junkHustler
3 years ago
Xebec Announces Q3 2021 Financial Results
November 11 2021 - 07:00AM
Xebec Adsorption Inc. (TSX: XBC) ("Xebec"), a global provider of clean energy solutions, announced today its 2021 third quarter results, with the following highlights:
Revenues of $26.7 million for the three-month period ended September 30, 2021, compared to $18.4 million for the same period the prior year.
Gross margin of $10.1 million (38%) for the three-month period ended September 30, 2021, compared to $4.4 million (24%) for the same period the prior year.
Adjusted EBITDA of $0.3 million for the three-month period ended September 30, 2021, compared to $0.4 million for the same period last year.
Net loss of $9.2 million or ($0.06) per share in the three-month period ended September 30, 2021, compared to a net loss of $2.2 million or ($0.02) per share compared for the same period in the prior year.
Working capital of $71.2 million on September 30, 2021, for a current ratio of 1.88:1, compared to working capital of $171.2 million and a current ratio of 4.12:1 on December 31, 2020.
Management guidance updated with revenues at the top end of the range of $120.0 to $130.0 million from $110.0 to $130.0 and adjusted EBITDA margins in the range of -3.0% to -5.0% from -3.0% to -4.0% to reflect the acquisition of UECompression and supply chain risks.
As at September 30, 2021, the company had $61.9 million of cash and restricted cash compared to $168.6 million as at December 31, 2020.
Financial Highlights:
Revenues increased by $29.8 million to $80.0 million for the nine-month period ended September 30, 2021, compared to $50.2 million for the same period the prior year. The 59% increase is mainly explained by acquisitions completed in 2020 and 2021, including (1) $22.8 million for services companies and ACS, and (2) $30.5 million for HyGear and Inmatec. This was offset by lower revenues from long-term production-type RNG projects. As the company transitions to standardized products such as Biostream, revenues will be recognized on delivery.
Gross margin increased from $11.7 million to $19.3 million for the nine-month period ended September 30, 2021 compared to the same period the prior year. The gross margin percentage increased from 23% to 24% as the positive impact of acquisitions completed in 2020 and 2021 was offset by the negative impact from long-term production-type RNG contracts.
Selling and administrative expenses (“SG&A”) for the nine-month period ended September 30, 2021, of $31.7 million increased by $18.6 million compared to $13.1 million for the same nine months of 2020. The increase is primarily due to additional SG&A expenses associated with the newly acquired companies: (1) $5.9 million for services companies and ACS, and (2) $9.4 million for HyGear and Inmatec. In addition, SG&A expenses increased due to an organizational scale up of employees, hiring fees and associated costs to support the increased level of future sales.
Other gains and losses of $7.0 million for the nine-month period ended September 30, 2021 compared to $0.9 million for the same nine months of 2020. The increase is mainly due to a one-time payment arising from the prior departure of employees, legal costs and integration and M&A costs.
Research and development expenses of $1.9 million for the nine-month period ended September 30, 2021 were related to the development of the company’s second generation of the Biostream product and the continued development of biogas upgrading and hydrogen projects. As of January 1, 2021, R&D expenses are recorded as they are incurred.
Operating loss of $21.4 million for the nine-month period ended September 30, 2021 compared to an operating loss of $2.4 million for the same period in 2020. The increase in operating loss is mainly explained by the above-noted increase in SG&A and other gains and losses, offset by the slightly higher consolidated gross margin percentage.
Net loss of $25.9 million or ($0.17) per share in the nine-month period ended September 30, 2021 compared to a net loss of $3.7 million or ($0.04) per share for the same period the prior year.
Adjusted EBITDA decreased to ($9.0) million for the nine-month period ended September 30, 2021, from $1.4 million for the same period last year.
CEO Quote:
“In Q3 we made progress in executing our growth plan while also reducing the impact from our legacy, customized RNG projects. This resulted in a stronger gross margin compared to Q1 and Q2 of this year, as legacy contracts contributed fewer overall revenues and as we saw higher quality revenues across our segments. Ultimately, we are focused on our transition to standardized products which will reap benefits in both scale and costs. In addition, after the quarter end, we announced the acquisition of Colorado-based UECompression which gives us credible capacity to achieve significant organic growth with our containerized renewable natural gas and hydrogen generation systems for the North American market.
In 2021, we have made progress in building the team and enhance our operational setup to take advantage of the accelerating tailwinds for renewable gases. However, we will need to remain vigilant on supply chain risks and other operational disruptions as we continue to execute and grow our company,” stated Kurt Sorschak, Chairman, President and CEO of Xebec Adsorption Inc.
Current Market Outlook
Xebec continues to see an improving political and regulatory backdrop for its products and services. This can be seen with the “Build Back Better Act” from the Biden administration which would allocate $555 billion for U.S. investments in clean energy and combatting climate change. The Act specifically includes tax credits for biogas, renewable natural gas, hydrogen and local manufacturing. In addition, the Global Methane Pledge was announced at the COP26 conference, which aims cut methane emissions by 30% by 2030 compared to 2020 outputs. These initiatives, among others, continue to favour Xebec’s proven technologies and solutions for reducing emissions with renewable gases.
Furthermore, the company has felt the impact of supply chain disruptions and continues to manage its risk which includes higher than normal inventory purchases and dual sourcing. Xebec is also preparing for potential transportation challenges which may result in delayed revenues in future quarters. The company’s strategy in having local manufacturing and building a strategic sourcing function is expected to help mitigate this risk.
Systems - Cleantech
Renewable Natural Gas (RNG)
Xebec continues to execute on its long-term production-type RNG projects with the last handful of projects in final stages of execution and commissioning. The tapering down of impact from these legacy contracts as a result of less contribution to total revenues, was seen this quarter through a stronger gross margin. Overall, standardized products such as Biostream are expected to lead to a stronger organic revenue growth profile for the segment, more predictable cost management and improved gross margins.
The company has also begun production of its second-generation Biostream in Canada, with the aim of having a capacity run rate of 30 to 40 units per year. Revenues on the recent 18-unit Biostream order have not yet been recognized as they will now be recognized on delivery, instead of on a percentage of completion basis.
The recently announced additional capacity acquired with UECompression, will add another 120 to 150 containerized renewable gas systems for North American capacity totaling 150 to 190 units. This significant manufacturing capacity increase reflects the anticipated demand Xebec sees in the market for its products in the agricultural sector. In addition, the expansion is further supported by the success and positive feedback received from customers for the first generation Biostream, which now has several units producing RNG at U.S. dairy farms and is performing at or above expectations.
Hydrogen
The quarter saw several hydrogen contract wins, including a contract for a new industry application (annealing heat-treatment process) with a Turkish based flat steel manufacturer for two Hy.GEN® 150 units. Xebec also commissioned a key project in the Czech Republic where hydrogen will be delivered with a local partner to both a tungsten manufacturing and photonics plant.
In addition, the increasing demand for distributed hydrogen production in the U.S. has resulted in Xebec starting the process of establishing local manufacturing through UECompression. The company is seeing an increasing number of quotes to convert renewable natural gas to green hydrogen, for which it possesses world leading technology for.
Lastly, Xebec’s hydrogen PSA purification platform is seeing more activity as the mobility market develops. For example, an order was received from a leading marine robotics company to produce high purity hydrogen from ammonia cracking for a fuel cell onboard a ship. Xebec expects that as the mobility market develops, the need for high-purity hydrogen will accelerate growth opportunities for its PSA platform.
Oxygen and Nitrogen
Inmatec continues to see record production levels primarily due to the heightened demand caused by the COVID-19 pandemic for sustainably and reliably sourced medical-grade oxygen. To address this demand, last quarter a lease was signed to double the production floor space of the manufacturing facility in Herrsching, Germany and this expansion is well under way.
Organizations around the world continue to see the benefits of on-site production of gases. Inmatec showcased the value proposition recently with a large delivery to a hospital in St. Lucia. Historically, there was no oxygen available on the island and the gas had to be imported in liquid form in shipping containers. This supply would cost upwards of USD $250 per ton. By generating the gas on-site instead, the hospital now pays one tenth the cost as before, reduces their carbon footprint, is ensured a secure supply, and can serve more patients in intensive care units (ICU).
Lastly, Inmatec is seeing a pickup in on-site nitrogen generation activity as industrialized economies reopen around the world as COVID-19 imposed restrictions are lifted.
Support – Industrial Products & Services
Xebec saw several developments in its roll-up strategy to acquire compressed air service companies to build out the company’s Cleantech Service Network. Two acquisitions were made in the quarter, including California-based California Compression and the assets of Wisconsin-based Wisconsin Compressed Air.
While the service centers felt the impact of supply chain disruptions, bookings overall were strong for the quarter and several divisions are now seeing meaningful contributions from cleantech equipment. Xebec expects that the pace of acquisitions may slow down as the company works to integrate, optimize and focus its efforts within the segment.
Renewable Gas Infrastructure
Xebec is addressing the renewable gas infrastructure opportunity through GNR Quebec Capital L.P. (“GNRQC”), a fund created in partnership with The Fonds de solidarité FTQ (“Fonds”), the largest capital development fund in Québec. Xebec is an equal equity investor alongside the Fonds and will participate in the sale of renewable natural gas equipment alongside long-term parts & service agreements for the equipment.
The fund has evaluated 28 projects to date and is actively involved with 18 of both greenfield and brownfield varieties in agriculture, municipal, landfill, mixed use, and industrial waste applications. The fund has now successfully executed several letters of intent (LOI) for projects in Québec.
Management Guidance for 2021
For fiscal full-year 2021, Xebec is updating its previously announced guidance with revenues now expected to be at the top end of the range of $120.0 to $130.0 million from $110.0 to $130.0 million and adjusted EBITDA margins in the range of -3.0% to -5.0% from -3.0% to -4.0%. This guidance reflects contribution from the recently announced acquisition of UECompression and increased supply chain risks.
Xebec to Host Live Investor Webinar to Discuss Q3 2021 Results
An investor webinar for shareholders, analysts, investors, media representatives, and other stakeholders will be held today, November 11, 2021, at 8:30AM EST (5:30AM PST).
Register here: https://app.livestorm.co/xebec-adsorption-inc/2021-q3-investor-webinar
A recording of the webinar and supporting materials will be made available later today in the investor’s section of the Company’s website at xebecinc.com/investors.
2021 Third Quarter Financial Statements and Management’s Discussion and Analysis
The condensed financial statements, notes to financial statements, and Management’s Discussion and Analysis for the three-month period ended September 30, 2021, are available on the company’s website at xebecinc.com/investors or on the SEDAR website at www.sedar.com.
Related links:
https://xebecinc.com/
For more information:
Xebec Adsorption Inc.
Brandon Chow, Director, Investor Relations
+1 450.979.8700 ext 5762
bchow@xebecinc.com
About Xebec Adsorption Inc.
