RESTON, Va.--(BUSINESS WIRE)--Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), today announced it had entered into a definitive purchase agreement for the acquisition of Perry Engineering LLC (“Perry”). Founded in 2012 and headquartered in Tucson, Arizona, Perry delivers civil engineering consulting and land surveying for residential, commercial, industrial, education, and healthcare related projects. Under the leadership of Ken Perry, the company’s founder, Perry serves both public and private sector clients throughout the Tucson area. In addition, Perry serves in the role of on-call engineers for plan and report reviews for several local jurisdictions. Subject to customary closing conditions, closing is scheduled to occur on February 2, 2022, at which time Perry will join Bowman’s growing Tucson operation focused on land planning, survey, and mining engineering.
“Ken and the Perry team have a long history in the Tucson market,” said Gary Bowman, CEO of Bowman. “Our Tucson operation has grown rapidly and once combined with Perry, Bowman will be one of the larger engineering operations in this thriving market. Perry’s experience in civil engineering, commercial site planning, educational facility design, survey and aerial imaging is highly aligned with our operations and services throughout Arizona and nationally. I am pleased to welcome such an experienced team of professionals to Bowman and look forward to capitalizing on the numerous opportunities this combination presents for work sharing and collaboration.”
“We’re looking forward to becoming part of Bowman,” said Ken Perry, founder, and CEO of Perry. “I am excited about the Bowman culture, leadership style and approach to growth. I was looking for the right fit and I am confident that we have found it here. Becoming part of Bowman and its culture of growth unlocks tremendous opportunity for our staff. We are looking forward to contributing to Bowman’s growth here in Tucson, throughout Arizona and nationally.”
The acquisition, which the Company expects to be immediately accretive, was financed with a combination of cash, seller financing, and stock. The Company expects the Perry acquisition to initially contribute approximately $1.5 million of annualized net service billing.
“We continue to be committed to both organic and acquisitive growth,” said Bruce Labovitz, Bowman’s CFO. “This acquisition kicks off 2022 with a solid addition in a growing market. The Perry acquisition is within our target multiple range, and it meets all of our objectives for operating performance metrics. As is our practice, we will provide more detailed information on M&A activities and pipeline in connection with scheduled quarterly communications.”
About Perry Engineering LLC
Perry Engineering LLC (Perry) has provided civil engineering consulting and land surveying for residential, commercial, industrial, education, and healthcare related projects since 2012. One of the firm’s specialties is filling the role of the civil engineering consultant on architectural led design teams. Perry performs design and plan production work using Civil 3D, the companion program to Revit, and takes great pride in its ability to integrate Building Information Modeling (BIM) capabilities with that of their architect clients. The firm provides documentation for site-related credits during the LEED certification process. With local experience, and knowledge of the various development and zoning codes, standards, and plan review processes associated with the multiple jurisdictions in the greater Tucson area, Perry keeps client projects moving forward according to schedule and budget. Perry’s team works every day to exceed client expectations for reliability and innovation. Additional information on Perry, its team, and its projects can be found at perryengineering.net.
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is an engineering services firm delivering innovative infrastructure solutions to customers who own, develop, and maintain the built environment. With 1,000 employees and more than 40 offices throughout the United Sates, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. On May 11, 2021, Bowman completed its $51.7 million initial public offering and began trading on the Nasdaq under the symbol BWMN. For more information, visit www.bowman.com.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements, except as required by law.
Investor Relations
Bruce Labovitz
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Megan McGrath
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40th annual gathering of world’s preeminent energy conference will explore ‘Pace of Change: Energy, Climate and Innovation.’ Learn more at www.ceraweek.com
HOUSTON--(BUSINESS WIRE)--U.S. Secretary of Energy Jennifer Granholm will address delegates at the 40th annual CERAWeek by IHS Markit, to be held in-person March 7-11 in Houston.
Secretary Granholm will join the world’s energy industry leaders, experts, government officials and policymakers, as well as leaders from the technology, financial and industrial communities addressing this year’s conference. She delivered her inaugural energy address as U.S. Secretary of Energy last year at CERAWeek by IHS Markit 2021.
“We are pleased to once again welcome Secretary Granholm among the distinguished speakers at CERAWeek 2022,” said Daniel Yergin, conference chair and vice chairman of IHS Markit. “Her leadership role and perspective at the forefront of U.S. energy policy, and on the forces shaping the energy future will be an important contribution to the critical discussions taking place at this year’s conference and will be especially timely.”
CERAWeek 2022: Pace of Change: Energy, Climate and Innovation will examine the challenges and opportunities of reducing emissions while supplying the needs of a growing global economy in the era of energy transition. The conference is returning to Houston for its 40th annual gathering after being hosted as an all-virtual event in 2021.
Produced by IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions, the CERAWeek 2022 conference program will explore key themes related to More Energy, Lower Emissions; Geopolitics and Energy Markets; Workforce of the Future; Competitive Landscape and the Energy Transition; Supply Chains; and Financing the Energy Future.
The conference will also feature the CERAWeek Innovation Agora, serving as the center of technology and innovation programming at the event. Featuring a community of thought leaders, technologists, start-ups, investors, academics, energy companies and government officials, the Innovation Agora will showcase transformational technology platforms in the energy space ranging from digitalization, AI, analytics and connectivity, robotics, blockchain, additive manufacturing, mobility and decarbonization. Newly added for 2022 will be dedicated “Agora Hubs” focused on hydrogen and carbon management.
CERAWeek 2022 speakers will include (partial list):
Visit www.ceraweek.com for a complete list of speakers and the most up-to-date program information (subject to change).
Registration Information
CERAWeek by IHS Markit 2022 will be held March 7-11 at the Hilton Americas—Houston. Further information and delegate registration is available at www.ceraweek.com.
Media Accreditation
Media registration is now open. Members of the media interested in covering CERAWeek 2022 are required to apply for accreditation. Applications are subject to approval and can be submitted at the following link: https://ceraweek.com/about/press.html
About IHS Markit (www.ihsmarkit.com)
IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2022 IHS Markit Ltd. All rights reserved.
News Media:
Jeff Marn
IHS Markit
+1 202 463 8213
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Upon closing, Energy Vault’s stock is expected to be listed on NYSE under the new ticker symbol “NRGV”
INDIANAPOLIS & WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Novus Capital Corporation II (NYSE: NXU, NXU WS and NXU.U) (“Novus”), a publicly traded special purpose acquisition company, today announced that its Registration Statement on Form S-4 has been declared effective by the U.S. Securities and Exchange Commission (“SEC”) relating to the previously announced business combination (the “Business Combination”) with Energy Vault, Inc. ("Energy Vault"), the company developing sustainable, grid-scale energy storage solutions.
Novus will mail the definitive proxy statement/prospectus (the “Proxy Statement”) to stockholders of record as of the close of business on January 4, 2022.
The Special Meeting to approve the pending Business Combination, among other items, is scheduled to be held on February 10, 2022 at 10:00 a.m. Eastern Time. (the “Special Meeting”). The Special Meeting will be conducted virtually, and can be accessed via live webcast at https://www.cstproxy.com/novuscapitalcorpii/2022. If the proposals at the Special Meeting are approved, the parties anticipate that the Business Combination will close and trading of the combined entity’s stock and warrants will continue to be listed on the NYSE under the new ticker symbols “NRGV” and “NRGV WS”, respectively, shortly thereafter, subject to the satisfaction or waiver, as applicable, of all other closing conditions.
Every stockholder’s vote is important, regardless of the number of shares held. Accordingly, Novus requests that each stockholder complete, sign, date and return a proxy card (online or by mail) as soon as possible and by no later than 11:59 p.m. Eastern Time on February 9, 2022, to ensure that the stockholder’s shares will be represented at the Special Meeting. Stockholders which hold shares in “street name” (i.e. those stockholders whose shares are held of record by a broker, bank or other nominee) should contact their broker, bank or nominee to ensure that their shares are voted.
If any individual Novus stockholder does not receive the Proxy Statement, such stockholder should (i) confirm his or her Proxy Statement’s status with his or her broker or (ii) contact Morrow Sodali LLC, Novus’s proxy solicitor, for assistance via e-mail at: This email address is being protected from spambots. You need JavaScript enabled to view it. or toll-free call at (800) 662-5200. Banks and brokers can place a collect call to Morrow Sodali at (203) 658-9400.
“We are pleased to have achieved this milestone in the transaction process and announce a date for the Special Meeting of Novus stockholders,” said Robert Laikin, Chief Executive Officer of Novus. “Energy Vault is bringing a proprietary, new energy storage solution to the energy market that we believe will transform the energy storage space. Energy Vault’s energy storage solution is expected to lower costs for utility companies and power producers that are transitioning to renewables while achieving unmatched consistency in maintaining energy supply for delivering dispatchable power. At the same time, their unique approach to addressing the need for dispatchable power delivery reusing waste materials in their process sets them apart from other market players.”
Following investment and energy storage collaboration announcements earlier in the year from industry leaders Saudi Aramco Energy Ventures and Enel Green Power, including joint development for the remediation and beneficial reuse of waste wind blade fiberglass with Enel, Energy Vault continued its global commercial progress and market strategy with:
About Novus Capital Corporation II
Novus raised approximately $287.5 million in its February 2021 IPO and its securities are listed on the NYSE under the ticker symbols “NYSE: NXU, NXU.U, NXU WS.” Novus is a special purpose acquisition company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. Novus Capital is led by Robert J. Laikin, Jeff Foster, Hersch Klaff, Larry Paulson, Heather Goodman, Ron Sznaider and Vince Donargo, who have significant hands-on experience helping high-tech companies optimize their existing and new growth initiatives by exploiting insights from rich data assets and intellectual property that already exist within most high-tech companies.
