On Thursday, Shares of General Electric Company (NYSE:GE), lost -2.10% to $25.19.
Ongoing its mission to deliver comprehensive energy storage solutions, General Electric Company declared it will provide Coachella Energy Storage Partners (CESP) with a 30-MW battery energy storage system as part of CESP’s supply contract with the Imperial Irrigation District (IID). Representing GE’s largest energy storage project to date, the plant will be located in California’s Imperial Valley, about 100 miles east of San Diego. The facility will aid grid flexibility and enhance reliability on the IID network by providing solar ramping, frequency regulation, power balancing, and black start capability for an adjacent gas turbine.
“We chose GE as the energy storage system provider for this project because they supplied the most comprehensive solution at a competitive price,” said Mike Abatti, president of CESP. “GE is well-positioned to serve the needs of the project and will remain a stable, reliable technology provider as the energy storage industry evolves.”
GE will provide CESP with an integrated energy storage solution, configured using GE’s Mark* VI plant controls, GE Brilliance* MW inverters, GE Prolec transformers, medium-voltage switchgear and advanced lithium ion batteries housed in a GE purpose-built enclosure. The plant will be operated by ZGlobal, an engineering collaborator with CESP, for the first 18 months, after which control will transfer to the IID.
General Electric Company (GE) operates as an infrastructure and financial services company worldwide. The company’s Power and Water segment offers gas, steam and aeroderivative turbines, nuclear reactors, generators, combined cycle systems, controls, and related services; wind turbines; and water treatment services and equipment.
Shares of Dot Hill Systems Corp. (NASDAQ:HILL), declined -0.10% to $9.67, during its last trading session.
Seagate Technology, and Dot Hill Systems Corp. (HILL), a trusted supplier of innovative software and hardware storage systems, declared that they have reached a definitive agreement under which a wholly-owned indirect partner of Seagate will commence a tender offer for all of the outstanding shares of Dot Hill in an all-cash transaction valued at $9.75 per share, or a total of about $694 million on a fully-diluted equity value basis. As Dot Hill has about $49 million in cash on its balance sheet as of June 30, 2015, the transaction reflects an enterprise value of about $645 million. The consideration represents a 50% premium over the preceding three month stock price average.
Dot Hill’s external storage array-based systems and software products will complement and expand Seagate’s storage systems offerings and be offered as part of Seagate’s Cloud Systems and Electronics Solutions business. Seagate will leverage Dot Hill’s storage technology IP portfolio and software capabilities to drive innovation and provide incremental value to their combined OEM customer base.
“Dot Hill’s innovative storage systems and IP portfolio are a planned addition to our storage technology portfolio, enabling us to accelerate the growth of Seagate’s OEM-focused cloud storage system and solutions business,” said Phil Brace, President of Cloud Systems and Electronics Solutions at Seagate. “We are focused on providing the highest quality storage systems for our OEM customers and Dot Hill’s storage solutions will enable us to advance our planned efforts. We look forward to welcoming Dot Hill’s strong team, which has proven experience in developing and delivering best-in-class storage solutions that are trusted by the world’s leading IT manufacturers and their channel partners, and we expect the transaction to be accretive to non-GAAP earnings in fiscal 2016.”
Dot Hill Systems Corp. designs, manufactures, and markets a range of software and hardware storage systems for the entry and mid-range storage markets worldwide. Its storage solutions comprise of integrated hardware, firmware, and software products employing a modular system that allows end-users to add various protocol, performance, capacity, or data protection schemes.
Finally, KKR & Co. L.P. (NYSE:KKR), ended its last trade with -5.72% loss, and closed at $20.27.
The energy patch has turned into a minefield for KKR & Co.
Samson Resources Corp., which is preparing to enter bankruptcy by Sept. 15, is KKR’s second big energy buyout to blow up. Last year Energy Future Holdings Corp. sought court protection. The two debacles could vaporize most of the roughly $5 billion that investors in a KKR private-equity fund and the firm sank into the deals, according to Bloomberg.
KKR’s energy losses stand out because they come chiefly from two massive bets: the $48 billion acquisition of Energy Future Holdings (formerly TXU Corp.), which is the biggest leveraged buyout on record; and the $7.2 billion Samson purchase, the second-largest private-equity deal of 2011. Bloomberg Reports
KKR & Co. L.P. is a private equity and real estate investment firm specializing in direct and fund of fund investments. It specializes in acquisitions, leveraged buyouts, administration buyouts, credit special situations, growth equity, mature, mezzanine, distressed, and middle market investments.
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