HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) announced today that it will participate in the following investor conferences:
The Partnership’s latest presentation materials are available and may be downloaded by visiting the Partnership’s website at www.genesisenergy.com under “Presentations” under the Investors tab.
Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.
Genesis Energy, L.P.
Ryan Sims
SVP – Finance and Corporate Development
(713) 860-2521
Shawn Williams Elected Executive Chairman of the Board
Don Sheets Elected Vice Chair of the Board
Dan Hecht Appointed to the Board
INDEPENDENCE, Ohio--(BUSINESS WIRE)--Covia, a leading provider of mineral-based and material solutions for the Industrial and Energy markets, today announced that Shawn Williams has been elected Executive Chairman and Don Sheets has been elected Vice Chair of the Board of Managers, effective January 1, 2022. In addition, Dan Hecht has been appointed to the Board of Managers, effective November 18, 2021.
Mr. Williams has served as Chairman of the Board since December 31, 2020, and as Chairman of the Board and Acting Chief Executive Officer since June 1, 2021, and will continue in that position through December 31, 2021. In addition to his new assignment, Mr. Williams also serves on the Audit and Compensation Committees of the Board. Mr. Sheets has served as a Member of the Board of Managers since December 31, 2020, and is Chair of the Audit Committee.
Mr. Hecht is a Principal of Golden Gate Capital and focuses on investments in the Industrials sector, including the engineered materials and healthcare sub-sectors. He sits on the boards of Antylia Scientific and Active Minerals. "We are pleased to welcome Dan to our Board of Managers," said Shawn Williams, Chairman of the Board and Acting Chief Executive Officer of Covia. "His experience with Golden Gate Capital, specifically in the Industrials sector, will provide benefits through his contributions to our Board and Management Team."
About Covia
Covia is a leading provider of diversified mineral solutions to the oil and gas, glass, ceramics, coatings, metals, foundry, polymers, construction, water filtration, sports and recreation markets. The Company serves its Industrial customers through a broad array of high-quality products, including high-purity silica sand, nepheline syenite, feldspar, clay, kaolin, resin systems and coated materials, delivered through its comprehensive distribution network. Covia offers its Energy customers an unparalleled selection of proppant solutions, additives, and coated products to enhance well productivity and to address both surface and down-hole challenges in all well environments. Covia has built long-standing relationships with a broad customer base consisting of blue-chip customers. Underpinning these strengths is an unwavering commitment to safety and to sustainable development, further enhancing the value that Covia delivers to all its stakeholders. For more information, visit CoviaCorp.com.
Bob Falkowski
216-905-5411
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HOUSTON--(BUSINESS WIRE)--NOV Inc. (NYSE: NOV) will hold a conference call to discuss its fourth quarter 2021 results on Friday, February 4, 2022 at 10 a.m. (Central Time). NOV will issue a press release with the Company’s results after the market closes for trading on Thursday, February 3, 2022. The call will be webcast live on www.nov.com/investors.
About NOV
NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world.
Visit www.nov.com for more information.
Blake McCarthy
Vice President, Corporate Development and Investor Relations
(713) 815-3535
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HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today announced several updates that highlight the company’s differentiated value proposition. This announcement follows the recent closing of the company’s acquisition of Shell’s Permian Basin properties on Dec. 1 for net cash of $8.6 billion.
Today’s announcement reflects the addition of Shell’s Permian Basin properties, including the previously announced expected 2022 capital expenditures and production associated with that transaction. Highlights include:
ConocoPhillips CEO and Chairman Ryan Lance commented, “At mid-year, we presented a truly differential 10-year plan that embraced our Triple Mandate for how we will play a valued role in the energy transition: safely produce low cost of supply, low-GHG-intensity barrels to the market, deliver compelling financial and capital returns to investors, and meet a net-zero ambition. Today’s announcement builds upon each element of the Triple Mandate and supports our belief that ConocoPhillips is the most durable, investable company in the E&P business. With the recent Permian acquisition, we’re in an even stronger position to build upon our success in 2021 as we head into next year.”
Preliminary 2022 Capital Expenditures Budget
ConocoPhillips’ preliminary 2022 capital expenditures budget and operating plan reflect an outlook for next year that is consistent with the company’s June 2021 10-year plan, with the inclusion of the Permian acquisition and current estimates for inflation and non-operated activity. This plan honors the company’s fundamental principles and capital allocation priorities and is expected to drive improvement in underlying cash from operations (CFO) in support of growing returns of capital to shareholders. Additional details include:
Three-Tiered Returns of Capital Framework
The company also announced its expected 2022 returns of capital program and the initiation of a three-tier returns of capital framework. The three-tier framework is structured to continue delivering a compelling, growing ordinary dividend and through-cycle share repurchases, now with the addition of a variable return of cash (VROC) tier. The VROC tier will provide another flexible tool for meeting the company’s commitment of returning greater than 30% of CFO during periods when commodity prices are meaningfully higher than the company’s planning price range.
The VROC will be determined and approved each quarter by the board of directors at the same time the ordinary dividend is reviewed. The factors considered in determining the VROC will include the anticipated level of distributions required to meet the company’s capital returns commitment, forward prices, balance sheet cash and total yield. The VROC will be announced at the same time as the ordinary dividend, but the quarterly payout will be staggered from the ordinary dividend payout, resulting in up to eight cash distributions to shareholders throughout the year.
As the company considers the business outlook, including forward commodity prices, it has set its expected 2022 capital returns to shareholders at ~$7 billion. This would represent a ~16% increase in returns of capital versus 2021 and is expected to be allocated roughly equally between cash and share repurchases across the three distribution tiers as follows:
“Over the past five years we have consistently delivered on our commitment to return greater than 30% of CFO to shareholders through our attractive ordinary dividend and almost $13 billion of share repurchases,” added Lance. “We have been recognized for our through-cycle returns of capital and remain fully committed to this priority. We believe the greatest sustained value from a capital returns program comes from consistent execution and a compelling level of payout, but we also recognize that meeting our returns commitment in the current favorable commodity price environment creates a need for a variable cash tier. The basis of our capital returns approach is CFO-driven, and our new three-tier framework can more easily flex distributions with commodity prices, while retaining some discretion in allocation across the tiers. We are excited to initiate the three-tier program with an immediate cash distribution.”
Lance concluded, “We are exiting 2021 after a truly exceptional year with a differential long-term plan built around our Triple Mandate. We expect to play an essential role in the energy transition by executing sound investment plans, delivering superior and consistent returns through cycles and meeting our net-zero ambition, while retaining the flexibility to successfully adapt as the future unfolds.”
