Oceana Applauds Lease Sale Announcement as Important Step Toward a Clean Energy Future
WASHINGTON--(BUSINESS WIRE)--#ProtectOurCoast--Today the Biden-Harris administration announced a wind energy auction will take place off the Carolinas on May 11, for 110,091 acres in the Carolina Long Bay offshore wind energy area off North Carolina’s coast. This action builds on the Biden-Harris administration’s commitment to bringing 30 GW of offshore wind power online by 2030 and North Carolina’s goal of 2.8 GW of offshore wind power by 2030. This marks the Biden-Harris administration’s first lease sale off the Carolinas.
Oceana applauded the announcement and released the following statement from campaign director Diane Hoskins:
“Today’s announcement is an important step forward for job creation and securing our clean energy future. Oceana applauds President Biden for working to make offshore wind a reality in the United States. Offshore wind is a critical piece of the puzzle when confronting the climate crisis and replacing the dirty fossil fuels that are driving climate change. Today’s lease sale announcement will help us meet our clean energy goals, which will support the United States becoming energy independent.
Since oil and gas prices are set by global markets, Americans are vulnerable to erratic changes in global oil prices that can be manipulated by autocrats like Putin. Worse, instead of helping lower gas prices, Big Oil is raking in billions of dollars in record profits. While the economic risks of relying on dirty fossil fuels are on full display right now, we know that our oceans can be a part of the solution. Advancing clean, domestic offshore wind energy can create jobs, reduce our reliance on fossil fuels, and help fight climate change. It’s great to see the Biden-Harris administration tackling this challenge head on. Now it’s time for President Biden to follow through on his campaign commitment to protect our oceans and coasts from dirty and dangerous offshore drilling.”
Oceana is the largest international advocacy organization dedicated solely to ocean conservation. Oceana is rebuilding abundant and biodiverse oceans by winning science-based policies in countries that control one-third of the world’s wild fish catch. With more than 225 victories that stop overfishing, habitat destruction, pollution, and the killing of threatened species like turtles and sharks, Oceana’s campaigns are delivering results. A restored ocean means that 1 billion people can enjoy a healthy seafood meal, every day, forever. Together, we can save the oceans and help feed the world. Visit usa.oceana.org to learn more.
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HOUSTON--(BUSINESS WIRE)--NextDecade Corporation (“NextDecade”) (NASDAQ: NEXT) announced today the execution of a binding Heads of Agreement (“HOA”) with Guangdong Energy Group Natural Gas Co., Ltd. (“Guangdong Energy”) for the long-term supply of liquefied natural gas (“LNG”) for 20 years from NextDecade’s Rio Grande LNG export project in Brownsville, Texas.
The HOA provides that Guangdong Energy will purchase up to 1.5 million tonnes per annum of LNG indexed to Henry Hub. The LNG supply will initially be from train one of Rio Grande LNG, which is expected to start commercial operations in 2026. The HOA also provides that Guangdong Energy and NextDecade will complete the sale and purchase agreement (“SPA”) in the second quarter of 2022.
“We are honored to have Guangdong Energy as the second foundation customer of our Rio Grande LNG project and our first Chinese customer,” said Matt Schatzman, NextDecade’s Chairman and Chief Executive Officer. “Guangdong Energy is one of the largest power generation enterprises in Guangdong and we are pleased they have entrusted us to supply their rapidly growing business.”
“We are pleased to be entering into a long-term SPA with NextDecade. Henry Hub-linked LNG will be an important part of our LNG portfolio as we transit to a greener future and optimize our resource procurement,” commented by Mr. Zhu Zhanfang, Chairman of Guangdong Energy Natural Gas Co., “We look forward to a long lasting and fruitful cooperation with NextDecade, not necessarily just in LNG supply, but potentially in carbon capture and storage as well.”
Assuming the achievement of further LNG contracting and financing, NextDecade anticipates making a positive final investment decision on a minimum of two trains of the Rio Grande LNG project in the second half of 2022.
About NextDecade Corporation
NextDecade Corporation is a clean energy company accelerating the path to a net-zero future. Leading innovation in greener LNG and carbon capture solutions, NextDecade is committed to providing the world access to cleaner energy. Through our wholly owned subsidiaries Rio Grande LNG and NEXT Carbon Solutions, we are developing a 27 mtpa LNG export facility in South Texas along with one of the largest carbon capture and storage projects in North America. We are also working with third-party customers around the world to deploy our proprietary processes to lower the cost of carbon capture and storage and reduce CO2 emissions at their industrial-scale facilities. NextDecade’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is headquartered in Houston, Texas. For more information, please visit www.next-decade.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “contemplate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “might,” “will,” “would,” “could,” “should,” “can have,” “likely,” “continue,” “design,” “assume,” “budget,” “guidance,” and “forecast” and other words and terms of similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of NextDecade and its subsidiaries. These statements have been based on assumptions and analysis made by NextDecade in light of current expectations, perceptions of historical trends, current conditions and projections about future events and trends and involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include NextDecade’s progress in the development of its LNG liquefaction and export projects and the timing of that progress; the timing of achieving a final investment decision on the Rio Grande LNG terminal (the “Terminal”); reliance on third-party contractors to successfully complete the Terminal and the pipeline to supply gas to the Terminal; ability to secure additional debt and equity financing in the future to complete the Terminal on commercially acceptable terms; accuracy of estimated costs for the Terminal; ability to achieve operational characteristics of the Terminal, when completed, including liquefaction capacities, and any differences in such operational characteristics from expectations; development risks, operational hazards and regulatory approvals applicable to NextDecade's development, construction and operation activities and those of its third-party contractors and counterparties; technological innovation which may lessen NextDecade's anticipated competitive advantage or demand for its offerings; global demand for and price of LNG; availability of LNG vessels worldwide; changes in legislation and regulations relating to the LNG industries, including environmental laws and regulations that impose significant compliance costs and liabilities; global pandemics, including the 2019 novel coronavirus pandemic, the Russia-Ukraine conflict, other sources of volatility in the energy markets and their impact on NextDecade's business and operating results, including any disruptions in its operations or development of the Terminal and the health and safety of its employees, and on its customers, the global economy and the demand for LNG; risks related to doing business in and having counterparties in foreign countries; NextDecade's ability to maintain the listing of our securities on the Nasdaq Capital Market or another securities exchange or quotation medium; changes adversely affecting the businesses in which NextDecade is engaged; management of growth; general economic conditions; ability to generate cash; and the result of future financing efforts and applications for customary tax incentives; and other matters discussed in the “Risk Factors” section of NextDecade’s most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission. Additionally, any development of the Terminal remains contingent upon completing required commercial agreements, securing all financing commitments and potential tax incentives, achieving other customary conditions and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. Although NextDecade believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. NextDecade may from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws.
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DUBLIN--(BUSINESS WIRE)--The "G8 Countries Utilities - Market Summary, Competitive Analysis and Forecast, 2016-2025" report has been added to ResearchAndMarkets.com's offering.
The G8 Utilities industry profile provides top-line qualitative and quantitative summary information including: industry size (value 2016-20, and forecast to 2025).
The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the industry.
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Partnership contributes to the AZ Forest global initiative to plant and maintain 50 million trees worldwide by the end of 2025
WILMINGTON, Del.--(BUSINESS WIRE)--AstraZeneca has partnered with The National Fish and Wildlife Foundation (NFWF) to plant and sustain one million trees in the United States by the end of 2025. This initiative is part of the Company’s flagship Ambition Zero Carbon program to decarbonize its global operations by eliminating, reducing and substituting for our greenhouse gas emissions, and become carbon negative across our value chain by 2030, in line with science-based targets. As part of its sustainability strategy, AstraZeneca is also putting nature at the heart of its work, investing in biodiversity through partnerships with local communities and wildlife experts.
The reforestation partnership with NFWF will help contribute to the restoration of water quality and wildlife habitats within the Delaware River Watershed, while at the same time helping to combat climate change by increasing carbon storage. Several additional plantings to support vital habitats in additional regions of the northeastern and southeastern United States will also be funded as part of this initiative. The new partnership, will fund tree plantings that maximize the dual role of carbon storage and habitat restoration, including by:
To kick off the partnership, 15 grants have been awarded that collectively will plant more than 118,000 trees over the next two years, including 10 grants announced through the Delaware Watershed Conservation Fund. These projects in Delaware, New Jersey and Pennsylvania will restore habitat for eastern brook trout, American eel, bog turtles, river herring and shad, and migratory songbirds. They also will support green infrastructure in urban communities.
“Sustainability is embedded in our organizational DNA and guides our commitment to improving the health of people, society and our planet. Through our AZ Forest initiative, we’re engaged in reforestation programs with local partners around the world. We’re so pleased to be playing our part and helping to restore forests, diversify wildlife habitats and improve water quality in the Delaware region to benefit community and ecological resilience,” said Joris Silon, U.S. Country President, BioPharmaceuticals Business Unit, AstraZeneca.
The Delaware River watershed covers 13,539 square miles of land and water, running from the Catskills in New York through Pennsylvania and New Jersey, ultimately emptying into the Delaware Bay, where it forms the border between New Jersey and Delaware. The watershed is home to native brook trout, red knots, river herring, freshwater mussels, oysters and many other species that are economically, ecologically and culturally important to the region.
Urban and suburban waterways play a major role in the watershed’s communities, with headwaters in neighboring rural areas. The river basin also provides drinking water to over 15 million people, including communities in New York City, Trenton, Philadelphia and Wilmington, which also is home to AstraZeneca’s U.S. headquarters.
