MIDLAND, Texas--(BUSINESS WIRE)--ProPetro Holding Corp. ("ProPetro" or the “Company") (NYSE: PUMP) today announced that it has entered into a binding term sheet (the "Term Sheet") to fully resolve the previously disclosed putative class action litigation referred to by the Company as the Logan Lawsuit and captioned Nykredit Portefølje Administration A/S, et al. v. ProPetro Holding Corp. et al., Case No. MO:7:19-CV-00217-DC, which was filed in the United States District Court for the Western District of Texas (the "Logan Lawsuit").
The Term Sheet provides for a settlement payment of $30 million in exchange for the complete dismissal with prejudice of the Logan Lawsuit and a release of all claims against the defendants, without any admission of fault or wrongdoing by the defendants.
Sam Sledge, Chief Executive Officer, commented, “This resolution is in the best interest of ProPetro and all of our valued stakeholders, and we are working diligently to obtain the necessary court approvals to put this matter behind us. Moving forward, we are focused on operating safely, delivering quality service to our customers, advancing our strategic priorities and driving value for shareholders.”
The proposed settlement is subject to court approval and will be fully paid by the Company's directors’ and officers' insurance providers under its insurance policies.
About ProPetro
ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing pressure pumping and other complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. For more information visit www.propetroservices.com.
Forward-Looking Statements
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Logan Lawsuit and the proposed settlement. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual events and results to differ materially from the forward-looking statements. Such risks and uncertainties include the operational disruption and market volatility resulting from the COVID-19 pandemic and other factors are described in ProPetro’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, particularly the “Risk Factors” sections of such filings, and other filings with the Securities and Exchange Commission. In addition, ProPetro may be subject to currently unforeseen risks that may have a materially adverse impact on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release. ProPetro does not undertake, and expressly disclaims, any duty to publicly update these statements, whether as a result of new information, new developments or otherwise, except to the extent that disclosure is required by law.
Investor Contacts:
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Planned Statewide Network of EV Charging Stations to Encourage Electric Vehicle Use
BOSTON--(BUSINESS WIRE)--CRA International, Inc. (NASDAQ: CRAI), a worldwide leader in providing economic, financial, and management consulting services, today announced a successful request for proposal (RFP) and procurement process on behalf of the Indiana Utility Group Consortium for its Crossroads EV Corridor, a planned network of electric vehicle (EV) charging stations across Indiana to encourage the use of electric vehicles and improve air quality for all Hoosiers and visitors.
CRA designed and ran the procurement for the Consortium, which was organized by Northern Indiana Public Service Company (NIPSCO). 17 entities responded to the RFP, offering a wide array of EVSE technology, configurations, and EV charging networks. The successful vendor in the RFP was Shell Recharge, which will deploy a combination of Tritium and ABB DC fast-charging equipment, subject to the needs of the specific utility site, and will be managed by Greenlots SKY EV charging network software.
“The number of equipment options proposed and network software solutions that are now available in the market was certainly eye-opening,” said Dean Koujak, a Principal at Charles River Associates, who led the RFP process on behalf of the Consortium. “To us, this is a clear indication that EV supply equipment technology and commercial availability has matured. This is the right time for electric utilities, municipalities and other entities to consider large-scale procurement and deployment of EV charging networks.”
“The Consortium members benefitted greatly from aggregating their needs and in following a systematic process to matching respondent offers,” said Jim McMahon, Vice President in CRA’s Energy Practice. “I believe the Consortium members ultimately identified the least-cost options that satisfied their functional needs today and into the future.”
The Corridor is supported by grants from the Indiana Department of Environmental Management, which is the Beneficiary Lead Agency of the Volkswagen Diesel Emissions Environmental Mitigation Trust fund and oversees distributions of funds to successful applicants.
The Indiana Utility Group Consortium includes AES Indiana, CenterPoint Energy Indiana South, Crawfordsville Electric Light & Power (CEL&P), Hoosier Energy Rural Electric Cooperative (REC), Wabash Valley Power Alliance (WVPA), and NIPSCO. The first tranche of EV chargers is expected to come online by December 2022 and the last tranche is expected to be in service by December 2023.
About CRA’s Energy Practice
CRA’s Energy Practice blends decades of industry knowledge with world-class economic and analytical expertise. Investors, executives, and litigators from across the energy sector have turned to CRA for expert advice in hundreds of successful engagements. CRA’s expertise is grounded in a comprehensive understanding of the energy sector, including electricity and gas markets, litigation and regulatory support, market analytics and strategy, energy asset and enterprise valuation, and energy trading and risk management.
About Charles River Associates (CRA)
Charles River Associates® is a leading global consulting firm specializing in economic, financial, and management consulting services. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. Headquartered in Boston, CRA has offices throughout the world. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at www.crai.com. Follow us on LinkedIn, Twitter, and Facebook.
Media Relations
Charles River Associates
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Nicholas Manganaro
Sharon Merrill Associates, Inc.
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Company installs multi-million-dollar solar farm to power California manufacturing site
CHARLOTTE, N.C.--(BUSINESS WIRE)--Sealed Air (NYSE: SEE) has invested $9 million in a solar farm that is now powering its Madera, California manufacturing facility. The solar panels, which sit on 11 acres of company-owned land adjacent to the facility, are expected to help reduce energy spend at this site by $1 million annually.
The 265,000 square foot plant, which manufactures BUBBLE WRAP® brand original cushioning, SEALED AIR® brand Korrvu® retention and suspension packaging, mailers, and other solutions, will have 98% of its electricity powered by the solar field.
“The installation of these solar panels contributes to SEE’s overarching sustainability strategy and advances our transition to net-zero carbon emissions in our operations by 2040. Through these solar panels, we are advancing our use of renewable energy, lessening the energy intensity of operations and reducing the company’s greenhouse gas emissions,” said Emile Chammas, SEE’s Chief Operating Officer. “We are on a journey to leave our world better than we find it and the completion of this project is an important milestone in the strategic investments we’re making to achieve that goal.”
SEE partnered with TotalEnergies (which recently acquired SunPower Commercial and Industrial Solutions) to design and install the 3.5-megawatt ground mount solar project, which includes 8,975 solar panels, along with a 770 kW/3,080 kilowatt-hour battery storage system.
“TotalEnergies is proud to be SEE’s energy transformation partner as they invest to achieve ambitious sustainability targets,” said Eric Potts, vice president of TotalEnergies Distributed Generation USA. “Renewable energy is a business priority for both of our companies, so we are thrilled that this project will deliver long-term benefits to SEE’s Madera facility while advancing global progress toward carbon neutrality.”
Over the course of the first year, the solar project will help avoid 4,982 metric tons of carbon dioxide and 72,172 metric tons of carbon dioxide over 15 years, which is equivalent to:
About SEE
Sealed Air (NYSE: SEE) is in business to protect, solve critical packaging challenges, and make our world better than we find it. Our automated packaging solutions promote a safer, more resilient, and less wasteful global food supply chain, enable e-commerce, and protect goods transported worldwide.
Our globally recognized brands include CRYOVAC® brand food packaging, SEALED AIR® brand protective packaging, AUTOBAG® brand automated systems, BUBBLE WRAP® brand packaging, SEE Automation™ solutions and prismiq™ smart packaging and digital printing.
SEE’s Operating Model, together with our industry-leading expertise in materials, engineering and technology, create value through more sustainable, automated, and digitally connected packaging solutions.