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About ConocoPhillips
Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 14 countries, $87 billion of total assets, and approximately 9,900 employees at Sept. 30, 2021. Production excluding Libya averaged 1,514 MBOED for the nine months ended Sept. 30, 2021, and proved reserves were 4.5 BBOE as of Dec. 31, 2020. For more information, go to www.conocophillips.com.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events, plans and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Words and phrases such as “anticipate," “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict," “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include the impact of public health crises, including pandemics (such as COVID-19) and epidemics and any related company or government policies or actions; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including a prolonged decline in these prices relative to historical or future expected levels; insufficient liquidity or other factors, such as those listed herein, that could impact our ability to repurchase shares and declare and pay dividends such that we suspend our share repurchase program and reduce, suspend, or totally eliminate dividend payments in the future, whether variable or fixed; changes in expected levels of oil and gas reserves or production; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks or unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of our business; our ability to collect payments when due under our settlement agreement with PDVSA; our ability to collect payments from the government of Venezuela as ordered by the ICSID; our ability to liquidate the common stock issued to us by Cenovus Energy Inc. at prices we deem acceptable, or at all; our ability to complete any announced or any future dispositions or acquisitions on time, if at all; the possibility that regulatory approvals for any announced or any future dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of the transactions or our remaining business; business disruptions during or following the acquisition of assets from Shell (the “Shell Acquisition”) or any other announced or any future dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced or any future dispositions in the manner and timeframe we anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation, including litigation related to our transaction with Concho Resources Inc. (Concho); the impact of competition and consolidation in the oil and gas industry; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions; the ability to successfully integrate the assets from the Shell Acquisition or achieve the anticipated benefits from the transaction; the ability to successfully integrate the operations of Concho with our operations and achieve the anticipated benefits from the transaction; unanticipated difficulties or expenditures relating to the Shell Acquisition or the Concho transaction; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from extraordinary weather events, civil unrest, war, terrorism or a cyber attack; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Use of Non-GAAP Financial Information and Other Terms– This news release contains certain financial measures that are not prepared in accordance with GAAP, including cash from operations (CFO). The company believes that the non-GAAP measure CFO is useful to investors to help understand changes in cash provided by operating activities excluding the timing effects associated with operating working capital changes across periods on a consistent basis and with the performance of peer companies. CFO is defined as cash provided by operating activities, excluding the impact of changes in operating working capital. This news release also contains the terms pro forma underlying growth, return of capital and total yield. Pro forma underlying growth represents the percentage change in production year over year after adjusting total company reported production for the impact of closed acquisitions and dispositions as if they had closed January 1, 2021. Also included is the impact of converting Concho volumes from a two stream to three stream reporting basis with an assumed effective date of January 1, 2021. Returns of capital (also referred to as distributions) is defined as the total of the ordinary dividend, share repurchases and VROC. Total yield is calculated as the Company’s distributions relative to the Company’s market capitalization.
Dennis Nuss (media)
281-293-4733
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Investor Relations
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NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)--FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, is pleased to announce that CEO, Tom Einar Jensen, will participate in the delegation of His Royal Highness the Crown Prince of Norway during his official visit to New York on December 6th and 7th.
FREYR’s Tom Einar Jensen and Marte Mjøs Persen, the Norwegian Minister of Petroleum and Energy, will participate in a panel discussion entitled ‘Financing the Green Transition’ alongside Idar Kreutzer, CEO of Finance Norway, Sara Neff, Head of ESG for LendLease, Casey C. Clark, Deputy CIO and Global Head of ESG Investments at Rockefeller Management, and Francois Laborie, President, Cognite North America. The panel will be moderated by Lynn Doan, Bloomberg’s Team Leader of Power & Gas-Americas, at the New York Stock Exchange (NYSE) on December 7th.
Additionally, Jensen will meet industry leaders, UN dignitaries and investors to discuss the working relationship between Norwegian and American-based businesses.
“The FREYR team is looking forward to meeting industry leaders with a shared goal of creating clean energy solutions,” said Tom Einar Jensen, CEO of FREYR Battery. “In Norway, we are leveraging renewable energy sources to power low-carbon battery cell manufacturing, and we want to share our plans for making the same sustainable approach financially and commercially viable in the U.S.”
FREYR, listed on the New York Stock Exchange, plans to develop up to 43 GWh of battery cell production capacity by 2025 with an ambition of up to 83 GWh in total capacity by 2028 to position the company as one of Europe’s largest battery cell suppliers.
In October, FREYR announced the formation of a joint venture (“JV”) in the United States between Koch Strategic Platforms and FREYR. The JV, with a 50/50 ownership structure, has been established to develop an initial 50 GWh of Gigafactory-scale battery cell manufacturing capacity in the U.S. based on 24M’s SemiSolid™ platform technology. The JV is currently evaluating a potential Gigafactory location in the U.S.
About FREYR Battery
FREYR Battery aims to provide industrial scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to accelerate the decarbonization of energy and transportation systems globally. FREYR has commenced building the first of its planned factories in Mo i Rana, Norway and announced potential development of industrial scale battery cell production in Vaasa, Finland and the United States. FREYR intends to deliver up to 43 GWh of battery cell capacity by 2025 and up to 83 GWh annual capacity by 2028. To learn more about FREYR, please visit www.freyrbattery.com
Forward-looking Statements
All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding FREYR’s ability to leverage renewable energy sources to power low-carbon battery cell manufacturing, utilize 24M’s technology, make its sustainable approach financially and commercially viable in the U.S., develop up to 43 GWh of battery cell production capacity by 2025 with an ambition of up to 83 GWh in total capacity by 2028, position the company as one of Europe’s largest battery cell suppliers, develop an initial 50 GWh of Gigafactory-scale battery cell manufacturing capacity in the U.S. based on 24M’s SemiSolid™ platform technology and commence green battery production in the U.S. over the next 12 months are forward-looking and involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.
Most of these factors are outside FREYR’s control and difficult to predict. Information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in FREYR’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the "SEC") on August 9, 2021, as amended, and in other SEC filings available on the SEC’s website at www.sec.gov.
Media contact:
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Vice President, Communication and Public Affairs
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Investor contact:
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SAN ANTONIO--(BUSINESS WIRE)--Elysian Carbon Management (“Elysian”) today announced it has secured an initial capital commitment of $350 million from EnCap Flatrock Midstream (“EFM”). Elysian provides integrated end-to-end carbon capture and storage (“CCS”) solutions to owners of industrial and power facilities seeking to transition to low carbon products and address environmental, social and governance (“ESG”) goals through the reduction of emissions.
Elysian is led by a team of CCS industry veterans: Chief Executive Officer Bret Logue, Chief Commercial Officer Keith Tracy, Chief Financial Officer Michael Pepe, Chief Strategy Officer Michael Schwartz and Senior Vice President David Watson. They have more than 50 years of collective experience in CCS and over 150 years in the energy sector.
“We are excited to partner with EnCap Flatrock Midstream as we focus on developing, building and operating carbon storage sites, affiliated capture facilities and the infrastructure required to connect emissions sources to geologic storage,” CEO Bret Logue said. “EFM’s unique experience in providing venture capital to the midstream sector, plus the team’s relationships and expertise in asset development and management makes the firm the perfect partner for Elysian.”
“Elysian is at the forefront of developing projects necessary to support carbon reduction goals across North America,” said EFM Managing Partner David J. Kurtz, who is also a member of the Elysian board of directors. “Few independent teams in this nascent sector have a comparable depth and breadth of the technical, financial and operational experience needed to bring CCS projects to fruition.”
Sidley Austin LLP acted as legal counsel to Elysian with Partner Irving L. Rotter in the lead role. Shearman & Sterling LLP served as legal adviser to EnCap Flatrock Midstream with Partner Sarah McLean leading the firm’s team.
About Elysian Carbon Management, LLC
Elysian is a carbon management company that provides integrated end-to-end carbon capture and storage solutions to owners of industrial and power facilities seeking to transition to low-carbon products and to address ESG goals. The Elysian team creates value by developing, building and owning carbon capture assets across a diverse array of carbon emission sources, as well as CO2 pipeline and CO2 storage assets in basins across North America. Please visit elysian.cc for more information on the company and its management team.
