MADISON, Wis.--(BUSINESS WIRE)--MGE Energy, Inc. (Nasdaq: MGEE) highlights in its latest investor newsletter, "Interim Report," the Company's goal of reducing carbon emissions at least 80 percent by 2030 as it works toward net-zero carbon electricity by mid-century. The newsletter also includes the following topics:
- 2021 earnings
- Steady dividend growth
- Annual Corporate Responsibility and Sustainability Report
- Virtual annual meeting on May 17
The newsletter is available on MGE Energy's website at: https://www.mgeenergy.com/interimreport
Interim Report is published quarterly to provide investors with information about MGE Energy and its primary subsidiary, Madison Gas and Electric.
About MGE Energy
MGE Energy is an investor-owned public utility holding company headquartered in the state capital of Madison, Wis. It is the parent company of Madison Gas and Electric, which generates and distributes electricity in Dane County, Wis., and purchases and distributes natural gas in seven south-central and western Wisconsin counties. MGE Energy's assets total approximately $2.4 billion, and its 2021 revenues were approximately $607 million.
Investor relations contact
Ken Frassetto
Director Shareholder Services and Treasury Management
608-252-4723 | This email address is being protected from spambots. You need JavaScript enabled to view it.
DALLAS, Texas--(BUSINESS WIRE)--Texas Pacific Land Corporation (NYSE: TPL) (the “Company”) today announced that the Company’s board of directors approved a stock repurchase program to purchase up to an aggregate of $100 million of our outstanding common stock. Acquisitions pursuant to the stock repurchase program may be made through a combination of open market repurchases in compliance with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, and/or other transactions at the Company’s discretion. In connection with the stock repurchase program, the Company intends to enter into a Rule 10b5-1 trading plan that would generally permit the Company to repurchase shares at times when it might otherwise be prevented from doing so under securities laws. The stock repurchase program will expire on December 31, 2022 unless otherwise modified or earlier terminated by our board of directors at any time in its sole discretion.
About TPL
Texas Pacific Land Corporation is one of the largest landowners in the State of Texas with approximately 880,000 acres of land in West Texas, with the majority of its ownership concentrated in the Permian Basin. The Company is not an oil and gas producer, but its surface and royalty ownership provide revenue opportunities throughout the life cycle of a well. These revenue opportunities include fixed fee payments for use of our land, revenue for sales of materials (caliche) used in the construction of infrastructure, providing sourced water and/or treated produced water, revenue from our oil and gas royalty interests, and revenues related to saltwater disposal on our land. The Company also generates revenue from pipeline, power line and utility easements, commercial leases and seismic and temporary permits related to a variety of land uses including midstream infrastructure projects and hydrocarbon processing facilities.
Visit TPL at http://www.TexasPacific.com.
Investor Relations
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SAN RAMON, Calif.--(BUSINESS WIRE)--#DERs--Opus One Solutions from GE Digital and Bracebridge Generation Ltd. are working together to help shape the future of power delivery with Project SPEEDIER (Smart, Proactive, Enabled Energy Distribution - Intelligently, Efficiently and Responsive). A leading provider of distributed energy resource management system (DERMS) software, Opus One Solutions conducted a successful four-day islanding test at the recently-deployed community microgrid in Parry Sound, Ontario as part of the three-year project led by Bracebridge Generation, the generating subsidiary of Lakeland Holding Ltd.
Funded by the Natural Resources Canada’s Smart Grid Program, Project SPEEDIER is an islandable microgrid solution, consisting of a network of Distributed Energy Resources (DERS) -- solar generation, grid and residential scale battery energy storage, electric vehicle charging, and hot water tank controls. The microgrid was created by installing new smart switches and reclosers on a section of Lakeland Power Distribution’s electric grid.
“Renewable energy and smart grid technology are essential to Canada’s sustainable, prosperous, and inclusive energy future. This project will intelligently distribute clean energy in Parry Sound and will serve as a model for communities across the country looking to create jobs by building resilient, low-emission energy grids,” said the Honourable Jonathan Wilkinson, Canada’s Minister of Natural Resources.
Project SPEEDIER’s solution is designed to automatically respond to a variety of outage scenarios, utilizing the solar array and battery storage to provide power to 165 homes when the regular electricity supply is unavailable. The project can demonstrate how a rural municipality has the opportunity to defer capital cost upgrades to their local distribution and transmission infrastructure while providing grid resiliency to their customers.
“SPEEDIER evolved from a local capacity constraint into an advanced technology that would not only allow the utility distribution feeder to stay energized during outages but manage high load periods and enable sustainable energy solutions to take part, creating an environment where Net-zero is possible and electrification is enabled,” stated Vince Kulchycki, COO Lakeland Holding / Bracebridge Generation.
Through the integration of modern digital technology for advanced distribution energy management into traditional electric grids, Opus One Solutions GridOS® DERMS software will facilitate Bracebridge Generation in providing the residents of Parry Sound with resilient, reliable, and efficient use of renewable energy resources. The final testing proved this microgrid’s unique capability to island and provide a seamless transition from grid-connected to islanded mode and back. Earlier this year an unplanned outage occurred throughout the Town of Parry Sound, but SPEEDIER’s solution seamlessly kept the 165 homes energized.
