Profits Interests. Therefore, until the net profits deficit for the Remaining Properties was eliminated in August 2022, the only cash proceeds the Trust had received since March 2020 were pursuant to the 7.5% overriding royalty interest. With the repayment of the remaining cumulative net profits deficit for the Remaining Properties in August 2022, the current cumulative net profits deficit relates only to the Developed Properties and will be repaid from proceeds otherwise payable to the Trust from the Trust’s 80% net profits interest.
PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC. As previously disclosed, PCEC has informed the Trustee that at year-end 2020, and following the end of each of the first, second and third quarters of 2021, in light of the accounting guidance under Accounting Standards Codification 410-20-35-3, which requires the recognition of changes in the asset retirement obligation due to the passage of time and revision of the timing or amount of the originally estimated undiscounted cash flows, PCEC re-evaluated the estimated ARO, which resulted in an aggregate increase to the ARO accrual for the Developed Properties by approximately $5.1 million, net to the Trust’s interest, and an aggregate increase to the ARO accrual for the Remaining Properties by approximately $288,000, net to the Trust’s interest. PCEC has informed the Trustee that the audit of PCEC’s financial statements for the year ended December 31, 2021 has not yet been completed, and that when the audit is completed, PCEC expects to recognize further revisions to the ARO accrual for the Developed Properties, but at this time cannot estimate the amount or direction of any such revisions.
Based on PCEC’s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.
As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO in the Moss Adams report that PCEC provided to the Trustee. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to its estimated ARO. As disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, Martindale has completed its review of the estimated ARO and on December 21, 2020 provided its analysis and recommendations to the Trustee. Based on Martindale’s recommendations provided in its report to the Trust, as disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, the Trustee requested that PCEC promptly make several adjustments to its calculations and methods of deducting ARO from the proceeds to which the Trust is otherwise entitled pursuant to its Net Profits Interests. PCEC has responded to the Trustee, indicating PCEC’s view that the adjustments would violate applicable contracts and accounting standards, and has therefore declined to make any adjustments to the estimated ARO calculation based on those requests and the recommendations of the Martindale report. The Trustee has concluded that it has taken all action reasonably available to it under the Trust’s governing documents in connection with PCEC’s ARO calculation and therefore has determined not to take further action at this time.
As described in more detail in the Trust’s filings with the SEC, the trust agreement provides that the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interests and 7.5% overriding royalty interest total less than $2.0 million for each of any two consecutive calendar years. Because of the cumulative net profits deficit—which PCEC contends is the result of the substantial reduction in commodity prices during 2020 due to the COVID-19 pandemic and PCEC’s deduction of estimated ARO beginning in the first quarter of 2020—the only cash proceeds the Trust had received from March 2020 until the elimination of the net profits deficit for the Remaining Properties as discussed above had been attributable to the 7.5% overriding royalty interest. As a result, the total proceeds received by the Trust in each of 2020 and 2021 were less than $2.0 million. Therefore, the Trust had been expected to terminate by its terms at the end of 2021.
Status of the Dissolution of the Trust
As previously disclosed in the Trust’s Current Report on Form 8-K filed on December 23, 2021, on December 8, 2021, Evergreen Capital Management LLC (“Evergreen”) filed an Amended Class Action and Shareholder Derivative Complaint alleging a derivative action on behalf of the Trust and against PCEC in the Superior Court of the State of California for the County of Los Angeles (the “Court”).
On December 10, 2021, Evergreen filed a motion for temporary restraining order and for preliminary injunction, seeking to (1) enjoin the Trustee from dissolving the Trust, (2) enjoin PCEC from dissolving the Trust, (3) direct PCEC to account for all monies withheld from the Trust on the basis of ARO costs since September 2019, and (4) direct PCEC to place such monies in escrow. On December 16, 2021, the Court granted Evergreen’s application for a temporary restraining order only to the extent of enjoining the dissolution of the Trust. Accordingly, the Trust did not dissolve at the end of 2021 and commence the process of selling its assets and winding up its affairs.
On January 11, 2022, PCEC and Evergreen filed an agreed stipulation to stay the prosecution of Evergreen’s derivative claims pending an arbitration of such claims. On January 13, 2022, the Court signed an Order dissolving the December 16, 2021, temporary restraining order and entering a new temporary restraining order to preserve the status quo until a tribunal of three arbitrators appointed pursuant to the trust agreement could rule on any request by Evergreen for injunctive relief. On April 11, 2022, PCEC notified the Court, at the arbitrators’ request, that the arbitration panel had issued an order on April 7, 2022, denying Evergreen’s request for injunctive relief. On April 13, 2022, Evergreen notified the Court that Evergreen had filed a motion for reconsideration with the arbitration panel that same day, which was denied on May 26, 2022. On August 30, 2022, the arbitration Panel issued a Partial Final Award dismissing with prejudice Evergreen’s derivative claims against PCEC, including Evergreen’s application for an injunction. PCEC has moved to confirm that Partial Final Award in the California Superior Court which is scheduled to hear that application on December 5, 2022.
On June 20, 2022, Evergreen filed an amended pleading in the arbitration, adding the Trustee as a party to that proceeding. In early September 2022, Evergreen informed the Trustee that it was going to seek a preliminary injunction while its claims against the Trustee were pending. At the request of the arbitration panel, the Trustee agreed to take no steps toward the sale of the Trust corpus until the Panel decided Evergreen’s application for a preliminary injunction. On September 12, 2022, the Trustee filed a motion to dismiss Evergreen’s claims against the Trustee. On September 22, 2022, Evergreen filed an opposition to the Trustee’s motion to dismiss. On September 15, 2022, Evergreen filed a motion to enjoin the Trustee from selling the Trust assets or dissolving the Trust during the pendency of the arbitration. The Trustee and PCEC filed oppositions to Evergreen’s motion on September 22, 2022. Both motions were heard by the Panel on October 24, 2022. On October 31, 2022, the Panel granted the Trustee’s motion and dismissed Evergreen’s claims against the Trustee with prejudice, which mooted Evergreen’s request for injunctive relief.
