In The Spotlight
HOUSTON--(BUSINESS WIRE)--ENGIE North America Inc. today announced it has signed construction and tax equity financing as well as a power hedge for the Live Oak Wind Project, located in Schleicher County, near San Angelo, in west Texas. With a total capacity of 200 MW, Live Oak is part of the Infinity Renewables portfolio recently acquired by ENGIE North America. Live Oak is scheduled to be online by the end of 2018.
ENGIE North America secured $147 million in construction financing and $155 million in tax equity financing for the project through Bank of America Merrill Lynch (BofAML), with Rabobank providing a letter of credit. BofAML Global Commodities provided the power hedge.
In addition, ENGIE North America’s affiliate, ENGIE Energy Marketing NA, Inc. developed an offtake agreement with BofAML Global Commodities for 50% of the hedged power to serve commercial and industrial customers.
“We’re pleased to enhance the Live Oak project’s value with a competitive financing package and long-term offtake agreement,” said Matt Riley, Senior Vice President and Head of U.S. Wind Development at ENGIE North America. “We look forward to replicating both elements in our future projects as we grow our large-scale renewable portfolio here in the United States.”
About ENGIE North America Inc.
ENGIE North America manages a range of energy businesses in the United States and Canada, including clean power generation, cogeneration, and energy storage; retail energy sales; and comprehensive services to help customers run their facilities more efficiently and optimize energy and other resource use and expense. Nearly 100 percent of the company’s power generation portfolio is low carbon or renewable. Globally, ENGIE is the largest independent power producer and energy efficiency services provider in the world, with operations in 70 countries employing 150,000 people, including 1,000 researchers in 11 R&D centers. For more information, please visit www.engie-na.com, @ENGIENorthAm, and www.engie.com.
WESTLAKE, Ohio--(BUSINESS WIRE)--TravelCenters of America LLC (TravelCenters), operator of the TA and Petro Stopping Centers travel center brands, will launch its annual campaign on August 15, in support of the St. Christopher Truckers Development and Relief Fund (SCF), a non-profit organization that helps truck drivers suffering financial hardship due to being out of work for an illness or injury. The month-long campaign will run at participating TA and Petro locations through September 30th.
During the event, guests and employees at TA and Petro Stopping Centers will be invited to make contributions. New this year, commemorative 3”x 3” window clings will be made available for $1 along with the annual wristbands and SCF keychains for $1 and $5 respectively. Contributions may be made at participating TA and Petro restaurants, travel stores, fuel buildings and truck service facilities. One hundred percent of proceeds go directly to SCF.
“With driver health and wellness becoming a higher priority within the truck driving industry, we understand how important it is for drivers to have access to appropriate medical and financial support that will help get them safely back on the road,” said Barry Richards, President and COO of TravelCenters. “We are honored to continue our support with SCF this year and look forward to another successful Band Together campaign.”
TravelCenters has been supporting drivers through the SCF since 2010. The TA and Petro annual campaign marks the largest single contribution the Fund receives each year. As of July 2018, the SCF has helped more than 2,300 truck drivers and their families with monthly bills, including utilities and mortgages totaling up to $2.3 million.
“It’s hard to believe that Band Together is in its ninth year! The St. Christopher Fund has truly been blessed with the support of TA and Petro. This campaign not only supplies us with needed funding, but it also raises awareness of the organization. There have been a countless number of drivers helped directly as a result of Band Together. Once again, we thank all of TravelCenters employees and customers for their part in ‘Saving Lives and Families, One Driver at a Time’,” said Dr. Donna Kennedy, Executive Director of SCF.
Professional drivers who are suffering from financial hardships due to medical problems can apply to the SCF for assistance at www.truckersfund.org.
About TravelCenters of America LLC
TravelCenters of America LLC (TravelCenters), headquartered in Westlake, Ohio, offers diesel and gasoline fueling, restaurants, truck repair facilities, convenience stores and other services in 43 states and in Canada, principally under the TA® and Petro Stopping Centers® travel center brands and the Minit Mart® convenience store brand. For more information on TravelCenters, TA, and Petro Stopping Centers, please visit www.ta-petro.com. For more information on Minit Mart, please visit www.minitmart.com.
About St. Christopher Truckers Development and Relief Fund
The St. Christopher Truckers Development and Relief Fund (SCF) is a 501(c)(3), nonprofit organization that provides assistance to professional truck drivers whose medical problems have led to financial hardship. Assistance may be in the form of direct payment for mortgage/rent, utilities, vehicle payments, insurance, prescriptions and/or some medical procedures. For more information, please visit www.truckersfund.org or call (865) 202-9428.
LOMA LINDA, Calif.--(BUSINESS WIRE)--KB Home (NYSE: KBH) today announced the grand opening of Citrus Glen, the builder’s latest enclave of beautiful new homes in Loma Linda. Citrus Glen’s proximity to Interstates 10, 215, and 210 allows for easy commuting to downtown Riverside and throughout San Bernardino and Los Angeles Counties. The community is also just minutes away from Loma Linda Medical Center and Loma Linda University.
Nestled among citrus groves and featuring mountain views, KB Home’s Citrus Glen is convenient to a variety of retail, dining and entertainment destinations, including Citrus Plaza and Mountain Grove shopping centers. Nearby Splash Kingdom Waterpark features pools, waterslides, a trampoline park and a sports lounge right next to the San Bernardino County Museum, which offers history lovers the opportunity to explore cultural and scientific exhibits and collections. Less than two miles from Citrus Glen, Brookside Park has walking trails, sports fields, BBQ pits, playgrounds, and outdoor fun for the whole family. School-age children living in Citrus Glen may attend school in the desirable Redlands Unified School District.
KB Home will host a grand opening celebration at Citrus Glen on Saturday, August 18, and Sunday, August 19, from 10:00 a.m. to 6:00 p.m., during which attendees may tour the two elegantly-appointed model homes.
KB Home will be constructing a total of 95 homes available in seven distinct floor plans, including four one-story floor plans for homebuyers that prefer single-story living. Ranging in size from 1,700 to 2,700 square feet with up to four bedrooms and three baths, the KB homes at Citrus Glen feature desirable characteristics such as elegant master suites, open kitchens, an upstairs bonus room and ample storage. Pricing begins in the $540,000s.
“This charming enclave of KB homes in Loma Linda is convenient to major transportation corridors, myriad urban amenities, and the world-renowned Loma Linda Medical Center,” said John Fenn, president of KB Home’s Inland Empire Division. “Homebuyers seeking a unique new home with a flexible floor plan should visit Citrus Glen.”
The KB homes at Citrus Glen will be built to current ENERGY STAR® guidelines and include WaterSense® labeled faucets and fixtures, meaning they are designed to be more energy- and water-efficient than most typical new and resale homes available in the area. These energy- and water-saving features are estimated to save homebuyers between $1,524 to $1,980 a year in utility costs, depending on the floor plan.
As part of KB Home’s distinct homebuilding process, buyers may personalize many aspects of their new home to suit their budget and preferences. After selecting their lot and floor plan, KB homebuyers may work with expert design consultants who guide them through every aspect of the process at the KB Home Design Studio, a retail-like showroom where they may select from a plethora of design and décor choices, including countertops, cabinets, lighting, appliances and window coverings.
The Citrus Glen sales office is located at 26631 Meyer Street in Loma Linda. From I-10, exit onto California Street heading south. Turn left on Redlands Boulevard, then right onto New Jersey Street before making a right on Citrus Avenue. Follow the signs to the sales center. The sales office is open Mondays from 1:00 p.m. to 6:00 p.m., and Tuesdays through Sundays from 10:00 a.m. to 6:00 p.m. For more information about Citrus Glen, or KB Home’s other new home neighborhoods, visit www.kbhome.com or call 888-KB-HOMES.
About KB Home
KB Home (NYSE: KBH) is one of the largest homebuilders in the United States, with more than 600,000 homes delivered since our founding in 1957. We operate in 35 markets in seven states, primarily serving first-time and first move-up homebuyers, as well as active adults. We are differentiated in offering customers the ability to personalize what they value most in their home, from choosing their lot, floor plan, and exterior, to selecting design and décor choices in our KB Home Studios. In addition, our industry leadership in sustainability helps to lower the cost of homeownership for our buyers compared to a typical resale home. We take a broad approach to sustainability, encompassing energy efficiency, water conservation, healthier indoor environments, smart home capabilities and waste reduction. KB Home is the first national builder to have earned awards under all of the U.S. EPA’s homebuilder programs — ENERGY STAR®, WaterSense® and Indoor airPLUS®. We invite you to learn more about KB Home by visiting www.kbhome.com, calling 888-KB-HOMES, or connecting with us on Facebook.com/KBHome or Twitter.com/KBHome.
CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)--CVD Equipment Corporation (NASDAQ: CVV), a leading provider of chemical vapor deposition systems, today announced its second quarter 2018 financial results.