“Project SPEEDIER represents an opportunity for Canada to shift toward a clean energy future. It serves as the template for local distribution grids to become sustainable, resilient, and customer centric local community microgrids, enabling decarbonization of the province and net-zero goals Canada wide,” says Joshua Wong, CEO Opus One Solutions from GE Digital. “This successful test demonstrates the significant role of advanced software in fully realizing the benefits of distributed energy resources.”
Click on these links for more information about the SPEEDIER project, Opus One Solutions, and GE Digital Grid Software.
About Bracebridge Generation
Bracebridge Generation Ltd. (www.bracebridgegeneration.com) is a subsidiary company of Lakeland Holding Ltd. wholly owned by the municipalities of Parry Sound, Bracebridge, Huntsville, Burk’s Falls, Sundridge and Magnetawan. Respecting the natural environment, this company generates environmentally friendly electricity; promotes the efficient use of electrical energy; maintains safety and operating standards for electricity generation; provides informative and instructional tours; maintains the historic richness of our facilities and continues to be a progressive industry leader.
About GE Digital
GE Digital transforms how our customers solve their toughest challenges by putting industrial data to work. Our mission is to bring simplicity, speed, and scale to digital transformation activities, with industrial software that delivers breakthrough business outcomes. GE Digital’s product portfolio – including grid optimization and analytics, asset and operations performance management, and manufacturing operations and automation – helps industrial companies in the utility, power generation, oil & gas, aviation, and manufacturing sectors change the way industry works. For more information, visit www.ge.com/digital.
© 2022 General Electric. All rights reserved. GE, the GE logo and GridOS are either registered trademarks or trademarks of General Electric in the United States and/or other countries. All other trademarks are the property of their respective owners.
Jennifer Montpetit
Lakeland Holding Ltd.
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Ellie Holman
GE Digital
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NEW YORK & HOUSTON--(BUSINESS WIRE)--Glenfarne Group, LLC (“Glenfarne”), owner of the Federal Energy Regulatory Commission (“FERC”) permitted Magnolia LNG and Texas LNG facilities, supports the collaboration of the world’s political and business leaders to create a global infrastructure strategy to ensure the world’s energy security in Europe and emerging markets, while accelerating a reliable path forward for the energy transition.
Recent events in Europe stemming from Russia’s invasion of Ukraine and the resulting energy crisis have demonstrated the critical nature of global energy security. Glenfarne reiterates its support for Ukraine and its people and is stepping up its commitment by accelerating efforts to deliver responsibly sourced, environmentally sensible U.S. liquefied natural gas (“LNG”) to commercial partners in Europe.
“At Glenfarne, we believe the world won’t have an accelerated energy transition without energy security. Energy security is therefore a key factor in mitigating the impacts of climate change as well as enhancing the prosperity of economies globally. Governments, development and infrastructure banks, and energy companies need to work together to ensure that no war, conflict, or other threat leaves a continent and the rest of the world at risk of unstable energy supply,” said Brendan Duval, Founder and CEO of Glenfarne Group, LLC.
Vlad Bluzer, Managing Director of Magnolia LNG and Texas LNG, said, “As a Ukrainian, it pains me to see the invasion of a peaceful European nation and disruption of the lives of so many people. I am grateful to be part of the solution helping the European continent achieve energy independence for decades to come by facilitating long term deliveries of responsibly sourced U.S. LNG. These deliveries of LNG can fortify the European continent’s energy stability, and incentivize like-minded governments, banks, and global corporate citizens to invest together to ensure energy security and hasten the energy transition.”
Glenfarne’s FID on its LNG facilities will introduce new LNG capacity into the global market at a time when significant volumes are needed to shore up the increased demand from Europe and Asia. With both LNG facilities, together with its existing grid stability, renewables, and other natural gas infrastructure assets, Glenfarne is committed to energy transition investment that helps grow economies throughout the world.
About Glenfarne Group, LLC
Glenfarne is a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas with offices in Dallas, Texas; Panama City, Panama; Santiago, Chile; Bogota, Colombia; Florianopolis, Brazil; Seoul, South Korea; and Ho Chi Minh City, Vietnam. Glenfarne’s seasoned executives, asset managers, and operators develop, acquire, manage, and operate energy infrastructure assets throughout North and South America and Asia. For more information, please visit www.GlenfarneGroup.com.
About Magnolia LNG
Magnolia LNG is an 8.8 mtpa modularized liquefaction and export facility that is located in the heart of Louisiana’s vast natural gas corridor on the Calcasieu Ship Channel near Lake Charles. It is adjacent to the existing Kinder Morgan Louisiana Pipeline, through which all of its feed gas will be transported. Magnolia LNG is fully permitted by FERC and has both FTA and non-FTA export authorizations from the DOE.
Magnolia LNG will utilize the patented OSMR® liquefaction technology, a low-cost, highly efficient process designed to generate 30 percent lower greenhouse gas (GHG) emissions than other conventional LNG processes.
About Texas LNG
Texas LNG is a 4 mtpa modularized liquefaction export facility that is located in South Texas on the Port of Brownsville’s deep water ship channel with pipeline access to the vast Permian and Eagle Ford gas basins. It is fully permitted by FERC and has both FTA and non-FTA export authorizations from the DOE.
