LOUISVILLE, Ky.--(BUSINESS WIRE)--#ClimatePledge--Premier Packaging is proud to have signed The Climate Pledge, a commitment to be net-zero carbon across the packaging company’s operations by 2040. Premier is among more than 300 business and organizations worldwide who have signed the Pledge, working together to crack the climate crisis and solve the challenges of decarbonizing our economy.
The Climate Pledge calls on signatories to be net-zero carbon across their businesses by 2040. Signatories commit to three areas of action: measuring and reporting greenhouse gas emissions on a regular basis; implementing decarbonization strategies through real business changes and innovations, including efficiency improvements, renewable energy, and materials reduction; and neutralizing any remaining emissions with additional, quantifiable, real, permanent offsets to achieve the net zero goal.
“By signing The Climate Pledge, we are committing to aggressive action in decreasing our greenhouse gas emissions to reach net zero carbon,” said Premier Packaging Owner John Gaynor. “We are already working with a sustainable material, corrugated, and utilizing such energy-saving measures as electric forklifts and LED lighting. Tracking our GHG emissions will help us determine strategies to reduce and then eliminate them, making all of our operations climate-friendly.”
Premier already works with customers through its Design Lab to right-size packages, reducing materials in both packaging and void fill and increasing the amount of packages shipped per truck. Lighter packaging and fewer trucks mean less carbon emissions. Find out more about the company’s sustainable solutions on Premier’s website.
About The Climate Pledge
In 2019, Amazon and Global Optimism co-founded The Climate Pledge, a commitment to reach the Paris Agreement 10 years early and be net-zero carbon by 2040. Now, more than 300 organizations have signed The Climate Pledge, sending an important signal that there will be rapid growth in demand for products and services that help reduce carbon emissions. For more information, visit www.theclimatepledge.com.
About Premier Packaging
Started in Louisville in 1994, Premier Packaging has grown to over 90 locations across the United States, Canada, Mexico, and Brazil by offering custom-made packaging and shipping solutions to its customers. Premier asks “Why” to deliver the “How.”
Mackenzie Crigger, Premier’s Sustainability Manager, 714.504.4709, This email address is being protected from spambots. You need JavaScript enabled to view it.
Sale includes approximately 12,500 net acres and 100 million cubic feet per day of net production with 18 miles of gathering pipeline in east Texas and northwest Louisiana
FORT WORTH, Texas--(BUSINESS WIRE)--Pine Wave Energy Partners, LLC (“Pine Wave” or “The Company”) today announced that it has entered into a definitive agreement to sell certain Haynesville assets located in Caddo Parish, Louisiana, and Harrison and Panola Counties, Texas, to affiliates of Silver Hill Energy Partners III, LP (“Silver Hill”). Closing is expected in the second quarter of 2022 and is subject to customary approvals and closing conditions. Pine Wave will continue to operate its other properties and pursue new opportunities as a portfolio company of Old Ironsides Energy, LLC (“Old Ironsides”).
Pine Wave was formed in 2018 by Ben Hunter, Chief Executive Officer; Ben Voigt, Executive Vice President; and Stephen O’Neal, Executive Vice President and General Counsel. Included in this transaction are Pine Wave’s assets located in Caddo Parish, Louisiana, and Harrison and Panola Counties, Texas, which consist of approximately 12,500 net acres with ownership interests in 10 operated wells with approximately 100 million cubic feet per day of production. Also included in the transaction is all associated midstream infrastructure, including 18 miles of natural gas gathering pipelines located in Caddo Parish and Panola County.
“This transaction with Silver Hill is a significant step in the Pine Wave story,” said Ben Hunter, Pine Wave’s Chief Executive Officer. “Over the past four years we have worked to build an outstanding position in the Haynesville, and I am proud of the way our team has executed across the board. We are grateful for our ongoing partnership with Old Ironsides and look forward to shifting our operational focus to the company’s next venture.”
“We are excited to acquire these high-quality assets, which directly offset our existing operations in the heart of the Haynesville Shale,” said Kyle Miller, Founder, President and Chief Executive Officer of Silver Hill. “With this transaction, we are able to further expand our development inventory in an area that continues to present tremendous opportunity. Pine Wave has done a terrific job building its business and we expect to be able to positively leverage their strong position in the region.”
Akin Gump Strauss Hauer & Feld LLP served as legal counsel to Pine Wave’s management team, and Shearman & Sterling LLP served as legal counsel to Silver Hill.
About Pine Wave Energy Partners, LLC
Pine Wave Energy Partners, LLC is a privately held energy company strategically focused on exploring and developing unconventional oil and natural gas resources across select regions of east Texas and northwest Louisiana. For more information on the company, please visit pinewaveep.com.
About Old Ironsides Energy, LLC
Old Ironsides Energy, LLC is an energy-focused private equity firm that partners with experienced management teams to pursue upstream and midstream opportunities in North America. The firm has a history of creating value in the energy business through its private equity and drilling joint venture platforms. For more information, please visit oldironsidesenergy.com.
About Silver Hill Energy Partners III, LP
Silver Hill Energy Partners III, LP is a private energy fund based in Dallas, Texas, supported by a diverse group of institutional partners. The partnership is focused on the direct acquisition and development of large-scale oil, natural gas, and related infrastructure assets across the Lower 48, with current operations in the Haynesville and Eagle Ford Shales. For more information, please visit silverhillenergy.com
Pine Wave Energy Partners, LLC and Old Ironsides Energy, LLC
Meredith Hargrove Howard
Redbird Communications Group
210-737-4478
This email address is being protected from spambots. You need JavaScript enabled to view it.
+ NMG has opened a New York corporate office to further service and interact with the U.S. investment community.
+ NMG has also set up a comprehensive Investor Relations function in New York, with the appointment of Mr. Mark Mitchell, of Matrix Advisors, who will be focusing on servicing the U.S. market.
+ At the same time, the Company announces the appointment of Marc Jasmin, who will be leading NMG’s efforts with institutions and the Canadian market.
+ NMG has been invited to ring the Closing Bell at the NYSE on March 23, 2022, and will host an invitation-only reception to further engage with its existing and future potential investors.
MONTRÉAL--(BUSINESS WIRE)--$NMG--Nouveau Monde Graphite Inc. (“NMG”, “Nouveau Monde” or the “Company”) (NYSE: NMG, TSXV: NOU) is pleased to announce the appointment of Mr. Marc Jasmin as Director of Investor Relations, with a focus on the institutional investors as well as the Canadian market, and that it has entered into a consulting and advisory services agreement (the “Consulting Agreement”) with Matrix Advisors, LLC (“Matrix”), a company based in the U.S., pursuant to which Matrix will provide the dedicated, non-securities related services of one of its affiliates' employees, Mr. Mark Mitchell, to support NMG’s investor relations activities, subject to the TSX Venture Exchange approval. In addition, to further enhance the Company’s connectivity with the U.S. investment community, NMG has opened a New York corporate office, located at 400 Park Avenue in New York City.
Following its successful listing on the New York Stock Exchange (“NYSE”) – the world’s largest and most important capital market – NMG has been invited to ring the Closing Bell on March 23, 2022. The Company’s Board of Directors and executive team will take part in the ceremony and host special guests with a reception following the event. The reception is by invitation-only due to limited space.
Eric Desaulniers, Founder, President and Chief Executive Officer, comments: “NMG is a North American success story, leading the way in developing a local and carbon-neutral integrated value chain for graphite-based anode material as an alternative to Chinese production. The velocity and intensity of development of the battery and electric vehicle markets in the Western World are testaments to our sound business strategy. With the support of Marc Jasmin and Mark Mitchell, we will convey NMG’s value proposition across investment sectors to gather continued support for our growth.”
Marc Jasmin
The Company has entered into an employment agreement for an indefinite term with Mr. Jasmin pursuant to which he will, as of March 28, 2022, handle investor relations activities for the Company, with a focus on institutional investors and the Canadian market. Prior to joining NMG, Mr. Jasmin worked with various Canadian public issuers where he held positions that included responsibility for investor relations. Mr. Jasmin graduated from HEC Montréal with a business and administration degree, and is a Certified Professional Accountant (CPA/CMA). Most recently, Mr. Jasmin served as senior director investor relations of a clinical-stage pharmaceutical company. In these capacities, amongst others, Mr. Jasmin supported the senior management team developing and implementing their investor relations strategy in Canada and the United States.
As part of his compensation and pursuant to the Company’s stock option plan, and subject to regulatory approval, Mr. Jasmin will be granted incentive stock options exercisable to purchase up to 30,000 common shares in the capital of the Company at an exercise price of $8.49 per common share for a period of five years. The incentive stock options will vest quarterly over a 24-month period. Mr. Jasmin will be an employee of the Company and will receive a base salary in line with market conditions.
Matrix
In addition, the Company has entered into the Consulting Agreement, with a term commencing on March 21, 2022, for a period of 24-months. Pursuant to the Consulting Agreement, Matrix will, through the dedicated services of Mr. Mark Mitchell, provide investor relations services to the Company with a focus on the American market. Matrix is a boutique financial services firm based in New York City that focuses on strategic advisory services and growth equity investments for small and medium enterprises. As an early investor and advisor to the Company, Matrix has been a long-standing partner to NMG, and this engagement will further broaden the well-established partnership as Nouveau Monde enters its next phase of development.
Mr. Mitchell is a finance professional with over 15 years of experience across several sectors, including capital formation, project finance, trade finance, business development, private equity, and wealth management/family office advisory. For the last 6 years, he has been focused on cleantech-greentech companies, renewable energy projects, sustainable technologies, and related pollution solutions. Most recently, Mark spent two years with Bank of America/Merrill Lynch, where his responsibilities included business development for the investment bank, financial advisory services, as well as loan processing, credit analysis and customer servicing for the Paycheck Protection Program. His previous engagement was with Verda Capital Partners, a boutique merchant bank advising family offices and high net worth investors. Mr. Mitchell is a registered broker and investment adviser, having passed the Series 7 and Series 66 FINRA licensing exams. He holds a BA from Rice University.
Matrix will be paid US$43,750 per quarter plus its expenses and will be entitled to receive an annual bonus of up to US$75,000, in the entire discretion of the Company. In addition, and pursuant to the Company’s stock option plan, Mr. Mitchell will be granted options exercisable to purchase up to 25,000 common shares in the capital of the Company at an exercise price of $8.49 per common share for a period of two years, vesting quarterly in equal proportions during the 12 months following the grant date.
About Nouveau Monde
Nouveau Monde is striving to become a key contributor to the sustainable energy revolution. The Company is working towards developing a fully integrated source of carbon-neutral battery anode material in Québec, Canada for the growing lithium-ion and fuel cell markets. With low-cost operations and enviable ESG standards, Nouveau Monde aspires to become a strategic supplier to the world’s leading battery and automobile manufacturers, providing high-performing and reliable advanced materials while promoting sustainability and supply chain traceability. www.NMG.com
Subscribe to our news feed: https://NMG.com/investors/#news
Cautionary Note Regarding Forward-Looking Information
All statements, other than statements of historical fact, contained in this press release including, but not limited to, statements regarding the approval of the TSXV of the Consulting Agreement, the grant of the options and those statements which are discussed under the “About Nouveau Monde” paragraph which essentially describe the Company’s outlook and objectives, constitute “forward-looking information” or “forward-looking statements” within the meaning of certain securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Moreover, these forward-looking statements were based upon various underlying factors and assumptions.
Forward-looking information and statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking information and statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, general business and economic conditions, delays in the scheduled delivery times of the equipment, the ability of the Company to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the availability of financing or financing on favorable terms for the Company, the dependence on commodity prices, the impact of inflation on costs, the risks of obtaining the necessary permits, the operating performance of the Company’s assets and businesses, competitive factors in the graphite mining and production industry, changes in laws and regulations affecting the Company’s businesses, political and social acceptability risk, environmental regulation risk, currency and exchange rate risk, technological developments, the impacts of the global COVID-19 pandemic and the governments’ responses thereto, and general economic conditions, as well as earnings, capital expenditure, cash flow and capital structure risks, general business risks and other risks, uncertainties and factors set out under the heading “Risk Factors” in the Company’s annual information form dated April 30, 2021 and filed with Canadian securities regulators available on the Company’s issuer profile on SEDAR at www.sedar.com and filed with and available on the SEC’s website at www.sec.gov. Unpredictable or unknown factors not discussed in this Cautionary Note could also have material adverse effects on forward-looking statements.
Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Further information regarding Company is available on the SEDAR database (www.sedar.com), and for United States readers on EDGAR (www.sec.gov), and on the Company’s website at: www.NMG.com.
