DUBLIN--(BUSINESS WIRE)--The "Datacenter Decarbonization Growth Opportunities" report has been added to ResearchAndMarkets.com's offering.
The data centre industry can achieve decarbonization of Scope 1 and 2 emissions through two big approaches: renewable energy procurement and efficiency measures.
On the renewables side, power purchase agreements (PPAs) within a local electricity market are currently the most effective way for the data centre industry to fund and procure renewable energy, ensuring that new clean energy is being added to the grid. Nevertheless, it is not without challenges.
On the efficiency part of the equation, innovations in cooling, sensors, automation, AI, and other advancements in server, storage, and networking technologies propose several new ways for the data centre industry to deal with Scope 2 emissions and simultaneously achieve lower energy expenses.
To improve decarbonization levels in the short term, procuring renewables (ideally, from local and additional sources) will impact the data centre at a far larger scale than any efficiency measure. In the long term, data centre operators must continue their efforts to achieve more efficient operations.
Key Topics Covered:
Key Takeaways
Strategic Imperatives
Scope and Definitions
Current Scenario
Growth Opportunity Analysis - Data Center Decarbonization
Scope 1 and 2 Decarbonization Strategies in the Data Center Industry and its Infrastructure Providers
Growth Opportunity Universe - Data Center Decarbonization Market
For more information about this report visit https://www.researchandmarkets.com/r/6gn25m
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PARIS--(BUSINESS WIRE)--Technip Energies (PARIS:TE) (the “Company”), a leading Engineering & Technology company for the Energy Transition, today publishes its 2021 Form 20-F.
The Company filed its 2021 Form 20-F with the United States Securities and Exchange Commission (SEC).
The 2021 Form 20-F is available on:
https://investors.technipenergies.com/regulatory-filings
Technip Energies will hold its Annual General Meeting in Schiphol, the Netherlands, on May 5, 2022. The convening notice, agenda and all related documents are available at https://investors.technipenergies.com/events-presentations/agm.
About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.
Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.
Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”) traded over-the-counter in the United States.
For further information: www.technipenergies.com.
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Itron’s Smart City Solution to Drive Digital Transformation and Improve the Citizen Experience in Fuengirola
LIBERTY LAKE, Wash.--(BUSINESS WIRE)--#Energy--Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, and the City of Fuengirola, Spain are joining forces to transform the municipality into a smart city. Home to more than 82,000 permanent residents and more than triple that during the summer months, the City of Fuengirola will deploy Itron’s smart city platform, which includes a city-wide mesh network optimized for industrial IoT (IIoT) devices and Itron’s device and data management platform, SLV. The primary objective of the project is to accelerate urban innovation, drive the digital transformation of city services and improve the citizen experience for those in Southern Spain. Deployment of the solution is expected to be completed by the end of 2022. The IIoT network will be operated by Itron as part of a four-year Network-as-a-Service (NaaS) agreement. This project is 80% co-financed by European Regional Development Found (ERDF) within the framework of the Pluriregional Program of Spain (POPE) 2014 – 2020.
Itron’s smart city solution will enable the City of Fuengirola to deploy a wide range of smart city applications which improve energy efficiency, lower operational costs and increase quality of life for citizens. Initial applications include intelligent street lighting, noise detection and smart traffic monitoring. Beyond energy and operational savings, intelligent street lighting offers a wide range of benefits, including enhanced safety and increased customer satisfaction. This enables the city to plan future investments and services more efficiently.
As a NaaS contract, Itron will manage the network and SLV software on behalf of the City of Fuengirola, allowing the city workers to focus on the outcomes. This includes the deployment of the IIoT network, supply of the sensors and controllers for initial use-cases and four years of connectivity for each device. With SLV, the city will have advanced asset management, data visualization, analytics, and real-time control capabilities. This will simplify the management of new sensors and controllers, define logic between data sets and create a dashboard of city key performance indicators.
“The City of Fuengirola aims to be a benchmark in urban innovation and to create an environment for our citizens that is more efficient, comfortable and sustainable. We are excited to collaborate with Itron, a world leader in smart cities, to achieve this vision,” said Ana Maria Mula, mayor of the City of Fuengirola. “With Itron’s smart city solution, we can improve services to our citizens and meet our sustainability goals. It also gives us the foundation to grow and evolve as a smart city as the needs of our city change.”
“Itron is proud to make the City of Fuengirola’s smart city vision a reality by helping them develop a holistic smart city with Itron’s streetlight management system. We have extensive experience helping utilities and cities improve the performance of their street lighting and lay the foundation for additional smart city services,” said John Marcolini, senior vice president of Itron’s Networked Solutions. “By taking advantage of Itron’s NaaS and Software-as-a-Service (SaaS) offering, the City of Fuengirola can focus on realizing the benefits of their smart city platform versus investing in IT and field-based resources to manage and maintain the infrastructure.”
To learn more about Itron’s smart city solution, visit this link.
About Itron
Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.
Itron® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.
Itron, Inc.
Alison Mallahan
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509-891-3802
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SACRAMENTO, Calif.--(BUSINESS WIRE)--Following is a statement from Patrick A. Weller, chairman and CEO of Sol Power Energy, Inc., to foster a path to agricultural solvency for the California family-owned and operated farm:
Sol Power Energy, Inc. today announced Phase II of a multijurisdictional solar distributed generation program for Vino Farms, LLC as part of an ongoing plan for VINO FARMS to use holistic, ecological, and ethical practices in wine grape farming.
Over the past three years, VINO FARMS VP and partner Craig Ledbetter has been converting select vineyards to Biodynamic™ (BD) farming practices, while simultaneously implementing solar photovoltaic systems for irrigation pumping, as a water use efficiency measure.
Air, fire, water, and at times even the abundance of Mother Earth’s energy seem to oppose California agricultural operators. The Clean Air Act, the Sustainable Groundwater Management Act (SGMA), PG&E’s 2022 Wildfire Mitigation Plan (WMP), and most recently PG&E's 2023 General Rate Case (GRC) all contain compliance requirements that can drastically affect the ability of a California family-owned and operated farm to meet its long-term debts and other financial obligations.
Over the past two years, during Phase I, the parties utilized world-class COVID-19 control and prevention practices to successfully develop nearly 1 megawatt of flood-resistant, elevated solar generation plants supplying enough electricity to meet the needs of 164 U.S. homes.
SOL POWER has been retained to provide a broad range of professional services and duties related to the strategic planning, design, development, delivery, and interconnection of renewable energy projects. The solar generation systems were implemented in the Pacific Gas and Electric Company (PG&E) and Sacramento Municipal Utility District (SMUD) service territories within Sacramento and San Joaquin counties.
VINO FARMS, with offices located in Lodi, Healdsburg, Napa, and Paso Robles, is a multi-generational farming operation owned and operated by the Ledbetter family since the 1970s. The company manages or owns nearly 17,000 total acres of vineyards in California including 4,500 acres in the Lodi region.
Craig Ledbetter, VINO FARMS VP and partner stated, “The implementation of solar projects on farmland exposes owners to a range of risks from numerous authorities having jurisdiction. Patrick A. Weller, chairman and CEO of Sol Power Energy, Inc. exhibited the highest standard of care, trustworthiness, risk mitigation, and fiduciary responsibility for our multimillion-dollar project.”
Sol Power Energy, Inc. is a minority-owned California corporation with operations in Sacramento, California. With nearly 30 years of experience in the U.S. energy services company industry, SOL POWER offers free technical assistance to farmers to help them to understand the economics and technical advantages of renewable energy programs to offset their escalating utility expense.
“PG&E intends an initial increase in average electric rates for its agricultural, commercial, and industrial customers between 7 and 25 percent starting in 2023, with a corresponding increase in average gas rates of up to approximately 4 percent. Our objective is to help agricultural producers of wine grapes, livestock, milk production, and crops to obtain renewable energy solutions that foster energy cost savings and sustainable water and food supply,” stated Patrick A. Weller, chairman and CEO of Sol Power Energy, Inc.
Sol Power Energy, Inc. is in the development of MetaDigital™ marketing services for the development of scheduled and on-demand virtual learning environments to share SOL POWER Renewable Best Practices for Agricultural Operators, to include the future integration of virtual reality (VR) and augmented reality (AR) components.
Patrick A. Weller, chairman and CEO of Sol Power Energy, Inc., This email address is being protected from spambots. You need JavaScript enabled to view it. (916) 426-8399
HOUSTON & ITHACA, N.Y.--(BUSINESS WIRE)--Chevron U.S.A. Inc., through its Chevron New Energies division, and Restore the Earth Foundation, Inc. announced agreement for a reforestation project for up to 8,800 acres of property in St. Charles Parish, Louisiana.
The project will bring together Chevron and Restore the Earth Foundation to develop a nature-based solution, which is expected to remove carbon from the atmosphere and be focused on reforesting natural cypress forests and swamps in St. Charles Parish. Chevron will provide funding for Restore the Earth to plant an expected 1.7 million native bald cypress seedlings as part of the project.
“Carbon offsets are expected to play a notable role in global carbon reduction. Chevron New Energies is proud to collaborate with Restore the Earth on our inaugural carbon offsets project – bringing lower carbon solutions to Chevron as well as our customers,” said Barbara Harrison, vice president of Offsets & Emerging of Chevron New Energies. “In addition to helping remove carbon, the seedling replanting is anticipated to contribute to local forest and wetland ecosystem restoration.”
In 2021, Chevron launched Chevron New Energies to accelerate lower carbon businesses in hydrogen; carbon capture, utilization and storage (CCUS); offsets; and emerging opportunities, as well as support Chevron’s continued focus on biofuels. The St. Charles Parish cypress reforestation project is expected to generate carbon offsets that could both help offset Chevron’s carbon emissions, and also help customers achieve their lower carbon goals.
“We are excited to launch this partnership with Chevron New Energies. Restore the Earth’s landscape-scale reforestation is a nature-based solution critical to addressing climate change and provides so many additional environmental and social benefits to the region and to the nation,” said P.J. Marshall, founder and executive director, Restore the Earth Foundation, Inc. “Forward-thinking organizations like Chevron New Energies are initiating impactful and simple solutions that provide for healthy ecosystems, biodiversity, habitat and community resiliency in self-sustaining systems—taking the long-term perspective of generations, decades and centuries, providing for overall well-being, livelihood, identity and culture.”