“Together with AstraZeneca, we are investing in projects that are good for climate change, good for fish and wildlife, and good for local communities,” said Jeff Trandahl, Executive Director and CEO of NFWF. “It is exciting to see this work come together to address some of our most pressing environmental challenges by providing carbon storage, improving habitat and improving access to natural and recreational resources in under-served communities.”
Learn more about sustainability at AstraZeneca including commitments and progress to date in the Company’s 2021 Sustainability Report.
AZ Forest
AZ Forest is AstraZeneca’s initiative to plant and maintain 50 million trees worldwide by the end of 2025 to support global reforestation and ecological and community resilience through partnership with local communities, governments and non-profit organizations. Reforestation helps sequester carbon dioxide, prevent disease through combatting air pollution and supports the restoration of biodiversity. Planting trees also helps to reduce the risks of natural disasters, has social and economic benefits for communities, and promotes physical and mental wellbeing.
About AstraZeneca
AstraZeneca is a global, science-led biopharmaceutical company that focuses on the discovery, development and commercialization of prescription medicines in Oncology, Rare Diseases and BioPharmaceuticals, including Cardiovascular, Renal & Metabolism, and Respiratory & Immunology. Based in Cambridge, UK, AstraZeneca operates in over 100 countries, and its innovative medicines are used by millions of patients worldwide. For more information, please visit www.astrazeneca-us.com and follow us on Twitter @AstraZenecaUS.
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DUBLIN--(BUSINESS WIRE)--The "Global Wireless Charging Market for Electric Vehicles by Power Supply Range (3-<11, 11-50 & >50 KW), Application (Home & Commercial), Distribution Channel (Aftermarket & OE), Component, Charging System, Propulsion, Vehicle Type & Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global wireless charging market for electric vehicles is projected to grow from USD 15 million in 2022 to USD 377 million by 2027, at a CAGR of 88.4%.
Factors such as the rising penetration of electric vehicles around the world, along with the increasing focus of automotive OEMs towards autonomous vehicles will boost the demand for the wireless charging market for electric vehicles.
However, the high cost of upgrading to wireless charging technology may restrain the growth of the market. Increasing investments for dynamic wireless charging technology, paired with increasing support from several governments for wireless charging is likely to create lucrative opportunities for the wireless charging market for electric vehicles.
>50 KW segment is expected to grow at a significant rate during the forecast period, by power supply range
The >50 kW segment of the wireless charging for electric vehicle market is projected to grow at a noticeable rate during the forecast period. The increasing adoption of electric buses and rising investment in the dynamic wireless charging system for electric vehicles by several countries such as the US, Italy, Germany, and Sweden, are also expected to augment revenues for the >50 kW power supply segment in the wireless charging market for electric vehicles during the forecast period.
Asia Pacific is expected to be the fastest-growing market during the forecast period
The Asia Pacific region comprises emerging economies such as China and India, along with developed nations such as Japan and South Korea. In recent years, the region has emerged as a hub for automobile production. The increased
purchasing power of the population and growing concerns about the environment have triggered the demand for electric vehicles in the Asia Pacific region.
The concept of reducing carbon emission by electrifying transportation has caught the attention of local and national governments. Hence, the use of electric vehicles has become popular in the region. Governments are focusing on providing extensive charging infrastructure to promote the use of electric vehicles.
Governments in the Asia Pacific region are also focusing on standardizing wireless charging technology and providing subsidies to promote EV sales. In 2020, China set a national standard GB/T 38775 for wireless charging of electric vehicles based on WiTricity technology.
The Standardization Administration of the People's Republic of China (SAC) ratified and published the first four national standards for wireless charging of electric vehicles. GB/T 38775.1, GB/T 38775.2, GB/T 38775.3, and GB/T 38775.4 are the national standards that provide a framework for Tier 1 suppliers, carmakers, and infrastructure suppliers to develop as well as commercialize wireless charging systems for electric vehicles that meet guidelines of performance and safety.
This effort of standardizing the wireless charging technology would augment the revenue growth of the wireless charging market in China in the coming years. In 2020, the Indian government announced National Electric Mobility Mission Plan (NEMMP) 2020 to place India's EV mission on a faster track.
Europe to estimated be the largest region in the wireless charging market for electric vehicles during the forecast period
Europe is estimated to account for 66% of the global wireless charging market for electric vehicles in 2022 by volume. Electric vehicles are expected to become the rational choice for car buyers in Europe as their prices continue to fall with the availability of economical batteries and increasing range.
The charging infrastructure in Europe is expected to become more widespread due to favourable policies and government support. The sales of electric vehicles in the European region increased by approximately 78% in 2019, compared to 2018. In 2020, Germany accounted for approximately 33% share of electric vehicle sales in Europe.
The demand for electric vehicles has increased significantly due to the focus on zero or low-emission vehicles in the region. For instance, the UK announced plans to phase out petrol/diesel-based vehicles by 2030 and encourage the growth of EVs. According to a report by the European Environmental Agency in November 2021, in Europe, 11.41% of all new vehicle registrations have been EVs.
In 2020, EV registrations increased drastically in top European markets. Norway had 75%, Iceland had 46%, Sweden had 33%, and the Netherlands had 28% of new EV registrations. Ongoing projects related to dynamic wireless charging systems in Germany, Italy, and Sweden, among others, are expected to support the market growth in this region.
The wireless charging market for electric vehicles is dominated by major charging providers, including Witricity Corporation (US), Momentum Dynamic Corporation (US), Plugless Power Inc. (US), Efacec (Portugal), and HEVO Inc. (US).
They develop products/systems for the electric vehicle ecosystem. They have initiated partnerships to develop their wireless EV charging technology and provide finished products to their respective customers.
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Premium Insights
Market Dynamics
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Wireless Charging Market for Electric Vehicles Scenarios (2022-2027)
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HOUSTON & LONDON--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, today announced that ICE Midland WTI American Gulf Coast futures (contract code: HOU) went to its second expiry on March 23, with 2,588 contracts going to delivery in April, almost double the 1,400 contracts which went to expiry in March. Each futures contract is equivalent to 1,000 barrels of Permian Basin originated WTI crude oil.
Since the contract began trading on January 24, over 31,000 ICE Midland WTI AGC futures have traded, including a record volume day on March 10 of 3,065 contracts. Open interest has grown to 4,508 contracts and goes out to January 2023.
“It’s really encouraging to see how market activity is developing around HOU and how this has continued to gather momentum despite the volatility in energy markets,” said Jeff Barbuto, Global Head of Oil Markets at ICE. “Physical market participants are seeing the value in having access to exchange guaranteed Midland WTI quality crude on the U.S. Gulf Coast, and they are increasingly using HOU to source those barrels.”
This month, ICE extended the time that participants can conduct Exchange for Physical (EFP) transactions so that they can now be executed up until the day after expiry of the futures contract. The EFP mechanism allows participants to exchange a HOU futures position for the equivalent number of underlying physical Midland WTI barrels.
The HOU contract is deliverable at both Magellan Midstream Partners’ Magellan East Houston (MEH) terminal and Enterprise Products Partners L.P.’s Enterprise Crude Houston (ECHO) terminal. To further facilitate trading between the MEH and ECHO terminals to create one large liquidity pool, Magellan and Enterprise will transfer Midland WTI barrels between the terminals for no charge during the first year if the barrels are not delivered to the buyer’s preferred terminal, and at 10 cents per barrel for all other WTI transfers meeting HOU quality specifications.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on February 3, 2022.
ICE- CORP
Source: Intercontinental Exchange
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HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) will host a conference call webcast on Thursday, May 5, 2022, at 12:00 p.m. Eastern time to discuss first-quarter 2022 financial and operating results. The company’s financial and operating results will be released before the market opens on May 5.
To access the webcast, visit ConocoPhillips’ Investor Relations site, www.conocophillips.com/investor, and click on the "Register" link in the Investor Presentations section. You should register at least 15 minutes prior to the start of the webcast. The event will be archived and available for replay later the same day, with a transcript available the following day.
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About ConocoPhillips
ConocoPhillips is one of the world’s leading exploration and production companies based on both production and reserves, with a globally diversified asset portfolio. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 14 countries, $91 billion of total assets and approximately 9,900 employees at Dec. 31, 2021. Production including Libya averaged 1,567 thousand barrels of oil equivalent per day for the 12 months ended Dec. 31, 2021, and proved reserves were 6.1 billion barrels of oil equivalent as of Dec. 31, 2021. For more information, go to www.conocophillips.com.
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BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the defense/space, energy/new energy and chemical/petrochemical industries, today announced the appointments to its Board of Directors of Cari L. Jaroslawsky, Senior Vice President and General Manager of Eaton Mission Systems, a division of Eaton Corporation plc (NYSE: ETN), and Troy A. Stoner, Chief Executive Officer of Argon ST, a subsidiary of The Boeing Company (NYSE: BA). The Company also announced the voluntary retirements of James J. Malvaso, Chair of the Board, and Gerard T. Mazurkiewicz, independent director and Chair of the Audit Committee. Following Mr. Malvaso’s and Mr. Mazurkiewicz’s retirements, the Board has elected Jonathan W. Painter to succeed as Chair, Lisa Schnorr as Chair of the Audit Committee and James Barber as Chair of the Compensation Committee. Alan Fortier will continue to serve as Chair of the Nominating and Governance Committee.