Glenfarne is the majority owner of Texas LNG, and Samsung Engineering Co., Ltd. is an indirect minority equity owner and strategic partner to Texas LNG.
Additional information about Texas LNG may be found on its website at www.txlng.com
Kris Cole
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(310) 652-1411
Elite Roof & Solar helps lead the market shift to integrated solar roofs and mass market adoption of solar energy in North and South Carolina
CHARLOTTE, N.C.--(BUSINESS WIRE)--#bestroofingcompanies--Elite Roof & Solar, the premier roof and solar company in the Carolinas, today announced their selection as an exclusive solar installer for GAF Energy’s award-winning Timberline Solar™ shingle. Elite Roof & Solar is one of less than 50 contractors in the country and one of only 4 contractors in the Carolinas that have been selected to help launch GAF Energy’s Timberline Solar™ shingle.
Timberline Solar™ is the only roof system to directly integrate solar technology into traditional roofing processes and materials. This new system incorporates the world’s first nailable solar shingle, the Timberline Solar Energy Shingle™ (ES), which will be assembled domestically at GAF Energy’s manufacturing and R&D facility in San Jose, California—creating American jobs and delivering a revolutionary product with the potential to drive a seismic shift in residential clean energy adoption. The Timberline Solar ES™ has received three awards from the 2022 Consumer Electronics Show (CES), including its highest honor, the Best of Innovation award, for “Smart Cities.” The product was also named an Innovation Award honoree in both the “Smart Cities” and “Smart Home” categories.
Elite Roof & Solar was selected by GAF Energy as an exclusive provider due to Elite’s superior workmanship, excellent customer service, focus on innovation, and proven track record as a roofing contractor over the last 10+ years in the Carolinas. Elite was already recognized among the best roofing companies in the country though its certification as a GAF Master Elite Contractor and as a GAF President’s Club award winner for the prior four consecutive years. Elite Roof & Solar is now among an even more exclusive group of certified Timberline Solar installers.
“For a long time, we have believed strongly that the roofing industry was moving towards a convergence with solar,” said Mick Koster, president of Elite Roof & Solar. “The new relationship between Elite Roof & Solar and GAF Energy presents a tremendous opportunity for our customers to have the best of all worlds – an innovative, premium solar roof system, installed by our world-class crews, at an affordable price, and with an outstanding warranty. When homeowners are ready to replace their existing roofs, finally they can have both a new roof and solar energy through one contractor, with one warranty, and with greater peace of mind. We’ve essentially eliminated all the inconvenience, cost, and risk of traditional photovoltaic solar panels installed on the top of existing roofs.”
“Solar roofs are the future of clean energy, and Timberline Solar is the game-changing innovation that will get us there,” said Martin DeBono, president of GAF Energy. “At GAF Energy, we have the capacity to scale this technology like no one else through GAF, bringing an integrated solar product that is weatherproof, affordable, and design-minded to homeowners across the country. We’re excited to lead the next generation of clean energy adoption.”
About Elite Roof & Solar
The Elite Roof & Solar team is driven by a singular purpose – to put a smile on our neighbors’ faces by protecting their families and homes with a safe, beautiful, and innovative roof over their heads. We are the premier roof and solar company in the Carolinas driven to provide superior workmanship, innovative products, award-winning service, and an easy customer buying experience for both residential and commercial customers. We are a veteran owned and operated company with over 5,000+ customers having trusted us for their roofing needs since 2012. For more information, visit www.eliteroofandsolar.com, www.instagram.com/elite_roof_and_solar/, www.linkedin.com/company/elite-roofing-solar, or www.facebook.com/Elite-Roof-Solar-106061545371398.
About GAF Energy
GAF Energy is transforming the rooftop solar industry to generate “Energy from every roof™”. As a Standard Industries company, GAF Energy works in partnership with North America’s largest roofing and waterproofing manufacturer, GAF, offering homeowners elegant, roof-integrated solar options. The company also facilitates commercial tax equity financing for large-scale rooftop solar projects. For more information, visit www.gaf.energy.
Mick Koster
704.274.1988
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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.
Promotion and hiring of leaders with deep sustainability expertise will drive continued expansion
SAN FRANCISCO--(BUSINESS WIRE)--Generate Capital, a leading sustainable infrastructure investment and operating platform, today announced that Darryl Carbonaro has been promoted to General Counsel. Generate also announced it has hired Lisa Schule as a Managing Director on the investment team. Schule is a successful growth-equity investor with 22 years of experience investing in energy and resource efficiency companies that address climate change.
Mr. Carbonaro has served as Head of Legal for Generate since 2017, establishing and growing the company’s in-house legal operations. Mr. Carbonaro joins the company’s Management Committee and will oversee growth of the legal and compliance functions as Generate expands its reach as the one-stop shop for financing the leading technology companies and project developers driving the Infrastructure Revolution.
At Generate, Mr. Carbonaro has led the legal work supporting more than $4 billion in financings across hundreds of transactions, including some of the most exciting new areas of sustainable infrastructure, such as community solar, microgrids, electric and hydrogen-powered mobility, and renewable natural gas. Additionally, he recently led the process for the Generate’s conversion to a Public Benefit Corporation.