About EnCap Flatrock Midstream
EnCap Flatrock Midstream provides value-added growth capital to proven management teams focused on midstream infrastructure opportunities across North America. The firm was formed in 2008 by a partnership between EnCap Investments L.P. and Flatrock Energy Advisors, LLC. Based in San Antonio with offices in Oklahoma City and Houston, the firm manages investment commitments of nearly $9 billion from a broad group of prestigious institutional investors. EnCap Flatrock Midstream is currently making commitments to management teams from EFM Fund IV, a $3.25 billion fund. For more information, please visit www.efmidstream.com.
Casey Nikoloric, Managing Principal
TEN|10 Group
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DUBLIN--(BUSINESS WIRE)--The "Solar Lighting Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Solar Lighting Systems Market to Reach $11.2 Billion by 2026
The global market for Solar Lighting Systems estimated at US$5.5 Billion in the year 2020, is projected to reach a revised size of US$11.2 Billion by 2026, growing at a CAGR of 13% over the analysis period.
LED, one of the segments analyzed in the report, is projected to grow at a 15.2% CAGR to reach US$9.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Other Light Sources segment is readjusted to a revised 8.4% CAGR for the next 7-year period. This segment currently accounts for a 36.6% share of the global Solar Lighting Systems market.
Growth in the market will be driven by the growing popularity of solar street lighting. Solar street lighting has been garnering a significant traction across cities owing to its potential to accelerate the transition towards a green, low-carbon future. The demand for these systems is further propelled by increasing demand for energy in both rural and urban areas.
The technology is benefitting from declining cost of associated components like solar photovoltaic panels, making it an attractive alternative to conventional street lights. Solar street lights are capable of operating even on cloudy or rainy days. The market is also bolstered by favorable government initiatives to reduce carbon emissions through the use of eco-friendly technology.
The shift toward solar street lighting is expected to be further facilitated by numerous benefits of these systems over their counterpart traditional solutions. Solar street lighting is sustainable in nature and independent of power grid, which leads to low operating costs.
Rather than relying on utility provider, these lights are powered by solar energy, which is stored for later use. Solar street lighting has lower risk of overheating and requires lower maintenance in comparison to traditional street lights. The lack of external wires further reduces the risk of accidents like electrocution and strangulation.
Solar street lights are eco-friendly in nature and considerably reduce carbon footprint. In addition, these systems can be easily installed in remote areas that are not served by conventional systems, making them a suitable and efficient option for addressing lighting issues.
The U.S. Market is Estimated at $1.3 Billion in 2021, While China is Forecast to Reach $2.6 Billion by 2026
The Solar Lighting Systems market in the U.S. is estimated at US$1.3 Billion in the year 2021. The country currently accounts for a 23.08% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$2.6 Billion in the year 2026 trailing a CAGR of 15.2% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.9% and 10.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 11.3% CAGR while Rest of European market (as defined in the study) will reach US$3.1 Billion by the close of the analysis period.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS (Total 83 Featured)
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/a2bax5
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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LUANDA, Angola--(BUSINESS WIRE)--Chevron’s affiliate in Angola, Cabinda Gulf Oil Company Limited (CABGOC) announced today the successful extension of the Block 0 concession, off the coast of Cabinda province, in Angola. The agreement extends the concession for 20 years, through 2050. Under the renewed agreement, CABGOC will remain the operator with a 39.2 percent interest on behalf of its partners “Sociedade Nacional De Combustiveis De Angola – Empresa Pública (“Sonangol EP”) with a 41 percent interest, TotalEnergies EP Petroleum Angola (“Total”) with a 10 percent interest, and Eni Angola Production B.V. (“Eni”) with a 9.8 percent interest.
“We are pleased with the opportunity to continue to partner with the government of Angola and our Block 0 associates to apply our industry-leading exploration and production capabilities in Angola, where we have had a presence for more than 60 years,” said Billy Lacobie, managing director of Chevron’s Southern Africa Strategic Business Unit. “We are proud to have played a significant role in the development of the country’s oil and gas industry, and we look forward to continuing to help provide reliable, affordable, ever-cleaner energy that enables human progress and powers Angola forward.”
In addition to Block 0, CABGOC operates and holds a 31 percent interest in a production-sharing contract (PSC) for deepwater Block 14, located west of Block 0. In 2020, CABGOC’s net daily production averaged 89,000 barrels of liquids and 340 million cubic feet of natural gas.
Chevron also has a 36.4 percent interest in Angola LNG Limited, which operates an onshore natural gas liquefaction plant in Soyo, in Zaire province. The plant has the capacity to process 1.1 billion cubic feet of natural gas per day. ALNG is the world’s first LNG plant supplied with associated gas, where the natural gas is a byproduct of crude oil production. Feedstock for the plant originates from multiple fields and operators.
About Chevron
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.
Renato Almeida : 226 692 600 Ext.:1370 Tlm.: 946-619-017 E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Fuel Management System Market Research Report by Offering, Application, End-user, and Region - Global Forecast to 2026 - Cumulative Impact of COVID-19" report has been added to ResearchAndMarkets.com's offering.
The Global Fuel Management System Market size was estimated at USD 534.10 million in 2020, is expected to reach USD 568.60 million in 2021, and projected to grow at a CAGR of 6.79% reaching USD 792.51 million by 2026.
Competitive Strategic Window
The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period.
FPNV Positioning Matrix
The FPNV Positioning Matrix evaluates and categorizes the vendors in the Fuel Management System Market based on Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.
Market Share Analysis
The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyze penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Global Fuel Management System Market?
2. What are the inhibiting factors and impact of COVID-19 shaping the Global Fuel Management System Market during the forecast period?
3. Which are the products/segments/applications/areas to invest in over the forecast period in the Global Fuel Management System Market?
4. What is the competitive strategic window for opportunities in the Global Fuel Management System Market?
5. What are the technology trends and regulatory frameworks in the Global Fuel Management System Market?
6. What is the market share of the leading vendors in the Global Fuel Management System Market?
7. What modes and strategic moves are considered suitable for entering the Global Fuel Management System Market?
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/d902pj
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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LONDON & NEW YORK & STOCKHOLM--(BUSINESS WIRE)--#ai--Pivot Energy Services, an award-winning climate tech start-up for the built environment, has today announced its rebrand to Tallarna. The new name means “pine trees” or “the pines” in Swedish and highlights the company’s ability to reduce carbon emissions in buildings at speed and scale.
The rebrand includes the launch of a new logo, website, and social media accounts, and builds on the company’s appeal of combining carbon and capital efficiency. Tallarna is recognised by PwC and the University of Cambridge as one of ‘The 20 hottest start-ups in AI’ for the integration of its data analytics platform with a Fortune 500, A-rated insurer.
At the heart of this rebrand is an emphasis on Tallarna’s unique ability to translate buildings’ technical risks into financial metrics that resonate across the value chain. The performance of decarbonisation projects can then be insured and guaranteed, unlocking third-party, off-balance sheet funding.
Tallarna’s plural meaning, “the pines”, highlights the need for a multi-faceted, collective approach to decarbonisation, one that incorporates environmental, social, and financial sustainability. This belief is seen in the company’s diverse partnerships across the building value chain, including with technology provider ABB. They are currently working with Tallarna to co-create an “energy-efficiency-as-a-service” product for industrial environments.