We are leading the packaging industry in creating a more environmentally, socially, and economically sustainable future and have pledged to design or advance 100% of our packaging materials to be recyclable or reusable by 2025, with a bolder goal to reach net-zero carbon emissions in our global operations by 2040. Our Global Impact Report highlights how we are shaping the future of the packaging industry. We are committed to a diverse workforce and caring, inclusive culture through our 2025 Diversity, Equity and Inclusion pledge.
SEE generated $5.5 billion in sales in 2021 and has approximately 16,500 employees who serve customers in 114 countries/territories. To learn more, visit sealedair.com.
Website Information
We routinely post important information for investors on our website, sealedair.com, in the Investors section. We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 concerning our business, consolidated financial condition and results of operations. Forward-looking statements are subject to risks and uncertainties, many of which are outside our control, which could cause actual results to differ materially from these statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by such words as “anticipate,” “believe,” “plan,” “assume,” “could,” “should,” “estimate,” “expect,” “intend,” “potential,” “seek,” “predict,” “may,” “will” and similar references to future periods. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results, expectations regarding the results of restructuring and other programs, anticipated levels of capital expenditures and expectations of the effect on our financial condition of claims, litigation, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings. The following are important factors that we believe could cause actual results to differ materially from those in our forward-looking statements: global economic and political conditions, currency translation and devaluation effects, changes in raw material pricing and availability, competitive conditions, the success of new product offerings, consumer preferences, the effects of animal and food-related health issues, the effects of epidemics or pandemics, including the Coronavirus Disease 2019, negative impacts related to the ongoing conflicts between Russia and Ukraine and related sanctions, export restrictions and other counteractions thereto, changes in energy costs, environmental matters, the success of our restructuring activities, the success of our merger, acquisition and equity investment strategies, the success of our financial growth, profitability, cash generation and manufacturing strategies and our cost reduction and productivity efforts, changes in our credit ratings, the tax benefit associated with the Settlement agreement (as defined in our most recent Annual Report on Form 10-K), regulatory actions and legal matters, and the other information referenced in the “Risk Factors” section appearing in our most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, and as revised and updated by our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement made by us is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Investors
Brian Sullivan
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Media
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DUBLIN--(BUSINESS WIRE)--The "Global Mass Flow Controller Market (2022-2027) by Type, Material Type, Flow Rate Type, Media Type, Connectivity Technology, Application, End-user Industry, Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Mass Flow Controller Market is estimated to be USD 985.2 Mn in 2022 and is expected to reach USD 1293.12 Mn by 2027, growing at a CAGR of 5.59%.
Market dynamics are forces that impact the prices and behaviors of the Global Mass Flow Controller Market stakeholders. These forces create pricing signals which result from the changes in the supply and demand curves for a given product or service. Forces of Market Dynamics may be related to macro-economic and micro-economic factors.
There are dynamic market forces other than price, demand, and supply. Human emotions can also drive decisions, influence the market, and create price signals. As the market dynamics impact the supply and demand curves, decision-makers aim to determine the best way to use various financial tools to stem various strategies for speeding the growth and reducing the risks.
Competitive Quadrant
The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
Ansoff Analysis
The report presents a detailed Ansoff matrix analysis for the Global Mass Flow Controller Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach. The analyst analyses the using the Ansoff Matrix to provide the best approaches a company can take to improve its market position. Based on the SWOT analysis conducted on the industry and industry players, the analyst has devised suitable strategies for market growth.
Why buy this report?
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Market Segmentation
The Global Mass Flow Controller Market is segmented based on Type, Material Type, Flow Rate Type, Media Type, Connectivity Technology, Application, End-user Industry, and Geography.
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/1br5sw
ResearchAndMarkets.com
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Survey to evaluate small business participation in the offshore wind industry and provide business development award for DEIJ owned businesses
NEW YORK--(BUSINESS WIRE)--Attentive Energy LLC, a subsidiary of TotalEnergies Renewables USA, LLC, today announced a new collaboration with Brooklyn-based MRV Group, LLC initiating a state-wide small business survey to evaluate the challenges and business development pathways for Diversity, Equity, Inclusion, and Justice (DEIJ) owned-businesses to enter the offshore wind industry.
The survey will seek feedback from for-profit and non-profit organizations in New York and focus on procurement processes, grant applications, and DEIJ business certification, such as Minority and Women Owned Business Enterprises (MWBE), Service-Disabled Veteran Owned Businesses (SDVOB), Disability-Owned Business Enterprises (DOBE), LGBT-Owned Business Enterprises (LGBTBE), Disadvantaged Business Enterprises (DBE), Tribal Communities, and Justice-Involved Individuals. All survey participants will be eligible for a business development award that comprises networking and mentorship opportunities, including a private session with offshore wind executives.
“Effective DEIJ and local content implementation is critical to the buildout of a robust offshore wind supply chain across New York,” said Attentive Energy Managing Director, Damian Bednarz. “This survey is forward thinking in its intention to identify a pathway that increases participation from social equity populations in offshore wind and serve as a resource for the entire industry. Attentive Energy is vested in listening to all populations and mobilizing action based on the insights gained from this survey.”
The survey launch follows the New York State Energy and Research Development Authority’s (NYSERDA) release of its third offshore wind solicitation on July 27, 2022. The third solicitation seeks to secure New York’s position as the hub of offshore wind energy and gain momentum in establishing major ecosystems for workforce development, manufacturing, and operations and maintenance to support the region’s offshore wind projects and the development of a green economy. This includes an annual commitment to contract MWBEs and SDVOBs registered in New York.
“America’s clean energy transition, specifically the development of the New York Bight for offshore wind, will impact the quality of life for all New Yorkers for generations. This work is ensuring that small businesses and nonprofits don’t get left behind. This holds even truer for all underserved communities in rural, suburban, and urban markets across the state,” added Managing Director and Founder of MRV Group, Glenn O. Vickers II. “This survey is a step forward in understanding the barrier to entry and provides a baseline for the offshore wind industry at large. The participation of New York businesses owned by social equity populations is a priority for New York State’s leadership to meet the state’s economic and workforce development goals.”
MRV Group, a privately held diversity supplier and development firm, is managing and implementing the survey, which aims to represent New York’s 10 economic development regions including North Country, Western New York, Finger Lakes, Southern Tier, Central New York, Mohawk Valley, Capital Region, Mid-Hudson, New York City, and Long Island. Initial survey findings are expected in Q4 2022.
“Every organization can benefit from the economic and environmental benefits of the offshore wind industry. We are excited to share this opportunity with our clients and members to elevate their voices to create tangible and lasting opportunities for all New Yorkers,” said Deidre Helberg, CEO of Helberg Electrical Supply (MWBE/DBE) and President/Founder of the U.S. Coalition of Black Women Businesses.
The survey can be accessed at https://www.businesssurveygrants.com or text SURVEYGRANTS to 631-519-3003. Responses are due by October 31, 2022.
About Attentive Energy
Attentive Energy LLC, a subsidiary of TotalEnergies Renewables USA, LLC, is delivering offshore wind opportunities to empower communities today and tomorrow. Attentive Energy is developing an 84,332-acre area located approximately 54 miles from its nearest point to New York and 42 miles from its nearest point to New Jersey. When completed, the project has the potential to generate 3,000 MW of clean energy to power nearly 2.2 million homes. We are guided by deep experience in the offshore sector and a forward-thinking commitment to put people first, on and off the coast. With the power of offshore wind, we will strengthen our communities, forge a new industry, and build an inclusive clean energy economy. For more information, visit www.attentiveenergy.com.
Attentive Energy on social media
About MRV Group
MRV Group is a privately-owned supplier diversity and development firm. MRV provides commercial and industrial product and service solutions for public-private enterprises across various industries with a focus on equitable economic development.
