HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (NYSE: EPD) announced today it will host investor meetings at the following conferences:
The latest investor deck, which may be used to facilitate investor meetings, can be accessed under the Investors tab on the Enterprise website.
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products transportation, storage, and marine terminals and related services; and a marine transportation business that operates on key United States inland and intracoastal waterway systems. The partnership’s assets include more than 50,000 miles of pipelines; over 260 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 Bcf of natural gas storage capacity. Please visit www.enterpriseproducts.com for more information.
Randy Burkhalter, Investor Relations, (713) 381-6812 or (866) 230-0745, This email address is being protected from spambots. You need JavaScript enabled to view it.
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LONDON--(BUSINESS WIRE)--$loco #esg--LocoSoco Group Plc (“LocoSoco”, “LOCO”), the platform that profits from distributing products & technologies that contribute to sustainability and is listed on the Direct Market segment of the Vienna MTF, is pleased to announce further partnerships with SulNOx Group Plc (“SulNOx”) who are traded on the Apex segment of the AQSE Stock Exchange.
LocoSoco is listed on the Direct Market segment of the Vienna MTF.
For quotes and trading data, link here: https://www.wienerborse.at/en/market-data/shares-others/quote-direct/?ISIN=GB00BD5BTL23
LocoSoco & SulNOx
LocoSoco and SulNOx have been working in partnership for over a year to develop route to market strategies and partnerships for SulNOx’s biodegradable fuel and emulsification technologies for both consumer and commercial applications.
SulNOx’s team have an incredible track record of developing, testing and delivering innovative and compliant fuel solutions across sectors including transport, shipping and logistics to deliver lower CO2 emissions on vehicles by yielding higher fuel efficiency with their proprietary technologies.
With LocoSoco pushing ahead with developing their waste conversion projects for converting tyres and plastic waste into high value oils and carbon black, teaming up with SulNOx’s extensive team of experts will enable LocoSoco to enhance their operation through knowledge transfer and greater yields whilst they develop regulatory compliant usable fuel products from waste.
LocoSoco CEO James Perry commented, "The team at SulNOx share our values and vision for sustainability, there is no quick fix to the problems industry and our planet face however working together we are able to develop supply chains that begin to reduce the dependence on the global markets and can begin to utilise local waste as a new fuel source, whilst reducing the environmental burden of drilling for fossil fuels until the market is able to adopt zero emission fuel sources.”
Ends.
About LocoSoco
LocoSoco delivers products and technologies that contribute to economic and environmental sustainability, working within sectors including retail, logistics, corporate and government organisations.
LocoSoco Group PLC
James Perry, Chief Executive Officer
Simon Rendell, Non-Executive Chairman
+44 (0)203 154 9300
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Novus Communications
Alan Green
+44 (0)207 448 9839
Keswick Global AG - Capital Market Coach
Tim Curle, Klaus Schwerdtfeger
+43(1)740 408045
Rebrands to enhance agile processes with new technologies to better serve customers, continuing to drive growth in third-party services for Fresh Del Monte
MIAMI--(BUSINESS WIRE)--Network Shipping (NWS), Fresh Del Monte’s ocean logistics arm, continues to drive growth for Fresh Del Monte’s third-party services by further enhancing its platform through a rebrand that optimizes cargo space on Fresh Del Monte’s 13 owned vessels – offering tailored shipping solutions to a broader audience amid continuous supply chain pressures. The company’s recent rebrand improves its service functions with digital technology that better supports human interactions, including a renovated and easy-to-use interface that efficiently streamlines customer bookings and trade-lane information – while also offering six new fully cellular reefer box ships and renaming its four ‘smart’ routes to and from Ecuador, Guatemala, Costa Rica, Peru, and the U.S. to raise awareness of endangered marine species.
“As disruptions in logistics and shipping continue to grow, the need to find agile and efficient solutions is greater than ever. Network Shipping is leveraging Fresh Del Monte’s resources, achieving an almost 100% on-time delivery rate, and responding quickly to ever-evolving market needs,” said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer at Fresh Del Monte. “We’re looking forward to offering our solutions to more people, giving them access to our robust, reliable distribution and logistics network that FDM customers have come to know and appreciate.”
Network Shipping’s value proposition focuses on providing the best solutions with a human touch. Operating as a hybrid shipping line/cargo owner, the boutique ocean logistics company understands the market pain points customers go through. “Amid the ongoing supply chain crisis, customers need a reliable partner. At NWS, our goal is to build extended products enabling better end-to-end solutions tailored to each customer’s needs,” said Francis McCawley, Head of Commercial at Network Shipping. “We don't follow a 'one size fits all' model as we know each and every customer is different and equally important, no matter the size.”
“Our focus is to provide our customers with excellent service, integrated ocean and inland solutions, flexible last-minute changes, optimized route consultations, reefer expertise, and human interactions,” said Helmuth Lutty, Senior Vice President, Shipping Operations. “That’s what distinguishes us from the liner pack, everything follows our boutique ideology.”
NWS has exceeded expectations by turning 2021 into a record year both in revenue and cargo. Commercial cargo, which falls under Fresh Del Monte’s Other Products and Services segment, saw an increase in 2021 revenue by approximately 45% compared with 2020. Its strong performance continued into Q1 2022. NWS is outpacing its big shipping line competitors with an almost 100 percent on-time arrival rate versus the reliability between 26 to 50 percent for big shipping lines.
The company has also opened new agencies in the U.S., Guatemala, Costa Rica, and Peru to better serve customers. NWS aims to become a more proactive logistics partner in cold-chain solutions (i.e., cold storage at ports and cross-docking) and by enabling better end-to-end solutions through the creation of extended products.
To learn more about Network Shipping, visit www.network-shipping.com. To learn more about Fresh Del Monte’s services, visit www.freshdelmonte.com.
ABOUT FRESH DEL MONTE
Fresh Del Monte Produce Inc. is one of the world's leading vertically integrated producers, marketers, and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as a leading producer and distributor of prepared food in Europe, Africa, and the Middle East. Fresh Del Monte markets its products worldwide under the DEL MONTE® brand (under license from Del Monte Foods, Inc.), a symbol of product innovation, quality, freshness, and reliability for over 135 years. The company also markets its products under the MANN™ brand and other related trademarks. Fresh Del Monte Produce Inc. is not affiliated with certain other Del Monte companies around the world, including Del Monte Foods, Inc., the U.S. subsidiary of Del Monte Pacific Limited, Del Monte Canada, or Del Monte Asia Pte. Ltd. Fresh Del Monte is the first global marketer of fruits and vegetables to commit to the “Science Based Targets” initiative. In 2022, Fresh Del Monte Produce was ranked as one of “America’s Most Trusted Companies” by Newsweek based on an independent survey rating companies on three different touchpoints, including customer trust, investor trust, and employee trust. Fresh Del Monte Produce is traded on the NYSE under the symbol FDP.
ABOUT NETWORK SHIPPING
Network Shipping™ (NWS), a Fresh Del Monte company, is a boutique logistics company operating sea and land solutions for perishable cargo in Latin America and the United States for over 25 years. Network Shipping's smart sea routes have virtually 100% on-time delivery and are a great cost-effective solution to ship cargo precisely where it needs to be. Commercial cargo falls under Fresh Del Monte’s Other Products and Services segment. To learn more about Network Shipping, visit www.network-shipping.com.
Claudia Pou
Vice President, Global Head of Corporate Communications
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DUBLIN--(BUSINESS WIRE)--The "Hydrogen Economy Technologies & Markets - 2022-2030 - With COVID & COP26 Impacts" report has been added to ResearchAndMarkets.com's offering.
The report contains a thorough analysis of 4 technologies, 5 regional, 5 revenue source and 60 national markets, detailing 310 markets.
The importance of green hydrogen is becoming increasingly recognized by countries all over the world as a viable and essential clean energy for the future.
In early 2019, when attempting to look for countries interested in a national hydrogen strategy, there were only a handful in preliminary stages like China, South Korea and France. However, as of Feb. 2022, there were more than 10 countries including Australia, major EU countries and the USA, have come up with elaborate and long term plants for the hydrogen strategies, with more countries likely to announce similar strategies soon.
The United States is increasingly looking to incorporate green hydrogen in its total energy strategy, as the DOE having identified hydrogen as one of its key focuses. It aims to reduce the cost of clean hydrogen by 80% to $1/kg in the next decade. Furthermore, President Biden recently signed into law the Infrastructure Investment and Jobs Act, which includes $1.5 billion for clean hydrogen manufacturing.
All these points to the increasing evidence and gives weight to the viability and utility of green hydrogen not just in a particular country, but all over the world in several use cases.
Following Russia's invasion of Ukraine, governments consider sweeping changes to planning laws and investments to increase their energy security.
This market report is the utmost comprehensive review of the Hydrogen Economy market available today.
Questions answered in this report include:
The Hydrogen Economy Technologies market size data is analyzed via four independent perspectives.
1. By 4 Hydrogen Economy Technologies:
2. By 5 Revenue Source Markets:
3. By 5 Regional Markets:
4. By 60 National Markets:
Detailed market analysis frameworks are provided, including:
Companies mentioned in the report:
For more information about this report visit https://www.researchandmarkets.com/r/lo7xva
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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FRAMINGHAM, Mass.--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc. (NYSE:AMRC), a leading clean technology integrator specializing in energy efficiency and renewable energy, today announced that members of its management team will attend the following investor conferences:
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent clean technology integrator of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.
Media Relations
Leila Dillon, 508.661.2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations
Eric Prouty, Advisiry Partners, 212.750.5800, This email address is being protected from spambots. You need JavaScript enabled to view it.
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DUBLIN--(BUSINESS WIRE)--The "Supercapacitors - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Supercapacitors, also known as Ultracapacitors are gaining in prominence as an attractive alternate technology capable of overthrowing the shortfalls and performance gap of conventional batteries. Although continuous technology innovations are helping increase the safety and capability of supercapacitors, the technology is not expected to completely replace batteries which still continue to have cost and size advantages. Lithium ion batteries have higher energy densities over 20 times higher when compared to a superconductor and are capable of storing 30 times more energy than their weight. In comparison, supercapacitors have very high power density which means energy can be released rapidly in powerful bursts and can be charged quickly. Combining both the technologies into a hybrid technology is gaining in prominence.
A hybrid supercapacitor/battery configuration is considered to be an ideal solution for applications with high power demands, as they benefit from both high power density feature of supercapacitors and superior energy storage capability of battery. Supercapacitors will remain a supplementary technology to batteries and engines that run on fuels in most applications. Although standalone use of supercapacitors in automobiles is still not a widespread practice, the numerous advantages offered, such as, its ecological benignity, higher energy conservation through efficient exploitation of existing power sources, superior conductivity, and physical and chemical stability, among others, promise a robust future in store.
Nevertheless, complete replacement will be seen in certain applications such as offshore wind turbines, where the technology is aptly suited for providing short bursts of power needed to adjust turbine blades in changing wind conditions; and hybrid buses where supercapacitors can completely replace batteries given their ability to quickly capture energy from regenerative braking systems and discharge the power for ignition. In the energy industry, renewable energy sources are especially characterized by variable power supply, requiring the use of supercapacitors, which flaunt superior power density, and the ability to facilitate 'load leveling' of power, thereby ensuring stable supply of power.