“Partnering with Restore the Earth Foundation and Chevron to accelerate reforestation on Louisiana Wildlife and Fisheries lands helps us to reach the full potential of enhanced, sustained, protected and conserved habitat of wildlife species supporting vegetation and biodiversity on our Wildlife Management Areas,” said Jack Montoucet, Secretary of the Louisiana Department of Wildlife and Fisheries. “Additional benefits of the restored Louisiana forested wetlands include the carbon sequestration of the trees supporting climate mitigation and LDWF adaptation goals.”
“We are incredibly thankful to have Chevron as a community partner and appreciate their continued commitment to coastal restoration in St. Charles Parish,” said Matt Jewell, president of St. Charles Parish.
About Chevron
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.
About Restore the Earth Foundation
Restore the Earth is a 501(c)(3) not for profit with a mission of restoring the Earth’s essential forest and wetland ecosystems. Restore the Earth knows that it is possible to go beyond just protecting our environment—it is possible to restore it. A restored environment at a landscape scale creates incredible value for ecosystems, biodiversity, habitat, communities, business and the Earth. Restore the Earth works together with partners to bring solid solutions to deliver successful restoration to meet strategic objectives. More information about Restore the Earth is available www.restoretheearth.org.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 25 of the company’s 2021 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.
Chevron
Creighton Welch
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281.703.2728
Restore the Earth Foundation
Taylor Marshall
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607.342.7362
+ Major deliveries have been completed for NMG’s Phase-1 coating module; construction is advancing towards the planned commissioning target before the end of H1-2022 for the Company’s 2,000-tpa-capacity anode material value chain.
+ The integrated 43-101-compliant feasibility study prepared by BBA is progressing for the Phase-2 Bécancour Battery Material Plant and Matawinie Mine, for a comprehensive updated economics structure of NMG’s business model to be announced before the end of Q2-2022.
+ Preparatory works have resumed at the Phase-2 Matawinie Mine ahead of civil works targeted for the year.
+ Thanks to its Phase-1 production, NMG is currently actively engaged in qualification sampling with selected battery manufacturers, now providing A & B samples. Sustained interest from top-tier potential customers is supported by sample quality checks, site visits and requests for information.
+ NMG is advancing with the structuring and securing of project financing for the construction and development of the Phase-2 Bécancour Battery Material Plant and Matawinie Mine, and has received non-binding letters of interest from two Export Credit Agencies, evidencing a clear expression of the potential support which the ECA may offer.
+ NMG continues to demonstrate the ESG-credentials of its business model through an A2 Robust Sustainability Rating from Moody’s and release of its Climate Action Plan.
+ Year-end OSHA rate of 2.61 for the Company’s operations and 0 for its contractors, with no major environmental incident.
+ Year-end cash position of $62.3M.
MONTRÉAL--(BUSINESS WIRE)--$NMG #EV--Nouveau Monde Graphite Inc. (“NMG”, “Nouveau Monde” or the “Company”) (NYSE: NMG, TSXV: NOU) publishes its year-end financial results for the twelve-month period ended December 31, 2021 as it advances towards the final stages of its Phase-1 facilities construction demonstrating the full vertical from mining to battery market while maintaining an active development program on its Phase-2 commercial scale up. With the construction of NMG’s coating module well underway, the Company is set to have a 2,000-tonnes-per-annum (“tpa”) capacity integrated graphite production line of anode material by mid-year. At the same time, NMG is defining the updated economics model for its Phase 2 and is engaging with potential customers and financial partners to support the delivery of its full commercial-scale facilities.
Arne H Frandsen, Chair of NMG, commented: “We are making significant progress on our objectives at a time when the market is feeling the pressure of limited supply options, rising prices and complicated logistics. I am confident that the ESG-minded team at NMG can capitalize on our exclusive ecotechnologies and industry-leading practices to position the Company as a Western World’s trailblazer for competitive, sustainable, and local graphite advanced materials production.”
Eric Desaulniers, Founder, President, and CEO of NMG, added: “Upon the completion of our coating module as the final stage of our integrated Phase-1 production, we are set to offer a turnkey solution for the extraction, concentration, value-added transformation and quality assurance of graphite materials manufacturing. Our Phase-1 facilities accelerate our transition to the next phase of our development by providing electric vehicle (“EV”) and battery manufacturers with customized, high-quality, carbon-neutral and low-cost advanced materials, supporting process optimization and value engineering for our Phase 2, as well as providing a unique training platform for our team.”
Battery Material Plant
NMG is advancing with the deployment of its coated spherical purified graphite production with the construction of its Phase-1 coating line. This last process step will complete the Company’s graphite-based product range for the EV and renewable energy sectors by having a production capacity of up to 2,000 tpa of anode material. Although some have been delayed due to the worldwide logistics disturbances, deliveries have arrived at the Company’s demonstration plant over Q4-2021 and Q1-2022. All major deliveries have now been received. Construction is underway, and on budget, for a targeted commissioning before the end of H1-2022.
Construction of the coating module at NMG’s facility.
NMG is also expecting the delivery of its second commercial-scale shaping module at its facilities in Q2-2022 which would allow it to triple its spherical graphite production capacity. The construction and equipment commissioning is scheduled to be carried out by the end of H1-2022 for a production start and ramp up during Q3-2022. This addition to NMG’s Phase-1 advanced manufacturing line will enable the Company to provide customers with a broader and more comprehensive range of specs.
NMG’s Phase-1 purification plant continues the production of battery-grade SPG volumes. Positive results obtained by testing the furnaces’ optimal capacity and the validation of operational parameters have enabled NMG to refine the engineering of the Phase-2 Bécancour Battery Material Plant.
Indeed, the Front-End Loading feasibility engineering analysis (“FEL-3”) for the Company’s Phase-2 operations is progressing and on budget, with a 48% completion rate and a scheduled completion by the end of Q2-2022. NMG’s integrated business model will be reflected in this National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”)-compliant feasibility study for the Phase-2 Bécancour Battery Material Plant to update planning, cost projection, and development framework in a unified structure with the Matawinie Mine. In complement to the engineering efforts, the Company has initiated the permitting planning process and community outreach for the Bécancour Battery Materials Plant.
Matawinie Mine
In December 2021, NMG completed the construction of the nearly 8-km access road connecting the mining site to the local highway. Early works were successfully and safely completed, with no recordable environmental, health or safety incidents. Tree clearing activities are currently being conducted – before the nesting season to limit impacts to avifauna – in order to prepare the site for the next phase of civil works.
The detailed engineering and procurement packages of the Matawinie mine and concentrator continue to progress with SNC-Lavalin, Metso Outotec and NMG’s owner’s team. Optimization of facilities, preparation of architectural specifications and plans, mechanical engineering, and equipment selection advance on schedule. The mining plan is also progressing based on the latest drilling campaign. Overall advancement of engineering is estimated at 55%.
NMG has put forward advanced standards for design criteria of tailings management at the Matawinie Mine by prioritizing the desulphurization of tailings, dry-stacking, and the co-disposal of waste rock and tailings. This environmentally sound method involved a recognized approach and has been approved by government officials following a thorough review. An experimental cell was built in 2020 to demonstrate in actual conditions the performance of this proactive environmental method. Field-scale cells were built to calibrate the parameters with respect to the performance of the tailings co-disposal objectives design, including preventing sulfide oxidation and mine water contamination. The field test cells are instrumented and monitored by the Company’s Environment Team. Results from the test cells are positive, validating the co-disposal technology developed by NMG.
As for its electrification strategy, the Company’s technical team is highly engaged with Caterpillar for the planning and development of a zero-emission fleet for the Matawinie Mine. At the beginning of Q1-2022, NMG was awarded Mining Magazine's Future Fleets excellence award for the intended electrification of its Matawinie Mine.
Products Development and Market
The Company’s Phase-1 operations continue to support technical marketing and product qualification efforts in the lithium-ion battery, traditional and niche sectors. Production at the Phase-1 facilities and testing at NMG’s new state-of-the-art laboratory enable the supply of graphite products in various specifications to meet the manufacturer's individual requirements.
Samples have been and continue to be provided to potential customers as part of sales discussions. NMG has advanced into the qualification process with several battery manufacturers, now providing A & B samples. Sustained interest from top-tier potential customers is supported by quality checks, site visits to the Company’s Phase-1 operations and requests for information.
In addition, the Company is actively strengthening its quality assurance and quality control with the implementation of an ISO 9001-compliant system.
Electric vehicles outsold diesel cars in Europe for the first time in December 2021. To meet the soaring demand from consumers, the auto industry is on track to invest half a trillion dollars in the next five years to transition its fleet towards electrification (New York Times, February 2022). This shift is driving major changes in existing supply chains as original equipment manufacturers compete to source the raw materials and electronic components and bring to market enough volume to meet consumers' enthusiasm.
In fact, the lithium-ion battery market expansion is driving growth in demand for natural graphite with a global anode capacity projection of 8,391,550 tonnes per annum by 2031, a 13.2% month-over-month increase for the beginning Q1-2022 (Benchmark Mineral Intelligence, February 2022). Moreover, constrained supply due to mine and factory closures in China have lead to an upward price pressure for flake graphite (Benchmark Mineral Intelligence, January 2022).
These market dynamics create a favorable setting for NMG’s development of a local turnkey supply of green anode material.
Corporate and ESG
NMG conducted its operations guided by its Zero-Harm Philosophy. The Company reports a year-end Occupational Safety and Health Administration (“OSHA”) Recordable Incident Rate of 2.61 for its facilities and 0 for its contractors. NMG had no major environmental incidents as defined by the Global Reporting Initiative. Through its work protocols, continuous monitoring, and environmental program, it responsibly conducted its operations and worked to diligently address and mitigate any minor incident at its sites.
The Company embedded leading ESG principles in its business model alongside carbon-neutral operations and traceability of its value chain. In an independent assessment of the Company’s sustainability performance, Moody’s ESG Solutions provided a Sustainability Rating of A2 (‘Robust’), the second-highest grade on its rating scale, to NMG.
As part of its carbon-neutrality commitment, NMG released its Climate Action Plan detailing efforts around transparent reporting, reduction of the Company’s embedded emissions, transition to Net Zero, research and development for low-carbon materials and activities, as well as industry leadership. The Company has also purchased verified carbon credits to offset its 2021 carbon balance.
NMG is currently completing a lifecycle analysis for its graphite products portfolio to support its marketing and sustainability efforts.
