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Argan, Inc.’s Wholly Owned Subsidiary Gemma Power Systems Enters into an EPC Contract and Receives a Limited Notice to Proceed for the Harrison County Power Project

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ROCKVILLE, Md.–(BUSINESS WIRE)–Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) announced
today that its wholly owned subsidiary, Gemma Power Systems (“Gemma”),
recently entered into an engineering, procurement and construction
services contract with ESC Harrison County Power, LLC to construct a 625
MW natural gas-fired power plant in Harrison County, West Virginia.

Harrison County Power Project is a combined-cycle facility composed of
one General Electric 7HA.02 combustion turbine generator (CTG),
connected to a heat recovery steam generator (HRSG). The HRSG will
harness exhaust heat from the CTG to generate high-quality, superheated
steam. The steam will drive a steam turbine (ST) to generate additional
electricity in an environmentally friendly and efficient manner. The
plant will also have an air-cooled condenser (ACC), which will
dramatically reduce water usage to less than 3 percent of many similarly
sized facilities. When operating, the plant will provide enough power
for approximately 425,000 homes through the PJM interconnect (grid).

A limited notice to proceed has been issued to Gemma to continue project
planning and engineering activities. Caithness Energy, L.L.C.
(“Caithness”) partnered with Energy Solutions Consortium, LLC (“ESC”) to
develop the project. Construction for the facility is scheduled to begin
in the summer with completion scheduled in 2022.

“We are thrilled to have the opportunity to help deliver cleaner,
reliable energy to Harrison County and the greater West Virginia
community,” said William F. Griffin, Jr., Chief Executive Officer of
Gemma Power Systems.

“Caithness has selected Gemma to construct this important project for a
number of reasons. Gemma recently completed our 1,080 MW Freedom natural
gas-fired power plant which was constructed for the lowest cost per
installed kilowatt of any recent project in the region,” said Ross Ain,
President of Caithness.

“Gemma has been a good member of the local communities in which it does
business. Gemma also has maintained an excellent safety record in
constructing these plants. We believe Gemma will serve the project and
the community well in this large undertaking,” said Mr. Ain.

Rainer Bosselmann, Chairman and Chief Executive Officer of Argan,
stated, “With the signing of another project and receipt of the related
limited notice to proceed, we are pleased to see our project backlog
grow to over $1.4 billion. It has taken a lot of hard work and effort to
get to this point and we appreciate the patience our shareholders have
shown us.”

About Argan, Inc.

Argan’s primary business is providing a full range of services to the
power industry, including the engineering, procurement and construction
of natural gas-fired power plants, along with related commissioning,
operations management, maintenance, project development and consulting
services, through its Gemma Power Systems and Atlantic Projects Company
operations. Argan also owns SMC Infrastructure Solutions, which provides
telecommunications infrastructure services, and The Roberts Company,
which is a fully integrated fabrication, construction and industrial
plant services company.

About Caithness

Caithness Energy, L.L.C. is a privately owned independent power producer
engaged in the development, acquisition, operation and management of
environmentally progressive renewable energy and natural gas power
plants in the United States. Since 1995, Caithness has successfully
invested in 54 power projects utilizing wind, geothermal, solar and
natural gas.

Certain matters discussed in this press release may constitute
forward-looking statements within the meaning of the federal securities
laws and are subject to risks and uncertainties including, but not
limited to, the Company’s successful addition of new contracts to
project backlog, the Company’s receipt of corresponding notices to
proceed with contract activities and the Company’s ability to
successfully complete the projects that it obtains. Actual results and
the timing of certain events could differ materially from those
projected in or contemplated by the forward-looking statements due to a
number of factors detailed from time to time in Argan’s filings with the
SEC. In addition, reference is hereby made to cautionary statements with
respect to risk factors set forth in the Company’s most recent reports
on Forms 10-K and 10-Q, and in other SEC filings.

Contacts

Company Contact:
Rainer Bosselmann
301.315.0027

Investor Relations Contact:
David Watson
301.315.0027

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Business Wire

RiskFirst and Insight Partner to Provide Improved Investment Fund Modelling and Analytics to the UK DB Pensions Industry

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Insight will provide direct access to data for its LDI pooled funds
and credit buy-and-maintain funds through RiskFirst’s market-leading
risk management platform PFaroe.

LONDON–(BUSINESS WIRE)–Insight
Investment
, one of the world’s largest global asset management
companies, and financial technology company, RiskFirst, are joining
forces to significantly improve ease of fund modelling for the UK
defined benefit (DB) pensions market. Insight will upload data and
characteristics of its LDI pooled funds and its buy-and-maintain funds
into RiskFirst’s PFaroe modelling system, making them available for use
across RiskFirst’s UK client base of consultants and pension plans.