Xebec is a global provider of clean energy solutions for renewable and low carbon gases used in energy, mobility and industrial applications. The company specializes in deploying a portfolio of proprietary technologies for the distributed production of hydrogen, renewable natural gas, oxygen and nitrogen. By focusing on environmentally responsible gas generation, Xebec has helped thousands of customers around the world reduce their carbon footprints and operating costs. Headquartered in Québec, Canada, Xebec has a worldwide presence with eight manufacturing facilities, thirteen Cleantech Service Centers and five sales offices spanning over four continents. Xebec trades on the Toronto Stock Exchange under the symbol (TSX: XBC). For more information, xebecinc.com.
junkHustler
3 years ago
Xebec Acquires Colorado-based UECompression to Establish North America’s Leading Renewable Natural Gas and Hydrogen Manufacturing Facility
November 03 2021 - 03:35PM
Xebec Adsorption Inc. (TSX: XBC) (“Xebec”), a global provider of clean energy solutions, is pleased to announce today that it has closed the acquisition of all the outstanding shares of Colorado-based UECompression (“UEC”). Founded in 1983, UEC is a premier designer and builder of custom air and gas compressor solutions for power generation, industrial and energy applications.
The acquisition of UEC provides Xebec with a cost-effective and timely pathway towards expanding production capacity five-fold for standardized renewable gas systems while supporting UEC’s legacy business as the operation continues its energy transition. In addition, Xebec’s global manufacturing footprint is further optimized by bringing European gas generation products such as Hy.GEN to the U.S. and focuses UEC’s facility on containerized and skid-mounted renewable energy systems. Furthermore, the acquisition increases the Cleantech Service Network coverage by six states (Montana, Wyoming, Colorado, North & South Dakota and Nebraska) to meet the increasing need for local service and support as the demand for standardized RNG and hydrogen systems accelerates.
Xebec expects that with limited changes to operations it can use UEC’s excess capacity to produce approximately 150 to 190 containerized BGX Biostream™ (“Biostream”) biogas upgrading and Hy.GEN hydrogen units per year in North America. The new capacity from UEC adds to recent capacity increases in Xebec’s Canadian manufacturing facility.
“UEC helps Xebec solidify its position as a leading renewable gas player by adding a 100,000 sq. foot manufacturing facility in the U.S. With this acquisition, we are responding to the accelerating energy transition and the associated interest in containerized RNG and hydrogen systems. Furthermore, UEC’s existing compression expertise in hydrogen will become increasingly relevant as the hydrogen economy develops. The acquisition will also help us in fully complying with current and evolving needs for local sourcing,” said Kurt Sorschak, Chairman, President and CEO, Xebec Adsorption Inc.
The total consideration for the acquisition of the outstanding shares of UEC is of USD $8 million (CAD $9.9 million) and is subject to certain holdbacks and adjustments. On a standalone basis, UEC is expected to have unaudited revenues of approximately USD $35.0 million (CAD $43.3 million) for 2021. With the introduction of containerized renewable natural gas and hydrogen systems and leveraging the Cleantech Service Network to support UEC’s and Xebec’s installed equipment base, Xebec expects to see significant growth for this operation over the coming years.
Significant capacity increase to support the growing U.S. animal manure RNG market
According to the United States Department of Agriculture and National Pork Producers Council, there are approximately 92,000 active dairy and hog farms in the U.S. The American Biogas Council estimates that approximately 8,574 of these farms are primed for biogas and renewable natural gas production with more than 98 farms already producing RNG for the local transportation market.
Xebec is focused on serving animal manure-based projects because of their ability to reduce emissions from agriculture, support local communities and recycle nutrients. Biostream is well positioned as a market leading solution for animal livestock operations as showcased with orders from top U.S. dairy developers which include an initial 18-unit order from the Brightmark and Chevron RNG partnership.
Related links:
https://www.xebecinc.com
Media Inquiries:
Public Relations for Xebec
Victor Henriquez, Senior Partner
victor@publicsc.com
+1 514.377.1102
Investor Relations:
Xebec Adsorption Inc.
Brandon Chow, Director, Investor Relations
bchow@xebecinc.com
+1 450.979.8700 ext 5762
About Xebec Adsorption Inc.
Xebec is a global provider of clean energy solutions for renewable and low carbon gases used in energy, mobility and industrial applications. The company specializes in deploying a portfolio of proprietary technologies for the distributed production of hydrogen, renewable natural gas, oxygen and nitrogen. By focusing on environmentally responsible gas generation, Xebec has helped thousands of customers around the world reduce their carbon footprints and operating costs. Headquartered in Québec, Canada, Xebec has a worldwide presence with seven manufacturing facilities, thirteen Cleantech Service Centers and five sales offices spanning over four continents. Xebec trades on the Toronto Stock Exchange under the symbol (TSX: XBC). For more information, xebecinc.com.
junkHustler
3 years ago
Xebec Announces Master Service Agreement for BGX Biostream™ units with Leading U.S. RNG Dairy Farm Developer and Starts Pro...
July 06 2021 - 07:00AM
Xebec Adsorption Inc. (TSX: XBC) (“Xebec”), a global provider of clean energy solutions, is pleased to announce today that it has signed a Master Service Agreement (“MSA”) with a leading U.S.-based renewable natural gas (“RNG”) dairy farm project developer for the purchase of BGX Biostream™ (“Biostream”) units. The MSA will support the order of an initial 18 units, with the potential for additional orders under the same service agreement. This agreement represents the single largest unit order the company has received to date for Biostream and the largest in number of systems ever awarded in North America for dairy farm biogas upgrading projects.
As a result of the MSA and additional expected orders, Xebec has also started the production of 30 Biostream units for delivery over the next year. The company’s increased manufacturing requirements are in part supported by the recently announced acquisition of Tennessee-based Nortec. Xebec’s Canadian manufacturing facility is being modified and is expected to allow for the annual production of approximately 30 to 40 Biostream units. In addition, the company is exploring new capacity in the U.S. as more purchase orders are signed.
“This is fantastic validation of our new Biostream product that is focused on animal manure feedstocks. The team has worked hard over the last two years to develop this containerized system which offers many benefits to customers such as short delivery times, fast installation, modularity, ability to automatically handle fluctuating flow rates, low operating costs and equally important, a very competitive price. This MSA shows the strong value proposition developers and farmers see in our products, as they accelerate the development of carbon-negative renewable natural gas production. We are proud to be playing such an important role in this energy transition and look forward to ramping up our production capacity,” stated Kurt Sorschak, Chairman, CEO and President of Xebec Adsorption Inc.
Starting at a list price of USD $1.5 million, Biostream is an ideal solution for dairy farmers because of its containerized and fully automated design that offers easy and quick installation and commissioning, which combined, takes approximately 10 days. Customers will also enjoy the peace of mind knowing that Xebec’s Cleantech Service Network (CSN) will support them locally throughout the entire setup process and for the lifetime of their renewable natural gas equipment.
Biostream is positioned to capture the U.S. animal manure RNG market
According to the American Biogas Council, it is estimated that 8,574 dairy, poultry, and swine farms are primed for biogas and renewable natural gas production. Biostream is estimated to cover more than 80% of these animal manure use cases with multiple standardized configurations which range in capacity between 50 to 840 SCFM (90 to 1350 NCMH).
Dairy farms are leading livestock based RNG production in the U.S.
According to the EPA AgSTAR project database, as of May 2021, there are 333 operational and under construction digester projects that accept livestock manure. The majority (approximately 82%) of the manure-based digester projects are at dairy farms, and the rest are at swine or poultry farms. Of the 333 biogas projects, approximately 98 of them are producing RNG for the local CNG transportation market or for injection into the local pipeline.
RNG from dairy manure is unique in its carbon-negative attributes, with a negative carbon intensity score of -100 to -400 (according to California Air Resources Board) compared to a carbon intensity score of 102 and 34 to 75 for diesel and corn ethanol, respectively.
Xebec continues to see a positive and accelerating backdrop for the RNG industry as organizations and governments around the world aim to manage organic waste more effectively and decarbonize the energy supply, transportation and industry.
Related links:
https://www.xebecinc.com
Media Inquiries:
Public Relations for Xebec
Victor Henriquez, Senior Partner
victor@publicsc.com
+1 514.377.1102
Investor Relations:
Xebec Adsorption Inc.
Brandon Chow, Director, Investor Relations
bchow@xebecinc.com
+1 450.979.8700 ext 5762
About Xebec Adsorption Inc.
Xebec is a global provider of clean energy solutions for renewable and low carbon gases used in energy, mobility and industrial applications. The company specializes in deploying a portfolio of proprietary technologies for the distributed production of hydrogen, renewable natural gas, oxygen and nitrogen. By focusing on environmentally responsible gas generation, Xebec has helped thousands of customers around the world reduce their carbon footprints and operating costs. Headquartered in Québec, Canada, Xebec has a worldwide presence with seven manufacturing facilities, eight Cleantech Service Centers and five sales offices spanning over four continents. Xebec trades on the Toronto Stock Exchange under the symbol (TSX: XBC). For more information, xebecinc.com.
junkHustler
3 years ago
Xebec Commissions Gas-as-a-Service On-site Hydrogen Generation System for Turkey's First Lubricant Recycling Plant
June 23 2021 - 07:00AM
Xebec Adsorption Inc. (TSX: XBC) (“Xebec”), a global provider of clean energy solutions, is pleased to announce today that its wholly owned subsidiary HyGear, has successfully commissioned an on-site hydrogen generation system for TAYRAS’ used lubricant oil re-refinery in Turkey. Approximately 560 kg of hydrogen per day (205 tons per year) will be delivered under 125 bar by the fully automated system under a 15-year Gas-as-a-Service contract. TAYRAS’ facility is the first of its kind in the country and will be key to developing Turkey’s circular economy and reducing emissions from API Group II base lubricating oils.
“This was a significantly large sized project for us and a unique one to be involved in within our reference installations. TAYRAS’ re-refinery shows the importance of securing local supply and reducing the carbon footprint of oils through recycling. Our on-site hydrogen offers the lowest cost and emissions option by cutting out the transportation and liquefaction steps from centralized hydrogen supply. In addition, we were able to showcase our expertise in compression by operating at an impressive 125 bar on a 24/7 basis. This level of operation will lend well to other applications such as hydrogen refueling stations where this pressure and reliability is also needed,” said Marinus van Driel, President of Xebec Europe.
The capacity of TAYRAS’ plant is 60,000 tons of used lubricating oil per year which is expected to produce approximately 45,000 tons of Group II base oil (N70, N100, N220). The hydrogen produced by HyGear’s system will be used to hydro-treat the used oils and remove sulphur, chlorine, nitrogen, phosphorous, silica and saturation of aromatics employing special catalysts.
Industry consultant Kline & Co. estimates that approximately 50% of used motor oil is re-refined in Europe. This amount falls to between 10% and 15% in North America. In Turkey, it is estimated by Petder to be as little as 7%.
Related links:
https://www.xebecinc.com
https://www.tayras.com/en/
Media Inquiries:
Public Relations for Xebec
Victor Henriquez, Senior Partner
victor@publicsc.com
+1 514.377.1102
Investor Relations:
Xebec Adsorption Inc.
Brandon Chow, Director, Investor Relations
bchow@xebecinc.com
+1 450.979.8700 ext 5762
About Xebec Adsorption Inc.