Julie Paquet
VP Communications & ESG Strategy
+1-450-757-8905 #140
This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBAI, United Arab Emirates--(BUSINESS WIRE)--On the occasion of Expo 2020 Dubai, the National Advisor Bureau Limited announced that the UK Intellectual Property Office (IPO) has patented their “Iceberg Reservoirs” invention. The patent marks a significant development for the “UAE Iceberg Project”, which is expected to change the map of water distribution around the world.
The patent granted to Emirati inventor Abdulla Alshehhi, founder of the UAE Iceberg project, will boost investor confidence in the concept’s technical and economic feasibility.
Several agreements were signed with various companies and scientific institutions around the world since the “UAE Iceberg Project” was first announced, to leverage icebergs as new sources of fresh water in the region. Moreover, having icebergs off the coasts of the UAE will become a massive and unique tourist attraction.
In light of the increasing global demand for new sources of water in order to enhance food security, competition will intensify between investment institutions and international water companies to invest and acquire their share in this promising project, slated to transform the UAE into one of the world's most significant exporters of fresh water. The company is reportedly looking to raise USD 9 million in the first round of funding.
Alshehhi said: “The announcement coincides with Expo 2020 Dubai, one of the largest international exhibitions in the world and most important in exposition history. For 170 years, World Expos have served as an important platform to showcase the latest innovations that have shaped the world that we live in today; such as The Television, phones, computers, air conditioners, hydrogen vehicles, and many more. Expo 2020 Dubai will most certainly continue this legacy, and history will mark that it has helped to solve water scarcity, one of humanity's most pressing issues, with the Iceberg Project.”
The invention, dubbed “One of the most Significant inventions of the Century”, will use an advanced technology to tow the icebergs to the coasts of the UAE. The technology includes flexible, heat-insulated, and cost-effective reservoirs, leveraging renewable energy to prevent the ice from melting throughout the towing process.
National Advisor Bureau Limited
A consultancy firm is run by Abdulla Alshehhi, Inventor, author book "Filling the Empty Quarter" book and speaker in local and international conferences. The firm specializes in environmentally and innovative Projects.
*Source: AETOSWire
Website: http://www.Icebergs.World
YouTube: https://www.youtube.com/watch?v=CdC3HPNjc94
Abdulla Alshehhi, +971506677421
This email address is being protected from spambots. You need JavaScript enabled to view it.
WEF has invested approximately C$2.0 billion of private equity capital since its founding in 2017
Amalgamation creates one of the largest private oil companies in North America
CALGARY, Alberta--(BUSINESS WIRE)--Waterous Energy Fund (“WEF”) today announced the closing of the amalgamation of Strathcona Resources Ltd. (“Strathcona”), Caltex Resources Ltd. (“Caltex”), and the Tucker thermal oil property (“Tucker”). The amalgamated entity will continue in business as Strathcona Resources Ltd. and will remain 100% owned by WEF and Strathcona employees.
WEF Closes Fourth Capital Raise to Complete Acquisitions of Caltex and Tucker
On January 31, 2022, WEF closed its fourth capital raise (approximately C$345 million) to fund the acquisitions of Caltex and Tucker. Caltex produces ~13,000 Bbl / d of heavy oil in Alberta and Saskatchewan using enhanced oil recovery (“EOR”) techniques, and its primary asset, Greater Bodo, is a polymer flood located directly offset to Strathcona’s Cactus Lake polymer flood. Tucker is a thermal oil field producing ~19,000 Bbl / d in the Cold Lake region of Alberta, nearby Strathcona’s existing Cold Lake thermal oil operations at the Orion and Lindbergh fields.
Since its founding in 2017, WEF has invested approximately C$2.0 billion of private equity capital through four capital raises. WEF closed its inaugural fund in 2018, and raised additional capital in 2019 to acquire Pengrowth Energy Corp. and again in 2020 to acquire Osum Oil Sands Corp.
Commenting on the fundraise, Adam Waterous said: “We created WEF because we saw a compelling opportunity to apply an innovative value-based approach to investing in the oil and gas sector. We sincerely appreciate the confidence that our select group of institutional and high-net-worth investors have shown in our team and investment strategy.”
Strathcona Amalgamates with Caltex and Tucker
Pro forma for the merger with Caltex and Tucker, Strathcona has ~110,000 Boe / d (~85% oil and liquids) of production and 1.9 billion Boe of proved-plus-probable reserves (~48-year reserve life index), making it one of the largest private oil companies in North America. Strathcona’s complementary portfolio of operated long-life, low-decline, high free cash flow oil assets are concentrated in three core areas: (1) Cold Lake thermal oil; (2) Montney liquids rich natural gas; and (3) Lloydminster heavy oil. Strathcona’s Montney assets provide a natural hedge to the condensate and natural gas consumed in its oil operations. Strathcona has an industry-leading full-cycle WTI breakeven below US$40 / Bbl, a ~13% base oil decline rate, strong ESG fundamentals, and a large infrastructure footprint that provides optionality to grow production organically.
Strathcona is led by Rob Morgan (President & CEO) and its board is comprised of Strathcona management and WEF investment professionals.
Commenting on the merger, Adam Waterous said, “Caltex and Tucker fit perfectly within Strathcona’s core areas and enhance Strathcona’s free cash flow generation. We believe that Strathcona has become a unique oil and gas company with a concentrated portfolio of low-cost oil and gas assets, integrated operations, a long reserve life index, a deep inventory of organic growth opportunities, and the ability to pay dividends to shareholders over the long-term.”
New C$1.5 Billion Covenant-Based Loan
Concurrent with the amalgamation, Strathcona has secured a new C$1.5 billion covenant-based credit facility (expected to be approximately C$870 million drawn at the end of March 2022) with a syndicate of Canadian, U.S., and international banks, marking a 67% upsizing from its existing covenant-based facility. Strathcona has a simple capital structure comprised of bank debt and US$500 million of 6.875% senior unsecured notes due 2026.
Advisors
ATB Capital Markets, BMO Capital Markets, and CIBC Capital Markets acted as financial advisers to WEF on the Caltex acquisition. RBC Capital Markets and TD Securities acted as financial advisers to WEF on the Tucker acquisition. Blakes, Cassels & Graydon LLP served as counsel to WEF for the Caltex acquisition. Stikeman Elliot LLP served as counsel to WEF for the Tucker acquisition and served as fund formation counsel. Atlantic-Pacific Capital served as the global placement agent and advisor to WEF.
About Waterous Energy Fund: Waterous Energy Fund is a Calgary-based energy investment firm with offices in Houston and New York. Founded in 2017, the firm is pursuing investments in the North American energy sector. For additional information, see www.waterous.com
Prosek Partners
Anne Hart
This email address is being protected from spambots. You need JavaScript enabled to view it.
BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent“ or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology space, is pleased to announce the availability of its next-generation Membrane Electrode Assembly (“Advent MEA”). These MEAs have already been provided for testing to select strategic partners. The Advent MEA is currently being developed within the framework of L’Innovator, the Company’s joint development program with the U.S. Department of Energy’s Los Alamos National Laboratory (LANL), Brookhaven National Laboratory (BNL), and National Renewable Energy Laboratory (NREL).
The first-year milestones already achieved were:
Commercial Progress:
Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive Officer, said, “To put it simply for the sake of our current and future customers and investors, we will soon be able to manufacture fuel cells that last at least three times as long and have double the power density of our previous systems. This development will revolutionize the fuel cell industry. These will be the first PEM-based fuel cells worldwide that can consistently operate above 100oC for more than 10,000 hours and are ideal for heavy-duty mobility. In addition, the HT-PEM technology can support multiple fuels, efuels, and low-grade hydrogen on board and operate under extreme conditions (-38oC to +50oC). The above is essential for mobility and off-grid applications and clearly separates us from current PEM technology competitors. Since our IPO only a year ago, our goal has been to reduce the total cost of ownership of fuel cells to the point that we can replace diesel generators and combustion engines. The mandate from the aerospace, marine, and heavy-duty automotive industry is clear: they want to move to high-temperature fuel cell technology. We believe that we will be able to provide the best product at the best price. We are looking to form Joint Development Agreements with select strategic partners that will enable them to bring the next generation of fuel cells to the market, therefore replacing the need for conventional fuels while producing clean power.”
In addition, Advent announced significant progress with its MEA manufacturing scale-up plan, notably:
Highlighting the progress on the development of the new Advent MEA, Dr. Emory DeCastro, Advent’s Chief Technology Officer, stated, “We are delighted about the progress of the L’Innovator program and our long-term partnership with Los Alamos National Laboratory. In the context of our ongoing collaboration, we had the opportunity to share progress updates with leading National Laboratory scientists, including Dr. Yu Seung Kim, Research Scientist at Los Alamos National Laboratory and one of the inventors of the new HT-PEM technology, who expressed the belief that Advent is on the right path for commercialization. We are expecting to continue and increase our collaboration with Los Alamos and the U.S. Department of Energy. At the same time, we are also proud about the completion of our polymer scale-up facility in Patras, Greece, since it will enable us to support the production of nearly 1 M.W. of power per month.”
Due to the high-temperature operation, Advent’s MEAs – the heart of the fuel cell – can work with impure hydrogen that can be reformed onboard from (e)methanol, natural gas, and other renewable fuels. Once commercialized, the new Advent MEA is expected to redefine the MEA market globally and further validate Advent’s leading position in the electrochemistry components business. Among other things, the new Advent MEA will be able at least to match the performance of today’s LT-PEM MEAs, to successfully operate at conditions never thought possible, as well as to significantly exceed the lifetime of Advent’s existing MEAs.
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems, and the critical components for fuel cells in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in California, Greece, Denmark, Germany, and the Philippines. With more than 100 patents issued for its fuel cell technology, Advent holds the I.P. for next-generation HT-PEM that enables various fuels to function at high temperatures and under extreme conditions – offering a flexible “Any Fuel. Anywhere.” option for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to maintain the listing of the Company’s common stock on Nasdaq; future financial performance; public securities’ potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance Advent’s corporate reputation and brand; expectations concerning its relationships and actions with technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company’s business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate; and the risks identified under the heading “Risk Factors” in Advent’s Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on May 20, 2021, as well as the other information filed with the SEC. Investors are cautioned not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read Advent’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. Advent’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.
Advent Technologies Holdings, Inc.
Elisabeth Maragoula / Chris Kaskavelis
This email address is being protected from spambots. You need JavaScript enabled to view it.
Volunteer Ameresco employees will work to help protect local habitat creation and combat the adverse effects of the climate crisis
FRAMINGHAM, Mass. & CLAPHAM, England--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced that it has partnered with Yorkshire Dales Millennium Trust (YDMT), an independent charity dedicated to the preservation of woodlands in the Yorkshire Dales, to plant 500 trees across the region this year.
Ameresco’s U.K. Leeds division made a financial contribution to YDMT that will help to protect local habitat creation and combat the adverse effects of the climate crisis through a reduction in carbon emissions.
Ameresco’s participation in this initiative is a part of a larger effort being carried out by YDMT to support the planting of 28,000 new trees and around 2.5 kilometers of hedgerow in 2022. Employee volunteers from Ameresco will work alongside the YDMT team to maintain and plant trees across the woodlands throughout the year.
“It is great to partner with an organization that is committed to environmental excellence and wants to make a real difference to woodland cover in the Dales,” said YDMT Development Officer Sarah Hodgson. “Ameresco’s donation and support will help ensure that we can plant woodland in a way that not only counteracts the effects of climate change but also provides habitat for wildlife and breathing space for all.”
“As a business, we are steadfast in helping our clients to operate more sustainably and to reach their net-zero ambitions,” said Vice President of Ameresco Leeds Derek Dixon. “At Ameresco, we aim to lead the quest toward a more sustainable future for all from within our own organization. We’re proud to partner with Yorkshire Dales Millennium Trust to increase woodland coverage throughout the Yorkshire Dales. We know these efforts will have far-reaching benefits beyond the local landscape and for future generations to come.”
Ameresco employee volunteers began tree maintenance in October 2020 and are expected to complete the tree planting process by Spring 2022, for the first year of the Company’s partnership with YDMT. This initiative complements Ameresco’s larger volunteerism commitment to double community service hours in 2022 to 2,000+ through more frequent and larger community service offerings throughout the year.
To learn more about the Environmental, Social and Governance (ESG) commitments made by Ameresco, visit www.ameresco.com/esg/.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and the United Kingdom. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and Europe. For more information, visit www.ameresco.com.