Mr. Painter, Chair of the Board, commented, “With the acquisition of Barber-Nichols last summer, we expanded our experience requirements to include deeper defense industry knowledge within our mix. After an extensive search, we were fortunate to find two highly qualified candidates to address this need in Cari and Troy. Cari’s strong operational and finance experience in the defense industry for most of her career, combined with her solid track record of driving profitability, make her an ideal addition to our Board. Troy’s in-depth knowledge of the U.S. Navy, his leadership and operational experience as well as his extensive expertise in military defense systems and U.S. Navy planning and procurement processes, bring measurable value as a director. We expect both Cari and Troy to prove to be important additions to the Board and we look forward to their contributions for the future of Graham.”
Ms. Jaroslawsky brings over 25 years’ experience as an aerospace engineering executive and finance expert. Currently, as Senior Vice President and General Manager for Eaton Mission Systems, she has financial and operational responsibility for six integrated product teams that supply critical control solutions for environmental and actuation systems, serving both US and foreign markets. She has also served as a divisional capability lead driving commercial strategy for a portfolio of actuation products primarily for defense markets. Previously, she served as Chief Financial Officer for Servotronics, Inc. She began her career as an auditor at PricewaterhouseCoopers. Ms. Jaroslawsky earned her B.S. in accounting at the State University of New York at Oswego and is a certified public accountant.
Mr. Stoner brings over 35 years of experience in strategic planning, risk management, cybersecurity, leadership development, and engineering in the defense industry having retired from the U.S. Navy after 30 years of service. Since his retirement from active duty, he joined The Boeing Company and quickly advanced through a variety of strategic positions to the role of CEO of Argon ST, a specialist in systems engineering and manufacturer of a variety of communications and intelligence technologies for surface ships, submarines and aircraft. A graduate of the U.S. Naval Academy, he holds a B.S. in Engineering and M.S. in Mechanical Engineering from the Naval Postgraduate School. He also is a graduate of the National Defense University and U.S. Naval War College.
Mr. Painter noted, “I also want to thank Jim and Jerry for their many years of dedicated service to the Company. In his years as Chair, Jim provided visionary leadership and steady guidance which were instrumental in driving Graham’s diversification strategy, and he has been the voice of advancement and change over his nearly 20 years of service to the Company. Jerry has also been an invaluable member of the Board in his 15 years of service and was a quintessential voice in driving accountability and critical thinking. We are grateful to both for their extraordinary contributions to Graham.”
He concluded, “These are exciting times at Graham as we continue the transition from primarily an energy business into a more diversified defense industry company. We are adding the critical talent and experience to our leadership team and at the Board level to advance this change. I am confident in the team’s ability to deliver growth and value as it continues to execute to our plans.”
ABOUT GRAHAM CORPORATION
Graham is a global business that designs, manufactures and sells critical equipment for the defense/space, energy/new energy and chemical/petrochemical industries. The Graham and Barber-Nichols’ global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenics, and turbomachinery technologies, as well as the Company’s responsive and flexible service and unsurpassed quality.
Graham routinely posts news and other important information on its website, www.graham-mfg.com, where additional comprehensive information on Graham Corporation and its subsidiaries can be found.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “anticipates,” “indicates”, “believes,” “will,” “can,” “possible,” “opportunities,” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, the evolution and future of the Company and its management, the Company’s opportunities, the Company’s ability to deliver growth and value to its shareholders, and its operating strategy are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s most recent Annual Report filed with the Securities and Exchange Commission, including under the heading entitled “Risk Factors,” its quarterly reports on Form 10-Q, and other filings it makes with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.
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LAFAYETTE, La.--(BUSINESS WIRE)--Waitr Holdings Inc. (Nasdaq: WTRH) (“Waitr” or the “Company”), a leader in on-demand food ordering and delivery, has announced new initiatives to support its delivery drivers as gasoline prices continue to surge throughout the country.
Waitr has implemented a new GasCard program, giving drivers 5% off on gas from all major gas stations. Once the driver activates the GasCard within the driver app, they'll immediately receive the five-percent discount on gas purchases.
“Drivers are an important part of our business and the record-high gas prices are directly impacting them,” said Carl Grimstad, Chairman and CEO of Waitr. “We have implemented this GasCard program as a way to help combat this issue.”
In addition to the GasCard, Waitr is adjusting its driver pay as another way to help drivers.
Chris Barnes, director of driver experience, Delivery Logistics, says Waitr customers are also helping out in their own way. “We have heard from some drivers that they’ve seen an uptick in tips. Our loyal customers know fuel costs are affecting their pay, and many are responding. We serve great communities that really appreciate the drivers, and reciprocate appropriately.”
About Waitr
Founded in 2013 and based in Lafayette, Louisiana, Waitr operates an online ordering technology platform, providing delivery, carryout and dine-in options. Waitr, along with Bite Squad and Delivery Dudes, connect local restaurants and grocery stores to diners in underserved U.S. markets. Additionally, Waitr facilitates access to third parties that provide payment processing solutions for restaurants and other merchants. Together, they are a convenient way to discover, order and receive great food and other products from local restaurants, national chains and grocery stores. As of December 31, 2021, Waitr, Bite Squad and Delivery Dudes operate in approximately 1,000 cities throughout the United States.
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HOUSTON--(BUSINESS WIRE)--Microvast Holdings, Inc. (NASDAQ: MVST), a leading global provider of next-generation battery technologies for commercial vehicles, today announced the introduction of two new lithium ion battery cells to its product portfolio, as well as upgraded Gen 4 battery packs.
The new 48Ah and 53.5Ah NMC Li-ion battery cells were specifically designed to meet diverse technical requirements for powering commercial and specialty vehicles, where optimal battery design is challenging due to inherent tradeoffs between power and energy inputs. Both new pouch cells are available in the same dimensions and can be integrated into Microvast’s new Gen 4 battery packs. This flexibility offers customers the ability to choose between standardized cells designed for either high-power or high-energy requirements without changing the powertrain design, thereby offering customers a one-stop solution for a wide range of applications.
“The new cells enable our customers to easily optimize vehicle design in terms of energy density and cycle life, delivering improved overall performance and reducing total cost of ownership while preserving fast-charging capabilities. We expect these next generation battery cells to become pivotal revenue drivers for our business going forward,” said Mr. Yang Wu, Microvast’s President and Chief Executive Officer.
The 48Ah, 53.5Ah cells and Gen 4 battery packs are available for sample orders immediately. Microvast expects to begin high-volume production in 2023. Key specifications include:
Product: |
MpCO-48Ah |
HpCO-53.5Ah |
Energy Density: |
205 Wh/kg |
235 Wh/kg |
Pouch Cell: |
48Ah NMC |
53.5Ah NMC |
Cycle Life: |
≥7,000 cycles @25℃ |
≥5,000 cycles @25℃ |
Charging Time: |
16 minutes for 80% DOD @RT |
48 minutes for 80% DOD @RT |
Operation Temperature Range: |
-20°C – 55°C |
-20°C – 55°C |
The MpCO-48Ah cell offers a 10% increase in energy density (205 Wh/kg) compared with its predecessor, together with 3C fast-charging capability and a cycle life greater than 7,000 cycles. The HpCO-53.5Ah cell has an outstanding energy density of 235 Wh/kg and a life that can exceed 5,000 cycles, while still offering 1C fast charging.
The new Gen 4 battery packs maintain similar dimensions to the Gen 3 predecessors, while delivering up to 20% more energy and power. The new packs also have enhanced safety features at the module and pack level, leading to improved thermal management. The Gen 4 battery packs will be certified to meet cross-regional battery standards.
About Microvast
Microvast is a technology innovator that designs, develops and manufactures lithium-ion battery solutions. Microvast is renowned for its cutting-edge cell technology and its vertical integration capabilities which extend from core battery chemistry (cathode, anode, electrolyte, and separator) to modules and packs. By integrating the process from raw material to system assembly, Microvast has developed a family of products covering a breadth of market applications, including electric vehicles, energy storage and battery components. Microvast was founded in 2006 and is headquartered near Houston, Texas. For more information, please visit www.microvast.com or follow us on LinkedIn or Twitter (@microvast).
Cautionary Statement Regarding Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “guidance,” “outlook” or words of similar meaning. These forward-looking statements include, but are not limited to, statements regarding Microvast’s industry and market sizes, future opportunities for Microvast and Microvast’s estimated future results. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.
Many factors could cause actual results and the timing of events to differ materially from anticipated results or other expectations expressed in the forward-looking statements, including, among others: (1) a delay or failure to realize the expected benefits from the business combination; (2) changes in the highly competitive market in which Microvast competes, including with respect to its hiring abilities, competitive landscape, technology evolution or regulatory changes; (3) changes in the markets that Microvast targets; (4) risk that Microvast may not be able to execute its growth strategies or achieve profitability; (5) the risk that Microvast is unable to secure or protect its intellectual property; (6) the risk that Microvast’s customers or third-party suppliers are unable to meet their obligations fully or in a timely manner; (7) the risk that Microvast’s customers will adjust, cancel, or suspend their orders for Microvast’s products; (8) the risk that Microvast will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (9) the risk of product liability or regulatory lawsuits or proceedings relating to Microvast’s products or services; (10) the risk that Microvast may not be able to develop and maintain effective internal controls; (11) the outcome of any legal proceedings that may be instituted against Microvast or any of its directors or officers; (12) risks of operations in the People’s Republic of China, (13) risks to operations resulting from the ongoing conflict in Ukraine and (14) the impact of the ongoing COVID-19 pandemic. Microvast’s annual, quarterly and other filings with the U.S. Securities and Exchange Commission identify, address and discuss these and other factors in the sections entitled “Risk Factors.”
Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. Readers are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. All information set forth herein speaks only as of the date hereof in the case of information about Microvast or the date of such information in the case of information from persons other than Microvast, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. Forecasts and estimates regarding Microvast’s industry and end markets are based on sources we believe to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part.
Sarah Alexander
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(346) 309-2562
SANTA CRUZ, Calif.--(BUSINESS WIRE)--Joby Aviation (NYSE: JOBY), a California-based company developing all-electric aircraft for commercial passenger service, today announced its financial results for fourth quarter 2021. Please visit the Joby investor relations website https://ir.jobyaviation.com/ to view the fourth quarter 2021 shareholder letter. Today the company will host a live audio webcast of its conference call to discuss the results at 2:00 p.m. PT (5:00 p.m. ET).
Additional Call Details:
What: Joby Fourth Quarter 2021 Earnings Conference Call
When: Thursday, March 24, 2022
Time: 2:00 p.m. PT (5:00 p.m. ET)
Webcast: Upcoming Events section of the company website (www.jobyaviation.com)
Live Call: 1-877-407-3982 or 1-201-493-6780
A replay of the call will be available until midnight, Thursday, April 7, 2022, by dialing 1-844-512-2921 or 1-412-317-6671 and entering passcode 13726125.
About Joby Aviation
Joby Aviation, Inc. (NYSE:JOBY) is a California-headquartered transportation company developing an all-electric vertical take-off and landing aircraft which it intends to operate as part of a fast, quiet, and convenient air taxi service beginning in 2024. The aircraft, which has a maximum range of 150 miles (241 kilometers) on a single charge, can transport a pilot and four passengers at speeds of up to 200 mph (321 km/h). It is designed to help reduce urban congestion and accelerate the shift to sustainable modes of transit. Founded in 2009, Joby employs more than 1,000 people, with offices in Santa Cruz, San Carlos, and Marina, California, as well as Washington, D.C. and Munich, Germany. To learn more, visit www.jobyaviation.com.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the development and performance of our aircraft, including the effects of an accident involving our first pre-production aircraft, the growth of our manufacturing capabilities, our regulatory outlook, progress and timing; our business plan, objectives, goals and market opportunity; and our current expectations relating to our business, financial condition, results of operations, prospects, capital needs and growth of our operations. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, "expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including: our ability to launch our aerial ridesharing service and the growth of the urban air mobility market generally; our ability to produce aircraft that meet our performance expectations in the volumes and on the timelines that we project, and our ability to launch our commercial passenger service beginning in 2024, as currently projected; the competitive environment in which we operate; our future capital needs; our ability to adequately protect and enforce our intellectual property rights; our ability to effectively respond to evolving regulations and standards relating to our aircraft; our reliance on third-party suppliers and service partners; uncertainties related to our estimates of the size of the market for our service and future revenue opportunities; and other important factors discussed in the section titled “Risk Factors” in our Registration Statement on Form S-1 (File No. 333-260608), filed with the Securities and Exchange Commission on October 29, 2021, and in future filings and other reports we file with or furnish to the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2021. Any such forward-looking statements represent management’s estimates and beliefs as of the date of this press release. While Joby may elect to update such forward-looking statements at some point in the future, it disclaims any obligation to do so, even if subsequent events cause its views to change.
Investors:
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+1-831-201-6006
Media:
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Technology solution removes risk, providing a predictable, efficient system for global commerce
NEW YORK--(BUSINESS WIRE)--NYSHEX, the leader in two-way committed contracts, today announced revenue growth of 340 percent in 2021. In addition, shipping volumes more than tripled and the company grew its global footprint with the opening of a London office and has plans to open in Singapore early this year.
The pandemic has exacerbated supply chain disruptions and global ocean shipping reliability recently fell to a historic low. As a result, organizations need to improve reliability and control costs. NYSHEX’s contract framework and technology solutions remove the uncertainty of traditional shipping contracts so both shippers and carriers benefit from cargo moving as planned through two-way committed contracts.
“With supply chain disruption a constant, carriers and shippers are looking for innovative solutions to make their supply chains more resilient," said Gordon Downes, CEO of NYSHEX. "With a 98 percent contract fulfillment rate, our solutions deliver much-needed predictability. NYSHEX’s mission is to transform shipping by making trust and reliability the cornerstones of the industry."
Part of NYSHEX’s path to growth has been its gross volume retention rate of greater than 90 percent. Additionally, NYSHEX grew its shipper base from ~60 in 2020 to 170+ in 2021 and expects to more than triple that number again in 2022.
“With NYSHEX, we can rest easy knowing that there is space for every booking that we place at a fixed rate,” said Julius Tan, Director of Logistics, CarParts.com. “The predictability is great for our team and our customers, and the multi-year contract means that we can expect reliability in our supply chain for the next few years.”
NYSHEX is on track to grow its team from 80 to 200 in 2022 as it expands into new markets. The company will expand its offerings to include Asia to Europe, Asia to Latin America and Transatlantic extending its current footprint, which covers the Transpacific Eastbound, Transpacific Westbound, and US to Latin America southbound shipping lanes.
About NYSHEX
Founded in 2014, NYSHEX’s two-way committed contracts and neutral exchange provide shippers and carriers with a predictable, efficient, and accountable system for global commerce. The company’s technology keeps supply chains moving and strengthens relationships. Customers include seven of the leading global ocean carriers and over 190 shippers. The company’s headquarters are in NYC, with 100 employees across the globe. Learn more at NYSHEX and connect on LinkedIn.
Morgan Mitchell
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339-364-0587
DALLAS--(BUSINESS WIRE)--Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, announced today it has entered into a non-exclusive partnership agreement with Gradiant to help address the most challenging problems in water and wastewater treatment.
Flowserve has more than two centuries of experience serving the global water industry, providing low maintenance, energy efficient pumps, valves, seals and services to both the municipal and industrial water sectors. This partnership will combine Flowserve’s flow control solutions and product expertise with Gradiant’s innovative tailored water treatment technology to provide unparalleled total water treatment solutions for our customers. Flowserve also continues to upgrade its water portfolio with market leading flow control products and solutions for the water industry. Recent additions include the H2O+ submersible pump, a suite of highly efficient pumps for desalination, as well as our RedRaven IoT platform, which enhances our overall solutions portfolio and aftermarket services.
“As we further diversify, decarbonize and digitize to drive growth and continue to support our customers, this partnership is a tangible way we’re advancing our offerings in new geographies, new marketing applications and new technology synergies,” said Scott Rowe, Flowserve president and chief executive officer. “This new partnership with Gradiant not only strengthens Flowserve’s commitment and offering to the water market, but it also supports our sustainable development goals to make the world better for everyone.”
Gradiant develops and delivers advanced water and wastewater treatment facilities around the world, with a primary focus in the rapidly growing Asia Pacific and Americas for customers with mission-critical needs in cleantech water and sustainable operations. The company offers a broad portfolio of proprietary and patented technologies and services that focus on water reuse, resource recovery, brine concentration for minimum and zero liquid discharge (MLD / ZLD), and digital solutions for plant performance optimization. Gradiant offers flexible models for the design-build, operate-maintain, and financing of projects based on customers’ specific needs and situations.
“Working with a global flow control leader like Flowserve gives us access to a wider range of industry for our total solutions,” said Anurag Bajpayee, Gradiant co-founder and CEO. “This collaboration allows more rapid adoption of Gradiant’s cleantech water solutions into new market segments, leveraging Gradiant’s established project delivery resources and process expertise with Flowserve’s distribution reach.”
About Flowserve:
Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 50 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s website at www.flowserve.com.
About Gradiant:
Gradiant is a global solutions provider and developer of cleantech water projects for advanced water and wastewater treatment. Gradiant's end-to-end solutions and technology expertise enable sustainable and cost-effective treatment of the world's most important water challenges. Today, with over 400 employees, Gradiant operates from its corporate headquarters in Boston, regional headquarters and global R&D center in Singapore, and offices across ten countries. At Gradiant, we create New Possibilities for Water for our clients and the communities they serve to ensure a safer and more promising tomorrow. For more information, please visit www.gradiant.com.
Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: the impact of the global outbreak of COVID-19 on our business and operations; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from our strategic transformation and realignment initiatives, our business could be adversely affected; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics or changes to tariffs or trade agreements that could affect customer markets, particularly North African, Russian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela and Argentina; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.
All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.
Investor Contacts:
Jay Roueche, Vice President, Investor Relations & Treasurer (972) 443-6560
Mike Mullin, Director, Investor Relations (972) 443-6636
Media Contact:
Lars Rosene, Vice President, Corporate Communications & Public Affairs (972) 443-6644
OMAHA, Neb.--(BUSINESS WIRE)--Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure development and irrigation equipment and services for agriculture, today released its 2022 Sustainability Report.
A lifelong dedication to sustainability is at the core of everything Valmont does. The Company’s tagline and purpose statement, Conserving Resources, Improving Life®, connects the business segments to how value to customers is delivered, how innovation is achieved, and how key resources are managed.