Xebec is a global provider of clean energy solutions for renewable and low carbon gases used in energy, mobility and industrial applications. The company specializes in deploying a portfolio of proprietary technologies for the distributed production of hydrogen, renewable natural gas, oxygen and nitrogen. By focusing on environmentally responsible gas generation, Xebec has helped thousands of customers around the world reduce their carbon footprints and operating costs. Headquartered in Québec, Canada, Xebec has a worldwide presence with six manufacturing facilities, eight Cleantech Service Centers and five sales offices spanning over four continents. Xebec trades on the Toronto Stock Exchange under the symbol (TSX: XBC). For more information, xebecinc.com.
junkHustler
3 years ago
Xebec Acquires Tiger Filtration to Leverage Recurring Element and Filter Manufacturing Platform for Renewable Gases
June 14 2021 - 07:00AM
Xebec Adsorption Inc. (TSX: XBC) (“Xebec”), a global provider of clean energy solutions, is pleased to announce that on June 11, 2021, it has closed the acquisition of all the outstanding shares of United Kingdom based Tiger Filtration (“TFL”). The acquisition of TFL will provide Xebec with a very profitable and recurring aftermarket manufacturing business for elements and filters. TFL’s R&D capabilities will also allow for expansion of its product portfolio to include filtration products for hydrogen and renewable natural gas (RNG).
Founded in 2004 by former Walker Filtration employees (Bob Thompson, Gary Ashton and Matthew Rowe), TFL has gained worldwide recognition for providing high-quality alternatives for the compressed air and gas industry. TFL was established 17 years ago and has become an internationally active company with worldwide sales. Two of its principals will retire and Gary Ashton will remain with TFL as Managing Director and continue his leadership in sales and business development.
“We started TFL almost two decades ago and are happy to be handing over the company to Xebec, a company with a clear focus on clean technologies. I am particularly proud of the efficient manufacturing platform that we’ve created and that can successfully compete with the compressed air & gas multinationals. I believe that TFL will enable Xebec to not only capture immediate sales and costs synergies but also help create products for the energy transition, as our knowledge will facilitate the development of filter products for hydrogen and RNG,” said Gary Ashton, Managing Director, Tiger Filtration.
Total consideration payable by Xebec is £12.0 million ($20.6 million CAD) and is subject to certain holdbacks, adjustments and time-based payments. TFL had revenues of £2.7 million ($4.6 million CAD), an EBITDA margin of 42% and a net income margin of 34% for FY2020. Furthermore, Xebec expects that TFL will immediately provide cost savings by displacing parts currently bought by its existing subsidiaries within the Cleantech Service Network, HyGear, Inmatec and its headquarters in Québec.
“TFL provides Xebec with a unique opportunity to vertically integrate into the valuable aftermarket business for filters and elements. The acquisition will be immediately accretive and bring TFL’s products to our service subsidiaries which will be leveraging our sales and distribution networks to increase revenues. Ultimately, the acquisition positions us well as we look to transition from being predominantly an equipment supplier to a support and service-oriented organization with recurring revenue streams for renewable and low carbon gases,” stated Kurt Sorschak, Chairman, CEO and President of Xebec Adsorption Inc.
About Tiger Filtration
Established in 2004, Tiger Filtration is an independently owned British based company specialising in the manufacturing of high-quality alternative in-line filter elements, vacuum pump separators, compressor air & oil separators, high-pressure stainless-steel filter housings and bespoke filtration solutions. Tiger’s products are supplied from its 14,000 sq ft facility in Sunderland, UK and sold globally to customers ranging from small businesses to international organisations who expect quality products and an exceptional level of service.
Related links:
https://www.xebecinc.com
https://www.tigerfiltration.com
Media Inquiries:
Public Relations for Xebec
Victor Henriquez, Senior Partner
victor@publicsc.com
+1 514.377.1102
Investor Relations:
Xebec Adsorption Inc.
Brandon Chow, Director, Investor Relations
bchow@xebecinc.com
+1 450.979.8700 ext 5762
About Xebec Adsorption Inc.
Xebec is a global provider of clean energy solutions for renewable and low carbon gases used in energy, mobility and industrial applications. The company specializes in deploying a portfolio of proprietary technologies for the distributed production of hydrogen, renewable natural gas, oxygen and nitrogen. By focusing on environmentally responsible gas generation, Xebec has helped thousands of customers around the world reduce their carbon footprints and operating costs. Headquartered in Québec, Canada, Xebec has a worldwide presence with six manufacturing facilities, eight Cleantech Service Centers and five sales offices spanning over four continents. Xebec trades on the Toronto Stock Exchange under the symbol (TSX: XBC). For more information, xebecinc.com.
junkHustler
3 years ago
Xebec Announces Supply Agreement for Hydrogen Fueling Station in the Netherlands
05/26/2021 7:00:00 AM
MONTREAL, May 26, 2021 (GLOBE NEWSWIRE) -- Xebec Adsorption Inc. (TSX: XBC) (“Xebec”), a global provider of clean energy solutions, is pleased to announce today that its wholly owned subsidiary HyGear, has signed an agreement to supply hydrogen to a fueling station in the Netherlands. The agreement includes the on-site generation and delivery of 130,000 kg of hydrogen from HyGear’s nearby decentralized hydrogen production hub in Arnhem, Netherlands over a 1.5-year period. The supplied hydrogen is expected to support the fueling needs of approximately 33,000 fuel cell electric vehicle (“FCEV”) fills over the duration of the contract.
“This is the second hydrogen supply agreement we have signed in the Netherlands for refueling stations. We are excited about our continued traction as large-scale demand for the fuel comes online for heavy and light duty FCEVs such as buses and passenger cars. Our decentralized hydrogen production hubs already offer supply to local industrial markets, and we are primed for the increased demand from the mobility sector. This unique approach of local production and distribution will play well into our global strategy of distributed and decentralized gas generation, resulting in significantly lower costs and emissions,” stated Marinus van Driel, President of Xebec Europe.
HyGear is developing into a globally local leader in hydrogen supply
On February 18, 2021, HyGear signed its first hydrogen fuel supply contract with Rijngas, a gas sales and distribution company in the Netherlands, for the supply of hydrogen to a fueling station in Amsterdam that is operated by Orangegas. This hydrogen fuelling station is one of the first in Amsterdam and the sixth station in the country. Hydrogen is expected to play an important role in the Dutch government’s energy transition policy framework, particularly in heavy duty vehicles such as trucks, buses, tractors and ships.
While HyGear owns and operates its first hub in Arnhem, Netherlands, a second one is currently under construction in West Bromwich, United Kingdom. This second hub marks the company’s geographic expansion in Europe and will be operated by Buse Gases Ltd as a joint venture.
Related links:
https://www.xebecinc.com
https://hygear.com/news/hygear-supplies-hydrogen-for-fuelling-station-in-amsterdam/
https://xebecinc.com/news/xebec-launches-hydrogen-supply-strategy-in-the-united-kingdom/
Media Inquiries:
Public Relations for Xebec
Victor Henriquez, Senior Partner
victor@publicsc.com
+1 514.377.1102
Investor Relations:
Xebec Adsorption Inc.
Brandon Chow, Director, Investor Relations
bchow@xebecinc.com
+1 450.979.8700 ext 5762
About Xebec Adsorption Inc.
Xebec is a global provider of clean energy solutions for renewable and low carbon gases used in energy, mobility and industrial applications. The company specializes in deploying a portfolio of proprietary technologies for the distributed production of hydrogen, renewable natural gas, oxygen and nitrogen. By focusing on environmentally responsible gas generation, Xebec has helped thousands of customers around the world reduce their carbon footprints and operating costs. Headquartered in Québec, Canada, Xebec has a worldwide presence with six manufacturing facilities, eight Cleantech Service Centers and five sales offices spanning over four continents. Xebec trades on the Toronto Stock Exchange under the symbol (TSX: XBC). For more information, xebecinc.com.
junkHustler
4 years ago
Xebec Welcomes Ms. Karen Nielsen to Board of Directors
April 07 2021 - 07:00AM
GlobeNewswire Inc.
Xebec Adsorption Inc. (TSX: XBC) (“Xebec”), a global provider of clean energy solutions, is pleased to announce that Ms. Karen Nielsen has joined Xebec’s Board of Directors effective today.
Ms. Nielsen was formerly the Chief Development Officer at Seven Generations Energy Ltd (TSX: VII), an energy producer dedicated to stakeholder service, responsible development and generating strong returns. She is also a non-executive lead director at Crew Energy (TSX: CR), a light oil and natural gas producer operating and based in Western Canada.
“Having spent the majority of my career in the traditional oil and gas space, I am excited to be joining Xebec as we look towards the next chapter of energy. Decarbonization of our energy sources has come to the forefront of our minds as we look to address climate change. I believe Xebec will play a key role in this as a world leading renewable gas player and that we will pave a better future for generations to come,” stated Karen Nielsen.
Ms. Nielsen brings decades of expertise in the oil and gas sector with positions in operations, business development, engineering and finance. She held positions as Senior Vice President and General Manager at ATCO Power Ltd. (TSX: ACO.X), Vice President of Operations at ARC Resources Ltd. (TSE: ARX) and both Vice President of Engineering and Operations at Birchcliff Energy Ltd. (TSX: BIR).
“I am excited to be welcoming Karen to Xebec’s Board. She brings a strong background in energy in a time where the transition towards lower carbon energy sources is accelerating. Xebec is playing an important role in providing cleantech solutions for reducing emissions in the broader energy sector. I look forward to Karen’s contributions as she brings forth new ideas and insight into the energy transition,” stated Kurt Sorschak, Chairman, President and CEO, Xebec Adsorption Inc.
Related links:
https://www.xebecinc.com
Media Inquiries:
Public Relations for Xebec
Victor Henriquez, Senior Partner
victor@publicsc.com
+1 514.377.1102
Investor Relations:
Xebec Adsorption Inc.
Brandon Chow, Director, Investor Relations
bchow@xebecinc.com
+1 450.979.8700 ext 5762
About Xebec Adsorption Inc.
Xebec is a global provider of clean energy solutions for renewable and low carbon gases used in energy, mobility and industry applications. The company specializes in deploying a portfolio of proprietary technologies for the distributed production of hydrogen, renewable natural gas, oxygen and nitrogen. By focusing on environmentally responsible gas generation, Xebec has helped thousands of customers around the world reduce their carbon footprints and operating costs. Headquartered in Québec, Canada, Xebec has a worldwide presence with five manufacturing facilities, eight Cleantech Service Centers and four sales offices spanning over four continents. Xebec trades on the Toronto Stock Exchange under the symbol (TSX: XBC). For more information, xebecinc.com.
junkHustler
4 years ago
Xebec Announces $59M in Credit Facilities from National Bank of Canada
02/24/2021 8:00:00 AM
MONTREAL, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Xebec Adsorption Inc. (TSX: XBC) (“Xebec”), a global provider of clean energy solutions for renewable and low carbon gases, announced today that it has secured credit facilities with National Bank of Canada’s Technology and Innovation Banking Group for a total value of up to $59.25 million CAD. The expanded facilities will provide Xebec with greater financial flexibility and cash management to pursue its growth trajectory and its acquisition strategy aimed at developing a North American and European Cleantech Service Network for its increasing renewable natural gas and hydrogen installations.