Accelerating net zero is a cornerstone of Tallarna. Pine trees absorb CO2 on a large scale thanks to their fast growth and are part of a forest ecosystem that mitigates soaring temperatures. This climate tech start-up likewise stabilises the indoor environment and supports more comfortable, healthier homes. Tallarna’s Swedish roots honour the company’s beginnings, founded in Stockholm in 2017 by Tim Meanock, Will Gayton, and Johan Signer.
The new brand brings to life the speed and scale at which decarbonisation needs to happen. Currently, less than 1% of building stock is zero carbon ready. But to reach net zero by 2050, more than 85% of buildings will need to achieve this. In the UK social housing sector alone, this equates to retrofitting 3,307 homes per week. Tallarna is currently working with a significant number of social housing landlords, analysing portfolios of tens of thousands of properties at one time, to deliver flexible financing and procurement economies.
Tallarna makes decarbonisation projects financially executable through an ecosystem approach. It connects the dots between data analytics, performance guarantees, and efficient funding, helping unlock “the trillions required in private investment” that COP26 President, Alok Sharma, argued was fundamental to halting the devasting effects of climate change.
“As we grow and rebrand as Tallarna, we move into an exciting stage of our company’s evolution,” said Tim Meanock, co-founder and CEO, Tallarna. “One that showcases our full strength in making building decarbonisation financially executable at scale.”
Michelle Taute
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Bruce MacInnis to Retire Following Orderly Transition
TORONTO--(BUSINESS WIRE)--Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or “the Company”), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, today announced the appointment of Debbie Simpson to the role of Chief Financial Officer (CFO), effective February 1, 2022.
“We are thrilled to welcome Debbie to Li-Cycle,” said Ajay Kochhar, Li-Cycle’s co-founder and CEO. “Debbie will be an immediate strategic partner as a member of the Li-Cycle executive leadership team. As a proven, finance executive with global public company experience and a champion of growing and developing talent, she will contribute to our efforts to drive growth and maximize shareholder value.”
Ms. Simpson brings more than 30 years of senior financial leadership focusing on strategic and transformational investment projects and optimizing capital structures to drive returns and facilitate scalability and growth for global companies. She joins Li-Cycle at an important juncture, as the Company is rapidly scaling its business with plans to build commercial lithium-ion recycling facilities across the globe.
Prior to joining Li-Cycle, Ms. Simpson served as the CFO of Maple Leaf Foods (TSX: MFI), a carbon neutral sustainable protein company with revenues of approximately $4 billion and over 13,000 employees. At Maple Leaf Foods, she was instrumental in driving a strategic shift for the company to become a higher-value sustainable protein business, advised on successful acquisitions, and secured over $2.0 billion in funding. Prior to that, Ms. Simpson was the acting CFO of Vincor International Inc., a leading global producer and distributer of wines with operations across several countries. At Vincor International, she completed several business acquisitions, equity and debt transactions, and the successful sale of the business to Constellation Brands Inc. (NYSE: STZ).
Ms. Simpson holds her BA in Accountancy and Master of Science in Accountancy and Finance from the University of Stirling, Scotland. She is a member of The Institute of Chartered Accountants of Scotland. As a passionate advocate for women’s health and education, Ms. Simpson volunteers her time as the Board Chair of Women’s College Hospital Foundation and the Board Chair of Havergal College. She is also a Board member and the Audit Committee Chair for Shearer’s Snacks, an OTPP portfolio company.
“I am delighted to join the Li-Cycle team. I was drawn to its innovative technology, global growth plans, and dedication to enabling a circular economy,” said Ms. Simpson. “I look forward to being a part of the Li-Cycle team and contributing to their future expansion in this rapidly evolving sector.”
Ms. Simpson will succeed Li-Cycle’s current CFO, Bruce MacInnis, upon his previously indicated retirement and the two will begin working together immediately to ensure a smooth transition and succession.
“I want to personally thank Bruce for his commitment to Li-Cycle and the significant value and contributions he has delivered to our company during a period of rapid growth and transformation. Bruce has been a key member of the Li-Cycle leadership team through a critical period in Li-Cycle’s history, establishing a strong foundation for our finance team to support Li-Cycle’s continued expansion. We wish him the very best in his retirement,” said Mr. Kochhar.
“It was truly a pleasure working for Li-Cycle and I want to thank Ajay and the rest of the team for providing me the opportunity to be a part of this uniquely positioned organization,” said Mr. MacInnis. “I look forward to follow the Company’s future growth and success as they continue to revolutionize the lithium-ion battery market.”
About Li-Cycle Holdings Corp.
Li-Cycle (NYSE: LICY) is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.
Forward-Looking Statements
Certain statements contained in this communication may be considered “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1993, as amended, Section 21 of the U.S. Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as “will”, “expect”, “plan”, “potential”, “future”, “continuing” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements may include, for example, statements about the future financial performance of Li-Cycle. These statements are based on various assumptions, whether or not identified in this communication, which Li-Cycle believe are reasonable in the circumstances. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle, and are not guarantees of future performance. These and other risks and uncertainties related to Li-Cycle’s business are described in greater detail in the section entitled "Risk Factors" in its final prospectus dated August 10, 2021 filed with the Ontario Securities Commission in Canada and the Form 20-F filed with the U.S. Securities and Exchange Commission, and in other filings made by Li-Cycle with securities regulatory authorities. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Actual results could differ materially from those contained in any forward-looking statement.
In addition, forward-looking statements contained in this communication reflect Li-Cycle’s expectations, plans or forecasts of future events and views as of the date of this communication. Li-Cycle anticipates that subsequent events and developments could cause Li-Cycle’s assessments, expectations, plans and forecasts to change. While Li-Cycle may elect to update these forward-looking statements at some point in the future, Li-Cycle has no intention and undertakes no obligation to do so, except as required by applicable laws. These forward-looking statements should not be relied upon as representing Li-Cycle’s assessments as of any date subsequent to the date of this communication. Li-Cycle’s forward-looking statements are expressly qualified in their entirety by this cautionary statement.
Investor Relations
Nahla A. Azmy
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New funding enables increased production capability to service growing backorders and to further advance Halio’s electrochromic technology for commercial buildings, residential homes, and vehicles.
HAYWARD, Calif.--(BUSINESS WIRE)--Halio, builder of the world’s most technologically advanced and most beautiful smart windows, announced an additional $100M in financing led by inside investors SK and Capricorn Investment Group. SK is Korea’s third-largest company with more than USD 68 Billion in annual revenue. Halio aligns with SK’s focus on ESG (Environmental, Social, and Governance) materials solutions.
“SK recognizes the benefits that Halio Smart Glass brings to our lives, the planet, and its synergy with our investment in ESG," said Dong UK Choi, Vice President of SK.
Capricorn makes investments focused on specific impact areas of sustainability, including clean technology, health and wellness, and energy efficiency.
“Halio is the practical, necessary, inevitable, and elegant ingredient for the building industry as it moves to net-zero and occupant wellness,” said Dipender Saluja, Managing Director, Capricorn Investment Group.
Halio develops and commercializes breakthrough advances in electrochromic technology that maximize natural light while mitigating solar heat and glare. The Halio Solution includes the industry’s most advanced smart glass and a cloud-based AI control system. This system has been gaining design wins and winning the hearts of influential architects who recognize its ability to fulfill their design vision, meet sustainability objectives, and create an immersive daylight experience for occupants.