“In the past year, we’ve made remarkable strides to minimize our environmental impact, while also creating increasingly efficient and sustainable solutions for our customers,” said Stephen G. Kaniewski, President and Chief Executive Officer, “Our vision continues to be the leading provider for sustainable infrastructure and agriculture solutions in the markets we serve.”
Highlights of the 2022 Sustainability Report include:
“We are excited to highlight our commitments throughout the organization along with our plans to conserve resources and improve life in 2022 and the years beyond,” said Kaniewski.
Valmont will host a dedicated conference call on Tuesday, March 29, 2022 at 1:00 pm CDT to discuss its Sustainability Report and ESG priorities. Participants may join by dialing 1-877-407-6184 or 1-201-389-0877 (no Conference ID needed), or via webcast by pointing browsers to this link: Valmont Industries Sustainability Conference Call. A slide presentation will simultaneously be available for download on the Investors page at valmont.com to discuss the report. Questions can be submitted ahead of time to This email address is being protected from spambots. You need JavaScript enabled to view it.. Live Q&A via the “Ask a Question” chat feature will also be an option during the event. Additional details of our sustainability story can be found here.
About Valmont Industries, Inc.
For over 75 years, Valmont® has been a global leader in creating vital infrastructure and advancing agricultural productivity. Today, we remain committed to doing more with less by innovating through technology. Learn more about how we’re Conserving Resources. Improving Life.® at valmont.com.
Concerning Forward-Looking Statements
This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that management has made in light of experience in the industries in which Valmont operates, as well as management’s perceptions of historical trends, current conditions, expected future developments and other factors believed to be appropriate under the circumstances. As you read and consider this release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond Valmont’s control) and assumptions. Although management believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Valmont’s actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. These factors include among other things, the continuing and developing effects of COVID-19 including the effects of the outbreak on the general economy and the specific economic effects on the Company’s business and that of its customers and suppliers, risk factors described from time to time in Valmont’s reports to the Securities and Exchange Commission, as well as future economic and market circumstances, industry conditions, company performance and financial results, operating efficiencies, availability and price of raw material, availability and market acceptance of new products, product pricing, domestic and international competitive environments, and actions and policy changes of domestic and foreign governments. The Company cautions that any forward-looking statement included in this press release is made as of the date of this press release and the Company does not undertake to update any forward-looking statement.
Renee Campbell
+1 402.963.1057
Facility houses high-tech R&D and product development for gate drivers used in renewable energy, electric transportation and other clean technologies
BIEL, Switzerland--(BUSINESS WIRE)--Power Integrations (Nasdaq: POWI), the leader in high-voltage integrated circuits for energy-efficient power conversion, today opened its newly constructed facility in Biel, Switzerland at a ceremony hosted by the company’s CEO, Balu Balakrishnan, and attended by Biel mayor Erich Fehr. The 4,600-square-meter, $20 million facility is the new home for about 60 engineers and other technology professionals, a number that is expected to rise as the company continues to grow in the years ahead. In addition to modern office and laboratory space, the contemporary building houses a surface-mounted-technology (SMT) line used to develop prototypes for the company’s gate-driver products. The facility also features a 25-kilowatt rooftop solar array.
Power Integrations’ presence in Switzerland dates to its 2012 acquisition of CT-Concept Technologie AG. Its Biel operation specializes in gate drivers for high-power applications such as solar and wind energy, electric locomotives and efficient DC transmission lines, and is an integral part of the company’s efforts in the electric-vehicle market. Worldwide, Power Integrations employs approximately 770 people, with additional R&D centers at its Silicon Valley headquarters as well as in Canada, Malaysia and the United Kingdom, and design-support centers in Germany and the Philippines.
In addition to its innovative gate drivers, Power Integrations is known for high-voltage integrated circuits (ICs) used in power supplies for appliances, smartphones, computers and myriad consumer-electronics and industrial products. The company’s ICs feature proprietary energy-saving technologies such as gallium-nitride transistors and EcoSmart™ technology, which reduces the energy consumed by electronic products in “standby” or idle modes. Reflecting the environmental benefits of the company’s products, the company’s Nasdaq-listed shares are included in clean-technology indexes such as The Cleantech Index and the Nasdaq Clean Edge Green Energy Index. The company shipped nearly two billion ICs and gate drivers in 2021, generating revenues of $703 million—an increase of more than 40 percent from the prior year.
Commented Mr. Balakrishnan: "We are delighted to open our new, permanent home in Biel, bringing all of our local employees under one roof and giving us ample room for the growth we expect in the years ahead. Our presence here is an essential part of our company’s efforts to develop innovative products for a low-carbon future. We are grateful to the city’s leaders for their support of this project, and we look forward to a long and productive future together.”
Biel mayor Erich Fehr commented: "I am pleased by Power Integrations' enduring commitment to the city of Biel. The fact that such an innovative, fast-growing company has chosen to establish roots here speaks for the attractiveness of our city and our region as a business location. At the same time, our city benefits from Power Integrations' dynamism and innovation, as the past decade has already proven."
Power Integrations' new Swiss home was planned and built by Biel-based architectural firm GLS Architects. Commented Nik Liechti, CEO of GLS Architects: "This has been an exciting project for our firm from its very beginning more than five years ago. We have particularly enjoyed the challenge of integrating a high-tech SMT line into this contemporary office building, and we are extremely proud of the result. The cooperation with Power Integrations and the authorities on this project was excellent and a key factor in the successful development of this high-density building. We were able to meet all deadlines and cost projections despite the difficult circumstances during the pandemic.”
About Power Integrations
Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information, please visit www.power.com.
Power Integrations, EcoSmart and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc. All other trademarks are the property of their respective owner.
Joe Shiffler
Power Integrations
1-408-414-8528
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Maryland’s leading provider of home services rebrands following Constellation’s separation from Exelon
BALTIMORE--(BUSINESS WIRE)--Constellation (Nasdaq: CEG), America’s leading clean energy company, has announced that its Maryland-based home services business, formerly BGE HOME, is changing its name to Constellation Home. The name change is the result of Constellation’s separation from Exelon on Feb. 1, 2022. Constellation Home will remain headquartered in the Baltimore area.
Shortly following the separation, Constellation Home initiated the brand transition with customer communications and marketing highlighting the change. The company will progressively shift to its new logo and colors, including on signage, work wear and fleet vehicles, over the next several months. During the transition, customers can expect to see both the new and old names.
“Though our name is changing, our mission remains the same. We will continue to provide the same high-quality, reliable service that our customers have come to expect,” said David Donat, president & CEO, Constellation Home. “Our team will continue to partner with our customers, helping them manage their energy use and meeting their heating, cooling, plumbing, and electrical needs. Working in up to 1,000 homes per day on average, our team is proud to serve communities throughout central Maryland.”
To familiarize customers with the new name, the BGE HOME website will clearly identify the brand change and remain active until the Constellation Home website is ready for Maryland customers later this year. Both sites make customers aware of the name change and provide assurance that they are interacting with the same company they have relied on for nearly 30 years.
As Maryland’s No. 1 service provider and a leading installer of high efficiency HVAC systems, Constellation Home remains ready to respond to customers’ needs. Additionally, Constellation Home’s energy management expertise and high-efficiency products support Constellation’s purpose of accelerating the transition to a carbon-free future. For more information, visit constellationhome.com.
About Constellation
Constellation is the nation’s largest producer of carbon-free energy and the leading competitive retail supplier of power and energy products and services for homes and businesses across the United States. Headquartered in Baltimore, its generation fleet powers more than 20 million homes and businesses and is helping to accelerate the nation’s transition to clean energy with more than 32,400 megawatts of capacity and annual output that is 90 percent carbon-free. Constellation has set a goal to eliminate 100 percent of its greenhouse gas emissions by leveraging innovative technology and enhancing its diverse mix of hydro, wind and solar resources paired with the nation’s largest carbon-free nuclear fleet. Constellation’s family of retail businesses serves approximately 2 million residential, public sector and business customers, including three-fourths of the Fortune 100. Learn more at www.constellation.com or on Twitter at @ConstellationEG.
Linda Foy
Director
Commercial Communications
410-470-9700
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Fourth Quarter and Full Year 2021 Financial Highlights
Recent Business Highlights
STAMFORD, Conn.--(BUSINESS WIRE)--Altus Power, Inc. (NYSE: AMPS) (“Altus Power” or the “Company”), a leading clean electrification company, today announced results for the fourth quarter and full year 2021. Revenues for the full year 2021 were $71.8 million, compared with $45.3 million for full year 2020. The Company reported 2021 GAAP net income of $13.0 million, compared to a $1.9 million net loss in 2020. Adjusted EBITDA for 2021 totaled $41.0 million, with adjusted EBITDA margin of 57%.*
“In 2021, Altus Power continued to drive our business forward, providing clean electrification options to customers and growing our operating footprint. At the same time, we executed on strategic partnerships and added key personnel to provide for our growing customer pipeline,” said Lars Norell, Co-CEO of Altus Power. “Altus Power expects to continue our success through emphasis on streamlined customer acquisition, leveraging digital capabilities and deploying low cost capital.”
Commercial Momentum Continuing
During 2021, Altus Power increased the size of its portfolio of assets by over 50% to a total of 362 megawatts of installed capacity. In 2022 Altus Power will continue its close collaboration with Blackstone Real Estate and cultivate new relationships under its agreement with CBRE.
Since the close of its business combination with CBRE Acquisition Holdings in December, Altus Power and CBRE’s Renewable Energy Solutions team have quickly identified a pool of CBRE clients that could immediately benefit from Altus Power’s clean energy project development expertise. This process has yielded immediate results, and the Company looks forward to executing on these and additional opportunities in the near future.