"We’re pleased to partner with National Bank of Canada, which is committed to building lasting relationships with its clients and to supporting sustainable development. The confidence placed in Xebec by National Bank of Canada to increase our credit facilities shows that the team has a growth and development plan that adequately responds to the decarbonization needs around the world,” said Stéphane Archambault, CFO of Xebec Adsorption Inc. “Xebec is an innovative cleantech company developing solutions to help our customers reduce their emissions while simultaneously reducing the cost of their industrial and renewable gas purchases. The economy is changing at a rapid pace and the need to reconcile economic development with the fight against climate change has never been greater. Xebec is playing an increasingly important role in the transition to a net zero carbon economy.”
“Our Technology and Innovation Banking Group offers specialized support to fast-growing technology businesses like Xebec, which is on its way to becoming a renewable gas leader. We’re proud to partner with a home-grown company that has provided clean energy solutions to thousands of customers around the world and has seen tremendous growth in its activities over the last few years. It’s very exciting for us to support Xebec in its future development and acquisition strategy,” added François-Pierre Dionne, Senior Director, Technology and Innovation Banking at National Bank of Canada.
These credit facilities represent the broadest access to debt financing available to the company to date.
Related links:
https://www.xebecinc.com
Media Inquiries:
Public Relations for Xebec
Victor Henriquez, Senior Partner
victor@publicsc.com
+1 514.377.1102
Investor Relations:
Xebec Adsorption Inc.
Brandon Chow, Director, Investor Relations
bchow@xebecinc.com
+1 450.979.8700 ext 5762
About Xebec Adsorption Inc.
Xebec is a global provider of clean energy solutions for renewable and low carbon gases used in energy, mobility and industry applications. The company specializes in deploying a portfolio of proprietary technologies for the distributed production of hydrogen, renewable natural gas, oxygen and nitrogen. By focusing on environmentally responsible gas generation, Xebec has helped thousands of customers around the world reduce their carbon footprints and operating costs. Headquartered in Québec, Canada, Xebec has a worldwide presence with five manufacturing facilities, eight Cleantech Service Centers and four sales offices spanning over four continents. Xebec trades on the Toronto Stock Exchange under the symbol (TSX: XBC). For more information, xebecinc.com.
About National Bank of Canada
With $344 billion in assets as at January 31, 2021, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. It has more than 26,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.
junkHustler
4 years ago
Xebec Launches Hydrogen Supply Strategy in the United Kingdom
February 16 2021 - 08:00AM
GlobeNewswire Inc.
Xebec Adsorption Inc. (TSX: XBC) (“Xebec”), a global provider of clean energy solutions for renewable and low carbon gases, is pleased to announce that its wholly owned subsidiary HyGear, has signed a Gas-as-a-Service (“GaaS”) contract with Saint-Gobain Glass (EPA: SGO) for a 15-year term. Saint-Gobain Glass is one of the world’s largest float glass manufacturers and will be supplied with hydrogen for their production facility in Eggborough, United Kingdom.
Last month, HyGear also delivered an on-site hydrogen generation system to KIWA Group in Birmingham for fuel cell components testing. These recent orders and deliveries support the launch of the company’s hydrogen supply strategy in the United Kingdom, which is marked by the start of construction of a Decentralized Hydrogen Production Hub. Located in West Bromwich, the company’s second hub is expected to initially reach a capacity of 300 kg of hydrogen per day and can be gradually expanded based on market demands. The site will be operated in collaboration with Buse Gases Ltd as a joint venture.
“The cornerstone of our hydrogen supply strategy is to satisfy the existing and evolving needs for industrial hydrogen, while also facilitating the upcoming demand for fuel cell electric vehicles (FCEVs). We are excited to be announcing the construction of our first Decentralized Hydrogen Production Hub in the UK because these hubs will initially serve our industrial customers such as Saint-Gobain, and gradually start supplying hydrogen vehicle filling stations. This layered approach will allow us to support the roll-out of refueling stations in an economically viable way as the broader hydrogen economy forms in the next decades,” stated Marinus van Driel, President of Xebec Europe.
Through the acquisition of HyGear last December, Xebec gained access to highly efficient on-site hydrogen generation through steam methane reforming (SMR) and electrolysis. On-site generation reduces the need for central production, compression or liquefaction and road transportation, and therewith offers a more cost-effective and environmentally friendly option for hydrogen supply.
The company is developing regional strategies worldwide in which on-site Gas-as-a-Service equipment produces the base-load supply and peak demand is supported by Decentralized Production Hubs near end users. As a result of this combined production strategy, it is expected that customers will have access to the most cost-effective and lowest emission hydrogen available today.
With the announcement by the UK government to achieve net-zero carbon emissions by 2050, hydrogen adoption is being seen as one of the key pathways towards achieving this goal. The hydrogen supply launch in the United Kingdom is expected to provide a foundational blueprint for Xebec’s accelerated expansion plans of setting up decentralized production hubs globally, and its core strategy to build hydrogen energy infrastructure by first targeting demand in industry.
Related links:
https://www.xebecinc.com
https://hygear.com/
Media Inquiries:
Public Relations for Xebec
Victor Henriquez, Senior Partner
victor@publicsc.com
+1 514.377.1102
Investor Relations:
Xebec Adsorption Inc.
Brandon Chow, Director, Investor Relations
bchow@xebecinc.com
+1 450.979.8700 ext 5762
About Xebec Adsorption Inc.
Xebec is a global provider of clean energy solutions for renewable and low carbon gases used in energy, mobility and industry applications. The company specializes in deploying a portfolio of proprietary technologies for the distributed production of hydrogen, renewable natural gas, oxygen and nitrogen. By focusing on environmentally responsible gas generation, Xebec has helped thousands of customers around the world reduce their carbon footprints and operating costs. Headquartered in Québec, Canada, Xebec has a worldwide presence with four manufacturing facilities, seven Cleantech Service Centers and four three offices spanning over four continents. Xebec trades on the Toronto Stock Exchange under the symbol (TSX: XBC). For more information, xebecinc.com.
junkHustler
4 years ago
Xebec Announces Hydrogen Order for FuelCell Energy's Port of Long Beach Project
February 11 2021 - 08:00AM
Xebec Adsorption Inc. (TSX: XBC) (“Xebec”), a global provider of clean energy solutions for renewable and low carbon gases, is pleased to announce that it has received a hydrogen purification system order from FuelCell Energy, Inc. (NASDAQ: FCEL). FuelCell Energy is an innovator and manufacturer of fuel cell clean power platforms, delivering hydrogen, long-duration hydrogen energy storage, carbon capture, carbon separation and utilization, power, and thermal energy.
The order is for a Pressure Swing Adsorption (PSA) based system that will purify hydrogen produced by FuelCell Energy’s SureSourceTM Hydrogen platform to meet required standards for fueling zero-emission fuel cell vehicles for Toyota’s operations at the Port of Long Beach in California. Green hydrogen will be produced from renewable natural gas (RNG) fed into FuelCell Energy’s trigeneration process, helping the port’s mission to lower carbon emissions and improve air quality in the community.
“FuelCell Energy is excited to work with Xebec to deliver high-purity hydrogen. FuelCell Energy is working under contract to Toyota at the Port of Long Beach to deliver the hydrogen necessary to promote the further adoption of fuel cell electric vehicles, deliver green hydrogen, and provide reclaimed water produced by our platform to facilitate car-washing operations. We believe that this installation will be the only installation in world simultaneously delivering carbon neutral power, green hydrogen, and water from a single platform,” stated Jason Few, President and Chief Executive Officer of FuelCell Energy, Inc.
“We are excited to be collaborating with Fuel Cell Energy on this project. This installation at the Port of Long Beach is an excellent application of distributed hydrogen generation for fuel cell electric vehicles using renewable natural gas to provide renewable hydrogen,” stated Kurt Sorschak, Chairman, CEO and President of Xebec Adsorption Inc. “Hydrogen is becoming increasingly important as corporations and governments around the world strive for net-zero and zero-emission vehicles. In addition to our RNG business, we expect Xebec will play a more significant role as a hydrogen technology provider in helping customers displace higher carbon fuels and high-emission diesel trucks with FCEVs in the coming years.”
Delivery of the system is expected to occur in Q3 of this year.
Related links:
https://www.xebecinc.com
https://www.fuelcellenergy.com/
Media Inquiries:
Public Relations for Xebec
Victor Henriquez, Senior Partner
victor@publicsc.com
+1 514.377.1102
Investor Relations:
Xebec Adsorption Inc.
Brandon Chow, Director, Investor Relations
bchow@xebecinc.com
+1 450.979.8700 ext 5762
About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ: FCEL) is a global leader in sustainable clean energy technologies that address some of the world’s most critical challenges around energy, safety and global urbanization. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers worldwide with sustainable products and solutions for businesses, utilities, governments and municipalities. Our solutions are designed to enable a world empowered by clean energy, enhancing the quality of life for people around the globe. We target large-scale power users with our megawatt-class installations globally, and currently offer sub-megawatt solutions for smaller power consumers in Europe. To provide a frame of reference, one megawatt is adequate to continually power approximately 1,000 average sized U.S. homes. We develop turn-key distributed power generation solutions and operate and provide comprehensive service for the life of the power plant. Our fuel cell solution is a clean, efficient alternative to traditional combustion-based power generation, and is complementary to an energy mix consisting of intermittent sources of energy, such as solar and wind turbines. Our customer base includes utility companies, municipalities, universities, hospitals, government entities/military bases and a variety of industrial and commercial enterprises. Our leading geographic markets are currently the United States and South Korea, and we are pursuing opportunities in other countries around the world. FuelCell Energy, based in Connecticut, was founded in 1969.
About Xebec Adsorption Inc.
Xebec is a global provider of clean energy solutions for renewable and low carbon gases used in energy, mobility and industry applications. The company specializes in deploying a portfolio of proprietary technologies for the distributed production of hydrogen, renewable natural gas, oxygen and nitrogen. By focusing on environmentally responsible gas generation, Xebec has helped thousands of customers around the world reduce their carbon footprints and operating costs. Headquartered in Québec, Canada, Xebec has a worldwide presence with four manufacturing facilities, seven Cleantech Service Centers and three sales offices spanning over four continents. Xebec trades on the Toronto Stock Exchange under the symbol XBC. For more information, xebecinc.com.
junkHustler
4 years ago
Xebec Expands Product Portfolio and Enters German Hydrogen and Renewable Natural Gas Markets with Acquisition of Inmatec
December 17 2020 - 04:10PM
Xebec Adsorption Inc. (TSXV: XBC) (“Xebec” or the "Corporation"), a global provider of clean energy solutions, is pleased to announce it has entered into a definitive agreement to acquire all of the issued and outstanding shares of Inmatec Gase Technologie GmbH & Co. KG, Inmatec GmbH and Inmatec Gas Technology FZC RAK (collectively, “Inmatec”), in the United Arab Emirates (the “Acquisition”).