About Energy Vault
Energy Vault develops sustainable energy storage solutions designed to transform the world’s approach to utility-scale energy storage for grid resiliency. Its proprietary gravity-based Energy Storage Technology and the Energy Storage Management and Integration Platform are intended to help utilities, independent power producers and large industrial energy users significantly reduce their levelized cost of energy while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial re-use, Energy Vault is facilitating the shift to a circular economy while accelerating the clean energy transition.
Forward-Looking Statements
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “designed,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, projections of market opportunity, expectations and timing related to the rollout of Energy Vault’s business and timing of deployments, including with respect to the agreement with DG Fuels and the associated projects and the collaborations with BHP and Korea Zinc, expectations with respect to revenue generated under the agreement with DG Fuels, anticipated benefits and capacities, and other business milestones, potential benefits of the proposed business combination and PIPE investment (the “Proposed Transactions”), and expectations related to the timing of the Proposed Transactions.
These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Energy Vault’s and Novus’ management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Energy Vault and Novus.
These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; the inability of the parties to successfully or timely consummate the Proposed Transactions, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the Proposed Transactions or that the approval of the stockholders of Novus or Energy Vault is not obtained; redemption rates; failure to realize the anticipated benefits of the Proposed Transactions; risks relating to the uncertainty of the projected financial information with respect to Energy Vault; risks related to the rollout of Energy Vault’s business and the timing of expected business milestones; risks related to the inability or unwillingness of Energy Vault’s customers to perform under sales agreements; risks related to Energy Vault’s ability to obtain and maintain a performance bond; risks related to Energy Vault’s receiving partial payment in the form of subordinated debt; risks related to timing delays that impact the sales price due to Energy Vault under its announced agreement with DG Fuels; risks related to Energy Vault’s the performance and availability of EVS; demand for renewable energy; ability to commercialize and sell its solution; ability to negotiate definitive contractual arrangements with potential customers; the impact of competitive technologies; ability to obtain sufficient supply of materials; the impact of Covid-19; global economic conditions; ability to meet installation schedules; construction and permitting delays and related increases in costs; the effects of competition on Energy Vault’s future business; the amount of redemption requests made by Novus’ public shareholders; and those factors discussed in the Registration Statement under the caption “Risk Factors”, Novus’s most recent Quarterly Report on Form 10-Q under the heading “Risk Factors”, and Novus’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 under the heading “Risk Factors,” and other documents of Novus filed, or to be filed, with the SEC.
Important Information About the Proposed Business Combination and Where to Find It
This communication is being made in respect of the proposed merger transaction involving Novus and Energy Vault. Novus has filed a registration statement on Form S-4 (the “Registration Statement”) with the SEC, which includes a proxy statement/prospectus of Novus, and certain related documents, to be used at the meeting of stockholders to approve the proposed business combination and related matters. The Registration Statement has been declared effective by the SEC and the definitive proxy statement/prospectus has been mailed out to Novus’s stockholders. Investors and security holders of Novus are urged to read the definitive proxy statement/prospectus, as well as any amendments and supplements thereto and other relevant documents that will be filed with the SEC, carefully and in their entirety because they contain important information about Energy Vault, Novus and the business combination. Investors and security holders will also be able to obtain copies of the registration statement and other documents containing important information about each of the companies once such documents are filed with the SEC, without charge, at the SEC’s web site at www.sec.gov. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.
Participants in the Solicitation
Novus and its directors and executive officers may be deemed participants in the solicitation of proxies of Novus’ shareholders in connection with the proposed business combination. Energy Vault and its executive officers and directors may also be deemed participants in such solicitation. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of Novus’ executive officers and directors in the solicitation by reading Novus’ Annual Report on Form 10-K for the fiscal year ended December 31, 2020, Quarterly Report on Form 10-Q for the nine months ended September 30, 2021 and the definitive proxy statement/prospectus and other relevant documents and other materials filed with the SEC in connection with the business combination when they become available. Information concerning the interests of Novus’ participants in the solicitation, which may, in some cases, be different than those of their stockholders generally, are set forth in the definitive proxy statement/prospectus.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any 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 such other jurisdiction.
Investors
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Primergy continues to expand Nevada portfolio with over 1,300 MWac and 3,330 MWh of BESS
OAKLAND, Calif.--(BUSINESS WIRE)--Primergy Solar, LLC ('Primergy') a leading developer, owner and operator of utility and distributed scale solar and storage, announced that NV Energy has received final approval from the Public Utilities Commission of Nevada (‘PUCN’) to purchase from Primergy the Iron Point and Hot Pot Solar PV and battery storage projects in Humboldt County, Nevada. The projects, which are owned and being developed by Primergy, total 600-megawatt AC (MWac) of solar paired with 480 MW of battery storage capacity and once operational, will replace the coal-fired North Valmy Generating Station. Primergy is a portfolio company of Quinbrook Infrastructure Partners.
Primergy and NV Energy entered into Build Transfer Agreements for the sale and purchase of the projects, which NV Energy filed for approval with the PUCN on July 1, 2021. The Iron Point and Hot Pot projects highlight how solar + storage plants can be a very compelling and cost competitive source of carbon free power offering significant operational flexibility to NV Energy. Additionally, both projects support NV Energy’s transition from fossil fuels to renewable energy by taking full advantage of Nevada’s abundant solar power resources.
Primergy’s Nevada portfolio now exceeds 1,300 MWac of solar and 3,330 MWh of battery energy storage systems (BESS). The company’s presence in Nevada is anchored by the $1.2 billion Gemini Solar Project where preliminary construction is under way and operations are scheduled to commence in late 2023. Primergy’s Nevada projects are amongst the largest ever undertaken globally and will significantly advance Nevada’s sustainability and carbon reduction goals while maintaining safe and reliable power supplies in the state.
“We are pleased that the PUCN has approved these milestone renewable energy projects that will help advance Nevada’s net zero carbon goals,” said Ty Daul, Chief Executive Officer at Primergy. “These projects demonstrate the important role that solar + storage can play in replacing coal generating plants with clean and low-cost renewable energy. Our portfolio in Nevada represents a substantial multi-billion dollar investment in new energy infrastructure for the state. We are proud to be bringing reliable, safe and cost-effective carbon free power to homes and businesses across Nevada.”
The Iron Point Solar Project is a 250-MWac solar system paired with 200-MW of battery storage and is expected to be commissioned in December 2023. The Hot Pot Solar Project is 350-MWac solar system paired with 280-MW of battery storage and is expected to be in-service by December 2024. Collectively, these projects will have the capacity to power 127,000 homes in Nevada.
Construction for the projects is expected to create approximately 800 job opportunities for the local Nevadan communities during peak periods and is scheduled to begin in the second half of this year. The bulk of these jobs will be performed by the International Brotherhood of Electric Workers.
David Scaysbrook, Managing Partner of Quinbrook, said “This is yet another bright day in Primergy’s stellar growth and achievements and further cements the market leadership position the team has so quickly established in the US. We are particularly delighted with the further vote of confidence shown by NV Energy in selecting Primergy and Quinbrook to help deliver their ambitious renewables goals with Iron Point and Hot Pot. Together with Gemini, Quinbrook is making a substantial investment in Nevada which we are confident will serve our investors well for many decades to come.”
For more information on Primergy, please visit https://www.primergysolar.com/.
About Primergy Solar
Primergy Solar, LLC (https://www.primergysolar.com) is a developer, owner and operator focused on both distributed and utility scale solar PV and battery storage projects in North America. Primergy Solar features a diverse and talented team with decades of experience in renewables project development, financing, construction and operations. Primergy is currently managing and progressing a significant portfolio of operational and development stage solar+ battery storage projects. Primergy Solar is a portfolio company of Quinbrook Infrastructure Partners and represents Quinbrook’s principal solar and solar plus energy storage investment platform in North America.
About Quinbrook Infrastructure Partners
Quinbrook Infrastructure Partners (http://www.quinbrook.com) is a specialist investment manager focused exclusively on renewables, storage and grid support infrastructure and operational asset management in the US, UK, and Australia. Quinbrook is led and managed by a senior team of power industry professionals who have collectively invested c.USD 8.2 billion equity in energy infrastructure assets since the early 1990s, representing a total enterprise value of c.USD 28.7 billion or 19.5 GW of power supply capacity. Quinbrook has completed a diverse range of direct investments in both utility and distributed scale onshore wind and solar power, battery storage, reserve peaking capacity, biomass, fugitive methane recovery, hydro and flexible energy management solutions in the US, UK, and Australia.
Media
Alex Autry
Silverline Communications - on behalf of Primergy
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Jennifer Pflieger
Sloane & Company – on behalf of Quinbrook
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ANKENY, Iowa--(BUSINESS WIRE)--Casey’s General Stores, Inc. (“Casey’s” or the “Company”) (Nasdaq: CASY), a leading convenience store chain in the United States, today announced that it will be participating in the 2022 Jefferies Virtual Winter Restaurant, Foodservice, Gaming, Lodging & Leisure Summit, and will be hosting a fireside chat on Monday, January 24, 2022 at 1:00 pm central time. The moderator of the chat will be Matt Fishbein, Equity Analyst at Jefferies. The live webcast of the session, including the webcast archive available for thirty days, can be accessed at https://investor.caseys.com/events-and-presentations/default.aspx.
In advance of the Summit, the Company provides the following business update:
Casey’s reaffirms same-store sales growth to be mid-single digits in both fuel gallons and inside sales for the third quarter. Casey’s continues to expect operating expenses to rise between 18% and 20% for the quarter. Fuel margin is now expected to be in the mid-thirty cents per gallon range for the quarter. Net income for the third quarter is expected to be higher than the prior year.
About Casey’s General Stores
Casey’s is a Fortune 500 company (Nasdaq: CASY) operating over 2,400 convenience stores. Founded more than 50 years ago, the company has grown to become the third-largest convenience store retailer and the fifth-largest pizza chain in the United States. Casey’s provides freshly prepared foods, quality fuel and friendly service at its locations. Guests can enjoy pizza, donuts, other assorted bakery items, and a wide selection of beverages and snacks. Learn more and order online at www.caseys.com, or in the mobile app.
