Texas-based Facility to Further Support Domestic Sustainability and Infrastructure Goals
MOUNTAIN VIEW, Calif. & ARLINGTON, Texas--(BUSINESS WIRE)--Wallbox (NYSE:WBX), a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, today announced the commencement of construction at its Arlington manufacturing facility, the company’s first U.S.-based EV charger manufacturing facility. The 130,000 square-foot high-tech plant is expected to have enough capacity to fully support Wallbox's expansion plans in North America over the next decade. This announcement comes on the heels of the start of production at Wallbox's new state-of-the-art factory in Barcelona, which began in December 2021 and will be inaugurated later this month.
Investing approximately $11 million USD* into initial construction, Wallbox is expecting to begin production within the facility by early Fall 2022. Initial construction is planned to allow the EV charger and energy management company to manufacture over 250,000 units in 2022, and over 500,000 in 2025.
The facility will begin with production lines for Wallbox’s Pulsar Plus AC chargers, its powerful best-selling home charger that can charge any electric car on the market, including Teslas with a converter. Production lines for Wallbox’s Quasar 2, its next-generation bi-directional DC charger that enables your car to power your home, Supernova, its fast public charger with 130kW power, and Hypernova, its ultrafast public charger with between 150kW and 350kW of power, are anticipated to follow in 2023.
The U.S.-based facility will play a vital role in expanding the company's presence in North America, a market that is making a big push into automotive electrification with the Biden Administration targeting 50% of all new car sales to be electric by 2030. Expanding its U.S. presence is expected to allow Wallbox to improve delivery time, reduce freight costs, and qualify for subsidies offered by the U.S. government; all aspects that further allow Wallbox to provide the best products for its customers. The new facility is anticipated to create approximately 250 direct jobs in the region by 2030. Wallbox also entered into partnerships with U.S. suppliers, for the design and construction of the facility, storage racking, and its new assembly line.
“With the U.S. undergoing a steady increase in demand toward energy-friendly solutions due to the government’s aggressive EV infrastructure targets, we are pleased to begin construction on our factory that will be at the forefront of serving this rapidly growing market,” said Douglas Alfaro, General Manager of North America at Wallbox. “The U.S. factory is an exciting milestone that allows us to expand our local footprint stateside, and we are thrilled to begin construction in Arlington. The manufacturing facility is expected to allow us to better meet the needs of our American customers and support the nation's transition toward electric mobility.”
Wallbox made the strategic decision to select Arlington, Texas as the location of its first North American manufacturing hub for a variety of factors including the city's position as a central transit hub between the East and West coasts, its access to cross-country highway corridors and central location to other major cities in the region including Dallas and Fort Worth. The Arlington facility is Wallbox's fourth manufacturing site, additive to two facilities in Europe and one in China. Between all facilities, Wallbox is expected to have a global production capacity of over 1.1 million chargers per year by the end of this year.
About Wallbox Chargers
Wallbox is a global company, dedicated to changing the way the world uses energy in the electric vehicle industry. Wallbox creates smart charging systems that combine innovative technology with outstanding design and manage the communication between vehicle, grid, building and charger. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public and public use in 98 countries. Founded in 2015, with headquarters in Barcelona, Wallbox’s mission is to facilitate the adoption of electric vehicles today to make more sustainable use of energy tomorrow. The company employs over 900 people in Europe, Asia, and the Americas. For additional information, please visit www.wallbox.com.
Wallbox Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the features of Wallbox’s products. Wallbox’s manufacturing capacity, future expansion, future partnerships, and expected benefits from the Arlington Facility. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "may," "can," "should," "could," "might," "plan," "possible," "project," "strive," "budget," "forecast," "expect," "intend," "will," "estimate," "predict," "potential," "continue" or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.
These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Wallbox’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: Wallbox’s history of operating losses as an early stage company; the adoption and demand for electric vehicles including the success of alternative fuels, changes to rebates, tax credits and the impact of government incentives; Wallbox’s ability to successfully manage its growth; the accuracy of Wallbox’s forecasts and projections including those regarding its market opportunity; competition; risks related to health pandemics including those of COVID-19; losses or disruptions in Wallbox’s supply or manufacturing partners; Wallbox’s reliance on the third-parties outside of its control; risks related to Wallbox’s technology, intellectual property and infrastructure; and other important factors discussed under the caption "Risk Factors" in Wallbox’s final prospectus on Form 424(b)(3) filed with the SEC on November 12, 2021, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investors Relations section of Wallbox’s website at investors.wallbox.com.
These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement that Wallbox makes in this press release speaks only as of the date of such statement. Except as required by law, Wallbox disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.
*investment figures have been translated at a EUR/USD rate of 1.091, according to the spot rate on April 6, 2022
Wallbox Public Relations:
Colleen Robar
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+1 313-207-5960
Wallbox Investors:
Matt Tractenberg
VP, Investor Relations
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+1 404-574-1504
GLASTONBURY, Conn.--(BUSINESS WIRE)--Mitsubishi Power Aero LLC, a leading global provider of fast-track, on-demand power solutions, has signed an agreement with Life Cycle Power (Houston, Texas) to supply five FT8® MOBILEPAC® gas turbine units, adding 155 megawatts of capability to LCP’s fleet.
Mitsubishi Power Aero’s multi-fuel, 31-megawatt mobile generators fulfill urgent requirements, including disaster relief and emergency power. In this application, LCP expects to deliver emergency backup generation capacity to electric utilities serving Texas markets. The MOBILEPAC units can support the grid to provide electricity to over 150,000 homes and businesses that may otherwise be in the dark during extreme weather events like the 2021 polar vortex.
Power grids must keep energy demand and supply in balance at every moment or risk uncontrolled blackouts. In February 2021, ERCOT ordered power generators across Texas to cut power to significant portions of the state to avoid even larger blackouts that could have left most of Texas without power.
John Tuma, Life Cycle Power CEO, observed, “Building grid resilience to extreme weather is a work in progress, and state officials and agencies have encouraged energy companies to weatherize their plants, transmission lines, and other facilities. Life Cycle Power’s backup mobile generation resources can help utilities and operations that need reliable power mitigate the negative effects of weather conditions like the one that severely tested our electric grid last year.”
“Speed was a key consideration to advance this project,” said Raul Pereda, Mitsubishi Power Aero president and CEO. “Life Cycle Power required prompt delivery and quick installation, and more importantly, dependable, flexible generating equipment that is designed to provide power fast. When you flip that switch, you can expect the MOBILEPAC units to react immediately, delivering power when and where the world needs it most.”
About Mitsubishi Power Aero LLC
Mitsubishi Power Aero LLC, headquartered in Glastonbury, Connecticut, USA, is a leader in the supply of fast-track, on-demand power solutions to global power producers and industrial and O&G customers. We provide flexible and customizable products and services, including aero-derivative gas turbine packages that generate 30 to 140 megawatts, tailored and responsive aftermarket services, turnkey EPC expertise, and battery storage. As the demand for electricity expands, and more renewables are added to power grids, Mitsubishi Power Aero will continue to play a vital role in providing energy security to customers around the world. Mitsubishi Power Aero is a group company of Mitsubishi Power Americas, Inc. Connect with us at aero.power.mhi.com and LinkedIn.
About Life Cycle Power
Life Cycle Power is a turnkey power solutions company based in Houston, Texas, that utilizes mobile gas turbine generators to supply clean, reliable, and cost-effective power to customers in the electric power, oil and gas, mining, and other industrial sectors. LCP’s environmentally-friendly solution enables operators to largely eliminate diesel consumption for power generation and reduce their carbon footprint by utilizing a variety of fuels including wellhead natural gas that would otherwise be flared. LCP operates more than 750 megawatts of mobile gas turbine generators in the U.S.
Stefan Zavatone, VP of Marketing & Communications
860-368-5499
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STUTTGART, Germany--(BUSINESS WIRE)--At its first digital ESG (Environment, Social and Governance) Conference for investors and analysts, the inventor of the automobile announced measures aimed at cutting CO2 emissions, creating lasting value for all stakeholders. As stated at the COP26 UN Climate Change Conference in November 2021, Mercedes-Benz is committed to a faster transition to electric cars. “The desire for individual mobility keeps growing. Our mission is to meet this need in a sustainable way. Mercedes-Benz has a clear roadmap how to become carbon-neutral. By 2030, we want to reach the half-way mark. In order to make faster progress in protecting the climate we need maximum dedication and more collaboration among governments, companies and society as a whole,” says Ola Källenius, Chairman of the Board of Management of Mercedes-Benz Group AG.
The company aims to at least halve CO2 emissions per passenger car over the lifecycle by the end of this decade compared to 2020 levels. To achieve this goal, the key levers include: electrifying the vehicle fleet, charging with green energy, improving battery technology, an extensive use of recycled materials and renewable energy in production. Mercedes-Benz plans to cover more than 70 percent of its energy needs through renewable energy by 2030 by rolling out solar and wind power at own sites as well as through further Power Purchase Agreements.