"We’re excited to be announcing another strategic acquisition for us this month. Inmatec builds on our thesis for onsite generation of gases as it enables customers to achieve significant cost and emission reductions," said Kurt Sorschak, Chairman, CEO and President of Xebec Adsorption Inc. “Inmatec is one of the world leaders in onsite nitrogen and oxygen generators and has achieved impressive scale with over 8,000 units deployed worldwide. Their German manufacturing and engineering capabilities have resulted in a reputation for high quality and extremely reliable products.”
"Notably, Inmatec complements both our onsite hydrogen generators, which are produced by HyGear and our own industrial air and renewable natural gas products. We see good value in cross-selling these solutions throughout our industrial service companies in North America and our combined customer base. Most importantly, Inmatec will give us a Cleantech Service Network footprint in parts of Europe, the Middle East and Africa, and an entry into the German hydrogen and RNG market. There are over 8,900 biogas installations which could be converted to produce RNG and Germany has announced plans to invest up to Euro 9 billion in hydrogen. Inmatec is ideally positioned to leverage their 40+ distribution partners to also sell our renewable natural gas and hydrogen systems."
"As we look forward to 2021, we’re excited to be increasing the scope of our capabilities and evolve into a truly global company. I’d like to once again congratulate all the teams on all their hard work and give Inmatec a warm welcome to the Xebec family,” added Mr. Sorschak.
Inmatec Acquisition Overview and Rationale
Worldwide leader in onsite nitrogen and oxygen products
Founded in 1993, Inmatec is an international market leader in the production of nitrogen and oxygen generators. Designed, developed and produced in Germany, over 8,000 Inmatec systems have been deployed and sold around the world. Similar to HyGear, onsite generation of nitrogen and oxygen reduces the need for transportation, saving on costs and reducing the burden on the environment.
Growth opportunities by bringing products to North America and cross-selling
Inmatec’s products and manufacturing are among the best-in-class and this acquisition will give Xebec an accelerated entry into offering these products in North America. Currently, Inmatec’s target markets are in parts of Europe, the Middle East and Africa (“EMEA”). Due to the complementary nature of customers and industries, Xebec’s and HyGear’s products can also be sold through Inmatec, giving another sales channel and platform for growth in the EMEA region.
Cleantech Service Network expansion into Europe and entry into German Hydrogen renewable natural gas markets
With over 260 technicians actively servicing equipment across Europe, Inmatec’s own and partner workforce will be retrained and retooled to work with renewable gases. This positions Xebec favorably in the purchasing decision process when customers select a vendor for a multi-million-dollar hydrogen or renewable natural gas installation. Xebec believes service is an important customer need and sees it as a competitive advantage due to the lack of a similar offerings from other vendors.
In addition, Inmatec’s distribution network of 40+ worldwide and regional partners create an opportunity to enter Germany’s evolving hydrogen market and Europe’s largest potential renewable natural gas market. Germany has approximately 8,900 active biogas installations and approximately 280 of them are producing RNG today. These existing facilities are potential candidates for conversion to renewable natural gas and potentially decentralized green hydrogen production.
Exposure to the fast-growing medical oxygen market
Inmatec’s business operations have expanded significantly year-over-year from 2019 to 2020. This expansion is largely attributed to the associated demand from the COVID-19 pandemic response, which requires larger amounts of medical grade oxygen in hospitals around the world. This exposure is beneficial to Xebec by giving the company the capabilities to now manufacture and sell this equipment in North America and makes the company one of the few with these capabilities in Canada. Ultimately, the pandemic has helped hospitals realize the cost benefits and self-sufficiency that comes with onsite oxygen generation.
The Acquisition, which is one of the two “LOI Acquisitions” announced by Xebec on December 8, 2020, will be financed with the proceeds from the public offering and the concurrent private placement announced by Xebec on December 8, 2020 and December 9, 2020. The release of proceeds from such public offering and the concurrent private placement and the exchange of the subscription receipts into common shares of the Corporation are not conditional upon the closing of the Acquisition. The Acquisition is expected to close on or about February 28, 2021. The Acquisition has been unanimously approved by the Board of Directors of Xebec and is subject to regulatory approval and other customary closing conditions.
Advisors
Desjardins Capital Markets and TD Securities Inc. acted as financial advisors on the Acquisition.
Related links
https://www.xebecinc.com
https://www.inmatec.de/en/startsite.html
Investor Relations:
Xebec Adsorption Inc.
Brandon Chow, Investor Relations Manager
bchow@xebecinc.com
+1 450.979.8700 ext 5762
Media Inquiries:
Public Stratégies et Conseils for Xebec
Victor Henriquez, Senior Partner
victor@publicsc.com
+1 514.377.1102
junkHustler
4 years ago
Canada Banks Seek Seat at Xebec Talks Amid Hydrogen Fervor
By Esteban Duarte
November 29, 2020, 10:00 PM PST Updated on November 30, 2020, 7:49 AM PST
Montreal-area firm explores strategic M&A in China and Europe
Xebec to seek a credit rating ahead of potential ESG financing
Canadian banks are eager to gain exposure to growing momentum in the hydrogen industry, giving talks surrounding Xebec Adsorption Inc.’s debt the characteristics of a “tender,” according to Chairman Kurt Sorschak.
The provider of clean energy solutions is seeking to replace two of its credit facilities. Three large Canadian banks have entered talks, and the new financing could be “almost ten times larger” than those existing, Sorschak said in an interview.
The company is looking to replace credit lines for a total of C$4.5 million ($3.5 million), which are currently provided by National Bank of Canada and Export Development Canada. The new deal is expected to be ready in December, he said.
Xebec is bolstering its access to credit soon after reorganizing its partnership with Shenergy Group, a Chinese state-owned utility that’s preparing to roll out hydrogen refueling stations and onsite generation infrastructure. The company’s stock - which has jumped close 175% so far this year - rose Monday as much as 1.87% to C$5.98 compared to a decline of 1.4% in the S&P/TSX Composite Index. It had an equity market value of almost C$633 million as of 10:42 a.m. in Toronto.
In the past, banks “have been very restrictive on the commercial facilities,” said Sorschak. Currently, “they are very, very aggressive.”
Governments, energy producers and carmakers around the world have pointed to hydrogen as pivotal for cutting greenhouse-gas emissions and preventing the worst effects of climate change. That’s triggered a global race to stake claims in what could be a $700 billion business by 2050, according to BloombergNEF. In Canada, hydrogen is the clean energy investment that appeals the most to country’s asset managers, according to a survey carried out for HSBC Holdings Plc.
While the company is “sufficiently capitalized for the time being,” it could explore the issuance of equity and debt to finance a strategic acquisition, he said. In the medium-term, Xebec plans on getting a credit rating ahead of a potential sustainable debt transaction, Sorschak said.
The firm is looking for a potential “strategic” M&A transaction in China and Europe, where governments are ramping up support for the hydrogen industry, he said.
Targets in North America are very limited because big companies have already bought firms operating in the space. However, investment plans around hydrogen are taking off, said Sorschak, citing Enbridge Gas Inc.’s recent announcement of a so-called blending pilot project with Cummins Inc.
In Canada, “we have the potential to be a hydrogen superpower,” said Sorschak, because the country can produce “a lot of cheap natural gas out in Alberta.” He added that the country also it has an abundance of of hydro-power electricity.
— With assistance by Michael Bellusci
junkHustler
4 years ago
Xebec and Shenergy Strengthen Partnership to Develop China’s Growing Hydrogen Market
- Xebec Shanghai will receive a direct strategic investment from Shenergy to collaborate on building China’s hydrogen infrastructure -
MONTREAL, (QC), November 12th, 2020 – Xebec Adsorption Inc. (TSXV: XBC) (“Xebec”), a global provider of clean energy solutions, today announced a strengthened partnership with Shanghai based Shenergy Group Company Limited (“Shenergy”). Initially formed in 2015, the existing Sino-Joint Venture partnership with Xebec Shanghai, will receive a direct strategic equity investment ($3.4M) from Shenergy in exchange for the debt and interest owed by Xebec for its share buyback obligation. The newly formed partnership will open large-scale opportunities to develop hydrogen infrastructure in China. Shenergy is one of several designated state-owned enterprises tasked with building out hydrogen infrastructure in Shanghai and across China.
“Xebec has been a valuable partner since 2015 when we embarked with them to collaborate on hydrogen projects in China. The hydrogen fuel market is now starting to accelerate with China’s new government policies, and we wanted to strengthen our relationship with this strategic investment. Xebec’s PSA technology platform is known for its robust performance, compact footprint and low operating costs for hydrogen purification. We see Xebec’s solutions and expertise as a key component in our mandate for the rollout of hydrogen refueling stations and onsite hydrogen generation infrastructure. I look forward to our collaboration and it is our honor to be working with a worldwide renewable gas leader,” states Xue Feng Song, Deputy General Manager at Shenergy Group Company Limited.
“We’re excited to be taking our partnership with Shenergy to the next level. Shenergy is an energy leader in China and has been a key partner for Xebec Shanghai since 2015. They saw an opportunity to further our relationship by making a strategic equity investment into Xebec as they prepare for China’s new hydrogen policy, one of the most aggressive in the world. This partnership will help us grow our hydrogen business in Asia and is expected to have a positive impact on our activities in Europe and North America as Xebec integrates with and benefits from the growing hydrogen supply chain in China,” says Kurt Sorschak, President & CEO, Xebec Adsorption Inc.
China’s new policy sets a framework for one million FCEV on the road by 2030
Announced in September, China set an aggressive hydrogen policy which targets 1 million fuel cell electric vehicles (FCEVs) on the road by 2030. Part of this target is an initial five-year plan for the accelerated development of the hydrogen fuel cell vehicle industry, with an aim to achieve a total deployment of 10,000 FCEVs and a total economic output of RMB 24 billion by 2025.
There have been approximately 7,200 FCEVs and 80 refueling stations deployed in China to date. Xebec believes this new policy showcases the strategic significance of FCEVs for the decarbonization of transportation and hydrogen’s extended use within industry.
In addition, China’s new hydrogen policy was followed by the country’s pledge to be carbon neutral by 2060. The country now joins more than 60 others who have pledged carbon neutrality by 2050. Hydrogen is expected to play a key part in reducing the world’s greenhouse gas (GHG) emissions by displacing the use of higher carbon-based fuels.
Strengthened partnership will allow Xebec to scale its hydrogen footprint and improve its balance sheet
Xebec Shanghai has successfully deployed 25 hydrogen purification systems in China to date with an additional seven scheduled for commissioning over the next few months. These systems have historically been used for refinery or petrochemical off-gas purification to provide high purity hydrogen for FCEVs or industrial applications. As a result of the new policy, additional applications are expected to open up, such as hydrogen refueling infrastructure and de-centralized hydrogen production where Xebec’s technology will be needed.