Cautionary Statements
This release contains statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those related to expectations for future periods, possible or assumed future results of operations, financial conditions, liquidity and related sources or needs, business and/or integration strategies, plans and synergies, supply chain, growth opportunities, performance at our stores, and the potential effects of COVID-19. There are a number of known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from any future results expressed or implied by those forward-looking statements, including but not limited to executing our strategic plan, the impact and duration of COVID-19 and related governmental actions, as well as other risks, uncertainties and factors which are described in the Company’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q, as filed with the Securities and Exchange Commission and available on our website. Any forward-looking statements contained in this release represent our current views as of the date of this release with respect to future events, and Casey’s disclaims any intention or obligation to update or revise any forward-looking statements in the release whether as a result of new information, future events, or otherwise.
Investor Relations Contact:
Brian Johnson (515) 965-6587
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Media Relations Contact:
Katie Petru (515) 446-6772
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RED DEER, Alberta--(BUSINESS WIRE)--Red Deer-based Azolla Hydrogen Ltd. is proud to announce a private placement to accredited investors and the expansion of the Board of Directors and the Advisory Board.
“We are honored to welcome Mr. Bilton, Mr. Goertzen, and Mr. Collicutt to our board,” said Jared Sayers, Azolla’s President and CEO. “These new members’ combined industry experience and strong strategic leadership skills will be invaluable to Azolla as we grow our business and pursue our strategic goals including increasing employment in Alberta.”
The New Board of Directors includes Bob Bilton, Blair Goertzen, and Steven Collicutt. Mr. Bilton is the head of Bilton Welding and Manufacturing Ltd., which is Azolla’s strategic investor. The cooperation between Bilton and Azolla solidifies Azolla’s ability to manufacture their environmentally friendly hydrogen-producing technology and helps increase employment in Alberta. Blair Goertzen is the President and CEO of Enerflex, which is a natural gas compression, oil and gas processing, refrigeration, and electrical power generation equipment business. Enerflex’s main product lines are engineered systems, service, and equipment rentals which the company offers via its well-established network with 50 locations and facilities across 16 countries. Mr. Goertzen brings senior leadership experience from companies like IPEC Ltd., Precision Drilling, and Enserv Corporation. Mr. Goertzen also serves on the board of Keyera, one of Canada’s largest midstream oil and gas operators servicing oil and gas producers in Western Canada. Steven Collicutt is the CEO of Collicutt Energy, an industry leader in power generation solutions with a full range of services from design and sales to servicing and parts. With these additions to our board, Azolla becomes more well-rounded and energized for future growth.
“Azolla also welcomes new members to our advisory board. Olga Makoyeva, Steve Davidson, Darryl Milroy, and Rod Evans bring their individual and collective expertise to further ensure the future success of Azolla in Alberta and beyond,” says Jared Sayers, Azolla’s President and CEO.
Ms. Makoyeva, an Associate Director of wavespace™ and Innovation strategy at EY, is a senior professional with 12+ years experience who develops and helps to execute business strategies and integrations for large organizations and worked with CEOs, board members, and C-suite executives. Ms. Makoyeva also holds an Executive MBA from Ivey Business School and a Bachelor of Arts and Sciences from McGill University.
Mr. Davidson, the Director of National Multi Unit Sales at Intercity Packers Meat & Seafood, is a passionate and creative leader, expert relationship builder, channel developer, negotiator, and sales strategist. Mr. Davidson has over 16 years of experience in sales and strategy development.
Mr. Milroy is the Associate Vice President, Digital Platform at Canadian Tire Corporation. Mr. Milroy is a senior retail professional and merchandising leader with over 15 years of progressive experience in the retail industry. He has held a range of senior leadership roles with leading multinational retailers in merchandising and e-commerce. Mr. Milroy has a broad range of large-scale strategic project experience.
Rod Evans, a principal of Bighorn Capital Corp, is a successful businessman founding and growing Upside Engineering Ltd. to a medium sized engineering firm focusing on production facilities and major pipelines and facilities servicing the oil and gas liquids pipeline transportation sector. Under his leadership, Upside earned the privilege of becoming one of Canada’s Best Managed Companies before selling to Hatch Ltd. Mr. Evans is a passionate leader always searching for new technology innovations to improve business performance.
About Azolla Hydrogen Ltd.:
Azolla Hydrogen is an Alberta based start-up with a focus on the Alberta, California, and North American hydrogen economy. We help companies transition from a default reliance on fossil fuels. As we edge toward decarbonizing the energy sector, hydrogen as a transportation fuel is gaining influence. Azolla Hydrogen has identified a pathway to generate low-GHG hydrogen that is scalable and not reliant on the AB grid as power for electrolysis or fossil fuels for SMR.
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Transaction Marks Meta’s Largest Renewable PPA in Iowa to Date
CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--#fortune100--Apex Clean Energy today announced that Great Pathfinder Wind, a 225 MW project located in Boone and Hamilton Counties in central Iowa, has executed a power purchase agreement with Meta for the full capacity of the project. Great Pathfinder will be Meta’s second clean power purchase in Iowa.
Great Pathfinder Wind will help support Meta’s operations in the region, including its data center campus approximately 40 miles away in Altoona, Iowa, which recently announced an expansion in December 2021. Meta has been part of the Iowa community since breaking ground on its data center in 2013. Once completed, the data center will represent an investment of more than $2.5 billion and support over 400 jobs. The wind project will help Meta continue supporting its global operations with 100% renewable energy.
“Our partnership with Meta positions Great Pathfinder Wind as a best-in-class clean energy project benefiting communities in central Iowa and across the Hawkeye State,” said Mark Goodwin, Apex Clean Energy president and CEO. “Leveraging Iowa’s tremendous wind resources will accelerate the deployment of clean energy, create local jobs, and generate significant local and state economic investment—a trifecta of benefits only possible through trusted collaboration.”
“We are proud to partner with Apex to continue bringing new renewable energy resources, investment, and jobs to Iowa through this new wind project,” said Urvi Parekh, director of renewable energy at Meta. “Iowa’s ability to host high-quality wind projects, while providing a welcoming business environment, has made it a great home for our data center, and we hope this investment demonstrates our continued commitment to the state and the local community.”
In addition to the economic benefits created by Meta’s data center, Great Pathfinder Wind will create significant local benefits in Boone and Hamilton Counties, generating approximately $32 million in local tax revenue, $74 million in payments to landowners, 270 full-time local jobs during construction, and nine long-term local operations positions. Great Pathfinder Wind is expected to begin commercial operations in 2022.
The PPA represents Apex’s fifth transaction with Meta, following a 61.6 MW PPA with Altavista Solar; a 200 MW PPA with Aviator Wind East, part of the largest single-phase, single-site wind project in the United States; a 175 MW PPA with Lincoln Land Wind; and, most recently, a 197 MW PPA with Jayhawk Wind.
About Apex Clean Energy
Apex Clean Energy was founded with a singular focus: to accelerate the shift to clean energy. Through origination, construction, and operation of utility-scale wind, solar, and storage facilities, distributed energy resources, and green fuel technologies, Apex is expanding the renewable frontier across North America. Our mission-driven team of more than 300 professionals uses a data-focused approach and an unrivaled portfolio of projects to create solutions for the world’s most innovative and forward-thinking customers. For more information about how Apex is building the energy company of the future, visit www.apexcleanenergy.com or follow us on Facebook, Twitter, and LinkedIn.
Media Contacts
Apex Clean Energy
Cat Strumlauf
Director | Corporate Communications
(434) 227-4196
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Meta
Melanie Roe
(650) 798-7966
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DUBLIN--(BUSINESS WIRE)--Power management company Eaton (NYSE:ETN) today announced that Kurt McMaken has been named senior vice president, operations finance and finance transformation. In this role, McMaken will lead the Global Operations and Transformation organization. This organization includes the company’s financial planning and analysis and operations finance teams and has responsibility for the development of finance technology enhancements. McMaken will report to Tom Okray, Eaton’s executive vice president and chief financial officer, and will be a member of the senior leadership team.
Since joining Eaton in 2001, McMaken has held a number of senior leadership roles in the company including senior vice president, corporate development and treasury; vice president, finance, Electrical, for Europe, the Middle East and Africa (EMEA); corporate president, EMEA; and most recently senior vice president, finance and planning, Electrical Sector.
McMaken holds a bachelor’s degree in Business Administration and Accounting from Georgetown University and an MBA in Strategy and Finance from The University of Chicago Booth School of Business.
Eaton’s mission is to improve the quality of life and the environment through the use of power management technologies and services. We provide sustainable solutions that help our customers effectively manage electrical and mechanical power – more safely, more efficiently, and more reliably. Eaton’s 2020 revenues were $17.9 billion, and we sell products to customers in more than 175 countries. We have approximately 87,000 employees. For more information, visit www.eaton.com.
Jennifer Tolhurst, +1 (440) 523-4006
President and CEO of Pacific Battleship Center Recognized for 13 Years of Exceptional Contributions to the U.S. Navy Through Battleship IOWA Museum, Los Angeles Fleet Week and the National Museum of the Surface Navy
SAN PEDRO, Calif.--(BUSINESS WIRE)--#award--The National Museum of the Surface Navy at the Battleship IOWA, the museum for America’s Surface Navy located aboard the historic Battleship USS IOWA Museum, today announced Jonathan Williams, President and CEO, Pacific Battleship Center, and President, LA Fleet Week Foundation, has been awarded the Distinguished Public Service Award by the Department of the Navy. The Navy’s highest award for non-military civilians was presented to Williams by Secretary of the Navy, Carlos Del Toro, during the Surface Navy Association’s 34th National Symposium in Arlington, Va.