About Yorkshire Dales Millennium Trust
Yorkshire Dales Millennium Trust (YDMT) is a small charity doing big things to support the people, landscape and wildlife of the Dales. To date the charity has helped to deliver inspiring projects in the Yorkshire Dales and surrounding areas. These projects cover areas as diverse as countryside apprenticeships, supporting local communities, education and outreach, restoring woodlands and wildlife habitats, and improving access and understanding of this special place. The Trust has recruited more than 60,000 supporters to date. Find out more at www.ydmt.org.
Media:
Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
Yorkshire Dales Millennium Trust: Mike Appleton, 015242 51002, This email address is being protected from spambots. You need JavaScript enabled to view it.
AMSTERDAM--(BUSINESS WIRE)--XPENG, a leading smart electric vehicle and mobility technology company, today announced that it has joined three major European automobile associations, the European Association for Electromobility (AVERE), Royal RAI Vereniging / RAI Association (RAI) and BIL Sweden, underlining the company's long-term commitment to developing the smart and greener mobility ecosystem in Europe.
Leveraging its strong expertise in innovative technology and sustainable mobility, XPENG will bring valuable insights in the smart EV sector, contributing to the development and implementation of the European Commission's Sustainable and Smart Mobility Strategy.
“We appreciate the extraordinary commitment that Europe has made to carbon neutrality and sustainable mobility,” said Leon He, Vice President of XPENG. “Our vision is to transform future mobility with technology. By consolidating our industry connections and actively engaging with the European automobile sector, we hope to accelerate the development of electrification, digitization and automation technologies for the auto sector. XPENG will continue to invest in innovations and is excited to work together with automobile stakeholders in Europe to achieve our shared vision: building a sustainable mobility ecosystem for the future.”
AVERE is the leading European association that promotes electromobility and sustainable transport across Europe. It represents and advocates for electromobility on behalf of the industry, academia, and EV users at both EU and national levels.
“We at AVERE are delighted to welcome XPENG as a member as it continues to develop and invest in Europe,” said Philippe Vangeel, Secretary-General of AVERE. “We look forward to engaging and working together with XPENG in shaping the future of smart and sustainable mobility.”
The Royal RAI Vereniging represents the interests of enterprises in the mobility sector in the Netherlands, and plays an active role in facilitating the production and sales of vehicles and parts for its 700 members, who together supply all forms of road transportation.
Steven van Eijck, Chairman of the Royal RAI Vereniging, commented: “We are very happy to welcome XPENG as our new member. XPENG plays an important role in the rapidly growing market for electric mobility, particularly passenger cars in the world. This is essential as we transition towards a zero-emission mobility system to meet our environmental and climate goals. The Dutch passenger car market is leading the initiatives in Europe when it comes to electrification. It acts as a gateway to the European passenger car market and is therefore attractive for newcomers.”
BIL Sweden is the Swedish industry organization for manufacturers and importers of cars, trucks and buses. The member companies together account for around 97 percent of new car sales in Sweden. The organization acknowledges that vehicles are a key player in the sustainable society focused on climate and environmental issues, safety and mobility development. BIL Sweden's vision for the year 2030: building long-term sustainable mobility and transportation solutions.
"BIL Sweden aims to work for a society that achieves its climate goals through developing long-term carbon-neutral strategies that promote energy efficiency and renewable energy vehicles. We believe that fossil fuels can be gradually phased out and replaced with renewable fuels and electrification as we improve energy efficiency. We are confident that companies like XPENG, which are focused on electric power, technology and innovation, are well positioned to contribute to this development. I am really looking forward to having them in BIL Sweden," said Mattias Bergman, CEO of BIL Sweden.
Earlier, XPENG announced the opening of its first European Experience Stores in Sweden and the Netherlands, and its partnership with Bilia and Emil Frey Nederland NV to build a first-class distribution, sales and service network in Sweden and the Netherlands, respectively.
The company is committed to Europe’s carbon-neutral initiatives and is dedicated to building intelligent, sustainable and people-first mobility solutions. XPENG differentiates itself with its full-stack in-house Advanced Driver Assistance System (ADAS) technologies and in-car intelligent operating system, as well as core vehicle systems including powertrain and electrification/electronic architecture, providing superior and safe mobility experience a growing base of customers.
About XPENG
https://heyxpeng.com/
About AVERE
https://www.avere.org/what-is-avere/
About Royal RAI Vereniging / RAI Association
https://www.raivereniging.nl/automotiveindustrynl/over-ons
About BIL Sweden
https://www.bilsweden.se/
Media:
Rosanne Wu
This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Saudi Arabia Composites in Oil and Gas Market: Prospects, Trends Analysis, Market Size and Forecasts up to 2027" report has been added to ResearchAndMarkets.com's offering.
The report provides deep insights into demand forecasts, market trends, and, micro and macro indicators in the Saudi Arabia market.
Also, factors that are driving and restraining the composites in oil and gas market are highlighted in the study. This is an in-depth business intelligence report based on qualitative and quantitative parameters of the market. Additionally, this report provides readers with market insights and detailed analysis of market segments to possible micro levels.
The companies and dealers/distributors profiled in the report include manufacturers & suppliers of composites in oil and gas market in Saudi Arabia.
Highlights of the Report
The report provides detailed insights into:
1) Demand and supply conditions of composites in oil and gas market
2) Factor affecting the composites in oil and gas market in the short run and the long run
3) The dynamics including drivers, restraints, opportunities, political, socioeconomic factors, and technological factors
4) Key trends and future prospects
5) Leading companies operating in composites in oil and gas market and their competitive position in Saudi Arabia
6) The dealers/distributors profiles provide basic information of top 10 dealers & distributors operating in (Saudi Arabia) composites in oil and gas market
7) Matrix: to position the product types
8) Market estimates up to 2027
The report answers questions such as:
1) What is the market size of composites in oil and gas market in Saudi Arabia?
2) What are the factors that affect the growth in composites in oil and gas market over the forecast period?
3) What is the competitive position in Saudi Arabia composites in oil and gas market?
4) What are the opportunities in Saudi Arabia composites in oil and gas market?
5) What are the modes of entering Saudi Arabia composites in oil and gas market?
Segments Covered
Segmentation Based on Matrix Materials
Segmentation Based on Product Type
Segmentation Based on Application
For more information about this report visit https://www.researchandmarkets.com/r/io1m08
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
HF Sinclair Corporation Established as a Leading Integrated Downstream Petroleum and Renewable Fuels Company
DALLAS--(BUSINESS WIRE)--HollyFrontier Corporation (NYSE: HFC) (“HollyFrontier”) and Holly Energy Partners, L.P. (NYSE: HEP) (“HEP”), today announced the establishment of HF Sinclair Corporation (NYSE: DINO) (“HF Sinclair”) as the new parent holding company of HollyFrontier and HEP and the completion of their respective acquisitions of Sinclair Oil Corporation and Sinclair Transportation Company from The Sinclair Companies. Commencing at market open on March 15, 2022, HF Sinclair will replace HollyFrontier as the public company trading on the New York Stock Exchange, and will trade under the ticker symbol “DINO” and under the new CUSIP number 403949 100.
HF Sinclair will be the parent company of a leading integrated downstream petroleum and renewable fuels company with enhanced scale and a strong marketing presence featuring:
Across its businesses, HF Sinclair will build on its legacy companies’ ongoing ESG efforts with increased renewables scale, a shared commitment to health and safety practices that best serve employees and communities, and a focus on risk management.
With the addition of Sinclair’s integrated crude and refined products midstream business, HEP significantly extends the reach of its network of pipelines and storage facilities, enhancing its earning power to capture new organic growth opportunities and expects to increase cash returns to unitholders.
“The completion of our transactions and the launch of HF Sinclair marks the start of the next phase of our Company’s history,” said Mike Jennings, Chief Executive Officer of HF Sinclair and HEP. “We are moving forward as a more diverse, downward integrated business with scale that is positioned to drive growth and capital returns to our shareholders. We are also optimistic about the significantly expanded scale of HEP, which will benefit from long-term commitments from HF Sinclair. I am honored to welcome the talented Sinclair team to our organizations and I look forward to working closely with them to capture the significant growth and value-creation opportunities ahead at both HF Sinclair and HEP.”
Integration Details and Business Update
HollyFrontier’s senior management team will continue to operate HF Sinclair, which is headquartered in Dallas, Texas, with combined business offices in Salt Lake City, Utah. HEP’s senior management team will continue to operate HEP under the name Holly Energy Partners, L.P.
Pursuant to an agreement between HollyFrontier and Sinclair, Ross Matthews and Norman Szydlowski will be appointed to the HF Sinclair Board of Directors effective March 15, 2022. Collectively, the appointees have over 60 years of energy industry experience. Mr. Matthews served as Chairman and CEO of Sinclair Oil Corporation from October 2009 until the closing of the transaction. Mr. Szydlowski previously served as CEO of SemGroup Corporation, Rose Rock Midstream and Colonial Pipeline Company and as Director of Sinclair Oil Corporation. Additionally, pursuant to an agreement between HEP and Sinclair, Mark Peterson will be appointed to the Holly Logistics Services, L.L.C. Board of Directors. Mr. Peterson has over 30 years of experience in the midstream sector and served as Vice President, Transportation for Sinclair Oil Corporation from January 2010 until the closing of the transaction and Director and President of Sinclair Transportation Company from August 2009 until the closing of the transaction.
In connection with the close of the transaction, all existing shares of HollyFrontier have automatically converted on a one-for-one basis into shares of common stock of HF Sinclair, and HF Sinclair has issued approximately 60.2 million shares of common stock to Sinclair, representing 27% of the pro forma equity of HF Sinclair with a value of approximately $2.1 billion based on HollyFrontier’s fully diluted shares of common stock outstanding and closing stock price on March 11, 2022.
HEP has also issued 21 million common units to Sinclair, representing 17% of the outstanding common units, and having a value of approximately $349 million based on HEP’s fully diluted common units outstanding and closing unit price on March 11, 2022.
Advisors
Citi served as financial advisor to HollyFrontier, and Morgan, Lewis & Bockius served as HollyFrontier’s legal counsel. Bank of America Merrill Lynch served as financial advisor to the HEP Conflicts Committee, Bracewell served as HEP’s legal counsel and Morris, Nichols, Arsht & Tunnell LLP served as the HEP Conflicts Committee’s legal counsel. Wachtell, Lipton, Rosen & Katz served as legal counsel to both HollyFrontier and HEP.
About HF Sinclair Corporation:
HF Sinclair Corporation (“HF Sinclair”), headquartered in Dallas, Texas, is an independent energy company that produces and markets high value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and other specialty products. HF Sinclair owns and operates refineries located in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah and markets its refined products in 19 states principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. HF Sinclair supplies high-quality fuels to more than 1,300 Sinclair branded stations and licenses the use of the Sinclair brand at more than 300 additional locations throughout the country. In addition, subsidiaries of HF Sinclair produce and market base oils and other specialized lubricants in the U.S., Canada and the Netherlands, and export products to more than 80 countries. Through its subsidiaries, HF Sinclair produces renewable diesel at two of its facilities in Wyoming. HF Sinclair also owns a 47% limited partner interest and a non-economic general partner interest in Holly Energy Partners, L.P., a master limited partnership that provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HF Sinclair subsidiaries.
About Holly Energy Partners, L.P.:
Holly Energy Partners, L.P., headquartered in Dallas, Texas, provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HF Sinclair subsidiaries. HEP, through its subsidiaries and joint ventures, owns and/or operates petroleum product and crude gathering pipelines, tankage and terminals in Texas, New Mexico, Washington, Idaho, Oklahoma, Utah, Nevada, Wyoming, Kansas and Missouri as well as refinery processing units in Kansas and Utah.