“The second quarter was a transitional one for CVD as we wind down the large aviation component projects and invested in our new CVD Materials facility - moving forward on our plan for added future growth in this sector,” said Len Rosenbaum, President and Chief Executive Officer. “The new CVD Materials facility expands our local footprint and expertise to seamlessly integrate customer needs and specifications into our products and solutions. In tandem we increased our investment in R&D across our portfolio to bring more value to our customers in high potential markets. As a result of this increased R&D investment, we recently filed three (3) provisional patent applications for our Tantaline® corrosion resistant coatings and treatment to specialty metals for demanding applications. Additionally, we are preparing to file a provisional patent on carbon composites that has applications in areas such as aerospace, medical, MEMs and filtration. These investments will help position us to meet future demand and profitability over the longer-term in new and growing markets.”
Revenue for the second quarter was $6.4 million, compared to $9.2 million in the prior quarter and $10.8 million from the same period last year. Net loss for the second quarter was $1.3 million compared to income of $0.6 million in the prior quarter and income of $1.3 million a year ago. This loss is primarily a result of the ongoing costs related to the CVD Materials business, costs associated with maintaining a production staff in anticipation of receiving additional equipment orders (which to date have not materialized) and existing contract adjustments. Net loss per share was $0.21 compared to income of $0.09 in the first quarter of 2018 and income of $0.20 a year ago. Backlog as of June 30, 2018 was $6.4 million compared to $9.8 million on March 31, 2018. In light of our results for this quarter Management and the Board will continue to evaluate the Company's business strategy, including cost structure, needed capital and capital infrastructure investments.
CVD’s significant investment in the Materials facility will transform the Company over the long term: 1) CVD holds the proprietary knowledge and has the capability to build the production systems required to meet demand and 2) CVD possesses the intimate knowledge necessary to operate the systems in a cost-effective manner, providing a significant operational and financial competitive advantage to take the Company to the next level. Execution of this growth strategy should provide an additional, diverse and stable revenue stream that should significantly improve growth and profitability over the long-term.
The Company will hold a conference call to discuss its results today at 4:30 pm (Eastern Time). To participate in the live conference call, please dial toll free (877) 407-0784 or International (201) 689-8560. A telephone replay will be available for 7 days following the call. To access the replay, dial (844) 512-2921 or (412) 317-6671. The replay passcode is 13682176. A live and archived webcast of the call is also available on the Company’s website at: https://www.cvdequipment.com/event/second-quarter-2018-earnings-conference-call/.
About CVD Equipment Corporation
CVD Equipment Corporation (NASDAQ: CVV) designs, develops, and manufactures a broad range of chemical vapor deposition, gas control, and other state-of-the-art equipment and process solutions used to develop and manufacture materials and coatings for research and industrial applications. This equipment is used by its customers to research, design, and manufacture these materials or coatings for aerospace engine components, medical implants, semiconductors, solar cells, smart glass, carbon nanotubes, nanowires, LEDs, MEMS, and other applications. Through its application laboratory, the Company provides process development support and process startup assistance with the focus on enabling tomorrow’s technologies™. It’s wholly owned subsidiary CVD Materials Corporation provides advanced materials and metal surface treatments and coatings to serve demanding applications in the electronic, biomedical, petroleum, pharmaceutical, and many other industrial markets.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by CVD Equipment Corporation) contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as “forward-looking statements, “as such term is defined in Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking information involves a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated by management. Potential risks and uncertainties include, among other factors, conditions, success of CVD Equipment Corporation’s growth and sales strategies, the possibility of customer changes in delivery schedules, cancellation of orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers and failure to satisfy customer acceptance requirements.
CVD Equipment Corporation and Subsidiaries
|Condensed Consolidated Statements of Operations|
(In thousands except per share information)
|Three Months Ended June 30||Six months Ended June 30|
|Net (loss)/income per Diluted earnings per share||($0.21||)||$||0.20||($0.12||)||$||0.36|
|CVD Equipment Corporation and Subsidiaries|
|Condensed Consolidated Balance Sheets|
|June 30, 2018||December 31, 2017|
|Cash and cash equivalents||
|Accounts Receivable, net||2,722||2,059|
|Other current assets||247||167|
|Total current assets||26,327||27,800|
|Property, plant and equipment, net||29,722||28,839|
|Liabilities and stockholders' equity|
|Accrued expenses and other current liabilities||2,106||2,738|
|Current portion of long-term debt||654||647|
|Current portion acquisition related contingent|
|Total current liabilities||5,474||5,418|
|Total stockholders' equity||40,306||40,654|
|Total liabilities and stockholders' equity||$||58,356||$||58,978|
Earnings release should be read in conjunction with Company’s Annual Report on Form 10-K for fiscal year ended December 31, 2017
COLUMBIA, Md.--(BUSINESS WIRE)--GSE Systems, Inc. (GSE or the Company) (Nasdaq: GVP), a leading provider of professional and technical engineering, staffing services and simulation software to clients in the power and process industries, today announced financial results for the second quarter (Q2) ended June 30, 2018.
Q2 2018 vs. Q2 2017 OVERVIEW
- Revenue increased 44% to $24.7 million from $17.1 million.
- Gross profit rose 26% to $6.3 million from $5.0 million.
- Net income increased 19% to $1.0 million, or $0.05 per diluted share, compared to $0.8 million, or $0.04 per diluted share.
- Adjusted net income1 grew 86% to $2.5 million, or $0.13 per diluted share, from $1.4 million, or $0.07 per diluted share.
- Adjusted EBITDA1 rose 34% to $2.4 million from $1.8 million.
- New orders increased 98% to $16.0 million from $8.1 million.
At June 30, 2018
- Cash and cash equivalents of $10.5 million, including $0.5 million of restricted cash.
- Total debt of $9.5 million.
- Working capital of $11.4 million and current ratio of 1.6x.
- Backlog of $68.1 million.
1 Refer to the non-GAAP reconciliation tables at the end of this press release for a definition of “adjusted EBITDA” and “adjusted net income”.
Kyle J. Loudermilk, GSE’s President and Chief Executive Officer, said, “On a year-over-year basis, GSE’s second quarter 2018 revenue increased 44% to $24.7 million, adjusted EBITDA grew 34% to $2.4 million and adjusted net income rose 86% to $2.5 million, all of which are the highest quarterly levels in the Company’s history. Our acquisitions of Absolute Consulting and True North Consulting helped drive this quarter’s strong performance, demonstrating the significant potential of our strategy to scale GSE and create value through rolling up a fractured vendor ecosystem in the nuclear power industry. With approximately $25 million of available liquidity, consisting of $10 million of cash and $15 million under our delayed draw term loan, we are ready to evaluate and pursue a robust pipeline of additional potential value-creating strategic acquisitions.”
Q2 2018 RESULTS
Q2 2018 revenue increased $7.6 million to $24.7 million, from $17.1 million in Q2 2017, primarily driven by the acquisition of Absolute Consulting, LLC ("Absolute") in September 2017, and to a lesser extent by the acquisition of True North Consulting (“True North”) on May 11, 2018.
|Three months ended||Six months ended|
|June 30,||June 30,|
Performance Improvement Solutions ("Performance") revenue totaled $10.9 million and $11.7 million for Q2 2018 and Q2 2017, respectively. The Company recorded total Performance orders of $8.6 million and $4.2 million for Q2 2018 and Q2 2017, respectively. The decrease in revenue was primarily due to the following: a decline of $1.8 million in revenue due to timing differences, as some of the 2017 major projects were completed in late 2017 or early 2018; the fact that some major projects from new orders will start in the second half of 2018; and a decline of $0.3 million from foreign subsidiaries as a result of the winding down of the international subsidiaries. The decrease was partially offset by the acquisition of True North, which contributed $1.3 million of revenue to the segment since the acquisition.
Nuclear Industry Training and Consulting ("NITC") revenue increased 154% to $13.8 million for Q2 2018 from $5.4 million for Q2 2017. NITC orders totaled $7.4 million and $3.9 million for Q2 2018 and Q2 2017, respectively. The increase in revenue was largely due to the acquisition of Absolute which contributed $7.5 million of revenues to the current year, and an increase of $0.9 million from Hyperspring due to overall increased staff augmentation needs from industry.
Q2 2018 gross profit increased to $6.3 million, or 26% of revenue, from $5.0 million, or 29% of revenue, in Q2 2017.
|(in thousands)||Three months ended June 30,||Six months ended June 30,|
Performance gross profit for Q2 2018 was $4.4 million, or 40.8% gross margin, compared to $4.4 million, or 37.6% gross margin, in Q2 2017. The year-over-year increase in gross margin for Performance was primarily driven by cost savings realized in Q2 2018 for a major project, which resulted in a revenue recognition of $0.7 million related to performance obligations satisfied in previous periods.
