Company announcement 15/2020 (30 November 2020)
European Energy sees significant growth across all recurring activities of the Group at the end of the third quarter of 2020 and maintains its high expectations for its annual targets. European Energy recorded revenue of EUR 40.7 million, an EBITDA of EUR 9.3 million and profit before tax of EUR 3.2 million in the third quarter.
Knud Erik Andersen, CEO of European Energy, said:
“We are pleased to report that European Energy delivered significant growth across all recuring activities in the third quarter of 2020, as we maintain our expectations for our annual targets. The increased sale of green power was the main driver behind our significant growth. At the end of the third quarter, the revenue from electricity sales increased 73% during the first nine months of 2020 compared to 2019, and exceeded the total sales of the entire financial year of 2019. During the quarter, the electricity sale revenues from solar assets alone increased more than tenfold compared to the same period in 2019.
While only one of our projects under construction was grid-connected during the third quarter, construction activities are ongoing across seven countries at 14 different project sites, poised to add more than 300 MW of green power capacity in the coming quarters. In total, more than 1293 MW are currently under construction or ready-to-build across all our solar and wind power projects. During the quarter, our project pipeline grew by additional 2 GW to a total of more than 17 GW of projects under development. Therefore, we expect our construction activities to increase further and remain high across the European continent over the coming years.
During the third quarter of 2020, we closed the divestment of our 50 MW solar farm Hanstholmvej situated in the northern part of Jutland, Denmark to the Munich based LHI Group, and the sale has contributed positively to the quarterly results. The solar park is the first in Denmark to utilize bifacial modules, and the electricity has been sold on a long-term contract to the international tech company Apple Inc. Also in Denmark, we have signed a Sales and Purchase Agreement for the 30 MW solar farm Næssundvej and expect the revenue to be recognised in the fourth quarter of 2020, when the park has been fully constructed and grid-connected.
At the end of the quarter, European Energy’s cash position was very solid at EUR 174.7 million whereof EUR 163.1 is free cash. The strong cash base enables us to fund our growth for the coming quarters. In July, we closed our biggest long-term financing to date on the Troia solar park with the French based bank Natixis of EUR 96.5 million. In September, European Energy successfully launched a hybrid green bond of EUR 75.0 million at a rate of 6,1% as a significant number of our existing investors decided to increase their level of investments with us. The hybrid green bond will support the solvency of the company as the raised capital is counted as equity. All in all, we continued to deliver strong financial performance in the third quarter of 2020 and remain committed to delivering both EBITDA (EUR 52-58 million) and profit before tax (EUR 35-39 million) for the full financial year in 2020 in line with the earlier guideline.
The election of Joe Biden as president in the United States will bring the country back onto the path towards genuine climate action. We are delighted that there seems again to be a broad global backing behind climate action. To us, climate change is the challenge of our lifetime, and we are feel obligated to fight it by all means.
Further information: Jonny Thorsted Jonasson, CFO: email@example.com or phone: +45 5180 0000
This announcement has been made in accordance with the market abuse regulation (regulation (EU) no. 596/2014 on market abuse).
New Oil Discovery: Klean Finds Never Ending Renewable Oil Fields
VANCOUVER, British Columbia, Jan. 20, 2021 (GLOBE NEWSWIRE) — Klean Industries Inc. (“Klean”), a cleantech company specialized in the conversion of waste into energy and recovered resources, is pleased to announce that the company has increased in manufacturing capabilities with dedicated kiln fabrication facilities in Germany, United States, Japan, and China. This further enhances the company’s ability to rapidly deploy projects in Europe, North America and Asia as a key equipment manufacturer for the extraction of high-grade oil, resources and energy from waste. As a consolidated brand Klean is nearing its 17th anniversary as a specialist in the design, engineering, manufacturing and construction of projects that use advanced thermal processing technologies known as gasification, pyrolysis and carbonization, which convert scrap tires, waste plastics and municipal solid waste into domestic energy, sustainable commodities and new cleantech jobs.