The technology`s quick response time makes them highly desirable for static condenser and dynamic voltage regulator (DVR) applications, since power can be rapidly absorbed or injected to help reduce voltage fluctuations. Strong potential lies in store for the use of supercapacitors in renewable energy production, given the indelible mark being made by renewable energy across the globe, and ensuing spotlight being shed on environment friendly energy storage technologies. The unmet energy storage needs opens up opportunities for alternative energy storage solutions such as flywheels, fuel cell and superconducting magnetic energy storage in addition to supercapacitors. Supercapacitors especially as efficient energy storage technology aims to replace the battery technology in the long term.
Amid the COVID-19 crisis, the global market for Supercapacitors is projected to reach US$3.4 Billion by 2024, registering a CAGR of 19.3% over the analysis period. China represents the largest regional market for Supercapacitors, accounting for an estimated 22.6% share of the global total. The market is projected to reach US$1.2 Billion by the end of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 24.2% over the analysis period.
Select Competitors (Total 57 Featured) -
Key Topics Covered:
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
For more information about this report visit https://www.researchandmarkets.com/r/tmxvc9
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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OMAHA, Neb.--(BUSINESS WIRE)--Valmont Industries, Inc., a global leader that provides vital infrastructure and advances agricultural productivity while driving innovation through technology and Convert Italia, a Valmont Company and leading supplier of single-axis solar trackers, will launch the new Valmont SolarTM brand at Intersolar Europe 2022 in Munich, Germany.
Valmont acquired Convert Italia in 2018, and the launch of Valmont Solar combines the strength of both brands to strategically deliver products and services that support resiliency to climate change and sustainable use of resources. Consistent with Valmont’s commitment to Environmental, Social and Governance (ESG) principles, the new brand will continue enabling the delivery of reliable power to the world and will help advance access to renewable energy sources. Under the new Valmont Solar banner, the solar industry can now access a stable partner for distributed generation and utility scale projects with a full suite of product and service offerings.
“Europe is seeing unprecedented times when it comes to energy,” says Matteo Demofonti, European business line manager, Valmont Solar. “On one hand, Europe has aggressive renewable energy targets to meet by 2025. On the other hand, supply chain and energy market volatility is causing a lot of uncertainty. The time is perfect for a company like Valmont to leverage their more than 75 years of expertise to meet these challenges.”
Valmont Solar will be positioned in a fast-paced market, where it can strategically capitalize on its market-leading position in offering innovative, sustainable, and comprehensive solutions for the PV industry in its key strategic markets of Europe, Latin America, and North America.
Unique to the brand partnership between Valmont and Convert is the ability to supply total grid solutions, in addition to its flagship solar tracker product line. Thanks to a full line of engineered products, from transmission and distribution, to substation packaging and renewable generation, Valmont Solar has the ability to provide bundled offerings to partners.
“Valmont has been a major player in the utility industry for years providing grid-hardening solutions to build a smarter, more resilient grid,” said Greg Turi, vice president, Valmont Global Generation. “Now, with Valmont Solar, we are bringing in the generation piece by partnering with PV integrators through our product and service offerings. It’s a unique role to be supplying the hardware and service that is going to help us realize a modern, clean electricity grid and we couldn’t be more excited to be on the forefront of this change.”
By leveraging Vamont’s more than 85 locations, including warehousing and service centers around the world, Valmont Solar has a truly global manufacturing and logistics footprint to meet customers’ needs. With supply chain issues at the top of developers’ minds, Valmont Solar offers the industry a powerful solution when it comes to solar trackers.
Valmont Solar’s main product, the Convert Single Axis Tracker, is a leading solar tracker with more than 15 years of performance in the field. Convert Trackers are proven performers both in the field and in the lab for their durability and easy, fast installation. Convert Trackers increase efficiency by following the sun as it moves across the sky and have up to a 25% performance increase compared to a 1 MW project using fixed-in-place solar racks.
Valmont Solar will be exhibiting its line of solar trackers and integrated offerings from May 11-13 at Intersolar Europe in Munich. To learn more about Valmont Solar, visit www.valmontsolar.com.
About Valmont Industries, Inc.
For over 75 years, Valmont® has been a global leader in creating vital infrastructure and advancing agricultural productivity. Today, we remain committed to doing more with less by innovating through technology. Learn more about how we’re Conserving Resources. Improving Life.® at valmont.com.
Kelsea Jones
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DUBLIN--(BUSINESS WIRE)--The "Clean Energy Companies in China" report has been added to ResearchAndMarkets.com's offering.
This study focuses on China's Clean Energy industry assessments and company profiles. In the two past decades, the industry has been growing at a fast pace.
The dramatic expansions of the manufacturing capabilities and rising consumer consumption in China have transformed China's society and economy.
China is one of the world's major producers of industrial and consumer products. Far outpacing other economies in the world, China is the world's fastest growing market for the consumption of goods and services. The Chinese economy maintains a high speed growth which has been stimulated by the consecutive increases of industrial output, imports & exports, consumer consumption and capital investment for over two decades.
Rapid consolidation between medium and large players is anticipated since the Chinese government has been encouraging industry consolidation with an effort to regulate the industry and to improve competitiveness in the world market.
Although China has enjoyed the benefits of an expanding market for production and distribution, the industry is suffering from minimal innovation and investment in R&D and new product development. The sector's economies of scale have yet to be achieved. Most domestic manufacturers lack the autonomic intellectual property and financial resources to develop their own brand name products.
This new study analyzes the industry structure, capacities and output. Major producers' production locations, market shares and profiles are presented. The primary and secondary research is done in China in order to access up-to-date government regulations, market information and industry data. Data were collected from the Chinese government publications, Chinese language newspapers and magazines, industry associations, local governments' industry bureaus, industry publications, and in-house databases.
The author is one of the leading sources for up-to-date market information and research on the fastest-growing Chinese markets. They have published over 1,500 reports focusing on the Chinese markets, industry forecasts and company profiles. The report provides hard-to-find market data and analyses. The publications are intended to help international marketers identify business opportunities and promote their product sales in the Chinese markets.
Key Topics Covered:
I. INTRODUCTION
II. CLEAN ENERGY INDUSTRY ASSESSMENTS
III. CLEAN ENERGY PRODUCER DIRECTORY
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/fjdyt1
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent“ or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology space, is pleased to announce the signing of a technology assessment agreement with a second large global automotive manufacturer.
With a common goal of sustainability and the faster decarbonization of the U.S. automotive industry, Advent is supporting efforts to advance innovative fuel cell technology as a sustainable and efficient option for achieving carbon neutrality. More specifically, Advent will provide assistance, through:
One of the primary objectives will be to conduct a detailed assessment of Advent’s proprietary HT-PEM technology and newly launched MEAs for consideration of future opportunities. Contingent upon the successful execution of the first phase of the project, the companies will work to establish a Joint Development Agreement governing, among other things, specific product requirements, goals, milestones, and plans.
The new Advent MEAs to be tested as part of this project, are currently being developed within the framework of L’Innovator, Advent’s joint development program with the U.S. Department of Energy’s Los Alamos National Laboratory, Brookhaven National Laboratory, and National Renewable Energy Laboratory. MEAs are the most important components of a fuel cell as they greatly define the performance, lifetime, weight, and cost of the end system. Advent MEAs operate at high-temperature (80oC to 240oC) while the incumbent LT-PEM technology is limited to below 100oC. High-temp operation is essential for efficient heat removal in heavy-duty mobility applications, making HT-PEM an ideal technology for trucks, aviation, and marine. Furthermore, Advent MEAs can work with impure hydrogen which can be reformed on-board from methanol, natural gas, and other renewable fuels, and are resilient to extreme temperature, humidity and air quality conditions.
Dr. Emory De Castro, Advent’s Chief Technology Officer, stated, “We are anxious to decarbonize the automotive industry using next-generation fuel cell technology and welcome this highly impactful collaboration. MEA is the heart of the fuel cell and a critical component used in fuel cells and other electrochemistry applications such as CO2-free hydrogen production, and energy storage. All of us at Advent technologies look forward to a long and productive collaboration, which will enable us to share our long-standing expertise and help reshape the automotive industry by replacing the need for conventional fuels while producing clean power.”
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles fuel cell systems and the critical components for fuel cells and other advanced energy systems. Advent is headquartered in Boston, Massachusetts, with locations in California, Denmark, Germany, Greece, and the Philippines. With 150-plus patents issued, pending, or licensed for its fuel cell technology, Advent holds the IP for next-generation HT-PEM that enable various fuels to function at high temperatures under extreme conditions – offering a flexible “Any Fuel. Anywhere.” option for the automotive, maritime, aviation, and power generation sectors. For more information, visit www.advent.energy.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, future financial performance; public securities’ potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance corporate reputations and brand; expectations concerning relationships and actions with technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide; and the risks identified under the heading “Risk Factors” in Advent’s Annual Report on Form 10-K filed with the Securities and Exchange Commission, as well as the other information each has files with the SEC. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read the filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, with no obligation to update or revise any of these statements. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.
Advent Technologies Holdings, Inc.
Michael Trontzos / Chris Kaskavelis
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DUBLIN--(BUSINESS WIRE)--The "Global Automotive Fuel Cell Market Outlook, 2027" report has been added to ResearchAndMarkets.com's offering.
According to this report the automotive fuel cell market is anticipated to grow at a CAGR of 41% in value terms in the forecast period.
Companies Mentioned
The diversity of fuel cells is in different stages of development. The most common classification of fuel cells is by the type of electrolyte used in the cells and includes proton exchange membrane fuel cell, direct methanol fuel cell, alkaline fuel cell and phosphoric acid fuel cell. Proton exchange membrane fuel cell is leading the market with more than 95% value share. Nowadays, PEM fuel cells are the best candidates for powering automobiles because they operate at relatively low temperatures and can quickly vary their output to meet shifting power demands.
Hydrogen is a clean fuel that, when consumed in automotive fuel cells, it produces only water. Hydrogen can be produced from a diversity of domestic resources, such as natural gas, biomass, and renewable energy like solar and wind. These calibres make it an appealing fuel option for transportation and electricity generation applications. According to the report, the market is segregated into two major fuel types i.e. hydrogen fuel and methanol fuel. The Hydrogen fuel segment is leading the market with more than 98% value market share. By power output, the market is segmented into three parts, i.e. below 100KW, 100KW to 200KW and above 200KW. The below 100KW power output segment is leading the market with more than 55% market share.
Fuel cell vehicles are being developed in various countries because of promise to meet the requirements expected of automobiles in a market increasingly constrained by environmental and resource limitations. Through a combination of policies of various governments, technology advancement and industrial collaboration, fuel cell applications are now entering into a golden era of development.
According to the report, by region wise, the automotive fuel cell market is segregated into four major regions i.e. North America, Europe, Asia-Pacific and Latin America, Middle East and Africa. The Asia Pacific region is dominating the market with more than 63% value market share. Follow by North America region. By country, South Korea is leading the automotive fuel cell market with more than 25% market share. There are many prominent companies in the automotive fuel cell market which are leading the market. The companies are Ballard Power Systems Inc, Doosan Fuel Cell Co. Ltd, Plug Power Inc., Hydrogenics and Nuvera Fuel Cells, LLC.