Funding enables increased production capability to service orders and to further advance Halio’s electrochromic technology for commercial buildings, residential homes, and vehicles.
“Architects and developers have specified Halio Smart Glass into a growing backlog of designs,” said Bruce Sohn, Halio CEO. “Our successful partnership with Viracon, the largest architectural glass fabricator in America, is already accelerating our timeline to increase production output.”
Halio and Architects
Halio Smart Glass is specified by leading architects and co-branded by industry partners such as Viracon and Marvin. Halio’s smart glass sets the standard demanded by discerning architects and builders worldwide by delivering the highest clarity, fastest switching speed, and smoothest transitions, powered by the most sophisticated and integrated control system of its kind. Thoughtful design improves sightlines by eliminating unattractive bus bars and low-quality tapes.
Halio’s technology delivers superior durability, ensured by incorporating technology proven in solar systems that must endure harsh environments for decades and reduces a building’s carbon footprint through lower energy consumption of up to 20% while improving occupants' health, wellness, and productivity.
Halio’s control system is future-proofed by incorporating IoT standards such as Matter. Through Works with Halio certification, it seamlessly integrates with third-party solutions including Siemen’s Connect Ecosystem, which includes Desigo CC and related platforms, Amazon Alexa, Crestron, Apple Homekit, and other systems.
Halio frees architects and designers to control all aspects of window design.
About Halio
Halio, Inc. delivers the world’s most responsive, intelligent platform for daylight management. Halio's Smart Glass for commercial and residential facades and interiors is the world’s leading electrochromic (EC) technology integrated into windows to maximize daylight while optimizing energy savings, reducing solar heat gain, and minimizing glare. Powered by Halio windows and skylights are available from both Halio and third-party fabricators in various glass coatings and configurations.
Visit www.halioinc.com for more information. Follow us on LinkedIn, Twitter, Instagram, and YouTube.
Corporate Contact:
Bob Eminian
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408-242-4680
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Carol Warren
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714-890-4500
HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) today announced that as part of the company’s executive management succession planning process, its Board of Directors appointed Mr. Neal Lux as President and Chief Executive Officer, effective February 18, 2022. Mr. Lux currently serves as Executive Vice President and Chief Operating Officer. Mr. C. Christopher Gaut, the current Chairman, President and Chief Executive Officer, will become Executive Chairman at that time. The Board has also appointed Mr. Lux as a Class II director, effective February 18, 2022.
Cris Gaut commented, “It has been an honor to lead FET since its inception. I was pleased to recommend Neal’s appointment to the Board of Directors, and I look forward to this next phase in our company’s journey. Neal joined FET as part of our investment in Global Tubing in 2013 and since that time he has gained the respect and trust of our Board of Directors and management. I have the highest level of confidence in the executive management team’s leadership and business judgment. I look forward to the continued growth and prosperity of the company under this team’s leadership.”
“I want to thank Cris for his distinguished leadership and the Board of Directors for its confidence in me,” said Neal Lux. “Cris has set a high standard of excellence and established a firm foundation from which we will grow FET’s product portfolio. I look forward to working together with FET’s management team to execute our business strategy and usher in the next generation of energy leaders. Together we will focus on developing our traditional energy equipment and grow our non-oil and gas portfolio, especially new energy products. “
Neal has held various operations roles of increasing responsibility with the Company and its subsidiaries, including Executive Vice President - Operations; Senior Vice President - Completions; Managing Director - Global Tubing; and President - Global Tubing. He holds a B.S. in Industrial Engineering from Purdue University.
FET (Forum Energy Technologies) is a global company, serving the oil, natural gas, industrial and renewable energy industries. FET provides value added solutions that increase the safety and efficiency of energy exploration and production. We are an environmentally and socially responsible company headquartered in Houston, TX with manufacturing, distribution and service facilities strategically located throughout the world. For more information, please visit www.f-e-t.com.
Lyle Williams
Executive Vice President and Chief Financial Officer
713.351.7920
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WASHINGTON--(BUSINESS WIRE)--Nodal Exchange today announced new volume and open interest records in its power, natural gas and environmental markets. In power, Nodal set a calendar month trading record in November 2021 with 245 million MWh of power futures volume traded, representing a record 47.3% market share and a growth rate of 140% over November 2020. Nodal continues to be the market leader in North American power futures having the majority share of the open interest with a record 1.156 billion MWh at the end of November. The open interest represents over $108.7 billion of notional value (both sides).
Nodal Exchange grew its position in the U.S. natural gas market with record trading volume of 279 million MMBtu in November 2021. Nodal also achieved record natural gas futures open interest with 330 million MMBtu as of end of November.
Environmental markets on Nodal Exchange also continued to post calendar month volume and open interest records in November. A total of 23,522 environmental lots traded in November 2021, up more than 110% from 11,157 lots in November 2020. Open interest at month-end was a record 166,236 environmental lots, up more than 70% from a year earlier. Other environmental highlights this month include:
“Nodal is pleased to have achieved these new records in power, natural gas and environmental markets and appreciates the ongoing support of its community,” said Paul Cusenza, Chairman and CEO of Nodal Exchange and Nodal Clear.
ABOUT NODAL
Nodal Exchange is a derivatives exchange providing price, credit and liquidity risk management solutions to participants in the North American commodities markets. Nodal Exchange is a leader in innovation, having introduced the world’s largest set of electric power locational (nodal) futures contracts and the world’s largest set of environmental contracts. As part of EEX Group, a group of companies serving international commodity markets, Nodal Exchange currently offers over 1,000 contracts on hundreds of unique locations, providing the most effective basis risk management available to market participants. In addition, Nodal Exchange offers natural gas and environmental contracts. All Nodal Exchange contracts are cleared by Nodal Clear which is a CFTC registered derivatives clearing organization. Nodal Exchange is a designated contract market regulated by the CFTC.
PRESS CONTACT:
Nicole Ricard
Nodal Exchange Public Relations
P: 703-962-9816
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Veritone brings AI expertise and leadership to industry organizations to help their members solve complex challenges resulting from rise of renewable energy sources, new legislation, and the global push towards decarbonization
DENVER--(BUSINESS WIRE)--Veritone, Inc. (NASDAQ: VERI), creator of aiWARE, a hyper-expansive enterprise AI platform, announced today that it has joined the Smart Electric Power Alliance (SEPA) and the Utility Analytics Institute (UAI), leading industry organizations focused on the transformation of utilities. As a member, Veritone will add its strong AI leadership and deep machine learning expertise to help utility decision-makers solve complex challenges resulting from the rise of renewable energy sources, new legislation, climate change, and the global push towards decarbonization.
“Like many other industries, utilities’ decision-makers and organizations like SEPA and UAI recognize the game-changing capabilities of AI, machine learning, automation, and analytics,” said Sean McEvoy, SVP, Energy Solutions, Veritone. “Particularly with the Federal Energy Regulatory Commission’s (FERC) Order No. 2222 fostering competition in the wholesale energy market taking effect February 2022, there is no better time than now for Veritone to join these forward-thinking organizations. With our AI-driven energy solutions, together, we can fast-track our collective mission to make power delivery greener, cheaper, and more reliable as the nation transitions to a decarbonized future.”
Globally, we are going through an energy transition, shifting from fossil-based energy production and consumption systems to renewable energy sources. Unreliable green energy sources, new forms of energy storage and energy supply, and demand imbalances, however, may impact customer satisfaction and company profitability. And with such exponential growth in power system complexity, utilities will find it increasingly challenging to maintain day-to-day reliability, as well as resilience to many types of grid disruptions.