Attentive Energy Media Contact
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The 100 V EPC2218 GaN FETs alleviate space limitations to achieve higher frequency and power rating in BRC’s new M500/14 power optimizer
EL SEGUNDO, Calif.--(BUSINESS WIRE)--#GaN--BRC Solar GmbH has revolutionized the photovoltaic market with its power optimizer, increasing energy yield and performance of pv plants and systems. Designing-in Efficient Power Conversion’s EPC2218 100 V FETs into its next generation M500/14 power optimizer has enabled a higher current density due to the low power dissipation and the small size of the GaN FET making the critical load circuit more compact. The small parasitic capacitance and inductance of the GaN FETs creates a clean switching performance which allows good EMI behavior in the field. Another benefit of the GaN FETs is the zero reverse recovery losses.
The EPC2218 is a 100 V GaN FET, 3.2 mΩ, 231 Apulsed, with a small footprint of just 3.5 mm x 1.95 mm, offering lower losses and smaller size than comparable silicon MOSFETs for increased power density.
BRC’s previous range, the M400/12, handled currents up to 12 Amps and a maximum power operation at 400 watts. By changing from Si FETs to GaN FETs the company achieved an increase of output current to 14 Amps with a power rating of 500 watts – while keeping the same board size. Also, the switching frequency in the M500/14 is twice as high than the previous generation allowing for passive components, such as capacitors and inductors, to be decreased in value or even completely removed.
The company’s optimizer is only active when shading on the photovoltaic module appears. The predominant case is a fully irradiated module, where the circuit goes into an inactive state. The switching FET is continuously closed in this situation. It is important that the power losses on the board be kept as low as possible. Because of that, the EPC2218 is the optimal solution for BRC’s application because of its low RDS(on). The static losses are also extremely small thanks to the excellent conductivity of the GaN FET.
During the active mode the switching behavior of the module optimizer leads to a small and acceptable power loss. The low parasitic components of the EPC2218 enable fast and clean switching in the application.
In both modes, the temperature rise of the FET is small and allows good thermal transfer to the board via the LGA pads of the EPC2218 even at higher ambient temperatures. Therefore, an additional heatsink is not required further saving space and weight.
Winona Kremb from BRC Solar Gmbh, commented, “EPC’s eGaN FETs open a new horizon in the development of high-density power electronics. We will watch the further applications and products from EPC and are excited to be part of the journey.”
“Working with BRC has been an exciting design-in opportunity and, together with our distribution partner Finepower, we have been able to achieve great results moving the company from silicon to GaN. Designers using GaN can now take advantage of devices that are higher performance, smaller, more thermally efficient, and at a comparable cost,” added Stefan Werkstetter, VP of Sales, EMEA.
About EPC
EPC is the leader in enhancement mode gallium nitride (eGaN®) based power management. eGaN FETs and integrated circuits provide performance many times greater than the best silicon power MOSFETs in applications such as DC-DC converters, remote sensing technology (lidar), motor drives for eMobility, robotics, drones, and low-cost satellites.
Visit our website: www.epc-co.com
Follow EPC on social media: LinkedIn, YouTube, Facebook, Twitter, Instagram, YouKu
eGaN is a registered trademark of Efficient Power Conversion Corporation, Inc.
Press contacts: Efficient Power Conversion:
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BRC Solar GmbH, Gehrnstrasse 76275, Ettlingen Germany
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https://brc-solar.de
DUBLIN--(BUSINESS WIRE)--The "Carbon Capture and Storage - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Carbon Capture and Storage Market to Reach US$4.9 Billion by the Year 2026
Amid the COVID-19 crisis, the global market for Carbon Capture and Storage estimated at US$3.2 Billion in the year 2022, is projected to reach a revised size of US$4.9 Billion by 2026, growing at a CAGR of 9.9% over the analysis period.
Carbon Capture and Storage (CCS), also termed as Carbon Capture and Sequestration, refers to a suite of carbon abatement technologies used for capturing waste carbon dioxide from large point sources, compressing it, transporting it through pipelines or ships to desired locations, and storing it in the form of mineral carbonates, in geological formations, or in deep ocean masses for an indefinite period of time.
The strategy holds high relevance for nations that are diversifying their energy portfolios, but are anticipated to remain dependent on fossil fuels for decades to satiate their energy demand. Emerging applications include embedding CO2 in concrete and other building materials; converting the carbon into polyurethanes for application in furnishings and other materials. The carbon can be used for applications such as enhance oil and gas recovery (EOR), extending the economic life of a reservoir.
Carbon capture efforts are further favored by increasing focus of companies to investigate new use cases for captured carbon dioxide. Emerging applications include embedding CO2 in concrete and other building materials; converting the carbon into polyurethanes for application in furnishings and other materials. Various players in the US are exploring new technologies for reusing captured carbon emissions in novel ways including automobile seats and jet fuel. In addition, researchers are investigating new uses of captured carbon, such as building materials and algae biofuels. The approach is anticipated to also play an important role in supporting hydrogen, a green fuel with potential de-carbonize the industrial sector.
The U.S. Market is Estimated at $1.1 Billion in 2022, While China is Forecast to Reach $482 Million by 2026
The Carbon Capture and Storage market in the U.S. is estimated at US$1.1 Billion in the year 2022. The country currently accounts for a 33.5% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$482 Million in the year 2026 trailing a CAGR of 11.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.3% and 10.4% respectively over the analysis period.
Industrial Separation Segment to Reach $293.9 Million by 2026
In the global Industrial Separation segment, USA, Canada, Japan, China and Europe will drive the 7.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$148.3 Million will reach a projected size of US$249.1 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$12.9 Million by the year 2026.
Select Competitors (Total 90 Featured):
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/g1na6o
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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NEW YORK--(BUSINESS WIRE)--SMBC and SMBC Nikko Securities America, Inc., members of SMBC Group, announced the completed execution of one the largest private placements in Latin America in recent history, refinancing Innergex’s Chilean platform, with several businesses playing integral roles in the deal’s success. The deal involved the close of Aela Generación S.A.’s $710MM green bond issuance, the proceeds of which were used to partially finance the Aela acquisition, refinance all existing debt in a portfolio of 609MW, and fund the installation of a battery energy storage system.
“The closing of this transaction demonstrates the well-coordinated effort among several deal teams that brought market-leading execution on large and complex transactions such as Innergex’s private placement,” said David Gonzalez, Managing Director and Head of Project & Structured Finance-Latin America. “We want to thank everyone involved for their hard work resulting in another successful transaction, further strengthening our team’s leadership in Project and Structured Finance in Latin America.”
SMBC Nikko Securities America, Inc. closed its first buy-side transaction in Latin America on June 9, acting as an exclusive buy-side advisor on a $686MM deal for Innergex Renewable Energy Inc. (Innergex). This completed Innergex’s acquisition of Aela, a wind portfolio with a capacity of 332 MW across three fully operating assets (Sarco, Cuel, and Aurora), in one of the most visible M&A transactions in the region. SMBC Group played multiple significant roles in these transactions, with SMBC Nikko Securities America, Inc. serving as the buy-side advisor for the Aela acquisition, and as sole lead placement agent and Rating Advisor for the U.S. Private Placement; SMBC Group also acted as exclusive financial advisor for the refinancing, Green Bond Coordinator, and sole issuing bank of reserve account letters of credits required under the bond.
“The strategic value that our deal and banking teams have provided to Innergex, playing multiple leadership roles, is a clear testament to the strong progress that we have made as an organization in our efforts to align seamlessly and holistically across various disciplines and entities to deliver efficient and value-added solutions to our core clients,” said Carl Adams, Deputy Head of the Americas Division.