NITC gross profit for Q2 2018 was $1.9 million, or 13.8% gross margin, compared to approximately $0.6 million, or 11.5% gross margin, in Q2 2017. The lower gross profit percentage in Q2 2017 was primarily due to lower margin projects from a major customer in 2017.
Selling, general and administrative ("SG&A") expenses in Q2 2018 totaled $4.8 million, or 19.4% of revenue, compared to $3.8 million, or 22.0% of revenue, in Q2 2017. The year-over-year increase in SG&A expenses was primarily driven by the acquisition of Absolute, which contributed $0.4 million to Q2 2018 SG&A expenses, as well as transaction costs of $0.5 million related to the True North acquisition and higher labor costs of $0.1 million due to higher headcount.
On December 27, 2017, the Board of GSE Systems, Inc. approved an international restructuring plan to streamline and optimize the Company's global operations. As previously announced, the Company expected restructuring charges to total $2.0 million, excluding any tax impacts and cumulative translation adjustments. The Company recorded restructuring charges of $0.2 million in Q2 2018, primarily consisting of lease termination costs, employee severance costs and other charges. As of June 30, 2018, the Company had recorded accumulated restructuring charges of $1.8 million, and expects to record the remaining restructuring charges of approximately $0.2 million by the end of 2018. These restructuring charges exclude cumulative translation adjustment losses of approximately $1.6 million, assuming currency rates at June 30, 2018, which will be recorded as a charge against net income upon liquidation of the respective foreign subsidiaries. The Company also expects to recognize tax benefits related to the liquidation of these subsidiaries that may offset the majority of the currency translation adjustment losses.
Depreciation expenses totaled $0.2 million in Q2 2018, compared to $0.1 million in Q2 2017. The year over year increase was primarily due to the acquisition of Absolute and the depreciation of additional leasehold improvements as the Company relocated most of its corporate functions to a new location in Columbia, Maryland in March 2018.
Amortization of definite-lived intangible assets increased to $0.3 million in Q2 2018, compared to $34,000 in Q2 2017. The increase in amortization of definite-lived intangible assets in 2018 was primarily due to acquisitions of Absolute and True North. In Q2 2018, Absolute and True North's amortization expenses totaled $0.2 million and $0.1 million, respectively.
Operating income was approximately $0.7 million and $0.8 in Q2 2018 and Q2 2017, respectively. The change was primarily driven by the items discussed above.
Net income for Q2 2018 totaled approximately $1.0 million, or $0.05 per basic and diluted share, compared to $0.8 million, or $0.04 per basic and diluted share, in Q2 2017. The change was primarily driven by the changes in operating income, (loss) gain on derivative instruments, net, and (benefit) provision for income taxes.
Adjusted net income1, which excludes from net income the impact of gain/loss from the change in fair value of contingent consideration, restructuring charges, stock-based compensation expense, impact of the change in fair value of derivative instruments, acquisition expenses, amortization of intangible assets related to acquisitions, and bankruptcy related expense, was approximately $2.5 million, or $0.13 per diluted share, compared to approximately $1.4 million, or $0.07 per diluted share, in Q2 2017.
Earnings before interest, taxes, depreciation and amortization ("EBITDA") for Q2 2018 was $1.2 million compared to $1.3 million in Q2 2017.
Adjusted EBITDA1, which excludes from EBITDA the impact of gain/loss from the change in fair value of contingent consideration, restructuring charges, stock-based compensation expense, impact of the change in fair value of derivative instruments, acquisition expenses, and bankruptcy related expense, totaled approximately $2.4 million and $1.8 million for Q2 2018 and Q2 2017, respectively.
BACKLOG AND CASH POSITION
Backlog at June 30, 2018 was $68.1 million, compared to $71.4 million at December 31, 2017. Backlog at June 30, 2018, included $43.6 million of Performance backlog, $4.6 million of which was attributable to True North, and $24.5 million of NITC backlog.
GSE’s cash position at June 30, 2018, was $10.5 million, including $0.5 million of restricted cash, as compared to $20.1 million, including $1.0 million of restricted cash, at December 31, 2017. The change in cash position was primarily driven by the timing difference of cash collection and payments in different periods.
Management will host a conference call today at 4:30 pm Eastern Time to discuss Q2 2018 results as well as other matters.
Interested parties may participate in the call by dialing:
- (877) 407-9753 (Domestic)
- (201) 493-6739 (International)
The conference call will also be accessible via the following link:
For those who cannot listen to the live broadcast, an online webcast replay will be available at www.gses.com or through November 14, 2018 at the following link: http://www.investorcalendar.com/event/34215
ABOUT GSE SYSTEMS, INC.
GSE Systems, Inc. is a leading provider of professional and technical engineering, staffing services, and simulation software to clients in the power and process industries. GSE’s products and services are tailored to help customers achieve performance excellence in design, training, compliance, and operations. The Company has over four decades of experience, more than 1,100 installations, and hundreds of customers in over 50 countries spanning the globe. GSE Systems is headquartered in Sykesville (Baltimore), Maryland, with offices in Columbia, Maryland; Navarre, Florida; Montrose, Colorado; and Beijing, China. Information about GSE Systems is available at www.gses.com.
FORWARD LOOKING STATEMENTS
We make statements in this press release that are considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. These statements reflect our current expectations concerning future events and results. We use words such as “expect,” “intend,” “believe,” “may,” “will,” “should,” “could,” “anticipates,” and similar expressions to identify forward-looking statements, but their absence does not mean a statement is not forward-looking. These statements are not guarantees of our future performance and are subject to risks, uncertainties, and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties, and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. We do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
GSE SYSTEMS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
|Three months ended||Six months ended|
|June 30,||June 30,|
|Cost of revenue||18,358||12,108||36,355||24,328|
|Selling, general and administrative||4,793||3,774||9,320||7,366|
|Research and development||189||348||518||750|
|Amortization of definite-lived intangible assets||312||34||462||98|
|Total operating expenses||5,660||4,255||11,686||8,434|
|Operating income (loss)||680||762||(448)||705|
|Interest (expense) income, net||(61)||18||(39)||45|
|(Loss) gain on derivative instruments, net||(91)||315||(247)||155|
|Other income (expense), net||4||(34)||29||(37)|
|Income (loss) before income taxes||532||1,061||(705)||868|
(Benefit) provision for income taxes
|Net income (loss)||$||981||$||827||$||(515)||$||561|
|Basic earnings (loss) per common share||$||0.05||$||0.04||$||(0.03)||$||0.03|
|Diluted earnings (loss) per common share||$||0.05||$||0.04||$||(0.03)||$||0.03|
|Weighted average shares outstanding - Basic||19,651,441||19,196,133||19,580,046||19,154,297|
|Weighted average shares outstanding - Diluted||20,029,123||19,561,245||19,580,046||19,471,794|
GSE SYSTEMS, INC AND SUBSIDIARIES
Selected Balance Sheet Data (in thousands)
June 30, 2018
|December 31, 2017|
|Cash and cash equivalents||$||9,959||$||19,111|
|Restricted cash - current||523||960|
EBITDA and Adjusted EBITDA Reconciliation (in thousands)
EBITDA and Adjusted EBITDA are not measures of financial performance under generally accepted accounting principles (GAAP). Management believes EBITDA and Adjusted EBITDA, in addition to operating profit, net income and other GAAP measures, are useful to investors to evaluate the Company’s results because each measure excludes certain items that are not directly related to the Company’s core operating performance that may, or could, have a disproportionate positive or negative impact on our results for any particular period. Investors should recognize that EBITDA and Adjusted EBITDA might not be comparable to similarly-titled measures of other companies. Our management uses EBITDA and Adjusted EBITDA and other non-GAAP measures to evaluate the performance of our business and make certain operating decisions (e.g., budgeting, planning, employee compensation and resource allocation). This measure should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP. A reconciliation of non-GAAP EBITDA and Adjusted EBITDA to the most directly comparable GAAP measure in accordance with SEC Regulation G is as follows:
|Three months ended||Six months ended|
|June 30,||June 30,|
Net income (loss)
|Interest (expense) income, net||61||(18)||39||(45)|
(Benefit) provision for income taxes
|Depreciation and amortization||573||250||944||507|
|Change in fair value of contingent consideration||-||43||-||297|
|Stock-based compensation expense||401||650||1,028||1,246|
|Impact of the change in fair value of derivative instruments||91||(315)||247||(155)|
|Bankruptcy related expense||65||122||65||122|
Adjusted Net Income and Adjusted EPS Reconciliation (in thousands, except per share amounts)
Adjusted Net Income and adjusted earnings per share (adjusted EPS) are not measures of financial performance under GAAP. Management believes adjusted net income and adjusted EPS, in addition to other GAAP measures, provide meaningful supplemental information regarding our operational performance. Our management uses Adjusted Net Income and other non-GAAP measures to evaluate the performance of our business and make certain operating decisions (e.g., budgeting, planning, employee compensation and resource allocation). This information facilitates management's internal comparisons to our historical operating results as well as to the operating results of our competitors. Since management finds this measure to be useful, we believe that our investors can benefit by evaluating both non-GAAP and GAAP results. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP. A reconciliation of non-GAAP adjusted net income and adjusted EPS to GAAP net income, the most directly comparable GAAP financial measure, in accordance with SEC Regulation G is as follows:
|Three months ended||Six months ended|
|June 30,||June 30,|
Net income (loss)
|Change in fair value of contingent consideration||-||43||-||297|
|Stock-based compensation expense||401||650||1,028||1,246|
|Impact of the change in fair value of derivative instruments||91||(315)||247||(155)|
|Amortization of intangible assets related to acquisitions||312||34||462||98|
|Bankruptcy related expense||65||122||65||122|
|Adjusted net income||$||2,531||$||1,361||$||2,885||$||2,214|
|Diluted income (loss) per common share||$||0.05||$||0.04||$||(0.03)||$||0.03|
|Adjusted earnings per common share - Diluted||$||0.13||$||0.07||$||0.14||$||0.11|
|Weighted average shares outstanding - Diluted(1)||20,029,123||19,561,245||19,920,034||19,471,794|
|(1)||During the six months ended June 30, 2018, the Company reported a GAAP net loss and positive adjusted net income. Accordingly, there were 339,988 dilutive shares from options and RSUs included in the adjusted earnings per common share calculation for the six months ended June 30, 2018, that were considered anti-dilutive in determining the GAAP diluted loss per common share.|
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Ubiquitous Energy, the leader in transparent solar technology, is pleased to announce that it has been selected to receive a grant of $3 million from the California Energy Commission through the Bringing Rapid Innovation Development to Green Energy (BRIDGE) program to accelerate the commercialization of advanced energy efficient windows. As part of the grant program, the company will partner with the world-renowned building energy efficiency group at Lawrence Berkeley National Laboratory.