Williams was recognized for his exceptional contributions to the Navy from July 2008 to July 2021 through the leadership and vision he provided for the Battleship IOWA Museum, Los Angeles Fleet Week and the National Museum of the Surface Navy, which will formally open on Oct. 13, 2025 on the 250th birthday of America’s Surface Navy. Among Williams’ accomplishments was the establishment of USS Iowa as a Navy-licensed national museum that provides direct and indirect support to the Navy and has become a “top five” tourist attraction and museum in Los Angeles. According to the award citation, it is due to Williams’ extraordinary vision and leadership that “the Battleship IOWA Museum and LA Fleet Week have become the example for ship museums and fleet weeks in recognizing the U.S. Navy and its critical role in serving our country and the world.”
“Since bringing USS IOWA to the Los Angeles waterfront in 2012, Jonathan has transformed the historic ship into a world-class museum that brings history to life and has made it a community platform that provides programming that gives back to the public through education, veteran and community programs,” stated retired Navy Rear Admiral Mike Shatynski, Chairman of the Board of the National Museum of the Surface Navy. “He was key in bringing LA Fleet Week to the Port of Los Angeles and establishing the first and only national museum dedicated to the Surface Navy aboard Battleship USS IOWA. Jonathan’s leadership and achievements have provided immense benefits to the Navy and those who have served and he is most deserving of this award.”
Past recipients of the Navy Distinguished Public Service Award include Tom Hanks for his work in films including “Greyhound,” Sybil Stockdale her support of POWs and their families during the Vietnam War, and Joe Rosenthal for his iconic photo of Marines raising the U.S. flag on Iwo Jima in World War II.
“I am deeply humbled to receive this award in recognition of my ongoing commitment to our Navy and those who serve,” said Williams. “This award was made possible by the support of my family and friends, and the incredible commitment of our crew and supporters. Each of these individuals are owed a tremendous debt of gratitude and I accept this award on the behalf of each of them.”
About Battleship USS IOWA Museum and the National Museum of the Surface Navy
Located in the Port of Los Angeles in San Pedro, Calif., Battleship USS IOWA Museum is one of the top five museums and attractions in Los Angeles, bringing the ship’s history to life through in-person and virtual tours and educational programs for youth. In addition to providing a natural platform for veterans and patriotic civilians to come together as a community, Battleship USS IOWA Museum provides an array of impactful programs and resources that support the critical needs of our military and veterans.
Scheduled to open in 2025 aboard the historic Battleship USS IOWA Museum, the National Museum of the Surface Navy is the museum for America’s Surface Navy. The museum’s mission is to raise America’s awareness of the importance of the United States Surface Naval Forces’ role in international relations, free trade, humanitarian assistance, and technological innovation, not just in the past but today and into the future.
Ken Hagihara, APR, Fellow PRSA
Integrity Public Relations, Inc.
949-768-4423 ext. 101
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HOUSTON--(BUSINESS WIRE)--Regulatory News:
Schlumberger Limited (NYSE: SLB) today reported results for the fourth-quarter and full-year 2021.
Fourth-Quarter Results
| (Stated in millions, except per share amounts) | ||||||||||
| Three Months Ended | Change | |||||||||
| Dec. 31, 2021 | Sept. 30, 2021 | Dec. 31, 2020 | Sequential | Year-on-year | ||||||
| Revenue* | $6,225 |
$5,847 |
$5,532 |
6% |
13% |
|||||
| Income before taxes - GAAP basis | $755 |
$691 |
$471 |
9% |
60% |
|||||
| Net income - GAAP basis | $601 |
$550 |
$374 |
9% |
61% |
|||||
| Diluted EPS - GAAP basis | $0.42 |
$0.39 |
$0.27 |
8% |
56% |
|||||
|
|
|||||||||
| Adjusted EBITDA** | $1,381 |
$1,296 |
$1,112 |
7% |
24% |
|||||
| Adjusted EBITDA margin** | 22.2% |
22.2% |
20.1% |
2 bps |
208 bps |
|||||
| Pretax segment operating income** | $986 |
$908 |
$654 |
9% |
51% |
|||||
| Pretax segment operating margin** | 15.8% |
15.5% |
11.8% |
31 bps |
401 bps |
|||||
| Net income, excluding charges & credits** | $587 |
$514 |
$309 |
14% |
90% |
|||||
| Diluted EPS, excluding charges & credits** | $0.41 |
$0.36 |
$0.22 |
14% |
86% |
|||||
|
|
|||||||||
| Revenue by Geography |
|
|
||||||||
| International | $4,898 |
$4,675 |
$4,343 |
5% |
13% |
|||||
| North America* | 1,281 |
1,129 |
1,167 |
13% |
10% |
|||||
| Other | 46 |
43 |
22 |
n/m |
n/m |
|||||
$6,225 |
$5,847 |
$5,532 |
6% |
13% |
||||||
| *Schlumberger divested certain businesses in North America during the fourth quarter of 2020. These businesses generated revenue of $284 million during the fourth quarter of 2020. Excluding the impact of these divestitures, global fourth-quarter 2021 revenue increased 19% year-on-year. North America fourth-quarter 2021 revenue, excluding the impact of these divestitures, increased 45% year-on-year. | ||||||||||
| **These are non-GAAP financial measures. See sections titled "Charges & Credits", "Divisions", and "Supplemental Information" for details. | ||||||||||
| n/m = not meaningful | ||||||||||
| (Stated in millions) | ||||||||||
| Three Months Ended | Change | |||||||||
| Dec. 31, 2021 | Sept. 30, 2021 | Dec. 31, 2020 | Sequential | Year-on-year | ||||||
| Revenue by Division | ||||||||||
| Digital & Integration | $889 |
$812 |
$832 |
10% |
7% |
|||||
| Reservoir Performance* | 1,287 |
1,192 |
1,247 |
8% |
3% |
|||||
| Well Construction | 2,388 |
2,273 |
1,868 |
5% |
28% |
|||||
| Production Systems** | 1,765 |
1,674 |
1,649 |
5% |
7% |
|||||
| Other | (104) |
(104) |
(64) |
n/m |
n/m |
|||||
$6,225 |
$5,847 |
$5,532 |
6% |
13% |
||||||
|
|
|||||||||
| Pretax Operating Income by Division |
|
|
||||||||
| Digital & Integration | $335 |
$284 |
$269 |
18% |
25% |
|||||
| Reservoir Performance | 200 |
$190 |
95 |
5% |
111% |
|||||
| Well Construction | 368 |
$345 |
183 |
6% |
101% |
|||||
| Production Systems | 159 |
$166 |
155 |
-4% |
3% |
|||||
| Other | (76) |
$(77) |
(48) |
n/m |
n/m |
|||||
$986 |
$908 |
$654 |
9% |
51% |
||||||
|
|
|||||||||
| Pretax Operating Margin by Division |
|
|
||||||||
| Digital & Integration | 37.7% |
35.0% |
32.4% |
268 bps |
537 bps |
|||||
| Reservoir Performance | 15.5% |
16.0% |
7.6% |
-43 bps |
792 bps |
|||||
| Well Construction | 15.4% |
15.2% |
9.8% |
20 bps |
559 bps |
|||||
| Production Systems | 9.0% |
9.9% |
9.4% |
-85 bps |
-38 bps |
|||||
| Other | n/m |
n/m |
n/m |
n/m |
n/m |
|||||
15.8% |
15.5% |
11.8% |
31 bps |
401 bps |
||||||
| *Schlumberger divested its OneStim® pressure pumping business in North America during the fourth quarter of 2020. This business generated revenue of $274 million during the fourth quarter of 2020. Excluding the impact of this divestiture, Reservoir Performance fourth-quarter 2021 revenue increased 32% year-on-year. | ||||||||||
| **Schlumberger divested its low-flow artificial lift business in North America during the fourth quarter of 2020. This business generated revenue of $11 million during the fourth quarter of 2020. Excluding the impact of this divestiture, Production Systems fourth-quarter 2021 revenue increased 8% year-on-year. | ||||||||||
| n/m = not meaningful | ||||||||||
Schlumberger CEO Olivier Le Peuch commented, “Strengthening activity, accelerating digital sales, and outstanding free cash flow performance combined to deliver another quarter of remarkable financial results to close the year with great momentum.
“In retrospect, we started 2021 with a constructive outlook and an ambition to visibly expand margins and deliver robust free cash flow, while remaining focused on capital discipline.
“In fact, we concluded the year with 88% growth in EPS, excluding charges and credits; adjusted EBITDA margin of 21.5%; and $3.0 billion in free cash flow. The adjusted EBITDA margin—which represents a year-on-year expansion of 320 basis points (bps)—is the highest level since 2018. We restored our North America pretax operating margin to double-digits and expanded our international margin, both exceeding prepandemic 2019 levels.
“This was also a momentous year for us in terms of our commitment to sustainability. We announced our comprehensive 2050 net-zero commitment, inclusive of Scope 3 emissions, and launched our Transition Technologies* portfolio.
“I am extremely proud of the full-year results, as we operationalized our returns-focused strategy and surpassed our financial ambitions with resounding success.
“Turning to the fourth-quarter results, sequential revenue growth was broad based across all geographies and Divisions, led by Digital & Integration.
“International revenue of $4.90 billion grew 5% sequentially, driven primarily by strengthening activity, increased digital sales, and early benefits of pricing improvements. The sequential revenue increase was led by growth in Europe/CIS/Africa due to strong offshore activity in Africa and new projects in Europe. This growth was complemented by project startups and activity gains in the Middle East & Asia and sustained activity growth in Latin America. The fourth-quarter international revenue performance represents a 13% year-on-year increase, enabling us to accomplish our double-digit revenue growth ambition for the second half of 2021 when compared to the same period in 2020.