Electric only – well on the way to zero tank-to-wheel emissions
Electrification of the Mercedes-Benz portfolio has been progressing in leaps and bounds for some time. The aim is to achieve up to 50 percent share of plug-in hybrid and BEVs by 2025 on the way toward going all-electric by 2030 wherever market conditions allow. The portfolio already includes six, and soon nine, all-electric models. To-date, Mercedes-Benz has unveiled the EQA, the EQB, the EQC (WLTP: combined electrical consumption: 25-21,3 kWh/100 km; combined CO2 emissions: 0 g/km)1, the EQS, the EQE 350+ (WLTP: combined electrical consumption: 18,7‑15,9 kWh/100 km, combined CO2 emissions: 0 g/100 km)1 as well as the EQV. Further models will follow: the EQS SUV, the EQE SUV and the EQT. The company plans to assert its leadership in electric mobility among commercial vans, too, through the ongoing electrification of its entire model range.
Green Charging –renewable electricity for electric vehicles
In the lifecycle of an electric vehicle, using renewable energy for charging is a significant lever for helping to avoid CO2 emissions. Mercedes-Benz enables “green charging2” at all of the around 300,000 public charging points in the Mercedes me Charge network throughout Europe and ensures that a sufficient amount of electricity from renewable sources is fed into the grid.
Battery – decreasing carbon footprint through innovative cell chemistry and battery recycling
The battery is the biggest lever for reducing CO2. With the current EU electricity mix, supply chain and production account for more than half of the lifecycle CO2 emissions. This proportion can be reduced significantly through the use of renewable energy. By transitioning to CO2-neutral cell production, it is possible to cut emissions for the production of the entire battery pack by 20 percent. Additional CO2 savings are expected to be achieved through further measures - e.g., by improving the anode and cathode production process. Strategic partnerships have thus been formed to develop and industrialize highly advanced and competitive cell technologies. With more than 800 watt-hours per litre at cell level by mid-decade, high-silicon anodes offer great potential in respect of energy density. At the same time, Mercedes-Benz expects to be able to use LFP batteries in its series-production vehicles. These batteries have a completely cobalt-free cathode. Together with research partners the company is also working on solid-state batteries. To keep control of the battery lifecycle in-house, the company is starting a CO2-neutral recycling factory in Kuppenheim3, Germany, to recycle end-of-life electric vehicle batteries using a new hydrometallurgical technique which increases the recycling rate to 96 percent.
Green steel and Aluminium - pulling out all stops to lower emissions and to support a sustainable future
Mercedes-Benz is setting up a green steel supply chain4 to massively expand its use of low-CO2 and zero‑CO2 steel. Working closely with steel suppliers, the company is consciously steering clear of carbon offsets, focusing instead on the avoidance and reduction of CO2 emissions. In 2021, the company became the first car maker to take an equity stake in Swedish start-up H2 Green Steel (H2GS), with the aim of introducing green steel in a number of production models by as early as 2025. Through the adoption of a circular economy approach, Mercedes-Benz is steadily increasing the proportion of secondary aluminium it uses. Furthermore, it is the first automotive manufacturer to commit to sourcing only primary aluminium certified by the Aluminium Stewardship Initiative (ASI) for its stamping plants and foundries in Europe in future. This confirms that the raw materials are obtained and processed responsibly and in an ecological manner irrespective of the source country — from mining through melting and refining all the way to the gates of the Mercedes‑Benz plants. This requirement will be rolled out to other locations outside Europe in the medium term.
Sustainable materials in series production – now and in the near future
Several sustainable materials are already in series production in some vehicle models. These include seat upholstery fabrics from 100 percent recycled PET bottles as well as floor coverings made with yarns from fishing nets recovered and fabric remnants from old carpets. The EQS and EQE will even feature cable ducting made with recycled landfill waste. Indeed, the components in the EQS, manufactured with efficient use of resources through recycled and renewable raw materials, already weigh more than 80 kilograms. By applying its “Design for Environment” and “Design for Circularity” approaches to the selection of materials, Mercedes-Benz Cars aims to increase the use of recycled materials per vehicle by 2030 to 40 percent.
The bigger picture – Environmental, Social and Governance responsibility go hand in hand
Mercedes-Benz has been producing CO2-neutrally in all own plants as of this year. In addition, the company aims to further expand production of renewable energy by rolling out solar and wind power at all sites.
Mercedes-Benz has a holistic concept of ESG across all departments. The transition to CO2-neutrality and the associated expansion of electric mobility bring many challenges, including those relating to raw materials such as cobalt or lithium, and supply chains. As part of the risk-based Human Rights Respect System Mercedes-Benz increases transparency and takes appropriate measures in relation to 24 raw materials with an elevated risk. The corporate ambition is to ensure that human rights are respected along the entire supply chain: from the mines where raw materials are obtained to the processing companies, and finally to own production.
Along with sustainability and integrity, diversity forms the foundation of the sustainable business strategy of Mercedes-Benz. The company is convinced that sustainable success can only be achieved with diverse teams. One area of action for Diversity & Inclusion Management is the advancement of women. They make up the equivalent of 37.5 percent of the Board of Management of Mercedes-Benz Group AG: Three of the eight members of the Board. Mercedes-Benz wants more qualified women in senior management positions and is aiming for a share of 30 percent in 2030.
The shift towards climate neutrality is changing the financial world and green financing is gaining in importance. Therefore, the variety of green financing instruments like “Green ABS” and green KPI-linked bilateral funding agreements will be increased. Mercedes-Benz also expects a significant increase in EU taxonomy aligned CapEx until 2026 in accordance with its all-electric strategy. Analysis of the ESG ratings of Mercedes-Benz is an important aspect to identify and close transparency gaps. In 2021, the company was able to significantly improve those ESG ratings.
For a replay of the digital ESG Conference please have a look at the Mercedes me media online platform.
Further information about Mercedes-Benz is available at www.mercedes-benz.com. Press information and digital services for journalists and multipliers can be found on our Mercedes me media online platform at media.mercedes-benz.com as well as on our Mercedes-Benz media site at group-media.mercedes-benz.com. Learn more about current topics and events related to Mercedes-Benz Cars & Vans on our @MB_Press Twitter channel at www.twitter.com/MB_Press.
Mercedes-Benz AG at a glance
Mercedes‑Benz AG is responsible for the global business of Mercedes‑Benz Cars and Mercedes‑Benz Vans, with around 172,000 employees worldwide. Ola Källenius is Chairman of the Board of Management of Mercedes‑Benz AG. The company focuses on the development, production and sales of passenger cars, vans and vehicle-related services. Furthermore, the company aspires to be the leader in the fields of electric mobility and vehicle software. The product portfolio comprises the Mercedes‑Benz brand with the brands of Mercedes‑AMG, Mercedes‑Maybach, Mercedes‑EQ, G‑Class as well as products of the smart brand. The Mercedes me brand offers access to the digital services from Mercedes‑Benz. Mercedes‑Benz AG is one of the world's largest manufacturers of luxury passenger cars. In 2021 it sold around 1.9 million passenger cars and nearly 386,200 vans. In its two business segments, Mercedes‑Benz AG is continually expanding its worldwide production network with around 35 production sites on four continents, while gearing itself to meet the requirements of electric mobility. At the same time, the company is constructing and extending its global battery production network on three continents. As sustainability is the guiding principle of the Mercedes‑Benz strategy and for the company itself, this means creating lasting value for all stakeholders: for customers, employees, investors, business partners and society as a whole. The basis for this is the sustainable business strategy of the Mercedes‑Benz Group. The company thus takes responsibility for the economic, ecological and social effects of its business activities and looks at the entire value chain.
1 The WLTP electrical consumption has been determined on the basis of Regulation (EU) No. 2017/1151.
2 Press Release: “Mercedes me Charge: Mercedes-Benz drives electric mobility forward with simplified charging rates”
3 Press Release: : “Mercedes-Benz establishes sustainable battery recycling: Own recycling plant to start in 2023”
4 Press Release: “Mercedes-Benz to use green steel in vehicles in 2025, reducing its carbon footprint”
Miriam Weiss, phone: +49 (0) 160 86 28 913, This email address is being protected from spambots. You need JavaScript enabled to view it.
Alexander Helf, phone: +49 (0) 176 30 91 6593, This email address is being protected from spambots. You need JavaScript enabled to view it.
Andrea Berg, phone: +1 917 667-2391, This email address is being protected from spambots. You need JavaScript enabled to view it.