Ubiquitous Energy’s transparent solar coating, ClearView Power™, selectively absorbs and converts non-visible light (ultraviolet and infrared) to electricity while transmitting visible light. ClearView Power™ doubles as a solar control coating in addition to its electricity generation by blocking infrared light that is commonly known as solar heat. The transparent solar coating can be applied to vertical surfaces of buildings, turning traditional windows into highly energy efficient and electricity generating windows that are aesthetically pleasing and acceptable to architects, designers, and occupants.
ClearView Power™ applied to all California windows could provide annual energy savings and generation of up to 20 terawatt hours, offsetting nearly 10% of the state’s electricity consumption. “It is a strong testament to our team and technology that our project to increase energy efficiency of windows was selected by the California Energy Commission in such a competitive funding opportunity,” said Ubiquitous Energy CEO, Miles Barr.
Applied directly to glass using standard glass coating equipment, ClearView Power™ is a highly transparent, color neutral coating. This award from the California Energy Commission will enable Ubiquitous Energy to accelerate the development and scale its ClearView Power technology. This novel and patent protected technology will provide a truly transparent energy harvesting solution to the Building Integrated Photovoltaic (BIPV) market enabling zero net energy buildings and beyond.
About Ubiquitous Energy
Ubiquitous Energy is the world leader in transparent photovoltaics. Its award-winning ClearView Power™ technology is the only truly transparent solar product. ClearView Power™ harvests solar energy and serves as an invisible, onboard source of electricity for a variety of end products. The thin coating can be applied to the surface of building or automotive windows to provide electricity generation and energy efficiency or to the displays of mobile electronic devices to provide infinite battery life. Spun out of MIT, Ubiquitous Energy is now producing its highly transparent, efficient solar cells in its pilot production facility in Silicon Valley. For more information, visit www.ubiquitous.energy.
Schenectady, NY (August 14, 2018)—Today TerraForm Power, Inc. (“TerraForm”) announced that GE Renewable Energy has been selected to provide a range of services for its North American wind fleet, one of the region’s largest with more than 900 turbines. The agreement leverages GE’s service and digital capabilities to improve and optimize turbine performance while enabling the ability to deliver unique customer-focused financial outcomes and metrics.
As part of the agreement, GE Renewable Energy will take on the remote management of TerraForm’s windfarms, centralizing the monitoring and analysis of the entire fleet across multiple OEM and turbine types while providing NERC/FERC compliance services including Critical Infrastructure Program (CIP) Version 5 requirements.
Vikas Anand, GE Renewable Energy’s Onshore Wind America’s leader, said “This agreement with TerraForm is a great example of how we can combine GE’s unmatched onshore equipment and services experiences to create the right solutions for our customers. By working closely with TerraForm, we are creating an entirely new level of value for their fleet.”
GE Renewable Energy’s digital solution harnesses terabytes of data and orchestrates proprietary analytics to diagnose and predict turbine underperformance on a fully integrated software platform designed specifically for the wind industry. If any part of the fleet is underperforming, or an anomaly is detected, GE automatically alerts and dispatches technicians to remedy the issue.
“GE Renewable Energy now manages more than 70 GW of renewable energy globally,” said Anne McEntee, CEO for GE Renewable Energy Digital Solutions. “Our customers’ operational strategy is what drives our digital products and lifecycle solutions. We focus on what matters most to them—outcomes that increase revenue, reduce costs and lower risk. Only GE can do this by applying data-driven insights, expert recommendations, and advanced field services, thoroughly integrated in a single software platform.”
In addition, the agreement also covers a number of additional services including:
Securing NERC regulatory certification as part of remote management and system control
Blade repairs and extended coverage
Parts and equipment to cover non-GE assets and update existing site inventory and ordering mechanisms
Documentation and training for on-site personnel
About GE Renewable Energy
GE Renewable Energy is a $10 billion start-up that brings together one of the broadest product and service portfolios of the renewable energy industry. Combining onshore and offshore wind, hydro and innovative technologies such as concentrated solar power and more recently turbine blades, GE Renewable Energy has installed more than 400+ gigawatts capacity globally to make the world work better and cleaner. With more than 22,000 employees present in more than 55 countries, GE Renewable Energy is backed by the resources of the world's first digital industrial company. Our goal is to demonstrate to the rest of the world that nobody should ever have to choose between affordable, reliable, and sustainable energy. Follow us at www.ge.com/renewableenergy or on twitter @GErenewables
SAN DIEGO and ATLANTIC CITY, N.J. (August 6, 2018) – EDF Renewables North America and Fishermen’s Energy, today announced the submission of a joint petition for approval of the Nautilus Offshore Wind project, located in state waters off the coast of Atlantic City. The project represents a crucial opportunity for New Jersey to gain the immediate benefit of local investment, jobs, infrastructure, and offshore experience ahead of many other states looking to capitalize on this new economy. EDF Renewables and Fishermen’s Energy will contribute to the New Jersey offshore industry and deploy capital investment to bring a first project online by 2020.
The project is expected to generate skilled offshore wind construction and operations jobs, positioning the local workforce to build gigawatts of wind projects off New Jersey’s coast and up-and-down the Atlantic coast. These workers will be the first wave of the nearly 40,000 jobs1 that are expected to be created in the US, building the 8 GW of offshore wind that’s currently in the project pipeline.
EDF Renewables will leverage its global procurement capabilities, having supply agreements in place for more than 9 GW of onshore wind in North America throughout the past decade, precise skill, and long-term relationships with suppliers to source cost of energy leading technologies.
The application shows substantial net benefits to the state at a low cost for New Jersey electric consumers. Additionally, the companies anticipate the project will further serve to improve environmental management by providing a laboratory for testing of new avian monitoring and marine mammal sensing technologies.
New Jersey will realize considerable benefits by moving forward with a small-scale project first, similar to the benefits that New England reaped from moving forward with the Block Island project years ago. Most importantly, the project will bring valuable lessons learned that will bring down the cost of future projects and position New Jersey to capture more economic value as the state continues to develop its most abundant natural energy resource.
1 BVG Associates, LTD. (2017). U.S. Job Creation in Offshore Wind A Report for the Roadmap Project for Multi-State Cooperation on Offshore Wind(Report No. 17-22). Retrieved from Northeast Wind Center website: www.northeastwindcenter.org/wp-content/uploads/US-job-creation-in-offshore-wind.pdf
SAN DIEGO (August 1, 2018) – EDF Renewables North America announced today the signing of two Purchase and Sale Agreements (PSA) by which PGGM Infrastructure Fund will acquire a 50 percent ownership interest in the following projects: Glacier’s Edge Wind and Valentine Solar. Combined capacity of the projects is 332 megawatts (MW). Completion of the transaction is subject to regulatory approval and customary conditions precedent.
This transaction follows on an earlier agreement between the two companies concerning three projects for 588 MW. Total capacity of the portfolio (five projects in total) is 920 MW. EDF Renewables will remain a 50 percent co-owner and provide management as well as operations and maintenance services.