The COVID-19 pandemic has impacted the market as severely as it had impacted the other automotive segments. The market experienced a downfall during the global lockdown; however the automotive fuel cell market recovered rapidly. Fuel cell vehicles and fuel cells are no longer part of experiment in the eyes of the public but it is recognized as one of the key driving technologies for now and the future of mobility.
This report would help you answer the following questions:
1. At what rate the global Automotive Fuel Cell market will grow in forecast period?
2. What are the types of fuel cell?
3. What are the different types fuel used in vehicles?
4. Which electrolyte type is leading the market?
5. What is the impact of COVID-19 on the global Automotive Fuel Cell market?
6. Who are the key players in global Automotive Fuel Cell market?
7. Which segment is leading in by power output type?
Key Topics Covered:
1. Executive Summary
2. Report Methodology
3. Market Structure
3.1. Market Considerate
3.2. Market Definition
4. Economic/Demographic Snapshot
5. Global Automotive Fuel Cell Market Outlook
5.1. Market Size By Value
5.2. Market Share
5.2.1. By Region
5.2.2. By Electrolyte Type
5.2.3. By Fuel Type
5.2.4. By Power Output
5.2.5. By Country
5.2.6. By Company
6. North America Automotive Fuel Cell Market Outlook
7. Europe Automotive Fuel Cell Market Outlook
8. Asia-Pacific Automotive Fuel Cell Market Outlook
9. Latin America, Middle East & Africa Automotive Fuel Cell Market Outlook
10. Market Dynamics
10.1. Key Drivers
10.2. Key Challenges
11. Market Trends and Developments
12. Company Profiles
13. Strategic Recommendations
14. Disclaimer
For more information about this report visit https://www.researchandmarkets.com/r/kbf4hm
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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ENDICOTT, N.Y.--(BUSINESS WIRE)--BAE Systems, a leader in electric propulsion, will bring its next-generation power and propulsion technology to the heavy-duty industrial vehicle market. The company’s electric drive system provides a revolutionary design which will help industrial vehicle original equipment manufacturers (OEMs) get their electric vehicles (EVs) to market faster and at a lower installed cost.
BAE Systems has over 15,000 power and propulsion systems in electrified commercial vehicles across the globe, and those systems have logged four billion on-road miles.
“We are providing an all-inclusive solution to bring the industrial vehicle market one step closer to a zero emission future,” said Steve Trichka, vice president and general manager of Power and Propulsion Solutions at BAE Systems. “Our next-generation components are the Swiss Army Knife of power electronics, delivering multifunctional capabilities in a compact and flexible design. This flexibility makes it easier for OEMs to cover multiple platforms, including traditional diesel and purpose built EVs.”
BAE Systems’ next-generation system for the heavy-duty industrial vehicle market builds on the company’s more than 25 years of experience in low and zero emission EV solutions for the transit bus and marine industries. The system uses fewer components and increases electrical efficiency. Its Modular Accessory Power System (MAPS) and Modular Power Control System (MPCS) also allow for scalable, customized solutions to provide the core power for a range of applications, from school buses and mining vehicles to sanitation and yard trucks.
Using a modular design, BAE Systems’ power electronics technology will provide both power and propulsion for battery electric, fuel cell, and electric-hybrid vehicles. In addition to MAPS and MPCS, the next-generation system is available with central motor, electric axle, battery and fuel cell solutions.
BAE Systems has a deep understanding of systems engineering, a revolutionary design for propulsion and accessory power, proven integration expertise, and aftermarket support to give manufacturers a reliable solution and faster path to market, at a lower installation cost.
BAE Systems develops and services its electric propulsion technology at its facilities in Endicott, N.Y., and Rochester, U.K.
Eric Peterson, BAE Systems
Mobile: 603-288-4082
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Solid Execution and Favorable Industry Demand Trends Drive Strong Results
BROOKLYN HEIGHTS, Ohio--(BUSINESS WIRE)--GrafTech International Ltd. (NYSE: EAF) ("GrafTech" or the "Company") today announced financial results for the quarter ended March 31, 2022.
First Quarter 2022 Highlights
CEO Comments
"We are pleased with our first quarter performance as we continue to execute and deliver strong financial results while navigating a challenging operating environment," said David Rintoul, Chief Executive Officer and President. “Pricing trends continued to improve in the first quarter of 2022, following a strong finish to 2021. Our average non-LTA graphite electrode price was just over $6,000 per metric ton, consistent with our expectations, and up 19% sequentially from the fourth quarter. We also experienced strong year-over-year improvement in sales volume, production volume and capacity utilization."
“Maintaining a strong capital structure continues to be a priority for GrafTech. During the first quarter, we generated robust cash flow and reduced our debt by $70 million, further strengthening our balance sheet. At the same time, we returned $30 million to our stockholders through the repurchase of common stock."
"We are proud of the continued progress we are making with our sustainability efforts across the organization. These include capital projects to improve our environmental footprint and the establishment of key environmental goals, which includes targeting a meaningful reduction in greenhouse gas emissions. Electric arc furnaces play a critical role in helping the steel industry reduce its impact on the environment and our sustainability initiatives will further strengthen our ability to support the decarbonization of steel production."
First Quarter 2022 Financial Performance
| (dollars in thousands, except per share amounts) | Q1 2022 |
Q4 2021 |
Q1 2021 |
||||||
Net sales |
$ |
366,245 |
$ |
363,293 |
$ |
304,397 |
|||
Net income |
$ |
124,183 |
$ |
141,480 |
$ |
98,799 |
|||
Earnings per share (EPS)(2) |
$ |
0.47 |
$ |
0.54 |
$ |
0.37 |
|||
Cash flow from operating activities |
$ |
146,316 |
$ |
100,029 |
$ |
122,425 |
|||
|
|
|
|
||||||
Adjusted net income(1) |
$ |
125,920 |
$ |
131,180 |
$ |
99,880 |
|||
Adjusted EPS(1)(2) |
$ |
0.48 |
$ |
0.50 |
$ |
0.37 |
|||
Adjusted EBITDA(1) |
$ |
169,600 |
$ |
182,817 |
$ |
155,045 |
|||
Adjusted free cash flow(4) |
$ |
129,904 |
$ |
86,857 |
$ |
108,251 |
|||
Net sales for the first quarter of 2022 were $366 million, an increase of 20% compared to $304 million in the first quarter of 2021, reflecting higher sales volume and improved pricing.
Net income for the first quarter of 2022 was $124 million, or $0.47 per share, compared to $99 million, or $0.37 per share, in the first quarter of 2021. Adjusted EBITDA(1) was $170 million in the first quarter of 2022, an increase of 9% compared to the same period of 2021, and adjusted EBITDA margin(3) was 46%.
In the first quarter of 2022, cash flow from operating activities was $146 million and adjusted free cash flow(4) was $130 million, with both measures increasing 20% compared to the same period of 2021. For the first quarter of 2022, 77% of adjusted EBITDA(1) was converted to adjusted free cash flow(5).
Operational and Commercial Update
Key operating metrics |
|
|
|
||||||
|
|
|
|
||||||
(in thousands, except percentages) |
Q1 2022 |
Q4 2021 |
Q1 2021 |
||||||
Sales volume (MT)(6) |
43 |
|
44 |
|
37 |
|
|||
Production volume (MT)(7) |
46 |
|
46 |
|
36 |
|
|||
Total production capacity (MT)(8)(9) |
58 |
|
59 |
|
58 |
|
|||
Total capacity utilization(9)(10) |
79 |
% |
78 |
% |
62 |
% |
|||
Production capacity excluding St. Marys (MT)(8)(11) |
51 |
|
52 |
|
51 |
|
|||
Capacity utilization excluding St. Marys(10)(11) |
90 |
% |
88 |
% |
71 |
% |
|||
GrafTech reported solid sales volume of 43 thousand MT in the first quarter of 2022, an increase of 16% compared to the first quarter of 2021, consisting of 25 thousand MT of volume derived from our take-or-pay agreements that had initial terms of three-to-five years ("LTA") and 18 thousand MT of non-LTA volume.
For the first quarter of 2022, the average realized price for our LTA volume was nearly $9,600 per MT. For our non-LTA volume, the average realized price for graphite electrodes delivered and recognized in revenue in the first quarter of 2022 was just over $6,000 per MT, an increase of over 19% compared to the average non-LTA price for the fourth quarter of 2021.
Production volume increased to 46 thousand MT in the first quarter of 2022, a 28% increase compared to the first quarter of 2021.
Globally, steel market capacity utilization rates continue to be strong:
|
Q1 2022 |
Q4 2021 |
Q1 2021 |
||||||
Global (ex-China) capacity utilization rate(12) |
72 |
% |
75 |
% |
73 |
% |
|||
U.S. steel market capacity utilization rate(13) |
81 |
% |
83 |
% |
77 |
% |
|||
The estimated shipments of graphite electrodes under LTAs for 2022 through 2024 have been updated as follows:
|
|
2022 |
|
2023 through 2024 |
Estimated LTA volume (in thousands of MT) |
|
90-100 |
|
40-50 |
Estimated LTA revenue (in millions) |
|
$860-$960 |
|
$400-$500(14) |
As it relates to the conflict between Ukraine and Russia, we have provided force majeure notices with respect to certain LTAs serving customers in Russia.
Capital Structure and Capital Allocation
As of March 31, 2022, GrafTech had cash and cash equivalents of $85 million and total debt of approximately $961 million. We continue to make progress in reducing our long-term debt, repaying $70 million in the first quarter of 2022. In addition, during the first quarter of 2022, we repurchased 3.0 million shares of our common stock at an average price of $9.88 per share for an aggregate of $30 million.
We continue to expect full-year capital expenditures to be in the range of $70 to $80 million in 2022.
Outlook
While the near-term operating environment remains dynamic, the overall fundamentals in the steel industry are strong. Given solid steel market capacity utilization rates, particularly in North America, and industry efforts to decarbonize, we believe that demand for graphite electrodes will continue to increase.
We also anticipate the demand for petroleum needle coke, a key raw material used to produce graphite electrodes, will continue to expand rapidly given its use in lithium-ion batteries for the fast-growing electric vehicle market. As such, our ability to deliver high-quality graphite electrodes to our customers, while capitalizing on our low-cost structure and our substantial vertical integration into petroleum needle coke, provides us a sustainable competitive advantage. For these reasons, we believe GrafTech is well-positioned to benefit from these positive industry trends as we progress through 2022 and beyond.
Conference Call Information
In connection with this earnings release, you are invited to listen to our earnings call being held on May 6, 2022 at 10:00 a.m. (EDT). The webcast and accompanying slide presentation will be available on our investor relations website at: http://ir.graftech.com. The earnings call dial-in number is +1 (833) 968-2275 toll-free in the U.S. and Canada or +1 (236) 714-2979 for overseas calls, conference ID: 8073706. Archived replays of the conference call and webcast will be made available on our investor relations website at: http://ir.graftech.com. GrafTech also makes its complete financial reports that have been filed with the Securities and Exchange Commission ("SEC") and other information available at: www.GrafTech.com. The information on our website is not part of this release or any report we file or furnish to the SEC.