Forward-Looking Statements
The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995: The statements in this press release relating to matters that are not historical facts are “forward-looking statements” based on management’s beliefs and assumptions using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties, including those contained in our filings with the Securities and Exchange Commission. Forward-looking statements use words such as “anticipate,” “project,” “will”, “expect,” “plan,” “goal,” “forecast,” “strategy,” “intend,” “should,” “would,” “could,” “believe,” “may,” and similar expressions and statements regarding our plans and objectives for future operations. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that our expectations will prove correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Any differences could be caused by a number of factors, including, but not limited to, HF Sinclair’s and HEP’s ability to successfully integrate the operations of Sinclair with its existing operations and fully realize the expected synergies of the Sinclair transactions or on the expected timeline; risks relating to the value of HF Sinclair common stock and the value of HEP’s limited partner common units from sales by the Sinclair holders following the closing of the Sinclair transactions; HF Sinclair’s ability to successfully integrate the operation of the Puget Sound refinery with its existing operations; the demand for and supply of crude oil and refined products, including uncertainty regarding the effects of the continuing coronavirus (“COVID-19”) pandemic on future demand and increasing societal expectations that companies address climate change; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products or lubricant and specialty products in HF Sinclair’s markets; the spread between market prices for refined products and market prices for crude oil; the possibility of constraints on the transportation of refined products or lubricant and specialty products; the possibility of inefficiencies, curtailments or shutdowns in refinery operations or pipelines, whether due to infection in the workforce or in response to reductions in demand; the effects of current and/or future governmental and environmental regulations and policies, including the effects of current and/or future restrictions on various commercial and economic activities in response to the COVID-19 pandemic; the availability and cost of financing to HF Sinclair; the effectiveness of HF Sinclair’s capital investments and marketing strategies; HF Sinclair’s and HEP’s efficiency in carrying out and consummating construction projects, including HF Sinclair’s ability to complete announced capital projects, such as the construction of the Artesia renewable diesel unit and pretreatment unit, on time and within capital guidance; HF Sinclair’s and HEP’s ability to timely obtain or maintain permits, including those necessary for operations or capital projects; the ability of HF Sinclair to acquire refined or lubricant product operations or pipeline and terminal operations on acceptable terms and to integrate any existing or future acquired operations; the possibility of terrorist or cyberattacks and the consequences of any such attacks; uncertainty regarding the effects and duration of global hostilities and any associated military campaigns which may disrupt crude oil supplies and markets for our refined products and create instability in the financial markets that could restrict our ability to raise capital; general economic conditions, including uncertainty regarding the timing, pace and extent of an economic recovery in the United States; a prolonged economic slowdown due to the COVID-19 pandemic which could result in an impairment of goodwill and/or long-lived asset impairments; and other financial, operational and legal risks and uncertainties detailed from time to time in HF Sinclair’s and HEP’s Securities and Exchange Commission filings. The forward-looking statements speak only as of the date made and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
HF Sinclair Corporation and Holly Energy Partners, L.P.
Craig Biery, 214-954-6510
Vice President, Investor Relations
or
Trey Schonter, 214-954-6510
Investor Relations
Media Contact
This email address is being protected from spambots. You need JavaScript enabled to view it.
New water intelligence and management solution will accelerate operational efficiencies and sustainability across the energy industry
HOUSTON--(BUSINESS WIRE)--Ecopetrol SA (NYSE: EC), Accenture (NYSE: ACN) and Amazon Web Services, Inc. (AWS) announced a first-of-its-kind solution for water intelligence and management to help advance sustainability and operational efficiencies for energy companies.
The availability of water, one of the world’s key sustainable development goals, is a critical business imperative for resource-dependent industries. This new solution, to be housed on an open platform, addresses the entire water lifecycle—from access to treatment, recycle/reuse and disposal—enabling organizations to seek water neutrality alongside net-zero carbon emissions for a sustainable future.
Working closely with Ecopetrol and AWS, Accenture developed the cloud-based water management solution, which will:
The water intelligence and management solution will leverage Accenture industry insights and leading cloud capabilities from AWS, such as high-performance computing, storage, machine learning and artificial intelligence. The solution will help Ecopetrol reduce its water footprint by providing a greater understanding of how to decrease the amount of fresh water it captures from local sources to improve water treatment; and increase the reuse of produced water and wastewater in refining, exploration and production assets.
“Our vision is for the energy industry to lead on technological solutions to achieve water neutrality,” said Felipe Bayón, Chief Executive Officer at Ecopetrol. “Collaboration is needed to truly ignite change because companies cannot solve environmental challenges alone. We will use this platform to accelerate our TESG (technology, environmental, social and governance) strategy, including our goals of reducing 66% of fresh water captured and zero discharges to surface water by 2045, improving the environment for the communities where we operate.”
“Ecopetrol is visionary in its aspiration to achieve water neutrality—and in helping the energy industry advance toward this critical sustainability goal,” said Julie Sweet, Chair and Chief Executive Officer at Accenture. “We are honored to be working with Ecopetrol and AWS on this industrial-strength solution, which we will continuously evolve as technology advances and industries identify new applications.”
The solution will extend beyond the energy sector to help companies across industries meet their water resource challenges.
“The conservation and sustainable management of water is a priority for communities and companies around the world, and through leveraging the breadth and depth of AWS, Ecopetrol and Accenture are tackling this challenge at scale,” said Adam Selipsky, Chief Executive Officer at AWS. “Like other sustainability initiatives, water conservation is a big data problem. By combining data from previously disparate sources across Ecopetrol’s operations, and using AWS cloud-based machine learning and artificial intelligence services, this technology will enable companies across the energy industry to achieve water neutrality.”
About Ecopetrol
Ecopetrol is the largest company in Colombia and one of the leading integrated energy companies in the American continent, with more than 17,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA’s shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession.
At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector.
This press release contains business prospect statements, operating and financial result estimates, and statements related to Ecopetrol's growth prospects. These are all projections, and, as such, they are based solely on the managers’ expectations regarding the future of the company and their continued access to capital to finance the company's business plan. The realization of said estimates in the future depends on the behavior of market conditions, regulations, competition, the performance of the Colombian economy and the industry, among other factors, and are consequently subject to change without prior notice.
About Accenture
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 674,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at accenture.com.
Accenture’s energy practice helps oil and gas companies develop innovation-led capabilities to drive end-to-end transformation and make energy more available, affordable and sustainable. To learn more, visit Accenture’s Oil and Gas industry portal.
Copyright © 2022 Accenture. All rights reserved. Accenture and its logo are trademarks of Accenture.
This content is provided for general information purposes and is not intended to be used in place of consultation with our professional advisors. This document refers to marks owned by third parties. All such third-party marks are the property of their respective owners. No sponsorship, endorsement or approval of this content by the owners of such marks is intended, expressed or implied.
Alexandra Santamaria
Ecopetrol
This email address is being protected from spambots. You need JavaScript enabled to view it.
Guy Cantwell
Accenture
+1 281-900-9089
This email address is being protected from spambots. You need JavaScript enabled to view it.
RED DEER, Alberta--(BUSINESS WIRE)--Azolla Hydrogen has initiated a promising Mitacs-funded project with the Ivey Business School at Western University, Ontario. Led together with Principal Investigator Dr. Fredrik Odegaard, the research project aims to analyze the pathways of optimizing hydrogen fuel networks.
Azolla Hydrogen is one of few Canadian companies with the technology, infrastructure, and talent to assist and promote the adoption of low-carbon fuels. "Our technology's premise is based on lean manufacturing to increase the efficiency of low GHG Hydrogen production, making it even more sustainable and part of the circular carbon economy," says Jared Sayers, President and CEO of Azolla Hydrogen. The objectives of the research project are two-fold. First, Azolla seeks to analyze the processes and challenges in implementing an environmentally sustainable methanol-based hydrogen production network to supply vehicular fuel demand in North America. Second, Azolla aims to determine the optimal design of the aforementioned pathways to build a "clean fuel" network from the lens of a life cycle analysis.
As a first step, the research study will focus on designing and assessing feasible hydrogen fuel networks for the province of Alberta and the state of California as case studies. "The need for low-carbon fuels was yesterday. We simply cannot combat global warming without drastically changing the current fuel source of motor vehicles," says Dr. Odegaard, Associate Professor at the Ivey Business School. "However, we also need to better understand the life cycle of carbon production and design fueling networks that are environmentally sustainable and economically scalable. And so, I am very excited to be part of this research project."
This research project is expected to benefit Azolla Hydrogen’s understanding of the optimal clean fuel network and streamline the deployment of its innovative technology to the market. “We are proud to be able to accelerate the world’s adoption of a more sustainable future. With the support of this Mitacs funded project, Azolla Hydrogen in collaboration with the Ivey Business School will be able to propel the North American hydrogen economy forward and realize this sustainable future for us all – sooner rather than later,” states Jared Sayers.
About Azolla Hydrogen Ltd.:
Azolla Hydrogen is an Alberta based start-up with a focus on the North American hydrogen economy. We help companies transition from a default reliance on fossil fuels. As we edge toward decarbonizing the energy sector, hydrogen as a transportation fuel has been gaining influence. Azolla Hydrogen has identified a pathway to generate low-GHG hydrogen that is scalable and not reliant on the grid as power for electrolysis or fossil fuels for small modular reactors. Follow us on LinkedIn for updates – Azolla Hydrogen
About Ivey Business School, Western Ontario University:
The Ivey Business School at Western University is Canada's leading provider of relevant, innovative, and comprehensive business education. Drawing on extensive research and business experience, Ivey faculty provide the best classroom experience, equipping graduates with the skills and capabilities they need to tackle the leadership challenges in today's complex business world. Ivey offers world-renowned undergraduate and graduate degree programs as well as Executive Education at campuses in London (Ontario), Toronto and Hong Kong.
About Mitacs:
Mitacs is a national, not-for-profit organization that has designed and delivered research and training programs in Canada for 20 years. Working with 70 universities, 6,000 companies, and both federal and provincial governments, Mitacs builds partnerships that support industrial and social innovation in Canada. From aerospace systems to childhood literacy rates, Mitacs-funded research helps to strengthen connections, improve economic performance, and create jobs. Over the past 20 years, Mitacs has supported more than 20,000 research projects, trained more than 33,000 student and postdoc career-skills participants, and supported more than 3,600 international research collaborations.
For more information on Azolla Hydrogen: Jared Sayers This email address is being protected from spambots. You need JavaScript enabled to view it.
TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) today announced that it has reached an agreement to acquire the Haynesville gathering and processing assets of Trace Midstream (Trace), a portfolio company of Quantum Energy Partners (Quantum), in a transaction valued at $950 million. The combination of the Trace system with Williams’ existing footprint provides expanded scale in one of the largest growth basins in the country, increasing the company’s gathering capacity in the Haynesville basin from 1.8 Bcf/d to over 4 Bcf/d. The acquisition is expected to result in an investment at approximately 6 times 2023 EBITDA, with strong growth anticipated and minimal expansion capital required, thereby supporting Williams’ strong credit metrics.
As part of the transaction, Trace customer and Quantum affiliate Rockcliff Energy (Rockcliff) has agreed to a long-term capacity commitment in support of Williams’ Louisiana Energy Gateway (LEG) project. The LEG project is designed to gather responsibly sourced natural gas produced in the Haynesville and connect it to premium Transco markets, as well as growing industrial and LNG export demand along the Gulf Coast.
In further support of the LEG project, Williams signed a Memorandum of Understanding with Quantum to form a joint venture that will enable Quantum to become an equity investor and partner in the project. The partnership brings together Williams’ expertise as a leading developer and operator of clean energy infrastructure with Quantum’s abilities as a leading global provider of private capital to the responsibly sourced energy and energy transition & decarbonization sectors.
“Williams continues to increase scale and connectivity in the best and most efficient natural gas basins, and these transactions with Trace, Rockcliff and Quantum represent an important extension of our natural gas-focused strategy,” said Alan Armstrong, Williams president and chief executive officer. “We are excited for the opportunity to help Rockcliff continue their success and connect them to growing markets with Quantum as our new partner in LEG. Importantly, this is going to be the flagship of our low carbon wellhead to water venture, proving up what an important role natural gas can play in reducing emissions, lowering costs and providing secure reliable energy here and around the world.”
“We have been rapidly expanding our Haynesville system to support growth from existing and new customers,” added Chad Zamarin, Williams senior vice president of Corporate Strategic Development. “By leveraging our scale, value chain integration and unique capabilities, including our Sequent Energy platform and New Energy Ventures clean energy solutions, we are facilitating the delivery of responsibly sourced gas to meet the climate goals and the energy needs of our customers and our country.”
“We are grateful for our partnership with the Trace management team who developed a strategic infrastructure platform with high ESG standards,” said Blake Webster, managing director with Quantum. “Partnering with exceptional entrepreneurs like the Trace and Rockcliff teams and building businesses of scale have been hallmarks of Quantum’s success over the years. We are also excited to establish a partnership with Williams on the LEG project, which we view as a critical bridge to connect responsibly sourced Haynesville natural gas with Gulf Coast LNG markets.”
“We are proud of the team and the business we’ve built at Trace, and we are grateful to see its success continue with Williams,” said Josh Weber, Trace chief executive officer. “Over the past four years, we have positioned ourselves in one of the most prolific resource plays in the country to transport responsibly sourced natural gas to premium markets along the Texas and Louisiana Gulf Coast. Our safe, reliable, and competitive midstream services are what our producer customers have come to expect, and we are confident that Williams will continue to be a good steward of these assets.”