“We’ve hit the ground running with the CBRE team in 2022,” said Gregg Felton, Co-CEO of Altus Power. “The types of commercial partnerships we’re exploring are exactly what we envisioned under our agreement with CBRE. We look forward to the opportunity to partner with additional CBRE clients to reduce their electricity costs and help decarbonize their operations.
“Work also continues with our long-time partner Blackstone to prioritize and execute on clean energy opportunities across their commercial real estate holdings, highlighted by our recent 35 megawatt community solar award which will be hosted on Blackstone industrial real estate in New Jersey,” continued Felton.
Altus Power continues to prioritize the digitization of its processes, which promises to further streamline origination and construction workflows and reduce costs as Altus Power scales its business.
“Our number one digitization goal is building out the technology infrastructure that leverages CBRE’s vast data resources, allowing us to efficiently capitalize on our new relationship,” said Julia Sears, Chief Digital Officer at Altus Power. “By leveraging our enhanced technology platform to clearly identify the massive value Altus Power can deliver to our clients, we will be able to convert prospects into customers more efficiently, including for the ever-growing Community Solar market. Whether evaluating building and usage data, measuring client consumption, or managing our operations from initial customer engagement through construction and ongoing maintenance, we are investing in our technology platform to support all areas of our growth.”
Fourth Quarter Financial Results
Revenues during the fourth quarter of 2021 totaled $21.6 million, compared to $11.3 million during the same period of 2020, an increase of 92%.
Fourth quarter 2021 GAAP net income totaled $14.5 million, which included a $12.8 million one-time gain on sale, compared to a net loss of $3.3 million for the same period last year.
Adjusted EBITDA during the fourth quarter of 2021 was $12.9 million, compared to $5.6 million for the fourth quarter of 2020, a 129% increase.* The quarter over quarter growth in adjusted EBITDA is the result of increased revenue from additional solar energy facilities outpacing the increase of operating and general administrative expenses.*
Full Year 2021 Financial Results
Revenues for the full year 2021 totaled $71.8 million, an increase of 59% over 2020 full year revenue of $45.3 million, primarily due to the increased number of solar energy facilities in our portfolio.
GAAP net income for full year 2021 totaled $13.0 million, including a one-time gain on sale of $12.8 million, compared to a net loss of $1.9 million for 2020.
Adjusted EBITDA for the full year 2021 totaled $41.0 million, an increase of 60% over 2020 adjusted EBITDA of $25.6 million, due to the growth in revenue from additional solar energy facilities outpacing the increase of operating and general administrative expenses.*
Balance Sheet and Liquidity
Altus Power ended 2021 with $326 million in unrestricted cash, and $546 million of total debt, resulting in net debt of $220 million. The Company expects to fund its operations using available cash, additional borrowings under debt facilities and third-party tax equity, for the foreseeable future.
Initiating 2022 Adjusted EBITDA guidance
Today Altus Power is initiating a 2022 adjusted EBITDA guidance range of $57-63 million, nearly 50% growth over 2021 at the midpoint.* Management focuses on adjusted EBITDA and adjusted EBITDA margin as key measures of profitable growth and approximation of cash flow generation. Management will give further details on guidance during the Company’s earnings call.
Conference Call Information
The Altus Power management team will host a conference call to discuss its full year and fourth quarter 2021 financial results on Friday, March 25, 2022, at 8:30 a.m. Eastern Time. The call can be accessed via a live webcast accessible on the Events & Presentations page in the Investor Relations section of Altus Power’s website at www.altuspower.com. An archive of the webcast will be available after the call on the Investor Relations section of Altus Power’s website as well.
Use of Non-GAAP Financial Information
*We present our operating results in accordance with accounting principles generally accepted in the U.S. (“GAAP”). We believe certain financial measures, such as adjusted EBITDA and adjusted EBITDA margin provide users of our financial statements with supplemental information that may be useful in evaluating our business. The presentation of non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We define adjusted EBITDA as net income (loss) plus net interest expense, depreciation, amortization and accretion expense, income tax expense, acquisition and entity formation costs, non-cash compensation expense, and excluding the effect of certain non-recurring items we do not consider to be indicative of our ongoing operating performance such as, but not limited to, gain on fair value remeasurement of contingent consideration, gain on disposal of property, plant and equipment, change in fair value of redeemable warrant liability, change in fair value of alignment shares, loss on extinguishment of debt, and other miscellaneous items of other income and expenses.
Adjusted EBITDA is a non-GAAP financial measure that we use as a performance measure. We believe that investors and securities analysts also use adjusted EBITDA in evaluating our operating performance. This measurement is not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. The GAAP measure most directly comparable to adjusted EBITDA is net income. The presentation of adjusted EBITDA should not be construed to suggest that our future results will be unaffected by non-cash or non-recurring items. In addition, our calculation of adjusted EBITDA is not necessarily comparable to adjusted EBITDA as calculated by other companies.
We believe adjusted EBITDA is useful to management, investors and analysts in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis. These adjustments are intended to exclude items that are not indicative of the ongoing operating performance of the business. Adjusted EBITDA is also used by our management for internal planning purposes, including our consolidated operating budget, and by our board of directors in setting performance-based compensation targets. Adjusted EBITDA should not be considered an alternative to but viewed in conjunction with GAAP results, as we believe it provides a more complete understanding of ongoing business performance and trends than GAAP measures alone. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP.
Altus Power does not provide GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty and without unreasonable effort, items such as acquisition and entity formation costs, gain on fair value remeasurement of contingent consideration, change in fair value of redeemable warrant liability, change in fair value of alignment shares. These items are uncertain, depend on various factors, and could be material to Altus Power’s results computed in accordance with GAAP.
About Altus Power, Inc.
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 Form 10-K filed with the Securities and Exchange Commission on March 24th, 2022, as well as the other information we file with the Securities and Exchange Commission., 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.
Altus Power, Inc. |
|||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(In thousands, except share and per share data) |
|||||||||||||||
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Operating revenues, net |
$ |
21,578 |
|
|
$ |
11,265 |
|
|
$ |
71,800 |
|
|
$ |
45,278 |
|
Operating expenses |
|
|
|
|
|
|
|
||||||||
Cost of operations (exclusive of depreciation and amortization shown separately below) |
|
4,024 |
|
|
|
2,633 |
|
|
|
14,029 |
|
|
|
9,661 |
|
General and administrative |
|
4,731 |
|
|
|
3,032 |
|
|
|
16,915 |
|
|
|
10,143 |
|
Depreciation, amortization and accretion expense |
|
6,800 |
|
|
|
3,522 |
|
|
|
20,967 |
|
|
|
11,932 |
|
Acquisition and entity formation costs |
|
303 |
|
|
|
575 |
|
|
|
1,489 |
|
|
|
1,015 |
|
Gain on fair value remeasurement of contingent consideration |
|
(400 |
) |
|
|
— |
|
|
|
(2,800 |
) |
|
|
— |
|
Gain on disposal of property, plant and equipment |
|
(12,842 |
) |
|
|
— |
|
|
|
(12,842 |
) |
|
|
— |
|
Total operating expenses |
$ |
2,616 |
|
|
$ |
9,762 |
|
|
$ |
37,758 |
|
|
$ |
32,751 |
|
Operating income |
|
18,962 |
|
|
|
1,503 |
|
|
|
34,042 |
|
|
|
12,527 |
|
Other (income) expenses |
|
|
|
|
|
|
|
||||||||
Change in fair value of redeemable warrant liability |
|
2,332 |
|
|
|
— |
|
|
|
2,332 |
|
|
|
— |
|
Change in fair value of alignment shares liability |
|
(5,013 |
) |
|
|
— |
|
|
|
(5,013 |
) |
|
|
— |
|
Other (income) expense, net |
|
(593 |
) |
|
|
154 |
|
|
|