About GrafTech
GrafTech International Ltd. is a leading manufacturer of high-quality graphite electrode products essential to the production of electric arc furnace steel and other ferrous and non-ferrous metals. The Company has a competitive portfolio of low-cost, ultra-high power graphite electrode manufacturing facilities, including three of the highest capacity facilities in the world. We are the only large-scale graphite electrode producer that is substantially vertically integrated into petroleum needle coke, a key raw material for graphite electrode manufacturing. This unique position provides competitive advantages in product quality and cost.
________________________
(1) |
A non-GAAP financial measure, see below for more information and a reconciliation of EBITDA, adjusted EBITDA and adjusted net income to net income, and adjusted EPS to EPS, the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). |
|
(2) |
Earnings per share represents diluted earnings per share. Adjusted earnings per share represents diluted adjusted earnings per share. |
|
(3) |
Adjusted EBITDA margin is calculated as adjusted EBITDA divided by net sales (Q1 2022 adjusted EBITDA of $170 million/Q1 2022 net sales of $366 million). |
|
(4) |
A non-GAAP financial measure, see below for more information and a reconciliation of adjusted free cash flow and free cash flow to cash flow from operating activities, the most directly comparable financial measure calculated and presented in accordance with GAAP. |
|
(5) |
Adjusted free cash flow conversion is calculated as adjusted free cash flow divided by adjusted EBITDA (Q1 2022 adjusted free cash flow of $130 million/Q1 2022 adjusted EBITDA of $170 million). |
|
(6) |
Sales volume reflects only graphite electrodes manufactured by us. |
|
(7) |
Production volume reflects graphite electrodes we produced during the period. |
|
(8) |
Production capacity reflects expected maximum production volume during the period depending on product mix and expected maintenance outage. Actual production may vary. |
|
(9) |
Includes graphite electrode facilities in Calais, France; Monterrey, Mexico; Pamplona, Spain; and St. Marys, Pennsylvania. |
|
(10) |
Capacity utilization reflects production volume as a percentage of production capacity. |
|
(11) |
In the first quarter of 2018, our St. Marys, Pennsylvania facility began graphitizing a limited number of electrodes sourced from our Monterrey, Mexico facility. |
|
(12) |
Source: World Steel Association, Metal Expert, Organisation for Economic Co-operation and Development and GrafTech analysis. |
|
(13) |
Source: American Iron and Steel Institute. |
|
(14) |
Includes expected termination fees from a few customers that have failed to meet certain obligations under their LTAs. |
Cautionary Note Regarding Forward-Looking Statements
This press release and related discussions may contain forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our current views with respect to, among other things, financial projections, plans and objectives of management for future operations, and future economic performance. Examples of forward-looking statements include, among others, statements we make regarding future estimated revenues and volumes derived from our take-or-pay agreements that had initial terms of three-to-five years ("LTA"), future pricing of short-term agreements and spot sales ("Non-LTA"), anticipated levels of capital expenditures, and guidance relating to earnings per share and adjusted EBITDA. You can identify these forward-looking statements by the use of forward-looking words such as “will,” “may,” “plan,” “estimate,” “project,” “believe,” “anticipate,” “expect,” “foresee,” “intend,” “should,” “would,” “could,” “target,” “goal,” “continue to,” “positioned to,” “are confident,” or the negative versions of those words or other comparable words. Any forward-looking statements contained in this press release are based upon our historical performance and on our current plans, estimates and expectations considering information currently available to us. The inclusion of this forward-looking information should not be regarded as a representation by us that the future plans, estimates, or expectations contemplated by us will be achieved. Our expectations and targets are not predictions of actual performance and historically our performance has deviated, often significantly, from our expectations and targets. These forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to: the ultimate impact the COVID-19 pandemic has on our business, results of operations, financial condition and cash flows, including the duration and spread of any variants, the duration and scope of related government orders and restrictions, the impact on our employees, and the disruptions and inefficiencies in our supply chain; the ultimate impact the conflict between Russia and Ukraine has on our business, results of operations, financial condition and cash flows, including the duration and scope of such conflict, its impact on disruptions and inefficiencies in our supply chain and our ability to procure certain raw materials; the possibility that we may be unable to implement our business strategies, including our ability to secure and maintain longer-term customer contracts, in an effective manner; the cyclical nature of our business and the selling prices of our products, which may decline in the future, may lead to periods of reduced profitability and net losses in the future; the impact of inflation and our ability to mitigate the effect on our costs; the risks and uncertainties associated with litigation, arbitration, and like disputes, including disputes related to contractual commitments; the possibility that global graphite electrode overcapacity may adversely affect graphite electrode prices; our dependence on the global steel industry generally and the electric arc furnace steel industry in particular; the sensitivity of our business and operating results to economic conditions and the possibility others may not be able to fulfill their obligations to us in a timely fashion or at all; the competitiveness of the graphite electrode industry; our dependence on the supply of raw materials, including decant oil, petroleum needle coke, and energy, and disruptions in supply chains for these materials; our manufacturing operations are subject to hazards; changes in, or more stringent enforcement of, health, safety and environmental regulations applicable to our manufacturing operations and facilities; the legal, compliance, economic, social and political risks associated with our substantial operations in multiple countries; the possibility that fluctuation of foreign currency exchange rates could materially harm our financial results; the possibility that our results of operations could deteriorate if our manufacturing operations were substantially disrupted for an extended period, including as a result of equipment failure, climate change, regulatory issues, natural disasters, public health crises, such as the COVID-19 pandemic, political crises or other catastrophic events; our dependence on third parties for certain construction, maintenance, engineering, transportation, warehousing and logistics services; the possibility that we are unable to recruit or retain key management and plant operating personnel or successfully negotiate with the representatives of our employees, including labor unions; the sensitivity of goodwill on our balance sheet to changes in the market; the possibility that we are subject to information technology systems failures, cybersecurity attacks, network disruptions and breaches of data security; our dependence on protecting our intellectual property and the possibility that third parties may claim that our products or processes infringe their intellectual property rights; the possibility that our indebtedness could limit our financial and operating activities or that our cash flows may not be sufficient to service our indebtedness; the possibility that restrictive covenants in our financing agreements could restrict or limit our operations; the fact that borrowings under certain of our existing financing agreements subject us to interest rate risk; the possibility that disruptions in the capital and credit markets could adversely affect our results of operations, cash flows and financial condition, or those of our customers and suppliers; the possibility that the market price of our common stock could be negatively affected by sales of substantial amounts of our common stock in the public markets, including by Brookfield Asset Management Inc. and its affiliates ("Brookfield"); the possibility that we may not pay cash dividends on our common stock in the future; and the fact that our stockholders have the right to engage or invest in the same or similar businesses as us.
These factors should not be construed as exhaustive and should be read in conjunction with the Risk Factors and other cautionary statements that are included in our most recent Annual Report on Form 10-K and other filings with the SEC. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Except as required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
Non-GAAP Financial Measures
In addition to providing results that are determined in accordance with GAAP, we have provided certain financial measures that are not in accordance with GAAP. EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted EPS, free cash flow, adjusted free cash flow, and adjusted free cash flow conversion are non-GAAP financial measures.
We define EBITDA, a non-GAAP financial measure, as net income or loss plus interest expense, minus interest income, plus income taxes and depreciation and amortization. We define adjusted EBITDA as EBITDA plus any pension and other post-employment benefit ("OPEB") plan expenses, adjustments for public offerings and related expenses, non-cash gains or losses from foreign currency remeasurement of non-operating assets and liabilities in our foreign subsidiaries where the functional currency is the U.S. dollar, stock-based compensation expense, non-cash fixed asset write-offs, related party payable - Tax Receivable Agreement adjustments and value-added tax credit gains in Brazil. Adjusted EBITDA is the primary metric used by our management and our Board of Directors to establish budgets and operational goals for managing our business and evaluating our performance.
We monitor adjusted EBITDA as a supplement to our GAAP measures, and believe it is useful to present to investors, because we believe that it facilitates evaluation of our period-to-period operating performance by eliminating items that are not operational in nature, allowing comparison of our recurring core business operating results over multiple periods unaffected by differences in capital structure, capital investment cycles and fixed asset base. Adjusted EBITDA margin is also a non-GAAP financial measure used by our management and our Board of Directors as supplemental information to assess the Company’s operational performance and is calculated as adjusted EBITDA divided by net sales. In addition, we believe adjusted EBITDA, adjusted EBITDA margin and similar measures are widely used by investors, securities analysts, ratings agencies, and other parties in evaluating companies in our industry as a measure of financial performance and debt-service capabilities. We also monitor the ratio of total debt to trailing twelve month adjusted EBITDA, because we believe it is a useful and widely used way to assess our leverage.
Our use of adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:
We define adjusted net income, a non-GAAP financial measure, as net income or loss, excluding the items used to calculate adjusted EBITDA, less the tax effect of those adjustments. We define adjusted EPS, a non-GAAP financial measure, as adjusted net income divided by the weighted average diluted common shares outstanding during the period. We believe adjusted net income and adjusted EPS are useful to present to investors because we believe that they assist investors’ understanding of the underlying operational profitability of the Company.
Free cash flow and adjusted free cash flow, non-GAAP financial measures, are metrics used by our management and our Board of Directors to analyze cash flows generated from operations. We define free cash flow as net cash provided by operating activities less capital expenditures. We define adjusted free cash flow as free cash flow adjusted by payments of the Change in Control charges that were triggered as a result of the ownership of our largest stockholder falling below 30% of our total outstanding shares. We believe these free cash flow metrics are useful to present to investors because we believe that they facilitate comparison of the Company’s performance with its competitors. Adjusted free cash flow conversion is also a non-GAAP financial measure used by our management and our Board of Directors as supplemental information to evaluate the Company’s ability to convert earnings from our operational performance to cash.
Michael Dillon
216-676-2000
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DUBLIN--(BUSINESS WIRE)--The "North America Testing and Commissioning Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The North America testing and commissioning market reached a value of US$ 63.1 billion in 2021. Looking forward, the market is projected to reach US$ 81.7 billion by 2027, exhibiting a CAGR of 4.2% during 2022-2027.
Keeping in mind the uncertainties of COVID-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different End-use industries. These insights are included in the report as a major market contributor.
Testing and commissioning involve a set of processes, performed to establish if a product follows universal regulatory standards or not. The certified regulations are associated to the quality, performance, and technical safety of the product. Testing and commissioning are carried out in the best interest of the customer as they provide them assistance for a safe purchase.
This process is necessary at every step of the supply chain, and in most cases utilizes analytical instruments and equipment (IES) that are useful in measuring as well as detecting electrical signals, biological interaction and physical properties.
Some of the major testing and commissioning equipment include product simulation systems, analytical laboratory instruments, diagnostic equipment, and sensors and data acquisition instruments.
North America Testing and Commissioning Market Drivers:
In recent years, there has been an increase in the demand for testing and commissioning as a result of rising outsourcing of testing, inspection and certification services.