As a result, the Trustee plans to move forward with the winding up of the Trust in accordance with the provisions of the Trust Agreement, which will include selling all of the Trust’s assets and distributing the net proceeds of the sale to the Trust unitholders after payment, or reasonable provision for payment, of all Trust liabilities, including the establishment of cash reserves in such amounts as the Trustee in its discretion deems appropriate for the purpose of making reasonable provision for all claims and obligations of the Trust, including any contingent, conditional or unmatured claims and obligations, in accordance with the Delaware Statutory Trust Act. The Trustee is also working with PCEC and the independent auditor of the Trust to become current in the Trust’s periodic reporting obligations under the Securities Exchange Act of 1934.
Production Update
PCEC has informed the Trustee that PCEC continues to strategically deploy capital to enhance and maintain production. Costs associated with returning wells to service must be recovered before cash flow to the Trust can be created. Although oil prices have improved significantly from their lowest levels in 2020, any monthly payments, as a result of enhanced production, that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses and outstanding debt to PCEC, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.
Cancellation of Connection Agreement with Phillips 66
PCEC has informed the Trustee that on September 22, 2022, PCEC received notice from Phillips 66 of the cancellation of the Connection Agreement between PCEC and Phillips 66 with respect to the three leases located south of Orcutt in Santa Barbara, California, effective upon completion of PCEC’s deliveries in December 2022. As a result of the cancellation, PCEC will no longer have a pipeline interconnection between the Orcutt properties and the Santa Maria Refinery, which Phillips 66 is expected to shut down in early 2023. Currently this pipeline is the sole means by which PCEC transports its crude oil from the Orcutt properties, which relates to approximately 86% and 91% of the production attributable to the Trust’s interests in 2021 and to date in 2022, respectively.
The shutdown of the refinery and the pipeline will adversely affect PCEC’s financial performance, and the revenues that may be payable to the Trust, if PCEC is unable to secure alternative means of transporting oil from the Orcutt properties to market. PCEC has informed the Trustee that it has been able to secure a short-term contract to transport oil from the Orcutt properties commencing on January 4, 2023, albeit at reduced volumes and with a higher differential compared to the terms previously achievable through the Phillips 66 Connection Agreement. PCEC has indicated to the Trustee that it continues to explore options to secure long-term transportation of oil from the Orcutt properties by other means.
Overview of Trust Structure
Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit https://royt.q4web.com/home/default.aspx.
Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders, expectations regarding the outcome of the legal proceedings relating to the Trust and any future dissolution of the Trust, statements regarding the impact of returning shut-in wells to production, expectations regarding the cancellation of the Connection Agreement between Phillips 66 and PCEC and the shutdown of the Santa Maria refinery, and the impact of such cancellation and shutdown on PCEC’s financial condition and future payments to the Trust, expectations regarding PCEC’s ability to loan funds to the Trust, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by low commodity prices, which declined significantly during 2020, could decline again and could remain low for an extended period of time as a result of a variety of factors that are beyond the control of the Trust and PCEC. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.
Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
AUSTIN, Texas & LAS VEGAS--(BUSINESS WIRE)--Rain Enhancement Technologies, Inc. (“Rainwater Tech”), a leader in the development of rainfall generation technology, and dMY Technology Group, Inc. VI (NYSE: DMYS) (“dMY VI”), a publicly traded special purpose acquisition company, today announced that they have entered into a business combination agreement.
Upon closing, the combined company is expected to retain the Rainwater Tech name. Once the business combination is completed, dMY VI will change its trading ticker from DMYS to the new ticker symbol “RANY.”
Water Supply and Demand Imbalance Worsening
Increasing water scarcity challenges are seen in nearly every populated area on the globe. Crop yields are adversely impacted with inadequate access to water. Forest fires can disrupt whole states, unraveling centuries of natural carbon capture. Access to potable water has become a social justice and economic development issue not only in developing countries, but also in many developed nations. As geopolitical events have unfolded over the past year, the world is increasingly focused on water’s elemental role in human and animal survival, food inflation, supply chain disruption, and energy. Alternative technologies to increase our water tables such as desalination and chemical cloud seeding possess considerable environmental, energy density, political, transportation and scalability challenges. Over the past few decades these alternatives have largely failed to prevent the acceleration of water scarcity all across America and Western Europe.
Rainwater Tech is led by world class pioneering scientists, entrepreneurs and proven public company leaders collaborating on a joint mission to help rebuild the water table for cities, government and industry. Third party trials of the pre-existing technology, called ground-based ionization for rain generation, have demonstrated the ability to enhance rainfall by as much as 9%-18%, according to news reports. At the same time, the company’s commercial team has engaged and validated a strong customer base that is ready to leverage this rainfall ionization platform. Rainwater Tech is poised to develop, innovate and scale rainfall generation technology.
Rainwater Tech is led by co-founder and veteran public company CEO, Mike Nefkens, who previously ran the public industrial conglomerate Resideo Technologies and HPE Enterprise Services – a $20 billion, 100,000 person organization. At HPE, Mr. Nefkens was personally involved in the closing of over $30 billion in commercial contracts, helping to drive growth and ultimately culminating in the spin-off of the business at a $13 billion valuation in 2017. From 2018-2022, Mr. Nefkens was the CEO of Resideo Technologies (NYSE: REZI), a spin-off of Honeywell (NYSE: HON) with approximately $5 billion in revenue and 12,000 employees. Mr. Nefkens has strong global Fortune 500 customer relationships and is experienced in scaling organizations and building exceptional teams.
