Due diligence is de rigueur in finance. You would not think of buying, selling,
or partnering with another company without understanding whether they have the
financial health to deliver on their promises.
What I propose here is to expand the concept of due diligence to a TECHNOLOGY.
By that I mean, if you are considering investing in a technology … like, say,
submerged combustion … even before you consider a particular company, you might
want to investigate the technology in a due diligence fashion.
Now, I can’t do the research for you (unless you hire me … contact me at research@jeansteinhardtconsulting.com).
But I can offer some tips to help you in your journey to do due diligence.
For example, if you happen to be interested in submerged combustion, you might
want to explore Inproheat, one of the companies specializing in the technology.
TIP:
Google® Inproheat
You might also want to explore the basic concept of submerged combustion.
TIP:
Google® What Is
Submerged Combustion
And, for that matter, you might want to read about the concept of due diligence.
TIP:
Google® what is
due diligence
The September 2017 edition of Hydrocarbon
Engineering has just been issued.
Here is an excerpt from one of the articles in the issue …
///////
Achieve high, aim low
Andy Huang, Gary Cheng,
Ann Benoit, and Bob Riley, W. R. Grace & Co., USA, explain how refiners can
meet the need for higher octane gasoline while ensuring sulfur content remains
within regulations.
Over the last two decades, the refining
industry has weathered volatile market conditions and increasingly stringent
fuels regulations. In North America, refiners are tasked with meeting
challenging ultra-low sulfur gasoline regulations (Tier 3). Also, as more
turbocharged vehicles enter the market, the demand for premium, higher octane
gasoline will also increase as automakers begin recommending or requiring the
use of higher octane gasoline.
Tier 3 regulations will create challenges as refiners turn to higher gasoline
post-treatment severity for increased desulfurisation, which will negatively
impact octane. Under new regulations, refiners are required to produce gasoline
with an annual average sulfur content of ≤10 ppm, with a maximum gasoline
sulfur cap at the refinery gate of ≤80 ppm. Fluid catalytic cracking (FCC)
naphtha is the main ‘problem stream’, as it comprises 40 – 50 vol% of finished
gasoline volume and contributes 80 – 90% of the total sulfur in the refinery
gasoline pool.
Meeting sulfur limits will require operating adjustments, catalyst formulation
changes, and/or capital investment. Operating strategies that reduce sulfur may
limit gasoline octane, reducing the flexibility of the refinery’s gasoline
blending system. Incremental production from the reformer or alkylation complex
can alleviate some of this pressure, depending on the refinery configuration
and capabilities.
Capital solutions around the FCC include feed and/or product hydrotreating, or
other sulfur removal units. Most refiners have some form of feed and/or product
hydrotreating in place, and these systems are effective at reducing the sulfur
content of gasoline streams. However, there are some tradeoffs; increased
hydrotreating severity can reduce gasoline octane, and octane preservation is a
key feature in the design of these systems. Also, increasing hydrotreating
severity increases the refinery H2 consumption and reduces the hydrotreater run
length. For some, pre-treating FCC feed sufficiently for sulfur minimisation
results in a heat balance challenge for the FCC unit. Some of these challenges
can be exacerbated at refineries using shale-derived crudes, which are
naturally light and produce low sulfur, but also low octane gasoline.
FCC operating strategies include undercutting gasoline for sulfur control, and
control of FCC unit heat balance parameters to ensure that the FCC produces
enough feedstock to keep the alkylation unit full. Often, refiners can face FCC
unit limitations (e.g. wet gas compressor capacity) when pursuing these
changes, but they are quick and often easy to implement.
Written by Andy Huang, Gary Cheng, Ann Benoit, and Bob Riley, W. R. Grace &
Co., USA.
This article was originally published in the September 2017 issue of
Hydrocarbon Engineering. To read the complete article, please sign in or
register for a free trial subscription.
Source: http://palladian-publications.us8.list-manage.com/track/click?u=4f914c3540ccfb267523b9a5e&id=73311129af&e=ebd7465ea9
///////
TIP:
Remember the distinction between articles that have been peer reviewed, and those that have
not.
As useful as the Hydrocarbon Engineering
articles can be, they have not been peer reviewed. Due diligence requires you
to search databases like ScienceDirect (http://www.sciencedirect.com) and the patent databases for substantive
background information on the technologies featured in Hydrocarbon Engineering.
Search this blog (http://desulf.blogspot.com/)
for posts with due diligence, peer review, and patent search tips and hints.
“DNA is an
abbreviation for deoxyribonucleicantidisestablishmentarianism, a complex string of syllables.” -- Dave Barry (American Writer and
Humorist best known for his weekly newspaper column. b.1947)
Sometimes the results of a simple Google® search can provide clues that lead to
valuable information. For example, a
search for TIAX LLC led to SBIR, which provided the TIAX DUNS number. Googling the DUNS number resulted in
information on various contracts the company has had with various agencies of
the Federal Government. Here are the
details of the steps along that path …
///////
STEP 1
Google® Search String: TIAX LLC
One result:
Tiax LLC - SBIR Source
sbirsource.com/sbir/firms/283-tiax-llc
To develop concepts for affordable flexhoses that meet the Navy military
specification requirements for MIL-H-24135B and that last the average life of a
ship (40 ...
STEP 2
SBIR Source reminded me of SBIR (www.sbir.gov),
which stands for Small Business Innovative Research.