The agreement with EDF Renewables is part of PGGM’s fast-growing portfolio of investments in climate solutions for PFZW, the pension fund for Dutch healthcare workers. At this stage PGGM has realized €7 bn. of these investments both in private and public markets. These investments generate market rate financial returns and have measurable positive impact on the world’s carbon footprint.
Nate McMurry, director, divestiture and portfolio strategy for EDF Renewables commented, “PGGM is an ideal partner for this large portfolio of EDF Renewables developed projects. Their focus on long-term investments and interest in a diverse portfolio of wind and solar projects is well aligned with our strategy in North America. This equity partnership with PGGM will help to facilitate EDF Renewables growth.”
Erik van de Brake, head of infrastructure at PGGM commented, “EDF Renewables has a long track record of successful investments in the American sustainable energy market. The PGGM Infrastructure Fund is looking forward to building a strong long-term partnership with EDF Renewables.’’
EDF Renewables is one of the largest renewable energy developers in North America with 10 gigawatts of wind, solar, storage, biomass and biogas projects developed throughout the U.S., Canada, and Mexico.
The national committee on transmission is expected to take a call on Friday on the proposed Rs 393-crore schemes to improve electricity evacuation infrastructure in Gujarat and Tamil Nadu.
SAN DIEGO and DES MOINES, Iowa (July 24, 2018) – EDF Renewables North America today announced they have closed on an Asset Purchase Agreement (APA) whereby MidAmerican Energy Company has purchased the development assets associated with the Ivester Wind Project. The proposed 91-megawatt (MW) wind project encompasses nearly 7,000 acres of land in Grundy County, approximately 85 miles northeast of Des Moines, Iowa.
Kate O’Hair, vice president of development for EDF Renewables’ North Region stated, “We are pleased to once again work with MidAmerican Energy to assist them in meeting their renewable energy goals. This opportunity expands on our long-term business relationship having partnered on 771 MW of wind facilities in Iowa.”
The transaction contributes to MidAmerican Energy’s 2,000 MW Wind XI project, first announced in April 2016. By year-end 2020, the company expects annual renewable energy generation to reach a level that’s equivalent to more than 90% of annual retail customer usage.
O’Hair further added, “The development of renewable energy is a critically important task for the nation and for local rural communities. We applaud MidAmerican Energy for their vision and commitment to construct additional wind energy generation and allow economic and environmental benefits to preserve the rural Iowa lifestyle.”
Mytrah won to set up a 100 MW capacity in the state with a tariff of ₹2.86
Last week marked the second annual #AmericanWindWeek, and celebrations boomed both across the country and on social media. Wind farm and factory tours, groundbreakings, city and state proclamations, Wind Champion Awards, and more highlighted the ways U.S. wind power is creating new opportunities. The map below has a full accounting of just about everything that took place.
Here’s a look at some of #AmericanWindWeek’s best highlights.
Wind Champion awards
The Wind Champion Award, a highlight of American Wind Week, was presented to three members of the 115th Congress who have taken action in support of American wind energy.
I was proud to present @ChuckGrassley with a Wind Champion award in Iowa today, along with @alliantenergy. Sen. Grassley has played a huge role in wind's American success story, growing an industry that creates jobs in all 50 states. #Americanwindweek pic.twitter.com/G2irwU7vbk
— Tom Kiernan (@TomCKiernan) August 6, 2018
We were honored to host @repblumenauer at our Portland, Oregon, headquarters today. As we celebrate #AmericanWindWeek, thank you for your leadership as a wind champion. @AWEA pic.twitter.com/oA8ZXdNd7s
— Avangrid Renewables (@AvangridRen) August 7, 2018
Honored to receive @AWEA’s Wind Champion Award today at the @GeronimoEnergy Courtenay #windfarm during #AmericanWindWeek. I’m proud to have worked to successfully extend the wind energy tax credit in 2015 to support wind energy development & jobs across our state. pic.twitter.com/I2Q1JJu9MT
— Sen. Heidi Heitkamp (@SenatorHeitkamp) August 8, 2018
Companies saw this celebratory week as an opportunity to invest back in the communities that invested in them. Here are just a couple of examples. Enel presented a $60,000 check to the Allen-Waterbury Fire District, located near their Rattlesnake Creek Wind Project, to upgrade their emergency response vehicle fleet.
What do Allen-Waterbury Fire District and #EnelGreenPower share in common? Safety is a priority! We presented $60,000 for upgrading the department’s ambulance fleet, located near our 320 MW Rattlesnake Creek wind project in Dixon County, Nebraska. @EnelGroup #AmericanWindWeek pic.twitter.com/e8Q1rNPYd5
— Jeff Riles, Jr. (@jeffriles) August 11, 2018
Geronimo Energy hosted a community event to celebrate the 20-year commitment of annual $40,000 donations by presenting the first gifts to the Courtenay Community Fund. As a part of the event, they committed to funding a community center right in the heart of town.
@SenatorHeitkamp at yesterday's @GeronimoEnergy-hosted #AmericanWindWeek event: "Projects like this, commitments like this…never stop
believing that we can turn the tide." #Wind works for rural America! @AWEA @XcelEnergyND Full coverage here: https://t.co/W0Tr3aVg5Y pic.twitter.com/EcKXmjvbM3
— Geronimo Energy (@GeronimoEnergy) August 9, 2018
And of course, the conversation boomed on social media. Here are a few more of our favorite posts:
Happy #AmericanWindWeek! Our Wednesday festivities include a special guest… a 193.5' wind turbine blade for ATS' Legislator Open House!
Posted by Drive4ATS on Wednesday, August 8, 2018
.@ArmyOEI recognizes this week as #AmericanWindWeek!#DidYouKnow the @USArmy’s largest energy project to date is a combined #wind & #solar energy generation project at @FortHood, TX? The project has a capacity of approximately 65 MW. Providing progress toward #energy #resilience. pic.twitter.com/jRR6pQ4bFY
— Army OEI (@ArmyOEI) August 10, 2018
Today I had the privilege of spending the afternoon at the Cuyahoga County Fair for the American Wind Energy Education Day. @cuyfair @awea @ohiogop @OHRGOPCaucus @OhioHouseGOP #countyfair pic.twitter.com/itziqn7osZ
— Dave Greenspan (@DaveGreenspan) August 11, 2018
Thank you to everyone who helped #AmericanWindWeek grow exponentially this year! See you during #AmericanWindWeek 2019!
August 13, 2018
JOB POSTING #WIN166
POSITION: Performance Analyst – Wind & Solar energy
Longueuil, QC (canada)
Innergex Renewable Energy Inc. is a global player with an extensive and growing portfolio of assets in Canada, the United States, France, Chile and Iceland. The Company develops, owns, acquires and operates run-of-river hydroelectric facilities, wind farms, solar farms and geothermal plants exclusively producing renewable energy.
Sustainable development producing positive social, environmental and economic results guides our actions. We are not only proud of the work we do, but also of the way we do it. Our many accomplishments and continued successes are made possible by our outstanding team of employees.
Innergex, a publicly traded company, has offices in Longueuil, Vancouver, Lyon and San Diego.
The chosen candidate will be based at the company’s head office located in Longueuil, steps away from the Longueuil-Université de Sherbrooke metro station.
Role and Responsibilities
Reporting to the Senior Technical Director – Wind and Solar Energy, the Performance Analyst – Wind and Solar Energy will be responsible for monitoring the company’s operating wind and solar farms located in North America.
The main responsibilities are as follow:
- Analyze the performance of wind and solar projects in operation, monitor operations and availability, investigate underperformance and propose solutions;
- Contribute to the drafting of monthly operations reports;
- Support the operators and develop tools to facilitate their tasks;
- Participate to the due diligence process for the acquisition of assets – production and availability data analyzes;
- Support the project development teams (contract review, analyses, etc.);
- Manage consultants, sub-contractors and suppliers for projects in operation;
- Any other related task.
- Ability to summarize and strong writing skills;
- Ability to understand, discern and analyze the key issues of projects being evaluated in line with the given scope and timeline;
- Organized, proactive, meticulous and logical;
- Autonomous, with strong team spirit and collaboration skills;
- Available for occasional travel, mostly in North America.
- Training in Engineering or any other relevant field of studies;
- Minimum of 2 years of experience in a similar position, or a combination of training and relevant experience;
- Proficiency in French and English, written and spoken;
- Knowledge of programming language for data analysis, such as Matlab or R;
- Strong ability to work with numbers and in-depth knowledge of Excel;
- Knowledge of data visualization software such as Tableau is an asset;
- Knowledge of databases (SQL) is an asset;
- Knowledge of communication systems and SCADA is an asset.
Please note that only candidates selected for an interview will be contacted.