Klean owns an impressive portfolio of IP behind the world’s most commercialized technologies that have been continuously improved over six decades of development and commercial use in a wide variety of waste conversion applications. Klean’s modular approach to serial production reactors and key process equipment are supported by performance decades of operation along with industry leading performance guarantees that give Klean a leadership position in commercialized tire pyrolysis. Klean’s vertically integrated approach enables equipment manufacturing to be completed in a little as 90 days allowing for projects to be completely assembled and operating in far less time than any of its competitors. The company offers its technology to marketplace under several different business models with the primary focus on the corporate ownership of facilities but is also open to joint ventures and licensed plant sales with the right partners.
Additionally, Klean has further reinforced its current business initiatives by coupling its manufacturing capabilities with trade finance relationships. By establishing and strengthening international trade finance relationships with the Export Development Bank of Canada (www.edc.ca) and Elevate Financial Corp (www.elevatefinance.ca) the company is now able to offer new and existing customers with financing on highly competitive terms for loans to purchase plants and equipment of all sizes on approved credit (“OAC”) of up to 85% both secured and unsecured depending on size and financial requirements.
As a key corporate initiative, Klean is rolling out a number of tire pyrolysis projects over the next 5 years with some significant partnerships in the tire and carbon black manufacturing sectors. The company has 3 immediate projects in the final stages of financial close and the first of its large scale recovered carbon black plants in North America being located in Boardman, Oregon. This facility is designed to process approximately 50,000 metric tonnes of scrap tires annually and is slated to begin construction before the end of the first quarter of 2021. This project is followed closely by a second tyre pyrolysis plant in Illinois, and a third tire pyrolysis facility in South Carolina where both these projects combined will process an estimated 175,000 metric tonnes of waste tires.
In Europe, the company has initiated a number of additional projects in partnerships with tyre feedstock partners and product end users within the tire and rubber manufacturing sectors. With tyre pyrolysis design and engineering offices in Berlin, Germany the company will be providing additional project updates in due course. As a part of its European project rollout strategy the UK, Germany, Spain and Greece are key locations where the company has projects at advanced stages of development.
As a key strategy in the company’s aggressive plans to continue its leadership position in domination of the scrap tire pyrolysis recycling space, the company is continuing to invest in the production of high grade pyrolysis oils produced from the processing of waste tires as an additional raw material source for various petrochemical companies who have not only a mandate to procure such product but a desire to enable a more sustainable chemical supply chain within the definition of the International Standard of DIN EN ISO 14021:2016-07.
Extracting Pyrolysis Oil from Urban Oil Fields
- Our investments plans support the construction of additional capacities for pyrolysis oil production;
- Our technologies have surpassed many milestones in establishing a circular economy for end-of-life tyres and rubber waste;
- Our tire pyrolysis systems adhere to the United Nations Sustainable Development Goals: #8 Decent Work & Economic Growth, #9 Industry Innovation and Infrastructure, #11 Sustainable Cities and Communities, #12 Responsible Consumption and Production, and Climate Action
- Our pyrolysis oils partly replace fossil fuel feedstock and can be processed into new chemical products such as new carbon blacks for new tire production and plastic production;
- Our solutions generate carbon offsets which have been shown several lifecycle analyses to offset carbon emission of a minimum of 1 metric tonnes of emissions for every 1 tonne (1:1 minimum offset) of pyrolysis oil used to make new plastics and or RTFO / RIN fuels.
Klean continues to collaborate with a number of industry partners and is open to partnerships that are interested in acting quickly in participation with commercial project endeavors as Klean has no interest in doing pilot plants. The company’s technologies are already long past pilot proving phases as the Klean Team has been doing pyrolysis based projects since the early 1970’s with process engineering a passion that is entrenched in our corporate culture, which is evident by the Team’s success in the tire pyrolysis sector. Klean believes in a collaborative environment where actions speak louder than words and that taking action is the only way in accelerating the path towards a circular economy, we all want and need.