About SMBC Group
SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 140 offices and 86,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges. As of March 31, 2022, its total assets were $2.11 trillion.
In the Americas, SMBC Group has a presence in the U.S., Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Nikko Securities Canada, Ltd., SMBC Capital Markets, Inc., SMBC Rail Services LLC, Manufacturers Bank, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd. For more information, please visit www.smbcgroup.com.
About Innergex
For over 30 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity. As an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that generating power from renewable sources will lead the way to a better world. Innergex conducts operations in Canada, the United States, France and Chile and manages a large portfolio of high-quality assets currently consisting of interests in 84 operating facilities with an aggregate net installed capacity of 3,484 MW (gross 4,184 MW) and an energy storage capacity of 159 MWh, including 40 hydroelectric facilities, 35 wind farms, 8 solar farms and 1 battery energy storage facility. Innergex also holds interests in 13 projects under development with a net installed capacity of 731 MW (gross 768 MW) and an energy storage capacity of 745 MWh, 3 of which are under construction, as well as prospective projects at different stages of development with an aggregate gross installed capacity totaling 7,495 MW. Its approach to building shareholder value is to generate sustainable cash flows, provide an attractive risk adjusted return on invested capital and to distribute a stable dividend.
AnneMarie Laorenza
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DUBLIN--(BUSINESS WIRE)--The "Electric Vehicles and Fuel Cell Vehicles: Global Markets" report has been added to ResearchAndMarkets.com's offering.
This report discusses three future scenarios, that is, pessimistic, consensus, and optimistic; forecasts are provided for the consensus scenario. Power source (lithium-ion batteries and fuel cells) sales and values are provided. A patent analysis and discussion of power sources and vehicle components describe the areas in which research is being performed and emphasizes intellectual property issues.
Although e-scooters have the largest share in unit sales in the overall EV market, the passenger EV segment holds the highest share in revenue among all the EV segments. The EV market's significant growth in revenue will come from the increasing number of passenger vehicles due to the increasing unit sales and higher unit sale costs.
By region, Asia-Pacific leads the global electric vehicles market. China leads the Asia-Pacific region and the world market in unit sales of electric cars/passenger cars. Europe and North America follow Asia- Pacific in terms of passenger car unit sales. China also leads the world in e-scooter unit sales and revenue.
A rising number of nations have promised to eliminate internal combustion engines or have aggressive car electrification goals for the coming decades. Meanwhile, many automakers have plans to electrify fleets that exceed legislative goals. In 2021, there were five times as many new EV models as in 2015, increasing their appeal to consumers.
The COVID-19 outbreak and Russia and Ukraine war have created a sudden disruption in global supply chains, particularly in the automotive industry. Soon, delays in EV delivery to clients may stifle sales growth in some countries. However, in the long run, government and business efforts to electrify transportation are laying a solid foundation for future EV sales growth.
Access to public charging will need to extend as EV markets grow. Most EV charging now occurs at people's homes and offices. Consumers will increasingly demand EVs provide the same services, simplicity, and autonomy as conventional automobiles.
The values are expressed in billions of dollars ($ billions), and shipments/volumes are expressed in thousands of units. Values are based on the equivalent of wholesale, or the price charged to the retailer before mark-up. However, advanced EVs are sold below the actual manufacturing cost. This may be due to regulatory compliance or the desire to establish a market before the economics of scale take hold. The cost to consumers may be reduced considerably when government subsidies or possible tax breaks are considered in the dealer price.
The publisher analyzed the industry worldwide regarding the manufacturing and deploying technologies or products. For the most relevant and available EVs, The publisher examined the role of government both in regulating the industry and supporting electric vehicle & fuel cell vehicles through promotional incentives. The report discusses recent trends and sales and provides industry overviews and market assessments for leading EV technology. Estimated values used are based on manufacturers' total revenues.
Regional and country-level markets are segmented and analyzed by configuration and application. The report also covers the impact of the COVID-19 pandemic. The market sizes and estimations are provided regarding revenue, with 2021 as the base year; market forecasts will be given for 2022 to 2027.
Report Includes
Key Topics Covered:
Chapter 1 Introduction
Chapter 2 Summary and Highlights
Chapter 3 Market Overview
Chapter 4 Market Breakdown by Configuration
Chapter 5 Market Breakdown by Vehicle Type
Chapter 6 Market Breakdown by Power Source
Chapter 7 Market Breakdown by Region
Chapter 8 Competitive Landscape
Chapter 9 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/j8c1z2
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Utility industry leader brings over 30 years’ experience in managing and transforming electric grids for resilience to climate change
SAN JOSE, Calif.--(BUSINESS WIRE)--AiDash, a leading provider of satellite and AI-powered operations, maintenance, and sustainability solutions, today announced the appointment of Gary Huntley, former Vice President of Distribution Services for Entergy, to its advisory board. Huntley brings more than 30 years experience at industry titans, Entergy and Chevron.
“With US Department of Energy data showing weather-related power outages increasing 67% since 2000, Gary has timely and unparalleled executive experience in vegetation management and direct operations throughout some of the worst storms in history,” says Abhishek Singh, co-founder and CEO of AiDash. “His first-hand insights will shape the roadmap for our climate tech solutions that are transforming the utility industry’s climate resiliency for the grid, system hardening investments, and post-storm restoration. We will continue to drive toward fewer power outages and customer interruptions, with improved SAIDI and SAIFI indices for our customers. Gary’s real-world experience is already embedded in our AiDash Disaster and Disruption Management System (DDMS), which we launched at DISTRIBUTECH in May 2022.”
AiDash’s advisory board includes industry leaders with extensive, deep-domain expertise and substantial operational experience. They shape the company’s clean-technology, industry solutions by identifying industry challenges and influencing breakthrough solutions. Huntley will advise on the company’s strategic direction on product development and go-to-market plans in vegetation management and disaster planning and recovery.
“At Entergy, I was driven to get prompt, precise information to quickly analyze field conditions and develop solutions that increased reliability and operational safety. Prompt data and agile solutions are powerful in responding to continual vegetation management challenges and extraordinary disasters. I experienced over a dozen storms, including Hurricanes Laura, Delta, Zeta, and Ida in recent years,” says Huntley. “AiDash’s satellite and AI technology already gives utilities unprecedented agility and cost-effective solutions for managing vegetation and disasters. I’m working with the product teams to implement comprehensive, satellite-powered storm management processes, optimize disaster risk mitigation, strengthen grid hardening, and more.”
The AiDash advisory board is complemented by a newly created team of in-house evangelists, including ISA-certified arborists and other specialists hired directly from leading utilities like PG&E, Oncor, Exelon BGE, and National Grid, with advanced certifications, who will apply their mastery to develop data-driven approaches to vegetation management, wildfire mitigation, storm hardening, storm risk mitigation, grid resiliency, pipeline integrity, and sustainability.
About AiDash
AiDash is an AI-first vertical SaaS company on a mission to transform operations, maintenance, and sustainability in industries with geographically distributed assets by using satellites and AI at scale. With access to a continual, near real-time stream of critical data, utilities, energy, mining, and other core industries can make more informed decisions and build optimized long-term plans, all while reducing costs, improving reliability, and achieving sustainability goals. To learn more about how AiDash is helping core industries become more resilient, efficient, and sustainable, visit www.aidash.com.
BAM for AiDash
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DUBLIN--(BUSINESS WIRE)--The "Hydrogen Energy Storage Market Size, Share & Trends Analysis Report by Technology (Compression, Liquefaction, Material Based), by Physical State (Solid, Liquid, Gas), by Application, by Region and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global hydrogen energy storage market size is expected to reach USD 21.66 billion by 2030. The market is expected to expand at a CAGR of 4.4% from 2022 to 2030. The supportive developments and policy support from countries around the world will boost the growth of the market in the near future.