This is a guest post from Peter Lukens, Chair of the AWEA Environmental, Health, and Safety O&M Working Group. The working group develops operating guidelines, training modules, and support materials for the safe and healthful operations and maintenance of the wind industry. Peter is the Project Manager, Training, for Siemens Gamesa and has worked in wind for 11 years, holding various roles in manufacturing, quality, operations & maintenance, training, and environmental, health, and safety.
Temperatures are heating up across the country this summer, and being aware of heat-related illnesses is critical to working safely on a wind farm. According to OSHA, workers exposed to hot indoor environments or hot and humid conditions outdoors are at risk of heat-related illness, especially those doing heavy work tasks or using bulky or non-breathable protective clothing and equipment.
Heavy sweating, dizziness, thirst, and muscle spasms are just a few of the warning signs that you are experiencing a heat-related illness. When working in hot temperatures, focus on prevention strategies:
- Do start your workday hydrated. Start your hydration the night before.
- Do use the buddy system. Act quickly if a co-worker shows signs of illness.
- Don’t ignore the warning signs.
- Don’t think heat-related illness won’t happen to you!
To help workers best understand the signs and how to prevent them, the AWEA EHS O&M Working Group has created three awareness materials: a reference card, training manual, and a heat awareness and tracking plan. These materials will help you understand all the signs of heat-related illness, how to prevent them, and what to do if you are experiencing any of the symptoms. You can access these materials here.
Stay cool, stay hydrated, and stay safe.
As we close out #AmericanWindWeek, it’s been thrilling to see towns, communities, local leaders and wind industry workers gather across the country to celebrate wind power.
Importantly, Fortune 500 companies and business leaders also showed up. Corporate purchasers of wind voiced their support nationwide, touting the economic and environmental benefits that wind power brings to their customers and organizations.
And there’s quite a lot to celebrate. Corporate and other non-utility customers have procured more than 10,000 megawatts (MW) of wind power to date, including more than 9,700 MW in power purchase agreements (PPA) through the second quarter of this year. That’s more than Oklahoma’s installed wind capacity, the country’s number two wind state.
Let’s look first to Cummins. One year ago, the global manufacturer signed a 75 MW PPA with the Meadow Lake Wind Farm located in Indiana. Cummins is purchasing enough wind power from Meadow Lake to power approximately 20,000 average Indiana homes. To celebrate their one-year anniversary, Cummins employees toured the wind project construction site.
“This is a big moment for us,” said Mark Dhennin, Cummins’ Director of Energy and Environment. “This is a huge part of our energy sustainability plan at Cummins and it was really important to do it right, with the right project, in the right location, with the right developer.” Cummins visited the construction site on Crane Day, an opportunity for the public to see cranes erect state-of-the-art wind turbines.
Microsoft also used #AmericanWindWeek as a chance to look back on its five-year journey purchasing renewable energy. The technology giant signed its first wind contract in 2013, purchasing 110 MW from the Keechi wind project in Texas. Since that time, Microsoft has grown its global renewable energy portfolio to more than 1,200 MW, with more than half of that total coming from wind.
“This is a win-win-win story, as new wind projects generate clean power and new jobs and economic growth in communities from coast to coast, and every state in between, all while lowering the carbon footprint of the U.S,” wrote Brian Janous, General Manager of Energy & Sustainability at Micrsoft, in a blog post celebrating American Wind Week.
Others got involved in #AmericanWindWeek through social media. In particular, AT&T wind PPA announcements total 820 MW in 2018 alone, with the company purchasing power from four different wind farms in Oklahoma and Texas.
Want to have a FAN-tastic week? Join @ATT by celebrating #AmericanWindWeek. https://t.co/4keESWABMR pic.twitter.com/ulZxUcX78V
— AT&T Impact (@ATTimpact) August 8, 2018
#AmericanWindWeek coincided with a historic announcement this week that Apple, Akamai, Etsy and Swiss Re are partnering together to purchase 290 MW from planned wind and solar projects in Illinois and Virginia, respectively. Aggregating demand can help smaller demand customers access renewable energy projects with economies of scale.
Just last week, Smuckers announced a 60 MW PPA with a planned Nebraska wind project; the following day, Facebook announced its most recent 139 MW PPA with the Headwaters II Wind Farm in Randolph County, Indiana.
Thank you again to everyone for participating in #AmericanWindWeek!
This is a guest post from Anne Reynolds, Executive Director for the Alliance for Clean Energy New York (ACENY).
We’re almost through the 2nd annual American Wind Week (August 5th-11th)! Supporters of wind energy across the U.S. launched American Wind Week last year when wind power became the country’s largest source of renewable energy capacity. Today, that leadership is growing with a record amount of wind power under construction at wind farms across America.
U.S. wind leadership
We can keep our lead in wind power because inexhaustible wind energy is a resource the U.S. can always harness. A typical new wind turbine in the U.S. can power the equivalent of more than 750 average homes. U.S. wind turbines are the most productive among countries with the highest levels of installed wind power, like China and Germany.
Wind works for all Americans
Wind power generates economic opportunity, homegrown energy, and clean air from sea to shining sea. Across the nation a record 105,000 Americans work in wind power, affordably and reliably supplying over 6 percent of U.S. electricity. In fact, wind turbine technicians and solar installers are the nation’s two fastest growing jobs according to the Bureau of Labor Statistics.
From farming communities to factory towns, wind power brings new investment and new revenue to improve schools, roads and emergency services. Wind power is America’s newest cash crop, paying over $267 million dollars a year to farmers and ranchers who lease part of their land for wind turbines. And using wind energy created $8 billion in public health savings during 2017 alone, by avoiding air pollution that creates smog and triggers asthma attacks.
New York wind energy
For America’s Wind Week, we recognize that New York State is in on the wind power trend, ranking 14th in the country for installed capacity of wind energy. The Empire State has 1,052 towers spinning now (27 projects) and 148 megawatts (MW) under construction. Our biggest wind farm is Maple Ridge, with 195 turbines, and the newest is Arkwright Summit, located in Chautauqua County with 36 new turbines. In the Town of Denmark, the Copenhagen Wind Project is now under construction and should be making its own pollution-free energy by November 2018. New York’s wind energy needs to grow to achieve the 2030 goal of 50 percent renewable energy, and beyond.
Visit AmericanWindWeek.org to learn more about wind power.
Towns and cities across the country have been holding events this week recognizing America’s wind power leadership, and the conversation has boomed on social media. But governors and mayors from coast to coast have weighed in too.
It's #AmericanWindWeek: Massachusetts is leading the nation in #offshorewind, and so is #NewBedford as the closest industrial port to the largest wind reserves in the USA, and we are officially joining in American Wind Week. @AWEA @NewBedford_MA pic.twitter.com/1vbDZwJJs9
— Jon Mitchell (@JonMitchellNB) August 6, 2018
— Siemens Gamesa (@SiemensGamesa) August 6, 2018
Republican and Democrat lawmakers alike have declared this a week to celebrate wind power. That includes proclamations from more than a dozen states, two of the country’s five most populous cities, and small towns across the heartland. These proclamations recognize wind’s many various, including $2.9 billion of private investment in New Mexico through 2017, wind’s Texas success story, and an offshore wind energy potential of 600 terawatt-hours per year in North Carolina, second-highest potential of any state in the nation.
Explore this map for a full accounting of all of this year’s wind week proclamations:
Thanks to nationwide grassroots efforts, more than two dozen communities are officially recognizing #AmericanWindWeek. Whether you’re a member of one of these communities or not, you can help us finished wind week 2018 strong by posting on social media using #AmericanWindWeek!
Together with the entire Product Development team, the Senvion Patent Department is constantly looking for innovative approaches that will make Senvion and the wind industry better, cheaper or more adaptable in the future. In this case, the Senvion colleagues have jointly managed to find a patent solution for sound emissions from the turbines in the truest sense of the word. The “Hamburger Wirtschaft” magazine has taken a close look at the innovation:
Senvion has developed an innovative procedure for reducing the operating noise of wind turbines. The innovation and patent center has selected it as ‘Patent of the Month.’
Wherever wind turbines are installed, one topic generally arises sooner or later: are the turbines too loud?
It is a fact that roughly one third of German gross electricity consumption is currently covered by renewable energy sources. In 2016, wind energy usage in particular was further expanded in Germany. According to the register of installations of the German Bundesnetzagentur for Electricity, Gas, Telecommunications, Post and Railway, new onshore wind turbines with a total power of 4,402 megawatts were commissioned. This represents a 10 percent increase on the previous year. One of the manufacturers of wind turbines is Senvion GmbH (up to 2014: REpower Systems), which has its German headquarters in Hamburg.
Less and less space is available for wind farms. To achieve more power, old turbines are being replaced with new ones and increasingly wind farms are being built closer to residential areas or nature reserves. “The importance of noise protection has increased,” says Ulrike Keltsch, head of the patent department at Senvion. In addition to residents, animals can also be disturbed by the operating noises.