Klean envisions partnerships that are symbiotic in nature and believes in co-operation that is mutually beneficial. With an estimated 125,000 metric tonnes of pyrolysis oil production in the United States and an estimated 150,000 metric tonnes coming online in Europe over the next 5 years; doing business with the right partners is essential.
Scrap Tires & Waste Rubber Products – A Refined Oil Resource
- Imagine discovering an oil field that produces +25,000 metric tonnes per year (approximately 175,000 barrels) of refined fuel oil (not crude) per year. That is over 20 times more than the average producing crude oil well in the United States.
- Imagine that this oil field requires no exploration, no wellhead drilling & replenishes itself each year with more oil than you started with.
- What if you actually got paid to process the oil field and got to keep the oil at the same time?
- What if we told you that this solution also prevents pollution and produces carbon credits at the same time?
- Well, this is not science fiction, it is just one part of the Klean Industries business model.
The Energy Information Administration (“EIA”) estimates that in 2020 the average cost to drill for oil in the United States is $18 million to $20 million per hole. This does not include the cost of exploration, rights, or any other costs. By comparison, Klean Industries can source refined oil without exploration, drilling or the production of additional carbon emissions in the environment.
As an example, a Klean facility that processes 150 tonnes of scrap tires per day produces +25,000 metric tonnes of refined oil equivalent to an oil quality of MDO 1% and +20,000 tonnes of recovered carbon black that can be used to replace N300 to N700 series carbon blacks.
In most cases scrap tires are delivered to Klean facilities where the company is paid a gate fee or tipping fee to process these waste tyres. As long as vehicles use tires, the source of Klean’s oil never runs out, and in fact it renews itself each year. The company’s source of oil is expanding as world consumption of tires increases and its estimated that by 2030 the world will produce over 3 billion tires per year. Currently there are over 1.6 billion new tires manufactured every year and approximately 10 billion scrap tyres in stockpiles around the globe. In the United States alone, there are over 350 million scrap tires produced each year. If all of these were processed by Klean facilities, in excess of 10 million barrels of refined MDO oil would be produced each year.
Does your company want or need significant volumes of renewable low carbon pyrolysis oil?
Please contact us below to secure a long-term supply of high-quality tire pyrolysis oil as a carbon friendly alternative to virgin fossil fuel. Our Pyrolysis oil complies with United Kingdom’s Renewable Transport Fuel Obligations (“RTFO”) and Renewable Identification Numbers (“RINs”) which are credits used for compliance and are the “currency” of the RFS program.
Klean Industries comprises an international team of award-winning experts with decades of experience in the design, manufacturing and deployment of alternative energy solutions, including clean power production, waste management, recycling, and resource recovery. Klean uses proven technologies to rapidly develop projects that produce the highest quality fuels, recovered carbon blacks (“rCB”) and green energy from various kinds of carbon-based wastes. Klean specializes in building projects that use thermal technologies such as gasification, pyrolysis and carbonization, which convert scrap tires, waste plastics and municipal solid waste into domestic energy, sustainable green commodities and new cleantech jobs.
For more information about Klean, please visit www.kleanindustries.com or follow us on:
YouTube ~ https://www.youtube.com/KleanIndustries
LinkedIn ~ http://www.linkedin.com/companies/kleanindustries
Facebook ~ www.facebook.com/KleanIndustries
Instagram ~ https://www.instagram.com/kleanindustries/
Twitter ~ https://twitter.com/kleanindustries
Klean Industries Inc.
Suite 2500 – 700 W. Georgia St.