Rainwater Tech has established a roadmap and multiple vectors for development, innovation and improvement. The company has licensed certain relevant underlying IP as well as secured the services of leading engineers in the water technology and rainfall generation space. Over the last few years, scientific understanding of cloud condensation nuclei and the water cycle have advanced to the stage of global agreement on the underlying mechanisms. This foundation will allow Rainwater Tech’s team to expeditiously advance commercialization alliances between private industry and government, including companies looking to reduce the impairment of property and land, supranational organizations, localities, developed nations exposed to high water stress, and developing nations that can make use of World Eco funds.
“Our vision is to be the first company of its kind in the water and climate adaptation space by facilitating the return of rain and moisture where it’s needed most,” said Mike Nefkens, CEO of Rainwater Tech. “This transaction enables us to develop, innovate and commercialize rainfall generation technology, backed by an expert management group and a best-in-class team of scientists, engineers, and business development leaders. We are excited to partner with dMY VI and leverage their experience in the area of frontier technologies, and to develop and launch to market augmentation technology and make a positive impact for our investors and our planet.”
“Rainwater Tech’s rainfall ionization platform will be poised to play a major role in increasing the water table for cities, government and industry and is uniquely positioned to meet massive market demand from private industry and governments around the globe,” said Niccolo de Masi, CEO of dMY VI. “We are proud to back companies like Rainwater Tech that target high returns on invested capital and, large addressable markets, and are comprised of a team with extensive leadership experience – with the ability to address one of humanity’s biggest challenges.”
Transaction Overview
The transaction is expected to result in a pro forma valuation of $200 million.
After paying transaction expenses and the cash consideration, the balance of the approximately $241 million in cash held in dMY VI’s trust account (assuming no redemptions), will be used for funding development, innovation and commercial scale.
The transaction, which has been unanimously approved by dMY VI’s Board of Directors, is subject to customary closing conditions.
Conference Call Information
Rainwater Tech and dMY VI will host a joint investor conference call to discuss the proposed transaction, December 22, 2022 at 08:00 am ET. The call can be accessed at www.rainwatertech.com/investors and www.dmytechnology.com. The transcript of the investor conference call will be filed by dMY VI with the U.S. Securities and Exchange Commission (“SEC”) and available on the SEC’s website at www.sec.gov.
Management and Governance
Rainwater Tech’s management team, led by CEO Mike Nefkens and Chief Product Officer Keri Waters, supported by Senior Technical Advisors Scott Morris and Dr. Ted Anderson, will continue to lead the public company following the transaction.
Advisors
TCF Law Group PLLC is acting as legal counsel to Rainwater Tech.
Cleary Gottlieb Steen & Hamilton LLP is acting as legal counsel to dMY VI.
About Rain Enhancement Technologies, Inc.
Rainwater Tech was founded to provide the world with reliable access to water, one of life’s most important resources. To achieve this mission, Rainwater Tech aims to develop, manufacture and commercialize ionization rainfall generation technology. This weather modification technology seeks to provide the world with reliable access to water, and transform business, society and the planet for the better.
About dMY Technology Group, Inc. VI
dMY Technology Group, Inc. VI is a special purpose acquisition company founded by Niccolo de Masi and Harry You for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Its Class A common stock, units and warrants trade on the NYSE under the ticker symbols DMYS, DMYS.U and DMYS WS, respectively. More information can be found at www.dmytechnology.com.
Additional Information and Where to Find It
In connection with the proposed business combination, dMY VI intends to file with the Securities and Exchange Commission (the “SEC”) the Tender Offer Statement on Form SC-TO (the "Schedule TO") and other relevant materials (together with the Schedule TO, the “Securities Law Disclosure Documents”). dMY VI’s stockholders are advised to read, once available, the Securities Law Disclosure Documents and any amendments thereto. dMY VI’s stockholders may also obtain a copy of the Securities Law Disclosure Documents once available, as well as any other documents filed with the SEC by dMY VI, free of charge at the SEC's website at www.sec.gov. Before making any investment decision, investors and stockholders of dMY VI are urged to read the Securities Law Disclosure Documents and all other relevant materials filed or that will be filed with the SEC in connection with the proposed business combination because they will contain important information about the proposed business combination and the parties to the proposed business combination.
No Offer or Solicitation
This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Disclaimers
Certain statements made in this release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 with respect to the proposed business combination between dMY VI and Rainwater Tech. Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity. These statements are based on various assumptions, whether or not identified in this presentation, and on the current expectations of the respective management of dMY VI and Rainwater Tech and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of dMY VI and Rainwater Tech.
The risks and uncertainties include, but are not limited to: future operating or financial results; changes in domestic and foreign business, market, financial, political, and legal conditions; the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination; failure to realize the anticipated benefits of the proposed business combination; risks related to the performance of Rainwater Tech’s future technology or business and the timing of expected business or financial milestones; the amount of redemption requests made by dMY VI’s stockholders; the ability of dMY VI or Rainwater Tech to issue equity or equity-linked securities or obtain debt financing in connection with the proposed business combination or in the future; if the proposed business combination’s benefits do not meet the expectations of investors or securities analysts, the market price of dMY VI’s securities or, following the closing, the combined entity’s securities, may decline expected benefits of the business combination; and following the consummation of the proposed business combination, the combined company will incur significant increased expenses and administrative burdens as a public company, which could negatively impact its business, financial condition and results of operations.
Additional risks related to dMY VI and Rainwater Tech include, among others:
You should carefully consider the risks and uncertainties that will be described in the Securities Law Disclosure Documents and any amendments thereto, once available.
Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Our actual results could differ materially from those anticipated in forward-looking statements for many reasons. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this presentation. Except as required by law, we undertake no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this presentation or to reflect the occurrence of unanticipated events.