The Company is advancing with the structuring and securing of project financing for the construction and development of the Phase-2 Bécancour Battery Material Plant and the Matawinie Mine. In this regard, the Company has been in discussions with a number of Export Credit Agencies (“ECA”) to provide credit support for a significant portion of the project financing, and has received non-binding letters of interest from two ECA, evidencing a clear expression of the potential support which the ECA may offer.
In 2021, the Company raised over $130M through public offerings, the exercise of warrants, private placements, and financial levers from governments. Capital allocation emphasized the advancement of NMG’s projects through engineering, procurement of key equipment and construction; R&D for the development of new processes and products, and corporate expenses to support the Company’s growth.
At December 31, 2021, the Company had $63.2M.
About Nouveau Monde
Nouveau Monde is striving to become a key contributor to the sustainable energy revolution. The Company is working towards developing a fully integrated source of carbon-neutral battery anode material in Québec, Canada for the growing lithium-ion and fuel cell markets. With low-cost operations and enviable ESG standards, Nouveau Monde aspires to become a strategic supplier to the world’s leading battery and automobile manufacturers, providing high-performing and reliable advanced materials while promoting sustainability and supply chain traceability. www.NMG.com
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Cautionary Note Regarding Forward-Looking Information
All statements, other than statements of historical fact, contained in this press release including, but not limited to those describing the intended results of the Company’s development plans, the timeline and progress of the initiatives described in this press release, future graphite supply and demand, the benefits of the Company’s de-risking strategy, the impact of the foregoing on the project economics, the Company’s intended production capacity of carbon-neutral anode material, the growth of the lithium-ion battery and EV markets, the Company’s commitments and performance with respect to its ESG initiatives, including the intended electrification of the Matawinie Mine, the interest of potential customers, the ability to structure and obtain sufficient project financing for the construction and development of the Bécancour Battery Material Plant and the Matawinie Mine, potential credit support from ECA, the intended results of the initiatives described above, and those statements which are discussed under the “About Nouveau Monde” paragraph and elsewhere in the press release which essentially describe the Company’s outlook and objectives, constitute “forward-looking information” or “forward-looking statements” within the meaning of Canadian and United States securities securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Moreover, these forward-looking statements were based upon various underlying factors and assumptions, including the current technological trends, the business relationship between the Company and its stakeholders, the ability to operate in a safe and effective manner, the timely delivery and installation of the equipment supporting the production, the Company’s business prospects and opportunities and estimates of the operational performance of the equipment, and are not guarantees of future performance.
Forward-looking information and statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking information and statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, delays in the scheduled delivery times of the equipment, the ability of the Company to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the availability of financing or financing on favorable terms for the Company, the dependence on commodity prices, the impact of inflation on costs, the risks of obtaining the necessary permits, the operating performance of the Company’s assets and businesses, competitive factors in the graphite mining and production industry, changes in laws and regulations affecting the Company’s businesses, political and social acceptability risk, environmental regulation risk, currency and exchange rate risk, technological developments, the impacts of the global COVID-19 pandemic and the governments’ responses thereto, and general economic conditions, as well as earnings, capital expenditure, cash flow and capital structure risks and general business risks. Unpredictable or unknown factors not discussed in this Cautionary Note could also have material adverse effects on forward-looking statements.
Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
The market and industry data contained in this press release is based upon information from independent industry publications, market research, analyst reports and surveys and other publicly available sources. Although the Corporation believes these sources to be generally reliable, market and industry data is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data-gathering process and other limitations and uncertainties inherent in any survey. The Corporation has not independently verified any of the data from third-party sources referred to in this press release and accordingly, the accuracy and completeness of such data is not guaranteed.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Further information regarding the Company is available in the SEDAR database (www.sedar.com), and for United States readers on EDGAR (www.sec.gov), and on the Company’s website at: www.NMG.com
Julie Paquet
VP Communications & ESG Strategy
+1-450-757-8905 #140
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NEW YORK--(BUSINESS WIRE)--ESW, the leading global direct-to-consumer (DTC) ecommerce company, today announced an agreement with UPS (NYSE: UPS) that will provide integrated international ecommerce and shipping capabilities for brands aiming to accelerate their direct-to-consumer (DTC) expansion, enabling them to be more effective at reaching global consumers via cross-border ecommerce. Through this new bundled offering, UPS customers and ESW clients will see significant capabilities to deeply localize their online shopping experience and leverage UPS’s global transportation and customs brokerage platform for delivery.
“The ability to get a one-stop solution that combines ESW’s technology and deep localization expertise with UPS’s expansive logistics and transportation network will give DTC retailers of any size greater access to consumers on a global scale,” said Patrick Bousquet-Chavanne, President and CEO, Americas, ESW. “This agreement leverages our entire logistics and payments ecosystem as well as UPS’s extensive global transportation network to remove barriers and alleviate the friction that often impedes brands and retailers from selling directly to consumers regardless of where they live in the world.”
“UPS continues to innovate on behalf of customers, offering new capabilities to grow their businesses. This alliance with ESW offers UPS ecommerce customers the ability to sell and ship seamlessly around the world, with the confidence that they are delivering a great shopping experience,” Bill Seward, UPS President, Americas Region and Global Customer Solutions said.
As consumers increasingly turn to cross-border shopping to purchase the products they see online, retailers must also become border agnostic in order to succeed in today’s competitive landscape. According to ESW’s Global Voices 2022 survey, the number of cross-border DTC consumers increased across all age groups between December 2020 and July 2021 with younger Millennial and Gen Z consumers driving this trend. The data revealed that Millennials and Gen Z shoppers are buying significantly more from outside their home countries than Gen X and Baby Boomers, with the younger cohorts preferring to purchase cross-border to access products they cannot find locally. The same survey found that shipping timing and shipping costs are the two biggest deterrents preventing more consumers from shopping across international borders.
Brands integrating with ESW’s Fluency and Symphony DTC solutions can enter both domestic and new international markets in a matter of weeks and access a suite of market-leading ecommerce solutions across store, pricing, payments, checkout, fraud and delivery. ESW’s Velocity consultancy service provides the expertise to execute successful growth initiatives across customer experience, acquisition, and retention, while engaging directly with customers and retaining ownership of all the data collected during the shopping journey.
About ESW
ESW is the global DTC ecommerce leader, empowering the world’s best-loved brands and retailers to make global shopping better, safer, simpler and faster, end-to-end. From compliance, data security, fraud protection, taxes, and tariffs to checkout, delivery, returns, customer service, and demand generation, our powerful combination of technology and human ingenuity covers the entire shopper journey across 200 markets. ESW is an Asendia Group company, a joint venture between La Poste and Swiss Post. Please go to esw.com to learn more.
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HOUSTON--(BUSINESS WIRE)--DXP Enterprises, Inc. (NASDAQ: DXPE) on Friday, March 25, 2022, announced its Audit Committee selected PricewaterhouseCoopers LLP as its independent registered public accounting firm for the 2022 fiscal year.
On March 23, 2022, the Audit Committee informed McConnell & Jones LLP (“McConnell Jones”) of this decision. McConnell Jones will continue in its capacity through the completion of is audit services for the fiscal year ending December 31, 2021, and the filing of DXP’s 2021 Form 10-K.
Kent Yee, CFO, added, “First, I want to thank McConnell & Jones for working with us to get our third quarter and fiscal 2021 done in a timely manner given the unusual circumstances. The team from McConnell Jones handled everything with the utmost professionalism, diligence, and candor. Their breadth of experience and team depth has been evident. It was extremely refreshing. As discussed back in November, DXP’s auditor transition plan has been about the future of DXP and to align with our vision and goals for the finance and accounting function. Since 2017, we have been focused on ensuring we were building a finance and accounting team, capabilities and function that would support and propel DXP into becoming a multi-billion-dollar company. This plan is centered around continuous improvement in people, accounting processes and technology to support the variety of businesses that are integral to DXP. We look forward to our growth and improvement.”
Gene Padgett, CAO added, “We have talked about aligning service providers and tools befitting DXP from day one. We are at one of those inflection points and we are excited to push forward and continue to raise the bar. We have work to do around accounting processes and technological tools, but we are well on our way and remain excited about the future.”
About DXP Enterprises, Inc.
DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout the United States, Canada and Dubai. DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production ("MROP") services that emphasize and utilize DXP’s vast product knowledge and technical expertise in rotating equipment, bearings, power transmission, metal working, industrial supplies and safety products and services. DXP's breadth of MROP products and service solutions allows DXP to be flexible and customer-driven, creating competitive advantages for our customers. DXP’s business segments include Service Centers, Innovative Pumping Solutions and Supply Chain Services. For more information, go to www.dxpe.com.
The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. These forward-looking statements include without limitation those about the Company’s expectations regarding the impact of the COVID-19 pandemic and the impact of low commodity prices of oil and gas; the Company's expectations regarding the filing of the Form 10-Q; the description of the anticipated changes in the Company's consolidated balance sheet and the results of operations and the Company's assessment of the impact of such anticipated changes; the Company’s business, the Company’s future profitability, cash flow, liquidity, and growth. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to; decreases in oil and natural gas prices; decreases in oil and natural gas industry expenditure levels, which may result from decreased oil and natural gas prices or other factors; inability of the Company or its independent auditors to complete the work necessary in order to file the Form 10-Q, in the expected time frame; unanticipated changes to the Company's operating results in the Form 10-Q as filed or in relation to prior periods, including as compared to the anticipated changes stated here; unanticipated impact of such changes and its materiality; ability to obtain needed capital, dependence on existing management, leverage and debt service, domestic or global economic conditions, economic risks related to the impact of COVID-19, ability to manage changes and the continued health or availability of management personnel and changes in customer preferences and attitudes. In some cases, you can identify forward-looking statements by terminology such as, but not limited to, “may,” “will,” “should,” “intend,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “goal,” or “continue” or the negative of such terms or other comparable terminology. For more information, review the Company’s filings with the Securities and Exchange Commission. More information on these risks and other potential factors that could affect the Company’s business and financial results is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.
Kent Yee
Senior Vice President, CFO
713-996-4700
www.dxpe.com
The new solar facility will support Meta’s regional operations and represents partners’ shared vision for a cleaner future
NASHVILLE, Tenn.--(BUSINESS WIRE)--The Tennessee Valley Authority, Meta (formerly the Facebook company), Jackson Energy Authority (JEA), and Silicon Ranch broke ground on a new 70-megawatt (MWAC) solar facility in Madison County, Tennessee. The McKellar Solar Farm will help support Meta’s regional operations with 100% renewable energy.
