WILLISTON, Vt.--(BUSINESS WIRE)--$SIRC #DESPAC--iSun, Inc. (NASDAQ: ISUN) (the “Company”, or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of experience accelerating the adoption of innovative electrical technologies, today announced that it will be attending the 34th Annual Roth Conference on March 14th and 15th, 2022. The event will consist of 1-on-1 and small group meetings, analyst-selected fireside chats, thematic industry panels and on-demand presentations by executive management from approximately 400 private and public companies in a variety of growth sectors, including Blockchain / Cryptocurrency, Business Services, Technology and Media, and Sustainability / ESG.
The conference provides investors the opportunity to learn about iSun’s industry leading solar platform. First deployed in Q4 2021, iSun’s platform addresses the generational opportunity presented by widespread decarbonization efforts and electric vehicle adoption. US DOE estimates suggest accelerating electricity demands resulting from decarbonization and EV adoption will require an 1150% increase in solar deployment by 2035. By providing a comprehensive suite of solar services for each segment of the solar marketplace, iSun’s platform can meet the evolving demands of new and existing customers while creating value for shareholders, customers, and the environment.
To learn more about iSun’s platform, visit www.isunenergy.com; To learn more about the Roth Conference and to and submit a registration request, visit https://ibn.fm/ROTH2022Registration.
About iSun Inc.
Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted electrical contractor to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 400 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.
Forward Looking Statements
This press 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, effective tax rate, 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 press 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 risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.
IR Contact:
Tyler Barnes
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802-289-8141
State-of-the-art Thermal Treatment Facility Planned for United Kingdom
PHOENIX--(BUSINESS WIRE)--Today, Westinghouse Electric Company and Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) signed a term sheet at the 2022 Waste Management Symposia, signaling plans to develop a state-of-the-art advanced materials treatment facility in the United Kingdom. Built at Westinghouse’s Springfields site, the facility will expand waste treatment capabilities for the European nuclear market. It is expected that upon finalization of the agreement, Westinghouse will own 55 percent of the initiative and Perma-Fix will own the balance.
The new facility will incorporate the Perma-Fix Bulk Processing Unit (BPU), a vessel designed to treat a wide range of radioactive materials. The BPU accepts a broad range of material types while reducing waste volume by 30 to 100 times, which meets the waste acceptance criteria of European disposal facilities. The BPU also eliminates the risk of cross-contamination.
“We are thrilled to partner with Westinghouse as we expand our proven technology to the European market,” said Mark Duff, CEO of Perma-Fix. “With the success that our BPU vessel has had in the United States for over two decades, we are eager to bring this technology to new markets, enabling more plants globally to enhance their capabilities when it comes to handling radioactive waste removal. In the UK alone, there are over 5.1 million tons of total waste for treatment, including radioactive waste in storage and anticipated waste from decommissioning operations. We look forward to working closely with Westinghouse and leveraging our track record to provide safe treatment options for some of the world's most challenging waste streams.”
“We look forward to working with Perma-Fix to provide European customers with increased access to the full range of treatment capabilities – from characterization, packaging, consignment and transport, to receipt, storage, sort and segregation, treatment and final disposal,” said Sam Shakir, President of Environmental Services at Westinghouse. “Our unmatched experience and proprietary technical innovations will be at the forefront of this facility to ensure the safest storage and disposal of radioactive materials.”
Perma-Fix was established in 1990 and has more than €54 million invested in existing radioactive treatment facilities and technologies. The company owns and operates three nuclear licensed and authorized radioactive waste treatment facilities in the U.S. that currently treat more than 50,000 metric tons per year from international waste generators, the U.S. Department of Energy (DOE), the U.S. Department of Defense (DOD), nuclear reactors, and nuclear research facilities. Perma-Fix, as a global nuclear services company, ensures customer materials are treated in full compliance with all international environmental regulations.
About Westinghouse Electric Company
Westinghouse Electric Company is shaping the future of carbon-free energy by providing safe, innovative nuclear technologies to utilities globally. Westinghouse supplied the world’s first commercial pressurized water reactor in 1957 and the company’s technology is the basis for nearly one-half of the world's operating nuclear plants. For over 130 years, innovation makes Westinghouse the preferred partner for technologies covering the complete nuclear energy life cycle. For more information, visit www.westinghousenuclear.com and follow us on Facebook, LinkedIn and Twitter.
About Perma-Fix Environmental Services
Perma-Fix Environmental Services, Inc. is a nuclear services company and leading provider of nuclear and mixed waste management services. The Company's nuclear waste services include management and treatment of radioactive and mixed waste for hospitals, research labs and institutions, federal agencies, including the DOE, the DOD, and the commercial nuclear industry. The Company’s nuclear services group provides project management, waste management, environmental restoration, decontamination and decommissioning, new build construction, and radiological protection, safety and industrial hygiene capability to our clients. The Company operates four nuclear waste treatment facilities and provides nuclear services at DOE, DOD, and commercial facilities, nationwide.
Westinghouse Contact: Cathy Mann, This email address is being protected from spambots. You need JavaScript enabled to view it.
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Next-generation battery materials company joins the ranks of Canva, Microsoft, SpaceX, and more
ALAMEDA, Calif.--(BUSINESS WIRE)--Sila has been named to Fast Company’s prestigious annual list of the World’s Most Innovative Companies for 2022, earning the standing of #5 in the Consumer Electronics category.
Fast Company’s Most Innovative Companies list honors businesses that are making the biggest impact on their industries and culture as a whole—ultimately thriving in today’s ever-changing world. This year’s companies are creating the future today with some of the most inspiring accomplishments of the 21st century. In addition to the World's 50 Most Innovative Companies, 528 organizations are recognized across 52 categories.
“We are honored to have been recognized by Fast Company as a 2022 Most Innovative Company in the Consumer Electronics category,” said Gene Berdichevsky, Sila CEO and Co-Founder. “By delivering greater energy density in smaller batteries that last longer, our next-generation anode materials help companies reimagine what’s possible across their product lines. No longer forced to choose between better design, new features, and runtime, manufacturers can deliver market-winning products through enhanced battery performance and by doing so, help to drive the mission-critical transition our planet needs to a more sustainable future.”
After ten years and 55,000 iterations, Sila revolutionized the lithium-ion battery with their next-generation silicon anode material that can drop into existing battery cells to enable higher energy density, without compromising performance metrics and manufacturing processes. By focusing on materials that work and are scalable, Sila delivered the most significant breakthrough in battery chemistry in 30 years to reach the market, enabling better products today while working towards a sustainable tomorrow.
In September 2021, Sila became the first next-generation battery materials company to power an in-market product with the launch of WHOOP 4.0, one of the most advanced 24/7 health and fitness wearables. Powered with Sila science and leveraging other modest design improvements, WHOOP 4.0 benefited from a nearly 20% increase in energy density and a 33% reduction in device size. These benefits enabled a sleeker device with a five-day battery life and enhanced sensors that offer new features and more accurate measurements.
Now, Sila is preparing to ramp up production of their materials to power hundreds of millions of consumer devices and more than 1 million electric vehicles for automotive partners like Mercedes in the coming years.
Fast Company’s editors and writers sought out the most groundbreaking businesses across the globe and industries and judged nominations received through their application process to build out the World’s Most Innovative Companies list - the media brand’s signature franchise and one of the most highly anticipated editorial efforts of the year. The list provides a snapshot and road map for the future of innovation across various, dynamic sectors of the economy.
To learn more about Fast Company’s Most Innovative Companies list, visit FastCompany.com/Most-Innovative-Companies/2022.
ABOUT SILA
Founded in 2011, Sila is a next-generation battery materials company accelerating energy transformation for a more sustainable future. Sila is industrializing breakthrough science— utilizing their advanced silicon anode and other battery materials— to catalyze a new energy storage era that propels radical product innovation and alleviates the world’s dependence on fossil fuels. Through deep technical ambition, persistence, and purpose, the Sila team is delivering innovative technology to market today, moving us one step closer to the electrification of everything. Major investors include 8VC, Bessemer Venture Partners, Canada Pension Plan Investment Board, Coatue, Daimler, In-Q-Tel, Matrix Partners, Sutter Hill Ventures, and funds and accounts advised by T. Rowe Price Associates, Inc. For more information, visit www.silanano.com.
ABOUT FAST COMPANY
Fast Company is the only media brand fully dedicated to the vital intersection of business, innovation, and design, engaging the most influential leaders, companies, and thinkers on the future of business. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC, along with our sister publication Inc., and can be found online at www.fastcompany.com.
Emily Mann
SutherlandGold for Sila
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To Increase Awareness of Scams, PG&E Reminds the Public that March 6-12 is National Consumer Protection Week
SAN FRANCISCO--(BUSINESS WIRE)--As the number of scams targeting utility customers continue at an alarming rate, typically by phone, online or in-person, PG&E is joining the Federal Trade Commission to help customers recognize potential scams during National Consumer Protection Week from March 6-12, 2022.
In fact, during 2021 PG&E received over 11,000 reports from customers who were targeted by scammers impersonating the company, and customers lost nearly $600,000 in fraudulent payments. Unfortunately, this number is likely just the tip of the iceberg for overall scam attempts, as many go unreported. The number of reports is continuing at a high level thus far in 2022, as PG&E received 1,055 reports of attempted scams in January alone, with customers paying scammers over $65,000 during the month.
“PG&E would like to remind customers if you ever receive a call threatening disconnection if you do not make immediate payment, hang up and either call PG&E to confirm your account details or log onto your account on PGE.com. Remember, PG&E will never ask for you for your financial information over the phone or via email, nor will we request payment via pre-paid debit cards or other payment services like Zelle,” said Chris Zenner, vice president, PG&E residential services and digital channels.
Scammers are opportunistic and look for times when customers may be distracted or stressed, as has been the case during the COVID-19 pandemic. During this time, scammers have increased calls, texts, emails, and in-person tactics and are constantly contacting utility customers asking for immediate payment to avoid service disconnection. As a reminder, PG&E will never send a single notification to a customer within one hour of a service interruption, and we will never ask customers to make payments with a pre-paid debit card, gift card, any form of cryptocurrency, or third-party digital payment mobile applications.
Scammers can be convincing and often target those who are most vulnerable, including senior citizens and low-income communities. They also aim their scams at small business owners during busy customer service hours. However, with the right information, customers can learn to detect and report these predatory scams.
Signs of a potential scam
How customers can protect themselves
Customers should never purchase a prepaid card to avoid service disconnection or shutoff. PG&E does not specify how customers should make a bill payment and offers a variety of ways to pay a bill, including accepting payments online, by phone, automatic bank draft, mail or in person.
If a scammer threatens immediate disconnection or shutoff of service without prior notification, customers should hang up the phone, delete the email, or shut the door. Customers with delinquent accounts receive an advance disconnection notification, typically by mail and included with their regular monthly bill.
Signing up for an online account at pge.com is another safeguard. Not only can customers log in to check their balance and payment history, they can sign up for recurring payments, paperless billing and helpful alerts.
Scammers Impersonating Trusted Phone Numbers: Scammers are now able to create authentic-looking 800 numbers which appear on your phone display. The numbers don’t lead back to PG&E if called back, however, so if you have doubts, hang up and call PG&E at 1-833-500-SCAM. If customers ever feel that they are in physical danger, they should call 911.