“In North America, revenue of $1.28 billion grew 13% sequentially, outperforming the rig count growth. The sequential growth was driven by strong offshore and land drilling activity and increased exploration data licensing in the US Gulf of Mexico and the Permian.
“Among the Divisions, Digital & Integration revenue increased 10% sequentially, driven by very strong digital sales, as the adoption of our digital offering continues to accelerate, and from increased exploration data licensing sales. Reservoir Performance revenue increased 8% sequentially from higher intervention activity in Latin America, new stimulation projects and activity gains in the Middle East & Asia, and increased offshore evaluation activity in North America. Well Construction revenue increased 5% due to higher land and offshore drilling activity both in North America and internationally. Similarly, Production Systems revenue grew 5% sequentially from new offshore projects and year-end sales.
“Overall, our fourth-quarter pretax segment operating income increased 9% sequentially, attaining the highest quarterly operating margin level since 2015. Contributing to this remarkable performance are the accretive effect of accelerating digital sales and early signs of pricing improvements, particularly when driven by new technology adoption and performance differentiation.
“Looking ahead into 2022, the industry macro fundamentals are very favorable, due to the combination of projected steady demand recovery, an increasingly tight supply market, and supportive oil prices. We believe this will result in a material step up in industry capital spending with simultaneous double-digit growth in international and North American markets. Absent any further COVID-related disruption, oil demand is expected to exceed prepandemic levels before the end of the year and to further strengthen in 2023. These favorable market conditions are strikingly similar to those experienced during the last industry supercycle, suggesting that resurgent global demand-led capital spending will result in an exceptional multiyear growth cycle.
“Schlumberger is well prepared to fully seize this growth ahead of us. We have entered this cycle in a position of strength, having reset our operating leverage, expanded peer-leading margins across multiple quarters, and aligned our technology and business portfolio with the new industry imperatives. Throughout 2021, we continued to strengthen our core portfolio, enhanced our sustainability leadership, successfully advanced our digital journey, and expanded our new energy portfolio.
“The combination of our performance and returns-focused strategy is resulting in enduring customer success and higher earnings. As such, we have increased confidence in reaching our midcycle adjusted EBITDA margin ambition earlier than anticipated and sustaining our financial outperformance. I am truly excited about this year and the outlook for Schlumberger—rooted in capital discipline and superior returns while also continuing to lead technology, digital, and clean energy innovation—to enable performance and sustainability for the global energy industry.”
Other Events
On November 30, 2021, Schlumberger deposited sufficient funds with the trustee for its $1.0 billion of 2.40% Senior Notes due May 2022 to satisfy and discharge all of its legal obligations relating to such notes.
On January 20, 2022, Schlumberger’s Board of Directors approved a quarterly cash dividend of $0.125 per share of outstanding common stock, payable on April 7, 2022 to stockholders of record on February 9, 2022.
Fourth-Quarter Revenue by Geographical Area
|
||||||||||
| (Stated in millions) | ||||||||||
| Three Months Ended | Change | |||||||||
| Dec. 31, 2021 | Sept. 30, 2021 | Dec. 31, 2020 | Sequential | Year-on-year | ||||||
| North America* | $1,281 |
$1,129 |
$1,167 |
13% |
10% |
|||||
| Latin America | 1,204 |
1,160 |
969 |
4% |
24% |
|||||
| Europe/CIS/Africa | 1,587 |
1,482 |
1,366 |
7% |
16% |
|||||
| Middle East & Asia | 2,107 |
2,033 |
2,008 |
4% |
5% |
|||||
| Other | 46 |
43 |
22 |
n/m |
n/m |
|||||
$6,225 |
$5,847 |
$5,532 |
6% |
13% |
||||||
|
|
|||||||||
| International | $4,898 |
$4,675 |
$4,343 |
5% |
13% |
|||||
| North America* | $1,281 |
$1,129 |
$1,167 |
13% |
10% |
|||||
| *Schlumberger divested certain businesses in North America during the fourth quarter of 2020. These businesses generated revenue of $284 million during the fourth quarter of 2020. Excluding the impact of these divestitures, global fourth-quarter 2021 revenue increased 19% year-on-year. North America fourth-quarter 2021 revenue, excluding the impact of these divestitures, increased 45% year-on-year. | ||||||||||
| n/m = not meaningful | ||||||||||
North America
North America revenue of $1.28 billion increased 13% sequentially, driven by strong offshore and land drilling activity and increased exploration data licensing in the US Gulf of Mexico and the Permian.
International
Revenue in Latin America of $1.20 billion increased 4% sequentially due to double-digit revenue growth in Argentina, Brazil, and Mexico, mainly from robust Well Construction activity. Reservoir Performance and Production Systems revenue also increased but was partially offset by a temporary production interruption in our Asset Performance Solutions (APS) projects in Ecuador due to pipeline disruption.
Europe/CIS/Africa revenue of $1.59 billion increased 7% sequentially, due to higher revenue in Europe and Africa driven by strong offshore activity, increased digital sales, and new projects—mainly in Turkey—that benefited Production Systems. These increases, however, were partially offset by reduced Reservoir Performance and Well Construction activity in Russia and Scandinavia due to the onset of seasonal effects.
Revenue in the Middle East & Asia of $2.11 billion increased 4% sequentially due to new projects and activity gains that benefited Reservoir Performance in Saudi Arabia, Oman, Australia, Qatar, Indonesia, and Iraq. Similarly, Well Construction revenue grew from new projects in Iraq and the United Arab Emirates, and from increased drilling activity in Qatar, Kuwait, and Indonesia. Growth was also driven by higher digital sales in China and Malaysia. These increases, however, were partially offset by lower sales of production systems due to delivery delays as a result of logistics constraints.
Fourth-Quarter Results by Division
Digital & Integration
| (Stated in millions) | ||||||||||
| Three Months Ended | Change | |||||||||
| Dec. 31, 2021 | Sept. 30, 2021 | Dec. 31, 2020 | Sequential | Year-on-year | ||||||
| Revenue | ||||||||||
| International | $624 |
$615 |
$688 |
1% |
-9% |
|||||
| North America | 263 |
196 |
142 |
34% |
85% |
|||||
| Other | 2 |
1 |
2 |
n/m |
n/m |
|||||
$889 |
$812 |
$832 |
10% |
7% |
||||||
|
|
|||||||||
| Pretax operating income | $335 |
$284 |
$269 |
18% |
25% |
|||||
| Pretax operating margin | 37.7% |
35.0% |
32.4% |
268 bps |
537 bps |
|||||
| n/m = not meaningful | ||||||||||
Digital & Integration revenue of $889 million increased 10% sequentially, propelled by accelerated digital sales internationally, particularly in Europe/CIS/Africa and Middle East & Asia, and increased exploration data licensing sales in North America offshore and the Permian. These increases, however, were partially offset by the effects of a temporary production interruption in our APS projects in Ecuador due to pipeline disruption.
Digital & Integration pretax operating margin of 38% expanded 268 bps sequentially, due to improved profitability in digital and exploration data licensing.
Reservoir Performance
| (Stated in millions) | ||||||||||
| Three Months Ended | Change | |||||||||
| Dec. 31, 2021 | Sept. 30, 2021 | Dec. 31, 2020 | Sequential | Year-on-year | ||||||
| Revenue* | ||||||||||
| International | $1,194 |
$1,112 |
$906 |
7% |
32% |
|||||
| North America* | 92 |
79 |
339 |
16% |
-73% |
|||||
| Other | 1 |
1 |
2 |
n/m |
n/m |
|||||
$1,287 |
$1,192 |
$1,247 |
8% |
3% |
||||||
|
|
|||||||||
| Pretax operating income | $200 |
$190 |
$95 |
5% |
111% |
|||||
| Pretax operating margin | 15.5% |
16.0% |
7.6% |
-43 bps |
792 bps |
|||||
| *Schlumberger divested its OneStim pressure pumping business in North America during the fourth quarter of 2020. This business generated revenue of $274 million during the fourth quarter of 2020. Excluding the impact of this divestiture, global fourth-quarter 2021 revenue increased 32% year-on-year. North America fourth-quarter 2021 revenue, excluding the impact of this divestiture, increased 42% year-on-year. | ||||||||||
| n/m = not meaningful | ||||||||||
Reservoir Performance revenue of $1.29 billion increased 8% sequentially due to higher intervention activity across the international offshore markets, mainly in the UK and Latin America, and from new stimulation projects and activity gains in the Middle East & Asia, particularly in Saudi Arabia. These increases, however, were partially offset by the onset of seasonal effects in Russia and Scandinavia. North America revenue grew from higher offshore evaluation activity.
Reservoir Performance pretax operating margin of 16% was essentially flat sequentially. Profitability improved from higher offshore and exploration activity but was offset by technology mix and seasonality effects in the Northern Hemisphere.
Well Construction
|
(Stated in millions) | |||||||||
| Three Months Ended | Change | |||||||||
| Dec. 31, 2021 | Sept. 30, 2021 | Dec. 31, 2020 | Sequential | Year-on-year | ||||||
| Revenue | ||||||||||
| International | $1,901 |
$1,839 |
$1,569 |
3% |
21% |
|||||
| North America | 441 |
382 |
252 |
15% |
75% |
|||||
| Other | 46 |
52 |
47 |
n/m |
n/m |
|||||
$2,388 |
$2,273 |
$1,868 |
5% |
28% |
||||||
|
|
|||||||||
| Pretax operating income | $368 |
$345 |
$183 |
6% |
101% |
|||||
| Pretax operating margin | 15.4% |
15.2% |
9.8% |
20 bps |
559 bps |
|||||
| n/m = not meaningful | ||||||||||
Well Construction revenue of $2.39 billion increased 5% sequentially, driven by higher measurements and drilling fluids activity and increased drilling equipment sales. North America revenue increased due to higher rig count on land and increased well construction activity in the US Gulf of Mexico. International revenue growth was driven by the double-digit growth in Latin America, mainly in Mexico and Argentina, in Sub-Sahara Africa, and in the Middle East in Kuwait, Qatar, Iraq, and UAE. These increases were partially offset by seasonal effects in Russia and Scandinavia.