Originally announced in August 2020, the McKellar facility is part of TVA’s Green Invest program, which helps customers such as Meta meet their long-term sustainability goals with new utility-scale solar projects located within the Valley.
“TVA is the nexus for reliable, economical renewable energy solutions, and we have already committed $3 billion to bring more than 2,000 MW of new solar to the Valley since 2018,” said Doug Perry, TVA Senior Vice President, Commercial Energy Solutions. “This public-private partnership with Meta and Silicon Ranch demonstrates the strength of TVA’s community energy model to attract capital investment and high-quality jobs into the communities we serve while helping businesses meet their sustainability goals."
Nashville-based Silicon Ranch will fund, own, operate, and maintain the McKellar Solar Farm, a disciplined approach the company takes with every project it develops. Silicon Ranch expects to invest upwards of $90 million to construct the facility, and the project will contribute millions of dollars more in property taxes, which benefit all Madison County residents by supporting local government services and the local school system. As part of its commitment to the communities where it sites solar projects, Silicon Ranch plans to support additional educational outreach opportunities to help teach students about the role projects like the McKellar Solar Farm play in the energy transition.
SR EPC, LLC (SR EPC), a wholly-owned Silicon Ranch subsidiary, is the prime contractor for the project. SR EPC engaged PCL Construction as the subcontractor for the PV plant and EPC Services Company as the subcontractor for the substation. “Solar energy plays a critical role in our pathway to a more sustainable future. PLC is excited to leverage its experience in building over 50 utility-scale projects, to construct the McKellar solar facility,” said Brad Hise, PCL’s Solar Operations Manager.
Construction of the solar facility will create more than 350 construction jobs, with preference given to the local labor pool and the military veteran community. The solar farm will also provide additional employment for ongoing operations and maintenance, including ranchers and farmers to care for the land as part of Silicon Ranch’s Regenerative Energy® holistic approach to land management.
“At Silicon Ranch we believe that solar projects can create enduring value and deliver a meaningful legacy for communities, and we thank TVA, Meta, JEA, and the Jackson Chamber for making this significant investment in Madison County possible,” said Silicon Ranch Co-Founder and CEO Reagan Farr. “Silicon Ranch has been proud to partner with Meta to supply renewable energy to its data center operations in Georgia, and we’re honored to support Meta’s operations right here in the Tennessee Valley. McKellar Solar Farm is yet another innovative, customer-driven renewable energy solution made possible through TVA’s meaningful leadership in our home region.”
“We are thrilled to be partnering with TVA and Silicon Ranch to bring this new solar facility to the grid in support of our operations in the Tennessee Valley,” said Urvi Parekh, head of Renewable Energy at Meta. “The more than 850 megawatts of new solar energy we are developing with TVA is an important part of our goal to support our global operations with 100% renewable energy. We thank our partners Silicon Ranch and TVA for sharing our commitment to have a positive impact on the communities where we locate.”
Construction of the facility is expected to be completed before the end of 2022, with interconnection to the TVA grid facilitated by the JEA distribution system.
“This solar farm is the largest project to date in JEA’s service territory, reflecting our commitment to providing sustainable, reliable, and affordable power in the Tennessee Valley,” said Jim Ferrell, President and CEO of Jackson Energy Authority. “We are proud to partner with Meta, TVA, and Silicon Ranch to supply carbon-free solar power for many years to come.”
This year, nearly 60% of TVA’s electricity is from carbon-free generation. To meet the region’s renewable energy needs and lower Valley carbon, TVA plans to add 10,000 MW of solar by 2035. The additional solar will help TVA reach 70% carbon reduction by 2030, about 80% reduction by 2035, and an aspirational target of net-zero carbon emissions by 2050.
The McKellar Solar Farm will integrate Silicon Ranch’s transformative Regenerative Energy® model, a holistic approach to design, construction, and operations that co-locates renewable energy production with regenerative agriculture practices. The innovative platform delivers valuable environmental, social, and economic outcomes above and beyond the significant positive impacts a solar facility alone can generate, creating additional value for the surrounding communities and project stakeholders. Through managed sheep grazing using regenerative pastureland management practices, Silicon Ranch restores the land housing each array to a functioning grassland ecosystem, while keeping each site in agricultural production.
About Tennessee Valley Authority (TVA)
The Tennessee Valley Authority is a corporate agency of the United States that provides electricity for business customers and local power distributors serving nearly 10 million people in parts of seven southeastern states. TVA receives no taxpayer funding, deriving virtually all of its revenues from sales of electricity. In addition to operating and investing its revenues in its electric system, TVA provides flood control, navigation and land management for the Tennessee River system, and assists local power companies and state and local governments with economic development and job creation.
About Silicon Ranch Corporation
Founded in 2011, Silicon Ranch is a fully integrated provider of customized renewable energy, carbon, and battery storage solutions for a diverse set of partners across North America. The company is one of the largest independent power producers in the country, with a portfolio that includes more than four gigawatts of solar and battery storage systems that are contracted, under construction, or operating across the U.S. and Canada. Silicon Ranch owns and operates every project in its portfolio and has maintained an unblemished track record of project execution, having successfully commissioned every project it has contracted in its history. In recognition of its holistic approach to land management, which the company has trademarked Regenerative Energy®, Silicon Ranch was named 2020’s “Most Forward-Thinking” company by Solar Power World. To learn more, visit siliconranch.com and regenerativeenergy.org and follow on Facebook, Instagram, Twitter, and LinkedIn.
About JEA
Jackson Energy Authority is one of very few public utilities in the nation offering all major utility and telecommunications services from one provider. As a customer-owned utility, and home to Tennessee’s first state-of-the-art, community-owned fiber-to-the-home network, Jackson Energy Authority provides electric, gas, propane, water, wastewater, cable tv, Internet and telephone services to thousands of customers in Jackson, TN and parts of Madison County. Known for its unmatched customer service and commitment to community, the Authority maintains a mission of creating value for its customers and helping improve the quality of life in the community it serves. To learn more, visit www.jaxenergy.com, www.eplusbroadband.com and by following Jackson Energy Authority on Facebook and Twitter.
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TVA Public Relations, Knoxville, 865-632-6000
www.tva.com/news
NEW YORK & STAMFORD, Conn.--(BUSINESS WIRE)--CBRE Investment Management (“CBRE IM”), a leading real assets investment management firm, and Altus Power, Inc. (NYSE: AMPS) (“Altus Power”), a leading clean electrification company, today announced plans to build and operate a portfolio of rooftop community solar projects to provide renewable energy to residential customers and CBRE IM logistics tenants in Maryland. These projects are expected to produce savings for approximately 5,700 residential customers in Maryland.
CBRE IM and Altus Power each have a long-standing presence in Maryland and together are proud to bring the benefits of community solar to a broader segment of residential customers within the state. Rooftop-based solar systems of up to approximately 20MW will be located on the logistics facilities that are owned by CBRE IM’s funds. Power generated from these solar systems is to be provided to both commercial tenants and residential customers. Thirty percent or more of the generated electricity is also to be allocated to low and moderate income residential customers in the state. Energy storage and electric vehicle charging may be added to these facilities in the future.
“Our collaboration with Altus Power will greatly advance our sustainability goals and support the transition to clean energy,” said Chuck Leitner, chief executive officer of CBRE IM. “This initiative is an excellent example of how we use scale to make our portfolio more resilient, profitable and sustainable.”
“Altus Power has been serving public and private customers in Maryland with solar-generated electricity since 2011,” said Lars Norell, Co-CEO of Altus Power. “We are excited to expand our community solar portfolio in the state and to advance our relationship with our strategic partner, CBRE.”
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $141.9 billion in assets under management* as of December 31, 2021, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.
About Altus Power
Altus Power, based in Stamford, Connecticut, is the nation’s premier clean electrification company. Altus Power serves its commercial, industrial, public sector and community solar customers by developing, owning and operating locally sited solar generation, energy storage, and EV charging infrastructure across 18 states from Vermont to Hawaii. Visit altuspower.com to learn more.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “could,” “continue,” “expect,” “estimate,” “may,” “plan,” “outlook,” “future” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to Altus Power’s future prospects, developments and business strategies. These statements are based on Altus Power’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.
Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Altus Power’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the ability of Altus Power to maintain its listing on the New York Stock Exchange; (2) the ability to recognize the anticipated benefits of the recently completed business combination and related transactions (the “Transactions”), which may be affected by, among other things, competition, the ability of Altus Power to grow and manage growth profitably, maintain relationships with customers, business partners, suppliers and agents and retain its management and key employees; (3) costs related to the Transactions; (4) changes in applicable laws or regulations; (5) the possibility that Altus Power may be adversely affected by other economic, business, regulatory and/or competitive factors; (6) the impact of COVID-19 on Altus Power’s business; and (7) the failure to realize anticipated pro forma results and underlying assumptions related to the Transactions.
Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found under the heading “Risk Factors” in Altus Power’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 24, 2022, as well as the other information we file with the Securities and Exchange Commission. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Altus Power undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.
This press release is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Altus Power and is not intended to form the basis of an investment decision in Altus Power. All subsequent written and oral forward-looking statements concerning Altus Power or other matters and attributable to Altus Power or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.
CBRE Investment Management Contact
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Altus Power Contacts
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HOUSTON--(BUSINESS WIRE)--#FracLabs--AWC Frac Technology jumpstarts 2022 by acquiring hardfacing and hard surfacing specialist company Regate Technology, Inc., based in Plantersville, Texas.
With the acquisition of Regate, AWC expands its capabilities by offering high-pressure HVOF coating, sprayweld, vacuum fusing, and heat treatment. Regate has been in business for over 22 years and is considered a leader in this space.
Joe DeGeare, CEO, stated that, “One of AWC’s main goals was to continue enhancing its aftermarket services by becoming a full one-stop-shop for our customer base while helping customers lower costs and operate more efficiently.”
AWC is driven to provide cutting-edge solutions to the frac market – and with the rollout of their new S-360 Large-Bore Frac Valve, Remote Hydraulic Units, Hydraulic Power Stands, and Accumulators, they are furthering their commitment to do so. AWC has plans to launch new products and initiatives later this year and beyond, so stay tuned for additional information.
To learn more, please contact your local AWC Frac Technology performance advisor.