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HOFFMAN ESTATES, Ill.--(BUSINESS WIRE)--Heritage-Crystal Clean, Inc. (Nasdaq:HCCI) announced that Mark DeVita, CFO, EVP, will present at the 25th Annual Needham Growth Conference on Wednesday January 11, 2023. Heritage-Crystal Clean’s presentation is scheduled to begin at 12:45 PM EST. The presentation will be webcast live and may be accessed at the following link, https://wsw.com/webcast/needham128/hcci/2212811 or in the investor relations section of the company's website: http://www.crystal-clean.com/investor-relations/.
About Heritage-Crystal Clean, Inc.
Heritage-Crystal Clean, Inc. provides parts cleaning, used oil re-refining, hazardous and non-hazardous waste disposal, emergency and spill response, and industrial and field services to vehicle maintenance businesses, manufacturers and other industrial businesses, as well as utilities and governmental entities. Our service programs include parts cleaning, regulated containerized and bulk waste management, used oil collection and re-refining, wastewater vacuum, emergency and spill response, industrial and field services, waste antifreeze collection, recycling and product sales. These services help our customers manage their used chemicals and liquid and solid wastes, while also helping to minimize their regulatory burdens. Through our used oil re-refining program, during fiscal 2021, we recycled approximately 66 million gallons of used oil into high quality lubricating base oil, and we are a supplier to firms that produce and market finished lubricants. Through our antifreeze program during fiscal 2021 we recycled approximately 3.9 million gallons of spent antifreeze which was used to produce a full line of virgin-quality antifreeze products. Through our parts cleaning program during fiscal 2021 we recycled 2 million gallons of used solvent into virgin-quality solvent to be used again by our customers. In addition, we sold 0.5 million gallons of used solvent into the reuse market. Through our containerized waste program during fiscal 2021 we collected 21 thousand tons of regulated waste which was sent for energy recovery. Through our wastewater vacuum services program during fiscal 2021 we treated approximately 49 million gallons of wastewater. Heritage-Crystal Clean, Inc. is headquartered in Hoffman Estates, Illinois, and operates through 105 branch and industrial services locations serving approximately 103,000 customer locations.
Heritage-Crystal Clean, Inc.
Mark DeVita, Chief Financial Officer, EVP (847) 836-5670
http://www.crystal-clean.com
SAN DIEGO--(BUSINESS WIRE)--Dalrada Corporation (OTCQB: DFCO, "Dalrada," the “Company”), a problem-solving innovator that takes on complex, multi-disciplinary challenges in health care, clean energy, precision manufacturing, and technology, announced today that it has named MGO (Macias Gini and O’Connell LLP), as its new independent auditor beginning the quarter ending December 31, 2022.
“Selecting MGO represents a major step in Dalrada’s transformation as a company,” said Kyle McCollum, Chief Financial Officer of Dalrada. “DBBMcKennon was a valuable partner for Dalrada as we underwent significant changes to our business prior to and during the COVID-19 pandemic. However, as our business continues to evolve, we need a firm with deep government expertise and a global presence to better align with our fastest-growing segments.”
“Combined with our triple-digit growth in the 2022 fiscal year, using MGO’s services is a major signal to the market,” said Brian McGoff, President and Chief Operating Officer of Dalrada. “The need for this new selection is driven by a number of recent transformations we’ve made. The first was the launch of Dalrada Energy Services (DES) in early 2022, bringing innovation and leadership to the ESG market. Strong market demand and multiple federal incentives suited to its offerings will pave the way for DES to experience significant growth in 2023.”
Mr. McGoff continued, “Dalrada Precision Manufacturing complements these initiatives through significant investments in our heat pump and deposition technologies. In addition to strong, global demand, we also meet the requirements for legacy energy grants, the 2022 Chips and Science Act, and various manufacturing incentives within the Inflation Reduction Act, enabling us to create new and expanded manufacturing capabilities in the U.S. Through our discussions with MGO, we are confident they are the right firm to support and advise Dalrada on these initiatives as we continue on this path of significant growth.”
Dalrada looks forward to forging a strong bond with the MGO auditing team to deliver efficient and accurate reporting on the Company’s financial statements.
For additional information on Dalrada and its subsidiaries, please visit www.dalrada.com.
About Dalrada (DFCO)
Dalrada Financial Corporation (OTCQB: DFCO) is a forward-facing organization that continually produces disruptive products and services that accelerate positive change for current and future generations.
Since 1982, Dalrada has redefined possibilities while boldly addressing global challenges with transformative innovations that drive targeted advances in emerging markets for a new era of human behavior and interaction, ensuring a bright future for the world around us.
Dalrada Financial Corporation is committed to positively impacting people, businesses, and the planet through sustainable solutions. For more information, please visit www.dalrada.com, and follow us on Twitter, Facebook, and LinkedIn.
About MGO
As one of the fastest-growing business advisory and CPA professional services firms in the country, MGO combines deep industry experience with well-established advisory and accounting solutions that deliver results. MGO clients range from global technology and life science leaders, public companies, and innovative startups from the largest government entities in the country, to the biggest names in sports and entertainment. MGO is ranked as one of the top CPA firms in the nation by Accounting Today and Inside Public Accounting.
Disclaimer
Statements in this press release that are not historical facts, the statements are forward-looking, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions, and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors and will be dependent upon a variety of factors including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the US Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.
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HOUSTON--(BUSINESS WIRE)--Mark Lashier, President and CEO of Phillips 66 (NYSE: PSX), and other Executive Leadership Team members will participate in a fireside chat at the Goldman Sachs Global Energy and Clean Technology Conference on Thursday, Jan. 5, 2023, at 11 a.m. ET.
Phillips 66 leaders will discuss the company’s plans to continue delivering shareholder value and advancing strategic initiatives, as well as its ongoing commitment to disciplined capital allocation.