Over the forecast period, growing applications of fuel cell technologies such as transportation, portable electricity, and stationary power are expected to bolster the expanding need for hydrogen energy storage. Through renewable-powered electrolysis, an excess amount of wasted renewable energy is used to produce green hydrogen. Forward integration is used by market actors in numerous countries when selling hydrogen produced on-site from renewable sources to major industrial users.
The increased deployment of hydrogen energy storage in the utility, commercial, and residential sectors is driving the industry. The sector is predicted to grow due to high industrial demand for hydrogen in metal treatment, petroleum refining, and food processing. Potential opportunity for the market lies in increasing the commercialization of power-to-gas technology. In this technology, hydrogen can be converted back to electricity and used for powering the electric grid during peak hours.
Industry participants are entering into partnerships with the research organizations in order to construct full-scale hydrogen energy storage projects. For instance, U.S. utility provider Xcel Energy partnered with National Renewable Energy Laboratory (NREL) to construct a 110 kW capacity project that would utilize surplus wind energy to produce hydrogen through electrolysis and store it for later use. COVID-19 affected the growth of the market for hydrogen energy storage owing to factors such as reducing operational costs by end users, coupled with disruption in spare parts availability due to delays in manufacturing and logistics issues.
Hydrogen Energy Storage Market Report Highlights
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Hydrogen Energy Storage Market Variables, Trends & Scope
Chapter 4. Hydrogen Energy Storage Market: Technology Estimates & Trend Analysis
Chapter 5. Hydrogen Energy Storage Market: Physical State Estimates & Trend Analysis
Chapter 6. Hydrogen Energy Storage Market: Application Estimates & Trend Analysis
Chapter 7. Hydrogen Energy Storage Market: Regional Estimates & Trend Analysis
Chapter 8. Competitive Analysis
Chapter 9. Company Profiles
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/9o9qlw
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Mark Orsmond Assumes CFO Role
Bal Bhullar Appointed Chief Compliance Officer
Tony Dent Named General Counsel
VANCOUVER, British Columbia--(BUSINESS WIRE)--ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica” or the “Company”), a designer and manufacturer of electric vehicles revolutionizing the urban driving experience, today announced that Mark Orsmond, an experienced finance executive, will become Chief Financial Officer, effective immediately. In addition, Bal Bhullar will now assume the newly-created role of Chief Compliance Officer, and Tony Dent, a seasoned legal professional, has now been appointed General Counsel of the Company.
Kevin Pavlov, Chief Executive Officer of ElectraMeccanica, stated, “Today, I’m both pleased and excited to announce that ElectraMeccanica has added two new, superior executives to our leadership team. Their experience and leadership will be critical to ElectraMeccanica at this pivotal stage of our growth and localization. We welcome Mark and Tony to the team and look forward to our future collaboration. I am also pleased to confirm the appointment of Bal Bhullar as Chief Compliance Officer and thank her for her years of service as ElectraMeccanica’s Chief Financial Officer.”
Mr. Orsmond is a seasoned finance and corporate development executive who has held multiple CFO roles at engineering and technology-driven companies, including, most recently, his role as Executive Vice President and Chief Financial Officer of Taiga Motors, a leading public provider of all-electric off-road vehicles. Mr. Orsmond’s finance experience also includes fundraising, taking companies public and corporate development/M&A, both nationally and internationally, and he is also credentialled in supply chain management.
Ms. Bhullar will be assuming the newly-created role of Chief Compliance Officer given both her professional experience at ElectraMeccanica and elsewhere, and her deep knowledge regarding the Company, its operations and its practices. In this role, Ms. Bhullar will be invaluable to both the finance and legal functions of the organization as it pushes towards commercial scale, smoothing the expected transition to full, onshore manufacturing capabilities at the end of 2022.
Mr. Dent comes to ElectraMeccanica most recently from Harley-Davidson, where he steadily expanded a diverse portfolio of legal roles across the entire company, both inside and outside the US, including as their LiveWire division’s Chief Counsel, where he served as primary counsel to Harley-Davidson’s electric vehicle operations. With significant commercial and international law experience, Mr Dent’s portfolio at ElectraMeccanica will include, without limitation, the Company’s licensing efforts - essential to expanding EMV’s ability to sell more vehicles.
About ElectraMeccanica Vehicles Corp.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) is a designer and manufacturer of environmentally efficient electric vehicles (EVs). The company’s flagship vehicle is the innovative, purpose-built, single-seat EV called the SOLO. This three-wheeled vehicle will revolutionize the urban driving experience, including commuting, delivery and shared mobility. Engineered for a single occupant, it offers a unique driving experience for the environmentally conscious consumer. Depending on driving conditions, temperature and climate controls, the SOLO has a range of up to 100 miles and a top speed of up to 80 mph. The SOLO also features front and rear crumple zones, side impact protection, roll bar, torque-limiting control as well as power steering, power brakes, air conditioning and a Bluetooth entertainment system. It blends a modern look with safety features at an accessible price point of $18,500 (MSRP) for the consumer model and $24,500 (MSRP) for the delivery-oriented SOLO Cargo model, which features an expanded cargo box to accommodate a wide variety of fleet and commercial applications. The SOLO is currently available for order here. For more information, please visit www.electrameccanica.com.
Safe Harbor Statement
Except for the statements of historical fact contained herein, the information presented in this news release constitutes “forward-looking statements” as such term is used in applicable United States and Canadian securities laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “anticipates”, “estimates”, “projects”, “expects”, “contemplates”, “intends”, “believes”, “plans”, “may”, “will”, or their negatives or other comparable words) are not statements of historical fact and should be viewed as “forward-looking statements”. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the prices of other electric vehicles, costs associated with manufacturing vehicles, the availability of capital to fund business plans and the resulting dilution caused by the raising of capital through the sale of shares, changes in the electric vehicle market, changes in government regulation, developments in alternative technologies, inexperience in servicing electric vehicles, labour disputes and other risks of the electric vehicle industry including, without limitation, those associated with the delays in obtaining governmental approvals and/or certifications. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made, and the Company undertakes no obligation to update forward looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the United States Securities and Exchange Commission (the “SEC”) (available at www.sec.gov) and with Canadian securities administrators (available at www.sedar.com). Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company’s periodic reports filed from time-to-time with the SEC. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
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Leading Crane Rental Company to Accelerate Growth and Continue Support of the U.S. Wind Industry
AURORA, Ill.--(BUSINESS WIRE)--Atlas Crane Service, LLC (“Atlas” or the “Company”), a full-service crane rental company that primarily serves the wind industry, announced today that a fund managed by the Infrastructure Opportunities strategy of Ares Management (“Ares”) has acquired a controlling interest in the Company.
Founded in 2009 and headquartered in Aurora, Illinois, Atlas is a full-service crane rental provider offering turnkey maintenance, repair, and overhaul solutions to over 250 customers. The Company’s fleet of cranes provides mission critical maintenance and repair services for wind turbines. Atlas’ executive management team, led by Zach Prentis, Chief Executive Officer, will continue to guide the company with an emphasis on growth, geographic expansion, and a continued focus on delivering premier services and a dedication to safety.
“The investment by Ares marks an exciting next chapter for Atlas, our employees and our customers as we seek to accelerate the growth of our business and capabilities,” said Prentis. “Ares brings meaningful resources and deep experience in the renewables industry, which we believe will support our strategic expansion in the growing wind sector. Our team is energized by the future opportunities for Atlas and we remain steadfast in our commitment to supporting renewable energy generation across the U.S.”