Customers who suspect that they have been victims of fraud, or who feel threatened during contact with one of these scammers, should contact local law enforcement. The Federal Trade Commission’s website is also a good source of information about how to protect personal information.
For more information about scams, visit pge.com/scams or consumer.ftc.gov.
About PG&E
PG&E, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
MEDIA RELATIONS:
415-973-5930
FreeWire, a leader in ultrafast battery-integrated EV charging, joins the ranks of Canva, Microsoft, SpaceX, and more
OAKLAND, Calif.--(BUSINESS WIRE)--#DCFC--FreeWire Technologies has been named to Fast Company’s prestigious annual list of the World’s Most Innovative Companies for 2022.
This year’s list honors businesses that are making the biggest impact on their industries and culture as a whole—ultimately thriving in today’s ever-changing world. These companies are creating the future today with some of the most inspiring accomplishments of the 21st century. In addition to the World's 50 Most Innovative Companies, 528 organizations are recognized across 52 categories.
“FreeWire is honored to be recognized by Fast Company, and be included among the World’s Most Innovative Companies having created next-generation ultrafast charging technology that is driving EV adoption, reducing transportation emissions, and lessening strain on the electric grid,” said FreeWire CEO and Founder Arcady Sosinov. “By combining charging infrastructure with energy storage and management software, FreeWire and its customers are solving barriers to EV charging to deliver an experience that will improve people’s lives today by making convenient, ultrafast charging available anywhere and everywhere, while creating a cleaner, more resilient electric grid in the future.”
Founded in 2014, FreeWire Technologies is a Buy America compliant provider of fully-integrated electric vehicle charging stations and power solutions. FreeWire’s ultrafast charging technology solves grid constraints by packaging charging infrastructure, grid infrastructure, and energy storage in a fully-integrated compact solution. The company’s Boost ChargerTM plugs into existing and ubiquitous low-voltage utility service and delivers high-power charging in areas that typically require extensive grid upgrades. Because the fully-integrated systems charge EVs directly from the battery and not the electric grid, customer demand charges are virtually eliminated with peak-shaving and load-shifting capabilities built into the design that doesn’t impact the driver charge experience. In addition, FreeWire provides proprietary management software, which further reduces energy costs and provides additional services.
FreeWire has deployed battery-integrated chargers with Fortune 100 companies, commercial customers, fleets, retail locations, and gas stations across the United States, from Oklahoma to Alaska. The company aims to install over 5,000 ultrafast battery-integrated chargers worldwide by 2025. FreeWire is well-positioned for annual growth of 2-3x, helping customers reach decarbonization goals, creating over 200 jobs in electrification and clean energy in and around disadvantaged communities, and catalyzing the global transition to sustainable electrification.
Fast Company’s editors and writers sought out the most groundbreaking businesses across the globe and industries. They also judged nominations received through their application process.
The World’s Most Innovative Companies is Fast Company’s signature franchise and one of its most highly anticipated editorial efforts of the year. It provides both a snapshot and a road map for the future of innovation across the most dynamic sectors of the economy.
“The world’s most innovative companies play an essential role in addressing the most pressing issues facing society, whether they’re fighting climate change by spurring decarbonization efforts, ameliorating the strain on supply chains, or helping us reconnect with one another over shared passions,” said Fast Company Deputy Editor David Lidsky.
For the second year in a row, to coincide with the issue launch, Fast Company will host its Most Innovative Companies Summit on April 26–27. The virtual, multiday summit celebrates the Most Innovative Companies in business, and provides an early look at major business trends and an inside look at what it takes to innovate in 2022. Fast Company’s Most Innovative Companies issue (March/April 2022) is available online here, as well as in-app form via iTunes, and on newsstands beginning March 15. The hashtag is #FCMostInnovative.
ABOUT FREEWIRE TECHNOLOGIES
FreeWire’s turnkey power solutions deliver energy whenever and wherever it is needed for reliable electrification beyond the grid. With scalable clean power that moves to meet demand, FreeWire customers can tackle new applications and deploy new business models without the complexity of upgrading traditional energy infrastructure.
FreeWire has deployed battery-integrated chargers with Fortune 100 companies, commercial customers, fleets, retail locations, and gas stations. In addition to its partnership with bp pulse, FreeWire and ampm, a bp subsidiary and convenience store chain with over 1,000 locations, have already deployed multiple public charging stations in the U.S. Learn more at www.freewiretech.com and follow us @FreeWireTech.
ABOUT FAST COMPANY
Fast Company is the only media brand fully dedicated to the vital intersection of business, innovation, and design, engaging the most influential leaders, companies, and thinkers on the future of business. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC, along with our sister publication Inc., and can be found online at www.fastcompany.com.
FreeWire Technologies, Inc.
Connor Botkin, 415.779.5515 ext. 2000
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CHATTANOOGA, Tenn.--(BUSINESS WIRE)--MFG Chemical, a global leader in specialty and custom chemical manufacturing, announces the hiring of Katy Zukis, Business Development Manager. In addition to driving top line sales growth, Katy will be shaping MFG Chemical’s Oil and Gas SBU strategy, optimizing the product portfolio and developing a robust pipeline. Katy will work out of MFG Chemical’s sales office in Houston.
Katy has broad chemical industry experience, including positions in manufacturing, purchasing, product management, customer service/transportation, business management with P&L responsibility, as well as her extensive sales experience. Previous employers include Huntsman Cargill, Texaco and Dow Chemical. Katy earned her Bachelor of Science in Chemical Engineering from the University of Arizona, Tucson.
Joe Dymecki, MFG Chemical VP Sales & Marketing stated, “Katy is a chemical industry expert with many years of experience who we feel confident will help MFG continue to meet and exceed customer expectations.”
Katy Zukis stated, ”I’m happy and proud to assume my new responsibilities at MFG Chemical, a high-quality custom chemical manufacturing company with three recently upgraded ISO 9001: 2015 Certified manufacturing plants, a pilot plant, and an exceptional staff of world-class experts. MFG Chemical is ideally positioned to meet the growing custom chemical manufacturing needs of its customers.”
About MFG Chemical
MFG Chemical, LLC is a leading specialty and custom chemical manufacturer for a variety of global markets. The Company is headquartered in Chattanooga, TN, and operates three manufacturing facilities with world-class product development capabilities in Northwest Georgia.
Key chemistries include Dioctyl Sodium Sulfosuccinates (DOSS), Amides, Esters, Imidazolines, Rheology Modifiers and Surfactants, Specialty Anhydrides and Water Soluble Polymers. In addition, the company recently upgraded its plants under Project Odyssey, received two SOCMA Awards for plant safety and process efficiency and was recertified for ISO 9001: 2015 Certification. For more information, visit www.mfgchemical.com.
Jon Amdursky
MFG Chemical
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LOS ANGELES & NORTH LOGAN, Utah--(BUSINESS WIRE)--Electreon (TASE: ELWS.TA), the leading provider of in-road wireless electric vehicle charging technology for shared, commercial and passenger vehicles, and Advancing Sustainability through Powered Infrastructure for Roadway Electrification (ASPIRE), a National Science Foundation-funded Engineering Research Center taking on the nation’s electrified transportation challenges to the widespread electrification of all vehicles, announced today they are launching a joint demonstration project. Electreon’s in-motion (dynamic) wireless charging technology will be installed in ASPIRE’s research test track in North Logan, Utah, in summer 2022 to showcase the company’s technology for the first time in North America. The launch of the test bed comes in advance of Electreon’s first deployment on a public road in the U.S. in 2023 in Detroit––a partnership with the Michigan Department of Transportation (MDOT), among many others.
The demonstration will consist of 50 meters of dynamic in-road wireless charging hardware installed in Utah State University’s (USU) test track. Corresponding vehicle side charging hardware will be installed on the Kenworth truck, and power management and charging communication systems will also be included. This site will function as a live demonstration facility for departments of transportation, other government officials, current and potential industry partners, as well as Electreon’s potential and prospective partners and clients to experience Electreon’s in-motion wireless charging as the technology moves to market deployment in the U.S. Electreon will also use this project as a test bed to conduct future vehicle integration programs with automakers. This project marks a significant advancement in Electreon’s and ASPIRE’s efforts toward providing sustainable mobility infrastructure for the nation and the world.
“So far, Electreon has already demonstrated its dynamic wireless charging technology in four operational pilots across Europe and now we are thrilled to kick off our first U.S.-based deployment with USU’s ASPIRE, displaying the viability of our in-road wireless charging infrastructure,” says Stefan Tongur, vice president business development for Electreon in North America. “We are excited at the prospect of advancing sustainable charging technology in hopes of supporting the U.S. movement toward an all-electric future. This project will allow us to engage with partners and clients to develop pilot and commercial projects in the whole nation and will allow for ongoing testing in advance of U.S. projects on public roadways, including the recently announced project in Detroit.”
This demonstration project collaboration with ASPIRE, in part, aims to validate dynamic wireless charging technology solutions for several upcoming pilot projects that include the Utah Inland Port Authority (Salt Lake City, UT), the Central Florida Expressway (Orlando, FL) and developing projects in several states across the nation.
“ASPIRE is excited to work with Electreon in demonstrating the electrified roadways of tomorrow,” said Regan Zane, ASPIRE Center Director. “The groundbreaking work that we are doing here exemplifies our commitment to creating solutions to the issues that are preventing us from electrifying transportation. We believe that our findings will provide the blueprint for the nation’s path to deep electrified vehicle adoption and resulting energy, economic and environmental benefits through low-cost ubiquitous charging infrastructure.”
Electreon and ASPIRE are also partnering on the demonstration project with Kiewit Corporation, one of the largest and most respected engineering and construction companies in North America. Kiewit will provide expert insight into installation and construction processes for electric roads.
“Kiewit is proud to continue our partnership with Electreon and ASPIRE for the deployment of this innovative technology,” says Mike Johnson, Kiewit Sr. Vice President of Infrastructure Markets & Strategy. “The ASPIRE demonstration will be essential in understanding construction considerations around installation and maintenance of dynamic and static inductive vehicle charging on public roads.”
The project also includes Kenworth Truck Company, which has delivered a Class 8 Kenworth T680 Classic to USU for the integration with the Electreon system at the test track.
“This collaborative effort offers an excellent opportunity to explore the potential of mobile wireless charging. We will discover the amount of energy actually generated from driving the Kenworth T680 over charging plates at various speeds, and collect data for possible real world on-road testing in the future,” said Ryan Reed, Kenworth Director of Research and Development in Renton, Washington.
Electreon is one of the only active dynamic charging solutions available on the market today with projects spanning worldwide including the electrified roadways charging 200 buses in Israel as well as other projects in Italy, Germany, Sweden and now coming to Utah and Michigan.
About Electreon
Electreon is the leading provider of wireless charging solutions for electric vehicles (EVs), providing end-to-end charging infrastructure and services to meet the needs and efficiency demands of shared, public and commercial fleet operators and consumers. The company’s proprietary inductive technology dynamically (while in motion) and statically (while stopped) charges EVs quickly and safely, eliminating range anxiety, lowering total costs of EV ownership, and reducing battery capacity needs—making it one of the most environmentally sustainable, scalable, and compelling charging solutions available today. Electreon works with cities and fleet operators on a charging as a service (CaaS) platform that enables cost-effective electrification of public, commercial, and autonomous fleets for smooth and continuous operation. For more information, visit electreon.com.