Contact: Marc Smith
NAV CANADA Announces Private Placement Financing
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. WIRE SERVICES
OTTAWA, Jan. 20, 2021 (GLOBE NEWSWIRE) — NAV CANADA (the Company) announced today the pricing of an issue of $500 million of general obligation notes in two series on a private placement basis pursuant to exemptions from the prospectus requirements of applicable Canadian securities laws (the Offering). The Offering includes (i) $300 million aggregate principal amount of Series 2021-1 general obligation notes bearing interest at the rate of 0.937 per cent per annum and maturing on February 9, 2026 and (ii) $200 million aggregate principal amount of Series 2021-2 general obligation notes bearing interest at the rate of 0.555 per cent per annum and maturing on February 9, 2024.
The Offering is scheduled to close on February 9, 2021 and will be subject to customary closing conditions. The general obligation notes to be issued pursuant to the Offering will be subject to hold periods under applicable securities laws.
The net proceeds of the Offering will be used, as to $250,000,000, for the repayment of the Company’s $250,000,000 Series MTN 2011-1 Notes maturing February 18, 2021 and the remaining balance of proceeds raised will be used for general corporate purposes, including the repayment of other borrowings.
About NAV CANADA
NAV CANADA is a private, not-for-profit company, established in 1996, providing air traffic control, airport advisory services, weather briefings and aeronautical information services for more than 18 million square kilometres of Canadian domestic and international airspace.
The Company is internationally recognized for its safety record, and technology innovation. Air traffic management systems developed by NAV CANADA are used by air navigation service providers in countries worldwide.
For further information, please contact:
Manager, Media Relations
Media Information Line: 1-888-562-8226
This news release does not constitute an offer to sell the Notes in the United States. The Notes have not been and will not be registered under U.S. securities laws and may not be offered or sold in the United States or to U.S. persons except pursuant to an exemption from such registration.
NAV CANADA annonce un financement de placement privé
NE PAS DISTRIBUER AUX ÉTATS-UNIS OU PAR DES AGENCES DE TRANSMISSION AMÉRICAINES
OTTAWA, 20 janv. 2021 (GLOBE NEWSWIRE) — NAV CANADA (la Société) a annoncé aujourd’hui qu’elle a émis des billets d’obligation générale d’une valeur de 500 millions de dollars en deux séries par voie de placement privé, conformément aux dispenses de prospectus des lois canadiennes sur les valeurs mobilières applicables (l’Offre). L’Offre comprend : (i) un montant en capital cumulatif d’une valeur de 300 millions de dollars de billets d’obligation générale de série 2021-1 portant intérêt au taux de 0.937 pour cent par année et venant à échéance le 9 février 2026; et (ii) un montant en capital cumulatif d’une valeur de 200 millions de dollars de billets d’obligation générale de série 2021-2 portant intérêt au taux de 0.555 pour cent par année et venant à échéance le 9 février 2024.
L’Offre doit se terminer le 9 février 2021 et sera soumise aux conditions de clôture habituelles. Les billets d’obligation générale à émettre dans le cadre de l’Offre seront soumis à des périodes de détention en vertu des lois sur les valeurs mobilières applicables.
Les produits nets de l’Offre seront utilisés, à hauteur de 250 000 000 $, pour le remboursement des 250 000 000 $ de billets de la série MTN 2011-1 de la Société venant à échéance le 18 février 2021, et le solde des fonds collectés sera utilisé à des fins générales d’entreprise, y compris au remboursement d’autres emprunts.
À propos de NAV CANADA
NAV CANADA est une société privée sans but lucratif, créée en 1996, qui fournit des services de contrôle de la circulation aérienne, des services consultatifs d’aéroport, des exposés météorologiques ainsi que des services d’information aéronautique dans plus de 18 millions de kilomètres carrés d’espace aérien intérieur et d’espace aérien international sous contrôle canadien.
La Société est reconnue à l’échelle internationale pour son dossier de sécurité et ses innovations technologiques. Les systèmes de gestion de la circulation aérienne élaborés par NAV CANADA sont utilisés par des fournisseurs de services de navigation aérienne partout dans le monde.