The regulatory standards, which concern the health, environment, quality and safety of a product, have become stringent in the last few years, as a result of which manufacturers have become more aware about product safety and have started seeking third party approvals.
As a result of rapid globalization, there has been a significant rise in trade activities in North America which has, in turn, catalyzed the requirement for enhanced testing, inspection, and certification services.
Key Market Segmentation
This report provides an analysis of the key trends in each sub-segment of the North America testing and commissioning market, along with forecasts at the regional and country level from 2022-2027. The report has categorized the market based on service type, commissioning type, sourcing type and End-use industry.
Key Questions Answered in This Report
Competitive Landscape
Breakup by Service Type:
Testing services currently represent the largest segment owing to rising concerns regarding the overall quality of the product.
Breakup by Sourcing Type:
In-house sourcing is currently the most popular type of sourcing.
Breakup by Commissioning Type:
Initial commissioning represents the most popular commissioning type as it is the basic step which is required for satisfying a product specification.
Breakup by End-use Industry:
Oil and Gas industry dominates the End-use segment, holding the majority of the market share.
Regional Insights:
The United States currently represents the biggest market for testing and commissioning in North America, followed by Canada. This can be accredited to the presence of strict guidelines and regulations in numerous End-use industries including infrastructure and construction, oil and gas, and Chemical industries.
For more information about this report visit https://www.researchandmarkets.com/r/v202zt.
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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BARCELONA, Spain--(BUSINESS WIRE)--Wallbox (NYSE:WBX), a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, today announced its participation in upcoming institutional investor-focused events following the release of its first quarter 2022 financial results:
May 12, 2022: Bank of America Made in Iberia Conference
Co-founder and CEO Enric Asuncion and Jordi Lainz, CFO will host meetings with investors. No webcast will be provided. Interested investors should reach out to their Bank of America sales contact directly.
May 12th at 11:00am EDT: Chardan Leadership Series
Co-founder and CEO Enric Asuncion and Jordi Lainz, CFO will join Brian Dobson of Chardan for this webcast. Interested investors can register for this event here, or via the Events and Presentations section of the Investor Relations website at investors.wallbox.com.
May 19th: Investor Meetings Hosted by Cowen Equity Research
Co-founder and CEO Enric Asuncion and Jordi Lainz, CFO will host virtual meetings with investors. No webcast will be provided. Interested investors should reach out to their Cowen sales contact directly.
May 25th at 12:00pm EDT: Electrifying Impact - Investing in the Next Industrial Revolution with Pathstone Private Asset Management
Wallbox Investor Relations will participate in an educational webcast discussing the global electrification effort and the current state of the EV market. Interested investors can register for this event here, or via the Events and Presentations section of the Investor Relations website at investors.wallbox.com.
May 26th: Investor Meetings Hosted by UBS Equity Research
Co-founder and CEO Enric Asuncion will host virtual meetings with investors. No webcast will be provided. Interested investors should reach out to their UBS sales contact directly.
About Wallbox
Wallbox is a global technology company, dedicated to changing the way the world uses energy. Wallbox creates advanced electric vehicle charging and energy management systems that redefine users' relationship to the grid. Wallbox goes beyond electric vehicle charging to give users the power to control their consumption, save money, and live more sustainably. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public and public use in more than 98 countries. Founded in 2015 and headquartered in Barcelona, the company now employs over 900 people in its offices in Europe, Asia, and the Americas. For additional information, please visit www.wallbox.com.
Wallbox Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the timing of upcoming conferences and events. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “may,” “can,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “predict,” “potential,” “continue” or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements, including those discussed under the caption “Risk Factors” in Wallbox’s final prospectus on Form 424(b)(3) filed with the SEC on November 12, 2021, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investors Relations section of Wallbox’s website at investors.wallbox.com. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement that Wallbox makes in this press release speaks only as of the date of such statement. Except as required by law, Wallbox disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.
Source: Wallbox NV
Wallbox Public Relations Contact:
Elyce Behrsin
Public Relations
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+34 622 513 358
Wallbox Investor Contact:
Matt Tractenberg
VP, Investor Relations
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+1 404-574-1504
DUBLIN--(BUSINESS WIRE)--The "Oil and Gas Data Management Market by Type, Deployment Model, and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The oil and gas data management market was valued at $15.80 billion in 2020, and is projected to reach $92.36 billion by 2030, registering a CAGR of 19.2% during the forecast period.
Data management is a process of acquiring, validating, storing, protecting, and processing aggrandized volume of various types of data, including structured, unstructured, and semi-structured data, to ensure reliability, accessibility, and timeliness of data for its end users. Oil and gas companies use data management solutions and services to gain deep insights and make business decisions.
Furthermore, different components of data management, such as hardware, solutions, and services, make validation, process ability, and operations of essential businesses operations simpler and less time-intensive.
The global oil and gas data management market is impacted by factors such as operational efficiency and performance improvement, increase in popularity of real-time analysis and predictive analytics solutions, and increased awareness among end users. However, lack of skilled workforce, increase in the number of cyber-attacks and data breaches incidents, and high initial investment are anticipated to hamper the market growth.
The oil and gas data management market is segmented on the basis of type, deployment model and application, and region. On the basis of type, the market is categorized into data analysis, IT infrastructure, and services. Among the type of oil and gas data management systems, the IT infrastructure segment contributed the maximum market share in 2021, owing to the deployment of advanced networking and computing systems by end users especially in the emerging markets. According to the deployment model, the market is segmented into on-premise and cloud. By application, the market is segregated into upstream, midstream, and downstream.
The market is analyzed based on four regions, namely North America, Europe, Asia-Pacific, and LAMEA. Among regions, the Asia-Pacific region is projected to grow at the highest CAGR of 20.7% during the forecast period, owing to prominent digital transformation in oil and gas companies operating in the region.
Key Benefits
Key Market Segments
By Type
By Deployment Model
By Application
By Region
Key Players Profiled
For more information about this report visit https://www.researchandmarkets.com/r/foqncc
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
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EAST AURORA, N.Y.--(BUSINESS WIRE)--Astronics Corporation (Nasdaq: ATRO), a leading provider of advanced technologies for global aerospace, defense, and other mission critical industries, announced today that it has expanded its CorePower® product portfolio and capabilities to address the needs of the emerging electric aircraft industry.
The Company’s CorePower product line offers advanced flight-critical electrical power generation, conversion, distribution and control, primarily for smaller rotary and fixed wing aircraft in both commercial and military markets. Astronics has over 50 years of experience designing and manufacturing highly efficient and reliable aircraft electrical power solutions.
The aerospace industry today is making significant investments in More Electric Aircraft (MEA) architectures, including specifically electric propulsion and electric vertical take-off and landing (eVTOL) aircraft. These new aircraft aim to reduce the carbon footprint and noise pollution associated with today’s aircraft, as well as enable new business models like urban air mobility (UAM) and cargo delivery. Significant investments are being made both by newcomers to the aerospace industry and established airframe OEMs.
Astronics has expanded its CorePower product offerings to include a new line of high voltage power conversion products (950VDC to 28VDC) and high voltage/high current solid state switching devices, for both uni- and bi-directional power distribution, along with required load protection. These products are designed to meet stringent regulatory certification requirements, including dissimilar topologies to minimize common-cause failure modes. The new products complete a flexible, modular line of high-voltage DC power conversion and distribution capabilities required by the new aircraft, and do so with increased efficiency and lower weight, leading to aircraft benefits such as increased run time, longer ranges, and higher passenger or cargo loads. The Company has added intelligence to every element of the power system to meet industry demands for higher reliability, increased safety, and extended periods of sustained, no-maintenance operation.
"Our Airborne Power and Control team has specialized in creating innovative and market leading Airframe Power solutions for small to medium sized rotorcraft and business jets - now with the advent of eVTOL and More Electric Aircraft, there are a number of new platforms that will benefit from our new CorePower high voltage products," said Jon Neal, President of Astronics Advanced Electronic Systems. "Astronics is excited to be part of the evolution of aviation moving towards more sustainable and cleaner modes of transportation."
About Astronics Corporation
Astronics Corporation (Nasdaq: ATRO) serves the world’s aerospace, defense, and other mission critical industries with proven, innovative technology solutions. Astronics works side-by-side with customers, integrating its array of power, connectivity, lighting, structures, interiors, and test technologies to solve complex challenges. For over 50 years, Astronics has delivered creative, customer-focused solutions with exceptional responsiveness. Today, global airframe manufacturers, airlines, militaries, completion centers and Fortune 500 companies rely on the collaborative spirit and innovation of Astronics. The Company’s strategy is to increase its value by developing technologies and capabilities that provide innovative solutions to its targeted markets.
For more information on Astronics and its solutions, visit Astronics.com.
For more information:
Jon Neal
President Astronics AES
T: 425.339.0281
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Distributed approach both decarbonizes and secures supply to farmers
BOSTON--(BUSINESS WIRE)--ReMo Energy, Inc. announced the launch of its first commercial product, a renewable nitrogen fertilizer that addresses the combined challenges of high fertilizer costs and climate change.
Solar and wind resources are the lowest marginal cost sources of electricity in most of the world today. The dropping costs and near universal availability of wind and solar resources have created an opportunity for the world to synthesize high-volume commodities at competitive prices without carbon emissions. ReMo Energy’s technology makes it possible to produce nitrogen fertilizers and other materials right where they are needed directly from local energy sources. The company’s first commercial product is ammonia, the building block for nitrogen fertilizers needed to feed the world. Made from just air, water, and cheap renewable energy, ReMo Energy’s green ammonia (“ReMonia™”) allows growers to source critical nitrogen from a local producer.
Nitrogen has always been critical, but today’s geopolitical situation has made the situation dire. "Ammonia is four times what it was in 2021. Farmers will be backing off nitrogen this year because they just can't afford to put on more. Yields are going to be way, way down and the world is going to end up with a lot less food this fall because farmers can't afford to put that much nitrogen on”, said Dean Runde, who farms several thousand acres of corn in Northeast Iowa.
Scott Rackey, CEO and co-founder of ReMo Energy, said, “With this technology, we are not only tackling decarbonization, but we are also helping to shorten agricultural supply chains and ensure farmers everywhere can nourish the world without being at the mercy of uncertain fertilizer supply. Most importantly, we’re ready to go now. The technology is proven, and the economics already work – even before these wild price spikes.” Rackey added, “The extreme volatility in nitrogen fertilizer prices over the last several years have shown the need for a local distributed approach. At ReMo Energy, we believe it is possible to transform the production of chemicals and materials in a way that solves for both climate change and food security. Our proprietary plant designs, control algorithms, and our methods for leveraging low-cost renewable energy are what is needed to move the industry forward.”
About ReMo
ReMo Energy’s mission is to make today’s fossil-based chemicals from renewable energy. The company has deep expertise in renewable energy, chemical engineering, and project development. ReMo Energy has reimagined every step of chemical production processes to adapt them to the scale and intermittency of low cost solar and wind power projects. ReMo Energy’s products make it possible for the world to improve global quality of life while also massively reducing the emissions of greenhouse gases and other pollutants.
Visit https://www.remo.energy/.