About ASPIRE
The ASPIRE Engineering Research Center was launched in September, 2020 with a $50 million, 10-year grant from the National Science Foundation with its main purpose to support widespread adoption of electric transportation through developing technologies and clearing barriers leading to low cost, ubiquitous charging infrastructure. One of the key aspects of the ASPIRE research portfolio is dynamic wireless power transfer, a research and development area where USU and its ASPIRE partner universities have led advances for many years. The ASPIRE university partners (Purdue University, University of Colorado Boulder, The University of Texas at El Paso, and University of Auckland, New Zealand) are joined by more than 60 industry, government, and non-profit members from all sectors of the electric transportation ecosystem. For more information, visit aspire.usu.edu.
Janine Ward
On behalf of Electreon
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Tallis Blalack
On behalf of ASPIRE
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BATON ROUGE, La.--(BUSINESS WIRE)--CenTrio, in partnership with Tiger Energy Partners, reached financial close this week with the LSU Board of Supervisors to modernize utility systems at the university’s main campus in Baton Rouge this week. The 30-year partnership is expected to generate substantial energy and operational savings for LSU while promoting sustainability, reliability and efficiency of utility systems campus-wide.
CenTrio will lead and finance the utility system modernization and operate and maintain LSU’s utility system for the next 30 years. CenTrio will also perform and fund additional capital improvements to the utility system, as approved by LSU, equipping LSU for future campus growth and addressing capital renewal and deferred maintenance. CenTrio retained Mayer Brown and Bank of America (BofA Securities, Inc.) as advisors.
“The utilities modernization initiative has been ongoing for a number of years, and we are pleased to have closed on the agreement with construction expected to begin on campus in June,” said Kimberly J. Lewis, LSU Executive Vice President of Finance and Administration & Chief Administrative Officer. “In addition to the projected annual cost savings of around $1.5 million in electricity, natural gas and maintenance, other benefits to LSU include budgeting predictability, improved reliability of its infrastructure, and built-in redundancy from generating excess capacity.”
“We are thrilled to begin this modernization project at LSU,” said Doug Castleberry, CenTrio’s Chief Operating Officer. “CenTrio looks forward to making the Baton Rouge campus more resilient, efficient, and sustainable. By investing in university campuses, we are not only helping with their immediate energy infrastructure needs but also allowing them to focus capital and other resources on their core mission of education and research.”
Tiger Energy Partners, a joint venture between Bernhard Energy and Johnson Controls, will design and construct the initial modernization solution for LSU’s steam and chilled water plants. Additionally, Tiger Energy Partners may design, build and finance future building mechanical system upgrades on the Baton Rouge campus.
“As a company with headquarters in Louisiana, we take special pride in knowing that this partnership will conserve public dollars and make higher education more affordable for Louisiana residents,” said Ed Tinsley, Bernhard’s Chief Executive Officer. “Bernhard was founded in Baton Rouge more than 100 years ago, and this partnership highlights our unwavering dedication to Louisiana now and for future generations to come.”
CenTrio is a leading utility public-private partnership (P3) developer, investor and operator developing, managing, and operating critical energy infrastructures serving more than 400 buildings in urban centers, and university and health campuses across the U.S. with a focus on reliability, energy efficiency and environmental sustainability. In October 2020, CenTrio established a similar partnership with Syracuse University to modernize its utility system infrastructure under a 40-year public-private partnership.
Bernhard is a leading energy-as-a-service provider, with a nearly $1 billion portfolio of active EaaS partnerships across the U.S. In addition to decades of experience on the LSU campus, Bernhard also operates and maintains 125,000 tons of chilled water infrastructure across the U.S., including the ongoing operation and maintenance of central energy plants at Tulane University, LCMC Health, and other mission-critical campuses in Louisiana.
Johnson Controls is the global leader in smart, healthy and sustainable buildings and front-runner in the P3 marketplace with 41 Buildings as a Service (BaaS) projects valued at over $5B in virtually every sector, including higher education campuses, K-12 schools, civic buildings, hospitals and data centers. In each P3 project, Johnson Controls applies its world class building system equipment and expertise through skilled on-site technicians to reduce the risk of O&M, life cycle and energy performance. The company works with public and private organizations across North America and around the world to implement net zero energy efficient and renewable energy solutions through its OpenBlue digital platform to deliver more comfortable, safe, and sustainable environments.
About CenTrio:
As the industry leading core-competency U.S. district energy business, CenTrio provides innovative and sustainable energy infrastructure solutions focused on reliability, sustainability, and cost-effectiveness. CenTrio owns and operates critical utility infrastructure assets in Chicago, Denver, Houston, Los Angeles, New Orleans, Portland, Seattle and Syracuse, managing and operating intelligent utility systems that generate, store and share energy. To learn more, visit CenTrio online at: www.centrioenergy.com
About Bernhard:
Founded in 1919, Bernhard is the largest privately owned EaaS company in the United States. Its multi-disciplinary team provides integrated solutions in three core business segments: solutions, delivery and sustainability. To date, Bernhard has leveraged its turnkey capability to deliver nearly $1 billion in energy savings to customers across the U.S. Bernhard employs more than 2,000 employees in 21 office locations across the United States, including its headquarters in Metairie, Louisiana. To learn more, visit Bernhard online at: www.bernhard.com.
About Johnson Controls:
At Johnson Controls (NYSE: JCI), we transform the environments where people live, work, learn and play. As the global leader in smart, healthy and sustainable buildings, our mission is to reimagine the performance of buildings to serve people, places and the planet. With a history of more than 135 years of innovation, Johnson Controls delivers the blueprint of the future for industries such as healthcare, schools, data centers, airports, stadiums, manufacturing and beyond through its comprehensive digital offering OpenBlue. With a global team of 100,000 experts in more than 150 countries, Johnson Controls offers the world's largest portfolio of building technology, software as well as service solutions with some of the most trusted names in the industry. For more information, visit www.johnsoncontrols.com or follow us @johnsoncontrols on Twitter.
Jim Burnell
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773-664-3291
Melissa Samuel
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225-706-2207
-Expansion of Technology Application for Detection of Influenza Virus-
TORONTO--(BUSINESS WIRE)--Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) (“Kontrol” or the “Company”), a leader in smart building technology, has completed initial testing of the BioCloud technology in Japan and has delivered a positive detection of the influenza virus. The initial testing indicates the application of the BioCloud technology for influenza virus.
“The BioCloud technology innovation is based on taking a manual laboratory process and automating that process in real-time, with the goal of monitoring ambient air for early viral detection,” says Gary Saunders, President of Kontrol BioCloud. “Since the inception of our technology development we have indicated our intention to be able to detect multiple virus and pathogens as part of overall area safety. We are pleased with the initial positive testing with aerosolized influenza virus.”
Initial Testing
Further to the press release dated January 14th, 2022 (Kontrol Technologies expands BioCloud Technology into Japan) and working with its local partner, testing was provided through a laboratory in Japan and the initial testing was focused on the ability of Kontrol BioCloud to capture aerosolized influenza virus in its proprietary collection chamber. Based on initial testing the BioCloud technology was able to successfully capture the virus.
The testing summary of initial testing findings are provided on pages 15 to 17 of the BioCloud Testing Document (https://kontrolcorp.com/biocloud-testing).
“With a growing movement to monitor air quality in buildings with early viral detection systems, BioCloud continues to be well positioned to offer solutions that seek to create safer spaces across the global economy”, says Paul Ghezzi, CEO of Kontrol Technologies.
The Company is not making any express or implied claims that its product has the ability to eliminate, cure or contain the COVID-19 (or SARS-2 Coronavirus).
About Kontrol BioCloudTM
Kontrol BioCloud (“BioCloud”) is an operating subsidiary of Kontrol Technologies. The BioCloud technology is a real-time analyzer designed to detect airborne viruses and pathogens. BioCloud is an air quality technology and not a medical device. BioCloud has been designed to operate as a safe space technology by sampling the air quality continuously. With a proprietary detection chamber that can be replaced as needed, viruses are detected, and a silent notification system is created. BioCloud can be applied to any space where individuals gather. Additional information about Kontrol BioCloud can be found on its website at www.kontrolbiocloud.com
Kontrol Technologies Corp.
Kontrol Technologies Corp., a Canadian public company, is a leader in smart buildings and cities through IoT, Cloud and SaaS technology. Kontrol provides solutions and services to its customers to improve energy management, monitor continuous emissions and accelerate the sustainability of all buildings.
Additional information about Kontrol Technologies Corp. can be found on its website at www.kontrolcorp.com and by reviewing its profile on SEDAR at www.sedar.com
Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy. Forward-looking information contained in this press releases includes, but is not limited to, the following: future testing to be conducted by Kontrol of its products; the future success of any of Kontrol’s products; and customer demand relating to air quality products.
Where Kontrol expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that sufficient capital will be available to the Company; that future testing can be conducted as planned; that technology will be as effective as anticipated; that existing relationships and contracts entered into by the Company will continue on the same or similar terms, or at all; and that demand will continue for air quality products and for the Company’s products in particular.
However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Such risks include, but are not limited to, that sufficient capital and financing cannot be obtained on reasonable terms, or at all; that the Company’s technologies will not prove as effective as expected; that customers and potential customers will not be as accepting of the Company's product and service offering as expected and/or that demand for such products and services will not continue; that the Company’s test results will not be replicated in the future or that future testing will not be conducted; that the Company will not maintain its existing relationships or contracts on the same terms or at all; and government and regulatory factors impacting the energy conservation industry. Kontrol BioCloud is an air quality technology and not a medical device. The Company is not making any express or implied claims that its product has the ability to eliminate, cure or contain the COVID-19 (or SARS-2 Coronavirus).
Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. Kontrol does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.
Kontrol Technologies Corp.
Paul Ghezzi
CEO
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Tel: (905) 766.0400
Investor Relations:
Brooks Hamilton
MZ Group – MZ North America
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Tel: +1 (949) 546.6326
Acquisition marks EverGen’s entry into the Alberta market and launch of its RNG Infrastructure Platform expansion
VANCOUVER, British Columbia--(BUSINESS WIRE)--EverGen Infrastructure Corp. (“EverGen'' or the “Company”) (TSXV: EVGN) (OTCQB: EVGIF), Canada’s Renewable Natural Gas (“RNG”) Infrastructure Platform is pleased to announce it has entered into a letter of intent (“LOI”), with Grow the Energy Circle Ltd. (“GrowTEC”), in its capacity as general partner of CKPPQ Farms LP, dated March 4, 2022, to acquire a 67% interest (the “Proposed Transaction”) in a biogas facility in Alberta and to work with GrowTEC on developing and expanding the renewable gas output at such facility. This asset is a cornerstone Project in a strategic jurisdiction on which EverGen can continue to participate in the consolidation and growth of the RNG industry.