In summer 2015, Senvion's Development department applied for a patent for a procedure that can reduce the sound volume of the wind turbines in operation. The noise emissions of wind turbine generators include broadband noises that form a masking noise. However, narrowband noises may also be audible under certain circumstances; for example they can be caused by a generator or a gearbox of the wind turbine. The invention consists of a noise emission control device for a wind turbine that reduces any noises that may arise by surrounding them with the broadband noises that are more pleasant for humans and animals. This is achieved by means of an active noise source that emits a masking noise in at least one spatial direction in a frequency band around the individual sound frequency.
“This control device is not yet available,” says Keltsch. “Our turbines are quiet enough for the existing wind farm sites.” Senvion's engineers frequently develop their inventions preventatively, looking to the future. However, since the requirements regarding generating volume are in-creasing, the turbines themselves will also increase in size , and Keltsch believes that it is perfectly possible that the invention will come into use. If a customer wants a noise reduction measure, for a new construction or a retrofit, prototypes of the control device would then be in-stalled and tested in an existing wind farm, Keltsch states. “We would probably have to perform two to three correction cycles before the invention is implemented perfectly,” says Keltsch. Then Senvion would talk to the suppliers, clarify the supply chain, order the necessary individual parts, and finally manufacture the product in a small production run. The invention could then be tested in practice, and be ready for operation within four to twelve weeks.
There is a growing trend in the international wind industry: The technological evolution of wind turbines is moving towards machines with larger rotors to better capture wind at low wind sites. France is fully participating in this movement. At the Lussac-Les-Églises wind farm Senvion completed the installation of six 3.0M122 wind turbines with rotor diameters of 122 meters, as large as the diameter of the famous Ferris wheel “London Eye”.
The wind farm, developed by Quadran Groupe Direct Energie, is located in the French department of Haute Vienne. Guirec Dufour, Construction Director at Quadran states: "Lussac-Les-Églises is a low wind site and the wind turbine 3.0M122, capturing the most energy, allows us to optimize the yield of our project. However the challenge was the transportation of the blades to the site. The Blade Lifter solution, proposed by Senvion, made this project possible.”
Each blade is measured at 60 meters and weighs 15 tons. The blades were transported over a distance of 200 kilometers, from the port of La Rochelle to Poitiers, where a transshipment area was used to equip the Blade Lifter. From there the transport went on the challenging route to Lussac-Les-Églises.
Florian Dufresne, Senvion Europe South West Logistics Coordinator explains: "The only possible route for the convoy was to cross the village of Lussac-Les-Églises. However, the total length of the semi-trailer carrying the blade, is 66 meters. With such a ground length, it is impossible to turn in the many tight corners of the village. Facing this challenge, we opted for an innovative solution: The Blade Lifter. By lifting the blade to a 30 degrees angle, the ground length could be reduced to 17 meters, which allowed the safe passage of the convoy."
Technically, the Blade Lifter can lift the blade to 50 degree angles for the passage of even longer blades. The residents of the town were impressed by the technical prowess of this equipment. Guirec Dufour adds: “Thanks to a close collaboration between the Quadran and Senvion teams, the particularities related to the use of the Blade Lifter - transshipment location, moving telecommunications and power lines, pruning - were efficiently managed. This good collaboration limited the impact of the oversized transportation on the village residents and made the commissioning of the wind farm possible without any delay.”
Installing a 122-meter rotor at 89 meters height was also a challenge. The excellent coordination of the teams, a precise planning, while integrating the environment constraints and the uncertainties of the weather conditions, were essential to successfully install the six wind turbines with such a large dimension. Samson Lecluyse, Senvion Europe South-West Project Manager states: "The construction of the Lussac-Les-Eglises wind farm was an exciting project. The complexity for this wind farm lies in the environment with high wooded obstacles, which is close to the lifting zones. Due to the very large dimension of the components, the Senvion team had to prepare the ground with a maximum of rigor and precision so that the project is realized within the deadlines defined in the planning."
The Senvion team is proud to have met all the delivery and installation challenges of this project. The Lussac-Les-Églises wind farm, with a total capacity of 15 megawatts (MW) was commissioned beginning of November 2017. It will produce enough electricity to power nearly 15,000 people (including heating) in France.
Senvion is now ready to meet other challenges, including the transport of wind turbines with even longer blades: the newly announced Senvion turbine 3.7M144 EBC has blades over 70 meters long!
At the Ria Blades production plant, rotor blades with a length of 74 meters are now manufactured. A completely new production process was designed for this purpose. In line with the continuous improvement approach of the production processes, an efficient robot was developed in cross-functional collaboration.
One of the most photographed monuments in Portugal is located in Lisbon at the mouth of the river Tejo in the Atlantic. The "Padrão dos Descobrimentos", a 56 meter high sailing vessel made of stone and concrete, is dedicated to sailors and explorers. The monumental mosaic of a compass is adorned on the ground in front of the monument. Wind has always been a mainstay of development in the coastal state at the south-west corner of Europe. The wind, which the Portuguese explorers capitalized on more than half a thousand years ago, is now also used by Senvion.
250 kilometers north of Padrão dos Descobrimentos, in the industrial region of Aveiro, Senvion can be found in the town of Vagos. Here, Ria Blades is located on an area of 83,000 square meters where currently 1300 colleagues are employed.
Francisco Mira, Process Engineer at Ria Blades, stands in the plant's largest manufacturing facility: "To make rotor blades of this enormous size, we had to greatly expand the site and completely redesign the manufacturing process. The concept then arose with the cooperation of different departments - production, maintenance and HSE (Health, Safety & Environment). But the close collaboration with our suppliers and partners was also essential. This was a real team effort and I am proud that we have worked hand in hand to find the best solution in the end."
At the center of the manufacturing process are two semi-automated processes. On the one hand, the stacking of the fiberglass layers of some rotor blade components. So far this process has been carried out manually in a time-consuming manner, since the positioning of the different layers required the highest precision. In Portugal, RodPack technology is used which has much better material properties than conventional glass fibers and opens up new production possibilities. Thus, in the new process, each fiberglass layer is precisely set in the right place effortlessly by the equipment. Francisco Mira explains, "RodPack was the reason why we completely changed this process." The result is that there are considerably fewer shifts and working hours needed to complete the rotor blade.
The second process is now almost completely taken over by an equipment that sands the rotor blades before painting. While the rotor blades were previously sanded with a 35 kilogram sanding machine, which had to be operated by two people, 90 percent of this work is now done by robots, which are monitored by a colleague.
"Both processes, the semi-automatic fiberglass lay-up and the sanding process are thus much faster, more efficient and physically less strenuous. What is clear with Mira, however, is that "humans are responsible for decisions and will remain indispensable. A machine remains a machine.
Originally, Francisco Mira comes from the automotive industry. Since 2015 he has been with Ria Blades. "A lot of things in the organization and the way of thinking reminds me of my previous work: precision, flexibility, lean production concepts or high quality requirements. But we are trying to absorb the experience from very different branches of industry and make it usable for us. In particular, it is decisive for us to have the ability to think 'out of the box'. This is the only way to revolutionize the manufacturing process."
AMSTERDAM, November 28, 2017 -- The World Bank and the Technical University of Denmark (DTU) today launched new Global Wind Atlas, a free web-based tool to help policymakers and investors identify promising areas for wind power generation, virtually anywhere in the world.
The Global Wind Atlas is expected to help governments save millions of dollars by avoiding the need for early-stage, national-level wind mapping. It will also provide commercial developers with an easily accessible platform to compare resource potential between areas in one region or across countries.
The new tool is based on the latest modeling technologies, which combine wind climate data with high-resolution terrain information—factors that can influence the wind, such as hills or valleys—and provides wind climate data at a 1km scale. This yields more reliable information on wind potential. The tool also provides access to high-resolution global and regional maps and geographic information system (GIS) data, enabling users to print poster maps and utilize the data in other applications.
The Global Wind Atlas was unveiled at an event at the Wind Europe Conference in Amsterdam, following the successful launch of the Global Solar Atlas earlier in the year.
Solar and wind are proving to be the cleanest, least-cost options for power generation in many countries. These tools will help governments assess their resource potential and understand how solar and wind can fit into their energy mix. An example of how good data can help boost renewable energy is Vietnam where solar maps from the Global Solar Atlas laid the groundwork for the installation of five solar measurement stations across the country.
“There is great scope in many countries for the clean, low-cost power that wind provides, but they have been hampered by a lack of good data,” said Riccardo Puliti, Senior Director and Head of the World Bank’s Energy & Extractives Global Practice. “By providing high quality resource data at such a detailed level for free, we hope to mobilize more private investment for accelerating the scale-up of technologies like wind to meet urgent energy needs.”