“AI is essential to address the increasingly-complex system of energy generation, transmission, storage, and distribution in a net-zero carbon economy,” said Julia Hamm, President & CEO of SEPA. “We are thrilled to welcome Veritone and its energy solutions to the SEPA community as we collectively work to realize a carbon-free energy system by 2050.”
Veritone’s AI-powered energy solutions—built on its proven, open and future-proof aiWARE platform— help utilities and independent power producers increase reliability, decrease operational costs, and reduce carbon footprint by accurately predicting, synchronizing, optimizing, and controlling integrated distributed energy resources. Using a reinforcement learning approach, Veritone's modules continuously adapt and auto-retrain to make optimal decisions, even with a high number of possible constraints. System and hardware agnostic, Veritone offers its energy solutions on-premise, in a hosted environment, or as a service to give its customers the ultimate flexibility without sacrificing performance.
“One of the most difficult transitions a utility will have in the new energy economy is transforming into a data decision-based company,” said Mark Johnson, VP of Energy Group at Endeavor Business Media/UAI. “Equally challenging is choosing the right tools and technology. As a new association member, Veritone will not only be instrumental in helping the utility industry tackle the challenges of today and tomorrow but also help further UAI’s mission to enable utility transformation through analytics.”
To learn more, read the Understanding FERC Order 2222 blog and listen to the Adventures in AI Podcast episode on The Role of Intelligent DERMS in the Clean Energy Transition.
About Veritone
Veritone (NASDAQ: VERI) is a leader in enterprise artificial intelligence (AI) solutions. Serving organizations in both commercial and regulated sectors, Veritone’s software, services, and industry applications simplify data management, empowering the largest and most recognizable brands in the world to run more efficiently, accelerate decision making and increase profitability. Veritone’s hyper-expansive Enterprise AI platform, aiWARE™, orchestrates an ever-growing ecosystem of machine learning models to transform audio, video and other data sources into actionable intelligence. Through its robust partner ecosystem and professional and managed services, Veritone develops and builds AI solutions that solve the problems of today and tomorrow.
About SEPA
The Smart Electric Power Alliance (SEPA) is dedicated to helping electric power stakeholders address the most pressing issues they encounter as they pursue the transition to a clean and modern electric future and a carbon-free energy system by 2050. We are a trusted partner providing education, research, standards, and collaboration to help utilities, electric customers, and other industry players across three pathways: Electrification, Grid Integration, Regulatory and Business Innovation. Through educational activities, working groups, peer-to-peer engagements and advisory services, SEPA convenes interested parties to facilitate information exchange and knowledge transfer to offer the highest value for our members and partner organizations. For more information, visit www.sepapower.org.
Follow SEPA on Twitter, Facebook and LinkedIn
About Utility Analytics Institute
Utility Analytics Institute (UAI) enables utility transformation through analytics. Transforming into a data decision-based company is one of the most difficult transitions a utility will have to make to thrive in the new energy economy. It’s more than just managing massive amounts of data, implementing the right tools and technology, and people and process management. It’s ensuring you have proper change management processes in place to address cultural challenges, as well as data management and governance plans, and best practice and compliant security strategies in place. It’s implementing the best organizational structure for your utility, and hiring and retaining talented staff, plus so much more! UAI brings together the leading utilities who are serious about tackling these challenges and together we concentrate on utility analytics. Visit utilityanalytics.com.
Safe Harbor Statement
This news release contains forward-looking statements. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate” or “continue” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Assumptions relating to the foregoing involve judgments and risks with respect to various matters which are difficult or impossible to predict accurately and many of which are beyond the control of Veritone. Certain of such judgments and risks are discussed in Veritone’s SEC filings. Although Veritone believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by Veritone or any other person that their objectives or plans will be achieved. Veritone undertakes no obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Global Results Communications for Veritone, Inc.
Lora Wilson or Valerie Christopherson
+1 949-608-0276
HOUSTON--(BUSINESS WIRE)--NRG Energy Inc. (NYSE: NRG) has closed the previously announced sale of approximately 4,850 MWs of fossil generating assets from its East and West regions to Generation Bridge, an affiliate of ArcLight Capital Partners. At Closing, NRG received $620 million of net proceeds, after purchase price adjustments pursuant to the terms of the Purchase and Sale Agreement entered into on February 28, 2021. As previously disclosed, the transaction is leverage neutral with $500 million of the net proceeds allocated to deleveraging.
Following the closing of the asset sale and as part of NRG’s Capital Allocation Program, the NRG Board of Directors has authorized $1 billion for share repurchases, effective immediately. The program is expected to begin in 2021 and will continue throughout 2022.
“Closing this transaction further advances our strategic priorities of decarbonizing our portfolio while aligning our business with the evolving needs of our customers,” said Mauricio Gutierrez, President and Chief Executive Officer, NRG. “We remain focused on advancing the strategic priorities we outlined during our June 2021 Investor Day, including executing on our free cash flow per share growth roadmap and maintaining a strong balance sheet to create significant value for our stakeholders.”
Under the share repurchase authorization, repurchases can be made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or otherwise, all in accordance with the rules of the Securities and Exchange Commission and other applicable legal requirements. The timing and amount of any shares of NRG’s common stock that are repurchased under the share repurchase authorization will be determined by NRG’s management based on market conditions and other factors. NRG will only repurchase shares when management believes it would not jeopardize the company’s ability to maintain satisfactory credit ratings. The share repurchase authorization does not obligate NRG to acquire any particular amount of common stock, and may be modified, suspended or discontinued at any time or from time to time at NRG’s discretion.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are subject to certain risks, uncertainties and assumptions and typically can be identified by the use of words such as “expect,” “estimate,” “should,” “anticipate,” “forecast,” “plan,” “guidance,” “outlook,” “believe” and similar terms. Although NRG believes that the expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially.
NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The foregoing review of factors that could cause NRG’s actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect NRG’s future results included in NRG’s filings with the SEC at www.sec.gov.
About NRG
At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to millions of customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, working toward a sustainable energy future. More information is available at nrg.com. Connect with NRG on Facebook, LinkedIn, and follow us on Twitter @nrgenergy.
Investors:
Kevin L. Cole, CFA
Investor Relations
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Corporate Communications
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Andrew Eich, President and Chief Executive Officer
INDEPENDENCE, Ohio--(BUSINESS WIRE)--Covia, a leading provider of mineral-based and material solutions for the Industrial and Energy markets, today announced that Andrew Eich has been promoted to President and Chief Executive Officer, effective January 1, 2022. In addition, Mr. Eich will also join the Board of Managers of Covia.
Mr. Eich has served as President of Covia since May 31, 2021, and previously served as Executive Vice President and Chief Financial Officer from June 1, 2018. Mr. Eich has been with Covia and its predecessor companies since 2012, with prior roles including Senior Vice President and Chief Commercial Officer and Chief Financial Officer. Prior to Covia, Mr. Eich was a private equity executive at Aetos Capital and he began his career at KPMG LLP. He received a Bachelor of Arts in Economics Management from Ohio Wesleyan University, is a CPA (inactive) and CFA charterholder. In addition to his role at Covia, Mr. Eich serves on the Board of Directors for Boys Hope Girls Hope of Northeastern Ohio.