Media: Kerry Spring, This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--NRG Energy, Inc. (NYSE: NRG) today reported a first quarter 2022 Net Income of $1,736 million, or $7.17 per diluted common share, Adjusted EBITDA for the first quarter of $509 million, and Free Cash Flow before Growth (FCFbG) of $239 million.
"I am pleased by the strong performance of our platform during the first quarter of 2022,” said Mauricio Gutierrez, NRG President and Chief Executive Officer. “Heading into summer, we are well-prepared to serve our customers, the grid, and our shareholders while continuing to advance our strategic growth priorities."
Consolidated Financial Results
|
|
Three Months Ended |
|||||
($ in millions)
|
|
3/31/2022 |
|
3/31/2021 |
|||
Net Income |
|
$ |
1,736 |
|
$ |
(82 |
) |
Cash provided by Operating Activities |
|
$ |
1,676 |
|
$ |
(917 |
) |
Adjusted EBITDAa |
|
$ |
509 |
|
$ |
567 |
|
a. Excludes the loss due to Winter Storm Uri of $967 million in 2021
Segments Results
Table 1: Net Income/(Loss)
($ in millions) |
|
Three Months Ended |
||||||
Segment |
|
3/31/2022 |
|
3/31/2021 |
||||
Texas |
|
$ |
773 |
|
|
$ |
(433 |
) |
East |
|
|
1,541 |
|
|
|
356 |
|
West/Services/Othera |
|
|
(578 |
) |
|
|
(5 |
) |
Net Income |
|
$ |
1,736 |
|
|
$ |
(82 |
) |
a. Includes Corporate segment
First quarter net income was $1.7 billion, $1.8 billion higher than first quarter 2021, primarily driven by increased mark-to-market gains on economic hedge positions in 2022 due to significant increases in natural gas prices and power prices as compared to the prior year losses related to Winter Storm Uri.
Table 2: Adjusted EBITDA
($ in millions) |
|
Three Months Ended |
|||||
Segment |
|
3/31/2022 |
|
3/31/2021 |
|||
Texas |
|
$ |
198 |
|
|
$ |
246 |
East |
|
|
325 |
|
|
|
261 |
West/Services/Other a |
|
|
(14 |
) |
|
|
60 |
Adjusted EBITDAb |
|
$ |
509 |
|
|
$ |
567 |
a. Includes Corporate segment
b. Excludes the loss due to Winter Storm Uri of $967 million in 2021
Texas: First quarter Adjusted EBITDA was $198 million, $48 million lower than first quarter of 2021. This decrease was driven by increased supply costs primarily due to the extended forced outage at Limestone Unit 1 and the Company's more conservative winter hedge profile in the first quarter of 2022 after Winter Storm Uri in 2021, partially offset by increased retail load from favorable weather.
East: First quarter Adjusted EBITDA was $325 million, $64 million higher than first quarter of 2021. This increase was primarily driven by higher natural gas economic gross margin including the impact of transportation and storage contract optimization, partially offset the sale of 4.8 GW fossil generation assets in December 2021.
West/Services/Other: First quarter Adjusted EBITDA was $(14) million, $74 million lower than first quarter of 2021. This decrease was primarily driven by the sale of 4.8 GW fossil generation assets in December 2021, the sale of the whole home warranty business in January 2022 and increased retail natural gas supply costs, partially offset by increased retail natural gas revenue rates and load.
Liquidity and Capital Resources
Table 3: Corporate Liquidity
($ in millions) |
|
03/31/22 |
|
12/31/21 |
||
Cash and Cash Equivalents |
|
$ |
387 |
|
$ |
250 |
Restricted Cash |
|
|
39 |
|
|
15 |
Total |
|
|
426 |
|
|
265 |
Total Revolving Credit Facility and collective collateral facilities |
|
|
2,491 |
|
|
2,421 |
Total Liquidity, excluding collateral received |
|
$ |
2,917 |
|
$ |
2,686 |
As of March 31, 2022, NRG's cash was at $0.4 billion, and $2.5 billion was available under the Company’s credit facilities. Total liquidity was $2.9 billion, which was approximately $0.2 billion higher than at the end of 2021.
NRG Strategic Developments
Expected Uplift Securitization Proceeds
The Texas Legislature passed House Bill 4492 in May of 2021, which among other things, authorized ERCOT to obtain $2.1 billion of securitization financing to distribute to LSEs that were charged and paid to ERCOT exceptionally highly priced real-time Online Reliability Deployment Price Adder and ancillary service costs during Winter Storm Uri (the "Uplift Securitization"). The Company expects to receive proceeds of $689 million from ERCOT in the second quarter of 2022. As previously disclosed, the total Winter Storm Uri impact on capital available for allocation in 2022 is $599 million, net of bill credits owed to large Commercial and Industrial ("C&I") customers.
Limestone Unit 1 Return to Service
In early July 2021, Limestone Unit 1 came offline as a result of damage to the duct work associated with the flue gas desulfurization system. The extended forced outage ended in April of 2022 and the unit has returned to service.
Maintaining 2022 Guidance
NRG is maintaining its Adjusted EBITDA, Adjusted Cash from Operations, and FCFbG guidance for 2022 as set forth below.
Table 4: 2022 Adjusted EBITDA, Adjusted Cash from Operations, and FCFbG Guidance
|
|
2022 |
(In millions) |
|
Maintaining Guidance |
Adjusted EBITDAa |
|
$1,950 - $2,250 |
Adjusted Cash Flow from Operations |
|
$1,380 - $1,680 |
FCFbG |
|
$1,140 - $ 1,440 |
a. Non-GAAP financial measure; see Appendix Table A-5 for GAAP Reconciliation to Net Income that excludes fair value adjustments related to derivatives. The Company is unable to provide guidance for Net Income due to the impact of such fair value adjustments related to derivatives in a given year.
Capital Allocation Update
As announced on December 6, 2021, the Company's Board of Directors authorized $1 billion for share repurchases. The program began in 2021 with $39 million in share repurchases completed in December 2021, and an incremental $262 million completed through April 30, 2022; the balance of $699 million under the program is expected to be executed by the end of 2022.
NRG declared its first quarter of 2022 dividend on the Company’s common stock on January 21, 2022 of $0.35 per share, or $1.40 per share on an annualized basis. The dividend represented an 8% increase from the prior year, in line with the Company’s previously announced annual dividend growth rate target of 7-9% per share.
On April 20, 2022, NRG declared a quarterly dividend on the Company's common stock of $0.35 per share, payable on May 16, 2022 to stockholders of record as of May 2, 2022.
The Company remains committed to maintaining a strong balance sheet and continues to work to achieve investment grade credit metrics. The Company expects to grow into its target investment grade metrics of 2.50x-2.75x corporate net debt to adjusted EBITDA primarily through the realization of Direct Energy run-rate earnings and other growth initiatives.
The Company's share repurchase program and common stock dividend are subject to maintaining satisfactory credit metrics, available capital, market conditions, and compliance with associated laws and regulations. The timing and amount of any shares of NRG’s common stock that are repurchased under the share repurchase authorization will be determined by NRG’s management based on market conditions and other factors. NRG will only repurchase shares when management believes it would not jeopardize the company’s ability to maintain satisfactory credit ratings.
Earnings Conference Call
On May 6, 2022, NRG will host a conference call at 9:00 a.m. Eastern (8:00 a.m. Central) to discuss these results. Investors, the news media and others may access the live webcast of the conference call and accompanying presentation materials by logging on to NRG’s website at http://www.nrg.com and clicking on “Investors” then "Presentations & Webcasts." The webcast will be archived on the site for those unable to listen in real time.
About NRG
At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to millions of customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, working towards a sustainable energy future. More information is available at www.nrg.com. Connect with NRG on Facebook, LinkedIn and follow us on Twitter @nrgenergy.
Forward-Looking Statements
In addition to historical information, the information presented in this press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks and uncertainties and can typically be identified by terminology such as “may,” “should,” “could,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “expect,” “intend,” “seek,” “plan,” “think,” “anticipate,” “estimate,” “predict,” “target,” “potential” or “continue” or the negative of these terms or other comparable terminology. Such forward-looking statements include, but are not limited to, statements about the Company’s future revenues, income, indebtedness, capital structure, plans, expectations, objectives, projected financial performance and/or business results and other future events, and views of economic and market conditions.
Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated herein include, among others, general economic conditions, hazards customary in the power industry, weather conditions and extreme weather events, competition in wholesale power and gas markets, the volatility of energy and fuel prices, failure of customers or counterparties to perform under contracts, changes in the wholesale power and gas markets, changes in government or market regulations, the condition of capital markets generally, our ability to access capital markets, the potential impact of COVID-19 or any other pandemic on the Company’s operations, financial position, risk exposure and liquidity, data privacy, cyberterrorism and inadequate cybersecurity, unanticipated outages at our generation facilities, adverse results in current and future litigation, failure to identify, execute or successfully implement acquisitions or asset sales, our ability to implement value enhancing improvements to plant operations and companywide processes, our ability to achieve our net debt targets, our ability to achieve or maintain investment grade credit metrics, our ability to proceed with projects under development or the inability to complete the construction of such projects on schedule or within budget, the inability to maintain or create successful partnering relationships, our ability to operate our business efficiently, our ability to retain retail customers, our ability to realize value through our market operations strategy, the ability to successfully integrate businesses of acquired companies, including Direct Energy, our ability to realize anticipated benefits of transactions (including expected cost savings and other synergies) or the risk that anticipated benefits may take longer to realize than expected, and our ability to execute our Capital Allocation Plan. Achieving investment grade credit metrics is not an indication of or guarantee that the Company will receive investment grade credit ratings. Debt and share repurchases may be made from time to time subject to market conditions and other factors, including as permitted by United States securities laws. Furthermore, any common stock dividend is subject to available capital and market conditions.
NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The adjusted EBITDA, adjusted cash flow from operations and free cash flow guidance are estimates as of May 6, 2022. These estimates are based on assumptions the company believed to be reasonable as of that date. NRG disclaims any current intention to update such guidance, except as required by law. The foregoing review of factors that could cause NRG’s actual results to differ materially from those contemplated in the forward-looking statements included in this press release should be considered in connection with information regarding risks and uncertainties that may affect NRG's future results included in NRG's filings with the Securities and Exchange Commission at www.sec.gov.