The transaction is expected to close in the second quarter subject to regulatory approvals.
Advisors
RBC Capital Markets served as lead financial advisor to Williams; Citi served as lead financial advisor to Trace. Williams was represented by Davis Polk & Wardwell LLP; Trace was represented by Vinson & Elkins LLP.
About Williams
Williams (NYSE: WMB) is committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation and storage of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide – including Transco, the nation’s largest volume and fastest growing pipeline – and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use.
About Quantum
Founded in 1998, Quantum Energy Partners is a leading global provider of private equity capital to the responsibly sourced energy and energy transition & decarbonization sectors, having managed together with its affiliates more than $18 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumep.com or contact Michael Dalton at (713) 452-2110.
About Trace
Houston-based Trace Midstream provides midstream solutions to producers with a focus on customer service, safety and operational excellence. Trace has operations in the Haynesville and Midcontinent regions. For more information visit www.tracemidstream.com.
About Rockcliff
Rockcliff is a premier natural gas company focused on developing the prolific East Texas Haynesville shale and is one of the top natural gas producers in the state of Texas. The company is producing certified responsibly sourced gas with top tier emission monitoring technology to fuel the U.S. and global economy. To learn more about Rockcliff, please visit www.rockcliffenergy.com.
MEDIA:
This email address is being protected from spambots. You need JavaScript enabled to view it.
800-945-8723
INVESTOR CONTACT:
Danilo Juvane
918-573-5075
Grace Scott
918-573-1092
BIRMINGHAM, Ala.--(BUSINESS WIRE)--Protective Life Corporation (Protective), a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), announced today they were recently recognized by the U.S. Environmental Protection Agency as a Green Power Partner for their Birmingham headquarters.
Last summer, Protective announced its collaboration with Alabama Power to operate its Birmingham headquarters with 100% renewable energy. The renewable energy credits retired for Protective’s headquarters were sourced through Alabama Power from the Chisholm View Wind Farm in Oklahoma, which provides power to Alabama Power under a long-term contract. Through these credits, Protective’s Birmingham campus uses approximately 19 million kilowatt-hours (kWh) of wind energy annually, and by choosing renewable energy, Protective is helping advance the voluntary market for green power and development of those sources.
“Protective is honored to be named to the EPA’s Green Power Partnership,” said Scott Adams, executive vice president, corporate responsibility, strategy and innovation for Protective. “As a company that helps people plan for their futures every day, we are also proud to be doing our part to make sure those futures are more sustainable.”
By moving the needle in the voluntary green power market, Protective and other Green Power Partners are helping to reduce the negative health impacts of air emissions including those related to ozone, fine particles, acid rain and regional haze.
"EPA applauds Protective Life Insurance Company’s Birmingham headquarters for its leadership position in the green power marketplace," said James Critchfield, Program Manager of EPA's Green Power Partnership. "They are an excellent example for other organizations in reducing greenhouse gas emissions through green power investment and use."
According to the U.S. EPA, Protective’s green power use at its Birmingham headquarters is equivalent to the electricity use of nearly 2,000 average American homes annually.
To learn more about Protective’s sustainability efforts, visit protective.com/sustainability.
About EPA’s Green Power Partnership
The Green Power Partnership is a partnership program that helps increase green power use among U.S. organizations to advance the American market for green power and development of those sources as a way to reduce air pollution and other environmental impacts associated with electricity use. In 2020, the Partnership had more than 700 Partners voluntarily using nearly 70 billion kilowatt-hours of green power annually. Partners include a wide variety of leading organizations such as Fortune 500® companies; small and medium sized businesses; local, state, and federal governments; and colleges and universities. For additional information, please visit www.epa.gov/greenpower.
About Protective
Protective has helped people achieve protection and security in their lives for 115 years. Through its subsidiaries, Protective offers life insurance, annuity and asset protection solutions and is helping more than 12 million people protect what matters most. Protective’s more than 3,600 employees put people first and deliver on the Company’s promises to customers, partners, colleagues and communities - because we’re all protectors. With a long-term focus, financial stability and commitment to doing the right thing, Protective Life Corporation, a wholly owned subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), has grown to about $132 billion in assets, as of Dec. 31, 2021. Protective is headquartered in Birmingham, Alabama, and supported by both robust virtual workforce and core sites in Cincinnati and St. Louis. For more information about Protective, visit www.protective.com.
Hillary Carnel
This email address is being protected from spambots. You need JavaScript enabled to view it.
205-268-7879
KANSAS CITY, Mo.--(BUSINESS WIRE)--CorEnergy Infrastructure Trust, Inc. (“CorEnergy” or the “Company”) today announced financial results for the fourth quarter 2021 and fiscal year ended December 31, 2021.
Fourth Quarter 2021 and Recent Highlights
Management Commentary
“In 2021 CorEnergy overcame the pandemic-related challenges of 2020 and we are now positioned for the future. We were able to transition our business model to a low-cost structure; owning and operating energy pipelines and storage assets. We optimized our capital structure for the benefit of our stockholders, internalized our REIT manager, and positioned our business for future growth. The benefits of these efforts were apparent in the third and fourth quarter run rate, as we established our new baseline in volumes and revenue that demonstrated our ability to fully cover our dividend expectations,” said Dave Schulte, Chief Executive Officer. “We expect to continue to earn and pay our $0.20 annualized common dividend in 2022, with potential for modest long-term growth. We published our inaugural ESG report, confirming that we have always operated responsibly and are positioned to grow in the new energy transition marketplace as well as through incremental acquisitions.”
Fourth Quarter and Fiscal Year 2021 Performance Summary
Fourth Quarter and Fiscal Year 2021 financial highlights are as follows:
|
For the Three Months Ended |
|
For the Year Ended |
||||||||||||||||||||
|
December 31, 2021 |
|
December 31, 2021 |
||||||||||||||||||||
|
|
|
Per Share |
|
|
|
Per Share |
||||||||||||||||
|
Total3 |
|
Basic |
|
Diluted |
|
Total |
|
Basic |
|
Diluted |
||||||||||||
Net Loss (Attributable to Common Stockholders) |
$ |
(4,796,465 |
) |
|
$ |
(0.31 |
) |
|
$ |
(0.31 |
) |
|
$ |
(20,926,685 |
) |
|
$ |
(1.44 |
) |
|
$ |
(1.44 |
) |
Net Cash Provided by Operating Activities |
$ |
5,059,826 |
|
|
|
|
|
|
$ |
17,298,110 |
|
|
|
|
|
||||||||
Adjusted Net Income1 |
$ |
835,087 |
|
|
|
|
|
|
$ |
11,973,197 |
|
|
|
|
|
||||||||
Cash Available for Distribution1 |
$ |
1,087,946 |
|
|
|
|
|
|
$ |
(1,399,583 |
) |
|
|
|
|
||||||||
Adjusted EBITDA2 |
$ |
12,273,711 |
|
|
|
|
|
|
$ |
43,591,789 |
|
|
|
|
|
||||||||
Dividends Declared to Common Stockholders |
|
|
$ |
0.05 |
|
|
|
|
|
|
$ |
0.20 |
|
|
|
||||||||
1 Adjusted Net Income excludes special items for the three months ended December 31, 2021 of $1.3 million and for the year ended December 31, 2021 of $6.9 million which are transaction costs; however CAD has not been so adjusted. Reconciliations of Adjusted Net Income and CAD, as presented, to Net Income (Loss) and Net Cash Provided by Operating Activities are included at the end of this press release. See Note 1 below for additional information.
2 Adjusted EBITDA excludes special items for the three months ended December 31, 2021 of $1.3 million and for the year ended December 31, 2021 of $6.9 million which are transaction costs. Reconciliation of Adjusted EBITDA, as presented, to Net Income (Loss) is included at the end of this press release. See Note 2 below for additional information.
Business Development Activities
CorEnergy maintains an active pipeline of business development opportunities, including traditional infrastructure and potential-alternative uses for its rights-of-way. The Company closely evaluates potential opportunities to ensure alignment with REIT-qualifying business activities. CorEnergy has identified multiple opportunities for negotiated transactions that could expand the Company's market reach or REIT-qualifying revenue sources. The Company will continue to prudently advance these opportunities.
Outlook
CorEnergy provided the following outlook for 2022:
Dividend and Distribution Declarations
The Company currently expects all of its 2022 Common Stock and Preferred Stock dividends will be characterized as Return of Capital for tax purposes.
Common Stock: A fourth quarter 2021 dividend of $0.05 per share was declared for CorEnergy's common stock. The dividend was paid on February 28, 2022, to stockholders of record on February 14, 2022.
Preferred Stock: For the Company's 7.375% Series A Cumulative Redeemable Preferred Stock, a cash dividend of $0.4609375 per depositary share was declared. The preferred stock dividend, which equates to an annual dividend payment of $1.84375 per depositary share, was paid on February 28, 2022, to stockholders of record on February 14, 2022.
Class A-1 Units: Pursuant to the terms of the Crimson transaction, the holders of Crimson Class A-1 Units received a cash distribution of $0.4609375 per unit based on the Company’s declared Series A Preferred dividend.
Class A-2 and Class A-3 Units: Pursuant to the terms of the Crimson transaction, the holders of Crimson Class A-2 and Class A-3 Units did not receive a cash distribution this quarter, since no dividend was declared on the underlying Class B Common Stock.
Fiscal Year 2021 Earnings Conference Call
CorEnergy will host a conference call on Monday, March 14, 2022 at 10:00 a.m. Central Time to discuss its financial results. Please dial into the call at +1-973-528-0011 at least five minutes prior to the scheduled start time. The call will also be webcast in a listen-only format. A link to the webcast will be accessible at corenergy.reit.
A replay of the call will be available until 10:00 a.m. Central Time on April 14, 2022, by dialing +1-919-882-2331. The Conference ID is 44517. A webcast replay of the conference call will also be available on the Company’s website, corenergy.reit.
About CorEnergy Infrastructure Trust, Inc.
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) is a real estate investment trust that owns and operates or leases regulated natural gas transmission and distribution lines and crude oil gathering, storage and transmission pipelines and associated rights-of-way. For more information, please visit corenergy.reit.
Forward-Looking Statements
This press release contains certain statements that may include "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. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although CorEnergy believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including, among others, failure to realize the anticipated benefits of the Crimson transaction; the risk that CPUC approval is not obtained, is delayed or is subject to unanticipated conditions that could adversely affect CorEnergy or the expected benefits of the Crimson transaction; risks related to the uncertainty of the projected financial information with respect to Crimson, and those factors discussed in CorEnergy’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, CorEnergy does not assume a duty to update any forward-looking statement. In particular, any distribution paid in the future to our stockholders will depend on the actual performance of CorEnergy, its costs of leverage and other operating expenses and will be subject to the approval of CorEnergy’s Board of Directors and compliance with leverage covenants.
Notes
1 Management uses CAD as a measure of long-term sustainable performance. Adjusted Net Income and CAD are non-GAAP measures. Adjusted Net Income represents net income (loss) adjusted for loss on impairment of leased property; loss on impairment and disposal of leased property; loss on termination of lease; deferred rent receivable write-off; loss (gain) on extinguishment of debt; gain on sale of equipment and transaction-related costs. CAD represents Adjusted Net Income adjusted for depreciation, amortization and ARO accretion (cash flows) and deferred tax expense (benefit) less transaction costs; maintenance capital expenditures; preferred dividend requirements and mandatory debt amortization. Reconciliations of Adjusted Net Income and CAD to Net Income (Loss) and Net Cash Provided By Operating Activities are included in the additional financial information attached to this press release.
2 Management uses Adjusted EBITDA as a measure of operating performance. Adjusted EBITDA represents net income (loss) adjusted for items such as gain on sale of equipment; and transaction-related costs. Adjusted EBITDA is further adjusted for depreciation, amortization and ARO accretion expense; income tax expense (benefit) and interest expense. The reconciliation of Adjusted EBITDA to Net Income (Loss) is included in the additional financial information attached to this press release.