245 |
|
|
|
258 |
|
Interest expense, net |
|
5,971 |
|
|
|
3,730 |
|
|
|
19,933 |
|
|
|
14,073 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
3,245 |
|
|
|
— |
|
Total other expense |
$ |
2,697 |
|
|
$ |
3,884 |
|
|
$ |
20,742 |
|
|
$ |
14,331 |
|
Income (loss) before income tax expense |
$ |
16,265 |
|
|
$ |
(2,381 |
) |
|
$ |
13,300 |
|
|
$ |
(1,804 |
) |
Income tax expense |
|
(1,792 |
) |
|
|
(964 |
) |
|
|
(295 |
) |
|
|
(83 |
) |
Net income (loss) |
$ |
14,473 |
|
|
$ |
(3,345 |
) |
|
$ |
13,005 |
|
|
$ |
(1,887 |
) |
Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests |
|
7,285 |
|
|
|
(334 |
) |
|
|
7,099 |
|
|
|
(8,680 |
) |
Net income (loss) attributable to Altus Power, Inc. |
$ |
7,188 |
|
|
$ |
(3,011 |
) |
|
$ |
5,906 |
|
|
$ |
6,793 |
|
Net income (loss) per share attributable to common stockholders |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.07 |
|
|
$ |
(0.03 |
) |
|
$ |
0.06 |
|
|
$ |
0.08 |
|
Diluted |
$ |
0.06 |
|
|
$ |
(0.03 |
) |
|
$ |
0.06 |
|
|
$ |
0.07 |
|
Weighted average shares used to compute net income (loss) per share attributable to common stockholders |
|
|
|
|
|
|
|
||||||||
Basic |
|
104,653,303 |
|
|
|
88,741,089 |
|
|
|
92,751,839 |
|
|
|
88,741,089 |
|
Diluted |
|
109,155,128 |
|
|
|
88,741,089 |
|
|
|
96,603,428 |
|
|
|
90,858,718 |
|
Altus Power, Inc. |
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
(In thousands, except share and per share data) |
|||||||
|
As of December 31, |
||||||
|
|
2021 |
|
|
|
2020 |
|
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash |
$ |
325,983 |
|
|
$ |
33,832 |
|
Current portion of restricted cash |
|
2,544 |
|
|
|
3,465 |
|
Accounts receivable, net |
|
9,218 |
|
|
|
5,752 |
|
Other current assets |
|
6,659 |
|
|
|
1,748 |
|
Total current assets |
|
344,404 |
|
|
|
44,797 |
|
Restricted cash, noncurrent portion |
|
1,794 |
|
|
|
909 |
|
Property, plant and equipment, net |
|
745,711 |
|
|
|
519,394 |
|
Intangible assets, net |
|
16,702 |
|
|
|
11,758 |
|
Goodwill |
|
601 |
|
|
|
— |
|
Other assets |
|
4,037 |
|
|
|
4,702 |
|
Total assets |
$ |
1,113,249 |
|
|
$ |
581,560 |
|
Liabilities, redeemable noncontrolling interests, and stockholders' equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
3,591 |
|
|
$ |
1,571 |
|
Interest payable |
|
4,494 |
|
|
|
2,665 |
|
Purchase price payable |
|
— |
|
|
|
2,638 |
|
Current portion of long-term debt |
|
21,143 |
|
|
|
35,209 |
|
Other current liabilities |
|
3,663 |
|
|
|
1,369 |
|
Total current liabilities |
|
32,891 |
|
|
|
43,452 |
|
Redeemable warrant liability |
|
49,933 |
|
|
|
— |
|
Alignment shares liability |
|
127,474 |
|
|
|
— |
|
Long-term debt, net of unamortized debt issuance costs and current portion |
|
524,837 |
|
|
|
353,934 |
|
Intangible liabilities, net |
|
13,758 |
|
|
|
4,647 |
|
Asset retirement obligations |
|
7,628 |
|
|
|
4,446 |
|
Deferred tax liabilities, net |
|
9,603 |
|
|
|
11,001 |
|
Other long-term liabilities |
|
5,587 |
|
|
|
6,774 |
|
Total liabilities |
$ |
771,711 |
|
|
$ |
424,254 |
|
Commitments and contingent liabilities |
|
|
|
||||
Redeemable noncontrolling interests |
|
15,527 |
|
|
|
18,311 |
|
Stockholders' equity |
|
|
|
||||
Common stock $0.0001 par value; 988,591,250 shares authorized as of December 31, 2021 and 2020; 153,648,830 and 89,999,976 shares issued and outstanding as of December 31, 2021 and 2020, respectively |
|
15 |
|
|
|
9 |
|
Preferred stock $0.0001 par value; 10,000,000 shares authorized; zero shares issued and outstanding as of December 31, 2021 and 2020 |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
406,259 |
|
|
|
205,772 |
|
Accumulated deficit |
|
(101,356 |
) |
|
|
(80,802 |
) |
Total stockholders' equity |
$ |
304,918 |
|
|
$ |
124,979 |
|
Noncontrolling interests |
|
21,093 |
|
|
|
14,016 |
|
Total equity |
$ |
326,011 |
|
|
$ |
138,995 |
|
Total liabilities, redeemable noncontrolling interests, and stockholders' equity |
$ |
1,113,249 |
|
|
$ |
581,560 |
|
Altus Power, Inc. |
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(In thousands) |
|||||||
|
Year ended December 31, |
||||||
|
|
2021 |
|
|
|
2020 |
|
Cash flows from operating activities |
|
|
|
||||
Net income (loss) |
$ |
13,005 |
|
|
$ |
(1,887 |
) |
Adjustments to reconcile net income (loss) to net cash from operating activities: |
|
|
|
||||
Depreciation, amortization and accretion |
|
20,967 |
|
|
|
11,932 |
|
Unrealized (gain) loss on interest rate swaps |
|
(324 |
) |
|
|
82 |
|
Deferred tax expense |
|
219 |
|
|
|
60 |
|
Amortization of debt discount and financing costs |
|
2,873 |
|
|
|
2,538 |
|
Loss on extinguishment of debt |
|
3,245 |
|
|
|
— |
|
Change in fair value of redeemable warrant liability |
|
2,332 |
|
|
|
— |
|
Change in fair value of alignment shares liability |
|
(5,013 |
) |
|
|
— |
|
Remeasurement of contingent consideration |
|
(2,800 |
) |
|
|
— |
|
Gain on disposal of property, plant and equipment |
|
(12,842 |
) |
|
|
— |
|
Stock-based compensation |
|
148 |
|
|
|
82 |
|
Other |
|
104 |
|
|
|
780 |
|
Changes in assets and liabilities, excluding the effect of acquisitions |
|
|
|
||||
Accounts receivable |
|
162 |
|
|
|
(1,287 |
) |
Due from related parties |
|
— |
|
|
|
3 |
|
Other assets |
|
(4,647 |
) |
|
|
495 |
|
Accounts payable |
|
2,001 |
|
|
|
(1,477 |
) |
Interest payable |
|
1,909 |
|
|
|
1,769 |
|
Other liabilities |
|
2,365 |
|
|
|
(794 |
) |
Net cash provided by operating activities |
|
23,704 |
|
|
|
12,296 |
|
Cash flows from investing activities |
|
|
|
||||
Capital expenditures |
|
(14,585 |
) |
|
|
(36,677 |
) |
Payments to acquire businesses, net of cash and restricted cash acquired |
|
(201,175 |
) |
|
|
(110,691 |
) |
Payments to acquire renewable energy facilities from third parties, net of cash and restricted cash acquired |
|
(27,364 |
) |
|
|
(23,381 |
) |
Proceeds from disposal of property, plant and equipment |
|
19,910 |
|
|
|
— |
|
Payments for customer and site lease acquisitions |
|
— |
|
|
|
(893 |
) |
Other |
|
(36 |
) |
|
|
300 |
|
Net cash used for investing activities |
|
(223,250 |
) |
|
|
(171,342 |
) |
Cash flows from financing activities |
|
|
|
||||
Proceeds from issuance of long-term debt |
|
311,053 |
|
|
|
205,808 |
|
Repayments of long-term debt |
|
(160,487 |
) |
|
|
(55,754 |
) |
Payment of debt issuance costs |
|
(2,628 |
) |
|
|
(1,584 |
) |
Payment of debt extinguishment costs |
|
(1,477 |
) |
|
|
— |
|
Distributions to common equity stockholder |
|
— |
|
|
|
(22,500 |
) |
Proceeds from the Merger and PIPE financing |
|
637,458 |
|
|
|
— |
|
Payment of transaction costs related to the Merger |
|
(55,442 |
) |
|
|
— |
|
Proceeds from issuance of common stock and Series A preferred stock |
|
82,000 |
|
|
|
31,500 |
|
Repayment of Series A preferred stock |
|
(290,000 |
) |
|
|
— |
|
Payment of dividends and commitment fees on Series A preferred stock |
|
(22,207 |
) |
|
|
(12,950 |
) |
Payment of contingent consideration |
|
(153 |
) |
|
|
(501 |
) |
Contributions from noncontrolling interests |
|
3,846 |
|
|
|
23,927 |
|
Redemption of noncontrolling interests |
|
(5,324 |
) |
|
|
(1,524 |
) |
Distributions to noncontrolling interests |
|
(4,978 |
) |
|
|
(1,307 |
) |
Net cash provided by financing activities |
|
491,661 |
|
|
|
165,115 |
|
Net increase in cash and restricted cash |
|
292,115 |
|
|
|
6,069 |
|
Cash and restricted cash, beginning of year |
|
38,206 |
|
|
|
32,137 |
|
Cash and restricted cash, end of year |
$ |
330,321 |
|
|
$ |
38,206 |
|
Non-GAAP Financial Reconciliation
Reconciliation of GAAP reported Net Income to non-GAAP adjusted EBITDA:
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
(in thousands) |
||||||||||||||
Reconciliation of Net income (loss) to Adjusted EBITDA: |
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
14,473 |
|
|
$ |
(3,345 |
) |
|
$ |
13,005 |
|
|
$ |
(1,887 |
) |
Income tax expense |
|
1,792 |
|
|
|
964 |
|
|
|
295 |
|
|
|
83 |
|
Interest expense, net |
|
5,971 |
|
|
|
3,730 |
|
|
|
19,933 |
|
|
|
14,073 |
|
Depreciation, amortization and accretion expense |
|
6,800 |
|
|
|
3,522 |
|
|
|
20,967 |
|
|
|
11,932 |
|
Non-cash compensation expense |
|
37 |
|
|
|
21 |
|
|
|
148 |
|
|
|
82 |
|
Acquisition and entity formation costs |
|
303 |
|
|
|
575 |
|
|
|
1,489 |
|
|
|
1,015 |
|
Gain on fair value remeasurement of contingent consideration |
|
(400 |
) |
|
|
- |
|
|
|
(2,800 |
) |
|
|
- |
|
Gain on disposal of property, plant and equipment |
|
(12,842 |
) |
|
|
- |
|
|
|
(12,842 |
) |
|
|
- |
|
Change in fair value of redeemable warrant liability |
|
2,332 |
|
|
|
- |
|
|
|
2,332 |
|
|
|
- |
|
Change in fair value of alignment shares liability |
|
(5,013 |
) |
|
|
- |
|
|
|
(5,013 |
) |
|
|
- |
|
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
3,245 |
|
|
|
- |
|
Other (income) expense, net |
|
(593 |
) |
|
|
154 |
|
|
|
245 |
|
|
|
258 |
|
Adjusted EBITDA |
$ |
12,860 |
|
|
$ |
5,621 |
|
|
$ |
41,004 |
|
|
$ |
25,556 |
|
Altus Power
For Media:
Cory Ziskind
ICR, Inc.