GLASTONBURY, Conn.--(BUSINESS WIRE)--Mitsubishi Power Aero LLC, a leading global provider of fast-track, on-demand power solutions, has signed an agreement with Life Cycle Power (Houston, Texas) to supply five FT8® MOBILEPAC® gas turbine units, adding 155 megawatts of capability to LCP’s fleet.
Mitsubishi Power Aero’s multi-fuel, 31-megawatt mobile generators fulfill urgent requirements, including disaster relief and emergency power. In this application, LCP expects to deliver emergency backup generation capacity to electric utilities serving Texas markets. The MOBILEPAC units can support the grid to provide electricity to over 150,000 homes and businesses that may otherwise be in the dark during extreme weather events like the 2021 polar vortex.
Power grids must keep energy demand and supply in balance at every moment or risk uncontrolled blackouts. In February 2021, ERCOT ordered power generators across Texas to cut power to significant portions of the state to avoid even larger blackouts that could have left most of Texas without power.
John Tuma, Life Cycle Power CEO, observed, “Building grid resilience to extreme weather is a work in progress, and state officials and agencies have encouraged energy companies to weatherize their plants, transmission lines, and other facilities. Life Cycle Power’s backup mobile generation resources can help utilities and operations that need reliable power mitigate the negative effects of weather conditions like the one that severely tested our electric grid last year.”
“Speed was a key consideration to advance this project,” said Raul Pereda, Mitsubishi Power Aero president and CEO. “Life Cycle Power required prompt delivery and quick installation, and more importantly, dependable, flexible generating equipment that is designed to provide power fast. When you flip that switch, you can expect the MOBILEPAC units to react immediately, delivering power when and where Texans need it most.”
About Mitsubishi Power Aero LLC
Mitsubishi Power Aero LLC, headquartered in Glastonbury, Connecticut, USA, is a leader in the supply of fast-track, on-demand power solutions to global power producers and industrial and O&G customers. We provide flexible and customizable products and services, including aero-derivative gas turbine packages that generate 30 to 140 megawatts, tailored and responsive aftermarket services, turnkey EPC expertise, and battery storage. As the demand for electricity expands, and more renewables are added to power grids, Mitsubishi Power Aero will continue to play a vital role in providing energy security to customers around the world. Mitsubishi Power Aero is a group company of Mitsubishi Power Americas, Inc. Connect with us at aero.power.mhi.com and LinkedIn.
About Life Cycle Power
Life Cycle Power is a turnkey power solutions company based in Houston, Texas, that utilizes mobile gas turbine generators to supply clean, reliable, and cost-effective power to customers in the electric power, oil and gas, mining, and other industrial sectors. LCP’s environmentally-friendly solution enables operators to largely eliminate diesel consumption for power generation and reduce their carbon footprint by utilizing a variety of fuels including wellhead natural gas that would otherwise be flared. LCP operates more than 750 megawatts of mobile gas turbine generators in the U.S.
Stefan Zavatone, VP of Marketing & Communications
860-368-5499
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DENVER--(BUSINESS WIRE)--Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”) sold approximately 303 acres of North Carolina farmland to a large solar power developer for $4 million on Wednesday. The Company realized a net gain of nearly $2.3 million, or 132%, on the disposition.
The parcel was part of a 944-acre farm that FPI acquired in 2015. It will continue to rent the remaining farmland to a local farmer.
“This sale is great news for our shareholders because of the more than 2X gain we achieved,” said FPI Chairman and CEO Paul Pittman. “It’s also emblematic of our Company’s strategy to work with renewable energy producers, when possible, to maximize returns and benefit the environment.”
FPI also leases land to renewable energy producers. Its portfolio includes five solar and three wind projects, which collectively have the capacity to generate more than 110 megawatts of electricity.
About Farmland Partners Inc.
Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of the date of this release, the Company owns and/or manages nearly 187,000 acres in 19 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North Carolina, South Carolina, South Dakota and Virginia. We have approximately 26 crop types and more than 100 tenants. The Company elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2014. Additional information: www.farmlandpartners.com or (720) 452-3100.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the federal securities laws, including, without limitation, statements with respect to expected yields on acquired farmland, our outlook, proposed and pending acquisitions and dispositions, the potential impact of trade disputes and recent extreme weather events on the Company's results, financing activities, crop yields and prices and anticipated rental rates. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" or similar expressions or their negatives, as well as statements in future tense. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance and our actual results could differ materially from those set forth in the forward-looking statements. Some factors that might cause such a difference include the following: general volatility of the capital markets and the market price of the Company's common stock, changes in the Company's business strategy, availability, terms and deployment of capital, the Company's ability to refinance existing indebtedness at or prior to maturity on favorable terms, or at all, availability of qualified personnel, changes in the Company's industry, interest rates or the general economy, adverse developments related to crop yields or crop prices, the degree and nature of the Company's competition, the timing, price or amount of repurchases, if any, under the Company's share repurchase program, the ability to consummate acquisitions or dispositions under contract and the other factors described in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, and the Company's other filings with the Securities and Exchange Commission. Any forward-looking information presented herein is made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
Phillip Hayes
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WEST HARTFORD, Conn.--(BUSINESS WIRE)--MidCap Business Credit increased its senior credit facility with Wells Fargo Capital Finance to $200 million. This upsize will enable MidCap to support the growth of its existing asset-based lending business and support the launch of its equipment finance vertical, MidCap Equipment Finance, which will focus on providing equipment leases and loans between $2 million and $20 million to middle-market customers in the United States and Canada.
Steve Samson, president of MidCap Business Credit, stated, “We are excited to expand our relationship with Wells Fargo. The Lender Finance team was very supportive throughout the process, and we are now able to offer both asset-based lending and equipment financing to our customers while leveraging our rigorous credit, servicing, and finance operations.”
“Wells Fargo values our relationship with MidCap, and we are proud to support their strategic plan and expanded product offering,” said Stewart Hayes, managing director for the Lender Finance division of Wells Fargo Capital Finance. “We are pleased to be part of MidCap’s ongoing growth story and look forward to helping them continue to serve middle-market clients.”
Saurin Shah will serve as president of MidCap Equipment Finance. Shah is an industry veteran with deep expertise in structuring equipment transactions. Prior to MidCap, Shah was a co-founder of SLR Equipment Finance, which started operations in 2010 (formerly Nations Equipment Finance). He started his equipment finance career with GE Capital. Joining Shah, MidCap has hired Matt Lightfoot as head of originations and Al Berger as head of credit. Both Lightfoot and Berger were most recently at SLR Equipment Finance and worked closely with Shah in the past. This team invested over $1 billion in equipment loans and leases across a variety of industries.
“I am very excited to join MidCap to build out an equipment finance platform,” said Saurin Shah. “Since 2004 MidCap has been serving middle-market companies nationwide with its asset-based lending product. MidCap is a respected brand and consistent force in the industry. This expansion, with the support of Wells Fargo, represents a unique opportunity for our customers. We have great team with proven experience that has worked together for many years. We are committed to bringing our knowledge and expertise to the marketplace.”
Saurin Shah
203-516-6726
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Increasing Production, Finding More Oil, Expanding Acreage, Growing Free Cash Flow, Reducing Debt and Giving Back More to Shareholders
BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator today announced its operational update for the three-month period ended March 31, 2022 (“1Q2022”).
All figures are expressed in US Dollars. Growth comparisons refer to the same period of the prior year, except when otherwise specified.
Highlights
Accelerating Production Growth
Drilling and Finding Oil and Gas
Expanding Growth Fairway and Strengthening Portfolio
Giving Back to Shareholders and Reducing Debt
Work Program Generating Strong Cash Flow
Breakdown of Quarterly Production by Country
The following table shows production figures for 1Q2022, as compared to 1Q2021:
|
1Q2022 |
1Q2021 |
|||
Total
|
Oil
|
Gas
|
Total
|
% Chg. |
|
Colombia |
33,738 |
33,527 |
1,262 |
31,455 |
+7% |
Chile |
2,279 |
377 |
11,408 |
2,491 |
-9% |
Brazil |
1,815 |
25 |
10,740 |
1,984 |
-9% |
Ecuador |
190 |
190 |
- |
- |
- |
Argentinab |
604 |
323 |
1,686 |
2,201 |
-73% |
Total (as reported) |
38,626 |
34,442 |
25,096 |
38,131 |
+1% |
Total w/o Argentinac |
38,022 |
34,119 |
23,410 |
35,930 |
+6% |
a) |
Includes royalties paid in kind in Colombia for approximately 1,115 bopd in 1Q2022. No royalties were paid in kind in Brazil, Chile, Argentina or Ecuador. Production in Ecuador is reported after the Government’s production share of approximately 100 bopd. |
b) |
1Q2022 average production in Argentina includes production until its divestment on January 31, 2022, divided by 90 days. |
c) |
Excluding production from recently divested blocks in Argentina in 1Q2022 and 1Q2021. |
Quarterly Production
(boepd) |
1Q2022 |
4Q2021 |
3Q2021 |
2Q2021 |
1Q2021 |
Colombia |
33,738 |
32,002 |
31,565 |
29,571 |
31,455 |
Chile |
2,279 |
2,162 |
2,354 |
2,584 |
2,491 |
Brazil |
1,815 |
1,822 |
1,791 |
2,080 |
1,984 |
Ecuador |
190 |
- |
- |
- |
- |
Argentina |
604 |
1,942 |
2,149 |
2,254 |
2,201 |
Total |
38,626 |
37,928 |
37,859 |
36,489 |
38,131 |
Oil |
34,442 |
33,205 |
32,844 |
30,962 |
32,877 |
Gas |
4,184 |
4,723 |
5,015 |
5,527 |
5,254 |
Oil and Gas Production Update
Consolidated:
Oil and gas production in 1Q2022 was 38,626 boepd. Adjusting for recent divestments in Argentina, consolidated oil and gas production increased by 6% compared to 1Q2021, due to higher production in Colombia and recent exploration successes in Ecuador, partially offset by lower production in Chile and Brazil.