Commenting on the transition to CEO, Mr. Eich stated, “It is a great honor to be taking on the role of CEO at Covia. The company’s leading assets, blue chip customer base and importantly, the outstanding Covia Team, position us well for a bright future as we execute on our growth strategy.”
In a separate release today, it was announced that Shawn Williams, Chairman of the Board and Acting Chief Executive Officer, will continue in this role through December 31, 2021, after which he will become Executive Chairman of the Board, ensuring an effective transition of leadership.
Commenting on the promotion of Mr. Eich, Mr. Williams stated, “I am pleased to have Andrew transition to President and Chief Executive Officer, leading our Covia Team. The Board unanimously selected Andrew based on his industry, commercial and financial expertise as well as his strong and determined leadership. It is an exciting time for our company.”
About Covia
Covia is a leading provider of diversified mineral solutions to the oil and gas, glass, ceramics, coatings, metals, foundry, polymers, construction, water filtration, sports and recreation markets. The Company serves its Industrial customers through a broad array of high-quality products, including high-purity silica sand, nepheline syenite, feldspar, clay, kaolin, resin systems and coated materials, delivered through its comprehensive distribution network. Covia offers its Energy customers an unparalleled selection of proppant solutions, additives, and coated products to enhance well productivity and to address both surface and down-hole challenges in all well environments. Covia has built long-standing relationships with a broad customer base consisting of blue-chip customers. Underpinning these strengths is an unwavering commitment to safety and to sustainable development, further enhancing the value that Covia delivers to all its stakeholders. For more information, visit CoviaCorp.com.
Bob Falkowski
216-905-5411
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IRVING, Texas--(BUSINESS WIRE)--ExxonMobil said today it plans to achieve net zero greenhouse gas emissions from operated assets in the U.S. Permian Basin by 2030, accelerating and expanding its emission-reduction plans for unconventional operations in New Mexico and Texas. The plans are part of the corporate-wide effort to reduce Upstream greenhouse gas emissions intensity by 40-50% by 2030, compared to 2016 levels.
“Our groundbreaking plans to reach net zero for Permian Basin operations further demonstrate our commitment and support of society’s ambitions for a lower-emissions future,” said Darren Woods, chairman and chief executive officer. “We have plans to reduce greenhouse gas emissions intensity across our businesses by deploying the capabilities and technical strengths that are foundational to ExxonMobil.”
The greenhouse gas emission-reduction efforts in the Permian will be supported by electrifying operations, continuing investments in methane mitigation and detection technology, eliminating routine flaring, upgrading equipment, and employing emissions offset technology, which may include nature-based solutions.
The company plans to electrify its operations with low-carbon power, which may include wind, solar, hydrogen, natural gas with carbon capture and storage, or other emerging technologies. ExxonMobil plans to expand its methane detection programs utilizing satellite surveillance and a network of ground-based sensors for continuous monitoring, and aerial flyovers that identify leaks for rapid repairs.
By year-end 2021, ExxonMobil anticipates reduced flaring volumes across its Permian Basin operations by more than 75% compared to 2019. The company plans to eliminate all routine flaring in the Permian by year-end 2022, in support of the World Bank’s Zero Routine Flaring initiative. The company is also securing alternative natural gas delivery points across the basin to minimize non-routine flaring.
“Our goal of net zero for Scope 1 and Scope 2 greenhouse gas emissions is one of the most ambitious and wide-reaching in the Permian Basin,” said Bart Cahir, senior vice president of unconventional at ExxonMobil. “Throughout the value chain, our people are working hard to help reduce the greenhouse gas emissions associated with the products that enable modern life.”
ExxonMobil has demonstrated a strong track record of setting and achieving aggressive greenhouse gas emission-reduction goals. The company is on track to exceed its 2025 greenhouse gas emission-reduction plans announced in December 2020. Year-end 2021 results are expected to show a reduction of 15-20% in greenhouse gas intensity from Upstream operations compared to 2016 levels, four years ahead of schedule. This is supported by an anticipated reduction of 40-50% in methane intensity and 35-45% in flaring intensity compared to 2016.
Plans for the Permian Basin further support ExxonMobil’s corporate methane reduction objectives and are aligned with the U.S. and European Union-led Global Methane Pledge to reduce methane emissions by 30% by 2030.
To validate its emissions-reduction efforts, ExxonMobil is working with an independent validator, non-profit MIQ through a pilot program initially focused on Poker Lake facilities in New Mexico. Through the program, natural gas will be certified based on a series of factors including methane intensity and will be marketed to customers early next year. The certification process could be expanded to other production areas based on demand.
ExxonMobil’s 2030 net zero goal for the Permian Basin will require the support of well-designed policies and advances in technology that increase availability and reliability of carbon-neutral power in the region, including wind and solar. Through long-term purchase contracts, the company supports the development of wind and solar power generation.
At the end of the third quarter 2021, ExxonMobil reported producing an average of 500,000 barrels of oil equivalent per day from its unconventional assets in the Permian Basin, accounting for more than 40% of the company’s U.S. net production. As production increases in the Permian, greenhouse gas emissions are expected to be mitigated accordingly. Costs associated with lower-emissions technology are included in the corporate plan through 2027, which was announced earlier this month.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor. Follow us on Twitter and LinkedIn.
Cautionary Statement
Statements of future aims, goal, events or conditions in this release are forward-looking statements. Actual future results, including the achievement of the aims to reach Scope 1 and 2 net zero in Upstream Permian Basin operated assets, to eliminate routine flaring in-line with World Bank Zero Routine Flaring in Permian operated assets, to reduce methane emissions, to electrify Permian operations, and associated project plans and technology efforts could vary depending on the ability to execute operational objectives on a timely and successful basis; changes in laws and regulations including international treaties and laws and regulations regarding greenhouse gas emissions and carbon costs; trade patterns and the development and enforcement of local, national and regional mandates; unforeseen technical or operational difficulties; the outcome of research efforts and future technology developments, including the ability to scale projects and technologies on a commercially competitive basis; changes in supply and demand and other market factors affecting future prices of oil, gas, and petrochemical products; changes in the relative energy mix across activities and geographies; the actions of competitors; changes in regional and global economic growth rates and consumer preferences; the pace of regional and global recovery from the COVID-19 pandemic and actions taken by governments and consumers resulting from the pandemic; changes in population growth, economic development or migration patterns; and other factors discussed in this release and in Item 1A. “Risk Factors” in ExxonMobil’s Annual Report on Form 10-K for 2020 and subsequent Quarterly Reports on Forms 10-Q, as well as under the heading “Factors Affecting Future Results” on the Investors page of ExxonMobil’s website at www.exxonmobil.com.
ExxonMobil-operated emissions, reductions and avoidance performance data are based on a combination of measured and estimated data using best available information. Calculations are based on industry standards and best practices, including guidance from the American Petroleum Institute (API) and IPIECA. The uncertainty associated with the emissions, reductions and avoidance performance data depends on variation in the processes and operations, the availability of sufficient data, the quality of those data and methodology used for measurement and estimation. Changes to the performance data may be reported as updated data and/or emission methodologies become available. ExxonMobil works with industry, including API and IPIECA, to improve emission factors and methodologies.
Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as Corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Abbreviated references describing global or regional operational organizations, and global or regional business lines are also sometimes used for convenience and simplicity. Nothing contained herein is intended to override the corporate separateness of affiliated companies.
