ExxonMobil, FuelCell Energy Expand Agreement for Carbon Capture Technology
Yanmar Energy System Europe Established as Full-Service Energy Solutions Provider
Less waste and energy usage result of Olofsfors switch to SSAB steel
Fenix International’s inclusive employee ownership programme gives first-of-its-kind pay-out in Africa
Inatech Picks Romania to Expand Product Development in Oil Trading ETRM
Research from Schneider Electric Reveals Companies Unprepared for New Energy Economy
580MW's of Solar Farm Projects being sold by Innovative Solar Systems, LLC
Voltus Announces $10 Million Funding to Reinvigorate Innovation in Demand Response
College of the Desert deploys JLM Energy's Foldrz renewable energy solution
Pioneer Launches Line of Private Label Engine Generators
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Quanta Services Acquires Stronghold
Quanta Services, Inc. announced today that it has completed the acquisition of Stronghold, Ltd. and Stronghold Specialty, Ltd. (Stronghold), a leading specialized services company that provides high pressure and critical path solutions to the downstream and midstream energy markets. Headquartered in La Porte, Texas, Stronghold has a strong presence in the strategically important Gulf Coast refinery and petrochemical market and serves nearly all regions of the United States. The company has achieved strong organic growth by leveraging its operational excellence to expand into ten distinct specialty services companies, each providing platforms for future growth. Stronghold generated revenues of approximately $500 million for the full year of 2016 and has a workforce averaging approximately 2,800 employees. The industrial services market is a natural service line expansion for Quanta, further enabling Quanta to meet energy customers' needs. Stronghold's operations will be reflected in Quanta's Oil and Gas Infrastructure services segment. "We remain positive on our 2017 and multiyear outlook and believe Stronghold is a strategic acquisition that will allow us to capture a greater portion of the energy industry operating and capital spend," said Duke Austin, President and Chief Executive Officer of Quanta Services. "With positive industry dynamics, visible cross-selling opportunities and Quanta's support, we believe there is a multiyear opportunity for Stronghold's operations to achieve double digit growth. Stronghold's recurring revenues, accretive operating income margin profile and strong free cash flow generation align well with our strategic imperatives for long-term profitable growth. Stronghold is led by a multigenerational, experienced and well respected management team and, importantly, has a world-class, industry leading safety record. We welcome all of Stronghold's employees to the Quanta family." The transaction consideration consists of an upfront payment of approximately $450 million, comprised of $360 million of cash and 2.7 million shares of Quanta Services common stock valued at approximately $90 million, with a cash and stock earnout that could provide maximum additional consideration of $100 million if cumulative three-year EBITDA targets are achieved. For the remainder of 2017, the acquisition of Stronghold is expected to generate $6.0 million to $7.5 million of net income attributable to common stock and to be accretive to Quanta's GAAP diluted earnings per share attributable to common stock by $0.02 to $0.03 and to non-GAAP adjusted diluted earnings per share attributable to common stock by $0.06 to $0.07, with accretion expected to increase in 2018. Adjusted diluted earnings per share attributable to common stock is calculated by adjusting net income attributable to common stock to account for, all net of tax, $3.0 million to $4.0 million of acquisition and integration costs, $2.0 million to $2.5 million of amortization expense associated with Stronghold's intangible assets and approximately $0.5 million of non-cash stock-based compensation expense. The allocation of the purchase price is preliminary and subject to change. "Quanta is an ideal cultural and strategic fit for Stronghold, and we are excited to join the Quanta family," said Joe Durham, Chief Executive Officer of Stronghold. "Both companies are committed to safety, our employees and our customers, which provide the foundation for success. Joining Quanta will provide significant resources to Stronghold as we look to build on our history of profitable growth and meet the growing needs of our customers in the years ahead." Stronghold's existing management team will remain in place, with founder Joe Durham continuing in his leadership role as Chief Executive Officer of Stronghold. With a skilled, dedicated and high-quality workforce, Stronghold will serve as a platform operating unit of Quanta. Harris Williams & Co. served as financial advisor and Baker Botts L.L.P. served as legal advisor to Quanta for the transaction.
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NASA Seeking BIG Ideas for Solar Power on Mars
Missions to the surface of distant planetary bodies require power – lots of power. Through the 2018 Breakthrough, Innovative, and Game-changing (BIG) Idea Challenge, NASA is enlisting university students in its quest for efficient, reliable and cost-effective solar power systems that can operate on Mars both day and night. The teams will have until November to submit their proposals. Interested teams of three to five undergraduate and/or graduate students are asked to submit robust proposals and a two-minute video describing their concepts by Nov. 30. NASA's Game Changing Development Program (GCD), managed by the agency's Space Technology Mission Directorate, and the National Institute of Aerospace (NIA) are seeking novel concepts that emphasize innovative mechanical design, low mass and high efficiency, with operational approaches that assure sustained power generation on the Mars surface for many years. It's not easy to harness the power of the sun from Mars. Depending on where spacecraft land, the angle and distance from the sun changes substantially during different seasons, affecting solar power flow management and performance. Martian dust is also a threat. It clings to everything on the surface and could form a blanket over solar panels. The goal is to have a reliable operating power source in place before astronauts ever step foot on the surface of Mars. That means solar array designs will need to fit compactly into a single cargo launch, have the capability to deploy robotically on the surface, and begin producing power soon after landing. The 2018 BIG Idea Challenge invites teams and their faculty advisors to work together to design and analyze innovations in the design, installation, and sustainable operation of a large solar power system on the surface of Mars, in the following areas: Novel packaging, deployment, retraction, and dust-abatement concepts Lightweight, compact components including booms, ribs, substrates, and mechanisms Optimized use of advanced ultra-lightweight materials and high efficiency solar cells Validated modeling, analysis, and simulation techniques High-fidelity, functioning laboratory models and test methods From these proposals, NASA and industry experts will select four teams to continue developing their proposed concepts, submit a technical paper, and present their concepts in a face-to-face design review at the 2018 BIG Idea Forum, held at a NASA center in early March 2018. Each of these four teams will receive a $6,000 stipend to participate in the forum. Student members from the BIG Idea Challenge winning team will receive offers to participate in paid summer internships at either NASA's Glenn Research Center in Cleveland, Ohio, or Langley Research Center in Hampton, Virginia, where they will continue developing their concept under the mentorship of NASA experts.
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