Pour obtenir de plus amples renseignements, veuillez communiquer avec :
Gestionnaire, Relations avec les médias
Ligne d’information pour les médias : 1-888-562-8226
Le présent communiqué ne constitue pas une offre de vente de ces billets aux États-Unis. Les billets n’ont pas été inscrits en vertu des lois sur les valeurs mobilières des États-Unis et ne le seront pas, et ne peuvent être offerts ou vendus aux États-Unis ou à des Américains sauf par suite d’une dispense d’une telle inscription.
PHOTO RELEASE — Stephanie L. O’Sullivan Joins Huntington Ingalls Industries’ Board of Directors
NEWPORT NEWS, Va., Jan. 20, 2021 (GLOBE NEWSWIRE) — Huntington Ingalls Industries (NYSE:HII) announced today that Stephanie L. O’Sullivan has been elected to its Board of Directors, effective Friday, Jan. 15.
O’Sullivan has been a business consultant since 2017. Prior to that, she served as principal deputy director of the Office of National Intelligence (PPDNI), having been appointed in 2011. As PDDNI she worked to assist the director of national intelligence in the management of the day-to-day operations of the intelligence community
“We are very pleased to welcome Stephanie to the board of HII,” Chairman of the Board Kirk Donald said. “She is a proven leader in the nation’s intelligence community, bringing more than 25 years of national security experience to HII. Her deep understanding of the technologies used by the intelligence community, as well as how the government and private sectors operate, will help create further value and momentum for our stakeholders. I am delighted to welcome her to an excellent team of directors and look forward to working with her.”
A photo accompanying this release is available at: https://newsroom.huntingtoningalls.com/file/stephanie-osullivan.
Prior to serving as PDDNI, she served as the associate deputy director of the Central Intelligence Agency. Prior to this appointment, she held several management positions in the agency’s Directorate of Science and Technology, working to develop and deploy innovative technology in support of intelligence collection and analysis.
O’Sullivan currently serves on the boards of directors of The Aerospace Corporation, Battelle Memorial Institute, HRL Laboratories (formerly Hughes Research Laboratories) and the CIA Officers Memorial Foundation. She has served on advisory boards at Google, Adobe and Oak Ridge National Laboratory, and continues to serve on advisory boards at Noblis, Peraton and Booz Allen Hamilton. She has been an adjunct faculty member at Georgetown University’s Center for Security and Emerging Technology and continues to support study activities for the Department of Defense and the CIA.
O’Sullivan received a bachelor of science in civil engineering from Missouri Science and Technology University. She was also elected in 2019 as a member of the National Academy of Engineering.
Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry. For more than a century, HII’s Newport News and Ingalls shipbuilding divisions in Virginia and Mississippi have built more ships in more ship classes than any other U.S. naval shipbuilder. HII’s Technical Solutions division supports national security missions around the globe with unmanned systems, defense and federal solutions, and nuclear and environmental services. Headquartered in Newport News, Virginia, HII employs more than 42,000 people operating both domestically and internationally. For more information, visit:
Statements in this release, other than statements of historical fact, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Factors that may cause such differences include: changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to estimate our future contract costs and perform our contracts effectively; changes in procurement processes and government regulations and our ability to comply with such requirements; our ability to deliver our products and services at an affordable life cycle cost and compete within our markets; natural and environmental disasters and political instability; our ability to execute our strategic plan, including with respect to share repurchases, dividends, capital expenditures and strategic acquisitions; adverse economic conditions in the United States and globally; health epidemics, pandemics and similar outbreaks, including the COVID-19 pandemic; changes in key estimates and assumptions regarding our pension and retiree health care costs; security threats, including cyber security threats, and related disruptions; and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligation to update any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make. This release also contains non-GAAP financial measures and includes a GAAP reconciliation of these financial measures. Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures.
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