GrowTEC, located on the Perry Family farm near Lethbridge, Alberta, is a multi-faceted bioenergy venture of sustainable agriculture, integrating responsible best practices and renewable energy. At the core of GrowTEC is an operating farm scale anaerobic digester which converts biodegradable waste into biogas which is then upgraded to RNG for use in the gas grid. The Project has an offtake agreement with FortisBC and will contribute to FortisBC’s target to have at least 15% of its gas supply carbon neutral by 2030.
Under the terms of the LOI, EverGen will acquire a 67% interest in the Project either directly or through ownership in a newly formed special purpose vehicle corporation that will hold the assets of the Project, for $6.6 million consisting of an initial cash consideration of $3.3 million and the issuance of 600,000 common shares of EverGen with a deemed value of $5.50 per share. In addition, GrowTEC will have the right to nominate a director to the EverGen board at closing of the Proposed Transaction. Closing of the Proposed Transaction is expected to be completed in Spring of 2022.
The Project is currently in Phase 1 of development which is expected to produce 80,000 gigajoules of RNG annually and will be complete by Q3 2022. Upon closing of the Proposed Transaction, EverGen will work with the GrowTEC team to commence Phase 2 expansion which is expected to add an additional 60,000 gigajoules of RNG annually for a total of 140,000 gigajoules of RNG production annually from the Project. This increases RNG production capabilities by over 40% across EverGen’s core operated projects. Additional cash consideration of up to $4.0 million will be made upon achievement of certain milestones. Consideration for EverGen’s interest in the Project will be funded from existing working capital and cash flow.
“We are thrilled to be partnering with GrowTEC and working with the Perry Family Farm on EverGen’s first project in the Alberta market. Alberta is a region with high quality organic feedstock and represents a strategic market for EverGen as it plans to become a dominant RNG producer in the province,” said Chase Edgelow, CEO of EverGen. “As we expand our RNG infrastructure platform, we are focused on investing in truly sustainable operations that contribute to carbon-negative energy production and positively impact climate change initiatives. GrowTEC is a true green leader, and we are looking forward to building a strong relationship in this agricultural community and having GrowTEC as a long-term equity holder in EverGen. This is another great example of the win-win strategic partnerships that EverGen has been able to strike with existing project owners and developers alike.”
GrowTEC and CKPPQ Farms LP are considered “Non-Arm’s Length Party’s” (as defined in the policies of the TSX Venture Exchange (“TSXV”)) of EverGen and the Proposed Transaction will not result in the creation of a new “Control Person” (as defined in TSXV policies) of EverGen. Completion of the Proposed Transaction remains subject to a number of conditions, including the satisfactory completion of due diligence, the receipt of any required regulatory approvals including TSXV approval, and the negotiation of definitive documentation. The Proposed Transaction is not subject shareholder approval. The purchase price was determined based on precedent transactions in the industry and internal financial evaluations and due diligence by management. There can be no guarantees that the Proposed Transaction will be completed as contemplated or at all.
About EverGen Infrastructure Corp.
EverGen, Canada’s Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future, headquartered on the West Coast. EverGen is an established independent renewable energy producer which acquires, develops, builds, owns and operates a portfolio of Renewable Natural Gas, waste to energy, and related infrastructure projects. EverGen is focused on Canada, with continued growth expected across other regions in North America and beyond.
For more information about EverGen Infrastructure Corp. and our projects, please visit www.evergeninfra.com.
Forward Looking Statements
This news release contains forward-looking statements and/or forward-looking information (collectively, “forward looking statements”) within the meaning of applicable securities laws. When used in this release, such words as “would”, “will”, “anticipates”, believes”, “explores” and similar expressions, as they relate to EverGen, or its management, are intended to identify such forward-looking statements. Such forward-looking statements reflect the current views of EverGen with respect to future events, and are subject to certain risks, uncertainties and assumptions. Many factors could cause EverGen's actual results, performance or achievements to be materially different from any expected future results, performance or achievement that may be expressed or implied by such forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to: the impact of general economic conditions in Canada, including the ongoing COVID19 pandemic; industry conditions including changes in laws and regulations and/or adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, in Canada; volatility of prices for energy commodities; change in demand for clean energy to be offered by EverGen; competition; lack of availability of qualified personnel; obtaining required approvals of regulatory authorities, in Canada; ability to access sufficient capital from internal and external sources; optimization and expansion of organic waste processing facilities and RNG feedstock; the realization of cost savings through synergies and efficiencies expected to be realized from the acquisitions of NZWA, SSS and FVB; the sufficiency of EverGen’s liquidity to fund operations and to comply with covenants under its credit facility; continued growth through strategic acquisitions and consolidation opportunities; continued growth of the feedstock opportunity from municipal and commercial sources, many of which are beyond the control of EverGen. Forward-looking statements included in this news release should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such forward looking statements.
Readers are encouraged to review and carefully consider the risk factors pertaining to EverGen described in EverGen’s final prospectus dated May 17, 2021, which is accessible on EverGen's SEDAR issuer profile at www.sedar.com. The forward-looking statements contained in this release are made as of the date of this release, and except as may be expressly be required by law, EverGen disclaims any intent, obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Management of EverGen has included the above summary of assumptions and risks related to forward-looking statements provided in this release in order to provide shareholders with a more complete perspective on EverGen's current and future operations and such information may not be appropriate for other purposes. EverGen's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits EverGen will derive therefrom.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.
EverGen Infrastructure Corp.
Chase Edgelow, Chief Executive Officer
416-576-8158
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EverGen Investor
Kelly Castledine
416-576-8158
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EverGen Media
Katie Reiach
604.614.5283
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NEW YORK--(BUSINESS WIRE)--Progress stems from the connections we make—between our money, our values, and an array of social and environmental issues. In 2021, assets in the five Domini Funds reached over $3 billion. For Domini, this growth has gone hand-in-hand with new efforts to understand critical global challenges and look closely at how companies are responding.
The Domini Funds’ new report underscores how the legacy of our impact investment standards, in-house research, and investor community helped to address some of 2021’s most pressing issues—the climate crisis, cyberwarfare threats, and a number of other sustainability priorities.
“Our future holds hope to be greater and greener as investors come together with a mutual care for people, planet and profit,” says CEO Carole Laible. “We use our environmental and social investment standards to help us identify strong, long-term investments. We apply these standards consistently across all of our products as we believe it is how all investing should be done.”
Highlights
Reducing carbon intensity
The Domini Impact Equity Fund’s portfolio was 61% less carbon intensive than its benchmark in 2021.
Enhanced corporate climate analysis
Domini analyzes how companies’ business models are positioned for an environment that limits global temperature rise to 1.5 degrees.
New cybersecurity considerations
Cyberwarfare can target hospitals, critical infrastructure, and high-risk weapons facilities.
Advocacy for a just transition
Emissions targets are just one component of an adequate and inclusive climate response.
Helping expand access for all
Providing affordable access to basic services and resources without discrimination helps communities thrive.
Direct dialogue with companies
Investors have a powerful voice. Direct dialogue, collaboration, and partnerships play a crucial role in improving corporate governance and encouraging stronger policies.
To find out more about these initiatives and highlights, read our full report:
www.domini.com/2021-impact-report
About Domini Impact Investments LLC:
Domini Impact Investments LLC is a women-led SEC registered investment adviser that harnesses the power of finance to help create a better world. With an exclusive focus on impact investing that aims to help create positive outcomes for our planet and its people while seeking competitive financial returns, our continuous innovation and caring, diverse community fuel tomorrow’s prosperity as we endeavor to make “investing for good” the way all investing is done.
Before investing, consider each Fund’s investment objectives, risks, charges and expenses. Contact us at 1.800.225.3863 for a prospectus containing this and other important information. Read it carefully.
The Domini Funds are not bank deposits and are not insured. Investing involves risk, including possible loss of principal. The market value of Fund investments will fluctuate. The Domini Impact Equity Fund is subject to certain risks including impact investing, portfolio management, information, market, recent events, and mid- to large-cap companies risks. The Domini International Opportunities Fund is subject to certain risks including foreign investing, geographic focus, country, currency, impact investing, and portfolio management risks. The Domini Sustainable Solutions Fund is subject to certain risks including sustainable investing, portfolio management, information, market, recent events, mid- to large-cap companies and small-cap companies risks. The Domini Impact International Equity Fund is subject to certain risks including foreign investing, emerging markets, geographic focus, country, currency, impact investing, and portfolio management risks. Investing internationally involves special risks, such as currency fluctuations, social and economic instability, differing securities regulations and accounting standards, limited public information, possible changes in taxation, and periods of illiquidity. These risks may be heightened in connection with investments in emerging market countries. The Domini Impact Bond Fund is subject to certain risks including impact investing, portfolio management, style, information, market, recent events, interest rate and credit risks.
The Adviser’s evaluation of environmental and social factors in its investment selections and the timing of the Subadviser’s implementation of the Adviser’s investment selections will affect the Fund’s exposure to certain issuers, industries, sectors, regions, and countries and may impact the relative financial performance of the Fund depending on whether such investments are in or out of favor. The value of your investment may decrease if the Adviser’s or Subadviser’s judgement about Fund investments does not produce the desired results. There is a risk that information used by the Adviser to evaluate environmental and social factors, may not be readily available or complete, which could negatively impact the Adviser’s ability to evaluate such factors and Fund performance.
The Standard & Poor’s 500 Index (S&P 500) is a market-capitalization weighted index representing the performance of large-capitalization companies in the U.S. Investors cannot invest directly in the S&P 500. The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“SPDJI”) and has been licensed for use by Domini. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P® and S&P 500® are trademarks of S&P; and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Domini. Domini product(s) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the index.
The Domini Funds are only offered for sale in the United States. DSIL Investment Services LLC, Distributor, Member FINRA. Domini Impact Investments LLC is the Funds' Adviser. The Funds are subadvised by unafilliated entities. 3/22
Claire Dorey | 212-217-1031 (direct) | This email address is being protected from spambots. You need JavaScript enabled to view it. | domini.com
HOUSTON--(BUSINESS WIRE)--USD Partners LP (NYSE: USDP) (the “Partnership”) today announced that the Partnership filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, with the U.S. Securities and Exchange Commission (“SEC”). The Partnership’s Annual Report on Form 10-K is available through its website at www.usdpartners.com by selecting the “SEC Filings” sub-tab under the “Investors” tab, as well as on the SEC’s website at www.sec.gov. Interested investors may obtain a hard copy of the Annual Report on Form 10-K, including the Partnership’s financial statements, free of charge by writing to Investor Relations, USD Partners LP, 811 Main Street, Suite 2800, Houston, Texas 77002 or emailing This email address is being protected from spambots. You need JavaScript enabled to view it..
Additionally, the Partnership’s 2021 tax package, which includes the Schedule K-1 (Form 1065), is available and may be accessed on the Partnership’s website at www.usdpartners.com by selecting the “K-1 Tax Information” sub-tab under the “Investors” tab. Printed copies of the tax package will be mailed by the week of March 14, 2022. For additional information or assistance, unitholders may contact the toll free USD Partners LP Tax Support Line at 1-844-275-9876.