“We are excited to support Atlas’ long-term vision and leverage our combined strengths as we seek to drive continued growth of renewable energy power generation,” said Keith Derman, Partner and Co-Head of Ares Infrastructure Opportunities. “Zach and his team have built a differentiated business with a strong, entrepreneurial culture, and we look forward to helping them provide critical services and solutions to wind asset owners and operators throughout the country.”
“Ares and Atlas share a commitment to accelerating the transition to a low carbon economy, which requires high quality and competitively priced servicing of wind energy assets,” said Steve Porto, Partner in Ares Infrastructure Opportunities. “We believe that Ares’ deep renewables experience will provide Atlas with strong support to capitalize on the significant opportunity in this resilient and growing asset class.”
TM Capital served as the exclusive financial advisor to Atlas Crane Service. Terms of the transaction were not disclosed.
About Atlas Crane Service
Founded in 2009 and headquartered in Aurora, Illinois, Atlas is a full-service crane rental provider offering turnkey MRO solutions to over 250 customers. Atlas has a diverse fleet of all-terrain, rough terrain, hydraulic, crawler and tele-crawler cranes, along with additional value-added services including skilled operators on nearly all rentals, transportation, heavy hauling, subcontracted labor coordination, engineering and permitting. Prior to its acquisition by an Ares Management fund, Atlas was founder-owned and operated for over 13 years. Atlas primarily performs mission critical recurring maintenance, repair – for both planned and emergency break-fix – and repowering of wind turbines. The Company also serves non-wind markets in the Midwest US. To learn more, visit https://atlascraneserviceinc.com.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2022, Ares Management Corporation's global platform had approximately $334 billion of assets under management, with over 2,300 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.
For Atlas:
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Jacob Silber, +1 212-301-0376
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PALATKA, Fla.--(BUSINESS WIRE)--Saint-Gobain, through its building products subsidiary CertainTeed LLC, will install recycling technology at its gypsum plant in Palatka, Florida, increasing the recycled content in its wallboard products manufactured in Palatka by 18,000 tons/year while also reducing the site’s carbon dioxide emissions by 2,260 tons/year.
The project represents a $1.1 Million investment from CertainTeed and comes as Saint-Gobain continues to roll out its new global Grow and Impact strategy, which includes reducing waste and increasing recycling efforts at its manufacturing sites.
Gypsum wallboard is made from a gypsum slurry that is poured and dries between two sheets of paper. Some scrap materials, consisting of gypsum and paper, are normally created every time a production line is started up or shut down, or when production equipment is changed to manufacture different sizes of wallboard.
The new recycling technology in Palatka will work by grinding the waste gypsum and waste paper down into fine particles, allowing the plant to capture and internally recycle the materials, which are sorted and then reintroduced to the production process at the plant.
Today, each wallboard produced at CertainTeed’s Palatka facility includes recycled content. The upgraded technology, which the company plans to take online later this year, will increase the amount of recycled material in wallboard manufactured in Palatka.
The new equipment is powered by electricity and replaces older equipment currently powered by diesel, lowering the plant’s Scope 1 Emissions from its operations. Additionally, by consuming more recycled gypsum, the plant is less reliant on feedstock that is shipped to Palatka from external sources, allowing the site to also reduce Scope 3 Emissions associated with transporting the feedstock.
The investment in Palatka follows similar investments that will increase the recycled content of wallboard made at CertainTeed’s gypsum plants in Silver Grove, Kentucky and Nashville, Arkansas.
“In Palatka and at all of our manufacturing sites in North America, our team will continue to aggressively pursue opportunities to maximize our company’s positive impact, for our customers and the communities where we operate, while minimizing our environmental footprint,” said Jay Bachmann, Vice President and General Manager of CertainTeed Interior Products Group. “The new technology in Palatka will allow us to increase the recycled content in our products, reduce our carbon dioxide emissions at the plant, and strengthen our operations at a time of unprecedented consumer demand for gypsum wallboard in the southeastern United States.”
CertainTeed’s Palatka plant began operations in 2001 and sits on more than 100 acres of land in Putnam County. Today the plant is home to 150 employees and is one of the largest employers in Palatka, and also one of the largest gypsum plants in the southeastern United States. The plant is currently hiring for several roles in engineering and production. A complete listing of job openings at all Saint-Gobain locations, including the CertainTeed site in Palatka, can be found on the company’s website.
The investment in recycling technology in Palatka follows several other recent actions taken by the company to solidify its commitment towards sustainability:
About CertainTeed
Through the responsible development of innovative and sustainable building products, CertainTeed, headquartered in Malvern, Pennsylvania, has helped shape the building products industry for more than 115 years. Founded in 1904 as General Roofing Manufacturing Company, the firm’s slogan “Quality Made Certain, Satisfaction Guaranteed,” inspired the name CertainTeed. Today, CertainTeed is a leading North American brand of exterior and interior building products, including roofing, siding, solar, fence, railing, trim, insulation, drywall and ceilings. www.certainteed.com.
About Saint-Gobain
Worldwide leader in light and sustainable construction, Saint-Gobain designs, manufactures and distributes materials and services for the construction and industrial markets. Its integrated solutions for the renovation of public and private buildings, light construction and the decarbonization of construction and industry are developed through a continuous innovation process and provide sustainability and performance. The Group’s commitment is guided by its purpose, “MAKING THE WORLD A BETTER HOME”.
€44.2 billion in sales in 2021
167,000 employees, located in 76 countries
Committed to achieving Carbon Neutrality by 2050
For more details on Saint-Gobain, visit http://www.saint-gobain.com and follow us on Twitter @saintgobain.
Media
David Rosen
Saint-Gobain
Corporate Communications
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Expands Residential Building Capabilities
Transaction expected to be immediately accretive to earnings
BUFFALO, New York--(BUSINESS WIRE)--$ROCK #ROCK--Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets, today announced it has acquired Quality Aluminum Products (QAP), a manufacturer of residential building products, for $54 million in cash, subject to customary adjustments for working capital.
QAP manufactures aluminum and steel products including soffit, fascia, trim coil, rain carrying products and aluminum siding, and serves wholesale markets in the Midwest, Northeast and South. For the trailing twelve months ended July 31, 2022, QAP recorded revenue of $93 million and Adjusted EBITDA of $11.5 million. The transaction is expected to be immediately accretive to earnings.
“The acquisition of QAP expands our residential product offering and builds our presence in additional regional markets supporting both retail and wholesale customers,” Chairman and CEO Bill Bosway stated. “Adding a market leader like QAP supports our overall objective of accelerating growth, earnings, and market participation while also adding a best-in-class operating team to the Gibraltar organization.”
“I am excited that QAP has joined Gibraltar—our companies both have a strong heritage focusing on customer satisfaction,” said Bob Clark, CEO, QAP. “I look forward to the work we will do together to deliver a strong platform of growth that benefits our employees and customers alike.”
About Gibraltar
Gibraltar is a leading manufacturer and provider of products and services for the renewable energy, residential, agtech, and infrastructure markets. Gibraltar’s mission, to make life better for people and the planet, is fueled by advancing the disciplines of engineering, science, and technology. Gibraltar is innovating to reshape critical markets in comfortable living, sustainable power, and productive growing throughout North America. For more please visit www.gibraltar1.com.