Oil represented 89% and 86% of total reported production in 1Q2022 and 1Q2021, respectively.
Colombia:
Average net oil and gas production in Colombia increased by 7% to 33,738 boepd in 1Q2022 compared to 31,455 boepd in 1Q2021 resulting from increased production in the Llanos 34, CPO-5 and Platanillo blocks.
Oil and gas production highlights in main blocks in Colombia:
Ongoing Drilling Activities in the CPO-5 block
Strategic Acreage Expansion in Llanos basin
Chile:
Average net production in Chile decreased by 9% to 2,279 boepd in 1Q2022 compared to 2,491 boepd in 1Q2021, resulting from lower gas production due to limited drilling activities and the field’s natural decline. The production mix was 83% natural gas and 17% light oil in both 1Q2022 and 1Q2021.
During 1Q2022 drilling activity in the Fell block included the successful drilling of the Jauke Oeste 2 well, which is expected to be completed and tested in 2Q2022 after drilling of the Jauke 3 gas well.
Brazil:
Average net production in Brazil decreased by 9% to 1,815 boepd in 1Q2022 compared to 1,984 boepd in 1Q2021. The production mix was 99% natural gas and 1% oil and condensate in both 1Q2022 and 1Q2021.
Manati Gas Field Divestment Process Update
Ecuador:
The Perico block is currently producing approximately 2,000 bopd gross, or 1,000 bopd net from the recent Jandaya and Tui discoveries, before Government’s production share. Net production after the Government’s production share equals 650-700 bopd. The Government’s production share varies with the different oil prices and is approximately 30-40% with an Oriente crude oil price7 of $70-100 per bbl.
In 1Q2022 the average net oil production in Ecuador reached 290 bopd before the Government’s production share or 190 bopd after the Government’s share, with the quarter only partially reflecting production from recent Jandaya and Tui discoveries that took place in late January and late March 2022, respectively.
Perico block
During 1Q2022 the operator put on production two exploration wells, Jandaya 1 and Tui 1:
Espejo block
In the Espejo block, GeoPark is currently carrying out the acquisition of 60 sq km of 3D seismic, targeting to spud the first exploration well in 2H2022.
The Espejo and Perico blocks are attractive, low-risk exploration blocks located in the Sucumbios Province in the Oriente basin in northeastern Ecuador. The blocks are adjacent to multiple discoveries and producing fields and have access to existing infrastructure with spare capacity and a well-developed service industry.
Argentina:
Completion of the Divestment Process
2022 FREE CASH FLOW CALCULATION AND SENSITIVITIES TO DIFFERENT BRENT OIL PRICES
The table below provides sensitivities to different Brent oil prices using the 2022 base work program:
2022 Free Cash Flow8 |
$80-85 per bbl |
$95-100 per bbl |
(in millions of $) |
|
|
Operating Netback |
510-550 |
560-580 |
Adjusted EBITDA |
460-500 |
510-530 |
Cash Taxes |
(40-45) |
(40-45) |
Capital Expenditures |
(160-180) |
(160-180) |
Mandatory Debt Service Payments9 |
(38-42) |
(38-42) |
Free Cash Flow |
210-240 |
260-280 |
Free Cash Flow Yield (in %) |
24-28% |
30-32% |
Adjusted EBITDA is defined as profit for the period (determined as if IFRS 16 Leases has not been adopted), before net finance cost, income tax, depreciation, amortization, certain non-cash items such as impairments and write-offs of unsuccessful exploration efforts, accrual of share-based payment, unrealized result on commodity risk management contracts, geological and geophysical expenses allocated to capitalized projects, and other non-recurring events. Operating Netback is equivalent to Adjusted EBITDA before cash expenses included in Administrative, Geological and Geophysical and Other operating expenses.
Free cash flow is used here as Adjusted EBITDA less income tax paid included in cash flows from operating activities, less capital expenditures included in cash flows used in investing activities, less mandatory interest payments included in cash flows used in financing activities.
Free cash flow yield is calculated as free cash flow divided by GeoPark’s average market capitalization from January 3 to March 31, 2022.
OTHER NEWS
Reporting Date for 1Q2022 Results Release, Conference Call and Webcast
GeoPark will report its 1Q2022 financial results on Wednesday, May 11, 2022, after the market close.
In conjunction with the 1Q2022 results press release, GeoPark management will host a conference call on May 12, 2022, at 10:00 am (Eastern Daylight Time) to discuss the 1Q2022 financial results.
To listen to the call, participants can access the webcast located in the Investor Support section of the Company’s website at www.geo-park.com, or by clicking below:
https://event.on24.com/wcc/r/3738306/B98B6DEBD18BAB89024E05E5E5412500
Interested parties may participate in the conference call by dialing the numbers provided below:
United States Participants: 844-200-6205
International Participants: +1 929-526-1599
Passcode: 970790
Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast.
An archive of the webcast replay will be made available in the Investor Support section of the Company’s website at www.geo-park.com after the conclusion of the live call.
1 Based on current production in the Indico oil field compared to latest available information on Colombia’s oil production per field during December 2021 published by the ANH. |
2 Before the Government’s production share. |
3 Subject to final signature of the contract. |
4 Unaudited. |
5 Manati gas field divestment process was not completed before the March 31, 2022 deadline. |
6 Based on current production in the Indico oil field compared to latest available information on Colombia’s oil production per field during December 2021 published by the ANH. |
7 As of March 31 2021, the Oriente/Brent discount was $5.48/bbl. |
8 Brent oil price assumptions refer to April-December 2022 and consider a $3-4 Vasconia/Brent differential. Free cash flow excludes changes in working capital. |
9 Excluding potential and voluntary prepayments on existing financial debt. |
GLOSSARY
|
|
ANH |
Colombia’s National Agency of Hydrocarbons |
|
|
Operating netback |
Revenue, less production, and operating costs (net of accrual of stock options and stock awards), selling expenses and realized portion of commodity risk management contracts. Operating netback is equivalent to Adjusted EBITDA net of cash expenses included in Administrative, Geological and Geophysical and Other operating costs |
Bbl |
Barrel |
|
|
Boe |
Barrels of oil equivalent |
Boepd |
Barrels of oil equivalent per day |
Bopd |
Barrels of oil per day |
D&M |
DeGolyer and MacNaughton |
F&D costs |
Finding and development costs, calculated as capital expenditures divided by the applicable net reserves additions before changes in Future Development Capital |
Km |
Kilometers |
|
|
Mboe |
Thousand barrels of oil equivalent |
Mmbo |
Million barrels of oil |
Mmboe |
Million barrels of oil equivalent |
Mcfpd |
Thousand cubic feet per day |
Mmcfpd |
Million cubic feet per day |
Mm3/day |
Thousand cubic meters per day |
NPV10 |
Present value of estimated future oil and gas revenues, net of estimated direct expenses, discounted at an annual rate of 10% |
PRMS |
Petroleum Resources Management System |
|
|
Sq km |
Square Kilometer |
WI |
Working Interest |
|
|
W/O |
Without |
|
|
NOTICE
Additional information about GeoPark can be found in the “Investor Support” section on the website at www.geo-park.com.
Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated based on such rounded figures but based on such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking statements. Many of the forward- looking statements contained in this press release can be identified using forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.
Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations regarding various matters, including the expected production growth, expected schedule, economic recovery, payback timing, IRR, drilling activities, demand for oil and gas, oil and gas prices, capital expenditures plan, work program and investment guidelines, free cash flow yields, our dividend and share buyback programs, our deleveraging process, reserves and exploration resources. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors. Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption, and losses, except when specified.
Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them considering new information or future developments or to release publicly any revisions to these statements to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission.