Shenergy in effect has converted the debt Xebec owed to Shanghai Chengyi New Energy Venture Capital Co., Shenergy’s financial services subsidiary, into a direct strategic investment of equity. Consideration of approximately $1.7M will be paid for the outstanding interest owed by Xebec, and the $3.4M of long-term debt will be moved into the equity section of Xebec’s balance sheet. Following the transaction, Xebec will own 60% of the Sino-Joint Venture with 35% belonging to Shenergy and 5% to a management incentive pool.
The definitive agreements for the investment have been signed at the end of October, and closing is expected to occur at the end of December 2020. Xebec and Shenergy will have board representation in Xebec Shanghai and decisions will need a greater than two-thirds majority. Consequently, after closing, IFRS requires that Xebec no longer consolidate Xebec Shanghai into its financial statements; instead, Xebec will consolidate the proportional profits and losses of Xebec Shanghai.
junkHustler
4 years ago
Xebec Expands Cleantech Service Network with Acquisition of Pennsylvania Based The Titus Company
11/02/2020 8:00:00 AM
- Fifth acquisition in Xebec’s strategy to rapidly expand its cleantech service offering for renewable natural gas and hydrogen installations in North America-
MONTREAL, Nov. 02, 2020 (GLOBE NEWSWIRE) -- Xebec Adsorption Inc. (TSXV: XBC) (“Xebec”), a global provider of clean energy solutions, is pleased to announce it has entered into an agreement effective October 30th, 2020, to acquire all of the outstanding shares of “The Titus Company” (Titus). Titus’ principals will remain with Titus after the acquisition to optimize their integration into Xebec’s Industrial Service and Support business and to grow the operation over the coming years. With this acquisition, Xebec’s Cleantech Service Network (CSN) coverage will increase to include Eastern Pennsylvania, Delaware and New Jersey.
Total consideration payable by Xebec is approximately $8.0M, subject to certain holdbacks, adjustments and time-based payments. Titus had revenues of $12.3 million for FY2019 with an EBITDA margin of approximately 13.5%. Titus is on track and expected to achieve similar revenue and profitability for FY2020. As with other acquisitions, Xebec expects that Titus’ growth and profitability could be improved with product, sourcing and back-office synergies.
“Over three decades ago I founded The Titus Company to support local Pennsylvania, New Jersey, and Delaware companies with their compressed air service needs. We are happy with what has been achieved to date and it’s time for the company to enter its next chapter. Titus’ legacy of superior capabilities in the compressed air industry will continue, and we will begin to support Xebec’s vision in renewable gases. I am thrilled to be handing off the company to a cause that can make the world a better and more sustainable place,” states Stephen Titus, Owner of The Titus Company.
“Since I started at Titus in 2017, we have made great progress in growing the business and solidifying Titus’ leadership in the states we operate in. The renewable gas industry offers an exciting pathway to future growth as we look to retool and retrain our service technicians to work on renewable natural gas and hydrogen installations. I believe that we can achieve many synergies by collaborating with Xebec and having this relationship in place is important to us,” Sean Dempsey, Chief Executive Officer at The Titus Company.
“We’re happy to welcome another member to the Xebec family. Titus has a stellar track record in the compressed air service industry with several Fortune 500 companies and the U.S Navy as customers. Their expertise and presence will be helpful in rounding out our capabilities on the U.S East coast as more customers explore decarbonization pathways that include renewable gases,” says Dr. Prabhu Rao, Chief Operating Officer at Xebec Adsorption Inc.
About “The Titus Company”
Founded in 1986 by Stephen and Donna Titus, “The Titus Company” has been in partnership with large and small companies throughout the Eastern Pennsylvania, Delaware and New Jersey regions. Wherever compressed air is used, The Titus Company provides superior expertise and the capability to serve a wide range of needs from Fortune 500 companies like DuPont and Air Products and Chemicals, to local businesses like Amish Country Gazebos and RV Industries. The Titus Company is also the largest supplier of air dryers to the United States Navy.
Related links:
https://www.xebecinc.com
For more information:
Xebec Adsorption Inc.
Brandon Chow, Investor Relations Manager
bchow@xebecinc.com
+1 450.979.8700 ext 5762
About Xebec Adsorption Inc.
Xebec is a global provider of gas generation, purification and filtration solutions for the industrial, energy and renewables marketplace. Well-positioned in the energy transition space with proprietary technologies that transform raw gases into clean sources of renewable energy, Xebec’s 1500+ customers range from small to multi-national corporations, governments and municipalities looking to reduce their carbon footprints. Headquartered in Montréal, Quebec, Canada, Xebec has several Sales and Support offices in North America and Europe, as well as two manufacturing facilities in Montréal and Shanghai. Xebec trades on the TSX Venture Exchange under the symbol XBC. For more information, www.xebecinc.com.
junkHustler
4 years ago
Xebec Hires Senior Executives to Support Next Phase of Growth
10/13/2020 8:00:00 AM
Two executive hires for legal and industrial leadership
MONTREAL, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Xebec Adsorption Inc. (TSXV: XBC) (“Xebec”), a global provider of clean energy solutions, is pleased to announce today two key management hires.
Nathalie Théberge is Xebec’s first Vice President, Legal Affairs & Corporate Secretary. Ms. Théberge is a seasoned corporate lawyer with solid experience in the renewable energy industry. She was most recently at Innergex Renewable Energy, where she spent close to a decade overseeing matters related to securities, corporate law, governance, acquisitions, strategic joint ventures and business financing. Ms. Théberge brings over 25 years of legal experience with her time at Lacoste Langevin, Bombardier Capital, Cascades and Innergex.
Russell Warner is joining the team as Xebec’s first Vice President, Industrial and will be leading the company’s Cleantech Service Network expansion strategy for renewable natural gas and hydrogen installations. Based out of Charlotte, North Carolina, Mr. Warner has proven his ability to be a large-scale product leader within the compressed air industry as an executive at Sullair and Doosan Infracore Portable Power (formerly Ingersoll Rand Utility Equipment). Throughout his career, he has been responsible for launching new products and services that gained significant market share, established 10-year product roadmaps and brought several teams towards profitable growth and increased customer satisfaction.
“It is my pleasure to welcome Nathalie and Russell to the Xebec team. These hires are some of the most senior we have made to date and are critical to our continued expansion and creating a world leading renewable gas company. Organizational development is a key focus of mine as we need to have the right people lead our further growth. I’m happy with the level of expertise each one of them brings in their respective field and look forward to their contributions in the coming years,” states Kurt Sorschak, Chairman, CEO and President of Xebec.
Related links:
www.xebecinc.com
For more information:
Xebec Adsorption Inc.
Brandon Chow, Investor Relations Manager
bchow@xebecinc.com
+1 450.979.8700 ext 5762
About Xebec Adsorption Inc.
Xebec is a global provider of gas generation, purification and filtration solutions for the industrial, energy and renewables marketplace. Well-positioned in the energy transition space with proprietary technologies that transform raw gases into clean sources of renewable energy, Xebec’s 1500+ customers range from small to multi-national corporations, governments and municipalities looking to reduce their carbon footprints. Headquartered in Montréal, Quebec, Canada, Xebec has several Sales and Support offices in North America and Europe, as well as two manufacturing facilities in Montréal and Shanghai. Xebec trades on the TSX Venture Exchange under the symbol XBC. For more information, www.xebecinc.com.
junkHustler
4 years ago
Xebec Expands Cleantech Service Network with Acquisition of British Columbia Based Applied Compression Systems
Fourth acquisition in Xebec’s strategy to develop a North American service footprint for renewable natural gas and hydrogen installations
MONTREAL, Sept. 01, 2020 (GLOBE NEWSWIRE) -- Xebec Adsorption Inc. (TSXV: XBC) (“Xebec”), a global provider of clean energy solutions is pleased to announce that the Company has entered into an agreement effective August 31st, 2020, to acquire all of the outstanding securities of Applied Compression Systems Ltd. (“ACS”). ACS’ principals will remain with ACS after the acquisition to optimize their integration into Xebec’s industrial service and support business and to grow the operation over the coming years.
Xebec’s Cleantech service coverage will increase and now include British Columbia, a province with the country’s most aggressive renewable natural gas and hydrogen mandates and targets. ACS has existing experience and customer relationships for servicing renewable gas installations.
Total consideration payable by Xebec is approximately $4.5M, subject to certain holdbacks, adjustments and time-based payments. ACS had revenues of over $8.0 million for the last twelve months with an EBITDA margin of approximately 12%. As with other acquisitions in the Industrial Service and Support segment, Xebec expects that ACS’ growth and profitability could be improved with sourcing and back-office synergies.
When customers select a vendor for a multi-million-dollar renewable natural gas or hydrogen installation, service and support figures prominently in their purchasing decision. With its service acquisition strategy Xebec responds to this important customer need and sees it as competitive advantage due to the lack of a similar offering from other vendors. Furthermore, the expansion of its Cleantech Service Network (“CSN”), is set to expand across North America over the coming years. In addition, this strategy will lead to increased recurring aftermarket sales with a positive impact on overall profitability. As a result, Xebec expects revenues of approximately $200 million in its Industrial Service and Support segment by 2025.
“We’ve been a Xebec customer for more than a decade buying both regenerative compressed air dryers and nitrogen generators. We’re happy to now be more involved with Xebec through this acquisition and are excited to help increase the number of sales channels and provide the capability to design and manufacture full compressed air & gas systems. In addition, we’ve worked on a number of waste-to-energy projects in British Columbia and the United States such as renewable natural gas systems. We’re looking forward to being part of Xebec, a worldwide leader in renewable natural gas and hydrogen systems and see the use of renewable gases grow substantially in British Columbia over the coming years,” states Mike Sanderman, President, Applied Compression Systems Ltd.
Applied Compression Systems offers a single source solution for air & gas compression requirements. The company has a strong focus on custom designed and fabricated compressor packages for specialized applications in the oil, gas, petrochemical, alternative fuel, waste-to-energy, research, power generation, mining and manufacturing industries. ACS can supply either standard units or design and fabricate equipment that is custom-built to specific requirements from concept to completion.
“ACS is both a customer and supplier and has unique capabilities to design and build compressed air & gas systems. This acquisition will strengthen our Industrial product portfolio as a compressor integrator while simultaneously increasing our service presence in Western Canada. British Columbia is a key province for us as it’s one of two in Canada that specifically mandates supporting renewable natural gas and hydrogen. ACS’ rich experience in compressor system integration and service is well recognized and a great asset to our company.
Given their location on the west coast, it will bode positively with the strong pipeline of projects we are working on in those regions. Having local service and support will continue to be a key part in assuring customers they will be taken care of. We welcome Mike and his team to the growing portfolio of Xebec industrial companies,” says Dr. Prabhu Rao, Chief Operating Officer, Xebec Adsorption Inc.
Related links:
https://www.xebecinc.com
https://www.appliedcompression.com/
For more information:
Xebec Adsorption Inc.
Brandon Chow, Investor Relations Manager
bchow@xebecinc.com
+1 450.979.8700 ext 5762
About Xebec Adsorption Inc.