To access the webcast, go to the Events and Presentations section of the Phillips 66 Investors site, phillips66.com/investors. A replay will be archived on the Events and Presentations page the day after the event, and a transcript will be available at a later date.
About Phillips 66
Phillips 66 (NYSE: PSX) manufactures, transports and markets products that drive the global economy. The diversified energy company’s portfolio includes Midstream, Chemicals, Refining, and Marketing and Specialties businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn or Twitter.
Jeff Dietert (investors)
832-765-2297
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Newest offering from VanEck’s Quantitative Investment Solutions team, PIT provides exposure to commodity futures across a wide range of sub-categories
NEW YORK--(BUSINESS WIRE)--VanEck today announced the launch of the VanEck Commodity Strategy ETF (CBOE: PIT), an actively managed ETF that seeks to provide long-term capital appreciation and attractive risk-adjusted returns by investing primarily in exchange-traded commodity futures contracts across five major sub-sectors: energy, precious metals, industrial metals, agriculture and livestock.
PIT will be managed by David Schassler, Portfolio Manager and Head of Quantitative Investment Solutions at VanEck, and his team. He brings nearly 20 years of experience to this role.
In the case of PIT, David and the management team employ a strategy that considers risk and return metrics of each commodity, while targeting opportunities along the futures curve in order to maximize the expected risk-adjusted returns. The Fund offers a tax reporting advantage relative to many other commodity investments as it does not produce a K-1 tax form.
“Commodity exposure can play a valuable role in a portfolio, both from a capital appreciation standpoint and as a hedging tool against inflation, which remains at historically elevated levels,” said Schassler. “We’re excited to be launching PIT to offer investors and advisors an actively managed commodity strategy seeking to maximize return within a risk-controlled framework. We look forward to further educating the marketplace about this strategy and the specific role PIT’s actively managed approach can play in a portfolio.”
VanEck has been a pioneer in commodity investing since the firm launched the first U.S.-based gold equity strategy in 1968 and further asserted its leadership in 1994, when it was among the first to provide investors with an actively managed portfolio of diversified natural resource equities.
PIT joins a lineup of asset allocation solutions from VanEck that also includes the recently launched VanEck Dynamic High Income ETF (INC), VanEck Inflation Allocation ETF (RAAX), VanEck Muni Allocation ETF (MAAX) and VanEck Long/Flat Trend ETF (LFEQ).
The VanEck team provides regular updates and timely insights focused on strategic asset allocation approaches and solutions, which can be accessed here.
About VanEck
VanEck has a history of looking beyond the financial markets to identify trends that are likely to create impactful investment opportunities. We were one of the first U.S. asset managers to offer investors access to international markets. This set the tone for the firm’s drive to identify asset classes and trends – including gold investing in 1968, emerging markets in 1993, and exchange traded funds in 2006 – that subsequently shaped the investment management industry.
Today, VanEck offers active and passive strategies with compelling exposures supported by well-designed investment processes. As of November 30, 2022, VanEck managed approximately $71.5 billion in assets, including mutual funds, ETFs and institutional accounts. The firm’s capabilities range from core investment opportunities to more specialized exposures to enhance portfolio diversification. Our actively managed strategies are fueled by in-depth, bottom-up research and security selection from portfolio managers with direct experience in the sectors and regions in which they invest. Investability, liquidity, diversity, and transparency are key to the experienced decision-making around market and index selection underlying VanEck’s passive strategies.
Since our founding in 1955, putting our clients’ interests first, in all market environments, has been at the heart of the firm’s mission.
Important Disclosures
An investment in the VanEck Commodity Strategy ETF (PIT) may be subject to risks which include, among others, commodities and commodity-linked instruments and tax, futures contract, U.S. Treasury Bills, subsidiary investment, commodity regulatory, subsidiary tax, gap, cash transactions, liquidity, high portfolio turnover, active management, credit, interest rate, derivatives, counterparty, pooled investment vehicle, repurchase agreements, regulatory, affiliated fund, market, operational, authorized participant concentration, new fund, absence of prior active market, trading issues, fund shares trading, premium/discount, liquidity of fund shares, non-diversified, concentration, municipal securities, money market funds, securitized/asset-backed securities, and sovereign bond risks, all of which may adversely affect the Fund.
Futures Contract Risk. The use of futures contracts involves risks that are in addition to, and potentially greater than, the risks of investing directly in securities and other more traditional assets. Futures contracts are subject to collateral requirements and daily limits that may limit the Fund’s ability to achieve its investment objective. If the Fund is unable to meet its investment objective, the Fund’s returns may be lower than expected. Additionally, these collateral requirements may require the Fund to liquidate its position when it otherwise would not do so. Futures contracts exhibit “futures basis,” which refers to the difference between the current market value of the underlying commodity (the “spot” price) and the price of the cash-settled futures contracts. A negative futures basis exists when cash-settled futures contracts generally trade at a premium to the current market value of the underlying commodity. If a negative futures basis exists, the Fund’s investments in futures contracts will generally underperform a direct investment in the underlying commodity.
This risk may be adversely affected by “negative roll yields” in “contango” markets. The Fund will “roll” out of one futures contract as the expiration date approaches and into another futures contract with a later expiration date. The "rolling" feature creates the potential for a significant negative effect on the Fund's performance that is independent of the performance of the spot prices of the underlying commodity. The "spot price" of a commodity is the price of that commodity for immediate delivery, as opposed to a futures price, which represents the price for delivery on a specified date in the future. The Fund would be expected to experience negative roll yield if the futures prices tend to be greater than the spot price. A market where futures prices are generally greater than spot prices is referred to as a “contango” market. Therefore, if the futures market for a given commodity is in contango, then the value of a futures contract on that commodity would tend to decline over time (assuming the spot price remains unchanged), because the higher futures price would fall as it converges to the lower spot price by expiration. Extended period of contango may cause significant and sustained losses. Additionally, because of the frequency with which the Fund may roll futures contracts, the impact of contango on Fund performance may be greater than it would have been if the Fund rolled futures contracts less frequently.