Readers are cautioned that the exploration resources disclosed in this press release are not necessarily indicative of long-term performance or of ultimate recovery. Unrisked prospective resources are not risked for change of development or chance of discovery. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development. There is no certainty that any portion of the prospective resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Prospective resource volumes are presented as unrisked.
INVESTORS:
Stacy Steimel
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Shareholder Value Director
T: +562 2242 9600
Miguel Bello
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Market Access Director
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Diego Gully
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MEDIA:
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DUBLIN--(BUSINESS WIRE)--The "Concentrated Solar Power Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The latest study analyzes the historical and present-day scenario of the global concentrated solar power market in order to accurately gauge its future growth.
The study presents detailed information about the important growth factors, restraints, and trends that are creating a landscape for the growth of the global concentrated solar power market so as to identify growth opportunities for market stakeholders. The report also provides insightful information about how the global concentrated solar power market would expand during the forecast period of 2021 to 2031.
The report offers intricate dynamics about different aspects of the global concentrated solar power market, which aids companies operating in the market in making strategic development decisions. This study also elaborates on significant changes that are highly anticipated to configure growth of the global concentrated solar power market during the forecast period. It also includes a key indicator assessment that highlights growth prospects of the global concentrated solar power market and estimates statistics related to growth of the market in terms of value (US$ Bn) and volume (MW).
This study covers a detailed segmentation of the global concentrated solar power market, along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the global concentrated solar power market, wherein various development, expansion, and winning strategies practiced and implemented by leading players have been presented in detail.
Key Questions Answered in this Report on Concentrated Solar Power Market
The report provides detailed information about the global concentrated solar power market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth potential of the global market.
Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global concentrated solar power market, so as to help them design successful strategies and make target-driven decisions.
Market Dynamics
Drivers
Restraints
Opportunities
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/az73u
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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ATHENS, Greece--(BUSINESS WIRE)--Danaos Corporation (NYSE: DAC), one of the world’s largest independent owners of containerships, announced today that it has placed orders for four 7,200 TEU containerships. The vessels will be built at Daehan Shipbuilding in Korea and are expected to be delivered to Danaos in the first half of 2024.
The vessels will be methanol fuel ready, will come with open loop scrubbers and will be built in accordance with the latest requirements of the International Maritime Organization (IMO) in relation to Tier III emission standards and Energy Efficiency Design Index (EEDI) Phase III.
The Company’s CEO, Dr. John Coustas, commented:
“We are very pleased to announce the commissioning of four 7,200 TEU containerships. These vessels are at the forefront of new technology, come with the latest specifications on emissions requirements and are methanol ready. With this order Danaos continues to solidify its position as one of the major players in the containership market worldwide.
The current world developments are pointing out to significantly elevated fuel prices in the future and bearing in mind the uncertainty of green fuel availability we are following a strategy of investing into the most fuel-efficient vessels together with scrubbers that will minimize the fuel cost while maintaining the option to modify the vessels into green methanol use when the fuel will be available. This strategy removes the risk of technical obsolescence while it delivers short and medium term benefits on the fuel cost front. Further the midsize segment is the one which is most underbuilt, and replacement will be required. We will continue to work to maximize our profitability and secure more accretive transactions with a focus on creating value for our shareholders.”
About Danaos Corporation
Danaos Corporation is one of the largest independent owners of modern, large-size containerships. Our fleet of 77 containerships aggregating 479,589 TEUs, which includes 6 containerships on order aggregating 43,000 TEU with scheduled deliveries in 2024, ranks Danaos among the largest containership charter owners in the world based on total TEU capacity. Our fleet is chartered to many of the world’s largest liner companies on fixed-rate charters. Danaos Corporation’s shares trade on the New York Stock Exchange under the symbol “DAC”.
Visit our website at www.danaos.com
Evangelos Chatzis
Chief Financial Officer
Danaos Corporation
Athens, Greece
Tel: +30 210 419 6480
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Iraklis Prokopakis
Senior Vice President & Chief Operating Officer
Danaos Corporation
Athens, Greece
Tel. +30 210 419 6400
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Investor Relations and Financial Media:
Rose & Company
New York
Tel. 212-359-2228
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DUBLIN--(BUSINESS WIRE)--The "Oil And Gas Global Market Report 2022, By Type, Drilling Type, Application" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global oil and gas market as it emerges from the COVID-19 shut down.
The global oil and gas market is expected to grow from $6,098.98 billion in 2021 to $6,819.04 billion in 2022 at a compound annual growth rate (CAGR) of 11.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $10,376.28 billion in 2026 at a CAGR of 11.1%.
Companies Mentioned
Reasons to Purchase
The oil and gas market consists of sales of oil and gas by entities (organizations, sole traders or partnerships) that undertake the exploration for, extraction, drilling, and refining, of oil and gas and some of its derivatives. This market does not include petrochemicals.
The main types are oil & gas upstream activities; oil downstream products. Oil and gas upstream activities include exploration activities, such as creating geological surveys and obtaining land rights and production activities, such as onshore and offshore drilling. The various drilling types include offshore; onshore that are used for residential, commercial, institutions and other applications.
Asia Pacific was the largest region in the oil and gas market in 2021. North America was the second largest region in the oil and gas market. The regions covered in the oil and gas market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Low interest rates in most developed countries will positively impact the oil and gas industry during the forecast period. For instance, in 2019, the European Central Bank decreased interest rates to -0.5% on deposits from banks to encourage lending. This created a flow of cheap money for investment, both in developed and developing economies. It also encouraged borrowing and discouraged saving in advanced markets, helping to drive spending. Oil and gas companies were able to borrow more money for process improvements and expansion projects, thus driving the market during this period.
Oil price volatility is likely to have a negative impact on the market as significant decline and increase in oil prices negatively impacts the government and consumer spending. The decline in oil prices is having a negative impact on government spending in countries such as Saudi Arabia, Nigeria and the UAE (United Arab Emirates) which are largely dependent on revenues generated through crude oil exports; whereas significant increase in oil prices had resulted in rising inflation, current account deficit and fiscal deficit in countries such as India and China, which predominantly import oil. For instance, the Saudi government is expected to cut down its spending from 1.05 trillion riyals ($280 billion) in 2019 to 1.02 trillion riyals ($270 billion) in 2020, to 955 billion riyals ($255 billion) by 2022, due to significant decline in revenues generated from oil exports, thereby affecting the market. This high volatility in oil prices is expected to negatively impact the market going forward.
Major companies in the oil and gas industry are looking into big data analytics and artificial intelligence (AI) to enhance decisions making abilities and thus drive profits. The companies in this industry gather huge amounts of raw data relating to the working of refineries, pipelines and other infrastructure through a large number of sensors placed across the oil rig. Using big data analytics, the companies can detect patterns which can allow them to quickly react to unwanted changes or potential defects, thus saving costs. AI allows the companies to take better drilling and operational decisions. Companies such as ExxonMobil and Shell have been increasingly investing in AI technology to have a centralized method of data management and support data integration across multiple applications.
For more information about this report visit https://www.researchandmarkets.com/r/vlohp9
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Kicking off this week with a public art installation at the Franklin Park Zoo, the three-month campaign will draw public attention to climate change through coordinated events, public art installations and programs at over a dozen of Greater Boston’s cultural institutions
BOSTON--(BUSINESS WIRE)--The Boston Green Ribbon Commission (GRC) has joined with the City of Boston and nearly 40 of Boston’s top cultural institutions to unveil Action Pact 2022, a first-of-its-kind public awareness campaign that will engage, educate and draw attention to the pressing issue of climate change. Kicking off this week with a public art installation at the Franklin Park Zoo, the Action Pact campaign – entitled ‘Ready, Resilient, Reinvented’ – will offer climate themed programming of all kinds over the next three months (April 1, 2022 to June 30, 2022) to the public including events, additional public art installations and coordinated programming at more than a dozen of Boston’s world-class arts, educational, sports and entertainment organizations.
“In this closing window of time to act, Boston must lead by taking every possible step to prepare for and mitigate the effects of the climate crisis," said Boston Mayor Michelle Wu. "I am grateful to the Green Ribbon Commission and Boston's cultural institutions for collectively supporting this Action Pact and our efforts to become a more resilient and just community."
The City of Boston aims to be carbon neutral by 2050, as well as increase resilience to climate threats including extreme weather, heat and sea level rise. To support these efforts, the Green Ribbon Commission, the Museum of Science, the New England Aquarium, the Boston Red Sox, the Museum of Fine Arts and 40 of Boston’s top cultural institutions formed a partnership that has served as the genesis for the Action Pact Boston campaign. With the goal of becoming an annual event, Action Pact seeks to capture the public’s attention around a vision of a future Boston that is carbon-free, climate-ready, equitable and innovative.