“Darryl’s expertise and counsel have been invaluable in helping Generate grow into the company it is today,” said Scott Jacobs, chief executive officer and co-founder of Generate. “He has built a phenomenal legal department with the capabilities to support the diversity of technologies and markets in the energy transition, and he has become a stalwart of our company’s culture. We’re thrilled he is taking on this expanded role at such an exciting juncture for the company.”
Mr. Carbonaro has spent more than 20 years in infrastructure and asset finance. Prior to Generate, he served as Assistant General Counsel at Bank of America, where he helped launch the bank’s renewable energy finance group. He began his legal career at White & Case in New York as a project finance attorney. Prior to becoming a lawyer, Mr. Carbonaro was a chemical engineer focused on waste control and environmental impact in the chemical process industry. He earned his JD from Pace Law School and a BS in chemical engineering from Drexel University.
“I am honored that the company has asked me to serve as its first general counsel. It has been a pleasure to build a legal function to support the stellar investment team at Generate, and I look forward to Generate’s next chapter of growth,” Mr. Carbonaro said.
Lisa Schule brings decades of private equity investment experience in sustainability growth companies to Generate. Based in Washington, D.C., she will be responsible for expanding the company’s growing corporate equity investment activities across the sustainability landscape, including sustainable infrastructure, transportation, renewable power, resource efficiency, smart cities and the circular economy.
“Lisa is a hugely important addition to our team and our expertise base as we expand the ways we support the leading companies of the resource revolution,” Jacobs shared. “Entrepreneurs need several types of financing and many types of help as we face the ever-more-urgent threat of the climate crisis together. Lisa’s expertise in sustainability and her track record of helping build leading companies will be integral to our success at our mission, to the growth of our partners and to our collective ability to solve the most pressing problems of our time.”
Schule was most recently a Managing Director at the Global Environment Fund, leading the firm’s U.S. investment activities in energy and sustainability. Lisa also worked at Perseus, LLC investing in energy technology and clean energy solutions and held several roles in PECO Energy’s wholesale power division. Lisa graduated magna cum laude from Amherst College and has a law degree from Georgetown University School of Law.
“I’ve long admired Generate and its ability to provide sustainable solutions that have enormous immediate impacts, both environmentally and economically,” Schule stated. “I am excited to join the team and work with Generate to continue to build out the suite of comprehensive funding options for leading companies at this critical moment in the resource revolution.”
About Generate
Generate Capital, PBC is a leading sustainable infrastructure company driving the infrastructure revolution. Generate builds, owns, operates and finances solutions for clean energy, transportation, water, waste and digital infrastructure. Founded in 2014, Generate partners with over 40 technology and project developers and owns and operates more than 2,000 assets globally. Generate is the one-stop shop offering pioneers of the infrastructure revolution tailored funding and support needed to get projects built. Our Infrastructure-as-a-Service model delivers affordable, reliable and sustainable resources to thousands of customers, companies, communities, school districts and universities. Together, we are rebuilding the world. For more information, please visit www.generatecapital.com.
Emily Chasan
(415) 480-2914
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+ 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
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ANN ARBOR, Mich.--(BUSINESS WIRE)--The Coretec Group, Inc., (OTCQB: CRTG), developers of engineered silicon, a lithium-ion battery with a silicon-anode, and 3D volumetric displays, applauds the passage of the U.S. 2022 federal spending bill.
The Coretec Group is pleased to see the inclusion of programs to expand on energy efficiency, improve transportation infrastructure, and advance the science necessary to achieve goals in the transition to clean energy and transportation. In particular, the bill provides funding for research and development to improve battery technology for electric vehicles.
In particular, The Coretec Group believes its progress in developing a lithium-ion battery with a unique silicon-based anode will improve battery cycling stability, extending battery lifespans and the capability to hold more energy. The 10x increase in charge capacity in silicon compared with the traditional graphite anode has been the main driver for silicon-anode development. The inherent greater energy density available in silicon and silicon-composite anodes will improve battery performance in applications such as electric vehicles, mobile devices and space exploration. The Coretec Group is using cyclohexasilane (CHS) and similar molecules to uniquely tailor the kinds of silicon materials in such an anode.
“This bill makes available funding for battery development,” said CEO Matthew Kappers. “We see opportunities for The Coretec Group to participate in several of the programs highlighted in the Department of Energy’s portion of the bill, including advancing the science necessary for advancements in electric vehicles as well as energy storage in general.”
About The Coretec Group
The Coretec Group, Inc. is developing a portfolio of engineered silicon to improve energy-focused verticals, including electric vehicle and consumer batteries, solid-state lighting (LEDs), and semiconductors, as well as 3D volumetric displays and printable electronics. The Coretec Group serves the global technology markets in energy, electronics, semiconductor, solar, health, environment, and security.
For more information, please visit thecoretecgroup.com. Follow The Coretec Group on Twitter and LinkedIn.