RiskFirst’s clients will be able to easily incorporate Insight
Investment funds – in which they may already invest or are considering
investing – in a broad range of analyses, delivering detailed
information to their fingertips and removing the need for funds to be
set up individually. At the same time, Insight will be able to provide
accurately modelled fund data directly to multiple existing and
prospective clients, reducing duplicate uploading to separate client
systems.

Simon Robinson, Head of Product Management, RiskFirst, says: “We are
pleased that the power and potential of PFaroe as an innovative and
collaborative industry platform continues to grow. By working with
Insight, we are transforming the way in which our clients can view and
analyse funds, creating a central point of access that improves
transparency, convenience and efficiency – thereby delivering
significant added value to their businesses and investment strategies.”

Joanna Howley, Head of Pooled Solutions, Insight Investment, comments:
“Providing detailed risk and cashflow data on a range of investment
funds used by mutual clients for risk hedging and cashflow management
through PFaroe allows clients to more easily check they have the optimal
investments to suit their needs. We see this creating an efficient,
effective framework for fund accessibility, modelling and analysis.”

– END –

About Insight Investment

Insight is a leading asset manager currently managing over £600bn of
assets1 on behalf of leading pension funds, sovereign wealth
funds, corporations and insurers. A key focus for Insight over the past
15 years has been to help deliver outcome-oriented investment products
to clients helping them to manage unrewarded risks such as interest
rate, inflation and increasingly cashflow risks.

Insight’s range of pooled LDI funds can be used to manage both the
inflation and interest rate risks which impact the funding level of
pension schemes. Its innovative maturing buy-and-maintain funds are used
by investors seeking to invest in credit in a manner designed to mature
to meet pre-specified cash requirements. The range of LDI and maturing
buy-and-maintain funds can be structured in a customised fashion to
reflect each client’s individual risk profile and cash requirements.

1 As at 31 March 2019. Assets under management (AUM) are
represented by the value of cash securities and other economic exposure
managed for clients. Reflects the AUM of Insight, the corporate brand
for certain companies operated by Insight Investment Management Limited
(IIML). Insight includes, among others, Insight Investment Management
(Global) Limited (IIMG), Insight Investment International Limited (IIIL)
and Insight North America LLC (INA), each of which provides asset
management services.

About RiskFirst

RiskFirst is a financial technology company providing modern
technology solutions to Asset Owners, Consultants, Insurers and Asset
Managers to help grow and improve their business. Its core product
PFaroe® is web-based, available anytime and anywhere, and allows users
to evaluate risk from multiple perspectives and perform real-time
scenario stress testing. Initially targeted to defined benefit pension
plans, it is now the market leader in the UK and the US. Over 3,000
plans with more than $1.4tn in assets are now modelled on the PFaroe
platform. RiskFirst has also recently launched a global fixed income
attribution solution, which recognises the differing objectives,
timeframes and opportunity set of each user.

For more information please go to www.riskfirst.com

Contacts

Anna Sharrock, London
+44 7811 758964

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Business Wire

Hunting H-2 Perforating System Sets Wireline Pump Down Record

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Packs higher charge performance in a shorter footprint than any
other perforating system

HOUSTON–(BUSINESS WIRE)–Hunting Energy Services, a subsidiary of Hunting PLC, the international
energy services company, today announced its H-2 Perforating SystemTM
has set a record for number of multiple-shot perforating guns pumped
down into a horizontal well on wireline.

In a recent Delaware Basin field trial with a major U.S. land operator,
the H-2 Perforating System was utilized to successfully run
45 perforating guns, each with three shots on a single plane, in
conjunction with a plug in a single run.

On previous wells before H-2 became available, the operator had to make
two separate runs to complete a stage with 45 guns due to length
restrictions. As the shortest perforating gun on the market
(7.5-inches), the H-2 system allows more than double the number of guns
per run compared to conventional perforating systems. The patent pending
H-2 Perforating System is available in 3⅛-in. outer diameter and capable
of shooting three shots on a single-plane in 4½-in. or 5½ -in. casing.

The field trials were successful with over 200 H-2 perforating guns run
on multiple wells. Stimulation performance resulting from conventional
perforating gun runs were compared to that of H-2 perforating gun runs
on the same wells. In all cases, running H-2 with EQUAfrac® consistent
hole shaped charges on the same plane resulted in equal fluid
distribution through more entry holes per stage. This method reduced the
required stimulation treatment pressure compared to stages utilizing
conventional perforating systems. Reduction in treatment pressure ranged
from 600 to 1500 psi lower when stimulating H-2 stages, providing
significant savings to the operator.