Joe DeGeare, 936-760-3431
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Acquisition Expands European Assembly Capacity and Distribution Networks in EMEA and Adds a Strategic Customer Network in Europe
FREEHOLD, N.J.--(BUSINESS WIRE)--Cenntro Electric Group Limited (NASDAQ: CENN), a leading EV technology company with advanced, market-validated electric commercial vehicles, today announced that it completed the previously-announced acquisition of a 65% equity interest in Tropos Motors Europe GmbH (“TME”), a wholly owned subsidiary of Mosolf SE & Co. KG (“Mosolf”), for €3.25 million and the assumption of 100% of a shareholder loan from Mosolf to TME in the amount of €11.9 million.
TME has been a strategic, private label channel partner and one of the largest customers of Cenntro since 2019. As of March 2022, TME has a distribution network of 50 dealers in Germany and 13 importers in Europe across sixteen countries, including France, Spain, Portugal, the Netherlands, Belgium, Austria, Italy, Denmark, and the Czech Republic, and also sells directly to major fleet providers.
The acquisition expands Cenntro’s assembly capabilities and distribution network in EMEA and adds a strategic customer network in Europe. The TME assembly facility in Herne, Germany will be used for the assembly of the full line of Cenntro’s vehicles for the European market, including the Metro®, the Logistar™ series, and the Neibor® series for last mile on-delivery and related services. TME will change its name to Cenntro Automotive Europe GmbH and all the products distributed will be under the Cenntro brand. Additionally, all former TME dealers will have the ability to distribute Cenntro’s product line.
“This acquisition adds significant capacity to our production and will fast-track our market expansion and brand recognition within EMEA (Europe, Middle East and Africa),” said Peter Wang, Chairman and CEO of Cenntro.
About Cenntro Electric Group
Cenntro Electric Group (or “Cenntro”) (NASDAQ: CENN) is a leading designer and manufacturer of electric light and medium-duty commercial vehicles. Cenntro’s purpose-built ECVs are designed to serve a variety of organizations in support of city services, last-mile delivery and other commercial applications. Cenntro plans to lead the transformation in the automotive industry through scalable, decentralized production, and smart driving solutions empowered by the Cenntro iChassis. As of November 30, 2021, Cenntro’s first ECV model Metro® has been sold or put into service more than 3,600 units in over 16 countries across North America, Europe and Asia. For more information, please visit Cenntro’s website at: http://www.cenntroauto.com.
About TROPOS MOTORS EUROPE
Tropos Motors Europe is a specialist for compact, electric commercial vehicles for a wide range of target groups and applications. These include, in particular, delivery and parcel services, industry and intralogistics, technical trades and facility management, food retail, hospitality and tourism, zoos, amusement parks and sports facilities as well as cities and municipalities. www.tropos-motors.de
About MOSOLF Group
The MOSOLF Group is one of the leading system service providers for the automobile industry in Europe. The family business, which was founded in 1955, has its headquarters in Kirchheim unter Teck, and provides a range of services. These include tailor-made logistics, technical and service solutions provided using a network of business sites across Europe and a multi-modal fleet. The spectrum of services provided by the MOSOLF Group covers the complete value-added chain for automobile logistics from the end of the production line to recycling. In addition to transporting vehicles (cars, light vans, high & heavy vehicles), workshop services, special vehicle construction, industrial paintwork, mobility services, releasing agent services, and vehicle recycling are all part of the portfolio of services. Within this context, MOSOLF provides all-round, customized solutions for the automobile industry, fleet operators, and dealers from one source and also handles the associated data flow using modern software solutions. To learn more, visit www.mosolf.com.
Forward-Looking Statements
This communication contains "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 include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as "may,'' "believe,'' "anticipate,'' "could,'' "should,'' "intend,'' "plan,'' "will,'' "aim(s),'' "can,'' "would,'' "expect(s),'' "estimate(s),'' "project(s),'' "forecast(s)'', "positioned,'' "approximately,'' "potential,'' "goal,'' "strategy,'' "outlook'' and similar expressions. Examples of forward-looking statements include, among other things, statements regarding assembly and distribution capabilities, decentralized production, fully digitalized autonomous driving solutions and expected synergies and positive developments that could result from this transaction. All such forward-looking statements are based on management's current beliefs, expectations and assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed or implied in this communication. Among the key factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are the following: our ability to successfully integrate the acquired business and to maximize expected synergies; and our ability to realize the expected benefits of the transaction. For additional risks and uncertainties that could impact Cenntro’s forward-looking statements, please see disclosures contained in Cenntro's public filings with the SEC, including the "Risk Factors" in Cenntro's Report of Foreign Private Issuer on Form 6-K filed with the Securities and Exchange Commission on January 5, 2022 and which may be viewed at www.sec.gov.
Investor Relations Contact:
Chris Tyson
MZ North America
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949-491-8235
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DUBLIN--(BUSINESS WIRE)--The "Recreational Boating Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global recreational boating market reached a value of US$ 21.3 Billion in 2021. Looking forward, the market to reach US$ 28.8 Billion by 2027, exhibiting at a CAGR of 5.57% during 2022-2027.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Recreational Boating Market Trends:
Significant expansion of the watersports tourism industry around the world represents one of the key factors propelling the growth of the market.
Apart from this, rising attraction towards outdoor recreational activities and watersports, especially among millennial and post-millennial populations, is positively influencing the market. This can also be accredited to a wide range of diversified advantages associated with recreational activities, which include reducing stress, developing personal growth, enhancing life satisfaction, and improving physical health, self-esteem, and self-reliance.
In addition, leading market players are introducing electric personel boats for clean and silent recreational activities. They are also investing in land-based private islands that enable cruise lines to provide customers with exclusive beach time as an extension of the onboard experience.
This, along with several technological advancements in boats and engines to provide a safe and pleasant experience to individuals worldwide, is creating a favorable market. Besides this, there is a rise in the popularity of sport fishing and motorized watersports, such as sailing, jet-skiing, and yachting activities, across the globe. This, in confluence with the increasing initiatives undertaken by governing agencies of various countries to promote water sports, is projected to drive the market.
Key Questions Answered in This Report:
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being
Key Market Segmentation:
Breakup by Product Type:
Breakup by Activity Type:
Breakup by Material Type:
Breakup by Size:
Breakup by Power Source:
Breakup by Region:
For more information about this report visit https://www.researchandmarkets.com/r/5inzj4
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
- Bonus shares will be funded as part of utilizing company capital surplus of KRW3.3tn
- Plans to return 10% of Net Income in Cash dividend and 5% Share Buyback for next 3 years
- Actively expand CCUS and eco-friendly business
SEOUL, South Korea--(BUSINESS WIRE)--#BonusShares--On March 24, 2022, DL E&C (KRX: 375500) held a Board of Directors meeting and approved the issue of Bonus Equity shares to existing shareholders.
Maximize Shareholder Value through Bonus Issue
The proposed equity bonus will be issued at a ratio of 1:1. The number of newly issued stocks through this bonus share issue is 19,334,885 common stocks and 2,111,951 preferred stocks. When the bonus issue is completed, the total number of issued shares of DL E&C will increase from the current 21,472,623 to 42,919,459 stocks.
The date of issuance of new shares is April 8th, the date of allotment of new shares is April 11th, and the scheduled listing date is set for April 28th. The bonus issue will be financed by the company’s capital surplus of KRW3.271tn
A company official explained, “By increasing the total number of issued shares, we can hope to create a rebound in stock prices and reflect the core value of the company in future share prices.” He added, “The management’s decision to issue bonus shares reflects its intention to maximize shareholder’s value and profit”.
Uphold Mid to Long-term Shareholder Policy…Plans to Purchase Treasury Stock
Furthermore, in the general meeting held on the same day, DL E&C decided to pay a cash dividend of KRW2,700 per common stock (KRW2,750 for preferred stock). The total dividend payout is KRW58bn, which is 10% of the 2021 consolidated controlling shareholder’s net profit of KRW576.4bn.
In mid to long-term shareholder return policy initiated last year, DL E&C announced its plan to return 15% of annual net income to shareholders through cash dividend equal to 10% of net income and share buyback equal to 5% of net income.
The company official commented, “We are faithfully implementing our promised shareholder return policy and once the issuance of bonus equity share is completed, we will proceed to purchase treasury stock at an appropriate time.”
Promotion of New Eco-Friendly Businesses such as CCUS
DL E&C added CCUS and greenhouse gas emission rights-related business to the company’s articles of incorporation to secure new business growth potential and advance into an eco-friendly business.
In mid-March, DL E&C unveiled its plan to grow into a company that provides comprehensive solutions across the carbon capture, utilization and storage (CCUS) business value chain, which is viewed as the core of carbon neutrality. With leading technology and experience in the CCUS field, DL E&C hopes to expand its carbon business not only in Korea but also in the global market.
During the general meeting, DL E&C CEO Ma, Chang Min noted, “Although the pandemic situation that cast a deep shadow of uncertainty across the global economy continues, we will continue our efforts to not only grow our existing business but also strive towards change and innovation to improve future value.” He declared, “DL E&C, which was newly launched last year, will maximize shareholder value by firmly establishing a future growth engine centering on the new eco-friendly businesses. We will continue to seek ways to strengthen ESG management and eco-friendly business to secure growth drivers in the future and do our best to maximize shareholder value.”
DL E&C Co., Ltd
David Cho
+82-2-2011-7192
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CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)--CVD Equipment Corporation (NASDAQ: CVV), a leading provider of chemical vapor deposition systems, announced today that it will release its 2021 fourth quarter and year end results after markets close on Thursday March 31, 2022. CVD Management will hold a conference call to discuss its results at 5:30 pm (Eastern Time) that day.
To participate in the live conference call, please dial toll free (877) 407-2991 or International (201) 389-0925. A telephone replay will be available for 7 days. To access the replay, dial (877) 660-6853 or international (201) 612-7415. The replay passcode is 13728107.
A live and archived webcast of the call will also be available on the company's website at www.cvdequipment.com/events. The archived webcast will be available at the same location approximately two hours following the end of the live event.
About CVD Equipment Corporation
CVD Equipment Corporation (NASDAQ: CVV) designs, develops, and manufactures a broad range of chemical vapor deposition, gas control, and other state-of-the-art equipment and process solutions used to develop and manufacture materials and coatings for research and industrial applications. This equipment is used by its customers to research, design, and manufacture these materials or coatings for aerospace engine components, medical implants, semiconductors, battery nanomaterials, solar cells, smart glass, carbon nanotubes, nanowires, LEDs, MEMS, and other applications. Through its application laboratory, the Company provides process development support and process startup assistance with the focus on enabling tomorrow’s technologies™. It’s wholly owned subsidiary CVD Materials Corporation provides advanced materials and metal surface treatments and coatings to serve demanding applications in the electronic, biomedical, petroleum, pharmaceutical, and many other industrial markets.