Forward-Looking Statements
Certain information set forth in this news release, other than historical statements, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current expectations, estimates, forecasts, and projections about the Company’s business, and management’s beliefs about future operations, results, and financial position. These statements are not guarantees of future performance and are subject to a number of risk factors, uncertainties, and assumptions. Actual events, performance, or results could differ materially from the anticipated events, performance, or results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, among other things, the availability and pricing of our principal raw materials and component parts, supply chain challenges causing project delays and field operations inefficiencies and disruptions, availability of labor at our manufacturing and distribution facilities or on our project sites, further impacts of COVID-19 on our customers, suppliers, employees, operations, business, liquidity and cash flows, the loss of any key customers, other general economic conditions and conditions in the particular markets in which we operate, changes in customer demand, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, our ability to realize synergies from newly acquired businesses, disruptions to our IT systems, and the impact of regulation. Before making any investment decisions regarding our company, we strongly advise you to read the section entitled “Risk Factors” in our most recent annual report on Form 10-K and Quarterly Report on Form 10-Q which can be accessed under the “SEC Filings” link of the “Investor Info” page of our website at www.Gibraltar1.com. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law or regulation.
Adjusted Financial Measures
Gibraltar presented a non-GAAP financial measure in this news release, adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA). Adjusted EBITDA excludes interest, taxes, depreciation, amortization, management fees and certain other miscellaneous charges. In evaluating this business, the Company considers and uses this non-GAAP financial measure as supplemental measure of its operating performance. The Company believes that the presentation of results excluding these items provides meaningful supplemental data to investors that are indicative of QAP’s core operating results and facilitates comparison with other companies.
LHA Investor Relations
Jody Burfening/Carolyn Capaccio
(212) 838-3777
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Dedicated Business Units Will Enable Deeper Vertical Knowledge, Focused Skills Application, and Increased Agility for Customers as well as Better Structured Growth Paths for Employees
MONTVILLE, N.J.--(BUSINESS WIRE)--#additivemanufacturing--Marotta Controls announces a strategic reorganization designed to strengthen product development and manufacturing processes, in turn improving the customer experience. The new structure remodels the company’s business units—Marine & Aerospace, Space, and Power & Actuation Systems—to function as fully supported verticals that manage a program’s complete lifecycle.
“The restructuring of our business units has been in process for some time. It’s a natural evolution driven by our accelerated growth experienced in recent years,” said Patrick Marotta, President and CEO, Marotta Controls. “The changes well-position us for future expansion as well, as they establish repeatable operational and reporting structures that can more easily scale. We trust our customers will embrace the new model as it will only enhance our ability to continue designing, developing, and delivering innovative solutions going forward.”
Vertical Business Units = Vertical Expertise
Prior to the reorganization, Marotta’s business units primarily focused on program management and business development. The Engineering, Quality, and Operations (i.e., supply chain, production, machining, etc.) teams were horizontal in that they worked across all units.
The new vertical approach ensures the business units are now each equipped with dedicated Engineering, Quality, and Operations services. This will allow for engineers to become highly specialized in their assigned product market, rather than having to develop and keep current cross-market skill sets.
“For decades, we operated as a small business that required sharing critical engineering and production resources. That model worked while our product lines remained primarily focused on our legacy valve solutions. As our space products, power solutions, and control actuation systems move to volume production, we recognize that it makes better sense to dedicate resources to each line so that we can remain nimble,” added Patrick.
Expanding Career Opportunities
Marotta Controls also views the reorganization as an opportunity to better support employees’ career progression. The vertical approach sets cleaner career paths for staff members as it gives them the ability to develop nuanced skill sets as well as access to more leadership roles. Employees can also pursue professional development plans that see them cross into new business units, thereby gaining new market knowledge as desired.
“Career progression is something our employees value as does the executive leadership team. The restructuring benefits for our staff equal those for our customers. By implementing a business-unit-focused structure, we’re creating new career opportunities. We’re also opening channels for cross-unit best practice sharing, which again will strengthen our output for customers while advancing individual team member’s expertise,” said Patrick.
New Appointments
Per the reorganization, Marotta Controls also announced the following new appointments:
Steve Fox, currently the VP Aerospace & Tactical Systems, will expand his responsibilities as the Senior Vice President, Power & Actuation Systems. He comes to this role as an accomplished veteran of the aerospace and defense industries. Steve holds more than 20 years of leadership experience within Marotta Controls where he transformed the Engineering and Operations organizations by nurturing a culture of performance excellence.
Marilyn Petite, currently the Vice President of Operations, will expand her responsibilities as the Vice President, Marine & Aerospace Systems. Having joined the company in 2002, she has been instrumental in developing a quality-focused culture across the organization. Throughout her tenure, Marilyn has overseen each of Marotta’s production cells—a responsibility that includes supply chain management, purchasing, and planning. She has also served as VP of Contracts & Customer Service, giving her unique insight into the expectations and needs of customers.
Max Wolfinger will maintain his role as Vice President of Space Systems, a position he has held since 2020. With nearly ten years at Marotta Controls, Max has risen through the company to successfully evolve the business unit that supports government as well as commercial spaceflight. Under Max’s leadership, Marotta has notably expanded its market share in the emerging commercial space industry by leveraging the company’s legacy valve product portfolio.
Mike Heller, currently Marotta’s Vice President Finance & CFO, will expand his responsibilities as the Executive Vice President & CFO. In addition to Finance, he will now oversee Human Resources, Quality Systems, Continuous Improvement, and Marketing. To date, Mike has contributed to the development and implementation of Marotta’s Business Units and has helped scale the company, its support functions, and capital structure for growth. He brings to this new role nearly two decades of experience in Aerospace and Defense leading a variety of functions for middle-market and Fortune 500 firms.
About Marotta Controls
Founded in 1943, Marotta Controls is a fully integrated solutions provider which designs, develops, qualifies, and manufactures innovative systems and sub-systems for the aerospace and defense sectors. Our portfolio includes pressure, power, motion, fluid, and electronic controls for tactical systems, shipboard and sub-sea applications, satellites, launch vehicles, and aircraft systems. With over 200 patents, Marotta Controls continues to build on its legacy as a highly respected, family-owned small business based in the state of New Jersey. Twitter: @marottacontrols LinkedIn: Marotta Controls, Inc.
Heather Ailara
211 Communications
+1.973.567.6040
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Katee Glass
Marotta Controls, Inc.
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AW-Energy, RedShift Energy, and Renkube selected for industrial scaling program
HOUSTON--(BUSINESS WIRE)--Halliburton Labs today announced it selected three new companies to participate in its collaborative environment to advance cleaner, affordable, and reliable energy. As a Halliburton Labs participant, AW-Energy, RedShift Energy, and Renkube will receive access to a broad range of industrial capabilities, technical expertise, and mentorships to scale their respective businesses.
“Halliburton Labs is excited to welcome AW-Energy, RedShift, and Renkube to our clean energy accelerator,” said Dale Winger, managing director of Halliburton Labs. “These new companies reflect our view that numerous innovations at scale are important in the evolution of energy systems. We are intrigued by the learning and possibilities represented by the breadth of market applications and geographies with participants based in Finland, India, and the United States. We are eager to collaborate with these companies to help them achieve their strategic, operational, and financial milestones.”
AW-Energy harnesses the potential of ocean waves with its WaveRoller® technology. WaveRoller is an oscillating wave surge converter designed to convert kinetic energy from waves into electricity. AW-Energy aims to produce reliable, predictable electricity when it is most needed and can provide the most value. “With the technology already certified and deployed at commercial scale, we are excited to access Halliburton’s global network and engineering expertise to develop our first series of wave farms,” said AW-Energy CEO Christopher Ridgewell.