Not only is the H-2 system the shortest perforating system on the
market, it is also a completely plug and play system utilizing the H-2
charge puck and ControlFire® cartridge technology,
eliminating arming subs, wire connections, and detonating cord. This
state-of-the-art technology provides the most efficient gun loading,
arming, and assembly processes whether in the facility or in the field.

For more information, visit www.huntingplc.com.

About Hunting

Hunting PLC is an international energy services provider to the world’s
leading upstream oil and gas companies. Established in 1874, it is a
premium-listed public company traded on the London Stock Exchange. The
Company maintains a corporate office in Houston and is headquartered
in London. As well as the United Kingdom, the Company has operations
in Canada, China, Indonesia, Kenya, Mexico, Netherlands, Norway, Saudi
Arabia, Singapore, South Africa, United Arab Emirates and the United
States of America.

Contacts

John Feuerstein, Hunting, 281-442-7382, john.feuerstein@hunting-intl.com

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Business Wire

E-Commerce Explosion Will Generate US$5 Billion in Warehouse Management System Market Revenue and 57,000 New Warehouses Globally By 2025

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LONDON–(BUSINESS WIRE)–#Supplychain–By 2025, The global Warehouse Management System (WMS) market will be
worth US$5 billion, growing at a CAGR of 13.9%, finds global tech market
advisory firm, ABI Research. Over the same forecast period,
57,000 more warehouses will be in operation than in 2018. The continued
growth of the e-commerce market and rising customer expectations are
putting enormous pressure on warehouses to execute more rapid and
flexible deliveries. This is driving investment in warehouse facilities,
automation technologies, and warehouse management systems to coordinate
and optimize operations.

“The warehouse is becoming the engine room of the supply chain and is,
therefore, a focal point for investment from retailers, manufacturers,
and logistics service providers,” says Nick Finill, Principal Analyst at
ABI Research. “As the warehouse technology ecosystem becomes
increasingly complex, supply chain operators require more sophisticated
management systems that can orchestrate the high volume and variety of
intelligent, connected devices and systems within their facilities, as
well as the flow of inventory.”

As the e-commerce boom grows in and extends beyond the established
economies of China, Japan, and Korea, the Asia-Pacific will experience
the highest growth of warehouse facilities and WMS revenue, becoming the
largest market for the software by 2023. The rapid adoption of WMS is
also expected in the emerging economies of the Middle East, Africa, and
Latin America. Europe and North America will experience strong growth as
supply chain operators increase spending on upgraded software systems.

WMS spending will also vary according to industry verticals. The retail,
food and beverage, and manufacturing sectors will be responsible for the
highest growth rate as they catch up with more mature verticals, such as
logistics service providers.

AI-driven Innovation from WMS market leaders such as JDA Software, High
Jump, and Manhattan Associates is enabling substantial flexibility and
functionality in WMS and Warehouse Execution Systems (WES), an
increasingly important orchestration layer linking high-level management
with connected machines. At the device and machine level, greater
automation is creating demand for more sophisticated Warehouse Control
Systems (WCS) from major automated material handling solution providers
such as Bastian Solutions, Dematic, and Honeywell Intelligrated.

“The increasing velocity of goods through the supply chain is driving
demand for real-time decision making and optimization,” says Finill. “As
the margin for error in the warehouse decreases, AI and ML-enabled WMS
solutions are becoming imperative for warehouses that rely on speed,
efficiency, and intelligence to remain competitive.”

These findings are from ABI Research’s Intelligent
Supply Chain
market data report, This report is part of the
company’s Intelligent
Supply Chain
service, which includes research, data, and analyst
insights. Market
Data
 spreadsheets are composed of deep data, market share analysis,
and highly segmented, service-specific forecasts to provide detailed
insight where opportunities lie.

About ABI Research

ABI Research provides strategic guidance to visionaries, delivering
actionable intelligence on the transformative technologies that are
dramatically reshaping industries, economies, and workforces across the
world. ABI Research’s global team of analysts publish groundbreaking
studies often years ahead of other technology advisory firms, empowering
our clients to stay ahead of their markets and their competitors.

For more information about ABI Research’s services, contact us at
+1.516.624.2500 in the Americas, +44.203.326.0140 in Europe,
+65.6592.0290 in Asia-Pacific or visit www.abiresearch.com.

Contacts

Global
Deborah Petrara
Tel: +1.516.624.2558
pr@abiresearch.com

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