Consolidated Balance Sheets |
|||||||
|
December 31, 2021 |
|
December 31, 2020 |
||||
Assets |
|
|
|
||||
Property and equipment, net of accumulated depreciation of $37,022,035 and $22,580,810 (Crimson VIE:$338,452,392 and $0, respectively) |
$ |
441,430,193 |
|
|
$ |
106,224,598 |
|
Leased property, net of accumulated depreciation of $258,207 and $6,832,167 |
|
1,267,821 |
|
|
|
64,938,010 |
|
Financing notes and related accrued interest receivable, net of reserve of $600,000 and $600,000 |
|
1,036,660 |
|
|
|
1,209,736 |
|
Cash and cash equivalents (Crimson VIE:$1,870,000 and $0, respectively) |
|
12,496,478 |
|
|
|
99,596,907 |
|
Accounts and other receivables (Crimson VIE: $11,291,749 and $0, respectively) |
|
15,367,389 |
|
|
|
3,675,977 |
|
Due from affiliated companies (Crimson VIE: $676,825 and $0, respectively) |
|
676,825 |
|
|
|
— |
|
Deferred costs, net of accumulated amortization of $345,775 and $2,130,334 |
|
796,572 |
|
|
|
1,077,883 |
|
Inventory (Crimson VIE: $3,839,865 and $0, respectively) |
|
3,953,523 |
|
|
|
87,940 |
|
Prepaid expenses and other assets (Crimson VIE: $5,004,566 and $0, respectively) |
|
9,075,043 |
|
|
|
2,054,804 |
|
Operating right-of-use assets (Crimson VIE: $5,647,631 and $0, respectively) |
|
6,075,939 |
|
|
|
85,879 |
|
Deferred tax asset, net |
|
206,285 |
|
|
|
4,282,576 |
|
Goodwill |
|
16,210,020 |
|
|
|
1,718,868 |
|
Total Assets |
$ |
508,592,748 |
|
|
$ |
284,953,178 |
|
Liabilities and Equity |
|
|
|
||||
Secured credit facilities, net of debt issuance costs of $1,275,244 and $0 |
$ |
99,724,756 |
|
|
$ |
— |
|
Unsecured convertible senior notes, net of discount and debt issuance costs of $2,384,170 and $3,041,870 |
|
115,665,830 |
|
|
|
115,008,130 |
|
Asset retirement obligation |
|
— |
|
|
|
8,762,579 |
|
Accounts payable and other accrued liabilities (Crimson VIE: $9,743,904 and $0, respectively) |
|
17,036,064 |
|
|
|
4,628,847 |
|
Management fees payable |
|
— |
|
|
|
971,626 |
|
Income tax liability |
|
— |
|
|
|
— |
|
Due to affiliated companies (Crimson VIE: $648,316 and $0, respectively) |
|
648,316 |
|
|
|
— |
|
Operating lease liability (Crimson VIE: $5,647,036 and $0, respectively) |
|
6,046,657 |
|
|
|
56,441 |
|
Unearned revenue (Crimson VIE: $199,405 and $0, respectively) |
|
5,839,602 |
|
|
|
6,125,728 |
|
Total Liabilities |
$ |
244,961,225 |
|
|
$ |
135,553,351 |
|
Equity |
|
|
|
||||
Series A Cumulative Redeemable Preferred Stock 7.375%, $129,525,675 and $125,270,350 liquidation preference ($2,500 per share, $0.001 par value), 10,000,000 authorized; 51,810 and 50,108 issued and outstanding at December 31, 2021 and December 31, 2020, respectively |
$ |
129,525,675 |
|
|
$ |
125,270,350 |
|
Capital stock, non-convertible, $0.001 par value; 14,893,184 and 13,651,521 shares issued and outstanding at December 31, 2021 and December 31, 2020 (100,000,000 shares authorized) |
|
14,893 |
|
|
|
13,652 |
|
Class B Common Stock, $0.001 par value; 683,761 and 0 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively (11,896,100 shares authorized) |
|
684 |
|
|
|
— |
|
Additional paid-in capital |
|
338,302,735 |
|
|
|
339,742,380 |
|
Retained deficit |
|
(327,157,636 |
) |
|
|
(315,626,555 |
) |
Total CorEnergy Equity |
|
140,686,351 |
|
|
|
149,399,827 |
|
Non-controlling Interest (Crimson) |
|
122,945,172 |
|
|
|
— |
|
Total Equity |
|
263,631,523 |
|
|
|
149,399,827 |
|
Total Liabilities and Equity |
$ |
508,592,748 |
|
|
$ |
284,953,178 |
|
Consolidated Statements of Operations |
|||||||||||||||
|
(Unaudited) |
|
|
|
|
||||||||||
|
For the Three Months Ended
|
|
For the Years Ended
|
||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Revenue |
|
|
|
|
|
|
|
||||||||
Transportation and distribution revenue |
$ |
32,854,736 |
|
|
$ |
5,815,990 |
|
|
$ |
116,536,612 |
|
|
$ |
19,972,351 |
|
Pipeline loss allowance subsequent sales |
|
2,491,014 |
|
|
|
— |
|
|
|
8,606,850 |
|
|
|
— |
|
Lease revenue |
|
37,175 |
|
|
|
30,125 |
|
|
|
1,246,090 |
|
|
|
21,351,123 |
|
Deferred rent receivable write-off |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(30,105,820 |
) |
Other revenue |
|
384,913 |
|
|
|
32,098 |
|
|
|
1,744,244 |
|
|
|
120,417 |
|
Sales revenue |
|
|
|
|
|
— |
|
|
|
— |
|
||||
Total Revenue |
|
35,767,838 |
|
|
|
5,878,213 |
|
|
|
128,133,796 |
|
|
|
11,338,071 |
|
Expenses |
|
|
|
|
|
|
|
||||||||
Transportation and distribution expenses |
|
16,350,585 |
|
|
|
2,023,900 |
|
|
|
58,146,006 |
|
|
|
6,059,707 |
|
Pipeline loss allowance subsequent sales cost of revenue |
|
2,303,500 |
|
|
|
— |
|
|
|
8,194,040 |
|
|
|
— |
|
General and administrative |
|
6,266,627 |
|
|
|
2,036,287 |
|
|
|
26,641,161 |
|
|
|
12,231,922 |
|
Depreciation, amortization and ARO accretion expense |
|
4,464,037 |
|
|
|
2,174,630 |
|
|
|
14,801,676 |
|
|
|
13,654,429 |
|
Loss on impairment of leased property |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
140,268,379 |
|
Loss on impairment and disposal of leased property |
|
— |
|
|
|
— |
|
|
|
5,811,779 |
|
|
|
146,537,547 |
|
Loss on termination of lease |
|
— |
|
|
|
— |
|
|
|
165,644 |
|
|
|
458,297 |
|
Total Expenses |
|
29,384,749 |
|
|
|
6,234,817 |
|
|
|
113,760,306 |
|
|
|
319,210,281 |
|
Operating Income (Loss) |
$ |
6,383,089 |
|
|
$ |
(356,604 |
) |
|
$ |
14,373,490 |
|
|
$ |
(307,872,210 |
) |
Other Income (Expense) |
|
|
|
|
|
|
|
||||||||
Other income |
$ |
402,823 |
|
|
$ |
21,937 |
|
|
$ |
769,682 |
|
|
$ |
471,449 |
|
Interest expense |
|
(3,163,480 |
) |
|
|
(2,247,994 |
) |
|
|
(12,742,157 |
) |
|
|
(10,301,644 |
) |
Gain (loss) on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
(861,814 |
) |
|
|
11,549,968 |
|
Total Other Income (Expense) |
|
(2,760,657 |
) |
|
|
(2,226,057 |
) |
|
|
(12,834,289 |
) |
|
|
1,719,773 |
|
Income (loss) before income taxes |
|
3,622,432 |
|
|
|
(2,582,661 |
) |
|
|
1,539,201 |
|
|
|
(306,152,437 |
) |
Taxes |
|
|
|
|
|
|
|
||||||||
Current tax expense (benefit) |
|
(42,845 |
) |
|
|
3,662 |
|
|
|
(1,531 |
) |
|
|
(395,843 |
) |
Deferred tax expense (benefit) |
|
3,853,952 |
|
|
|
85,357 |
|
|
|
4,076,290 |
|
|
|
310,985 |
|
Income tax expense (benefit), net |
|
3,811,107 |
|
|
|
89,019 |
|
|
|
4,074,759 |
|
|
|
(84,858 |
) |
Net Income (Loss) |
|
(188,675 |
) |
|
|
(2,671,680 |
) |
|
|
(2,535,558 |
) |
|
|
(306,067,579 |
) |
Less: Net Income attributable to non-controlling interest |
|
2,219,660 |
|
|
|
— |
|
|
|
8,995,523 |
|
|
|
— |
|
Net Income (Loss) attributable to CorEnergy Stockholders |
$ |
(2,408,335 |
) |
|
$ |
(2,671,680 |
) |
|
$ |
(11,531,081 |
) |
|
$ |
(306,067,579 |
) |
Preferred dividend requirements |
|
2,388,130 |
|
|
|
2,309,672 |
|
|
|
9,395,604 |
|
|
|
9,189,809 |
|
Net Income (Loss) attributable to Common Stockholders |
$ |
(4,796,465 |
) |
|
$ |
(4,981,352 |
) |
|
$ |
(20,926,685 |
) |
|
$ |
(315,257,388 |
) |
|
|
|
|
|
|
|
|
||||||||
Earnings (Loss) Per Common Share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.31 |
) |
|
$ |
(0.36 |
) |
|
$ |
(1.44 |
) |
|
$ |
(23.09 |
) |
Diluted |
$ |
(0.31 |
) |
|
$ |
(0.36 |
) |
|
$ |
(1.44 |
) |
|
$ |
(23.09 |
) |
Weighted Average Shares of Common Stock Outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
15,559,737 |
|
|
|
13,651,521 |
|
|
|
14,581,850 |
|
|
|
13,650,718 |
|
Diluted |
|
15,559,737 |
|
|
|
13,651,521 |
|
|
|
14,581,850 |
|
|
|
13,650,718 |
|
Dividends declared per share |
$ |
0.050 |
|
|
$ |
0.050 |
|
|
$ |
0.200 |
|
|
$ |
0.900 |
|
Consolidated Statements of Cash Flows |
|||||||
|
For the Years Ended December 31, |
||||||
|
2021 |
|
2020 |
||||
Operating Activities |
|
|
|
||||
Net loss |
$ |
(2,535,558 |
) |
|
$ |
(306,067,579 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
||||
Deferred income tax |
|
4,076,290 |
|
|
|
310,985 |
|
Depreciation, amortization and ARO accretion |
|
16,406,557 |
|
|
|
14,924,464 |
|
Loss on impairment of leased property |
|
— |
|
|
|
140,268,379 |
|
Loss on impairment and disposal of leased property |
|
5,811,779 |
|
|
|
146,537,547 |
|
Loss on termination of lease |
|
165,644 |
|
|
|
458,297 |
|
Deferred rent receivable write-off, noncash |
|
— |
|
|
|
30,105,820 |
|
(Gain) loss on extinguishment of debt |
|
861,814 |
|
|
|
(11,549,968 |
) |
Gain on sale of equipment |
|
(16,508 |
) |
|
|
(13,683 |
) |
Changes in assets and liabilities: |
|
|
|
||||
Deferred rent receivables |
|
— |
|
|
|
(247,718 |
) |
Accounts and other receivables |
|
(92,089 |
) |
|
|
467,257 |
|
Financing note accrued interest receivable |
|
(8,780 |
) |
|
|
(18,069 |
) |
Inventory |
|
(2,183,946 |
) |
|
|
— |
|
Prepaid expenses and other assets |
|
(958,283 |
) |
|
|
(1,424,332 |
) |
Due from affiliated companies, net |
|
(28,509 |
) |
|
|
— |
|
Management fee payable |
|
(971,626 |
) |
|
|
(698,324 |
) |
Accounts payable and other accrued liabilities |
|
(2,627,549 |
) |
|
|
(1,903,936 |
) |
Unearned revenue |
|
(601,126 |
) |
|
|
(766,070 |
) |
Net cash provided by operating activities |
$ |
17,298,110 |
|
|
$ |
10,383,070 |
|
Investing Activities |
|
|
|
||||
Acquisition of Crimson Midstream Holdings, net of cash acquired |
|
(69,002,052 |
) |
|
|
— |
|
Acquisition of Corridor InfraTrust Management, net of cash acquired |
|
952,487 |
|
|
|
— |
|
Purchases of property and equipment, net |
|
(15,883,609 |
) |
|
|
(2,186,155 |
) |
Proceeds from sale of property and equipment |
|
97,210 |
|
|
|
15,000 |
|
Proceeds from insurance recovery |
|
60,153 |
|
|
|
— |
|
Principal payment on financing note receivable |
|
155,008 |
|
|
|
43,333 |
|
Decrease in financing note receivable |
|
26,849 |
|
|
|
— |
|
Net cash used in investing activities |
$ |
(83,593,954 |
) |
|
$ |
(2,127,822 |
) |
Financing Activities |
|
|
|
||||
Debt financing costs |
|
(2,735,922 |
) |
|
|
— |
|
Cash paid for maturity of convertible notes |
|
— |
|
|
|
(1,676,000 |
) |
Cash paid for repurchase of convertible notes |
|
— |
|
|
|
(1,316,250 |
) |
Cash paid for settlement of Pinedale Secured Credit Facility |
|
— |
|
|
|
(3,074,572 |
) |
Repurchases of Series A preferred stock |
|
— |
|
|
|
(161,997 |
) |
Dividends paid on Series A preferred stock |
|
(9,395,604 |
) |
|
|
(9,242,797 |
) |
Dividends paid on Common Stock |
|
(2,439,446 |
) |
|
|
(12,286,368 |
) |
Common Stock issued under the director's compensation plan |