Forward-Looking Statements:
The statements in this press release that relate to The Coretec Group’s expectations with regard to the future impact on the Company’s results from operations are forward-looking statements and may involve risks and uncertainties, some of which are beyond our control. Such risks and uncertainties are described in greater detail in our filings with the U.S. Securities and Exchange Commission. Since the information in this press release may contain statements that involve risk and uncertainties and are subject to change at any time, the Company’s actual results may differ materially from expected results. We make no commitment to disclose any subsequent revisions to forward-looking statements. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity.
The Coretec Group, Inc.
Lindsay McCarthy
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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
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BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology space, is pleased to announce that Hechem Nadjar will join the Company as Vice President of Business Development, to lead business development and sales across Europe.
Mr. Nadjar holds extensive experience in the oil & gas and renewable energy industries, successfully deploying hydrogen and fuel cell technology solutions to market for TotalEnergies and Shell, where he served as Head of Partnerships & Business Development (Clean Hydrogen), and Commercial & Business Development Manager (Hydrogen), respectively. Over the past 9 years, Mr. Nadjar has focused on commercializing sustainable solutions in the renewable energy market and has played a key role in securing deals of high strategic importance.
“Hechem’s appointment comes at a critical time for our company, as we revamp the distribution of our products, with an aim to increase the supply of our vast range of clean and reliable fuel cell solutions across Europe,” said Advent’s Chief Marketing Officer, Chris Kaskavelis.
“One of Advent’s main goals is to positively contribute to global decarbonization efforts by offering solutions that significantly cut emissions and increase efficiency. Hechem will further strengthen these efforts, as his role will be key to spearheading joint development agreements for our fuel cell innovations in the transportation market. We are thrilled to welcome him to the Advent team and look forward to a successful collaboration,” Dr. Kaskavelis added.
Hechem Nadjar stated, “I am proud and excited to be joining Advent as a partner in its mission for a cleaner safer world, through the utilization of hydrogen and fuel cell technologies. I am eager to use my years of experience to bring Advent’s current and future products to the European market, as well as to establish long-lasting and sustainable partnerships to speed this mission.”
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems as well as supplying customers with 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, licensed, and pending for its fuel cell technology, Advent holds the IP 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
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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.
More than 300 businesses across 51 industries and 29 countries have now joined The Climate Pledge and committed to pursue ambitious carbon-reduction activities across their business operations and supply chains
New signatories also include Climate Pledge Fund investees BETA Technologies, Infinium, and Pachama
SEATTLE--(BUSINESS WIRE)--Today, Amazon and Global Optimism announced that more than 300 companies have now signed The Climate Pledge, a nearly 600% growth in signatories over the past year. Among the nearly 100 new signatories joining today are the world’s largest container shipping company, Maersk; the leading enterprise software developer SAP; the North American timberland company Weyerhaeuser; the largest residential solar company in the U.S., Sunrun; and the leading brand in connected car and audio services, HARMAN. Pledge signatories in total generate over $3.5 trillion in global annual revenues and have more than 8 million employees across 51 industries in 29 countries.
Signatories to The Climate Pledge must agree to:
“The effects of climate change are becoming more and more apparent in our surroundings and daily lives, and we firmly believe that the private sector must continue to innovate and collaborate across regions and industries in order to decarbonize the global economy at scale,” said Andy Jassy, Amazon CEO. “It’s an encouraging sign that more than 300 businesses have now signed The Climate Pledge, which commits them to confronting climate change head-on by incorporating real business changes that will make a lasting impact on our planet. We can only do it together.”
Many of the new Pledge signatories are already making great strides toward reducing their carbon emissions:
Today, The Climate Pledge also welcomes several companies that have previously received investments through the $2 billion Climate Pledge Fund, Amazon’s corporate venture capital fund that invests in companies that can help accelerate a path to meeting The Climate Pledge. These companies include BETA Technologies, an electric aerospace company, and Infinium, a renewable fuels technology company, which both aim to support decarbonization efforts in the global transportation sector. The sector was responsible for approximately 7.3 billion metric tons of carbon emissions in 2020. In fact, nearly 13% of signatories represent transportation, aviation, and logistics sectors, sending an important signal that there will be rapid growth in demand for products and services that help reduce carbon emissions in this key sector. Additionally, Climate Pledge Fund investee and new signatory Pachama is bringing quality, transparency, and scale to nature-based carbon markets. Pachama uses remote sensing and machine learning to measure carbon stored in forests and monitor them over time, allowing organizations and individuals to compensate for their emissions with confidence by supporting reforestation and forest conservation projects.
Today’s announcement underscores the findings of the latest report from the United Nations’ Intergovernmental Panel on Climate Change (IPCC), which emphasizes the need for immediate action to reduce greenhouse gas emissions, to invest in natural climate solutions to limit warming to close to 1.5 degrees Celsius, and to mitigate damages.
"In the face of great peril, which is what the latest science depicts, the business community must have a clear path forward: Step up and accelerate emissions reductions so that we might avoid the worst of the damages yet to come,” said Christiana Figueres, founding partner of Global Optimism and the United Nations' former climate chief. “It’s encouraging, therefore, that 300 companies are committed to working together to achieve net-zero by 2040 or sooner through The Climate Pledge. But 300 companies are not enough to deliver the transformations we need. I encourage all business leaders to get to grips with the science, translate it for their businesses, and enable the changes we need without delay.”