Xebec is a global provider of gas generation, purification and filtration solutions for the industrial, energy and renewables marketplace. Well-positioned in the energy transition space with proprietary technologies that transform raw gases into clean sources of renewable energy, Xebec’s 1500+ customers range from small to multi-national corporations, governments and municipalities looking to reduce their carbon footprints. Headquartered in Montréal, Quebec, Canada, Xebec has several Sales and Support offices in North America and Europe, as well as two manufacturing facilities in Montréal and Shanghai. Xebec trades on the TSX Venture Exchange under the symbol XBC. For more information, www.xebecinc.com.
junkHustler
4 years ago
Xebec Releases Inaugural Annual Sustainability Report
First report highlights progress towards meeting key industry sustainability metrics
MONTREAL, Aug. 31, 2020 (GLOBE NEWSWIRE) -- Xebec Adsorption Inc. (TSXV: XBC) (“Xebec”), a global provider of clean energy solutions is pleased to release today its inaugural 2019 ESG Report, highlighting its approach to sustainability and setting a baseline for managing and reporting on its material environmental, social, and governance (“ESG”) issues.
“Gross Domestic Product growth and prosperity should not come at the expense of environmental and social prosperity, and Xebec is committed to ensuring that it conducts business responsibly for the benefit of future generations. Xebec’s 2019 ESG Report is a first step to bring structure and process to the integration of ESG considerations in the conduct of our business that will lead to improved reporting year over year,” said Kurt Sorschak, Chairman, CEO and President of Xebec.
Reporting on Xebec’s material ESG issues is based on the standards of the Sustainability Accounting Standards Board (“SASB”) for the Industrial Machinery & Goods industry of the Resource Transformation sector, as defined by SASB’s Sustainable Industry Classification System®; these serve to determine the specific material ESG issues we report on. Xebec has also used the framework provided by the Taskforce on Climate-related Financial Disclosures (“TCFD”); these serve as a guide to the context and narrative Xebec provides for its sustainability approach in general and how the company addresses each material issue specifically.
Material issues addressed in the report:
Climate change
Energy management
Employee health and safety
Fuel economy and emissions in use-phase
Materials sourcing
Remanufacturing design and services
Xebec is implementing a continuous improvement process of managing, measuring, and reporting on those ESG issues that are critical to our business activities. With this report, we have begun the process of explicitly identifying such issues and integrating them into our governance and management processes, in order to more clearly measure and communicate how we perform on them to our stakeholders including our shareholders, employees, capital providers, governmental agencies, and the general public.
The full Xebec 2019 ESG Report can be downloaded at:
https://xebecinc.com/wp-content/uploads/2020/08/ESG-Report-2019.pdf
Related links:
https://xebecinc.com/
https://xebecinc.com/sustainability/
For more information:
Xebec Adsorption Inc.
Brandon Chow, Investor Relations Manager
bchow@xebecinc.com
+1 450.979.8700 ext 5762
About Xebec Adsorption Inc.
Xebec is a global provider of gas generation, purification and filtration solutions for the industrial, energy and renewables marketplace. Well-positioned in the energy transition space with proprietary technologies that transform raw gases into clean sources of renewable energy, Xebec’s 1500+ customers range from small to multi-national corporations, governments and municipalities looking to reduce their carbon footprints. Headquartered in Montréal, Quebec, Canada, Xebec has several Sales and Support offices in North America and Europe, as well as two manufacturing facilities in Montréal and Shanghai. Xebec trades on the TSX Venture Exchange under the symbol XBC. For more information, www.xebecinc.com.
junkHustler
4 years ago
Xebec Welcomes Ms. Sara Elford to Board of Directors
– Ms. Elford brings over 20 years of capital markets, cleantech and hydrogen experience –
MONTREAL, (QC), August 26th, 2020 – Xebec Adsorption Inc. (TSXV: XBC) (“Xebec”), a global provider of clean energy solutions is pleased to announce today that Ms. Sara Elford has joined Xebec’s Board effective August 25th, 2020.
Ms. Elford is a current board member of BioSyent Inc. and BQE Water Inc., both are TSX-V listed companies. She also served as a director of Hydrogenics Corp., a PEM fuel cell and electrolysis company, recently acquired by Cummins Inc. Ms. Elford sat on the audit and governance committees at Hydrogenics and also served on the special committee for its acquisition.
“I am very excited to bring my decades of experience in capital markets and cleantech to the Xebec team. The world is at a critical point where companies such as Xebec will play an important role in transitioning us to a sustainable and clean energy future. I’m happy to support this mission and my hope is that the insights I’ve gathered from serving on different boards over the years will be valuable to the team,” says Sara Elford.
Ms. Elford served on the board of several other formerly TSX listed companies including Carmanah Technologies (solar LED technology company taken private), TSO3 Inc. (medical device sterilization technology company acquired by Stryker Corporation), and Pure Technologies Ltd. (pipeline leak detection company acquired by Xylem Inc.).
Ms. Elford worked in capital markets for over twenty years as both an investment banking and equity research analyst. As a result, she followed an extensive range of industries and companies in the small to mid cap range and alternative energy space. Ms. Elford is a CFA Charter holder and a graduate of Bishop’s University with a Finance Major and Economics Minor. She also completed the directors’ education program with the ICD in 2015.
“I am very happy to welcome Sara to Xebec’s Board. With her insights and exposure to a wide range of industries, especially clean technologies and hydrogen, she will be able to greatly contribute to our Board work. As hydrogen will become a more important part of Xebec’s business her industry experience in this field will be extremely valuable and helpful. We’re honoured to have Sara join the Board of Xebec and the Board and I look forward working with her,” states Kurt Sorschak, Chairman, President and CEO, Xebec Adsorption Inc.
Related links:
https://www.xebecinc.com
For more information:
Xebec Adsorption Inc.
Brandon Chow, Investor Relations Manager
bchow@xebecinc.com
+1 450.979.8700 ext 5762
About Xebec Adsorption Inc.
Xebec is a global provider of gas generation, purification and filtration solutions for the industrial, energy and renewables marketplace. Well-positioned in the energy transition space with proprietary technologies that transform raw gases into clean sources of renewable energy, Xebec’s 1500+ customers range from small to multi-national corporations, governments and municipalities looking to reduce their carbon footprints. Headquartered in Montréal, Quebec, Canada, Xebec has several Sales and Support offices in North America and Europe, as well as two manufacturing facilities in Montréal and Shanghai. Xebec trades on the TSX Venture Exchange under the symbol XBC. For more information, www.xebecinc.com.
junkHustler
4 years ago
Xebec Announces Partnership with CarbonQuest to Reduce Carbon Emissions from Buildings
August 10 2020 - 08:00AM
Xebec Adsorption Inc. (TSXV: XBC) (“Xebec”), a global provider of clean energy solutions is pleased to announce it has signed an exclusive partnership agreement with CarbonQuest to reduce carbon emissions in New York City buildings. Xebec’s CO2 separation technology, specifically designed for this application, will be integrated into CarbonQuest’s Building Carbon CaptureTM system. CarbonQuest has developed a patent pending “4-Step Carbon Capture Process” which enables the separation and liquefaction of CO2 from natural gas. The captured Sustainable CO2TM will be sequestered or used in manufacturing or other industry. This partnership will bring a timely and cost-effective solution for property owners looking to meet their sustainability goals and reduce their exposure to the new Local Law 97 regulation. As a result, the partnership opens significant market opportunities for Xebec’s advanced CO2 capture technologies through CarbonQuest’s process.
In April 2019, the New York City Council passed the Climate Mobilization Act, which included a provision (Intro 1253) that limits greenhouse gas emissions from buildings over 25,000 square feet. Intro 1253 became Local Law 97 in May 2019, and now covers approximately 60,000 NYC buildings. Emissions reduction goals are 40% by 2030 and 80% by 2050, benchmarked against 2005 levels. The limits have been set in three phases for 2024-2029 (Phase 1), 2030-2034 (Phase 2) and 2035-2050 (Phase 3) and are measured in kilograms of CO2 equivalent per square foot. Any emissions above the limits will result in penalties which are set to progress in severity over time.
CarbonQuest’s initial project with Xebec is focused on the decarbonization of a multi-family property in New York City
The first Carbon Capture unit will be installed at a multifamily property in Manhattan with a well-respected property owner. The project is expected to cut 60-70% of CO2 emissions from natural gas usage. The estimated reduction in overall annual CO2 emissions will be 25% and is based on the combined carbon intensity of the building’s annual natural gas and electricity usage. The carbon capture process is expected to reduce the building’s carbon emissions such that the building is expected to be below the annual emissions limit.
“We’re excited to be collaborating with Xebec on our quest to decarbonize buildings. In urban cities, buildings are by far the number one source of carbon emissions. Our mission is simple: to enable these urban building owners to decarbonize now; thereby directly addressing the biggest source of emissions and decreasing environmental impact.
In New York City, buildings are responsible for over 70% of the city’s carbon emissions (NYC Mayor’s Office of Sustainability). New York City’s adoption of Local Law 97 is a leading example of how cities can address carbon emissions and meet their sustainability goals. Approximately 60,000 buildings will respond, resulting in what Urban Green Council estimates to be a $20 billion retrofit market for decarbonization solutions. The majority of these buildings consume natural gas and our “Building Carbon Capture” systems help building owners reduce up to 70% of their natural gas emissions before they are emitted into the atmosphere. Our initial system will remove an estimated 700 tons of C02 emissions annually and enable an overall 25% reduction in carbon emissions. This groundbreaking project will enable our first forward-thinking customer to meet the city’s sustainability goals and avoid millions of dollars of penalties over the lifecycle of the project.
We believe that Distributed Carbon Capture and UtilizationTM (DCCUTM) is a critical segment of the overall Carbon Capture and Storage ecosystem and that Building Carbon Capture is one of the most important Distributed Carbon Capture and Utilization technologies to immediately address climate change and advance urban building decarbonization. Applied at scale, we have a real opportunity to make a measurable impact in the battle against climate change,” says Shane Johnson, President and Chief Executive Officer, CarbonQuest.
“It’s a privilege for Xebec to work with CarbonQuest, a pioneer in the field, on this first of a kind project. Their carbon capture process opens a significant market opportunity for our compact and reliable equipment for CO2 separation applications.
The new regulations in NYC present a large-scale opportunity for Xebec to work with CarbonQuest to move forward our mission of decarbonizing the future. The new regulation appropriately incentivizes solutions such as ours and will help drive the implementation of new clean technologies.
Due to the unique nature of our products, we have been able to design a modular and compact unit which can be installed in the basements of these buildings. Building owners will hopefully recognize the benefits and cost savings of this novel carbon capture solution as they look to reduce their emissions instead of paying a pollution penalty,” says Dr. Prabhu Rao, Chief Operating Officer, Xebec Adsorption Inc.
Related links:
https://www.xebecinc.com
https://www.carbonquest.com
https://www1.nyc.gov/site/sustainability/codes/energy-benchmarking.page
https://www.urbangreencouncil.org/content/projects/all-about-nycs-historic-building-emissions-law
https://www.urbangreencouncil.org/sites/default/files/19.04.18_new_building_emissions_law_-_urban_green_council.pdf
https://www.urbangreencouncil.org/sites/default/files/urban_green_retrofit_market_analysis.pdf
For more information:
Xebec Adsorption Inc.