RedShift Energy uses plasma energy to produce hydrogen from hydrogen sulfide. The company’s modular technology is designed for economic applications across the petroleum value chain including unlocking trapped reserves upstream and recycling hydrogen downstream. “RedShift’s hydrogen technology has the potential to be a key feature in energy transition,” said CEO Howard Nelson. “Joining Halliburton Labs will accelerate commercialization with the help of their broad expertise, supply chain experience, and world-wide network,” added co-founder and Chief Scientist Alex Gutsol.
Renkube developed an innovative glass designed to harvest light that lowers the cost of solar energy generation. The patent-pending glass is used on solar panels to track sunlight like a sunflower but without any movement. "We are excited to be part of the Halliburton Labs accelerator. We intend to leverage Halliburton’s deep industrial expertise in manufacturing and operations as we roll out our product for commercialization," said Balaji Lakshmikanth Bangolae, founder and CEO, Renkube.
Halliburton Labs is now accepting applications for its next group of participants. Applications are accessible via the Halliburton Labs website and are due by August 31, 2022. Please register here to attend the upcoming Finalists Pitch Day on September 28, 2022.
ABOUT HALLIBURTON LABS
Halliburton Labs is a collaborative environment where entrepreneurs, academics, investors and industrial labs join to advance cleaner, affordable energy. Located at Halliburton Company’s headquarters in Houston, Texas, Halliburton Labs provides access to world-class facilities, operational expertise, practical mentorship and financing opportunities in a single location to help participants scale their business. Visit the company’s website at www.halliburtonlabs.com. Connect with Halliburton Labs on Twitter, LinkedIn and Instagram. Halliburton Labs is a wholly owned subsidiary of Halliburton Company (NYSE: HAL).
For Investors:
David Coleman
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281-871-2688
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Brad Leone
External Affairs
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ARLINGTON, Va.--(BUSINESS WIRE)--$AVAV--AeroVironment, Inc. (NASDAQ: AVAV), a global leader in intelligent, multi-domain robotic systems, announced today the publication of its inaugural Corporate Social Responsibility report, detailing the company’s environmental, social and governance achievements to date and its commitment to developing sustainable products, cultivating a diverse and inclusive workforce, and pursuing continuous improvement in environmental performance for the future. The company plans to release an updated report on progress annually.
“AeroVironment is built on a legacy of more than 50 years of environmental stewardship and our continued commitment to sustainability is embedded in our company’s mission of developing innovative, future-forward technologies that save energy, resources and lives,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “With our inaugural sustainability report, we are able to translate these inherent ideals into tangible data that we can evaluate and improve upon.
“Setting these expectations and communicating them publicly to our employees, customers, partners, suppliers, communities and shareholders further strengthens our commitment to doing more with less and ensuring that our environmental footprint is as light as possible while hopefully inspiring other organizations to follow suit.”
Highlights from the report include:
To view AeroVironment’s inaugural 2022 Corporate Social Responsibility report, visit www.avinc.com.
ABOUT AEROVIRONMENT, INC.
AeroVironment (NASDAQ: AVAV) provides technology solutions at the intersection of robotics, sensors, software analytics and connectivity that deliver more actionable intelligence so you can Proceed with Certainty. Headquartered in Virginia, AeroVironment is a global leader in intelligent, multi-domain robotic systems and serves defense, government and commercial customers. For more information, visit www.avinc.com.
SAFE HARBOR STATEMENT
Certain statements in this press release may constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from those expressed or implied. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to perform under existing contracts and obtain additional contracts; changes in the regulatory environment; the activities of competitors; failure of the markets in which we operate to grow; failure to expand into new markets; failure to develop new products or integrate new technology with current products; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Makayla Thomas
AeroVironment, Inc.
+1 (805) 520-8350
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Mark Boyer
For AeroVironment, Inc.
+1 (310) 229-5956
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DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or the “Company”) today announced a solar project award with an estimated value of $270 million. The contract was secured by the Company’s Energy/Renewables Segment.
The award is for the engineering, procurement, and construction of a utility-scale solar facility in the Southwest, adding approximately 500 megawatts to over 3,900 megawatts of solar power projects which Primoris currently has under construction. Initial project construction will begin in the fourth quarter of 2022 with completion of the project expected in the fourth quarter of 2023.
About Primoris
Primoris Services Corporation is a leading specialty contractor providing critical infrastructure services to the utility, energy/renewables and pipeline services markets throughout the United States and Canada. The Company supports a diversified base of blue-chip customers with engineering, procurement, construction and maintenance services. A focus on multi-year master service agreements and an expanded presence in higher-margin, higher-growth markets such as utility-scale solar facility installations, renewable fuels, power delivery systems and communications infrastructure have also increased the Company’s potential for long-term growth. Additional information on Primoris is available at www.primoriscorp.com.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “will”, “would” or similar expressions. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, the risks described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2021, and our other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Jeremy Apple
312-690-6003
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Acquisition of AGE Increases Priority Power’s Footprint in the Midwest and Bolsters Priority Power’s Rapidly Expanding Solar Development Business
THE WOODLANDS, Texas & MT. VERNON, Ill.--(BUSINESS WIRE)--Priority Power Management, Inc. (“Priority Power” or the “Company”), a leader in energy optimization and infrastructure offering smart energy solutions and streamlined transitions to carbon neutrality, today announced that it successfully completed its acquisition of the energy procurement, consulting and solar development business of Affordable Gas & Electric Company, LLC (“AGE”).
This transaction further increases Priority Power’s footprint in Midwest energy markets where Priority Power, through Satori Energy (acquired in 2021), is a leader in energy procurement and consulting. The acquisition of AGE’s solar development business further bolsters Priority Power’s fast growing solar development business and its commitment to be leader in energy transition innovation.
AGE’s energy management services business, headquartered in Mt. Vernon, Illinois, serves hundreds of municipalities, Chambers of Commerce, businesses and industrial clients throughout Illinois and Ohio.
For a decade, AGE has been aggregating commercial, industrial and municipal electricity customers into strategic “bulk energy loads” to deliver cost effective and efficient energy procurement negotiating strength for its 125,000+ residential and 1,000+ commercial customers. AGE offers a complete suite of energy management and solutions focused on energy transition and sustainability. AGE also offers community solar programs, behind the meter solar solutions, co-generation solutions and other energy efficiency services such as lighting retrofits.
“The addition of AGE’s business to Priority Power’s industry leading energy procurement and consulting business reinforces our commitment to providing the premier suite of energy management solutions to our customers nationwide,” said Brandon Schwertner, Chief Executive Officer of Priority Power. “AGE’s energy procurement aggregation business and energy transition initiatives perfectly complement the expanding suite of services that Priority Power, through Satori, provides to our customers in the Midwest,” added David C. Wiers, President of Satori.
Jeff Haarmann, Managing Partner of AGE, noted that “Priority Power and Satori are the perfect partners for AGE’s customers, allowing for increased rate negotiating strength and access to even greater energy solution expertise that will guide our customers through this new sustainable energy world.”
About Priority Power:
Priority Power, backed by Oaktree Capital Management and Ara Partners, serves over 7,000 clients, totaling $2.7 billion in energy spend, across nearly every industry and vertical, and has well over $230 million of energy infrastructure projects completed, and over $1 billion in energy.
Priority Power is leading the Energy Transition with proven integrity, trust and transparency. Priority Power combines energy optimization and infrastructure expertise, with our proprietary technology, PriorityView, to help large scale commercial/industrial businesses achieve decarbonization and sustainability goals while also maximizing savings and efficiency. For more information on Priority Power, please visit www.prioritypower.com and linkedin.com/company/priority-power-inc.
Katherine Tappan
Investor Relations
501-951-5282
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