Amazon and Global Optimism welcome the new signatories to The Climate Pledge:
| 4 Cladding Services | HARMAN | Perlego | ||
| Aberdeen Laundry Services Ltd. | Harmony Music School | Plan A | ||
| Accordant Solutions Ltd. | HRS | Premier Packaging LLC | ||
| ALIANAz Limited | Hyzon Motors | project44 | ||
| Augenklinik Dardenne SE | Infinium Holdings, Inc. | ProtectBox | ||
| BETA Technologies | Intelcom | ROBUR Industry Service Group GmbH | ||
| BetaCarbon Pty Ltd. | Ishizaka Inc. | Rye Demolition | ||
| Clif Bar & Company | ITinSell | SAP SE | ||
| CMP Products | JACK RYAN | Savvy Freight | ||
| COAT Paints | Kayamut Ve Shefa (KVS) | Schumacher Packaging Werk Schwarzenberg | ||
| Cognizant Technology Solutions | Kin and Carta Plc | Search Laboratory | ||
| Creast | Kombuchery GmbH | Silentnight Group | ||
| Croatian Post Inc. | Letterbox Distribution | SMS Plc | ||
| DIGITALL | Liechtensteinische Landesbank | Sport-Thieme GmbH | ||
| Dynamic Consultants Group | Lineage Logistics | Sunrun | ||
| E Ink Holdings Inc. | Maersk | Superpedestrian | ||
| Earthchain | Making Science | Syncro Technology Corp | ||
| Electric Driver | Maya Cosmetics | Syneos Health | ||
| Ellers Farm Distillery | Meyers | TBM Co., Ltd. | ||
| Envopap | Mighty | Tea Venture Limited | ||
| euNetworks Group Ltd. | Mitie Group | Tech Mahindra | ||
| Everflow Water | Monogram Media | Teleion LLC | ||
| Flor Americas | MultiGreen Properties | Teleon Surgical BV | ||
| Flow Water Inc. | Natra | The Vella Group | ||
| Genesys | Network Archaeology Ltd. | TransACT Technology Solutions | ||
| Gienanth Group GmbH | Novartis | Up2You | ||
| GO TO-U | OAC Services, Inc. | Verdical Group | ||
| GoFor | Ocean Infinity | West Monroe | ||
| Ground Control Ltd. | Paack Logistics | Weyerhaeuser | ||
| GRUPO GRANSOLAR SL | Pachama | Xnrgy Climate Systems | ||
| Hammam Al Andalus | Pallet LOOP Ltd. | Zephyr Environmental | ||
| Hardscape Group Limited | Pearson |
Information about all 95 new signatories that have committed to The Climate Pledge and the actions they are taking to decarbonize their businesses is available at The Climate Pledge website, including:
Maersk
A.P. Moller – Maersk (Maersk) is an integrated logistics company and the world’s largest container shipping company. As a global provider of end-to-end logistics services across all transport modes, the company is committed to playing an integral role in enabling global decarbonization of long-distance transport. In addition to reducing all direct and indirect emissions across its entire business by 2040, Maersk is also committed to expanding its green customer offerings, including a commitment to achieve 25% of ocean cargo transported with green fuels, 90% green operations for contract logistics and cold chain, and at least 30% of air cargo transported with sustainable aviation fuel by 2030. To achieve these ambitious targets, Maersk is exploring, testing, and investing in sustainable innovations to enable transformation across the supply chain. Maersk is currently investing in innovative new fuels, vessels, electrical trucks, network planning software, information sharing technology, and many more areas. This includes the order of 12 vessels that will be capable of operating on green methanol—these vessels will be operational in 2024.
“Solving the climate emergency and decarbonizing our customers’ supply chains is a strategic imperative for Maersk,” said Soren Skou, A.P. Moller – Maersk CEO. “Hence, back in January 2021 we accelerated our decarbonization commitment to net-zero emissions by 2040—a decade ahead of our initial 2050 ambitions and the Paris Agreement. To drive the massive scale up of green fuels, we all must move now and take action. If we are meant to see changes this decade, we cannot afford to wait, and in that context, we look forward to joining The Climate Pledge, an opportunity to team up with some of our major customers, learn from them, and share best practices and solutions.”
SAP
SAP is a world leader in enterprise application software and services. SAP has the vision to help companies of all sizes and industries become intelligent, sustainable enterprises by managing business data and processes to be more efficient, resilient, and competitive. SAP offers sustainability-specific solutions for corporate sustainability performance management and reporting, carbon accounting, waste management for circular economy processes, and responsible and inclusive value chain management. SAP recently accelerated its net-zero emissions commitment from 2050 to 2030. The company is setting science-based targets to achieve net-zero along its entire value chain in line with a 1.5-degree Celsius future. SAP is driving a long-term strategy of sustainable operations around the world including using 100 percent renewable energy for SAP’s own data centers and buildings worldwide since 2014. SAP is also directly investing in renewable electricity as well as nature-based and technical-based funds to neutralize residual carbon emissions.
“Climate change is one of the greatest challenges of our time and the time to act is now,” said Christian Klein, SAP CEO. “Technology provides us with an opportunity to create a lasting, positive impact for future generations and SAP is proud to join The Climate Pledge to help drive this change.”