About USD Partners LP
USD Partners LP is a fee-based, growth-oriented master limited partnership formed in 2014 by US Development Group, LLC (“USD”) to acquire, develop and operate midstream infrastructure and complementary logistics solutions for crude oil, biofuels and other energy-related products. The Partnership generates substantially all of its operating cash flows from multi-year, take-or-pay contracts with primarily investment grade customers, including major integrated oil companies and refiners. The Partnership’s principal assets include a network of crude oil terminals that facilitate the transportation of heavy crude oil from Western Canada to key demand centers across North America. The Partnership’s operations include railcar loading and unloading, storage and blending in on-site tanks, inbound and outbound pipeline connectivity, truck transloading, as well as other related logistics services. In addition, the Partnership provides customers with leased railcars and fleet services to facilitate the transportation of liquid hydrocarbons and biofuels by rail.
USD, which owns the general partner of USD Partners LP, is engaged in designing, developing, owning, and managing large-scale multi-modal logistics centers and energy-related infrastructure across North America. USD’s solutions create flexible market access for customers in significant growth areas and key demand centers, including Western Canada, the U.S. Gulf Coast and Mexico. Among other projects, USD is currently pursuing the development of a premier energy logistics terminal on the Houston Ship Channel with capacity for substantial tank storage, multiple docks (including barge and deepwater), inbound and outbound pipeline connectivity, as well as a rail terminal with unit train capabilities. For additional information, please visit texasdeepwater.com. Information on websites referenced in this release is not part of this release.
Category: Earnings
Adam Altsuler
Executive Vice President, Chief Financial Officer
(281) 291-3995
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Jennifer Waller
Director, Financial Reporting & Investor Relations
(281) 991-8383
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VANCOUVER, British Columbia--(BUSINESS WIRE)--#cleantech--Ideon Technologies is pleased to announce that Dr. Alan Bye, PhD has been appointed as an advisor to the Company. Ideon is a world pioneer in cosmic-ray muon tomography, providing x-ray-like imaging up to 1 km beneath the Earth’s surface.
Alan is the co-founder and a director of Imvelo Pty Ltd, an Australian company focused on leading a system-wide, technology-driven business transformation of the mining industry. He is also a professor and Director of Digital Value Chains at Curtin University, leveraging more than 20 years’ experience in operational and strategic roles in the global mining industry.
“Alan is passionate about improving the mining sector at a system level and is deeply aware that resource uncertainty remains one of the industry’s greatest challenges,” says Gary Agnew, CEO & Co-Founder of Ideon. “His experience and goals align so closely with our vision of transforming subsurface discovery, by applying advanced science and digital technologies to help mining companies embrace the challenges and opportunities of the global energy transition. We look forward to learning from his hands-on exposure across the industry and his integrated, systematic approach to driving transformation through the entire mining value chain.”
From 2015-2019, Alan served as Vice-President Technology at BHP. In this global role, he was accountable for the execution of major innovation programs across 5 commodity value chains. This included designing and de-risking BHP’s future mining operations, establishing strategic partnerships, and implementing digital and extractive technologies.
Prior to that, he founded and led the Cooperative Research Centre for Optimising Resource Extraction (CRC ORE), a $150M multi-partner venture with the purpose of transforming mining to an advanced manufacturing industry. Earlier in his career, he was a professor and Director of the W.H. Bryan Mining & Geology Research Centre (BRC) at the University of Queensland and spent a decade with global mining giant Anglo American in senior operational roles in underground and open pit mines.
Alan has a PhD in mining engineering , a BSc in Geology and is a fellow of the Australian Academy of Technology Science and Engineering (ATSE). He is the non-executive chair at Orexplore Technologies, a member of the CSIRO Minerals Resources Flagship Advisory Council, and a member of the Mining and Energy Advisory Board of SmartSat CRC.
About Ideon Technologies (www.ideon.ai)
Ideon Technologies is a spin-off from TRIUMF (Canada’s national particle accelerator laboratory) and a world pioneer in the application of cosmic-ray muon tomography. The Ideon Discovery Platform™ integrates proprietary detectors, imaging systems, inversion technologies, and artificial intelligence to provide x-ray-like visibility up to 1 km beneath the Earth’s surface. By detecting subsurface muons and transforming the data into reliable geophysical surveys and 3D density maps, Ideon helps geologists identify new mineral and metal deposits with precision and confidence. They drill less and discover more, reducing cost and risk, saving time, and minimizing environmental impact. Muon tomography also has applications across other industry sectors, including critical infrastructure, oil and gas, and national security.
Media Contact
Ideon Technologies
Kim Lawrence
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Cell: 403.708.5450
JACKSONVILLE, Fla.--(BUSINESS WIRE)--Kaman Aerospace Group, Inc., a subsidiary of Kaman Corporation (NYSE: KAMN), announced that its Kaman Aerospace Jacksonville Division located in Jacksonville, Florida (Kaman) has received a follow on award from Sikorsky, a Lockheed Martin company (NYSE: LMT), for the HH-60W Combat Rescue Helicopter (CRH) cockpit. This award secures deliveries of the HH-60W cockpit from 2022 through 2025.
Kaman’s existing workforce of highly skilled engineers, technicians, assemblers, and support personnel in Jacksonville, Florida will support the activity. “Kaman is excited to continue to support this vital U.S. Air Force Program. Kaman is committed to delivering a quality product to the CRH program and appreciates the opportunity to sustain a strong supplier relationship with Sikorsky,” said William Zmyndak, Vice President/General Manager of Kaman Aerospace Jacksonville.
Kaman Aerospace Jacksonville, a Division of Kaman Aerospace Group, Inc., is a leading supplier of complex aircraft structures and sub-assemblies, as well as sheet metal details, extruded parts and machined components for the commercial and defense aerospace industries.
About Kaman Corporation
Kaman Corporation, founded in 1945 by aviation pioneer Charles H. Kaman, and headquartered in Bloomfield, Connecticut conducts business in the aerospace & defense, industrial, and medical markets. Kaman produces and markets proprietary aircraft bearings and components; super precision, miniature ball bearings; proprietary spring energized seals, springs and contacts; complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft; safe and arming solutions for missile and bomb systems for the U.S. and allied militaries; subcontract helicopter work; restoration, modification and support of our SH-2G Super Seasprite maritime helicopters; manufacture and support of our heavy lift K-MAX® manned helicopter, the K-MAX TITAN unmanned helicopter and the KARGO UAV unmanned aerial system, a purpose built autonomous medium lift logistics vehicle. More information is available at www.kaman.com.
Bruce Dailey
Executive Director of Business Development and Compliance
Kaman Aerospace
(904) 485-1544
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DUBLIN--(BUSINESS WIRE)--The "North American Gas Detection Equipment Growth Opportunities" report has been added to ResearchAndMarkets.com's offering.
The North American gas detection equipment market generated $888.8 million in revenue in 2021.
Stringent regulatory enforcement and increasing safety awareness to reduce on-the-job injuries propel the market demand.
This research service assesses the current status and prospects of the North American gas detection equipment market, taking into account the COVID-19 pandemic impact. The study analyzes revenues from gas detection sales at the manufacturer level in the United States and Canada between 2018 and 2026, providing an in-depth look into three product segments: fixed gas detection equipment, portable gas detection equipment, and detector tubes.
The fixed gas detection equipment segment accounted for 51.8% of revenue share in 2021, followed by the portable gas detection equipment segment at 44.2%. With connected, cloud-based solutions growing in popularity, portable gas detectors are forecast to register a slightly higher compound annual growth rate from 2021 to 2026.
Detector tubes are projected to have the slowest growth among the three product segments, but their cost-effectiveness will sustain their market positioning. The United States is the dominant revenue contributor in the North American market. Increasing gas detection equipment adoption in small and mid-scale enterprises will support the country's post-pandemic market growth.
Oil and gas, chemicals and petrochemicals, and utilities are the top three end-user industries for the North American gas detection equipment market. The food and beverage industry, another key end user, is estimated to witness the highest growth during the forecast period because of the high demand for equipment detecting hazardous gases, such as ammonia, carbon dioxide, and carbon monoxide.
Portable multi-gas detection equipment with data monitoring, cloud connectivity, and data analytics features will likely experience higher market acceptance in the coming years. The high injury incidence rate from multiple gas hazards in the industrial environment is expected to boost the adoption of multi-gas detection equipment.
Key Topics Covered:
1. Strategic Imperatives
2. Growth Opportunity Analysis
3. Growth Opportunity Analysis, Fixed Gas Detection Equipment
4. Growth Opportunity Analysis, Portable Gas Detection Equipment
5. Growth Opportunity Analysis, Detector Tubes
6. Growth Opportunity Universe
For more information about this report visit https://www.researchandmarkets.com/r/uthkqd
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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NEW YORK--(BUSINESS WIRE)--#KBRA--KBRA releases research on Europe’s high energy dependency on Russia in the wake of the Russia-Ukraine conflict.
As Russia’s invasion of Ukraine intensifies, the international conflict is disrupting global energy supply chains since Russia is one of the world’s largest oil exporters. A major uncertainty from this conflict is its implications for global carbon transition plans. The crisis has the potential to slow the transition in some areas, with deaccelerating climate financing and international investment if countries ramp up internal fossil fuel production or transition reliance to other partners such as Saudi Arabia. Conversely, the conflict could also speed up energy transition efforts as countries look to diversify their energy supply away from fossil fuels due to fuel price spikes while decreasing dependency on Russia through strengthening green infrastructure. However, this may be tough in practice, as many economies are still reeling from the pandemic and recovery costs.
Click here to view the report.
Related Publications
About KBRA
KBRA is a full-service credit rating agency registered in the U.S., the EU and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.
Andrea Torres Villanueva, Associate Director
+1 (646) 731-1238
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Emilie Nadler, Associate Director
+1 (646) 731-3386
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DUBLIN--(BUSINESS WIRE)--The "Global Solar PV Services Growth Opportunities" report has been added to ResearchAndMarkets.com's offering.
This study traces the growth of the PV services market, in terms of best practices in the industry and key elements required for the success of PV service providers.
This research service touches upon the various drivers of the global solar PV market, trends that are shaping the market, and the challenges that the stakeholders face. In addition to the current installed capacity of solar PV, the types of service contracts that industry participants enter into, and the revenues estimated from each contract type are presented both globally and regionally.
Climate change has spurred a flurry of investments in renewable sources and decarbonization efforts. Following the COP21, Paris (2016) which proposed renewable source targets to be achieved by 2030, more than 100 countries pledged to cut methane emissions by 30.0% from 2020 levels at the recent COP26; this is likely to have a direct impact on the energy sector, primarily O&G, the main source of methane emissions, further boosting transition to other renewable sources like solar PV.
Unlike wind power which requires significant investment and land, solar PV offers several advantages: low investment, low maintenance, an abundant source of power all through the year, and ease of accessibility.
The advancement of storage technologies has further strengthened the case for PV, as production variability has been a major source of concern in the past. Besides, consistent maintenance services are required to increase PV yield and to improve the efficiency of PV equipment.
Growth opportunities that market players can profit from, besides leading the transformation of the industry, are identified.