NRG ENERGY, INC. AND SUBSIDIARIES |
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||
(Unaudited) |
|||||||
|
Three months ended March
|
||||||
(In millions, except for per share amounts) |
2022 |
|
2021 |
||||
Revenue |
|
|
|
||||
Revenue |
$ |
7,896 |
|
|
$ |
8,091 |
|
Operating Costs and Expenses |
|
|
|
||||
Cost of operations (excluding depreciation and amortization shown below) |
|
4,930 |
|
|
|
6,857 |
|
Depreciation and amortization |
|
183 |
|
|
|
317 |
|
Selling, general and administrative costs |
|
322 |
|
|
|
337 |
|
Provision for credit losses |
|
25 |
|
|
|
611 |
|
Acquisition-related transaction and integration costs |
|
8 |
|
|
|
42 |
|
Total operating costs and expenses |
|
5,468 |
|
|
|
8,164 |
|
(Loss)/Gain on sale of assets |
|
(3 |
) |
|
|
17 |
|
Operating Income/(Loss) |
|
2,425 |
|
|
|
(56 |
) |
Other Income/(Expense) |
|
|
|
||||
Equity in (losses) of unconsolidated affiliates |
|
(15 |
) |
|
|
(6 |
) |
Other income, net |
|
— |
|
|
|
22 |
|
Interest expense |
|
(103 |
) |
|
|
(127 |
) |
Total other expense |
|
(118 |
) |
|
|
(111 |
) |
Income/(Loss) Before Income Taxes |
|
2,307 |
|
|
|
(167 |
) |
Income tax expense/(benefit) |
|
571 |
|
|
|
(85 |
) |
Net Income/(Loss) |
$ |
1,736 |
|
|
$ |
(82 |
) |
Income/(loss) per Share |
|
|
|
||||
Weighted average number of common shares outstanding — basic and diluted |
|
242 |
|
|
|
245 |
|
Income/(loss) per Weighted Average Common Share —Basic and Diluted |
$ |
7.17 |
|
|
$ |
(0.33 |
) |
NRG ENERGY, INC. AND SUBSIDIARIES |
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) |
|||||||
(Unaudited) |
|||||||
|
Three months ended March 31, |
||||||
(In millions) |
2022 |
|
2021 |
||||
Net Income/(Loss) |
$ |
1,736 |
|
|
$ |
(82 |
) |
Other Comprehensive Income |
|
|
|
||||
Foreign currency translation adjustments |
|
9 |
|
|
|
3 |
|
Defined benefit plans |
|
(1 |
) |
|
|
— |
|
Other comprehensive income |
|
8 |
|
|
|
3 |
|
Comprehensive Income/(Loss) |
$ |
1,744 |
|
|
$ |
(79 |
) |
|
|
|
|
||||
NRG ENERGY, INC. AND SUBSIDIARIES |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
|
March 31, 2022 |
|
December 31, 2021 |
||||
(In millions, except share data) |
(Unaudited) |
|
(Audited) |
||||
ASSETS |
|
|
|
||||
Current Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
387 |
|
|
$ |
250 |
|
Funds deposited by counterparties |
|
2,570 |
|
|
|
845 |
|
Restricted cash |
|
39 |
|
|
|
15 |
|
Accounts receivable, net |
|
3,291 |
|
|
|
3,245 |
|
Uplift securitization proceeds receivable from ERCOT |
|
689 |
|
|
|
689 |
|
Inventory |
|
354 |
|
|
|
498 |
|
Derivative instruments |
|
9,089 |
|
|
|
4,613 |
|
Cash collateral paid in support of energy risk management activities |
|
9 |
|
|
|
291 |
|
Prepayments and other current assets |
|
409 |
|
|
|
395 |
|
Total current assets |
|
16,837 |
|
|
|
10,841 |
|
Property, plant and equipment, net |
|
1,643 |
|
|
|
1,688 |
|
Other Assets |
|
|
|
||||
Equity investments in affiliates |
|
151 |
|
|
|
157 |
|
Operating lease right-of-use assets, net |
|
256 |
|
|
|
271 |
|
Goodwill |
|
1,796 |
|
|
|
1,795 |
|
Intangible assets, net |
|
2,391 |
|
|
|
2,511 |
|
Nuclear decommissioning trust fund |
|
949 |
|
|
|
1,008 |
|
Derivative instruments |
|
3,561 |
|
|
|
2,527 |
|
Deferred income taxes |
|
1,638 |
|
|
|
2,155 |
|
Other non-current assets |
|
255 |
|
|
|
229 |
|
Total other assets |
|
10,997 |
|
|
|
10,653 |
|
Total Assets |
$ |
29,477 |
|
|
$ |
23,182 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
||||
Current Liabilities |
|
|
|
||||
Current portion of long-term debt and finance leases |
|
4 |
|
|
|
4 |
|
Current portion of operating lease liabilities |
|
82 |
|
|
|
81 |
|
Accounts payable |
|
2,216 |
|
|
|
2,274 |
|
Derivative instruments |
|
6,076 |
|
|
|
3,387 |
|
Cash collateral received in support of energy risk management activities |
|
2,570 |
|
|
|
845 |
|
Accrued expenses and other current liabilities |
|
1,285 |
|
|
|
1,324 |
|
Total current liabilities |
|
12,233 |
|
|
|
7,915 |
|
Other Liabilities |
|
|
|
||||
Long-term debt and finance leases |
|
8,026 |
|
|
|
7,966 |
|
Non-current operating lease liabilities |
|
220 |
|
|
|
236 |
|
Nuclear decommissioning reserve |
|
325 |
|
|
|
321 |
|
Nuclear decommissioning trust liability |
|
602 |
|
|
|
666 |
|
Derivative instruments |
|
1,977 |
|
|
|
1,412 |
|
Deferred income taxes |
|
68 |
|
|
|
73 |
|
Other non-current liabilities |
|
996 |
|
|
|
993 |
|
Total other liabilities |
|
12,214 |
|
|
|
11,667 |
|
Total Liabilities |
|
24,447 |
|
|
|
19,582 |
|
Commitments and Contingencies |
|
|
|
||||
Stockholders' Equity |
|
|
|
||||
Common stock; $0.01 par value; 500,000,000 shares authorized; 423,839,804 and 423,547,174 shares issued
|
|
4 |
|
|
|
4 |
|
Additional paid-in-capital |
|
8,433 |
|
|
|
8,531 |
|
Retained earnings |
|
2,171 |
|
|
|
464 |
|
Treasury stock, at cost 184,623,664, and 179,793,275 shares at March 31, 2022 and December 31, 2021, respectively |
|
(5,460 |
) |
|
|
(5,273 |
) |
Accumulated other comprehensive loss |
|
(118 |
) |
|
|
(126 |
) |
Total Stockholders' Equity |
|
5,030 |
|
|
|
3,600 |
|
Total Liabilities and Stockholders' Equity |
$ |
29,477 |
|
|
$ |
23,182 |
|
NRG ENERGY, INC. AND SUBSIDIARIES |
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(Unaudited) |
|||||||
|
Three months ended March 31, |
||||||
(In millions) |
2022 |
|
2021 |
||||
Cash Flows from Operating Activities |
|
|
|
||||
Net Income/(Loss) |
$ |
1,736 |
|
|
$ |
(82 |
) |
Adjustments to reconcile net income/(loss) to cash provided by operating activities: |
|
|
|
||||
Distributions from and equity in losses of unconsolidated affiliates |
|
18 |
|
|
|
17 |
|
Depreciation and amortization |
|
183 |
|
|
|
317 |
|
Accretion of asset retirement obligations |
|
7 |
|
|
|
3 |
|
Provision for credit losses |
|
25 |
|
|
|
611 |
|
Amortization of nuclear fuel |
|
14 |
|
|
|
13 |
|
Amortization of financing costs and debt discounts |
|
6 |
|
|
|
11 |
|
Amortization of in-the-money contracts and emissions allowances |
|
147 |
|
|
|
7 |
|
Amortization of unearned equity compensation |
|
6 |
|
|
|
4 |
|
Net gain on sale and disposal of assets |
|
(6 |
) |
|
|
(18 |
) |
Changes in derivative instruments |
|
(2,816 |
) |
|
|
(902 |
) |
Changes in deferred income taxes and liability for uncertain tax benefits |
|
527 |
|
|
|
(71 |
) |
Changes in collateral deposits in support of energy risk management activities |
|
2,007 |
|
|
|
1 |
|
Changes in nuclear decommissioning trust liability |
|
(7 |
) |
|
|
15 |
|
Changes in other working capital |
|
(171 |
) |
|
|
(843 |
) |
Cash provided/(used) by operating activities |
|
1,676 |
|
|
|
(917 |
) |
Cash Flows from Investing Activities |
|
|
|
||||
Payments for acquisitions of businesses and assets, net of cash acquired |
|
(26 |
) |
|
|
(3,482 |
) |
Capital expenditures |
|
(60 |
) |
|
|
(63 |
) |
Net purchases of emission allowances |
|
(18 |
) |
|
|
(5 |
) |
Investments in nuclear decommissioning trust fund securities |
|
(151 |
) |
|
|
(129 |
) |
Proceeds from the sale of nuclear decommissioning trust fund securities |
|
161 |
|
|
|
118 |
|
Proceeds from sale of assets, net of cash disposed |
|
14 |
|
|
|
197 |
|
Cash used by investing activities |
|
(80 |
) |
|
|
(3,364 |
) |
Cash Flows from Financing Activities |
|
|
|
||||
Payments of dividends to common stockholders |
|
(85 |
) |
|
|
(80 |
) |
Payments for share repurchase activity |
|
(188 |
) |
|
|
(9 |
) |
Net receipts from settlement of acquired derivatives that include financing elements |
|
561 |
|
|
|
190 |
|
Net proceeds of Revolving Credit Facility and Receivables Securitization Facilities |
|
— |
|
|
|
825 |
|
Repayments of long-term debt and finance leases |
|
(1 |
) |
|
|
(1 |
) |
Payments of debt issuance costs |
|
— |
|
|
|
(2 |
) |
Proceeds from issuance of common stock |
|
— |
|
|
|
1 |
|
Cash provided by financing activities |
|
287 |
|
|
|
924 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
3 |
|
|
|
1 |
|
Net Increase/(Decrease) in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash |
|
1,886 |
|
|
|
(3,356 |
) |
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period |
|
1,110 |
|
|
|
3,930 |
|
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period |
$ |
2,996 |
|
|
$ |
574 |
|
Appendix Table A-1: First Quarter 2022 Adjusted EBITDA Reconciliation by Operating Segment
The following table summarizes the calculation of Adjusted EBITDA and provides a reconciliation to Net Income/(Loss):
($ in millions) |
Texas |
East |
West/
|
Corp/Elim |
Total |
||||||||||
Net Income/(Loss) |
$ |
773 |
|
$ |
1,541 |
|
$ |
125 |
|
$ |
(703 |
) |
$ |
1,736 |
|
Plus: |
|
|
|
|
|
||||||||||
Interest expense, net |
|
— |
|
|
(1 |
) |
|
7 |
|
|
94 |
|
|
100 |
|
Income tax |
|
— |
|
|
— |
|
|
(1 |
) |
|
572 |
|
|
571 |
|
Depreciation and amortization |
|
76 |
|
|
78 |
|
|
21 |
|
|
8 |
|
|
183 |
|
ARO expense |
|
3 |
|
|
2 |
|
|
2 |
|
|
— |
|
|
7 |
|
Contract and emission credit amortization, net |
|
(2 |
) |
|
147 |
|
|
2 |
|
|
— |
|
|
147 |
|
EBITDA |
|
850 |
|
|
1,767 |
|
|
156 |
|
|
(29 |
) |
|
2,744 |
|
Adjustment to reflect NRG share of adjusted EBITDA in
|
|
— |
|
|
— |
|
|
18 |
|
|
— |
|
|
18 |
|
Acquisition and divestiture integration and transaction costs |
|
— |
|
|
— |
|
|
— |
|
|
10 |
|
|
10 |
|
Deactivation costs |
|
— |
|
|
4 |
|
|
— |
|
|
— |
|
|
4 |
|
Loss on sale of assets |
|
— |
|
|
— |
|
|
1 |
|
|
2 |
|
|
3 |
|
Other non-recurring charges |
|
1 |
|
|
— |
|
|
(6 |
) |
|
12 |
|
|
7 |
|
Mark-to-market (MtM) for economic hedging activities, net |
|
(653 |
) |
|
(1,446 |
) |
|
(178 |
) |
|
— |
|
|
(2,277 |
) |
Adjusted EBITDA |
$ |
198 |
|
$ |
325 |
|
$ |
(9 |
) |
$ |
(5 |
) |
$ |
509 |
|
First Quarter 2022 condensed financial information by Operating Segment:
($ in millions) |
Texas |
East |
West/
|
Corp/Elim |
Total |
|||||||||
Revenue1 |
$ |
2,025 |
|
$ |
4,857 |
$ |
1,156 |
|
$ |
— |
|
$ |
8,038 |
|
Cost of fuel, purchased power and other cost of sales2 |
|
1,458 |
|
|
4,267 |
|
1,055 |
|
|
1 |
|
|
6,781 |
|
Economic gross margin |