An investment in the VanEck Dynamic High Income ETF (INC) may be subject to risks which include, among others, fund of funds, ETPs, U.S. treasury securities, interest rate, income, high portfolio turnover, management, operational, authorized participant concentration, absence of prior active market, trading issues, market, fund shares trading, premium/discount, liquidity of fund shares, affiliated fund, new fund, and non-diversified risks. The Fund may also be subject to dividend paying securities, investing in foreign securities, investing in emerging market issuers, foreign currency, investing in mortgage REITs, preferred securities, CLO, credit, high yield securities, interest rate, call and concentration risks, all of which may adversely affect the Fund.
An investment in the VanEck Inflation Allocation ETF (RAAX) may be subject to risks which include, among others, in fund of funds risk which may subject the Fund to investing in commodities, gold, natural resources companies, MLPs, real estate sector, infrastructure, equities securities, small- and medium-capitalization companies, foreign securities, emerging market issuers, foreign currency, credit, interest rate, call and concentration risks, derivatives, cryptocurrency, cryptocurrency tax, all of which may adversely affect the Fund. The Fund may also be subject to affiliated fund, U.S. Treasury Bills, subsidiary investment, commodity regulatory (with respect to investments in the Subsidiary), tax (with respect to investments in the Subsidiary), risks of ETPs, liquidity, gap, cash transactions, high portfolio turnover, model and data, management, operational, authorized participant concentration, no guarantee of active trading market, trading issues, market, fund shares trading, premium/discount and liquidity of fund shares, and non-diversified risks. Foreign investments are subject to risks, which include changes in economic and political conditions, foreign currency fluctuations, changes in foreign regulations, and changes in currency exchange rates which may negatively impact the Fund's returns. Small- and medium-capitalization companies may be subject to elevated risks.
An investment in the VanEck Muni Allocation ETF (MAAX) may be subject to risks which include, fund of funds risk, high portfolio turnover, model and data, active management, operational, authorized participant concentration, no guarantee of active trading market, trading issues, market and fund shares trading, premium/discount and liquidity of fund shares risks. The fund may also be subject to following risks as a result of investing in Exchange Traded Products including municipal securities, credit, high yield securities, tax, interest rate, call, state concentration and sector concentration risks, all of which may adversely affect the fund. Municipal bonds may be less liquid than taxable bonds. There is no guarantee that a Funds’ income will be exempt from federal, state or local income taxes, and changes in those tax rates or in alternative minimum tax (AMT) rates or in the tax treatment of municipal bonds may make them less attractive as investments and cause them to lose value. Capital gains, if any, are subject to capital gains tax. A portion of the dividends you receive may be subject to AMT.
The VanEck Long/Flat Trend ETF (LFEQ) is subject to risks associated with equity securities, index tracking, investing in other funds, market, U.S. Treasury bills, operational, high portfolio turnover, fund shares trading, premium/discount risk and liquidity of fund shares, passive management, no guarantee of active trading market, authorized participant concentration, trading issues, non-diversification and concentration risks. The Fund is considered non-diversified and may be subject to greater risks than a diversified fund.
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Van Eck Securities Corporation, Distributor,
A wholly owned subsidiary of Van Eck Associates Corporation
666 Third Avenue
New York, NY 10017
Media:
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DUBLIN--(BUSINESS WIRE)--The "FGD Market and Strategies" report has been added to ResearchAndMarkets.com's offering.
This report forecasts the market for flue gas desulfurization systems for every country of the world; analysis of both the new and retrofit market.
Forecasts are in MW and $ and segmented by dry vs wet and limestone vs other.
Please note that this product is a 1 year Online-access subscription that begins at time of purchase.
For more information about this report visit https://www.researchandmarkets.com/r/nljvv1
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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PHOENIX--(BUSINESS WIRE)--Proteum Energy® (Proteum) and Transitus Energy (Transitus) have entered into a Letter of Intent (LOI) to explore joint development opportunities in the UK, Netherlands, Republic of Ireland and Norway to produce low-carbon hydrogen. The collaboration brings together Transitus’ vision to decarbonize energy production in the North Sea region and Proteum’s proprietary steam non-methane reforming technology (SnMR™) coupled with CCS to provide low-cost low-carbon clean hydrogen to the UK and European markets.
“Proteum Energy is excited to join with Transitus to accelerate the UK’s and Europe’s transition to a clean energy economy by reforming natural gas resources from North Sea production into reliable, economical, clean hydrogen. Both companies share a common vision of decarbonizing energy markets with practical, economic and reliable low carbon intensity hydrogen solutions,” said Laurence B. Tree II, president and CEO of Proteum.
Proteum has developed and operates proprietary modular technology that reforms non-methane hydrocarbons and oxygenated hydrocarbons into low cost, low carbon intensity hydrogen with CCS. Combining its novel SnMR™ technology with conventional process modules enables Proteum to scale up hydrogen production from 15 metric tonnes per day to 150 tonnes or more, depending upon site requirements.
Utilizing existing gas reserves and infrastructure, the UK and Europe have every opportunity to build a low-carbon energy supply and be on the forefront of decarbonization.
“We see the UK as a leading market for the implementation of hydrogen transition technologies and infrastructure. Our partnership with Transitus enables us to support that effort by producing low carbon blue hydrogen from the UK’s available gas reserves and infrastructure utilizing our proprietary SnMR technology,” added Proteum’s Mr. Tree.
“Blue hydrogen will accelerate the transition towards decarbonization of the energy sector. It enables utilization of natural gas as a clean fuel. It is a “fast-track” to decarbonizing while ensuring reliable and affordable access to energy during these demanding times,” said Bjørn Inge Tønnessen, Executive Chair of Transitus.