Thomas McNeill, EVP & CFO
Phone: (631) 981-7081
Fax: (631) 981-7095
email: This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--DXP Enterprises, Inc. (NASDAQ: DXPE) today announced financial results for the fourth quarter and fiscal year ended December 31, 2021. The following are results for the three and twelve months ended December 31, 2021, compared to the three and twelve months ended December 31, 2020. A reconciliation of the non-GAAP financial measures can be found in the back of this press release.
Fourth Quarter 2021 financial highlights:
Fiscal Year 2021 financial highlights:
David R. Little, Chairman and CEO commented, “Given that our oil and gas customers' budgets were significantly reduced and the impact of COVID were stronger during the first of half of 2021, impacting the industrial side of DXP, fiscal 2021 was a good transitional year. DXP experienced growth in sales and gross margin resulting in 19.1 percent year-over-year growth in adjusted EBITDA. We are pleased with the overall financial performance in 2021. Similar to last year, fiscal 2021 was another unique year and presented corporate, societal and individual challenges. During the second half of 2021, we worked through accelerating supply chain headwinds and the beginning of meaningful inflation along with the continued impacts from COVID-19. DXP’s fiscal 2021 total sales were $1.1 billion a 10.8 percent increase year-over-year. Service Center sales were up 23.2 percent to $816.5 million, followed by Supply Chain Services growing 2.1 percent at $157.8 million and Innovative Pumping Solutions sales declined 25.8 percent to $139.6 million."
Mr. Little continued, "The sales momentum from our fourth quarter has positioned us for continued success as we move into 2022. Specifically, we have now experienced two sequential quarters of organic growth within IPS. The improved but volatile conditions in our traditional end markets along with DXP setting the stage to accelerate new growth through our focus on new markets, products and continued efficiency will be a catalyst as we move forward and into 2022. We are targeting opportunities in less cyclical markets, such as water and other general industries, while supporting our customers’ aspirations to decarbonize and maximize energy efficiency. We are confident that our growth strategy, coupled with a continued focus on improving margins will drive shareholder value."
Kent Yee, CFO commented, "Fiscal year 2021 financial performance reflects a turning of the business during the second half of the year. During the first and second quarter, the business was still declining and working through the impacts of COVID-19 on a year-over-year basis. In the second half of fiscal year 2021, we grew the business organically 13.1 percent. Overall, we are pleased with our fourth quarter and full year results. Total sales for the year grew 10.8 percent. Our fiscal year 2021 diluted earnings per share was $0.83. We generated $32.8 million in free cash flow, which reflects investments in working capital as we started to grow during the second half of the year. We continue to execute on our acquisition program having closed three acquisitions, bringing the total to seven acquisitions during this COVID cycle. We continue to deliver financial results that display our ability to adjust to the current environment while keeping our eyes toward the future with proactive actions including opportunistic share repurchases. During the year we repurchased 1.2 million shares or $33.5M in stock. As of December 31, 2021, we had $49.1 million in cash and cash equivalents on the balance sheet. Our secured leverage was 3.71:1, well under our covenant limit of 5.50:1. We continue to have momentum going into fiscal 2022 and we expect to drive organic and acquisition based growth."
Auditor Transition Update
DXP has successfully completed its auditor transition plan. Earlier this morning, DXP announced its Audit Committee selected PricewaterhouseCoopers LLP as its independent registered public accounting firm for the 2022 fiscal year. McConnell & Jones LLP will continue in its capacity through the completion of their audit services for the fiscal year ended December 31, 2021, and the filing of DXP’s 2021 Form 10-K.
Over the last four years, DXP has been focused on ensuring we are building a strong finance and accounting team, enhanced capabilities and increased functionality that would support and propel DXP into becoming a multi-billion-dollar company. This plan is centered around continuous improvement in people, accounting processes and technology to support the variety of businesses that are integral to DXP.
Financial Strength and Liquidity
Net debt, calculated as total long-term debt, net of cash and cash equivalents, on our balance sheet as of December 31, 2021, was $277.7 million compared to $210.7 million at December 31, 2020. As of December 31, 2021, DXP has approximately $180.7 million in liquidity, consisting of $49.0 million in cash on hand and approximately $131.7 million in availability under our ABL facility.
We will host a conference call regarding December 31, 2021 fourth quarter results on the Company’s website (www.dxpe.com) Friday, March 25, 2022 at 10:30 am CST. Web participants are encouraged to go to the Company’s website at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. The online archived replay will be available immediately after the conference call at www.dxpe.com.
Non-GAAP Financial Measures
DXP supplements reporting of net income with non-GAAP measurements, including EBITDA, adjusted EBITDA, free cash flow, non-GAAP net income and net debt. This supplemental information should not be considered in isolation or as a substitute for the unaudited GAAP measurements. Additional information regarding EBITDA, free cash flow and non-GAAP net income referred to in this press release are included below under "Unaudited Reconciliation of Non-GAAP Financial Information."
The Company believes EBITDA provides additional information about: (i) operating performance, because it assists in comparing the operating performance of the business, as it removes the impact of non-cash depreciation and amortization expense as well as items not directly resulting from core operations such as interest expense and income taxes and (ii) the performance and the effectiveness of operational strategies. Additionally, EBITDA performance is a component of a measure of the Company’s financial covenants under its credit facility. Furthermore, some investors use EBITDA as a supplemental measure to evaluate the overall operating performance of companies in the industry. Management believes that some investors’ understanding of performance is enhanced by including this non-GAAP financial measure as a reasonable basis for comparing ongoing results of operations. By providing this non-GAAP financial measure, together with a reconciliation from net income, the Company believes it is enhancing investors’ understanding of the business and results of operations, as well as assisting investors in evaluating how well the Company is executing strategic initiatives.
About DXP Enterprises, Inc.
DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout the United States, Canada and Dubai. DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production ("MROP") services that emphasize and utilize DXP’s vast product knowledge and technical expertise in rotating equipment, bearings, power transmission, metal working, industrial supplies and safety products and services. DXP's breadth of MROP products and service solutions allows DXP to be flexible and customer-driven, creating competitive advantages for our customers. DXP’s business segments include Service Centers, Innovative Pumping Solutions and Supply Chain Services. For more information, go to www.dxpe.com.
The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. These forward-looking statements include without limitation those about the Company’s expectations regarding the impact of the COVID-19 pandemic and the impact of low commodity prices of oil and gas; the Company’s business, the Company’s future profitability, cash flow, liquidity, and growth. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to; decreases in oil and natural gas prices; decreases in oil and natural gas industry expenditure levels, which may result from decreased oil and natural gas prices or other factors; ability to obtain needed capital, dependence on existing management, leverage and debt service, domestic or global economic conditions, economic risks related to the impact of COVID-19, ability to manage changes and the continued health or availability of management personnel and changes in customer preferences and attitudes. In some cases, you can identify forward-looking statements by terminology such as, but not limited to, “may,” “will,” “should,” “intend,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “goal,” or “continue” or the negative of such terms or other comparable terminology. For more information, review the Company’s filings with the Securities and Exchange Commission. More information on these risks and other potential factors that could affect the Company’s business and financial results is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.