|
22,500 |
|
|
|
— |
|
Distributions to non-controlling interest |
|
(2,256,113 |
) |
|
|
— |
|
Advances on revolving line of credit |
|
24,000,000 |
|
|
|
— |
|
Payments on revolving line of credit |
|
(22,000,000 |
) |
|
|
— |
|
Principal payments on secured credit facilities |
|
(6,000,000 |
) |
|
|
(1,764,000 |
) |
Net cash used in financing activities |
$ |
(20,804,585 |
) |
|
$ |
(29,521,984 |
) |
Net change in cash and cash equivalents |
$ |
(87,100,429 |
) |
|
$ |
(21,266,736 |
) |
Cash and cash equivalents at beginning of period |
|
99,596,907 |
|
|
|
120,863,643 |
|
Cash and cash equivalents at end of period |
$ |
12,496,478 |
|
|
$ |
99,596,907 |
|
|
|
|
|
||||
Supplemental Disclosure of Cash Flow Information |
|
|
|
||||
Interest paid |
|
11,224,582 |
|
|
|
9,272,409 |
|
Income taxes paid (net of refunds) |
|
(635,730 |
) |
|
|
(466,236 |
) |
|
|
|
|
||||
Non-Cash Investing Activities |
|
|
|
||||
Proceeds from sale of leased property provided directly to secured lender |
$ |
— |
|
|
$ |
18,000,000 |
|
Purchases of property, plant and equipment in accounts payable and other accrued liabilities |
|
113,847 |
|
|
|
591,421 |
|
In-kind consideration for the Grand Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition |
|
48,873,169 |
|
|
|
— |
|
Crimson credit facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition |
|
105,000,000 |
|
|
|
— |
|
Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition |
|
116,205,762 |
|
|
|
— |
|
Series A preferred stock issued due to internalization transaction |
|
4,245,112 |
|
|
|
— |
|
Common stock issued due to internalization transaction |
|
7,096,153 |
|
|
|
— |
|
Class B Common Stock issued due to internalization transaction |
|
3,288,890 |
|
|
|
— |
|
|
|
|
|
||||
Non-Cash Financing Activities |
|
|
|
||||
Proceeds from sale of leased property used in settlement of Pinedale Secured Credit Facility |
$ |
— |
|
|
$ |
(18,000,000 |
) |
Common stock issued upon exchange and conversion of convertible notes |
|
— |
|
|
|
419,129 |
|
Crimson A-2 Units dividends payment in-kind |
|
610,353 |
|
|
|
— |
|
Non-GAAP Financial Measurements (Unaudited)
The following table presents a reconciliation of Net Loss, as reported in the Consolidated Statements of Operations, to Adjusted Net Income (Loss) and CAD:
|
For the Three Months Ended |
|
For the Year Ended |
||||||||||||
|
December 31, 2021 |
|
December 31, 2020 |
|
December 31, 2021 |
|
December 31, 2020 |
||||||||
Net Loss |
$ |
(188,675 |
) |
|
$ |
(2,671,680 |
) |
|
$ |
(2,535,558 |
) |
|
$ |
(306,067,579 |
) |
Add: |
|
|
|
|
|
|
|
||||||||
Loss on impairment of leased property |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
140,268,379 |
|
Loss on impairment and disposal of leased property |
|
— |
|
|
|
— |
|
|
|
5,811,779 |
|
|
|
146,537,547 |
|
Loss on termination of lease |
|
— |
|
|
|
— |
|
|
|
165,644 |
|
|
|
458,297 |
|
Deferred rent receivable write-off |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
30,105,820 |
|
Loss (gain) on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
861,814 |
|
|
|
(11,549,968 |
) |
Other accruals write-off |
|
(297,800 |
) |
|
|
— |
|
|
|
(297,800 |
) |
|
|
— |
|
Gain (loss) on the sale of equipment |
|
— |
|
|
|
(10,141 |
) |
|
|
(16,508 |
) |
|
|
(13,683 |
) |
Transaction costs |
|
1,321,562 |
|
|
|
528,113 |
|
|
|
6,947,334 |
|
|
|
1,673,920 |
|
Transaction bonus |
|
— |
|
|
|
— |
|
|
|
1,036,492 |
|
|
|
— |
|
Adjusted Net Income (Loss) |
$ |
835,087 |
|
|
$ |
(2,153,708 |
) |
|
$ |
11,973,197 |
|
|
$ |
1,412,733 |
|
Add: |
|
|
|
|
|
|
|
||||||||
Depreciation, amortization and ARO accretion (Cash Flows) |
|
4,876,097 |
|
|
|
2,482,689 |
|
|
|
16,406,557 |
|
|
|
14,924,464 |
|
Deferred tax expense (benefit) |
|
3,853,952 |
|
|
|
85,357 |
|
|
|
4,076,290 |
|
|
|
310,985 |
|
Less: |
|
|
|
|
|
|
|
||||||||
Transaction costs |
|
1,321,562 |
|
|
|
528,113 |
|
|
|
6,947,334 |
|
|
|
1,673,920 |
|
Transaction bonus |
|
— |
|
|
|
— |
|
|
|
1,036,492 |
|
|
|
— |
|
Maintenance capital expenditures |
|
1,958,286 |
|
|
|
— |
|
|
|
7,339,994 |
|
|
|
— |
|
Preferred dividend requirements - Series A |
|
2,388,130 |
|
|
|
2,309,672 |
|
|
|
9,395,604 |
|
|
|
9,189,809 |
|
Preferred dividend requirements - Non-controlling interest |
|
809,212 |
|
|
|
— |
|
|
|
3,136,203 |
|
|
|
— |
|
Mandatory debt amortization |
|
2,000,000 |
|
|
|
— |
|
|
|
6,000,000 |
|
|
|
1,764,000 |
|
Cash Available for Distribution |
$ |
1,087,946 |
|
|
$ |
(2,423,447 |
) |
|
$ |
(1,399,583 |
) |
|
$ |
4,020,453 |
|
The financial impacts of the Crimson assets only represent the period from February 1, 2021 to December 31, 2021.
|
For the Three Months Ended |
|
For the Year Ended |
||||||||||||
|
December 31, 2021 |
|
December 31, 2020 |
|
December 31, 2021 |
|
December 31, 2020 |
||||||||
Net cash provided by (used in) operating activities |
$ |
5,059,824 |
|
|
$ |
(339,304 |
) |
|
$ |
17,298,110 |
|
|
$ |
10,383,070 |
|
Changes in working capital |
|
3,481,550 |
|
|
|
225,529 |
|
|
|
7,471,908 |
|
|
|
4,591,192 |
|
Other accruals write-off |
|
(297,800 |
) |
|
|
— |
|
|
|
(297,800 |
) |
|
|
— |
|
Maintenance capital expenditures |
|
(1,958,286 |
) |
|
|
— |
|
|
|
(7,339,994 |
) |
|
|
— |
|
Preferred dividend requirements |
|
(2,388,130 |
) |
|
|
(2,309,672 |
) |
|
|
(9,395,604 |
) |
|
|
(9,189,809 |
) |
Preferred dividend requirements - non-controlling interest |
|
(809,212 |
) |
|
|
— |
|
|
|
(3,136,203 |
) |
|
|
— |
|
Mandatory debt amortization included in financing activities |
|
(2,000,000 |
) |
|
|
— |
|
|
|
(6,000,000 |
) |
|
|
(1,764,000 |
) |
Cash Available for Distribution |
$ |
1,087,946 |
|
|
$ |
(2,423,447 |
) |
|
$ |
(1,399,583 |
) |
|
$ |
4,020,453 |
|
|
|
|
|
|
|
|
|
||||||||
Other Special Items: |
|
|
|
|
|
|
|
||||||||
Transaction costs |
$ |
1,321,562 |
|
|
$ |
528,113 |
|
|
$ |
6,947,334 |
|
|
$ |
1,673,920 |
|
Transaction bonus |
|
— |
|
|
|
— |
|
|
|
1,036,492 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
||||||||
Other Cash Flow Information: |
|
|
|
|
|
|
|
||||||||
Net cash used in investing activities |
$ |
(817,783 |
) |
|
$ |
(1,292,944 |
) |
|
$ |
(83,593,954 |
) |
|
$ |
(2,127,822 |
) |
Net cash used in financing activities |
|
(6,837,520 |
) |
|
|
(2,992,249 |
) |
|
|
(20,804,585 |
) |
|
|
(29,521,984 |
) |
The financial impacts of the Crimson assets only represent the period from February 1, 2021 to December 31, 2021.
CorEnergy Infrastructure Trust, Inc.
Investor Relations
Debbie Hagen or Matt Kreps
877-699-CORR (2677)
This email address is being protected from spambots. You need JavaScript enabled to view it.
CHARLOTTE, N.C.--(BUSINESS WIRE)--#carboncapture--Innovative Emissions Control Inc. (IEC), a special purpose investment company founded by investment professionals John Moore and Edoardo Bugnone, composed of Swiss and US investors and Cormetech’s management team, today announced that it has completed a transaction to buy Cormetech, Inc. Terms of the transaction were not disclosed.
Cormetech, headquartered in Charlotte, NC, is one of the world’s leading environmental product and services companies serving utility and industrial customers around the globe. Cormetech’s CEO Mike Mattes said, “We are delighted to partner with Edoardo and John and our fellow investors at IEC to acquire Cormetech. Our management team and I are excited to continue seamlessly executing on the current business plan.”
IEC Co-Founding partner Edoardo Bugnone said, “We are incredibly pleased to make this investment in Cormetech and to support Mike and his team. Our investment and growth capital are intended to provide the Company long-term stability of ownership and reflect our belief that Cormetech is uniquely positioned to grow globally and help reduce the environmental impact of coal and natural gas plants. We are also seeking to build on Cormetech’s leading technological platform to develop new innovative technologies, including in the carbon capture and water treatment fields.”
IEC Co-Founding partner and new Chairman of Cormetech John Moore said, “Mike and his team created the world’s only integrated new and regenerated SCR catalyst business. They offer their broad range of utility, marine, and refinery customers a unique solution for reducing the cost of NOx emissions compliance. Edoardo and I are excited by the terrific management team Mike has assembled, how we can build on the solid foundation they have established, and what we can accomplish with our customers and technology partners in the next decade together.”
About Cormetech
CORMETECH, Inc. is a world leader in manufacturing of high-quality environmental catalysts, providing SCR Catalyst regeneration and engineering services for the power, marine, industrial-process, refinery, and petrochemical markets. The company has leveraged more than 30 years of field experience and ceramic extrusion technology to create innovative catalyst products and services that meet our customers' needs globally. Cormetech, Inc. has four operating facilities, five distribution centers, 350 employees and annual revenues > $100 million. More information, visit www.cormetech.com, contact Scott Daugherty, Senior Vice President, Global Business Development at (919) 815-7448 or This email address is being protected from spambots. You need JavaScript enabled to view it..
Scott Daugherty
Senior Vice President, Global Business Development
(919) 815-7448
This email address is being protected from spambots. You need JavaScript enabled to view it.
ATHENS, Greece--(BUSINESS WIRE)--Danaos Corporation (NYSE: DAC), one of the world’s largest independent owners of containerships, announced today that it has placed orders for two 7,100 TEU containerships. The vessels will be built at Dalian Shipbuilding in China and are expected to be delivered to Danaos in the 2nd and 3rd quarter of 2024. The counterparties of Danaos to the shipbuilding contracts, Dalian Shipbuilding and CSTC are both subsidiaries of CSSC, one of the world’s largest shipbuilding groups.
The vessels will be methanol fuel ready and will be built in accordance with the latest requirements of the International Maritime Organization (IMO) in relation to Tier III emission standards and Energy Efficiency Design Index (EEDI) Phase III.