“Working with Proteum Energy and their cutting edge SnMR hydrogen technology will enable Transitus to convert wet natural gas into clean, robust, and affordable hydrogen. Blue hydrogen is a first step, a quick step on the pathway to the decarbonization of industrial and domestic heating, industrial processes, and transportation- especially for heavy and long-distance transport. It is a step that can be taken today. Blue hydrogen protects North Sea jobs and helps assure the UK’s and Europe’s clean, affordable energy security,” says Jack Peck, CEO of Transitus.
About Transitus Energy
Transitus is a UK company that is designed to enable rapid, affordable, pragmatic energy transition, through the repurposing of existing gas infrastructure, conversion of the infrastructure and feedstock towards the production and supply of blue hydrogen, and ultimately the establishment of totally green hydrogen supply. Transitus is co-invested by Bangchak Corporation Public Company Limited (BCP), a diversified energy conglomerate based in Thailand, acting through its clean energy subsidiary BCP Innovation PTE LTD, (BCPI). www.transitusenergy.com
About Proteum
About Proteum Energy® – Headquartered in Phoenix Arizona, Proteum is a producer of low-cost clean hydrogen from residue, flare and underutilized natural gas resources and green renewable ethanol. With its patented and proven reformation SnMR™ technology, Proteum can provide fuel cell grade clean hydrogen for heavy-duty transportation, low carbon hydrogen-rich designer fuels for power plants, and hydrogen pipeline production for direct injection at natural gas processing plants.
For questions, contact:
Alex Williams, EVP Strategy & Communication, Transitus Energy. This email address is being protected from spambots. You need JavaScript enabled to view it. / +44 7875 357 208.
John Rosenfeld, VP Commercial and Strategic, Proteum Energy, LLC. This email address is being protected from spambots. You need JavaScript enabled to view it. / +1 (602) 457-8471.
DUBLIN--(BUSINESS WIRE)--The "Analysis of Market Conditions for Rooftop PV in France" report has been added to ResearchAndMarkets.com's offering.
This report is an overview of market conditions for distributed PV segments in metropolitan France. It's a ready-to-use guide containing a comprehensive set of market and policy information that can directly support the decision-making process.
Companies Mentioned
The following elements can be found in the report:
Key Topics Covered:
1. Introduction
i. The distributed PV market in France
ii. Definitions
2. Regulatory situation
i. Overview
ii. Main financial flows associated with PV systems
iii. Income from support schemes
iv. Summary tables
3. Procedures & Stakeholders
4. Barriers & Opportunities
5. Outlook
6. Key takeaways
For more information about this report visit https://www.researchandmarkets.com/r/774hlu
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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The investment strengthens Algoma’s commitment to long-term sustainable shipping solutions
ST. CATHARINES, Ontario--(BUSINESS WIRE)--#yourmarinecarrierofchoice--Algoma Central Corporation (“Algoma” or “the Company”) (TSX: ALC), today announced that it has acquired two 18,894 dwt product tankers to join the Algoma Product Tankers fleet. Built in 2007, the sister ships were purchased to prepare for the coming replacement of two older vessels in the Company’s Product Tanker fleet. Both vessels are well suited to the Company’s domestic tanker trades.
“The vessels are high quality additions to our Product Tanker fleet,” said Gregg Ruhl, President and CEO of Algoma, “and mark an important step in our on-going fleet renewal journey, which is expanding to include renewal within our tanker fleet. It is important that we acquire the right ships, at the right time to ensure they fit our market and our commitment to deliver safe and sustainable transportation solutions to our customers for the long-term,” concluded Mr. Ruhl.
The Algotitan, previously named the Chantaco, will operate on the Great Lakes, St. Lawrence Seaway and will be a strong addition to the fleet when the vessel begins domestic operations, expected in early 2023. The Algoberta, previously named the Chiberta, will begin her career with Algoma operating in Northwestern Europe and commercially managed by our partner Furetank AB of Sweden. The vessel will trade in Europe until the Company is ready to bring her into Canadian trade, expected later in 2023. The Algoberta’s name is a nod to Algoma’s largest customer in the segment which calls Calgary, Alberta home.
In the third quarter of 2022, Algoma acquired a 2010 built Norwegian vessel named the Birgit Knutsen, which is a sister ship to the Algoterra. The vessel currently operates internationally under bareboat charter and has already proven to be a strong addition to the Product Tanker segment.
About Algoma Central Corporation
Algoma owns and operates the largest fleet of dry and liquid bulk carriers operating on the Great Lakes - St. Lawrence Seaway, including self-unloading dry-bulk carriers, gearless dry-bulk carriers and product tankers. Since 2010 we have introduced 10 new build vessels to our domestic dry-bulk fleet, with two under construction and expected to arrive in 2024, making us the youngest, most efficient and environmentally sustainable fleet on the Great Lakes. Each new vessel reduces carbon emissions on average by 40% versus the ship replaced. Algoma also owns ocean self-unloading dry-bulk vessels operating in international markets and a 50% interest in NovaAlgoma, which owns and operates the world's largest fleet of pneumatic cement carriers and a global fleet of mini-bulk vessels serving regional markets. Algoma truly is Your Marine Carrier of Choice™. For more information about Algoma, visit the Company's website at www.algonet.com.
Gregg A. Ruhl
Algoma Central Corporation
President & CEO
905-687-7890
Peter D. Winkley, CPA, CA
Algoma Central Corporation
EVP & Chief Financial Officer
905-687-7897
Leading grid services developer to aggregate residential solar and battery storage and boost system reliability in the Sacramento region
SACRAMENTO, Calif.--(BUSINESS WIRE)--To help deliver on its 2030 Zero Carbon Plan to eliminate greenhouse gas emissions from its power supply, Sacramento Municipal Utility District (SMUD) and Swell Energy (Swell) today announced an agreement for Swell to act as the aggregator for the new My Energy Optimizer Partner+ program – a residential customer-driven virtual power plant initiative.