DXP ENTERPRISES, INC. AND SUBSIDIARIES |
||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
($ thousands, except per share amounts) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Sales |
|
$ |
293,149 |
|
|
$ |
232,689 |
|
|
$ |
1,113,921 |
|
|
$ |
1,005,266 |
|
Cost of sales |
|
|
208,494 |
|
|
|
170,122 |
|
|
|
785,415 |
|
|
|
728,070 |
|
Gross profit |
|
|
84,655 |
|
|
|
62,567 |
|
|
|
328,506 |
|
|
|
277,196 |
|
Selling, general and administrative expenses |
|
|
77,062 |
|
|
|
56,497 |
|
|
|
288,649 |
|
|
|
244,981 |
|
Impairments and other charges |
|
|
— |
|
|
|
11,482 |
|
|
|
— |
|
|
|
59,883 |
|
Operating income (loss) |
|
|
7,593 |
|
|
|
(5,412 |
) |
|
|
39,857 |
|
|
|
(27,668 |
) |
Other expense (income), net |
|
|
570 |
|
|
|
455 |
|
|
|
(414 |
) |
|
|
74 |
|
Interest expense |
|
|
5,245 |
|
|
|
8,512 |
|
|
|
21,089 |
|
|
|
20,571 |
|
Income (loss) before income taxes |
|
|
1,778 |
|
|
|
(14,379 |
) |
|
|
19,182 |
|
|
|
(48,313 |
) |
Provision (benefit) for income taxes |
|
|
1,051 |
|
|
|
(11,049 |
) |
|
|
3,431 |
|
|
|
(18,696 |
) |
Net income (loss) |
|
|
727 |
|
|
|
(3,330 |
) |
|
|
15,751 |
|
|
|
(29,617 |
) |
Net loss attributable to NCI* |
|
|
(155 |
) |
|
|
(115 |
) |
|
|
(745 |
) |
|
|
(348 |
) |
Net income (loss) attributable to DXP Enterprises, Inc. |
|
|
882 |
|
|
|
(3,215 |
) |
|
|
16,496 |
|
|
|
(29,269 |
) |
Preferred stock dividend |
|
|
22 |
|
|
|
22 |
|
|
|
90 |
|
|
|
90 |
|
Net income (loss) attributable to common shareholders |
|
$ |
860 |
|
|
$ |
(3,237 |
) |
|
$ |
16,406 |
|
|
$ |
(29,359 |
) |
Diluted earnings (loss) per share attributable to DXP Enterprises, Inc. ** |
|
$ |
0.05 |
|
|
$ |
(0.18 |
) |
|
$ |
0.83 |
|
|
$ |
(1.65 |
) |
Weighted average common shares and common equivalent shares outstanding |
|
|
19,579 |
|
|
|
17,777 |
|
|
|
19,789 |
|
|
|
17,748 |
|
|
|
|
|
|
|
|
|
|
||||||||
*NCI represents non-controlling interest |
||||||||||||||||
** Fiscal year 2020 diluted earnings per share for GAAP purposes was calculated using basic weighted average shares outstanding. Due to a loss for the period, convertible preferred stock shares are excluded from the computation of diluted EPS because the effect will be antidilutive. |
||||||||||||||||
Business segment financial highlights:
SEGMENT DATA |
|||||||||||
($ thousands, unaudited) |
|||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||
Sales |
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
Service Centers |
$ |
207,955 |
|
$ |
161,284 |
|
$ |
816,496 |
|
$ |
662,617 |
Innovative Pumping Solutions |
|
43,179 |
|
|
35,615 |
|
|
139,591 |
|
|
187,991 |
Supply Chain Services |
|
42,015 |
|
|
35,790 |
|
|
157,834 |
|
|
154,658 |
Total DXP Sales |
$ |
293,149 |
|
$ |
232,689 |
|
$ |
1,113,921 |
|
$ |
1,005,266 |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||
Operating Income |
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
Service Centers |
$ |
21,679 |
|
$ |
18,303 |
|
$ |
98,931 |
|
$ |
71,834 |
Innovative Pumping Solutions |
|
6,043 |
|
|
802 |
|
|
12,070 |
|
|
16,882 |
Supply Chain Services |
|
2,787 |
|
|
2,796 |
|
|
11,963 |
|
|
12,804 |
Total segments operating income |
$ |
30,509 |
|
$ |
21,901 |
|
$ |
122,964 |
|
$ |
101,520 |
Reconciliation of Operating Income for Reportable Segments |
||||||||||||||
($ thousands, unaudited) |
||||||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||
Operating income for reportable segments |
$ |
30,509 |
|
$ |
21,901 |
|
|
$ |
122,964 |
|
|
$ |
101,520 |
|
Adjustment for: |
|
|
|
|
|
|
|
|||||||
Impairments and other charges |
|
— |
|
|
11,482 |
|
|
|
— |
|
|
|
59,883 |
|
Amortization of intangibles |
|
4,507 |
|
|
2,991 |
|
|
|
17,197 |
|
|
|
12,287 |
|
Corporate expenses |
|
18,409 |
|
|
12,707 |
|
|
|
65,910 |
|
|
|
57,018 |
|
Total operating income (loss) |
$ |
7,593 |
|
$ |
(5,279 |
) |
|
$ |
39,857 |
|
|
$ |
(27,668 |
) |
Interest and other financing expenses |
|
5,245 |
|
|
8,512 |
|
|
|
21,089 |
|
|
|
20,571 |
|
Other expense (income), net |
|
570 |
|
|
455 |
|
|
|
(414 |
) |
|
|
74 |
|
Income (loss) before income taxes |
$ |
1,778 |
|
$ |
(14,246 |
) |
|
$ |
19,182 |
|
|
$ |
(48,313 |
) |
Unaudited Reconciliation of Non-GAAP Financial Information |
|||||||||||||
($ thousands, unaudited) |
|||||||||||||
The following table is a reconciliation of EBITDA and adjusted EBITDA, a non-GAAP financial measure, to income (loss) before income taxes, calculated and reported in accordance with U.S. GAAP. |
|||||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||
Income (loss) before income taxes |
|
1,778 |
|
|
(14,379 |
) |
|
$ |
19,182 |
|
$ |
(48,313 |
) |
Plus: interest and other financing expenses |
|
5,245 |
|
|
8,512 |
|
|
|
21,089 |
|
|
20,571 |
|
Plus: depreciation and amortization |
|
7,073 |
|
|
5,389 |
|
|
|
27,143 |
|
|
22,683 |
|
EBITDA |
$ |
14,096 |
|
$ |
(478 |
) |
|
$ |
67,414 |
|
$ |
(5,059 |
) |
|
|
|
|
|
|
|
|
||||||
Plus: NCI loss income before tax* |
|
206 |
|
|
232 |
|
|
|
993 |
|
|
632 |
|
Plus: Impairment and other charges |
|
— |
|
|
11,482 |
|
|
|
— |
|
|
59,883 |
|
Plus: stock compensation expense |
|
469 |
|
|
662 |
|
|
|
1,823 |
|
|
3,532 |
|
Adjusted EBITDA |
$ |
14,771 |
|
$ |
11,898 |
|
|
$ |
70,230 |
|
$ |
58,988 |
|
|
|
|
|
|
|
|
|
||||||
* NCI represents non-controlling interest |
|
|
|
|
|
|
|
||||||
DXP ENTERPRISES, INC. AND SUBSIDIARIES |
|||||
UNAUDITED CONSOLIDATED BALANCE SHEETS |
|||||
($ thousands, except per share amounts) |
|||||
|
|||||
|
December 31, 2021 |
|
December 31, 2020 |
||
ASSETS |
|
|
|
||
Current assets: |
|
|
|
||
Cash |
$ |
48,989 |
|
$ |
119,328 |
Restricted cash |
|
91 |
|
|
91 |
Accounts receivable, net of allowances for doubtful accounts |
|
218,137 |
|
|
166,941 |
Inventories |
|
100,894 |
|
|
97,071 |
Costs and estimated profits in excess of billings |
|
17,193 |
|
|
18,459 |
Prepaid expenses and other current assets |
|
9,522 |
|
|
4,548 |
Federal income taxes receivable |
|
9,748 |
|
|
2,987 |
Total current assets |
$ |
404,574 |
|
$ |
409,425 |
Property and equipment, net |
|
51,880 |
|
|
56,899 |
Goodwill |
|
308,506 |
|
|
261,767 |
Other intangible assets, net of accumulated amortization |
|
79,205 |
|
|
80,088 |
Operating lease right-of-use assets |
|
57,221 |
|
|
55,188 |
Other long-term assets |
|
4,806 |
|
|
4,764 |
Total assets |
$ |
906,192 |
|
$ |
868,131 |
|
|
|
|
||
LIABILITIES AND EQUITY |
|
|
|
||
Current liabilities: |
|
|
|
||
Current maturities of long-term debt |
$ |
3,300 |
|
$ |
3,300 |
Trade accounts payable |
|
77,842 |
|
|
64,849 |
Accrued wages and benefits |
|
23,006 |
|
|
20,621 |
Customer advances |
|
12,924 |
|
|
3,688 |
Billings in excess of costs and estimated profits |
|
3,581 |
|
|
4,061 |
Current-portion operating lease liabilities |
|
18,203 |
|
|
15,891 |
Other current liabilities |
|
42,206 |
|
|
34,729 |
Total current liabilities |
$ |
181,062 |
|
$ |
147,139 |
Long-term debt, less unamortized debt issuance costs |
|
315,397 |
|
|
317,139 |
Long-term operating lease liabilities |
|
39,922 |
|
|
38,010 |
Other long-term liabilities |
|
3,603 |
|
|
2,930 |
Deferred income taxes |
|
7,516 |
|
|
1,777 |
Total long-term liabilities |
$ |
366,438 |
|
$ |
359,856 |
Total Liabilities |
$ |
547,500 |
|
$ |
506,995 |
Equity: |
|
|
|
||
Total DXP Enterprises, Inc. equity |
|
358,639 |
|
|
360,338 |
Non-controlling interest |
|
53 |
|
|
798 |
Total Equity |
$ |
358,692 |
|
$ |
361,136 |
Total liabilities and equity |
$ |
906,192 |
|
$ |
868,131 |
Unaudited Reconciliation of Non-GAAP Financial Information |
|||||||||||||||
($ thousands, unaudited) |
|||||||||||||||
| The following table is a reconciliation of free cash flow, a non-GAAP financial measure, to cash flow from operating activities, calculated and reported in accordance with U.S. GAAP. | |||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Net cash from operating activities |
$ |
14,258 |
|
|
$ |
17,413 |
|
|
$ |
37,089 |
|
|
$ |
109,650 |
|
Less: purchases of property and equipment |
|
(3,015 |
) |
|
|
(142 |
) |
|
|
(5,999 |
) |
|
|
(6,672 |
) |
Plus: proceeds from sales of property and equipment |
|
372 |
|
|
|
— |
|
|
|
1,669 |
|
|
|
123 |
|
Free cash flow |
$ |
11,615 |
|
|
$ |
17,271 |
|
|
$ |
32,759 |
|
|
$ |
103,101 |
|
|
|
|
|
|
|
|
|
||||||||
The following table is a reconciliation of adjusted net income, a non-GAAP financial measure, to net income, calculated and reported in accordance with U.S. GAAP. |
|||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||
GAAP Net Income (Loss) : |
$ |
882 |
|
$ |
(3,215 |
) |
|
$ |
16,496 |
|
$ |
(29,269 |
) |
Impairment and other charges |
|
— |
|
|
11,482 |
|
|
|
— |
|
|
59,883 |
|
Extinguishment of debt in connection with refinancing |
|
— |
|
|
5,443 |
|
|
|
— |
|
|
5,443 |
|
Adjustment for taxes* |
|
— |
|
|
(11,527 |
) |
|
|
— |
|
|
(22,363 |
) |
Non-GAAP net income |
$ |
882 |
|
$ |
2,183 |
|
|
$ |
16,496 |
|
$ |
13,694 |
|
|
|
|
|
|
|
|
|
||||||
Weighted average common shares and common equivalent shares outstanding ** |
|
|
|
|
|
|
|
||||||
Basic |
|
18,739 |
|
|
17,777 |
|
|
|
18,949 |
|
|
17,748 |
|
Diluted |
|
19,579 |
|
|
17,777 |
|
|
|
19,789 |
|
|
17,748 |
|
|
|
|
|
|
|
|
|
||||||
Diluted earnings (loss) per share: |
|
|
|
|
|
|
|
||||||
GAAP ** |
$ |
0.05 |
|
$ |
(0.18 |
) |
|
$ |
0.83 |
|
$ |
(1.65 |
) |
Non-GAAP |
$ |
0.05 |
|
$ |
0.13 |
|
|
$ |
0.83 |
|
$ |
0.73 |
|
|
|
|
|
|
|
|
|
||||||
* Adjustment for taxes relates to the tax effects of the adjustments that we incorporated into non-GAAP measures in order to provide a more meaningful measure of non-GAAP net income. Also, we have included an adjustment for the normalizing of tax credits and adjustments. The year-to-date effective tax rate of 22.5 percent was applied to the impairments and other charges for conservative purposes. |
|||||||||||||
** Fiscal year 2020 diluted earnings per share for GAAP purposes was calculated using basic weighted average shares outstanding. Due to a loss for the period, convertible preferred stock shares are excluded from the computation of diluted EPS because the effect will be antidilutive. |
|||||||||||||
DXP Enterprises, Inc.