Well Construction pretax operating margin of 15% was essentially flat sequentially as the favorable mix of increased activity and new technology was offset by seasonal effects in the Northern Hemisphere.
Production Systems
| (Stated in millions) | ||||||||||
| Three Months Ended | Change | |||||||||
| Dec. 31, 2021 | Sept. 30, 2021 | Dec. 31, 2020 | Sequential | Year-on-year | ||||||
| Revenue* | ||||||||||
| International | $1,278 |
$1,205 |
$1,215 |
6% |
5% |
|||||
| North America* | 484 |
469 |
433 |
3% |
12% |
|||||
| Other | 3 |
0 |
1 |
n/m |
n/m |
|||||
$1,765 |
$1,674 |
$1,649 |
5% |
7% |
||||||
|
|
|||||||||
| Pretax operating income | $159 |
$166 |
$155 |
-4% |
3% |
|||||
| Pretax operating margin | 9.0% |
9.9% |
9.4% |
-85 bps |
-38 bps |
|||||
| *Schlumberger divested its low-flow artificial lift business in North America during the fourth quarter of 2020. This business generated revenue of $11 million during the fourth quarter of 2020. Excluding the impact of this divestiture, global fourth-quarter 2021 revenue increased 8% year-on-year. North America fourth-quarter revenue, excluding the impact of this divestiture, increased 15% year-on-year. | ||||||||||
| n/m = not meaningful | ||||||||||
Production Systems revenue of $1.76 billion increased 5% sequentially. Revenue increases in subsea, well production, and midstream production systems were offset by a revenue decline in surface production systems. International activity was driven by double-digit growth in Europe/CIS/Africa—mainly from strong project progress in Angola, Gabon, and Mozambique, new projects in Turkey, and increased activity in Scandinavia and Russia & Central Asia—and by growth in Latin America, mainly in Brazil and Ecuador. This revenue growth was partially offset by delivery delays in the Middle East & Asia as a result of global supply and logistics constraints.
Production Systems pretax operating margin of 9% declined 85 bps sequentially due to an unfavorable mix and the impact of delayed deliveries due to global supply and logistics constraints.
Quarterly Highlights
As activity growth accelerates, Schlumberger’s performance differentiation, technology, and integration capabilities continue to earn customer recognition and contract awards for all types of oil and gas projects, from short- and long-cycle development to exploration—including offshore and deepwater. Awards from the quarter include:
Schlumberger technologies—which won an array of innovation awards in 2021, including an Offshore Technology Conference Spotlight on New Technology, six World Oil Awards, and two Hart Energy's E&P Meritorious Awards for Engineering Innovation—and peer-leading execution capabilities are making significant performance impacts for customers, who are increasingly adopting technologies that help them create differentiated value.
Examples of performance impact during the quarter in North America include:
Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
Office +1 (713) 375-3535
This email address is being protected from spambots. You need JavaScript enabled to view it.
QUITO, Ecuador--(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 first hydrocarbon discovery in the Perico block (GeoPark non-operated, 50% WI) in the Oriente basin in Ecuador.
The Jandaya 1 exploration well was drilled and completed to a total depth of 10,975 feet where a total of 70-80 feet vertical depth of potential hydrocarbon bearing reservoir was encountered in three formations, with the Hollin formation as the main target.
To date, the operator has carried out production tests in the lower Hollin formation, showing a production rate of 750 barrels of oil per day of 28 degrees API and 0.8 million standard cubic feet per day of gas, for a combined 890 barrels of oil equivalent per day with a 8% water cut, after five days of testing. The complete testing program is underway, and the operator plans to start production tests in the upper Hollin formation in the upcoming days. Additional testing and production history will be required to determine stabilized flow rates of the well and the extent of the reservoir.
Oil production from Jandaya 1 is already being delivered to a nearby access point on Ecuador’s main pipeline system for sale to export markets.
GeoPark and its partner Frontera Energy Corporation are currently evaluating subsequent activities in the Jandaya field, including a potential development plan.
The drilling rig in the Perico block is currently moving to the Tui exploration prospect, located 6 km south of the Jandaya 1 well, to be spudded in February 2022. Tui also has the Hollin formation as its main objective (an analogue of Jandaya).
Further exploration activities are budgeted to continue in Ecuador during 2022 in the Espejo Block (GeoPark operated, 50% WI) with the acquisition of 60 sq km of 3D seismic to be followed by the drilling of a first exploration well in the block, expected to spud in 2H2022.
The Espejo and Perico blocks are attractive, low-risk exploration blocks located in Sucumbios Province in the Oriente basin in north-eastern 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.
These activities are part of GeoPark’s self-funded 2022 capital expenditures program of $160-180 million, that aims to drill 40-48 gross wells, including an extensive exploration drilling program which targets high-potential, short-cycle and near-field projects on big proven acreage next to GeoPark’s core Llanos 34 block (GeoPark operated, 45% WI) in Colombia plus other exploration targets in Colombia and Ecuador.1
James F. Park, Chief Executive Officer of GeoPark, said: “Congratulations and thanks to GeoPark’s oil finding team for opening up another new exciting region of opportunity for expansion and growth. Risk-managed, short-cycle exploration has been the backbone of GeoPark’s successful track record and 75% of our current production comes from reserves which have been discovered by our G&G team. Historically, over the last 20 years, our team has an over 75% drilling success rate. This new discovery in Ecuador - which is already on production and being marketed - is the first exploration success of our very active 2022 work program which includes 15-20 exploration wells - none of which are factored into our production targets for the year.”
____________
1 Please refer to the release published on November 10, 2021 for further details.
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 rates, production growth, expected schedule or development plan, economic recovery, payback timing, IRR, drilling activities, demand for oil and gas, oil and gas prices, capital expenditures plan and work program and investment guidelines. 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
Shareholder Value Director
T: +562 2242 9600
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Market Access Director
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Investor Relations Director
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MEDIA:
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DUBLIN--(BUSINESS WIRE)--The "Electric Vehicle Supply Equipment Market Size, Trends & Growth Opportunity, By Type, By Charging, Region and Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global Electric Vehicle Charging Station market size is expected to grow from 2,115 thousand units in 2020 to 30,758 thousand units by 2027, at a CAGR of 46.6%.
Companies Mentioned
Electric vehicle supply equipment supplies electricity to an electric vehicle. They are also known as charging stations or charging docks, which provide electric power to the vehicle and use that to recharge the vehicle's batteries. It includes a broad range of products for delivering electricity to electric vehicles (EVs) in a safe, controlled manner. These range from the different classes of hardware that vary dramatically in power level and features, depending on use cases, to the software solutions.
However, the traditional internal combustion engine (ICE) vehicles are refilled at traditional gas stations whereas EV's can be recharged at multiple locations such as residence, commercial areas and at highway charging stations.
Market Drivers
Market is witnessing a faster growth due to the ever increasing demand for electric vehicles throughout the world. Due to the increasing awareness about environmental problems, such as global warming and air pollution because of utilization of the carbon based fuels, governments are encouraging the use of electric vehicles to tackle such problems. Whereas, manufacturers are working overtime on reducing their cost of production of electric cars, and introducing more sophisticated models of electric vehicles to promote the sale of electric vehicles, consequently, due to this market can receive a boost.
Market Restraints
The high costs of level 3 fast chargers and ultrafast charger associated with electric vehicle charging equipment is a major factor threatening to hamper the market growth. However, the initial cost of a Level 3 charger can be quite high. This acts as a restraint for people who may want to switch to EV as charging for long duration may affect the already busy life of most people
Globally market is operated from companies like ChargePoint Inc., ABB Ltd, Tesla Inc., Eaton Corporation PLC, SemaConnect, Inc., General Electric Company, AeroVironment, Inc., Car Charging Group, Inc., Schneider Electric S.E., Robert Bosch GmbH, Xuji Group, Potivio, Auto Electric Power Plant, Wanbang, Qingdao Telaidian.
Key Questions Addressed by the Report?
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Global Electric Vehicle Supply Equipment Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
5 Global Electric Vehicle Supply Equipment Market, By Type
5.1 Y-o-Y Growth Comparison, By Type
5.2 Global Electric Vehicle Supply Equipment Market Share Analysis, By Type
5.3 Global Electric Vehicle Supply Equipment Market Size and Forecast, By Type
5.3.1. AC power
5.3.2. DC power
6 Global Electric Vehicle Supply Equipment Market, By Charging
6.1 Y-o-Y Growth Comparison, By Charging
6.2 Global Electric Vehicle Supply Equipment Share Analysis, By Charging
6.3 Global Electric Vehicle Supply Equipment Market Size and Forecast, By Charging
6.3.1 Normal charging
6.3.2 Supercharging
6.3.3 Inductive charging
7. Global Electric Vehicle Supply Equipment Market, By Region
7.1 Global Electric Vehicle Supply Equipment Market Share Analysis, By Region
7.2 Global Electric Vehicle Supply Equipment Market Share Analysis, By Region
7.3 Global Electric Vehicle Supply Equipment Market Size and Forecast, By Region
8. North America Electric Vehicle Supply Equipment Market Analysis and Forecast (2021- 2027)
9. Europe Electric Vehicle Supply Equipment Market Analysis and Forecast (2021-2027)
10. Asia Pacific Electric Vehicle Supply Equipment Market Analysis and Forecast (2021-2027)
11. Latin America Electric Vehicle Supply Equipment Market Analysis and Forecast (2021-2027)
12. Middle East Electric Vehicle Supply Equipment Market Analysis and Forecast (2021-2027)
13 Competitive Analysis
14.1 Competition Dashboard
14.2 Market share Analysis of Top Vendors
14.3 Key Development Strategies
14 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/2txb0e
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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MELBOURNE, Fla.--(BUSINESS WIRE)--L3Harris Technologies (NYSE:LHX) has named Michelle Turner as Senior Vice President and Chief Financial Officer (CFO), reporting to Vice Chair and Chief Executive Officer Christopher E. Kubasik, effective immediately. Turner succeeds Jay Malave, who has chosen to pursue career opportunities outside of L3Harris.