ExxonMobil Media Relations:
(972) 940-6007
FORT WORTH, Texas--(BUSINESS WIRE)--FTS International, Inc. (NYSE American: FTSI) (the “Company” or “FTSI”) today announced the expiration of the 45-day “go-shop” period under the terms of the previously announced merger agreement (the “Merger Agreement”), pursuant to which FTSI will be acquired by ProFrac Holdings, LLC (“ProFrac”), a leading oilfield services company. Under the terms of the Merger Agreement, FTSI and its representatives were permitted to solicit, initiate and engage in discussions or negotiations with respect to alternative acquisition proposals from third parties during the “go-shop” period until 11:59 p.m. EST on December 5, 2021 (the “Go-Shop Period End Date”).
During the “go-shop” period, FTSI and its financial advisor, Ducera Securities LLC, reached out to nine potential strategic counterparties and 37 potential financial counterparties, and did not receive any alternative acquisition proposals. In connection with such outreach, FTSI entered into confidentiality agreements with two potential strategic counterparties, each of which subsequently withdrew from consideration. As of the Go-Shop Period End Date, FTSI is not involved in active discussions with any counterparty with respect to an alternative acquisition proposal. Upon the expiration of the “go-shop” period, FTSI became subject to customary “no-shop” restrictions that limit the ability of FTSI and its representatives to solicit, initiate and engage in discussions or negotiations regarding alternative acquisition proposals from third parties, except as otherwise permitted by the Merger Agreement.
FTSI’s Board of Directors has unanimously approved the Merger Agreement with ProFrac and recommends that FTSI stockholders vote in favor of the transaction at the special meeting of stockholders to be called in connection with the transaction, the date of which will be announced in due course.
The transaction is expected to close in the first quarter of 2022, subject to customary closing conditions, including approval by FTSI stockholders and receipt of regulatory approvals. The Company’s obligation to close the transaction is also conditioned upon approval by a majority of the Company’s stockholders, excluding its largest stockholder THRC Holdings, which is an affiliate of ProFrac. Upon closing of the transaction, the Company’s common stock will no longer be listed on any public market.
About FTS International, Inc.
Headquartered in Fort Worth, Texas, FTS International is a pure-play hydraulic fracturing service company with operations across multiple basins in the United States.
To learn more, visit www.FTSI.com.
Important Information For Investors And Stockholders
This communication does not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities or a solicitation of any vote or approval. This communication relates to a proposed transaction between FTSI and ProFrac. In connection with this proposed transaction, FTSI may file one or more proxy statements or other documents with the Securities and Exchange Commission (the “SEC”), including a definitive proxy statement on Schedule 14A (the “definitive proxy statement”) which will be mailed or otherwise disseminated to the Company’s stockholders when it becomes available. This communication is not a substitute for any proxy statement or other document FTSI may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF FTSI ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS THAT MAY BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by FTSI through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by FTSI will be available free of charge on FTSI’s internet website at https://www.ftsi.com/investor-relations/sec-filings/default.aspx or by contacting FTSI’s primary investor relation’s contact by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or by phone at 817-862-2000.
Participants in Solicitation
FTSI, ProFrac, their respective directors and certain of their respective executive officers may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of FTSI is set forth in its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on March 5, 2021, its Amendment No. 1 to its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on April 30, 2021, certain of its Quarterly Reports on Form 10-Q and certain of its Current Reports filed on Form 8-K.
These documents can be obtained free of charge from the sources indicated above. Additional information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the definitive proxy statement and other relevant materials to be filed with the SEC when they become available.
Forward Looking Statements
This communication contains “forward-looking statements” within the Private Securities Litigation Reform Act of 1995. Any statements contained in this communication that are not statements of historical fact, including statements about FTSI’s ability to consummate the proposed transaction, the expected benefits of the proposed transaction and the expected impact of the coronavirus pandemic (COVID-19) on FTSI's businesses may be deemed to be forward-looking statements. All such forward-looking statements are intended to provide management’s current expectations for the future of FTSI based on current expectations and assumptions relating to FTSI’s business, the economy and other future conditions. Forward-looking statements generally can be identified through the use of words such as “believes,” “anticipates,” “may,” “should,” “will,” “plans,” “projects,” “expects,” “expectations,” “estimates,” “forecasts,” “predicts,” “targets,” “prospects,” “strategy,” “signs,” and other words of similar meaning in connection with the discussion of future performance, plans, actions or events. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. Such risks and uncertainties include, among others: the failure to obtain the required vote of FTSI’s stockholders, the timing to consummate the proposed transaction, the risk that a condition of closing of the proposed transaction may not be satisfied or that the closing of the proposed transaction might otherwise not occur, the risk that a regulatory approval that may be required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated, the diversion of management time on transaction-related issues, risks related to disruption of management time from ongoing business operations due to the proposed transaction, the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of FTSI, the risk that the proposed transaction and its announcement could have an adverse effect on the ability of FTSI to retain customers and retain and hire key personnel and maintain relationships with its suppliers and customers, economic or political changes that affect the markets that FTSI’s businesses serve which could have an effect on demand for FTSI’s products and impact FTSI’s profitability, disruptions in the credit and financial markets, including diminished liquidity and credit availability, disruptions in the Company's businesses from the coronavirus pandemic (COVID-19), cyber-security vulnerabilities, supply issues, retention of key employees, and outcomes of legal proceedings, claims and investigations, future changes, results of operations, domestic spending by the onshore oil and natural gas industry, continued volatility or future volatility in oil and natural gas prices, deterioration in general economic conditions or a continued weakening or future weakening of the broader energy industry, federal, state and local regulation of hydraulic fracturing and other oilfield service activities, as well as exploration and production activities, including public pressure on governmental bodies and regulatory agencies to regulate our industry, and the price and availability of alternative fuels, equipment and energy sources. Accordingly, actual results may differ materially from those contemplated by these forward-looking statements. Investors, therefore, are cautioned against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in FTSI’s filings with the Securities and Exchange Commission, including the risks and uncertainties identified in Part I, Item 1A - Risk Factors of FTSI’s Annual Report on Form 10-K for the year ended December 31, 2020.
These forward-looking statements speak only as of the date of this communication, and FTSI does not assume any obligation to update or revise any forward-looking statement made in this communication or that may from time to time be made by or on behalf of the Company.
FTSI
Lance Turner
Chief Financial Officer, FTSI
817-862-2000
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Pat Tucker / Will Braun
Abernathy MacGregor
212-371-5999
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HOUSTON--(BUSINESS WIRE)--Datagration announced today that it will participate in the Capital One Securities 16th Annual Energy Conference. The conference is being held virtually from December 6th – December 8th.
Other participating companies include: Aramco, Callon Petroleum, EQT, Hess, Murphy Oil Corporation, Pioneer Natural Resources, Shell, Whiting and many more.
Datagration’s presentation materials are available and may be downloaded by visiting the Datagration website at www.datagration.com under “Virtual Events” under the Resources tab.
ABOUT DATAGRATION
Datagration provides the world’s Oil and Gas companies with the tools they need to integrate and model data into meaningful insights and decisions daily. Our team of data scientists, engineers, and technologists work hand in hand with our customers to build a single source of truth used across the organization for data analysis, benchmarking, internal collaboration, financial analysis and more. To learn more about Datagration and the PetroVisor platform go to www.datagration.com.
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