The Company’s CEO, Dr. John Coustas, commented:
“We are very pleased to announce the commissioning of two 7,100 TEU containerships. These vessels are at the forefront of new technology, come with the latest specifications on emissions requirements and are methanol ready. With this order Danaos continues to solidify its position as one of the major players in the containership market worldwide. We will continue to work to maximize our profitability and secure more accretive transactions with a focus on creating value for our shareholders.”
About Danaos Corporation
Danaos Corporation is one of the largest independent owners of modern, large-size containerships. Our fleet of 71 containerships aggregating 436,589 TEUs ranks Danaos among the largest containership charter owners in the world based on total TEU capacity. Our fleet is chartered to many of the world’s largest liner companies on fixed-rate charters. Danaos Corporation’s shares trade on the New York Stock Exchange under the symbol “DAC”.
Visit our website at www.danaos.com
Company:
Evangelos Chatzis
Chief Financial Officer
Danaos Corporation
Athens, Greece
Tel: +30 210 419 6480
E-Mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Iraklis Prokopakis
Senior Vice President & Chief Operating Officer
Danaos Corporation
Athens, Greece
Tel. +30 210 419 6400
E-Mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations and Financial Media:
Rose & Company
New York
Tel. 212-359-2228
E-Mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
IRVING, Texas--(BUSINESS WIRE)--ExxonMobil said today that Matt Furman has been elected vice president of public and government affairs, effective April 1, replacing Suzanne McCarron, who has elected to retire after 24 years of service.
“We welcome Matt to ExxonMobil and will leverage his knowledge and experience to enhance our corporate communications,” said Darren Woods, chief executive officer and chairman. “I thank Suzanne for her many contributions to the company’s success during her career and wish her all the best in retirement.”
Furman joins ExxonMobil from Best Buy Co. Inc., where he was chief communications and public affairs officer since 2012. At Best Buy, he oversaw internal and external communications, government affairs, corporate responsibility and sustainability, as well as the company’s corporate and foundation giving. Furman joined the company as it began its turnaround, widely viewed as one of the most successful in U.S. retail history.
Previously, Furman was the vice president of corporate affairs at Mars Chocolate and held senior communications positions at Google and CNN. Before entering the corporate sector, Furman worked in various public sector positions including as Director of Communications for the Federal Emergency Management Agency and the New York City Mayor’s Office of Emergency Management. He also served as Special Counsel and Spokesman for the National Transportation Safety Board.
Furman has a law degree from the American University School of Law and holds a bachelor’s degree from the State University of New York at Binghamton.
McCarron, who has been vice president since 2016, joined Mobil in 1998 as a manager in public affairs in Canada. Since that time, McCarron held assignments of increasing responsibility in ExxonMobil’s corporate headquarter in Irving, Texas, including general manager of public affairs and president of the ExxonMobil Foundation. Previous to her time with ExxonMobil, she served in various public affairs positions in the pharmaceutical and chemical industries.
McCarron holds a bachelor’s degree from Mount Saint Vincent University in Halifax, Nova Scotia, and a Master’s degree from the University of Western Ontario in London, Ontario.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor.
Follow us on Twitter and LinkedIn.
Media Relations
972-940-6007
Richard L. Davis to Succeed Anthony C. Allen
LOUISVILLE, Ky.--(BUSINESS WIRE)--$SYPR--Sypris Solutions, Inc. (Nasdaq/GM: SYPR) announced today the appointment of Richard L. Davis, the Company’s Vice President, to the position of Vice President & Chief Financial Officer effective October 12, 2022. Mr. Davis will remain located in Louisville, Kentucky and will report to Jeffrey T. Gill, the Company’s Chairman, President & Chief Executive Officer.
Mr. Davis has served as Vice President of Sypris since January 2018 and as Vice President Audit and Compliance from August 2015 to December 2017. Prior to 2017, Mr. Davis served in a number of increasingly responsible executive roles since joining the Company in 1985. Mr. Davis holds a BS degree in Business Administration from Indiana University and an MBA from the University of Louisville. He is a certified public accountant in the state of Kentucky.
Mr. Davis will succeed Anthony C. Allen, the Company’s current Vice President and Chief Financial Officer, who will serve as Vice President and Treasurer effective October 12, 2022. The planned transition is expected to be seamless, with both individuals having worked closely together for almost 40 years.
Commenting on the announcements, Jeffrey T. Gill, Chairman, President & Chief Executive Officer of Sypris Solutions, said, “We are very pleased to announce the transition of Rich to the role of Chief Financial Officer. He has a long, accomplished history with the Company. During his tenure, Rich has provided leadership through both his in-depth knowledge of financial matters, as well as through his comprehensive knowledge of our operations.”
“On behalf of the Board of Directors and the entire Sypris team, I want to thank Tony for his leadership and dedication to Sypris, not only as the Company’s Chief Financial Officer over the past seven years, but throughout his 36-year career with Sypris. We are pleased that Tony will continue to serve the Company in a role that will provide him with more personal flexibility in the future. We look forward to working closely together with Tony for many more years to come.”
Sypris Solutions is a diversified provider of truck components, oil and gas pipeline components and aerospace and defense electronics. The Company produces a wide range of manufactured products, often under multi-year, sole-source contracts. For more information about Sypris Solutions, visit its Web site at www.sypris.com.
Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of the federal securities laws. Forward-looking statements include our plans and expectations of future financial and operational performance. Each forward-looking statement herein is subject to risks and uncertainties, as detailed in our most recent Form 10-K and Form 10-Q and other SEC filings. Briefly, we currently believe that such risks also include the following: our failure to achieve and maintain profitability on a timely basis by steadily increasing our revenues from profitable contracts with a diversified group of customers, which would cause us to continue to use existing cash resources or require us to sell assets to fund operating losses; our failure to successfully complete final contract negotiations with regard to our announced contract “orders”, “wins” or “awards”; our failure to successfully win new business or develop new or improved products or new markets for our products; the termination or non-renewal of existing contracts by customers; breakdowns, relocations or major repairs of machinery and equipment, especially in our Toluca Plant; volatility of our customers’ forecasts especially in the commercial truck markets and our contractual obligations to meet current scheduling demands and production levels (especially in our Toluca Plant), which may negatively impact our operational capacity and our effectiveness to integrate new customers or suppliers, and in turn cause increases in our inventory and working capital levels; cost, quality and availability or lead times of raw materials such as steel, component parts (especially electronic components), natural gas or utilities including increased cost relating to inflation; the impact of the current coronavirus disease (“COVID-19”) and economic conditions on our future operations; possible public policy response to the pandemic, including U. S or foreign government legislation or restrictions that may impact our operations or supply chain; the cost, quality, timeliness, efficiency and yield of our operations and capital investments, including the impact of inflation, tariffs, product recalls or related liabilities, employee training, working capital, production schedules, cycle times, scrap rates, injuries, wages, overtime costs, freight or expediting costs; dependence on, retention or recruitment of key employees and distribution of our human capital; inaccurate data about markets, customers or business conditions; disputes or litigation involving governmental, supplier, customer, employee, creditor, stockholder, product liability, warranty or environmental claims; the fees, costs and supply of, or access to, debt, equity capital, or other sources of liquidity; our reliance on a few key customers, third party vendors and sub-suppliers; inventory valuation risks including excessive or obsolescent valuations or price erosions of raw materials or component parts on hand or other potential impairments, non-recoverability or write-offs of assets or deferred costs; failure to adequately insure or to identify product liability, environmental or other insurable risks; unanticipated or uninsured product liability claims, disasters, public health crises, losses or business risks; the costs of compliance with our auditing, regulatory or contractual obligations; labor relations; strikes; union negotiations; costs associated with environmental claims relating to properties previously owned; pension valuation, health care or other benefit costs; our inability to patent or otherwise protect our inventions or other intellectual property from potential competitors; adverse impacts of new technologies or other competitive pressures which increase our costs or erode our margins; our reliance on revenues from customers in the oil and gas and automotive markets, with increasing consumer pressure for reductions in environmental impacts attributed to greenhouse gas emissions and increased vehicle fuel economy; U.S. government spending on products and services that Sypris Electronics provides, including the timing of budgetary decisions; changes in licenses, security clearances, or other legal rights to operate, manage our work force or import and export as needed; risks of foreign operations; currency exchange rates; war, geopolitical conflict, terrorism, or political uncertainty, including disruptions resulting from the conflict between Russia and Ukraine arising out of international sanctions, foreign currency fluctuations and other economic impacts; the potential default of the U.S. federal government if Congress fails to pass a 2022 budget resolution; cyber security threats and disruptions, including ransomware attacks on our systems and the systems of third-party vendors and other parties with which we conduct business, all of which may become more pronounced in the event of geopolitical conflicts and other uncertainties, such as the conflict in Ukraine; our ability to maintain compliance with the Nasdaq listing standards minimum closing bid price; risks related to owning our common stock, including increased volatility; or unknown risks and uncertainties. We undertake no obligation to update our forward-looking statements, except as may be required by law.
Anthony C. Allen
Vice President & Chief Financial Officer
(502) 329-2000
The Louisiana Green Fuels plant, which will produce the lowest carbon footprint liquid fuel in the world, advances to Front End Engineering Design
COLUMBIA, La.--(BUSINESS WIRE)--#CCS--Strategic Biofuels, the leader in developing negative carbon footprint renewable fuels plants, announced today that its Louisiana Green Fuels project (LGF) has finished the Preliminary Engineering phase (FEL-2), and having successfully completed all success criteria, has moved into the Front End Engineering Design (FEED) or FEL-3 phase of engineering.
“The transition to FEED is a major achievement for Strategic Biofuels and the industry, as many projects get stuck at the FEL-2 stage and are not able to advance further. We’ve demonstrated that further investment is warranted and raised the funds that allow us to advance the project to the next phase,” said Dr. Paul Schubert, CEO of Strategic Biofuels. “This FEED stage will progress the project to the point where it can be fully financed in order to begin construction in early 2023. We are thankful for the ongoing support from the State of Louisiana and our many partners that have been major contributors to advancing this project into the next development stage.”
Strategic Biofuels selected Hatch as its engineering partner and Koch Project Solutions as the Project Management and EPC partner at the project’s inception. Through collaborative teamwork, LGF has benefited from the expertise both partners bring to the project.
“At Hatch we believe in innovating in all we do. The rapid progress of the Louisiana Green Fuels project is a testament to the innovative business, technical, and project development approach that has been a hallmark of this project from its inception,” said Robert Francki, Global Managing Director for Energy at Hatch. “It goes to show that doing our collective homework and doing it right, is a tremendous advantage in the pursuit of our common goal to urgently mitigate the effects of climate change.”
During the FEL-2 phase, the specific set of process operating conditions and equipment necessary to achieve the level of reliability, efficiency, and safety required was established, setting the direction for the rest of the project. The design advancement and optimization during the phase resulted in a further 10 percent reduction in the carbon footprint of the renewable diesel and naphtha than previously estimated. This has resulted in a carbon intensity of -278, which is a 378 percent reduction in carbon emissions compared to fossil fuel production, making it the lowest carbon footprint liquid fuel in the world.
“The consistent progress throughout the previous stages of the Louisiana Green Fuels project is a testament to the collaborative environment created by Strategic Biofuels,” said Paul Switzer, president of Koch Project Solutions. “Koch is fortunate to be part of such a capable group of partners, all focused on bringing innovative solutions to the market and proving the viability of renewable synthetic diesel fuel.”
Both Hatch and Koch Project Solutions will continue to play crucial roles during FEED and beyond through construction, commissioning, and start-up of the plant. For more information about Strategic Biofuels or the Louisiana Green Fuels project, visit: www.strategicbiofuels.com.
About Strategic Biofuels
Strategic Biofuels LLC is a team of energy, petrochemical and renewable technology experts focused on developing a series of deeply negative carbon footprint plants in northern Louisiana that convert waste materials from managed forests into renewable diesel fuel and renewable naphtha. The fuel qualifies for substantial Carbon Credits under the Federal Renewable Fuel Standard Program and under the California Low Carbon Fuels Standard.
About Louisiana Green Fuels
Louisiana Green Fuels is the first project by Strategic Biofuels LLC in Northern Louisiana at the Port of Columbia in Caldwell Parish. The plant and its accompanying Class VI Carbon Capture and Sequestration (CCS) Well will be the first renewable diesel project in North America to achieve “negative” carbon emissions. The feedstock for the plant is forestry waste from managed and sustainable forests.
Hunter Dodson
713-627-2223
This email address is being protected from spambots. You need JavaScript enabled to view it.
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.