Weyerhaeuser
Weyerhaeuser manages millions of acres of timberlands and operates 35 manufacturing facilities and 18 distribution centers for wood products across North America. For more than 120 years, Weyerhaeuser has been growing, harvesting, and regrowing forests on a continuous cycle. Its timberlands provide clean air and water, wildlife habitat, recreational opportunities, renewable energy, and a sustainable supply of wood for homes and countless other products communities depend on every day. Weyerhaeuser’s forests and mills provide great jobs and support local economies in rural areas across North America.
“Sustainability has been a guiding principle at Weyerhaeuser for well over a century, and we have long believed that our company has an obligation to make a positive impact in our communities and for society more broadly,” said Devin W. Stockfish, Weyerhaeuser president and CEO. “Our working forests and the sustainable wood products we produce play a critical role in helping to mitigate the impacts of climate change. And as part of our ongoing sustainability efforts, we have published our inaugural, peer-leading Carbon Record and established a leadership position among our North American industry peers by setting an ambitious, science-based greenhouse gas reduction target. Signing on to The Climate Pledge reflects our commitment to achieve these goals and to help lead on the path to net-zero emissions globally.”
Sunrun
Sunrun is the nation’s leading home solar, battery storage, and energy services company. Founded in 2007, Sunrun pioneered home solar service plans to make local clean energy more accessible to everyone for little to no upfront cost. Sunrun’s innovative home battery solution brings families affordable, resilient, and reliable energy. In 2021, the company installed 792 megawatts of clean energy for more than 110,000 customers, increasing total Networked Solar Energy Capacity to 4.7 gigawatts. Systems added in 2021 alone are expected to offset more than 17 million metric tons of CO2 over the next 30 years. According to the company’s most recent Impact Report, Sunrun has generated more than 11 billion kilowatt hours of clean energy since 2007.
“At Sunrun, people and the planet are our north star,” said Mary Powell, Sunrun CEO. “Since our founding, we've helped more than 660,000 customers across the U.S. switch to clean energy and reduce their carbon emissions through our home solar and battery storage systems, and we're just getting started. We're laser focused on finding more ways to electrify homes and enable all Americans to take action on climate change, reduce energy costs, and gain energy independence. We are proud to demonstrate this commitment by signing the Climate Pledge alongside other sustainability leaders.”
HARMAN
HARMAN designs and engineers connected products and solutions for automakers, consumers, and enterprises worldwide, including connected car systems, audio and visual products, enterprise automation solutions, and services supporting the Internet of Things. With leading brands including AKG, Harman Kardon, Infinity, JBL, Lexicon, Mark Levinson, and Revel, HARMAN is admired by audiophiles, musicians, and the entertainment venues where they perform around the world. More than 50 million automobiles on the road today are equipped with HARMAN audio and connected car systems. HARMAN’s software services power billions of mobile devices and systems that are connected, integrated, and secure across all platforms, from work and home to car and mobile. In March 2017, HARMAN became a wholly-owned subsidiary of Samsung Electronics Co., Ltd.
“At HARMAN, we know that driving sustainability is an ongoing journey that benefits from constant collaboration,” said Tom Mooney, HARMAN senior director of Government Affairs and Sustainability. “Each of the other Climate Pledge signatories is as committed as we are to building a more sustainable future and understands the value of working together toward our common goal. We’re excited to be joining forces with this community of innovators and thought leaders to create meaningful change.”
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, 312 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 Amazon
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.
About Global Optimism
Global Optimism exists to precipitate transformational, sector-wide change. Achieving a zero emissions future is not a far-off challenge. It’s one we must get on track for now. Every scientific assessment shows that to meet the goal of net-zero emissions by 2050, to keep global heating below 1.5 degrees Celsius, we must halve our emissions between 2020 and 2030. Tackling the climate crisis is only possible when everyone, everywhere plays their part. We work with like-minded collectives from all sectors that are willing to invest in the choices required to be on this challenging—and life-affirming—journey. For more information, visit https://globaloptimism.com.
Amazon.com, Inc.
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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
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HAMILTON, Bermuda--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) (“Valaris” or the “Company”) today confirmed that drillship VALARIS DS-16, which is currently undergoing reactivation activities at ST Engineering Halter Marine and Offshore shipyard in Pascagoula, Mississippi, in advance of its next contract, broke free from its moorings during gale force winds in the early hours of Saturday, March 12. The rig was promptly secured and safely returned to its mooring location the same day. There were no injuries, no environmental impact and only minor damage to the rig as a result of the event. Valaris continues to work closely with the relevant authorities and its customer and does not expect any delays to the contract commencement as a result of the incident.
About Valaris Limited
Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.
Cautionary Statements
Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "could," "may," "might," “should,” “will” and similar words. Such statements are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including the COVID-19 outbreak and global pandemic, the related public health measures implemented by governments worldwide, the volatility in oil prices caused in part by the COVID-19 pandemic and the decisions by certain oil producers to reduce export prices and increase oil production, and cancellation, suspension, renegotiation or termination of drilling contracts and programs. In addition to the numerous factors described above, you should also carefully read and consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our most recent annual report on Form 10-K, which is available on the Securities and Exchange Commission’s website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement and we undertake no obligation to update or revise any forward-looking statements, except as required by law.