Key Issues Addressed
Key Topics Covered:
1. Strategic Imperatives
2. Growth Opportunity Analysis, Solar PV Services
3. Solar PV Services
4. Solar PV Service Trends
5. Growth Opportunity Analysis, North America
6. Growth Opportunity Analysis, Europe
7. Growth Opportunity Analysis, LATAM
8. Growth Opportunity Analysis, APAC
9. Growth Opportunity Analysis, Middle East
10. Growth Opportunity Analysis, Africa
11. Growth Opportunity Universe, PV Services Market
12. Appendix
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HOUSTON--(BUSINESS WIRE)--Nine Energy Service, Inc. ("Nine" or the "Company") (NYSE: NINE) reported fourth quarter 2021 revenues of $105.1 million, net loss of $(15.7) million and adjusted EBITDA of $4.6 million. For the fourth quarter 2021, adjusted net lossB was $(15.7) million, or $(0.52) adjusted basic loss per shareC.
The Company had provided original fourth quarter 2021 revenue guidance between $92.0 and $100.0 million, with actual results falling above the provided range and representing a sequential revenue increase of approximately 13% quarter over quarter.
“We outperformed our Q4 revenue guidance due to strong performances in both cementing and completion tools, both of which outperformed market drivers this quarter,” said Ann Fox, President and Chief Executive Officer, Nine Energy Service. “We saw activity and pricing improvements across most of our service lines, which is reflected in our 13% increase in revenue quarter over quarter.”
“Despite difficult market conditions in 2021, we were able to better position ourselves to capitalize on what looks to be a growth environment for the near to medium term. For the 7th consecutive year, we grew our market share of U.S. stages completed, increasing from approximately 20% in 2020 to approximately 22% in 2021. In cementing, we increased the total number of jobs completed by approximately 22% year over year, while the average U.S. rig count increased by only 10% over that same time. I remain extremely happy with both the success of our new Stinger Dissolvable plug, as well as the market’s overall adoption of dissolvable plugs. We estimate that the dissolvable plug market has increased from approximately 10-15% at the end of 2018 to approximately 20-25% at the end of 2021, and we believe that our initial prediction of the dissolvable plug market expanding to 35-50% by the end of 2023 is achievable. Our Stinger Dissolvable plug continues to perform extremely well in the field and is proven in our numbers. We increased the total number of Stinger products sold by over 400% in 2021, versus EIA completions, which increased approximately 32% over this same time.”
“We remain very optimistic looking into 2022 and 2023 and anticipate North American capital spending will increase by at least 20% in 2022. I do not see any near-term solution for the labor shortages and as our customers try to increase activity, this should move pricing leverage back to the service providers. For Q1, we have seen activity increases thus far and expect Q1 will be better than Q4 with sequential revenue increases. With what we know today, we anticipate revenue and earnings to improve each quarter throughout 2022. We remain differentiated by our service line diversity, forward-leaning technology, geographic diversity, and balanced commodity exposure. The shift of our top-line revenue derivation towards completion tools and technology over the last several years has significantly reduced the capital and labor needs of the Company to generate earnings growth. We have proven our ability to grow earnings while emerging from a downturn and believe our asset-light business model will enable us to capitalize on an improving market environment.”
Operating Results
For the year ended December 31, 2021, the Company reported revenues of $349.4 million, net loss of $(64.6) million, or $(2.13) per basic share, and adjusted EBITDA of $5.2 million. Full year 2021 adjusted net loss was $(80.6) million, or $(2.66) per adjusted basic share. For the full year 2021, the Company reported gross loss of $(1.6) million and adjusted gross profitD of $41.4 million. For the year ended December 31, 2021, the Company generated ROICE of (16.7)%.
During the fourth quarter of 2021, the Company reported revenues of $105.1 million, gross profit of $4.7 million and adjusted gross profit of $14.9 million. During the fourth quarter, the Company generated ROIC of (11.4)%.
During the fourth quarter of 2021, the Company reported selling, general and administrative (“SG&A”) expense of $11.8 million, compared to $11.1 million for the third quarter of 2021. For the year ended December 31, 2021, the Company reported SG&A expense of $45.3 million. Depreciation and amortization expense ("D&A") in the fourth quarter of 2021 was $10.7 million, compared to $11.0 million for the third quarter of 2021. For the year ended December 31, 2021, the Company reported D&A expense of $45.0 million.
The Company recognized an income tax benefit of approximately $25 thousand for the year, resulting in an effective tax rate of .01% for 2021. Our tax benefit for 2021 is primarily the result of our tax position in state and foreign tax jurisdictions.
Liquidity and Capital Expenditures
For the year ended December 31, 2021, the Company reported net cash used in operating activities of $(40.4) million. For the year ended December 31, 2021, the Company reported total capital expenditures of $14.8 million, which fell below management’s original full year 2021 guidance of $15-$20 million.
As of December 31, 2021, Nine’s cash and cash equivalents were $21.5 million, and the Company had $43.2 million of availability under the revolving credit facility, resulting in a total liquidity position of $64.7 million as of December 31, 2021. On December 31, 2021, the Company had $15.0 million of borrowings under the 2018 ABL Credit Facility and has subsequently borrowed an additional $5.0 million.
ABCDESee end of press release for definitions
Conference Call Information
The call is scheduled for Tuesday, March 8, 2022, at 9:00 am Central Time. Participants may join the live conference call by dialing U.S. (Toll Free): (877) 524-8416 or International: (412) 902-1028 and asking for the “Nine Energy Service Earnings Call”. Participants are encouraged to dial into the conference call ten to fifteen minutes before the scheduled start time to avoid any delays entering the earnings call.
For those who cannot listen to the live call, a telephonic replay of the call will be available through March 22, 2022, and may be accessed by dialing U.S. (Toll Free): (877) 660-6853 or International: (201) 612-7415 and entering the passcode of 13726409.
About Nine Energy Service
Nine Energy Service is an oilfield services company that offers completion solutions within North America and abroad. The Company brings years of experience with a deep commitment to serving clients with smarter, customized solutions and world-class resources that drive efficiencies. Serving the global oil and gas industry, Nine continues to differentiate itself through superior service quality, wellsite execution and cutting-edge technology. Nine is headquartered in Houston, Texas with operating facilities in the Permian, Eagle Ford, SCOOP/STACK, Niobrara, Barnett, Bakken, Marcellus, Utica and Canada.
For more information on the Company, please visit Nine’s website at nineenergyservice.com.
Forward Looking Statements
The foregoing contains 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. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. Forward-looking statements also include statements that refer to or are based on projections, uncertain events or assumptions. The forward-looking statements included herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among other things, the level of capital spending and well completions by the onshore oil and natural gas industry, which has been and may again be affected by the COVID-19 pandemic and, related economic repercussions and which may be affected by geopolitical and economic developments in the U.S. and globally, including conflicts, instability, acts of war or terrorism in oil producing countries or regions, particularly Russia, the Middle East, South America and Africa; the ability of the OPEC+ countries to agree on and comply with supply limitations; operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of our employees, remote work arrangements, performance of contracts and supply chain disruptions; pricing pressures, reduced sales, or reduced market share as a result of intense competition in the markets for the Company’s dissolvable plug products; the Company’s ability to implement and commercialize new technologies, services and tools; the Company’s ability to grow its completion tool business; the Company’s ability to manage capital expenditures; the Company’s ability to accurately predict customer demand; the loss of, or interruption or delay in operations by, one or more significant customers; the loss of or interruption in operations of one or more key suppliers; the adequacy of the Company’s capital resources and liquidity; the incurrence of significant costs and liabilities resulting from litigation; the loss of, or inability to attract, key personnel, technical personnel and other skilled and qualified workers; and other factors described in the “Risk Factors” and “Business” sections of the Company’s most recently filed Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments.
NINE ENERGY SERVICE, INC. |
||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) |
||||||||||||||
(In Thousands, Except Share and Per Share Amounts) |
||||||||||||||
(Unaudited) |
||||||||||||||
Three Months Ended |
|
Year Ended December 31, |
||||||||||||
December 31,
|
September 30,
|
|
2021 |
2020 |
||||||||||
Revenues |
$ |
105,093 |
|
$ |
92,868 |
|
$ |
349,419 |
|
$ |
310,851 |
|
||
Cost and expenses |
||||||||||||||
Cost of revenues (exclusive of depreciation and |
||||||||||||||
| amortization shown separately below) |
|
90,192 |
|
|
78,879 |
|
|
307,992 |
|
|
302,157 |
|
||
General and administrative expenses |
|
11,796 |
|
|
11,114 |
|
|
45,301 |
|
|
49,346 |
|
||
Depreciation |
|
6,757 |
|
|
6,921 |
|
|
28,905 |
|
|
32,431 |
|
||
Amortization of intangibles |
|
3,904 |
|
|
4,029 |
|
|