Brandon Chow, Investor Relations Manager
bchow@xebecinc.com
+1 450.979.8700 ext 5762
About CarbonQuest
CarbonQuest is leading the QUEST for decarbonization by providing urban building owners advanced technologies and solutions that ENABLE acceleration of global carbon reduction NOW. CarbonQuest is comprised of a team of seasoned environmental technology entrepreneurs focused on solving large problems. Prior to CarbonQuest, the team has collectively built several technology firms in the renewable energy, telecommunications and financial technology industries. CarbonQuest is a big believer in building strong and lasting partnerships with all stakeholders - customers, companies, employees, and cities.
junkHustler
4 years ago
Xebec Receives $6.3M in Purification Orders as Adoption for Hydrogen Accelerates Worldwide
Xebec’s PSA platform enables more cost effective and greener hydrogen for industry and transportation
MONTREAL, July 27, 2020 (GLOBE NEWSWIRE) -- Xebec Adsorption Inc. (TSXV: XBC) (“Xebec”), a global provider of clean energy solutions is pleased to announce that it has received $6.3 million in hydrogen and helium PSA purification orders from customers in South Korea, United States, Canada, Italy, Poland, Trinidad and Tobago, and China. As worldwide adoption for hydrogen accelerates, Xebec’s robust and efficient PSA technology is being selected for integration into steam methane reforming and electrolysis hydrogen generation systems. The PSA platform ensures hydrogen production can cost effectively and efficiently meet the industry standard of 99.999% purity for use in fuel cell vehicles (“FCV”) and industry.
“When BayoTech was looking for a proven PSA technology to complete our hydrogen generators, Xebec was a great solution. There are few companies in the world that can offer a product which could fit with our containerized systems and achieve the high purity hydrogen required for fuel cell vehicles. We were impressed with Xebec’s long track record, innovative products and capabilities. We see them as a strong partner and look forward to growing together,” states Dwayne Victor, Director, Global Sourcing, BayoTech.
Governments around the world are supporting the increased use of hydrogen
On June 25th, 2020, the California Air Resources Board adopted a “first-in-the-world” rule requiring truck manufacturers to transition from diesel trucks and vans to zero-emission vehicles (battery electric and fuel cell electric), with a plan for every new truck sold in California to be zero-emission by 2045. This ruling will help California meet its climate goals and federal air quality standards.
The European Commission announced on July 7th, 2020 their hydrogen strategy to achieve a climate neutral Europe. The strategy has several phases, the first one includes the installation of at least 6GW of renewable hydrogen electrolyzers in the EU by 2024 and production of up to one million tons of renewable hydrogen. There is approximately 1GW of electrolyzers installed in the EU today. The second phase (2024-30) includes the installation of at least 40GW of electrolyzers by 2030 and the production of up to ten million tons of renewable hydrogen. Furthermore, there are several financial instruments to support hydrogen development and investment such as the €560 billion Next Generation EU facility, the European Regional Development Fund and the Cohesion Fund, and the €10 billion ETS Innovation Fund.
South Korea outlined a plan on July 14th, 2020 to spend 114.1 trillion won ($128 billion CAD) to create jobs and help the economy recover from the coronavirus pandemic. This includes in part, further investment into electric and hydrogen fuel cell vehicles to help achieve net-zero emissions by 2050. The country aims to have 1.13 million electric vehicles (EVs) and 200,000 hydrogen cars on the roads by 2025, up from 91,000 and 5,000 each by the end of 2019.
In April of this year, China’s National Energy Administration issued a draft Development Plan for the New Energy Vehicle Industry 2021-2035 that included hydrogen as an energy source for the first time. Its focus is on the development of hydrogen vehicle technology and the roll out of hydrogen refueling infrastructure and storage. In addition, Beijing mapped out a plan in 2019 to increase the number of hydrogen filling stations to 1,000 and have one million FCVs on the road by 2030.
“Xebec is in a unique position with our PSA platform because it can be used in all hydrogen generation systems. Hydrogen comes out of a steam methane reformer or electrolyzer with impurities that need to be removed in order to achieve a desired quality. We’ve been developing our purification technology for decades and it is a tried and tested solution that can be applied to everything from helium, renewable natural gas, and hydrogen. It’s exciting to see our Cleantech systems order flow pick up as we continue to grapple with the need to decarbonize and fight climate change,” says Dr. Prabhu Rao, Chief Operating Officer, Xebec Adsorption Inc.
Related links:
https://www.xebecinc.com
https://ww2.arb.ca.gov/news/california-takes-bold-step-reduce-truck-pollution
https://www.reuters.com/article/us-southkorea-president-newdeal-idUSKCN24F0GA
https://ec.europa.eu/commission/presscorner/detail/en/qanda_20_1257
https://asia.nikkei.com/Business/China-tech/Hydrogen-Valley-powers-China-s-fuel-cell-industry
For more information:
Xebec Adsorption Inc.
Brandon Chow, Investor Relations Manager
bchow@xebecinc.com
+1 450.979.8700 ext 5762
About Xebec Adsorption Inc.
Xebec is a global provider of gas generation, purification and filtration solutions for the industrial, energy and renewables marketplace. Well-positioned in the energy transition space with proprietary technologies that transform raw gases into clean sources of renewable energy, Xebec’s 1500+ customers range from small to multi-national corporations, governments and municipalities looking to reduce their carbon footprints. Headquartered in Montréal, Quebec, Canada, Xebec has several Sales and Support offices in North America and Europe, as well as two manufacturing facilities in Montréal and Shanghai. Xebec trades on the TSX Venture Exchange under the symbol XBC. For more information, www.xebecinc.com.
About BayoTech Inc.
BayoTech is an energy solutions company committed to addressing the need for consistent, cost-effective supply of hydrogen. We offer modular, scalable, and rapidly deployable hydrogen generation plants for on-site hydrogen production that empower our customers to take control of their hydrogen supply chain. BayoTech’s steam methane reformers achieve high energy efficiency without dependence on exported steam by high recuperation of heat for internal use. Further, the BayoTech reformer has a small form factor, allowing it to be deployed at or near the point of use. This significant improvement in efficiency, along with eliminating transportation need, translates into a reduced carbon footprint.
junkHustler
4 years ago
Xebec and Fonds de solidarité FTQ launch an investment fund to increase renewable natural gas production in Québec
MONTREAL, (QC), June 1st, 2020 – Xebec Adsorption Inc. (TSXV: XBC) (“Xebec”), a global provider of clean energy solutions, and Fonds de solidarité FTQ (the “Fonds”) are proud to announce the creation of the GNR Québec Capital L.P. investment fund. With an initial capitalization of $20 million, this new investment vehicle aims to increase renewable natural gas (RNG) production in Québec. Partners, particularly from the agricultural and municipal sectors, will have access to the capital and expertise needed to develop and operate efficient facilities to treat organic waste. The creation of a fund of this type for renewable natural gas projects is a first in Québec.
Xebec and the Fonds will each initially invest $10 million into the partnership. Over time, Xebec and the Fonds expect that the partnership could receive an aggregate $100 million in equity capital from Xebec, the Fonds and other investors. Xebec and the Fonds’ initiative could, with a 75:25 debt to equity ratio, fund 12 to 15 renewable natural gas projects in Québec with an aggregate investment of $400 million over the next decade. The general partner, GNR Québec Capital Management Inc., overseen by a Board of Directors nominated by Xebec and the Fonds will be managing the partnership.
“We’re proud to once again partner with Xebec to increase the Fonds de solidarité FTQ’s impact in the fight against climate change. Renewable natural gas can accelerate the decarbonization of sectors such as transportation, home heating and industry, by supporting the circular economy through organic waste responsive management activities. This initiative also meets the Fonds’ objectives for a just energy transition by creating jobs and supporting local economies with additional revenue streams for farmers, municipalities, and industry. Xebec is a worldwide leader in renewable gases, and we are excited to have them as a partner in this project for the large-scale rollout of renewable natural gas facilities in Québec,” says Dany Pelletier, Vice President for Investments - Structuring Capital, Energy and Environment, Fonds de solidarité FTQ.
"Our partnership with the Fonds de solidarité FTQ is a great demonstration of how local players can work together to foster the development of the renewable natural gas industry. When we launched this initiative a few years ago, we realized the need for new and better adapted structures to co-invest, develop and operate these facilities in a professional manner. Quebec has become a leading RNG province in Canada and currently has several RNG facilities in operation. Considering that new government regulations, such as the Clean Fuels Standard, will soon come into force and that the need for a higher renewable natural gas content will increase over the next few years, particularly in the utilities sector, we are pleased to partner with the Fonds de solidarité FTQ to accelerate the deployment of renewable gas infrastructures. Going forward, Xebec will seek to create more of these valuable financial partnerships in the field of RNG waste-to-energy conversion in Canada and will continue its mission to bring leading-edge technologies to the sector," said Kurt Sorschak, President and CEO of Xebec Adsorption Inc.
A first-of-its-kind investment vehicle for renewable natural gas projects in Canada
This partnership is an innovative initiative that brings together industry participants (waste management companies, gas utilities, farmers, municipalities) and major financial institutions with a clear mandate to invest in organic waste treatment facilities for the production of renewable natural gas. The market for renewable natural gas in Canada is still in its infancy. In this context, Xebec and the Fonds de solidarité FTQ view this partnership as an essential step to develop and promote the expertise and efforts needed to accelerate the replacement of fossil fuels while supporting sustainable and responsible long-term investment in a waste-to-renewable gas economy in Canada.
GNR Quebec Capital: in line with government objectives for GNR production and greenhouse gas emissions reduction
GNR Quebec Capital L.P. believes that it could play a significant catalyst role in helping to meet government objectives of reducing greenhouse gas emissions and increasing the use of renewable natural gas, while supporting existing developers.
Last March, the Quebec government's 2020-2021 budget allocated $70 million to support RNG production and distribution up to 2022. This measure follows the passing, in March 2019, of regulations mandating the minimum quantity of RNG to be delivered by natural gas distributors at 1% in 2020, and 5% in 2025.
For its part, the Government of Canada announced on April 24, 2020 an updated timeline for the introduction of the Clean Fuels Standard (CFS. The objective of this standard is to achieve an annual reduction in greenhouse gas emissions of 30 million tons by 2030. It will do so by stimulating investment and innovation in low-carbon-intensity fuels while enabling cost effective compliance. Xebec expects that the implementation of the ASC will create significant opportunities for the Canadian renewable gas industry over the next decade.
Xebec to host Webinar on the Partnership
On June 2, at 11:00 a.m. EDT (8:00 a.m. PDT), Xebec management invites shareholders, analysts, investors, media representatives and other stakeholders to participate in a webinar on this innovative partnership. For the occasion, Kurt Sorschak, Xebec's President and CEO, will be joined by Louis Dufour, Xebec's Chief Financial Officer, and Prabhu Rao, Xebec's Chief Operating Officer. The presentation will be followed by a question period.
To Register: https://app.livestorm.co/xebec-adsorption-inc/xebec-and-fonds-de-solidarite-ftq-quebec-rng-partnership-webinar
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