Turner, 48, is an experienced financial executive with a proven track-record in delivering profitable growth, including significant experience within the defense industry. She joins L3Harris from Johnson & Johnson, where she led finance for the enterprise supply chain function, developing strategies to drive financial and cash performance. Prior to Johnson & Johnson, Turner spent nearly 10 years with Raytheon, most notably as the CFO for the Raytheon Space & Airborne Systems business. Her additional experience includes finance leadership roles with BHP Billiton and Honeywell International.
“I am delighted to welcome Michelle to the L3Harris team. Her broad finance experience and defense industry knowledge, coupled with her ability to drive operational performance, will position us well to build on the strong foundation we have established,” said Kubasik.
“On behalf of the company, I thank Jay for his meaningful contributions to L3Harris over the past two-and-a-half years,” he added. “We wish him success in his future endeavors.”
As CFO, Turner will lead the finance function across L3Harris with overall responsibility for accounting and controls, internal audit, financial planning and analysis, investor relations, tax and treasury. She will have a central role in defining the financial strategies to drive growth at L3Harris, as well as shaping the ongoing transformation across the enterprise.
"It is an honor to join the L3Harris team, and I am excited by the opportunity to contribute to the mission of protecting our nation and its allies,” said Turner. “I look forward to partnering with the men and women who make L3Harris a best-in-class company with a rich history, and an even brighter future."
Malave’s personal decision to depart was not prompted by any disagreement with leadership or the company's financial reporting or accounting practices, procedures, or decisions. The company will report fiscal 2021 earnings on January 31 and file its Form 10-K consistent with prior years.
Michelle Turner biography High resolution photograph
About L3Harris Technologies
L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers’ mission-critical needs. The company provides advanced defense and commercial technologies across space, air, land, sea and cyber domains. L3Harris has approximately $18 billion in annual revenue and 47,000 employees, with customers in more than 100 countries. L3Harris.com.
Forward-Looking Statements
This press release contains forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. L3Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Jim Burke
Corporate
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321-727-9131
DUBLIN--(BUSINESS WIRE)--The "Gears, Drives and Speed Changers - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Gears, Drives and Speed Changers Market to Reach US$176.6 Billion by the Year 2026
Increasing automotive production due to recovering world economy from the pandemic and faster demand growth and manufacturing output in developing countries constitute the primary factors driving growth for the market for gear technology. Shift towards more energy-efficient units like the seven and eight speed automatic transmissions also drives market growth. Fast growing prominence of solar and wind energy also contribute to increased sales of gears globally.
Increase in demand for finished products also increases manufacturer investments on a range of production machinery, thus driving demand for machinery parts production of which also warrants gears, drives, and speed changers. Manufacturers are increasingly focusing on product innovations and enhancements that can meet technology challenges to deliver better performance, yet at a reasonable cost. Newer techniques such as traction drives, hydraulic systems and electric gears, have made a remarkable foray into the industry.
Amid the COVID-19 crisis, the global market for Gears, Drives and Speed Changers estimated at US$133.1 Billion in the year 2020, is projected to reach a revised size of US$176.6 Billion by 2026, growing at a CAGR of 4.9% over the analysis period. Automotive, one of the segments analyzed in the report, is projected to grow at a 4.7% CAGR to reach US$136.6 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Industrial segment is readjusted to a revised 5.1% CAGR for the next 7-year period. This segment currently accounts for a 16.8% share of the global Gears, Drives and Speed Changers market. Automotive market is the largest revenue contributor for the combined market of gears, drives and speed changers. Production of automobiles too will grow at a steady pace with excellent increases in developing markets offsetting significant declines in developed markets. Steady increase in automotive production as a result of increase in demand in these developing markets will fuel demand especially for OEM gears and gear drives.
The U.S. Market is Estimated at $26.2 Billion in 2021, While China is Forecast to Reach $36.1 Billion by 2026
The Gears, Drives and Speed Changers market in the U.S. is estimated at US$26.2 Billion in the year 2021. The country currently accounts for a 19.1% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$36.1 Billion in the year 2026 trailing a CAGR of 5.8% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 4.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.1% CAGR while Rest of European market (as defined in the study) will reach US$9.3 Billion by the end of the analysis period.
With many large companies from developed markets such as US and Europe increasingly setting up their manufacturing base in low cost destinations such as China and India and carrying out their production operations from there, or outsourcing their manufacturing operations to regional manufacturers in low cost destinations such as China and India, the sales contribution of Asia-Pacific in the global market has been on the rise. Export demand for low cost gears, drives and speed changers from Asian countries to developed market has also been on the rise thus driving growth in the regional market. Lower per capita vehicle ownership is another major factor driving automobile demand and production in these nations, thus fueling market prospects for these components.
Industrial Segment to Reach $30.1 Billion by 2026
A growing number of industries are adopting automation to circumvent the problem of growing labor costs and also for increasing production efficiencies and reducing costs of production. Labor costs have been rising steadily across the world owing to continuous economic growth. All these factors constitute the key driving forces behind growth for the industrial gearboxes market. In the global Industrial (End-Use) segment, USA, Canada, Japan, China and Europe will drive the 5% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$17 Billion in the year 2020 will reach a projected size of US$23.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$4.5 Billion by the year 2026, while Latin America will expand at a 5.3% CAGR through the analysis period.
Select Competitors (Total 339 Featured)
Key Topics Covered
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/q5wo4u
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DUBLIN--(BUSINESS WIRE)--The "Concentrated Solar Power Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global concentrated solar power market exhibited strong growth during 2015-2020. Looking forward, the publisher expects the market to grow at a CAGR of 11.3% during 2021-2026.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Concentrated solar power (CSP) refers to a method of generating electricity using sunlight, which is a clean energy source. Also known as solar thermal power, it involves the utilization of sunlight to produce steam and drive a turbine.
CSP systems have storage potential that also enables the production of electricity during cloudy days or in the absence of sunlight. At present, there is an increase in the sales of these systems on account of the rising electrification programs in numerous countries worldwide.
A significant rise in the demand for renewable sources for power generation to control carbon emissions across the world represents one of the key factors creating a positive outlook for the market. Solar power has become the predominant renewable power generating source as it is affordable and reduces energy bills.
Consequently, several countries are investing in the installation of solar panels for generating electricity. In line with this, the governing agencies of different economies are promoting renewable technologies by offering tax credits and installation cost subsidies.
Furthermore, the escalating demand for high thermal storage salt solutions across CSP power plants on account of their high capacity utilization factor (CUF) and lower levelized cost of electricity (LCOE) is also contributing to the market growth.
Other major factors, including technological advancements to improve the heat transfer and thermal storage ability of storage salts, coupled with the growing adoption of efficient heat and thermal storage products across renewable power plants, are anticipated to fuel the growth of the market.
Key Questions Answered in This Report:
Competitive Landscape:
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Concentrated Solar Power Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Technology
6.1 Parabolic Trough
6.2 Linear Fresnel
6.3 Dish
6.4 Power Tower
7 Market Breakup by Application
7.1 Utility
7.2 EOR
7.3 Desalination
7.4 Others
8 Market Breakup by Region
8.1 Market Trends
8.2 Market Forecast
9 SWOT Analysis
9.1 Overview
9.2 Strengths
9.3 Weaknesses
9.4 Opportunities
9.5 Threats
10 Value Chain Analysis
11 Porters Five Forces Analysis
11.1 Overview
11.2 Bargaining Power of Buyers
11.3 Bargaining Power of Suppliers
11.4 Degree of Competition
11.5 Threat of New Entrants
11.6 Threat of Substitutes
12 Price Analysis
13 Competitive Landscape
13.1 Market Structure
13.2 Key Players
13.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/4lngv1
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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MADISON, Wis.--(BUSINESS WIRE)--The board of directors of MGE Energy, Inc. (Nasdaq: MGEE), today declared the regular quarterly dividend of $0.3875 per share on the outstanding shares of the company's common stock, payable March 15, 2022, to shareholders of record at the close of business March 1, 2022.
MGE Energy has increased its dividend annually for the past 46 years and has paid cash dividends for more than 110 years.
About MGE Energy
MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric (MGE), generates and distributes electricity to 157,000 customers in Dane County, Wis., and purchases and distributes natural gas to 166,000 customers in seven south-central and western Wisconsin counties.
Steve Schultz
Corporate Communications Manager
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HOUSTON--(BUSINESS WIRE)--Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) announced today the publication of its carbon management plan and next three-year sustainability strategy. Crestwood’s second three-year sustainability strategy outlines the focus areas for Crestwood’s ESG/sustainability initiatives for the coming years that will continue to drive its performance, create impact and maintain its MLP ESG midstream leadership position. The development of Crestwood’s 2022 - 2024 sustainability strategy and carbon management plan is a result of its recent materiality assessment update, which includes input from key stakeholders and investors, whereby carbon management was identified as a significant ESG risk and opportunity for the company. The carbon management plan outlines meaningful, near-term emissions reduction activities that the company intends to implement and highlights not only a series of commitments, but also the mechanisms for achievement of those commitments.