“We are incredibly excited to launch Action Pact in collaboration with our partners across the city and with Boston’s leading cultural institutions,” said Amy Longsworth, Executive Director of the Boston Green Ribbon Commission. “Along with our dedicated partners, we envision Action Pact becoming an annual event that will harness the power of arts and culture to open people’s minds and help people see things in powerful new ways. Our goal is to harness that power and encourage a sustained focus on visioning and achieving a climate-safe future.”
The inaugural theme – Ready, Resilient, Reinvented – of the 2022 Action Pact campaign embraces a wide range of connections and entry points to Boston’s climate challenges, including the need to learn from our past, mobilize our collective energies and imagine a future worth striving for by taking productive action that truly matters.
“The climate crisis we face requires a collective response like that of Action Pact,” said Tim Ritchie, President of the Museum of Science. “We are proud to be a founding member of this important assembly of cultural institutions in Boston, to educate our community on climate solutions. Together with our civic and cultural partners, we can inspire millions of people on the many ways – big and small – we can make long-lasting change.”
“With millions of fans coming through our gates each season, our organization has put considerable thought and effort into working to offset the environmental impact of operating a 110-year-old ballpark,” said Jon Lister, Vice President of Facilities Management at the Boston Red Sox. “Beginning in 2008 with solar panels, and more recently with the installation of a rooftop garden to grow fresh produce for ballpark kitchens, to fully offsetting our electrical consumption, the greening of Fenway Park has been ongoing. The Action Pact initiative allows us to continue to share our efforts on climate action while engaging a wider audience.”
The Action Pact 2022 campaign will include the following components over the next three months:
About the Boston Green Ribbon Commission
The mission of the Green Ribbon Commission is to accelerate the implementation of the City’s Climate Action Plan by convening, organizing, and enabling leaders from Boston’s key sectors. The City of Boston is committed to achieving net zero carbon energy sources by 2050, even as the city grows. The GRC provides a forum for representatives of the private sector and the City to discuss, plan and act on the opportunities, challenges, ideas, and requirements of preparing Boston to meet the imperatives of climate change. To learn more, visit www.greenribboncommission.org or follow us on Twitter.
About Action Pact
Action Pact is a consortium of arts, science, history, sports and entertainment organizations committed to leadership on climate action through creativity, education and facility energy efficiency and resilience. Arts and culture have the power to open people’s minds and help people see things in new ways. The goal of Action Pact is to harness that power and encourage a sustained, culturally-based focus on visioning and achieving a climate-safe future. Action Pact is a partnership between the Boston Green Ribbon Commission, the City of Boston, and over 40 of Boston’s world-class cultural institutions. To learn more, visit https://www.actionpact.boston.
Media:
Claire Belanger
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585-730-1218
DUBLIN--(BUSINESS WIRE)--The "Oil & Gas Upstream Activities Global Market Report 2022, By Type, Drilling Type, End-User" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global oil & gas upstream activities market as it emerges from the COVID-19 shut down.
The global oil & gas upstream activities market is expected to grow from $3,567.49 billion in 2021 to $3,934.81 billion in 2022 at a compound annual growth rate (CAGR) of 10.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $5,663.36 billion in 2026 at a CAGR of 9.5%.
Companies Mentioned
Reasons to Purchase
The oil and gas upstream activities market consists of sales of crude oil and natural gas by entities (organizations, sole traders or partnerships) that undertake the pre-refining activities of crude oil and natural gas production.
The main types of oil and gas upstream activities are crude oil, natural gas, oil and gas wells drilling services, oil and gas supporting activities. Crude oil is a naturally occurring petroleum product made up of hydrocarbon deposits and other organic materials that is extracted from the earth and refined into gasoline, jet fuel, and other petroleum products. The different drilling types include offshore, onshore and is used by various sectors such as crude petroleum comprises, natural gas extraction comprises
Asia Pacific was the largest region in the oil & gas upstream activities market in 2021. North America was the second largest region in the oil & gas upstream activities market. The regions covered in the oil & gas upstream activities market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Oil and gas extraction companies around the world are investing heavily in digital oilfield technology to enhance oil and gas production. Digital oil fields integrate advanced software, hardware, and data analysis techniques to collect real-time data from the oilfield. They consist of visualization, product surveillance, integrated decision making, and remote communication systems. Digital technologies in oil fields include high-performance drill bits, advanced electrical submersible pumps, and 3D seismic imaging and reservoir modelling.
Oilfields digitization facilitates efficient utilization of human resources and thus optimizes the profitability of oil production. This technology is changing the competitive landscape with a fact that an increase in production efficiency by ten percentage points can yield an impact of $220 million to $260 million on the bottom-line. According to IHS CERA, digital oilfield implementation leads to increase in oil production by 2 to 8% and reduction in operating expense by 5 to 25%. For Instance, some of the major companies investing in digital oilfields include Noble Corp, Statoil and Apache Corp.
Oil and gas well drilling companies are adopting 3D visualization systems to reduce project cycle times and increase drilling accuracy. 3D visualization system generates a 3D model of a wellbore and real-time drilling data to monitor and optimize drilling process. This system facilitates automatic diagnosis of drilling problems and improves and streamlines collaboration by allowing geoscientists and drilling engineers to virtually locate, see, and test drilling sites, resulting in significant cost savings of up to 20% and reduction in non-productive drilling time by 20%.
These systems are integrated with asset teams by means of software, thus facilitating precise and accurate placement of drill sites. For Instance, some of the major companies offering 3D visualization technology companies include eDrilling, Hexagon, Mechdyne and Landmark.
Oil and Gas Wells Drilling Service providers are using seismic technology to map and interpret potential hydrocarbon reserves. 4D seismic technology is used to track the change in the physical properties of the reservoir rocks which are caused due to changes in reservoir pressure, temperature and fluid saturation.
For more information about this report visit https://www.researchandmarkets.com/r/g8f21s
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or the “Company”) today announced its plans to release financial results for the first quarter 2022 on Monday, May 9, 2022, after market close. A copy of the Company’s press release will be available on the Primoris website at www.primoriscorp.com.
Management will host a conference call and webcast on Tuesday, May 10, 2022, at 9:00 a.m. U.S. Central Time (10:00 a.m. U.S. Eastern Time), to discuss the Company’s first quarter 2022 results and review its financial outlook. Prepared remarks by Tom McCormick, President and Chief Executive Officer, and Ken Dodgen, Chief Financial Officer, will be followed by a question and answer session.
Interested parties are invited to dial-in using 1-888-330-3428, or internationally at 1-646-960-0679, using access code: 7581464, or by asking for the Primoris conference call. The conference call will be webcast, accessible from the Investor Relations section of the Company’s website.
A replay of the conference call will be available Tuesday, May 10, 2022, beginning at 5:00 p.m. U.S. Central Time for seven days. The phone number for the conference call replay is 1-800-770-2030 or, for calls from outside the U.S., 1-647-362-9199, using access code: 7581464. The replay of the webcast will also be available on the Company’s website following the end of the live call.
About Primoris
Primoris Services Corporation is a leading specialty contractor providing critical infrastructure services to the utility, energy/renewables and pipeline services markets throughout the United States and Canada. The Company supports a diversified base of blue-chip customers with engineering, procurement, construction and maintenance services. A focus on multi-year master service agreements and an expanded presence in higher-margin, higher-growth markets such as utility-scale solar facility installations, renewable fuels, electrical transmission and distribution systems and communications infrastructure have also increased the Company’s potential for long-term growth. Additional information on Primoris is available at www.primoriscorp.com.
Brook Wootton
Vice President, Investor Relations
Primoris Services Corporation, 214-545-6773
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DUBLIN--(BUSINESS WIRE)--The "Building Panels Market Research Report by Type (Concrete Panels, Metal Panels, and Structural Insulated Panels), Raw Material, End User, Application, State - United States Forecast to 2026 - Cumulative Impact of COVID-19" report has been added to ResearchAndMarkets.com's offering.
The United States Building Panels Market size was estimated at USD 26,217.66 million in 2020, USD 27,111.40 million in 2021, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 4.13% to reach USD 33,434.48 million by 2026.
In this report, the years 2018 and 2019 are considered historical years, 2020 as the base year, 2021 as the estimated year, and years from 2022 to 2026 are considered the forecast period.
Cumulative Impact of COVID-19:
The report delivers insights on COVID-19 considering the changes in consumer behavior and demand, purchasing patterns, re-routing of the supply chain, dynamics of current market forces, and the significant interventions of governments. The updated study provides insights, analysis, estimations, and forecasts, considering the COVID-19 impact on the market.
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.
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.
Competitive Scenario:
The competitive scenario represents press releases or news of the companies categorized into Merger & Acquisition, Agreement, Collaboration, & Partnership, New Product Launch & Enhancement, Investment & Funding, and Award, Recognition, & Expansion. All the news collected help vendor to understand the gaps in the marketplace and competitor's strength and weakness thereby, providing insights to enhance product and service.