Tim Richardson
Director - Investor Relations
+1-713-979-4619
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
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Guy Cantwell
Accenture
+1 281-900-9089
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SAN JOSE, Calif.--(BUSINESS WIRE)--Morrow Batteries AS (Morrow) and EoCell, Inc. (EoCell) have entered into a Master Development Agreement to commercialize a best-in-class prismatic battery for the automotive industry. The collaboration is expected to deliver a market-leading battery that can be produced at scales sufficient to meet the high requirements of the world’s leading EV manufacturers.
The agreement leverages EoCell’s deep experience in material and battery technologies, and prismatic cell design, as well as its expertise in production line design and installation. The Agreement encompasses all phases of product development including material screening, battery design and development, testing and commercialization. The first generation of products are expected to be completed in time for the opening of the first production line in Morrow’s gigafactory.
Founded in 2020 and based in Arendal, southern Norway, Morrow is in the process of establishing its 43 GWh gigafactory, which utilizes renewable hydroelectric power from the region to manufacture batteries with the lowest possible CO2 footprint. The first module of the Gigafactory is expected to be operational at end of 2024.
To accelerate development and qualify its products for key market segments, Morrow is also building an industrialization center. Morrow Industrialization Center will bridge the gap between battery research and high volume manufacturing, supporting the company’s mission to develop cost-effective and sustainable batteries. Centered around the gigafactory, Morrow and partners are establishing the ‘Battery coast’, a sustainable eco-system built around the battery value chain in southern Norway.
“What Morrow has been able to accomplish since their founding in 2020 is phenomenal. They have built an impressive team and have begun construction of their Pilot Lines and their 43 GWh factory all within such a short and efficient period of time. We believe they are poised to become one of Europe’s largest battery producers with a focus on sustainable production facilities powered with clean green energy. We are excited to partner with them to develop their first generation best-in-class battery for the EV market and look forward to collaborating on additional projects with them in the future. The Europe electrification movement is underway, and Morrow has a great strategy to fulfill this upcoming demand. We are excited to enter the European market and participate with Morrow’s and Norway’s Battery Coast initiatives,” said Michael Loh, Chief Executive Officer of EoCell.
EoCell is developing high performance engineered silicon graphite anode composite products for the most demanding applications and is one of a few companies worldwide that has been able to successfully produce Silicon Carbon Nanocomposite based materials and batteries. EoCell has capabilities to do material screening work for cell development, electrode formulation design, and any type of cell design necessary to produce a high-quality battery cell.
“EoCell is a next generation battery technology company with a world-class team of battery experts. Their core teams have been key contributors from design to manufacturing of PHEV and EV batteries of prestigious brands such as BMW, VW, Audi, Porsche, and Daimler. They are truly pioneers in the electrification movement, and we look forward to working with them to design and develop world-class prismatic battery cells to be produced in our factory,” said Rahul Fotedar, Chief Technology Officer of Morrow Batteries.
About EoCell, Inc.
Founded in 2015 and based in Silicon Valley’s San Jose, EoCell specializes in high-energy nano-silicon anode materials, innovative electrolyte technologies, and advanced graphite, silicon, and solid-state batteries. EoCell has developed an expert battery team from world-wide battery manufacturers with prior high-scale commercialization experience working with tier-1 automotive OEMs.
About Morrow Batteries
Morrow is building a highly cost-effective battery cell factory on the Battery Coast in the South of Norway with the aim to develop and industrialize new green and innovative battery technologies. Founded in 2020 by strong and committed owners, Morrow’s two leading investors are Agder Energi Venture, a wholly owned subsidiary of Agder Energi, and NOAH, a wholly owned subsidiary of Gjelsten Holding. Through a strong network of top-tier industrial leaders developing and manufacturing components for batteries, Morrow intends to open their 43 GWh factory and begin mass production of their first-generation product portfolio in 2024.
Media Contact EoCell, Inc.
Patrick Gray, 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:
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800-945-8723
INVESTOR CONTACT:
Danilo Juvane
918-573-5075
Grace Scott
918-573-1092
TULSA, Okla.--(BUSINESS WIRE)--Helmerich & Payne, Inc. (NYSE: HP) today announced that John Lindsay, President and Chief Executive Officer; Mark Smith, Senior Vice President and Chief Financial Officer; Dave Wilson, Vice President of Investor Relations; and other members of H&P management plan to participate in the following investor conferences during the month of March 2022. Participation by the management team will vary by event.
Investor slides to be used during the conferences are available for download on the company’s website, within Investors, under Presentations.
About Helmerich & Payne, Inc.
Founded in 1920, Helmerich & Payne, Inc. is committed to delivering industry leading drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for our customers and returns for shareholders. Through its subsidiaries, the Company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies. For more information, visit www.helmerichpayne.com.
Helmerich & Payne uses its website as a channel of distribution for material company information. Such information is routinely posted and accessible on its Investor Relations website at www.helmerichpayne.com.
IR Contact:
Dave Wilson, Vice President of Investor Relations
918-588-5190
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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)
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