“Crestwood is proud to issue its first carbon management plan demonstrating our continued commitment to actionable emission intensity reductions, with a focus on mitigating climate-related risk to our business. This three-year plan highlights our leading MLP midstream approach to sustainability as we follow our authentic path of committing to year-over-year emission intensity reductions while seeking new opportunities to prudently grow our organization and incorporate those assets into our leading sustainability practices,” said Robert G. Phillips, Founder, Chairman and Chief Executive Officer of Crestwood’s general partner. “We believe that oil and natural gas will play a significant role in the future, but we also recognize that our industry needs to evolve in a lower-carbon future. Mitigating climate change means taking a pragmatic approach to what’s feasible today, and Crestwood is focused on promoting cost-effective, practical and realistic emissions reduction practices that deliver long-term value to our unitholders.”
Joanne Howard, Crestwood’s Senior Vice President, ESG and Corporate Communications, commented, “We continue to promote a culture of emissions management throughout the company whether it’s through participation in organizations such as ONE Future and The Environmental Partnership or linking our methane emissions intensity rate to employee compensation to drive continuous improvement. This carbon management plan demonstrates to our stakeholders the actionable goals that Crestwood will implement by 2024 in addition to supporting our customers in achieving their low carbon goals by providing reliable midstream capacity. The plan will hold us accountable as we seek to achieve industry-leading greenhouse gas performance across the business.”
Crestwood’s carbon management plan include a series of eight commitments:
Crestwood’s carbon management plan and details of its 2022 - 2024 sustainability strategy can be found at www.crestwoodlp.com/sustainability. Crestwood remains on track to issue its 2021 sustainability report in early June 2022 which will include further details on its carbon management plan.
About Crestwood Equity Partners LP
Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. Crestwood is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling and marketing of NGLs; gathering, storage, terminalling and marketing of crude oil; and gathering and disposal of produced water. Visit Crestwood Equity Partners LP at www.crestwoodlp.com; and to learn more about Crestwood’s sustainability efforts, please visit https://esg.crestwoodlp.com.
Forward Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal securities law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that are difficult to predict and many of which are beyond management’s control. These risks and assumptions are described in Crestwood’s annual reports on Form 10-K and other reports that are available from the United States Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made. We undertake no obligation to update any forward-looking statement, except as otherwise required by law.
Crestwood Equity Partners LP
Investor Contact
Rhianna Disch, 713-380-3006
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Director, Investor Relations
Sustainability and Media Contact
Joanne Howard, 832-519-2211
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Senior Vice President, ESG and Corporate Communications
HAMILTON, Bermuda--(BUSINESS WIRE)--ST Energy Transition I Ltd. (NYSE: STET.U) (the “Company”) today announced that, commencing January 24, 2022, holders of the SAILSM securities sold in the Company’s initial public offering of 28,750,000 SAILSM securities, completed on December 7, 2022 (over-allotment completed December 9, 2022), may elect to separately trade Class A shares and redeemable warrants included in the SAILSM securities. Those SAILSM securities not separated will continue to trade on the New York Stock Exchange (“NYSE”) under the symbol “STET.U,” and the Class A shares and redeemable warrants that are separated will trade on NYSE under the symbols “STET” and “STETWS,” respectively. No fractional warrants will be issued upon separation of the SAILSM securities and only whole warrants will trade. Holders of SAILSM securities will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the SAILSM securities into Class A shares and redeemable warrants.
The SAILSM securities were initially offered by the Company in an underwritten offering. Morgan Stanley & Co. LLC acted as sole book-running manager and DNB Markets, Inc. acted as joint lead manager in the offering.
A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on December 2, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company, 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. The offering was made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained for free from the U.S. Securities and Exchange Commission website (http://www.sec.gov); Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, New York, New York 10014 or by e-mail to This email address is being protected from spambots. You need JavaScript enabled to view it..
About ST Energy Transition I Ltd.
ST Energy Transition I Ltd. is a newly incorporated blank check company, incorporated in Bermuda as an exempted company limited by shares, for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this prospectus as our initial business combination. We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. While we may pursue an initial business combination target in any industry or geographic location (subject to certain limitations described in this prospectus), we intend to focus our search on opportunities that contribute in positive ways towards energy transition and clean energy technology.
Forward Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and the anticipated use of the net proceeds thereof. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Media:
Gunnar Eliassen
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Tel: +1 (441) 295-6935
Encamp recognized as a secure and trusted industry-leader through security trust service examination
INDIANAPOLIS--(BUSINESS WIRE)--Encamp, an award-winning enterprise technology company for environmental compliance data management and reporting, today announced the successful completion of its Service Organization Control (SOC) 2 Type 1 report conducted by independent CPA firm, Schellman & Company, LLC.
By engaging a third-party firm to examine and report on Encamp’s controls, the company can respond to meet the needs of its user entities and obtain an objective evaluation of the effectiveness of controls that address operations and compliance, as well as financial reporting at those user entities.
“The SOC 2 Type 1 report positions Encamp as a leader in the EHS industry and further establishes us as a trusted and secure vendor for our customers,” Luke Jacobs, CEO and co-founder of Encamp, said. “Customers can rest assured knowing Encamp is dedicated to the security of sensitive data in this highly regulated industry, solidifying our commitment to environmental compliance.”
Organizations can choose from five trust service categories for evaluation in SOC 2 examination: security, availability, processing integrity, confidentiality and privacy. Encamp opted to be evaluated against the security category, which focuses on information and systems to be protected against unauthorized access, unauthorized disclosure of information, and damage to systems that could compromise the availability, integrity, confidentiality and privacy of information or systems and affect the entity's ability to meet its objectives.
“This accomplishment demonstrates Encamp’s continuing commitment to security and data management,” Ben Jacobs, Encamp’s Vice President of Engineering, said. “Encamp customers can be confident in Encamp’s professional integrity and know that professional standards are continually met.”
SOC 2 Type 1 reports opine on management’s description of an organization’s service, the suitability of the design of controls and always include a review date. Encamp's review date for this type of examination was on Nov. 30, 2021. Encamp also expects to complete its SOC 2 Type 2 report in mid-2022.
For more information on the Encamp solution, visit www.encamp.com.
About Encamp
Encamp was formed in 2017 and introduced its enterprise technology system to the environmental, health, and safety (EHS) industry in 2018. By early 2019, more than 100 companies were using Encamp to manage and automate the way they file critical environmental compliance information to state, local, and emergency response agencies. Nearly 200 businesses, including a growing number of businesses listed in the Fortune 1000 and Fortune 100, now use Encamp in more than 4,000 regulated facilities throughout the United States. In 2020 alone, Encamp realized revenue growth of more than 800%, a rise that continued to position the company as an emerging EHS market leader.
By way of innovation, Encamp is a first of its kind EHS compliance software product that combines a powerful data management system, environmental regulation expertise, and EHS compliance reporting automation. With its Software as a Service (SaaS) architecture and deployment via the cloud, companies implement Encamp in a matter of days or weeks. Moreover, Encamp gives companies and their EHS teams a modern software option over point systems, spreadsheets, and legacy Environmental Management Information Systems (EMIS).
BLASTmedia for Encamp
Gracie Noel
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COLUMBUS--(BUSINESS WIRE)--Today’s announcement of Intel’s plan to invest in a major semiconductor manufacturing facility in Licking County is the latest clear sign that Ohio’s growing solar energy economy is providing a strong and competitive foundation for Ohio’s future.
Intel has committed to 100% renewable energy supply by 2030 to power its global manufacturing operations, including its new facility planned for Licking County. This is the latest in a series of major investments Ohio has attracted from companies that include renewable energy purchase goals, such as Peloton, Nestle, First Solar, Amazon, Google, and Facebook.
Additionally, Ohio was the first state to attract a mega battery factory to serve the growing electric vehicle market when the $2.3 billion GM/LG Chem battery manufacturing facility selected Lordstown as its home. Many large automotive companies, such as GM, have plans to buy 100% renewable energy located near their operations.
In a new video detailing how solar energy can help the state attract investments such as Intel, Nate Strum, former GROW Licking County executive director, says (3:20 mark): “Ohio continues to be a very competitive environment for site selection opportunities, but we have to make sure that we have all of the tools in the toolbox necessary to make sure we are as competitive as possible and alternative energy — access to solar energy in particular — is going to be one of those tools going forward.”
Just yesterday, the Ohio Power Siting Board approved a construction permit for the 107.7 megawatt (MW) Union Ridge Solar project located in Licking County’s Harrison Township. Additionally, the 350 MW Harvey Solar project located in Hartford Township is currently pending at the Siting Board. These two projects under development in Licking County will generate more than $4 million dollars per year in local tax revenue and bring hundreds of jobs during construction.
An economic impact report prepared by Ohio University details the $18B investment and 55,000 construction jobs the solar industry is bringing to Ohio, but projects like these are also key to attracting large employers like Intel to the state as they seek to locate new facilities in areas with abundant renewable sources of electricity.
Ohio has an existing transmission infrastructure that can support companies like Intel and the expanding solar industry, a key investment attraction tool. In fact, the same semiconductor advancements in chip manufacturing that have helped companies like Intel bring about the digital age have also enabled improvements in the solar industry – another semiconductor-based technology. Thanks to technology advancements and cost improvements, utility scale solar is now one of the most cost-effective forms of generating power and has the added benefit of doing this with zero emissions.
“Ohio’s future prosperity lies in thoughtful economic development and the solar industry looks forward to continuing to contribute to the economic growth of Ohio and to helping provide clean renewable energy to companies like Intel,” said Jake Kuss, USSEC’s Assistant Director. “Our state is extremely well positioned to capitalize on the growth sectors of today’s economy thanks to a robust well-trained labor force, geography and access to least-cost energy in the form of solar power paired with complementary resources.
“Ohio has a growing economic development cycle which includes Ohio farmers, Ohio solar panels, Ohio solar projects and now these large buyers of electricity like Intel. This cycle continues Ohio’s history of energy production and ensures that the benefits of this development remain with Ohioians,” he added.
Nancy Lesic, This email address is being protected from spambots. You need JavaScript enabled to view it., 216.392.9634
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