16,116 |
|
|
16,467 |
|
||
Impairment of goodwill |
|
- |
|
|
- |
|
|
- |
|
|
296,196 |
|
||
Loss on revaluation of contingent liabilities |
|
584 |
|
|
21 |
|
|
460 |
|
|
276 |
|
||
(Gain) loss on sale of property and equipment |
|
- |
|
|
(17 |
) |
|
660 |
|
|
(2,857 |
) |
||
| Loss from operations |
|
(8,140 |
) |
|
(8,079 |
) |
|
(50,015 |
) |
|
(383,165 |
) |
||
Interest expense |
|
7,993 |
|
|
7,968 |
|
|
32,527 |
|
|
36,759 |
|
||
Interest income |
|
(2 |
) |
|
(3 |
) |
|
(26 |
) |
|
(615 |
) |
||
Gain on extinguishment of debt |
|
- |
|
|
- |
|
|
(17,618 |
) |
|
(37,841 |
) |
||
Other income |
|
(195 |
) |
|
(34 |
) |
|
(298 |
) |
|
(62 |
) |
||
| Loss before income taxes |
|
(15,936 |
) |
|
(16,010 |
) |
|
(64,600 |
) |
|
(381,406 |
) |
||
Provision (benefit) for income taxes |
|
(188 |
) |
|
41 |
|
|
(25 |
) |
|
(2,458 |
) |
||
| Net loss | $ |
(15,748 |
) |
$ |
(16,051 |
) |
$ |
(64,575 |
) |
$ |
(378,948 |
) |
||
Loss per share |
||||||||||||||
| Basic | $ |
(0.52 |
) |
$ |
(0.53 |
) |
$ |
(2.13 |
) |
$ |
(12.74 |
) |
||
| Diluted | $ |
(0.52 |
) |
$ |
(0.53 |
) |
$ |
(2.13 |
) |
$ |
(12.74 |
) |
||
Weighted average shares outstanding |
||||||||||||||
| Basic |
|
30,452,049 |
|
|
30,449,286 |
|
|
30,302,925 |
|
|
29,744,830 |
|
||
| Diluted |
|
30,452,049 |
|
|
30,449,286 |
|
|
30,302,925 |
|
|
29,744,830 |
|
||
Other comprehensive income (loss), net of tax |
||||||||||||||
Foreign currency translation adjustments, net of tax of $0 and $0 |
$ |
(2 |
) |
$ |
(102 |
) |
$ |
(34 |
) |
$ |
(34 |
) |
||
| Total other comprehensive loss, net of tax |
|
(2 |
) |
|
(102 |
) |
|
(34 |
) |
|
(34 |
) |
||
| Total comprehensive loss | $ |
(15,750 |
) |
$ |
(16,153 |
) |
$ |
(64,609 |
) |
$ |
(378,982 |
) |
||
NINE ENERGY SERVICE, INC. |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(In Thousands) |
||||||||
(Unaudited) |
||||||||
At December 31, |
||||||||
2021 |
|
2020 |
||||||
Assets |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ |
21,509 |
|
$ |
68,864 |
|
||
Accounts receivable, net |
|
64,025 |
|
|
41,235 |
|
||
Income taxes receivable |
|
1,393 |
|
|
1,392 |
|
||
Inventories, net |
|
42,180 |
|
|
38,402 |
|
||
Prepaid expenses and other current assets |
|
10,195 |
|
|
16,270 |
|
||
Total current assets |
|
139,302 |
|
|
166,163 |
|
||
Property and equipment, net |
|
86,958 |
|
|
102,429 |
|
||
Operating lease right-of-use assets, net |
|
35,117 |
|
|
36,360 |
|
||
Finance lease right-of-use assets, net |
|
1,445 |
|
|
1,816 |
|
||
Intangible assets, net |
|
116,408 |
|
|
132,524 |
|
||
Other long-term assets |
|
2,383 |
|
|
3,308 |
|
||
Total assets |
$ |
381,613 |
|
$ |
442,600 |
|
||
Liabilities and Stockholders’ Equity |
||||||||
Current liabilities |
||||||||
Accounts payable |
$ |
28,680 |
|
$ |
18,140 |
|
||
Accrued expenses |
|
18,519 |
|
|
17,139 |
|
||
Current portion of long-term debt |
|
2,093 |
|
|
844 |
|
||
Current portion of operating lease obligations |
|
6,091 |
|
|
6,200 |
|
||
Current portion of finance lease obligations |
|
1,070 |
|
|
1,092 |
|
||
Total current liabilities |
|
56,453 |
|
|
43,415 |
|
||
Long-term liabilities |
||||||||
Long-term debt |
|
332,314 |
|
|
342,714 |
|
||
Long-term operating lease obligations |
|
30,435 |
|
|
32,295 |
|
||
Long-term finance lease obligations |
|
65 |
|
|
1,109 |
|
||
Other long-term liabilities |
|
1,613 |
|
|
2,658 |
|
||
Total liabilities |
|
420,880 |
|
|
422,191 |
|
||
Stockholders’ equity |
||||||||
Common stock (120,000,000 shares authorized at $.01 par value; 32,826,325 and 31,557,809 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively) |
|
328 |
|
|
316 |
|
||
Additional paid-in capital |
|
773,350 |
|
|
768,429 |
|
||
Accumulated other comprehensive loss |
|
(4,535 |
) |
|
(4,501 |
) |
||
Accumulated deficit |
|
(808,410 |
) |
|
(743,835 |
) |
||
Total stockholders’ equity |
|
(39,267 |
) |
|
20,409 |
|
||
Total liabilities and stockholders’ equity |
$ |
381,613 |
|
$ |
442,600 |
|||
NINE ENERGY SERVICE, INC. |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(In Thousands) |
||||||||
(Unaudited) |
||||||||
Year Ended December 31, |
||||||||
2021 |
|
2020 |
||||||
Cash flows from operating activities |
||||||||
Net loss |
$ |
(64,575 |
) |
$ |
(378,948 |
) |
||
Adjustments to reconcile net loss to net cash used in operating activities |
||||||||
Depreciation |
|
28,905 |
|
|
32,431 |
|
||
Amortization of intangibles |
|
16,116 |
|
|
16,467 |
|
||
Amortization of deferred financing costs |
|
2,602 |
|
|
2,836 |
|
||
Amortization of operating leases |
|
8,020 |
|
|
8,897 |
|
||
Provision for (recovery of) doubtful accounts |
|
(229 |
) |
|
2,820 |
|
||
Benefit for deferred income taxes |
|
- |
|
|
(1,588 |
) |
||
Provision for inventory obsolescence |
|
4,831 |
|
|
8,957 |
|
||
Impairment of goodwill |
|
- |
|
|
296,196 |
|
||
Impairment of operating lease |
|
- |
|
|
466 |
|
||
Stock-based compensation expense |
|
5,406 |
|
|
9,744 |
|
||
Gain on extinguishment of debt |
|
(17,618 |
) |
|
(37,841 |
) |
||
(Gain) loss on sale of property and equipment |
|
660 |
|
|
(2,857 |
) |
||
Loss on revaluation of contingent liabilities |
|
460 |
|
|
276 |
|
||
Changes in operating assets and liabilities, net of effects from acquisitions |
||||||||
Accounts receivable, net |
|
(22,540 |
) |
|
52,914 |
|
||
Inventories, net |
|
(8,608 |
) |
|
13,600 |
|
||
Prepaid expenses and other current assets |
|
3,350 |
|
|
1,368 |
|
||
Accounts payable and accrued expenses |
|
12,447 |
|
|
(25,456 |
) |
||
Income taxes receivable/payable |
|
- |
|
|
(732 |
) |
||
Other assets and liabilities |
|
(9,643 |
) |
|
(4,451 |
) |
||
Net cash used in operating activities |
|
(40,416 |
) |
|
(4,901 |
) |
||
Cash flows from investing activities |
||||||||
Proceeds from sales of property and equipment |
|
3,492 |
|
|
6,402 |
|
||
Proceeds from property and equipment casualty losses |
|
- |
|
|
1,237 |
|
||
Purchases of property and equipment |
|
(15,413 |
) |
|
(9,417 |
) |
||
Net cash used in investing activities |
|
(11,921 |
) |
|
(1,778 |
) |
||
Cash flows from financing activities |
||||||||
Proceeds from 2018 ABL Credit Facility |
|
15,000 |
|
|
- |
|
||
Payments on Magnum Promissory Notes |
|
(844 |
) |
|
(281 |
) |
||
Purchases of Senior Notes |
|
(8,355 |
) |
|
(14,561 |
) |
||
Proceeds from short-term debt |
|
1,513 |
|
|
- |
|
||
Payments of short-term debt |
|
(545 |
) |
|
- |
|
||
Payments on finance leases |
|
(1,094 |
) |
|
(995 |
) |
||
Payments of contingent liabilities |
|
(154 |
) |
|
(1,390 |
) |
||
Vesting of restricted stock |
|
(473 |
) |
|
(158 |
) |
||
Net cash provided by (used in) financing activities |
|
5,048 |
|
|
(17,385 |
) |
||
Impact of foreign currency exchange on cash |
|
(66 |
) |
|
(61 |
) |
||
Net decrease in cash and cash equivalents |
|
(47,355 |
) |
|
(24,125 |
) |
||
Cash and cash equivalents |
||||||||
Beginning of period |
|
68,864 |
|
|
92,989 |
|
||
End of period |
$ |
21,509 |
|
$ |
68,864 |
|
||
NINE ENERGY SERVICE, INC. |
||||||||||||
RECONCILIATION OF ADJUSTED GROSS PROFIT (LOSS) |
||||||||||||
(In Thousands) |
||||||||||||
(Unaudited) |
||||||||||||
Three Months Ended |
Year Ended December 31, |
|||||||||||
December 31,
|
September 30,
|
2021 |
2020 |
|||||||||
Calculation of gross profit (loss) |
||||||||||||
Revenues |
$ |
105,093 |
$ |
92,868 |
$ |
349,419 |
|
$ |
310,851 |
|
||
Cost of revenues (exclusive of depreciation and |
||||||||||||
| amortization shown separately below) |
|
90,192 |
|
78,879 |
|
307,992 |
|
|
302,157 |
|
||
Depreciation (related to cost of revenues) |
|
6,284 |
|
6,437 |
|
26,882 |
|
|
30,161 |
|
||
Amortization of intangibles |
|
3,904 |
|
4,029 |
|
16,116 |
|
|
16,467 |
|
||
Gross profit (loss) |
$ |
4,713 |
$ |
3,523 |
$ |
(1,571 |
) |
$ |
(37,934 |
) |
||
Adjusted gross profit (loss) reconciliation |
||||||||||||
Gross profit (loss) |
$ |
4,713 |
$ |
3,523 |
$ |
(1,571 |
) |
$ |
(37,934 |
) |
||
Depreciation (related to cost of revenues) |
|
6,284 |
|
6,437 |
|
26,882 |
|
|
30,161 |
|
||
Amortization of intangibles |
|
3,904 |
|
4,029 |
|
16,116 |
|
|
16,467 |
|
||
Adjusted gross profit |
$ |
14,901 |
$ |
13,989 |
$ |
41,427 |
|
$ |
8,694 |
|
||
NINE ENERGY SERVICE, INC. |
||||||||||||||
RECONCILIATION OF EBITDA AND ADJUSTED EBITDA |
||||||||||||||
(In Thousands) |
||||||||||||||
(Unaudited) |
||||||||||||||
Three Months Ended |
Year Ended December 31, |
|||||||||||||
December 31,
|
September 30,
|
2021 |
2020 |
|||||||||||
EBITDA reconciliation: |
||||||||||||||
Net loss |
$ |
(15,748 |
) |
$ |
(16,051 |
) |
$ |
(64,575 |
) |
$ |
(378,948 |
) |
||
Interest expense |
|
7,993 |
|
|
7,968 |
|
|
32,527 |
|
|
36,759 |
|
||
Interest income |
|
(2 |
) |
|
(3 |
) |
|
(26 |
) |
|
(615 |
) |
||
Depreciation |
|
6,757 |
|
|
6,921 |
|
|
28,905 |
|
|
32,431 |
|
||
Amortization of intangibles |
|
3,904 |
|
|
4,029 |
|
|
16,116 |
|
|
16,467 |
|
||
Provision (benefit) for income taxes |
|
(188 |
) |
|
41 |
|
|
(25 |
) |
|
(2,458 |
) |
||
EBITDA |
$ |
2,716 |
|
$ |
2,905 |
|
$ |
12,922 |
|
$ |
(296,364 |
) |
||
Impairment of goodwill |
|
- |
|
|
- |
|
|
- |
|
|
296,196 |
|
||
Transaction and integration costs |
|
- |
|
|
- |
|
|
- |
|
|
146 |
|
||
Gain on extinguishment of debt |
|
- |
|
|
- |
|
|
(17,618 |
) |
|
(37,841 |
) |
||
Loss on revaluation of contingent liabilities (1) |
|
584 |
|
|
21 |
|
|
460 |
|
|
276 |
|
||
Restructuring charges |
|
- |
|
|
375 |
|
|
1,588 |
|
|
4,907 |
|
||
Stock-based compensation expense |
|
1,215 |
|
|
1,153 |
|
|
5,406 |
|
|
9,744 |
|
||
(Gain) loss on sale of property and equipment |
|
- |
|
|
(17 |
) |
|
660 |
|
|
(2,857 |
) |
||
Legal fees and settlements (2) |
|
45 |
|
|
17 |
|
|
1,809 |
|
|
39 |
|
||
Adjusted EBITDA |
$ |
4,560 |
|
$ |
4,454 |
|
$ |
5,227 |
|
$ |
(25,754 |
) |
||
(1) Amounts relate to the revaluation of contingent liabilities associated with the Company's 2018 acquisitions |
||||||||||||||
(2) Amounts represent fees and legal settlements associated with legal proceedings brought pursuant to the Fair Labor Standards Act and/or similar state laws. |
||||||||||||||
NINE ENERGY SERVICE, INC. |
||||||||||||||
RECONCILIATION OF ROIC CALCULATION |
||||||||||||||
(In Thousands) |
||||||||||||||
(Unaudited) |
||||||||||||||
Three Months Ended |
|
Year Ended December 31, |
||||||||||||
December 31,
|
September 30,
|
|
2021 |
2020 |
||||||||||
Net loss |
$ |
(15,748 |
) |
$ |