Kent Yee, 713-996-4700
Senior Vice President, CFO
www.dxpe.com
DUBLIN--(BUSINESS WIRE)--The "North America Hydrogen Compressor Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Oil-Based and Oil-Free), Stage (Single-Stage and Multi-Stage), and End-User (Chemicals, Oil and Gas, Automotive and Transportation, Renewable Energy, and Other End-Users)" report has been added to ResearchAndMarkets.com's offering.
Oil-Based Segment to Dominate North America Hydrogen Compressor Market during 2021-2028.
North America Hydrogen Compressor Market is expected to reach US$ 757.21 million by 2028 from US$ 527.84 million in 2021. The market is estimated to grow at a CAGR of 5.3% from 2021 to 2028.
The report provides trends prevailing in the North America hydrogen compressor market along with the drivers and restraints pertaining to the market growth. Rising adoption of hydrogen fuel cell vehicles is the major factor driving the growth of the North America hydrogen compressor market. However, issues associated with the elevated recurring cost in maintenance hinder the growth of North America hydrogen compressor market.
The North America hydrogen compressor market is segmented into type, stage, end-user and country. Based on type, the market is segmented into oil-based and oil-free. The oil-based segment dominated the market in the year 2020 and oil-free is expected to be the fastest growing during forecast period. In terms of stage, the hydrogen compressor market is segmented into single-stage and multi-stage.
Multi-stage segment dominated the market in the year 2020 and single-stage is expected to be the fastest growing during the forecast period. In terms of end-user, the hydrogen compressor market is segmented into chemicals, oil and gas, automotive and transportation, renewable energy, and other end users. Oil and gas segment dominated the market in 2020 and automotive and transportation segment is expected to be the fastest growing during the forecast period.
North American countries suffered a huge loss in the first half of 2020 owing to the rapid rise in number of COVID-19 cases, specifically in the US. Thus, the hydrogen compressor market decreased slightly in 2020. This can be mainly attributed to lockdowns imposed by various state governments and low demand from chemical, oil and gas, and renewable energy industries. The similar growth pattern is likely to continue in 2021 as well.
COVID-19 has already impacted the sales of electronics equipment and hydrogen compressors in the year 2020, as companies had to be functional with limited workforce and are now trying to cope up with the losses they faced in the year 2020. Furthermore, municipalities are functioning slowly as compared to the past and renewable energy projects are at a halt, which are further limiting the hydrogen compressor market growth in North America.
Atlas Copco AB; Burckhardt Compression AG; Fluitron, Inc.; Gardner Denver Nash, LLC; Howden Group; Hydro-Pac, Inc.; Lenhardt & Wagner GmbH; NEUMAN & ESSER GROUP; and PDC Machines Inc. are among the leading companies in the North America hydrogen compressor market.
The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Burckhardt Compression AG had been selected as compressor supplier for a new-built hydrogen liquefaction plant in South Korea. The order includes two BCS API618 compressors for the compression of hydrogen within the liquefaction process.
Key Industry Dynamics
Key Market Drivers
Key Market Restraints
Key Market Opportunities
Future Trends
Company Profiles
The report segments the North America Hydrogen Compressor market as follows:
North America Hydrogen Compressor Market - By Type
North America Hydrogen Compressor Market - By Stage
North America Hydrogen Compressor Market - By End-User
North America Hydrogen Compressor Market - By Country
For more information about this report visit https://www.researchandmarkets.com/r/h8942y
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
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HOUSTON--(BUSINESS WIRE)--$XPRO #XPRO--Expro (NYSE: XPRO), is honored to be recognized at the 2022 Offshore Technology Conference (OTC) in Houston with a Spotlight on New Technology® Award for the Autonomous Well Intervention System – GaleaTM .
This prestigious award highlights the latest and most innovative global technologies that are advancing and revolutionizing the future of the energy industry. Galea was selected based on its innovative autonomous technology and significant environmental, cost, and HSE impact beyond existing technologies.
Galea is the world’s first fully autonomous well intervention system, to maximize production while reducing intervention costs, HSE risks, and the carbon footprint of operations.
The system replaces larger, conventional, and more labor-intensive wireline rig-ups for a range of routine slickline operations. Galea can be configured in a variety of operating modes ranging from fully autonomous to manual to suit a range of applications on and offshore.
Galea deploys a tool string into the well either at regular intervals or as defined by the well conditions in fully autonomous mode. The system performs a pre-programmed intervention sequence in semi-autonomous mode, initiated locally or remotely. When in manual mode, quick rig-up intervention compared to conventional operations is enabled.
The system also reduces the impact of operations on the environment around the well site. A small self-contained intervention package located at the well site all year-round eliminates the need for repetitive environmentally disruptive wireline unit or truck operations required for traditional approaches.
Galea has several fail-safe features to ensure containment and elimination of potential wire-breaks during interventions.
Expro’s Well Intervention and Integrity Vice President Max Tseplic said:
“At Expro, we are very focused on the well optimization and integrity challenges faced by our customers. We have developed Galea, an intelligent autonomous well intervention system, to maximize production, while reducing operational overheads and provide a positive impact to the environment.
“Following successful field trials Galea is now available to our customers as a solution to a wide range of well intervention applications.
“This prestigious award from our industry recognizes not only one technology, but also Expro’s wider commitment to delivering cost-effective, innovative technologies and solutions, and what we consider to be best-in-class safety and service quality performance, as part of creating a more sustainable business and a lower carbon future.”
Expro’s North and Latin America Region Vice President Toby Pitre added:
“Enhancing our technology development remains a key focus for Expro. With a wide breadth of capabilities and expertise across the entire well lifecycle, we are fully focused on meeting changing industry demands.
“Galea is the latest addition to our balanced portfolio of world-class services and future-facing technologies that we will presenting at OTC Houston.
“As we see the return of global travel and in person events, OTC Houston 2022 will be an excellent opportunity for us to meet with customers and showcase our exciting new developments.”
Expro’s new future facing technologies and presentations will be available at OTC Houston 2022, from 2 – 5 May, 2022 – booth #2626.
Watch how Galea works here
ENDS
Notes to Editors:
Expro
Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and best-in-class safety and service quality. The company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well integrity and intervention.
Founded in 1938, Expro has more than 6,500 employees and provides services and solutions to leading exploration and production companies in both onshore and offshore environments in approximately 60 countries with over 100 locations.
For more information, please visit: expro.com and connect with Expro on Twitter @ExproGroup and LinkedIn @Expro.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release, and oral statements made from time to time by representatives of the Company, may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, subsea well access activity and delivering technical and operational regional requirements, and are indicated by words or phrases such as "anticipate," "outlook," "estimate," "expect," "project," "believe," "envision," "goal," "target," "can," "will," and similar words or phrases. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the future results, performance or achievements expressed in or implied by such forward-looking statements. Forward-looking statements are based largely on the Company's expectations and judgments and are subject to certain risks and uncertainties, many of which are unforeseeable and beyond our control. The factors that could cause actual results, performance or achievements to materially differ include, among others the risk factors identified in the Company’s Annual Report on Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Expro – Hannah Rumbles +44 (0) 1224-796729
ANN ARBOR, Mich.--(BUSINESS WIRE)--The Coretec Group, Inc., (OTCQB: CRTG), developers of engineered silicon, a lithium-ion battery with a silicon-anode, and 3D volumetric displays, will host a shareholder call in mid-to-late April to discuss first-quarter 2022 activities.
The Coretec Group is developing a lithium-ion battery with a silicon anode that will improve battery cycling stability, enable longer run times, and allow for greater energy density in applications such as electric vehicles, mobile devices, and space exploration. The shareholder call will provide background and an update on the Company’s progress in its battery development.
During the shareholder call, the company will discuss current activities and advancements, including developments related to its lithium-ion battery with a silicon anode, its recently filed full-utility patent, progress on synthesizing cyclohexasilane (CHS) in its own wet laboratory, and a recent presentation prepared for a domestic battery conference hosted by the U.S. Department of Energy’s Argonne National Laboratory.
Chief Executive Officer Matthew Kappers, Chief Financial Officer Matthew Hoffman, and Board Director and Co-Chairman Simon Calton will discuss the Company’s recent achievements and future plans, as well as answer questions from the investment community and news media.
The company will share the call date, time and access details in April.
About The Coretec Group
The Coretec Group, Inc. is developing a portfolio of engineered silicon to improve energy-focused verticals, including electric vehicle and consumer batteries, solid-state lighting (LEDs), and semiconductors, as well as 3D volumetric displays and printable electronics. The Coretec Group serves the global technology markets in energy, electronics, semiconductor, solar, health, environment, and security.
For more information, please visit thecoretecgroup.com. Follow The Coretec Group on Twitter and LinkedIn.
Forward-Looking Statements:
The statements in this press release that relate to The Coretec Group’s expectations with regard to the future impact on the Company’s results from operations are forward-looking statements and may involve risks and uncertainties, some of which are beyond our control. Such risks and uncertainties are described in greater detail in our filings with the U.S. Securities and Exchange Commission. Since the information in this press release may contain statements that involve risk and uncertainties and are subject to change at any time, the Company’s actual results may differ materially from expected results. We make no commitment to disclose any subsequent revisions to forward-looking statements. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity.
The Coretec Group, Inc.
Lindsay McCarthy
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+1 (866) 916-0833
DUBLIN--(BUSINESS WIRE)--The "Subsea Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Amid the COVID-19 crisis, the global market for Subsea Systems estimated at US$11.4 Billion in the year 2020, is projected to reach a revised size of US$14.1 Billion by 2026, growing at a CAGR of 3.5% over the analysis period.
SURF, one of the segments analyzed in the report, is projected to record a 3.9% CAGR and reach US$4.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Subsea Trees segment is readjusted to a revised 2.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.7 Billion in 2021, While China is Forecast to Reach $962.3 Million by 2026
The Subsea Systems market in the U.S. is estimated at US$1.7 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$962.3 Million by the year 2026 trailing a CAGR of 3.8% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 3.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.3% CAGR.
Subsea Control Systems Segment to Reach $1.3 Billion by 2026
In the global Subsea Control Systems segment, USA, Canada, Japan, China and Europe will drive the 2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$633.9 Million in the year 2020 will reach a projected size of US$727.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$77.2 Million by the year 2026.
Select Competitors (Total 36 Featured) -
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/ce25ua
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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