The work was funded by the Energy Sector Management Assistance Program(ESMAP), a multi-donor trust fund administered by the World Bank, in close partnership with DTU Wind Energy.
“The partnership between DTU Wind Energy and the World Bank allows us to reach a broader audience, especially in developing countries while remaining at the forefront of wind energy research. We are excited by the scientific advances that the new Global Wind Atlas incorporates, and look forward to seeing how this data can enable countries to advance wind projects,” said Peter Hauge Madsen, Head of DTU Wind Energy.
While the data powering the Global Wind Atlas is the most recent and most accurate currently available, it is not fully validated in many developing countries due to the lack of ground-based measurement data from high precision meteorology masts and LiDARs. ESMAP has funded a series of World Bank projects over the last four years to help fill this gap, with wind measurement campaigns under implementation in Bangladesh, Ethiopia, Nepal, Malawi, Maldives, Pakistan, Papua New Guinea, and Zambia. All measurement data is published via https://energydata.info, a World Bank Group data sharing platform.
Courtesy The World Bank
WIND POWER CONTINUES TO SET RECORDS
On May 16, 2017, the state of California set a new record—that day, it generated 42% of its electricity from wind and solar, and peaked at 72% that afternoon. In addition to this wind power record, wind farms by themselves accounted for 18% of the state’s needs. But renewable energy’s popularity doesn’t just extend to California. According to the Global Wind Energy Council, the total generating capacity of wind farms around the world is now greater than all of the world’s nuclear power plants combined.
So what’s driving this growth? One answer is innovation. The “levelized cost of electricity” (LCOE)—a key number that measures electricity’s costs—has fallen 58% over the past six years. Additionally, the use of wind turbine management software—like GE’s Predix—has let operators run their wind farms more efficiently, lowering maintenance costs and saving money. In fact, GE estimates that by deploying its Digital Wind Farm solutions and wind turbine software, the wind industry could save as much as $10 billion a year. One thing’s for sure: with 30,000 GE wind turbines deployed across the globe and capable of generating more than 57 GW of electricity, wind energy isn’t going anywhere.
Read the full story at https://www.ge.com/reports/wind-blows-innovation-dropping-costs-drive-renewables-growth/
Courtesy GE Renewable Energy
ENERCON is developing two new types of converter for its 3 megawatt platform (EP3). E-126 EP3 and E-138 EP3 are designed for sites with moderate and low winds respectively, and are scheduled to go into production in late 2018 and late 2019. As well as promising much improved performance and efficiency, the two new converters will benefit from optimised processes for production, transport and logistics, and installation. ENERCON will be introducing the two converter types for the first time at the Brazil Windpower event in Rio de Janeiro (29 to 31 August).
The machines are ENERCON’s response to new challenges facing converter technology in the important 3 MW segment. “We are increasing overall performance significantly”, says Arno Hildebrand, Director of System Engineering at ENERCON’s research and development arm, WRD. The greater efficiency will come mainly from an increase in swept area and in nominal power. The E-126 EP3 will have a rotor diameter of 127 metres and a nominal power of 3.5 MW, and is being designed for sites with moderate wind conditions in Class IIA (IEC). The E-138 EP3 will also have a nominal power of 3.5 MW, but with a rotor diameter of 138 metres it is intended for use at low-wind sites in Class IIIA (IEC).
“At sites with moderate wind speeds of 8.0 m/s at hub height, the yield of the new E-126 EP3 will therefore be more than 13 percent higher than that of our existing E-115 model”, says Hildebrand. Annual energy yields of more than 14.5 million kilowatt hours (kWh) are forecast for a typical Wind Class IIA site with speeds of 8.0 m/s at a hub height of 135 metres. As for the E-138 EP3 – a completely new type of converter, and the first low-wind turbine to feature in ENERCON’s EP3 portfolio – the developers calculate that, at a typical low-wind site with average speeds of 7.0 m/s at a hub height of 131 metres, annual energy yields in excess of 13.2 million kWh can be achieved.
Not only that, but the two converter types will be consistently streamlined for efficiency. Every single process – from production to transport and logistics, installation and commissioning – will be optimised. The E-126 EP3 and E-138 EP3 will be available with a choice of hybrid or tubular steel towers with hub heights of between 81 and 160 metres. Installation of the E-126 EP3 prototype is scheduled for as early as the third quarter of 2018; it will enter series production later that year. ENERCON plans to erect the E-138 EP3 prototype in the fourth quarter of 2018, then introduce a few pre-series machines in 2019 before full production begins towards the end of 2019.
- 08 February 2018 - 09 February 2018
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Wind energy sector in India is growing at an impressive pace.
In Conversation with, Mr. Narayan Kumar, Development Director, Acciona Wind Power India
1.What is current installed capacity of your company and how has been your journey so far?
ACCIONA is one of the foremost Spanish business corporations with a global footprint. We are leaders in development and management of infrastructure, renewable energy, water and services.
ACCIONA's has been in India for close to a decade, with primary presence in renewable energy. ACCIONA was the first Spanish company to install and operate a wind farm in India. We have operating wind farms with a capacity of around 175 MW.
2.What is your current order book position and what are the projects that you are currently bidding for?
Acciona India is an Independent Power Producer. Unlike Original Equipment Manufacturers (OEMs), we don’t maintain an order book. We are focused on development of both solar and wind energy investments in India. Currently we are evaluating opportunities at both the national level as well as in different states to participate in auctions for both PV and wind space.
3.What is the impact of Reverse bidding on the wind energy sector?
Wind energy sector in India is at cross roads because of introduction of reverse bidding since February 2017. It would have been ideal if the industry had been provided with a 12-15 month period for transition from feed-in-tariffs to competitive based reverse bidding. Now that the reverse bidding has been introduced, this has created a sense of uncertainty in the industry and is bound to affect capacity addition for 15-18 months. We need to evaluate the sustainability of tariffs of around INR 3.40 – Rs 3.50 / kWh.
It’s interesting to see how future bids will play out since we are reading reports about one of the winning bidders from the Feb 2017 auction already backing out from its commitments. We have also witnessed the same trend in the PV space as well. There is perhaps the need for the industry to think through their bid strategy and evaluate pricing on rational, sustainable, long-term basis.
4.What are your growth plans for the next couple of years?
Acciona India has aggressive plans to increase our footprint in both wind and PV. It would be difficult to share specific numbers at this time. We are evaluating several greenfield as well as brownfield growth opportunities. We are long-term investors and are guided by the sustainability of returns.
5.Would you like to add anything else about wind sector?
When India’s first ever auction of wind projects worth 1 GW capacity early this year threw up record low tariffs, none of realised that it would become a flashpoint for the resentment of power distribution companies (discoms) against generators in the days ahead. But that is exactly what we are seeing today.
Discoms have stopped signing power purchase agreements (PPAs) with wind power generators, leaving a big question mark hanging over the future of 3 GW of assets underconstruction. If the logjam is not broken soon, the government’s renewable power capacity addition could get off track, compromising effortsto rein in emissions and fight climate change.
Discoms believe that they were paying very high tariffs to IPPs and are reneging on their signed commitments. Discoms’ refusal to sign PPAs has forced the Centre to intervene and asked for signed commitments to be honoured. Such blatant change of tack has serious repercussions on the country’s renewable energy programme as well as India’s perception with global investors. The Ministry of New and Renewable Energy (MNRE) has already cautioned discoms that if PPAs are not signed, there would be no further wind capacity addition either in 2017-18or 2018-19.
Even if wind auctionsrestart at this stage as is widely envisaged, the projects would be commissioned only over the next 15 to 18 months.In such a case there would be no wind capacity addition in 2017-18 and a major part of 2018-19. This would mean that most atates would not be able to meet their non-solar RPO obligations.
This would also throw a spanner in the plans of OEMs who have made large investments in capacity as well as inventory. They will go through a difficult phase on this account, though this is expected to be temporary.
Re-Powering – A growthopportunity
Repowering is something which needs to be absolutely encouraged. Vintage turbines occupy some of the best wind sites across India. Policies or guidelines may require changes as we have not made a big headway into repowering.
Again it’s perhaps premature to comment as there are issues like existing substation capacity, current PPAs, disposal of old turbines and current owners of land who are reluctant to give up their land etc.
Power being a concurrent subject; it’s possible to have a state repowering policy. The bottom line is, repowering can bring in about a capacity addition on an estimate of 1 GW every year for the next 2-3 years. This can possibly increase if grid connectivity and substation capacity can be augmented.
The World Bank and the Technical University of Denmark today launched new Global Wind Atlas, a free web-based tool to help policymakers and investors identify promising areas for wind power generation, virtually anywhere in the world.
The Global Wind Atlas is expected to help governments save millions of dollars by avoiding the need for early-stage, national-level wind mapping. It will also provide commercial developers with an easily accessible platform to compare resource potential between areas in one region or across countries.
Courtesy National Renewable Energy Laboratory