Company Usability Profiles:
Key Topics Covered:
1. Preface
1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Limitations
1.7. Assumptions
1.8. Stakeholders
2. Research Methodology
2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update
3. Executive Summary
4. Market Overview
5. Market Insights
5.1. Market Dynamics
5.1.1. Drivers
5.1.1.1. Increased Investment in Residential Sector and Private Sector
5.1.1.2. Need for Efficient, Quality Construction at Lower Cost
5.1.2. Restraints
5.1.2.1. Structural Limitations of Building Panels
5.1.3. Opportunities
5.1.3.1. Advent of Energy Saving and Green Construction Materials
5.1.3.2. Rise in Infrastructure Spending by the U.S. Government
5.1.4. Challenges
5.1.4.1. Stringent Building Regulations in the U.S.
5.2. Cumulative Impact of COVID-19
6. Building Panels Market, by Type
6.1. Introduction
6.2. Concrete Panels
6.3. Metal Panels
6.4. Structural Insulated Panels
6.5. Vacuum Insulated Panels
6.6. Wood Panel
7. Building Panels Market, by Raw Material
7.1. Introduction
7.2. Concrete
7.3. Metal
7.4. Plastic
7.5. Silica
7.6. Wood
8. Building Panels Market, by End User
8.1. Introduction
8.2. Columns & Beams
8.3. Floors & Roofs
8.4. Staircase
8.5. Wall
9. Building Panels Market, by Application
9.1. Introduction
9.2. Commercial Construction
9.3. Non-residential
9.4. Residential
9.4.1. Condominium
9.4.2. Single-Family Home
9.4.3. Townhouse
10. California Building Panels Market
11. Florida Building Panels Market
12. Illinois Building Panels Market
13. Michigan Building Panels Market
14. New York Building Panels Market
15. Ohio Building Panels Market
16. Texas Building Panels Market
17. Wisconsin Building Panels Market
18. Competitive Landscape
18.1. FPNV Positioning Matrix
18.2. Market Ranking Analysis
18.3. Market Share Analysis, By Key Player
18.4. Competitive Scenario
19. Company Usability Profiles
For more information about this report visit https://www.researchandmarkets.com/r/v5meb
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (NYSE: EPD) announced today that it will host a meeting with securities analysts and investors on Tuesday, April 12, 2022 at 8 a.m. CDT in Houston. The event will be webcast live on the internet and may be accessed along with accompanying slides via Enterprise’s website at www.enterpriseproducts.com.
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products transportation, storage, and marine terminals and related services; and a marine transportation business that operates on key United States inland and intracoastal waterway systems. The partnership’s assets include more than 50,000 miles of pipelines; 260 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 Bcf of natural gas storage capacity. Please visit www.enterpriseproducts.com for more information.
Randy Burkhalter, Investor Relations, (713) 381-6812 or (866) 230-0745, This email address is being protected from spambots. You need JavaScript enabled to view it.
Rick Rainey, Media Relations, (713) 381-3635, This email address is being protected from spambots. You need JavaScript enabled to view it.
HALIFAX, Nova Scotia--(BUSINESS WIRE)--Fourth paragraph, first sentence of release should read: Thursday, May 26, 2022, at 2:00 p.m. Atlantic (1:00 p.m. Eastern) (instead of 3:00 p.m. Eastern).
The updated release reads:
EMERA TELECONFERENCE ON MAY 13 TO DISCUSS Q1 2022 RESULTS AND ANNUAL GENERAL MEETING ON MAY 26
Today Emera (TSX: EMA) announced that it will release its Q1 2022 results on Friday, May 13, 2022, before markets open. The Company will host a teleconference and webcast the same day at 9:30 a.m. Atlantic (8:30 a.m. Eastern) to discuss the results.
Analysts and other interested parties in North America are invited to participate by dialing 1-866-521-4909. International parties are invited to participate by dialing 1-647-427-2311. Participants should dial in at least 10 minutes prior to the start of the call. No pass code is required.
A live and archived audio webcast of the teleconference will be available on the Company's website, www.emera.com. A replay of the teleconference will be available two hours after the conclusion of the call by dialing 1-800-585-8367 or 1-416-621-4642 and entering pass code 2094713.
Emera will hold its Annual General Meeting on Thursday, May 26, 2022, at 2:00 p.m. Atlantic (1:00 p.m. Eastern) at the Canadian Museum of Immigration at Pier 21, 1055 Marginal Road, Halifax, Nova Scotia.
You may participate and vote by attending the meeting in person. As an alternative, Emera is pleased to provide registered shareholders and proxyholders with the ability to participate in the meeting by webcast and exercise voting rights electronically during the meeting. In this way, shareholders will have an equal opportunity to participate at the meeting regardless of their geographic location. To participate virtually in the meeting, visit https://web.lumiagm.com/424923112 and use password: emera2022 (case sensitive).
Protecting the health and safety of shareholders, our team and the community is our top priority. Emera will follow directives under the Nova Scotia Health Protection Act and Emergency Management Act regarding the global COVID-19 pandemic in effect at the time of the meeting, which may include limits on gathering and may impose masking and social distancing requirements. Please monitor Emera’s website at www.emera.com for information and updates in this regard.
About Emera Inc.
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $34 billion in assets and 2021 revenues of more than $5.7 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments in Canada, the United States and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F, EMA.PR.H, EMA.PR.J and EMA.PR.L. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional information can be accessed at www.emera.com or at www.sedar.com.
Emera Inc.
Investor Relations
Dave Bezanson VP, Investor Relations & Pensions
902-474-2126
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Arianne Amirkhalkhali, Manager, Investor Relations
902-425-8130
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Media
902-222-2683
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– Sustainable European Air-to-Water-Heat pump production 4 times more in 2022 vs 2019
PILSEN, Czech Republic--(BUSINESS WIRE)--Panasonic’s factory in Pilsen, Czech Republic began manufacturing its Air-to-Water heat pumps three years ago. Production has been an ever-increasing endeavour at Panasonic’s Czech factory, in part due to order demands for its Air-to-Water Heat Pump solutions, Aquarea which have been increasing year-on-year.
According to The European Heat Pump Market and Statistics Report which includes data from 21 European countries, European heat pump sales grew by +7.4% in 2020 with 1.62 million units sold setting a new sales record despite the pandemic. Since the Panasonic heat pumps began production at the Pilsen factory location in 2018, capacity has been continuously increasing to meet current demands and future growth acceleration in Europe.
Heat pumps contribute to an annual reduction of 9,16 million tons CO2 emissions in the EU, and according to IEA, heat pumps could save 1.8 billion tonnes of CO2 per year in the building and industrial sectors. Managing Director of Panasonic HVAC Europe, Enrique Vilamitjana says, “Heat pump technology in Europe has been in demand over the past few year, however, now we are really seeing it accelerate. It's a region very conscious about climate change with a strong desire to renew and build environmentally-friendly homes. In this way, our heating and cooling products will continue to empower consumers and suppliers to reduce their carbon footprint. Combined with our HVAC R&D division based in Germany we are able to both design and produce heat pumps that meet the growing needs of our European customers."
About the Panasonic Group
To learn more about the Panasonic Group, please visit: https://holdings.panasonic/global/
Media:
Panasonic Europe, Corporate Communications
Tanya Houston
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FRAMINGHAM, Mass.--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc. (NYSE:AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced updates on recent communications with the battery supplier for Ameresco’s battery energy storage systems (BESS) projects with Southern California Edison Company (SCE). Due to the COVID-19 lockdowns in several regions around China, the supplier has indicated to Ameresco an adverse impact on the supplier’s ability to deliver batteries on the agreed upon timeline. In addition, newly implemented Chinese transportation safety policies may cause delays in the shipment of a portion of the batteries.
Ameresco has been evaluating the circumstances described in the supplier’s communications as well as the impact they may have on the timeline for the BESS projects. Although these circumstances may prevent Ameresco from fully completing all three BESS projects by August 1, 2022, Ameresco believes that the events described in the communications constitute force majeure events under Ameresco’s Turnkey Engineering, Procurement, Construction and Maintenance Agreement dated October 20, 2021 with SCE (the “EPCM Agreement”). Ameresco has accordingly notified SCE and is in communications with SCE and the supplier about the circumstances. Under the EPCM Agreement, the guaranteed substantial completion date for the BESS projects can be extended without the imposition of liquidated damages in the event of a force majeure event.
Against market challenges, significant milestones have already been achieved in the BESS projects, including securing high and medium voltage transformers, auxiliary transformers, inverters, all switchgear and ancillary equipment. Construction related activities are proceeding at all project sites in preparation for battery delivery. Ameresco is also actively working with its suppliers and SCE to avoid or mitigate potential delays, including working with the Port of Long Beach on expedited ship and container handling.