|
567 |
|
|
590 |
|
101 |
|
|
(1 |
) |
|
1,257 |
|
Operations & maintenance and other cost of operations3 |
|
228 |
|
|
132 |
|
56 |
|
|
— |
|
|
416 |
|
Selling, general and administrative costs4 |
|
144 |
|
|
117 |
|
49 |
|
|
10 |
|
|
320 |
|
Provision for credit losses |
|
3 |
|
|
14 |
|
8 |
|
|
— |
|
|
25 |
|
Other |
|
(6 |
) |
|
2 |
|
(3 |
) |
|
(6 |
) |
|
(13 |
) |
Adjusted EBITDA |
$ |
198 |
|
$ |
325 |
$ |
(9 |
) |
$ |
(5 |
) |
$ |
509 |
|
1 Excludes MtM loss of $133 million and contract amortization of $9 million
2 Includes TDSP expenses, capacity and emissions credits
3 Excludes ARO expense of $7 million, deactivation costs of $4 million and other-non recurring charges of ($6 million)
4 Excludes acquisition and divestiture integration and transaction costs of $2 million
The following table reconciles the condensed financial information to Adjusted EBITDA:
($ in millions) |
Condensed
|
Interest, tax,
|
MtM |
Deactivation |
Other adj.2 |
Adjusted
|
|||||||||||
Revenue |
$ |
7,896 |
$ |
9 |
|
$ |
133 |
|
$ |
— |
|
$ |
— |
|
$ |
8,038 |
|
Cost of operations (excluding depreciation and
|
|
4,509 |
|
(138 |
) |
|
2,410 |
|
|
— |
|
|
— |
|
|
6,781 |
|
Depreciation and amortization |
|
183 |
|
(183 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Gross margin |
|
3,204 |
|
330 |
|
|
(2,277 |
) |
|
— |
|
|
— |
|
|
1,257 |
|
Operations & maintenance and other cost of
|
|
421 |
|
— |
|
|
— |
|
|
(4 |
) |
|
(1 |
) |
|
416 |
|
Selling, general and administrative costs |
|
322 |
|
— |
|
|
— |
|
|
— |
|
|
(2 |
) |
|
320 |
|
Provision for credit losses |
|
25 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
25 |
|
Other |
|
700 |
|
(671 |
) |
|
— |
|
|
— |
|
|
(42 |
) |
|
(13 |
) |
Net Income/(Loss) |
$ |
1,736 |
$ |
1,001 |
|
$ |
(2,277 |
) |
$ |
4 |
|
$ |
45 |
|
$ |
509 |
|
1 Excludes Operations & maintenance and other cost of operations of $421 million
2 Includes adjustment to reflect NRG share of Adj EBITDA of $18 million, acquisition and divestiture integration and transaction costs of $10 million, ARO expense $7 million, and other non-recurring charges of $7 million
Appendix Table A-2: First Quarter 2021 Adjusted EBITDA Reconciliation by Operating Segment
The following table summarizes the calculation of Adjusted EBITDA and provides a reconciliation to Net (Loss)/Income:
($ in millions) |
Texas |
East |
West/
|
Corp/Elim |
Total |
||||||||||
Net (Loss)/Income |
$ |
(433 |
) |
$ |
356 |
|
$ |
74 |
|
$ |
(79 |
) |
$ |
(82 |
) |
Plus: |
|
|
|
|
|
||||||||||
Interest expense, net |
|
— |
|
|
— |
|
|
3 |
|
|
123 |
|
|
126 |
|
Income tax |
|
— |
|
|
— |
|
|
5 |
|
|
(90 |
) |
|
(85 |
) |
Depreciation and amortization |
|
77 |
|
|
206 |
|
|
27 |
|
|
7 |
|
|
317 |
|
ARO expense |
|
2 |
|
|
3 |
|
|
(2 |
) |
|
— |
|
|
3 |
|
Contract and emission credit amortization, net |
|
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
EBITDA |
|
(353 |
) |
|
565 |
|
|
107 |
|
|
(39 |
) |
|
280 |
|
Winter Storm Uri impact |
|
1,121 |
|
|
(142 |
) |
|
(13 |
) |
|
1 |
|
|
967 |
|
Adjustment to reflect NRG share of adjusted EBITDA in
|
|
— |
|
|
— |
|
|
20 |
|
|
— |
|
|
20 |
|
Acquisition and divestiture integration and transaction costs |
|
— |
|
|
— |
|
|
— |
|
|
44 |
|
|
44 |
|
Legal settlements |
|
— |
|
|
— |
|
|
— |
|
|
6 |
|
|
6 |
|
Gain on sale of assets |
|
— |
|
|
— |
|
|
(17 |
) |
|
— |
|
|
(17 |
) |
Other non recurring charges |
|
2 |
|
|
— |
|
|
1 |
|
|
(15 |
) |
|
(12 |
) |
Mark-to-market (MtM) for economic hedging activities, net |
|
(524 |
) |
|
(162 |
) |
|
(35 |
) |
|
— |
|
|
(721 |
) |
Adjusted EBITDA |
$ |
246 |
|
$ |
261 |
|
$ |
63 |
|
$ |
(3 |
) |
$ |
567 |
|
Media:
Laura Avant
713.537.5437
Investors:
Kevin L. Cole, CFA
609.524.4526
DUBLIN--(BUSINESS WIRE)--The "Global Refrigerated Transport Market by Application (Chilled Food & Frozen Food), Mode of Transport (Road, Sea, Rail & Air), Vehicle Type (LCV, MHCV & HCV), Temperature (Single & Multi-temperature), Technology, and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global refrigerated transport market is estimated to be valued at USD 113.4 billion in 2022 and is projected to reach USD 160.7 billion by 2027, recording a CAGR of 7.2% during the forecast period in terms of value.
By application, frozen foods segment is estimated to grow at the highest CAGR during the forecasted period
In recent few years, it has been witnessed that frozen foods have gained a significant popularity among the consumers across major economies in the world owing to high degree of convenience and adaption to busy urban lifestyles. These frozen food meals offer meal flexibility and customers can save their time and money from grocery purchase and cooking time. These market trends are promoting the frozen foods market and in turn it will boost the refrigerated trucks market.
By vehicle type, MHCV was the second largest segment in 2021 and anticipated to grow at a significant growth rate over the forecast period
The vehicles that are intended for carrying goods and to have a maximum authorized mass of more than seven tons are considered as trucks. Trucks, also referred to as MHCVs, are prominently used for goods transportation. China, the US, and India are growing rapidly and use trucks to transport their goods; thus, there would be an increase in demand for trucks in countries that witness an increase in demand for refrigerated transport.
By temperature, single temperature segment is estimated to witness the fastest growth rate over the forecast period
Single temperature trucks are widely used to transport a set of perishable food items which requires a specific temperature point during the transit. The single temperature trucks have gained huge popularity with the increasing number of hypermarkets and supermarkets across the globe.
Eutectic devices was the second largest technology available in the refrigerated transport market in 2022
A eutectic system is suitable for short transportation, where there are regular stops and door openings during distribution; LCVs and MHCVs use it. It consists of hollow tubes, beams, or plates filled with a eutectic solution. This solution stores energy and produces a cooling effect when it is necessary to maintain the refrigerated temperature. As eutectic solutions can store energy, there is no need for fuel or energy to charge the eutectic device at the time of delivery.
Asia Pacific is estimated to be the fastest growing region over the forecast period
The Asia Pacific refrigerated transport market has been fragmented and was under-funded until a decade ago. However, the industrial revolution in the region resulted in the rise in population with busier lifestyles inclined toward convenience food products with an extended shelf-life, thereby fueling the use of refrigerated transport in the food industry.
Various emerging economies are attempting to facilitate improvements in refrigerated transport through regulations and subsidies. For instance, in India, the government is providing the Reefer Vehicles Scheme under the National Mission on Food Processing (NMFP). The scheme's objective is to provide financial assistance to purchase standalone reefer vehicles and mobile pre-cooling vans (reefer unit and reefer cabinet permanently mounted on the vehicle) to transport perishable commodities.
The refrigerated transport market is segmented region-wise, with a detailed analysis of each region. These regions include North America, Europe, Asia Pacific, South America, and RoW (Africa and Middle East).
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/l0y8be
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--Aris Water Solutions, Inc. (NYSE: ARIS) (“Aris” or the “Company”) today announced that its Board of Directors declared a dividend on its Class A common stock for the second quarter of 2022 of $0.09 per share. In conjunction with the dividend payment, a distribution of $0.09 per unit will be paid to unit holders of Solaris Midstream Holdings, LLC. The dividend will be paid on May 31, 2022 to holders of record of the Company’s Class A common stock as of the close of business on May 19, 2022. The distribution to unit holders of Solaris Midstream Holdings, LLC will be subject to the same payment and record dates.
About Aris Water Solutions, Inc.
Aris Water Solutions, Inc. is a leading, growth-oriented environmental infrastructure and solutions company that directly helps its customers reduce their water and carbon footprints. Aris delivers full-cycle water handling and recycling solutions that increase the sustainability of energy company operations. Its integrated pipelines and related infrastructure create long-term value by delivering high-capacity, comprehensive produced water management, recycling and supply solutions to operators in the core areas of the Permian Basin. For more information about the Company, visit www.ariswater.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of forward-looking statements include, but are not limited to, those regarding payments of dividends, and our implied cash flow or liquidity. In some cases, you can identify forward-looking statements by terminology such as “estimate,” “expect,” “intend,” “plan,” “believe,” “forecast,” “may,” “could” and variations of such words or similar expressions. The payment of any future dividends will be at the discretion of our board of directors. Our board of directors may elect to declare cash dividends depending on, among other things, our financial condition, results of operations, projections, liquidity, earnings, legal requirements, and restrictions in our debt. We have not adopted a written dividend policy. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include but are not limited to the risk factors discussed or referenced in our filings made from time to time with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
David Tuerff
Senior Vice President, Finance & Investor Relations
832-803-0367
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