(16,051 |
) |
$ |
(64,575 |
) |
$ |
(378,948 |
) |
||
Add back: |
||||||||||||||
Impairment of goodwill |
|
- |
|
|
- |
|
|
- |
|
|
296,196 |
|
||
Interest expense |
|
7,993 |
|
|
7,968 |
|
|
32,527 |
|
|
36,759 |
|
||
Interest income |
|
(2 |
) |
|
(3 |
) |
|
(26 |
) |
|
(615 |
) |
||
Transaction and integration costs |
|
- |
|
|
- |
|
|
- |
|
|
146 |
|
||
Restructuring charges |
|
- |
|
|
375 |
|
|
1,588 |
|
|
4,907 |
|
||
Gain on extinguishment of debt |
|
- |
|
|
- |
|
|
(17,618 |
) |
|
(37,841 |
) |
||
Benefit for deferred income taxes |
|
- |
|
|
- |
|
|
- |
|
|
(1,588 |
) |
||
After-tax net operating loss |
$ |
(7,757 |
) |
$ |
(7,711 |
) |
$ |
(48,104 |
) |
$ |
(80,984 |
) |
||
Total capital as of prior period-end: |
||||||||||||||
Total stockholders' equity |
$ |
(24,732 |
) |
$ |
(9,731 |
) |
$ |
20,409 |
|
$ |
389,877 |
|
||
Total debt |
|
321,750 |
|
|
322,031 |
|
|
348,637 |
|
|
400,000 |
|
||
Less: cash and cash equivalents |
|
(29,969 |
) |
|
(33,128 |
) |
|
(68,864 |
) |
|
(92,989 |
) |
||
Total capital as of prior period-end: |
$ |
267,049 |
|
$ |
279,172 |
|
$ |
300,182 |
|
$ |
696,888 |
|
||
Total capital as of period-end: |
||||||||||||||
Total stockholders' equity |
$ |
(39,267 |
) |
$ |
(24,732 |
) |
$ |
(39,267 |
) |
$ |
20,409 |
|
||
Total debt |
|
337,436 |
|
|
321,750 |
|
|
337,436 |
|
|
348,637 |
|
||
Less: cash and cash equivalents |
|
(21,509 |
) |
|
(29,969 |
) |
|
(21,509 |
) |
|
(68,864 |
) |
||
Total capital as of period-end: |
$ |
276,660 |
|
$ |
267,049 |
|
$ |
276,660 |
|
$ |
300,182 |
|
||
|
|
|
|
|||||||||||
Average total capital |
$ |
271,855 |
|
$ |
273,111 |
|
$ |
288,421 |
|
$ |
498,535 |
|
||
ROIC |
|
-11.4 |
% |
|
-11.3 |
% |
|
-16.7 |
% |
|
-16.2 |
% |
||
NINE ENERGY SERVICE, INC. |
||||||||||||||
RECONCILIATION OF ADJUSTED NET INCOME (LOSS) AND ADJUSTED BASIC EARNINGS (LOSS) PER SHARE CALCULATION |
||||||||||||||
(In Thousands) |
||||||||||||||
(Unaudited) |
||||||||||||||
Three Months Ended |
|
Year Ended December 31, |
||||||||||||
December 31,
|
September 30,
|
|
2021 |
2020 |
||||||||||
Reconciliation of adjusted net income (loss): |
||||||||||||||
Net loss |
$ |
(15,748 |
) |
$ |
(16,051 |
) |
$ |
(64,575 |
) |
$ |
(378,948 |
) |
||
Add back: |
||||||||||||||
Impairment of goodwill (a) |
|
- |
|
|
- |
|
|
- |
|
|
296,196 |
|
||
Transaction and integration costs (b) |
|
- |
|
|
- |
|
|
- |
|
|
146 |
|
||
Gain on extinguishment of debt (c) |
|
- |
|
|
- |
|
|
(17,618 |
) |
|
(37,841 |
) |
||
Restructuring charges |
|
- |
|
|
375 |
|
|
1,588 |
|
|
4,907 |
|
||
Less: Tax benefit from add backs |
|
- |
|
|
- |
|
|
- |
|
|
(2,547 |
) |
||
Adjusted net loss |
$ |
(15,748 |
) |
$ |
(15,676 |
) |
$ |
(80,605 |
) |
$ |
(118,087 |
) |
||
Weighted average shares |
||||||||||||||
Weighted average shares outstanding for basic |
|
30,452,049 |
|
|
30,449,286 |
|
|
30,302,925 |
|
|
29,744,830 |
|
||
and adjusted basic earnings (loss) per share |
||||||||||||||
Earnings (loss) per share: |
||||||||||||||
Basic loss per share |
$ |
(0.52 |
) |
$ |
(0.53 |
) |
$ |
(2.13 |
) |
$ |
(12.74 |
) |
||
Adjusted basic loss per share |
$ |
(0.52 |
) |
$ |
(0.51 |
) |
$ |
(2.66 |
) |
$ |
(3.97 |
) |
||
(a) 2020 impairment charges were driven by sharp declines in global crude oil demand and an economic recession associated with the coronavirus pandemic as well as sharp declines in oil and natural gas prices. |
||||||||||||||
(b) Amounts represent transaction and integration costs, including the cost of inventory that was stepped up to fair value during purchase accounting, associated with 2018 acquisitions. |
||||||||||||||
(c) Amount primarily represents the difference between the repurchase price and the carrying amount of Senior Notes repurchased in 2021 and 2020 |
||||||||||||||
AAdjusted EBITDA is defined as net income (loss) before interest, taxes, and depreciation and amortization, further adjusted for (i) goodwill, intangible asset, and/or property and equipment impairment charges, (ii) transaction and integration costs related to acquisitions, (iii) loss or gain on revaluation of contingent liabilities, (iv) loss or gain on the extinguishment of debt, (v) loss or gain on the sale of subsidiaries, (vi) restructuring charges, (vii) stock-based compensation expense, (viii) loss or gain on sale of property and equipment, and (ix) other expenses or charges to exclude certain items which we believe are not reflective of ongoing performance of our business, such as legal expenses and settlement costs related to litigation outside the ordinary course of business. Management believes Adjusted EBITDA is useful because it allows us to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods or capital structure and helps identify underlying trends in our operations that could otherwise be distorted by the effect of the impairments, acquisitions and dispositions and costs that are not reflective of the ongoing performance of our business.
BAdjusted Net Income (Loss) is defined as net income (loss) adjusted for (i) goodwill, intangible asset, and/or property and equipment impairment charges, (ii) transaction and integration costs related to acquisitions, (iii) restructuring charges, (iv) loss or gain on the sale of subsidiaries, (v) loss or gain on the extinguishment of debt and (vi) the tax impact of such adjustments. Management believes Adjusted Net Income (Loss) is useful because it allows us to more effectively evaluate our operating performance and compare the results of our operations from period to period and helps identify underlying trends in our operations that could otherwise be distorted by the effect of the impairments and acquisitions.
CAdjusted Basic Earnings (Loss) Per Share is defined as adjusted net income (loss), divided by weighted average basic shares outstanding. Management believes Adjusted Basic Earnings (Loss) Per Share is useful because it allows us to more effectively evaluate our operating performance and compare the results of our operations from period to period and help identify underlying trends in our operations that could otherwise be distorted by the effect of the impairments and acquisitions.
Nine Energy Service Investor Contact:
Heather Schmidt
Vice President, Strategic Development, Investor Relations and Marketing
(281) 730-5113
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HOUSTON--(BUSINESS WIRE)--#AmericanEnergy--USA energy workers now have a website that tells their story and offers an online gathering place for some 3.1 million energy workers, their families, and friends, across the country. The website, usaenergyworkers.com, launched as part of an initiative to celebrate and elevate the energy worker as well as inform and educate the public about their critical contributions to America.
“The men and women of our country who wear steel-toed boots and hard hats have helped each generation of Americans overcome many challenges,” described Scott Angelle, former Louisiana Lieutenant Governor and Secretary of Natural Resources, and the Nation’s longest serving Director of the Bureau of Safety and Environmental Enforcement (BSEE). “Let’s bet on the American worker. They remain undefeated.”
U.S. Department of Energy research shows that in 2020, there were 3.1 million Americans working in the fuels, electric power generation and transmission, distribution, and storage sectors. Through U.S. energy workers’ dedication and tremendous contributions, America has been energized for generations. Without U.S. energy workers and domestic energy development, America would not have developed into the world’s foremost economic superpower with the ability to withstand foreign energy price shocks.
USAenergyworkers.com features a petition for U.S. energy workers to join together and call for national, state and local governments to work in collaboration with the private sector to develop sensible policies that energize our country, from both traditional and renewable resources, without wrecking our economy through skyrocketing inflation. A “My Story” portal offers an opportunity for U.S. energy workers to share a snapshot of their participation and appreciation of nature, clean air and clean water, green grass, a walk in the park, an afternoon on the lake or beach, bird watching or their favorite nature activity. “I am confident U.S. energy workers value nature as much as any other group of Americans do,” said Angelle.
The Balancing the 3Es™ page highlights the effort to raise awareness of the necessity of balancing the three elements of a healthy energy policy for the country. Each element - environment, energy and economy needs to be considered as part of the solution. Balancing the 3Es™ was introduced at an Earth Day event, April 22, 2021, in Lafayette, La.
“I am quite pleased that Scott is bringing a focus on the value of our U.S. energy workers,” stated Chett Chiasson, Executive Director, Greater Lafourche Port Commission. “I have witnessed firsthand the dedication and know-how of U.S. energy workers. This group of Americans who every day balance the 3E’s – environment, energy and economy and sustain the American way of life deserve our support.”
Introductory video narrated by Scott Angelle can be viewed at https://youtu.be/03zo3GhNZGA
Scott Angelle, the longest serving Director of U.S. Bureau of Safety and Environmental Enforcement, was recognized by the GAO, a nonpartisan, fact-based agency, for significant improvements in offshore safety and environmental compliance.
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HAMILTON, Bermuda--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") today announced that President and Chief Executive Officer Anton Dibowitz will present virtually at the Evercore ISI Elite Energy & Materials Summit on Wednesday, March 9, 2022, beginning at 11:35 a.m. CST (12:35 p.m. EST and 6:35 p.m CET). Investor materials to be used during the conference will be available on Valaris’ website at www.valaris.com. A recording of the presentation will be available in the "Investors – Events & Presentations" section of the Company’s website www.valaris.com following the conference.
About Valaris
Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.
Investor & Media Contacts:
Tim Richardson
Director - Investor Relations
+1-713-979-4619
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