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For Investors:
Chris Shelton, Head of IR
Caldwell Bailey, ICR, Inc.
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Challenges Provide Open Source Hardware Community, Electronics Industry an Opportunity to Work Together to Improve the Future, Win Cash Prizes Totaling More Than $100,000
PASADENA, Calif.--(BUSINESS WIRE)--Supplyframe today announced that the ninth annual Hackaday Prize – a global hardware design challenge focused on widespread and impactful innovation that will award more than $100,000 in cash and a Supplyframe DesignLab residency – will focus on sustainability, circularity, and climate crisis resiliency.
“This year the Hackaday Prize is putting the planet first,” said Supplyframe CEO and founder Steve Flagg. “This is an opportunity for the open source hardware community and the electronics industry to work together to drive innovation; reinforce long-term sustainability initiatives with immediate, tangible solutions; and help to create a brighter tomorrow.”
Supplyframe and Hackaday founded the Hackaday Prize in 2014 and have hosted the challenge each year since then. This year’s challenge invites the open source hardware community of hundreds of thousands of designers, engineers, hackers, and scientists to work within the United Nations Sustainable Development Goals structure to tackle the planet’s most pressing issues by creating hardware that drives innovation, solving difficult problems, and serving to “hack the future.”
“We look forward to collaborating again this year with Supplyframe, and we appreciate our 2022 partners Digi-Key and the Decentralized Wireless Alliance,” said Elliot Williams, editor in chief of Hackaday, who added that “The Hackaday Prize challenges this year will address an array of topics, from clean energy to climate resilience.”
The full list of challenges include:
Representatives from ArtCenter, AT&T, Conservation X Labs, Crowd Supply, Intel, the Massachusetts Institute of Technology (MIT), Moog, NASA Jet Propulsion Laboratory (JPL), NYU, Tesla, the United Nations, and the University of Massachusetts Amherst will serve as judges for this year’s Hackaday Prize challenge entries and mentors for the challenge participants.
In addition to awarding more than $100,000 in cash prizes to the winning entries, the Hackaday Prize will offer the grand prize winner a residency at the Supplyframe DesignLab.
“We look forward to another successful Hackaday Prize challenge, for which the open source community will work to address important issues that stand to impact every person on the planet,” added Flagg. “This contest is yet another proof point of Supplyframe’s ongoing commitment to support and champion open source hardware innovation for social impact.”
Supplyframe held a March 18 pre-launch Hackaday conference at headquarters in Pasadena, Calif. Speakers included Todd Medema, product manager at Tesla; Kate McAndrew, partner at Bolt.io; Clarissa Redwine, grants program manager, and Joey Hiller, technical program manager, at Decentralized Wireless Alliance; Majenta Strongheart, head of design and partnerships at Supplyframe DesignLab; and Richard Barnett, chief marketing officer at Supplyframe. Cesar Jung-Harada, a professor at The University of Hong Kong and founder at MakerBay; Rob Ryan-Silva, global practice specialist, governance and director at DAI Maker Lab; Alicia Gibb, director at the Open Source Hardware Association; Sirina Nabhan and Matthew Ramirez, engineers at the NASA Jet Propulsion Laboratory (JPL); Sameera Chukkapalli, Obama leader at the Obama Foundation, UN Habitat Assembly Speaker, and founder and director at Needlab; Andrew Lamb, innovation lead-global at FieldReady.org; and Williams at Hackaday also spoke at the March 18 event.
About Supplyframe
Supplyframe’s unmatched industry ecosystem, and pioneering Design-to-Source Intelligence (DSI) Solutions, are transforming how people and businesses design, source, market, and sell products across the global electronics value chain. Leveraging billions of continuous signals of design intent, demand, supply, and risk factors, Supplyframe’s DSI Platform is the world’s richest intelligence resource for the electronics industry. Over 10 million engineering and supply chain professionals worldwide engage with our SaaS solutions, search engines, and media properties to power rapid innovation and optimize in excess of $120 billion in annual direct materials spend. Supplyframe is headquartered in Pasadena, Calif., with offices in Austin, Belgrade, Grenoble, Oxford, San Francisco, Shanghai, and Shenzhen. To join the Supplyframe community, visit supplyframe.com and follow us on Twitter, Instagram, and YouTube.
Kimberly Barnes
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PARIS--(BUSINESS WIRE)--Technip Energies (PARIS:TE) (the “Company”), a leading Engineering & Technology company for the Energy Transition, today announces the publication of the convening notice for its Annual General Meeting (AGM), which will be held on Thursday May 5, 2022 at 10.00 CET in Schiphol, the Netherlands.
The convocation, agenda and explanatory notes and other relevant meeting documents are available on: https://investors.technipenergies.com/events-presentations/agm.
The 2021 Annual Report is also available on:
https://investors.technipenergies.com/financial-information/results-center.
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 shares are listed on Euronext Paris. In addition, Technip Energies has a Level 1 sponsored American Depositary Receipts (“ADRs”) program, with its ADRs trading over-the-counter. For further information: www.technipenergies.com.
Investor Relations
Phillip Lindsay
Vice-President, Investor Relations
Tel: +44 203 429 3929
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Media Relations
Stella Fumey
Director, Press Relations & Digital Communications
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Jason Hyonne
Press Relations & Social Media Lead
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DUBLIN--(BUSINESS WIRE)--The "LPG Tanker Market Size, Share & Trends Analysis Report by Vessel Size (VLGC, LGC, MGC, SGC), by Refrigeration & Pressurization (Full-pressurized, Semi-refrigerated), by Region (Europe, MEA), and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global LPG tanker market size is expected to reach USD 286.48 million by 2030. The market is expected to expand at a CAGR of 5.3% from 2022 to 2030.
Companies Mentioned
Strong growth in shale gas production is likely to propel the market growth over the coming years. The volatility of crude oil prices coupled with developments in hydraulic fracturing and horizontal drilling methods resulted in major companies shifting their attention towards the production of oil and gas from shale rock. Change in focus towards the production of shale gas is further projected to enhance market growth over the estimated period. The Very Large Gas Carriers (VLGC) segment led the market in 2021.
However, the Large Gas Carrier (LGC) is anticipated to take over the forecast period by a small margin. Very large gas carriers are widely used for the transportation of liquified petroleum gas (LPG) for longer distances across various countries. Growing liquefied petroleum gas trade relationships between various regions, such as the Middle East and Asian countries, Western Africa and Europe, and the United States, is the major factor projected to boost the VLGC segment growth. The full-pressurized segment led the market in 2021 and will maintain its lead throughout the forecast period. The market is anticipated to have a steady growth in all segments as the amount of LPG transported increases.
The supply chain of the LPG and ancillary industries was affected due to the shutdown of production facilities, especially in Asia Pacific, as it was the epicenter of the COVID-19. The manufacturing and energy & power sectors globally experienced a considerable slowdown due to the COVID-19. In addition, local and international travel restrictions, quarantine requirements, and lockdowns further delayed shipments of LPG that were in process of being delivered.
The market growth is determined by improved LPG trading around the globe. Shale gas extraction is likely to rise at a rapid pace, which will drive growth over the forecast years. Factors including capacity expansion of shale gas from untapped stocks enhanced global gas trade, and ongoing usage of liquefied petroleum gas as a cooking fuel is contributing to the development of the market for liquefied petroleum gas tankers.
LPG Tanker Market Report Highlights
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends & Scope
3.1 Penetration and Growth Prospects Mapping
3.2 Industry Value Chain Analysis
3.3 Regulatory Framework
3.3.1 Europe LPG regulatory scenario
3.3.1.1 Main Regulator: European Commission (EC)
3.4 Market Dynamics
3.4.1 Market Driver Analysis
3.4.1.1 Growing trade relations & increasing shale gas extraction
3.4.2 Market Restraint Analysis
3.4.2.1 Increasing trends and usage of CNG and natural gas
3.4.3 Opportunity assessment
3.5 LPG Tanker Industry Analysis - Porter's
3.6 LPG Tanker Industry Analysis - PESTEL analysis
3.7 Impact of COVID-19 on LPG Tanker Market
3.7.1 Challenges
3.7.1.1 Disruptions in supply chain due to low production of LPG
3.7.1.2 preventive Steps Taken by Service Providers
3.7.2 Impact Analysis - Medium
Chapter 4. LPG Tanker Market : Vessel Size Estimates & Trend Analysis
Chapter 5. LPG Tanker Market : Refrigeration & Pressurization Estimates & Trend Analysis
Chapter 6. LPG Tanker Market : Regional Estimates & Trend Analysis
Chapter 7. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/d2gkj4
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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