The initial effort will bring 20 MWh and 10 MW of renewable capacity to SMUD by recruiting, installing and aggregating capacity from customers’ battery storage systems located in the Utility’s service area. The program has the opportunity to scale to 54 MWh and 27 MW over the term of the partnership. Contract Capability is based on a 2-hour deliverable capacity, inclusive of exports with day-ahead notification for up to 240 events per year.
The virtual power plant program is one of the most advanced initiatives underway in California to aggregate residential solar and battery storage systems, in a centralized manner, to reduce carbon emissions and make the electric grid more renewable, resilient, and reliable. While individual solar and battery storage systems help customers manage their own energy needs, the My Energy Optimizer Partner+ program enables customers to operate their individual systems alongside many others to aggregate and dispatch renewable energy sources to benefit their communities. Participating My Energy Optimizer Partner+ customers will receive both upfront and ongoing compensation, or GridRevenue™, based on the capacity of their solar and energy storage systems.
“As more SMUD customers add solar panel systems paired with battery storage solutions, they’ll be better able to manage their own energy needs while making meaningful contributions toward reducing their community’s carbon footprint,” said Lora Anguay, Chief Zero Carbon Officer of SMUD. “We are excited to partner with Swell to make this program a reality in 2023 and continue to deliver on our decarbonization plan, which promises environmental protection, excellence in grid resiliency and reliability, affordable rates, and local economic and workforce growth opportunities that benefit the entire region.”
Currently, there are approximately 600 customer-sited energy storage systems in SMUD’s service area, with an additional 400 in the interconnection process and thousands more projected over the next several years. The success of programs like the My Energy Optimizer Partner+ is based not only on total enrollment but also on the additional job opportunities created for local installers and on the socially equitable impact of the program. Accordingly, SMUD has committed to funding batteries for low-income customers in the service area through local non-profits such as Grid Alternatives.
“We’re honored to work with SMUD towards the achievement of their Carbon Zero 2030 plan through the deployment of a multifaceted virtual power plant across SMUD territory and the overall CAISO grid,” said Suleman Khan, CEO of Swell Energy. “Our collaborative virtual power plant will provide real-time energy management and synchronized battery dispatch across SMUD’s customer base, enabling large-scale renewable deployment and minimizing the need for conventional power plants in the region. We believe this model is a beacon for how municipal utilities and other publicly owned utilities can achieve scale and value with distributed energy resources.”
My Energy Optimizer Partner+ will launch enrollments in Q1 of 2023, with operations planned to start in April 2023. Enrollment will be open to both new and existing solar and storage customers. Customers on SMUD’s Solar and Storage Rate can optimize onsite energy usage by pairing solar with energy storage. For more information on the program, please visit https://www.smud.org/en/Going-Green/Battery-storage/Homeowner. Local residential solar and electrical companies are invited to partner with Swell Energy to co-develop this distributed power plant and are welcome to inquire further at https://swellenergy.com/partners.
About SMUD
As the nation’s sixth-largest, community-owned, not-for-profit electric service provider, SMUD has been providing low-cost, reliable electricity to Sacramento County for more than 75 years. SMUD is a recognized industry leader and award winner for its innovative energy efficiency programs, renewable power technologies and for its sustainable solutions for a healthier environment. In 2020, SMUD’s power supply was more than 60 percent carbon free and SMUD has a goal to reach zero carbon in its electricity supply by 2030.
About Swell Energy
Swell Energy is creating a greater grid for the greater good. The energy management and smart grid solutions provider is accelerating the mass adoption of distributed clean energy technologies by enabling consumers to take control of their energy use and cost, achieve energy security, and participate in the transactive grid. Swell Energy provides homeowners and businesses with financing and virtual power plant programs while partnering with trusted local solar and solar+storage companies for seamless, high-quality installations. By creating a critical mass of dynamic and responsive clean energy resources within utility service areas across the United States, Swell Energy also delivers resilient virtual power plant networks and grid-balancing services to utilities, which are fundamental to our future, carbon-free, distributed renewable energy system. For more information, visit www.swellenergy.com and follow the company on Facebook, LinkedIn and Twitter.
Jake Wengroff
Swell Energy
(408) 806-9626 ext. 6816
This email address is being protected from spambots. You need JavaScript enabled to view it.
Gamaliel Ortiz
SMUD Public Information Specialist
(916) 732-5100
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TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB) announced today that the Alberta Court of Kings Bench (the “Court”) has ruled against Superior in the matter of Chemtrade Electrochem Inc., formerly Canexus Corporation (“Chemtrade”) v. Superior Plus Corporation, ruling that Superior is required to pay Chemtrade a $25 million reverse termination fee.
Superior and Chemtrade were involved in litigation resulting from the termination on June 30, 2016 of the Arrangement Agreement between the parties.
The Court’s ruling is subject to appeal for a period of 30 days. Superior is reviewing the decision and considering whether to appeal the ruling.
About the Corporation
Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing approximately 890,000 customer locations in the U.S. and Canada.
For further information about Superior, please visit Superior’s website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Capital Markets, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll-Free: 1-866-490-PLUS (7587).
Forward-Looking Information
This news release contains certain forward-looking information and statements based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as “will”, "expects", "annualized", and similar expressions.
In particular, this news release contains forward-looking statements and information relating to Superior’s intent to appeal the decision by Alberta Court of Kings Bench. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward looking statements or information contained herein, except as required by applicable laws.
Beth Summers, Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015
Rob Dorran, Vice President, Capital Markets
Tel: (416) 340-6003
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Toll-Free: 1-866-490-PLUS (7587)
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