STEP 3
I searched the SBIR Company Registry, using Search String:
TIAX
Result: DUNS: 111046152
STEP 4
Google® Search String: DUNS: 111046152
One Result: NASA's Budget: Vendor Overview
DUNS Number: 111046152. Vendor: TIAX LLC. Vendor Location: Lexington, MA.
Number of Employees: 176. Annual Revenue: $30.00M.
NASA Contracts to this vendor:
Procurement ID: NNX08CB67P
Total $99,944.8M
Most Recent Activity Date 02/06/2008
Signed Date 02/06/2008
Completion Date 08/05/2008
source: http://www.govbudgets.com/dunsNumber/111046152/TIAX_LLC/
///////
And there's more. But you get the
point. Obviously, this particular
approach won’t help with companies that don’t do work for the Federal
Government.
But, there may be other clues that can lead you to valuable information on the
company you are researching.
The thing to remember is that there is no one source you can go to for a complete
picture of a company. You need to explore multiple avenues … especially when the
subject is privately held.
“God made the
world round so we would never be able to see too far down the road.” --
Isak Dinesen (pseudonym of Baroness Karen Blixen. Danish Writer (Out of Africa,
7 Gothic Tales), 1885-1962)
No company study is complete without at least a little background information.
Round
out your picture of the company by doing a simple Google search for
non-technological information ...
GOOGLE®: TIAX
LLC
One result:
///////
Bloomberg BusinessWeek Profile
Includes a description of the company, key executives, recent news, and the
names of similar private companies.
KEY TIAX LLC EXECUTIVES
Dr. Kenan E. Sahin, Founder and President
Mr. Arthur D. Schwope, Vice President of Operations
Dr. Brian M. Barnett, Vice President of Technology
Mr. Twig Mowatt, Executive Officer
Mr. Eric Witherspoon, Executive Officer
source: http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=1933490
///////
If you have access to D&B reports, wrap up you study of this interesting
company by checking its credit report.
“Be regular and orderly in your life, so that you may be violent and original in
your work.” -- Gustave Flaubert (French writer, 1821-1880)
The last post resulted in an ordered list of a few of the researchers
associated with TIAX LLC, as shown below.
Now suppose that you wanted to contact one or two of the names on the
list. Scroll down for tips on one way to
find email addresses of people associated with a particular company.
|
No.
of Patents
|
First
Name
|
Middle
|
Last
Name
|
|
264
|
Per
|
|
Onnerud
|
|
107
|
Jack
|
|
Treger
|
|
93
|
Allan
|
|
Chertok
|
|
82
|
David
|
|
Ofer
|
|
49
|
John
|
T
|
Dieckmann
|
|
41
|
Thomas
|
J
|
Fowler
|
|
10
|
Detlef
|
|
Westphalen
|
|
9
|
Darrell
|
J
|
King
|
|
9
|
Lawrence
|
|
Tyson
|
|
8
|
Christopher
|
H
|
McCoy
|
|
8
|
James
|
P
|
Norton
|
|
7
|
Simon
|
|
Chippett
|
|
7
|
Suresh
|
|
Sriramulu
|
|
6
|
Marlene
|
A
|
Devine
|
|
6
|
Kristene
|
Drobot
|
Isherwood
|
|
6
|
Gerald
|
R
|
Larocque
|
|
6
|
Jay
|
J
|
Shi
|
|
4
|
Charles
|
E
|
Bronson
|
|
2
|
William
|
S
|
Barney
|
|
2
|
John
|
Robert
|
Fricke
|
|
2
|
Anil
|
|
Mankame
|
|
2
|
Matthew
|
Corbin
|
Wiggins
|
|
1
|
San
|
|
Chottray
|
|
1
|
Emily
|
Barbara
|
Cooper
|
|
1
|
Dennis
|
L
|
Juedes
|
|
1
|
Laura
|
|
Natress
|
|
1
|
Adrian
|
W
|
Pullen
|
|
1
|
Thomas
|
M
|
Rudy
|
|
1
|
Kenan
|
|
Sahin
|
|
1
|
David
|
|
Tisi
|
To find a company's email ADDRESS pattern, using TIAX LLC as an example ...
GOOGLE® SEARCH STRING: "email * *
tiaxllc.com"
RESULTS
unnasch.stefan@TIAXLLC.com
rutherford.daniel@tiaxllc.com
westphalen.d@tiaxllc.com
Spangler.Ron@TIAXLLC.com
Jackson.michael@tiaxllc.com
oboyle.j@tiaxllc.com
mowatt.twig@TIAXLLC.com
barney.william@tiaxllc.com
Sahin.K@TIAXLLC.com
We can see that a typical TIAX email address is LASTNAME.FIRSTNAME@TIAXLLC.COM
or LASTNAME.FIRSTINITIAL@TIAXLLC.COM. A
quick way to find a particular individual's email address is to use a wild card
to standin for that individual's first name or first initial. For example ...
GOOGLE® SEARCH STRING: "email onnerud *
tiaxllc.com"
RESULT: onnerud.p@tiaxllc.com
GOOGLE® SEARCH STRING: "email treger *
tiaxllc.com"
RESULT: treger.jack@tiaxllc.com
GOOGLE® SEARCH STRING: "email ofer *
tiaxllc.com"
RESULT: ofer.david@tiaxllc.com
Try this technique on a company of your choice … and let me know what you
think.