Ameresco continues to monitor developments in China and their potential effects on the BESS projects. Based on its current visibility, Ameresco does not expect potential battery supply delays to materially impact 2022 results and reaffirms the annual earnings guidance announced on February 28, 2022.
Ameresco expects to provide further updates and outlook regarding the BESS projects, when it announces financial results for the quarter ended March 31, 2022 in early May.
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 Europe. 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 1,200 employees providing local expertise in the United States, Canada, and Europe. For more information, visit www.ameresco.com.
Forward Looking Statements
Any statements in this filing about future expectations, plans and prospects for Ameresco, Inc., including statements about expected future financial results, the expected timeline of SCE Project and the nature and duration of the circumstances surround the project, and other statements containing the words “projects,” “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward looking statements as a result of various important factors, including the timing of, and ability to, enter into contracts for awarded projects on the terms proposed or at all; the timing of work we do on projects where we recognize revenue on a percentage of completion basis, including the ability to perform under recently signed contracts without delay; demand for our energy efficiency and renewable energy solutions; our ability to arrange financing to fund our operations and projects and to comply with covenants in our existing debt agreements; changes in federal, state and local government policies and programs related to energy efficiency and renewable energy and the fiscal health of the government; the ability of customers to cancel or defer contracts included in our backlog; the effects of our acquisitions and joint ventures; seasonality in construction and in demand for our products and services; a customer’s decision to delay our work on, or other risks involved with, a particular project; availability and costs of labor and equipment particularly given global supply chain challenges; our reliance on third parties for our construction and installation work; the addition of new customers or the loss of existing customers including our reliance on the agreement with SCE for a significant portion of our revenues in 2022; the impact from Covid-19 on our business and the SCE project; market price of the Company's stock prevailing from time to time; the nature of other investment opportunities presented to the Company from time to time; the Company's cash flows from operations; cybersecurity incidents and breaches; and other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (SEC) on March 1, 2022. The forward-looking statements included herein represent our views as of the date hereof. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date hereof.
Media Relations
Leila Dillon, 508.661.2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations
Eric Prouty, AdvisIRy Partners, 212.750.5800, This email address is being protected from spambots. You need JavaScript enabled to view it.
Lynn Morgen, AdvisIRy Partners, 212.750.5800, This email address is being protected from spambots. You need JavaScript enabled to view it.
Solution Enables Real-time Streaming Analytics and Visualization for Energy Sector
SAN FRANCISCO--(BUSINESS WIRE)--#iotstreamanalytics--NetSpring, a cloud provider of business metrics-first Operational Intelligence, today announced a collaboration agreement with DCP Midstream to develop advanced streaming analytics solutions from IoT operational data. These solutions will help energy companies drive operational excellence across field assets by uncovering new and untapped insights.
Founded in late 2019 to revolutionize data analytics in the enterprise, NetSpring’s mission is to empower every enterprise to reach their peak operational agility with broader, deeper, and more timely intelligence from data. The NetSpring Operational Intelligence platform enables customers to efficiently build complex analytics using time series and traditional business data. NetSpring’s vision is to be the unified command center for all operational insights from data.
The NetSpring platform allows DCP Midstream to easily customize complex business logic into their sensor-level data and alerts and provides collaborative, 24x7 visibility to a variety of insights via the web or on a secure mobile app. The first use case deployed for DCP Midstream was an operational assurance solution that automatically detects critical operating issues and delivers real-time contextual mobile notifications to all stakeholders, while immediately initiating restoration workflows within operations.
“A core focus of DCP Midstream is our commitment to operational excellence,” said Rob Sadler, DCP Midstream group vice president of Energy, Transition & Transformation. “Leveraging the NetSpring Operational Intelligence platform to analyze real-time data gives our team members key information to prioritize critical work, support quick response, and more effectively serve our customers.”
“Our strategic collaboration is based on a shared vision for digital innovation,” said Vijay Ganesan, co-founder and CEO, NetSpring. “Unlocking the power of streaming data presents immense opportunities for an always-on enterprise. Developing features with an industry leader, such as DCP Midstream, enables us to deliver proven value and impact to the midstream industry at large.”
About NetSpring.io
NetSpring.io is a Cloud analytics application platform-as-a-service for Operational Intelligence. NetSpring was founded in late 2019 by industry thought leaders Vijay Ganesan, Priyendra Deshwal, Satyam Shekhar and Abhishek Rai. The founders were previously part of the founding team at ThoughtSpot, which is now a leader in the business intelligence space. NetSpring’s team has deep expertise in enterprise software, data analytics, large scale distributed systems, databases, and complex analytic applications. This team’s mission is to usher in the next generation of data intelligence in enterprises. NetSpring is headquartered in Redwood City, California. For more information, visit www.netspring.io.
About DCP Midstream
DCP Midstream, LP (NYSE: DCP) is a Fortune 500 master limited partnership headquartered in Denver, Colorado, with a diversified portfolio of natural gas gathering, processing, logistics and marketing assets. DCP is one of the largest natural gas liquids producers and marketers and one of the largest natural gas processors in the U.S. The owner of DCP’s general partner is a joint venture between Enbridge and Phillips 66. For more information, visit the DCP Midstream, LP website at www.dcpmidstream.com.
NetSpring Media Contact
Thomas Dong
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ANNAPOLIS, Md.--(BUSINESS WIRE)--Hannon Armstrong Sustainable Infrastructure Capital, Inc. (“Hannon Armstrong” or the “Company”) (NYSE: HASI), a leading investor in climate solutions, today announced that it has priced its private offering of $200 million in aggregate initial principal amount of 0.00% green exchangeable senior notes due 2025 (the “Notes”) by its indirect subsidiaries, HAT Holdings I LLC (“HAT I”) and HAT Holdings II LLC (“HAT II,” and together with HAT I, the “Issuers”). At issuance, the Notes will be guaranteed by the Company, Hannon Armstrong Sustainable Infrastructure, L.P. and Hannon Armstrong Capital, LLC, and will be exchangeable for the Company’s common stock under certain circumstances. The settlement of the Notes is expected to occur on April 13, 2022, subject to customary closing conditions.
Upon any exchange of the Notes, holders will receive a number of shares of the Company’s common stock equal to the product of (i) the aggregate initial principal amount of Notes to be exchanged, divided by $1,000 and (ii) the applicable exchange rate, which will initially be 17.6873, equivalent to an initial exchange price of approximately $56.54 per share, plus cash in lieu of fractional shares. The exchange price represents a premium of approximately 32.50% above the last reported sale price of the Company’s common stock on the New York Stock Exchange on April 7, 2022. The Notes will not bear regular interest and the principal amount of the Notes will accrete at a rate that provides holders with an aggregate yield to maturity of 3.25% if the Notes are not exchanged for the Company’s common stock at or prior to maturity. The exchange rate for the Notes will not increase on account of the accretion of the Notes’ principal amount. The shares of the Company’s common stock issuable upon exchange of the Notes will have certain registration rights. The Issuers have granted to the initial purchasers of the Notes an option to purchase, during the 13-day period beginning on, and including the first date on which the Notes are issued, up to $30 million additional aggregate initial principal amount of the Notes.
The Company intends to utilize the net proceeds of this offering to acquire or refinance, in whole or in part, new and/or existing eligible green projects, which include assets that are neutral to negative on incremental carbon emissions. In addition, these eligible green projects may include projects with disbursements made during the twelve months preceding the issue date of the Notes and those with disbursements to be made following the issue date. Prior to the full investment of such net proceeds, the Company intends to invest such net proceeds in interest-bearing accounts and short-term, interest-bearing securities which are consistent with the Company’s intention to continue to qualify for taxation as a REIT.
The Notes and the related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Notes and the related guarantees will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from the registration requirements of the Securities Act or any state securities laws.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Hannon Armstrong
Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate solutions, providing capital to assets developed by leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $8 billion in managed assets as of December 31, 2021, our core purpose is to make climate positive investments with superior risk-adjusted returns.
Forward-Looking Statements
Some of the information in this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, words such as “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may,” “target,” or similar expressions, are intended to identify such forward-looking statements. Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include those discussed under the caption “Risk Factors” included in the Company’s Annual Report on Form 10-K for the Company’s fiscal year ended December 31, 2021, which was filed with the U.S. Securities and Exchange Commission (“SEC”), as well as in other reports that the Company files with the SEC.
Forward-looking statements are based on beliefs, assumptions and expectations as of the date of this press release. The Company disclaims any obligation to publicly release the results of any revisions to these forward-looking statements reflecting new estimates, events or circumstances after the date of this press release.
INVESTOR RELATIONS INQUIRIES
Neha Gaddam
410-571-6173
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