NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) releases an overview of the residential solar lease and power purchase agreement (PPA) ABS sector, and examines the growth of the sector, characteristics of residential solar leases and PPAs, issuer profile and transaction comparisons, and KBRA’s rating activity in the sector.

The residential solar lease and PPA ABS sector has shown resilience through the pandemic. The performance of KBRA-rated transactions has been relatively stable with no negative rating actions taken as a result of the pandemic to date. Residential solar lease and PPA ABS issuance in 2020 exceeded the prior year, with public and 144A securitization volume reaching $914 million. There has been one published residential solar lease and PPA ABS transaction issued in 2021.

Click here to view the report.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Analytical Contacts

Usman Khan, Director
+1 (646) 731-2488
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Cecil Smart Jr., Senior Managing Director
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Business Development Contact

Ted Burbage, Managing Director
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VANCOUVER, British Columbia--(BUSINESS WIRE)--The First Nations Limited Partnership (FNLP) representing all 16 First Nations along the Pacific Trail Pipeline to the proposed Kitimat LNG project has reacted with dismay to Woodside Petroleum’s announcement that it, too, has placed its 50% ownership of both projects up for sale. The decision by both Chevron and Woodside to divest entirely is a threat to the viability of the commercial interests of the FNLP members who have long hoped that the “first” LNG Project in BC would finally become a reality.

FNLP came together more than a decade ago in what was then (and remains) a ground-breaking partnership of 16 First Nations in Northern British Columbia whose traditional territories are impacted by the proposed Pacific Trail Pipeline. Through the FNLP’s distinctive structure, First Nations speak with a unified voice on commercial issues related to the project.

“FNLP’s unique arrangement makes us a highly effective partner for the proponents,” commented Chief Roland Willson, West Moberly First Nations. “Through the years, our steady partnership has been absolutely vital to advancing the project, particularly through the complex regulatory process. We’ve helped them navigate many related obstacles along the way.”

Chief Willson, a driving force in FNLP’s formation, observed that the FNLP leaders have shown amazing resilience through the very challenging years since the FNLP Agreement was signed with the Pacific Trail Pipeline in 2013.

“We’ve been disappointed many times, particularly when we saw LNG Canada get across the line first,” added Chief Willson. “But we knew we had negotiated a good agreement regarding this LNG pipeline for our members. It’s still a good agreement - the pioneer that others have followed. This project needs to be built so the Nations who have supported it all these years can be fairly compensated.”

Mark Podlasly, Chair of the FNLP, agrees.

“The project is in the interest of all British Columbians,” said Mr. Podlasly. “Indeed, it is in the national interest not only because it can make an obvious contribution to energy security. Equally importantly, the pipeline owners and the FNLP, working together, can point the way to how real reconciliation can be achieved.”

Mr. Podlasly concluded by emphasizing that “we are incredibly disappointed by this setback. The FNLP stands ready to support the right buyers who will treat us as a genuine partner and recognize the unique value we can bring to the table.”

In order to safeguard the commercial viability of the Pacific Trail Pipeline, FNLP looks forward to working closely with prospective buyers so that the 16 participating First Nations can realize the long-term financial and employment benefits.

About FNLP

The First Nations Limited Partnership (FNLP) was formed specifically to secure significant, reliable and long-term benefits from the proposed Pacific Trail Pipeline (PTP). PTP is a proposed 480-kilometre natural gas pipeline that would run from Summit Lake to Kitimat, British Columbia. It is the pipeline component of the proposed Kitimat LNG project.

FNLP Member First Nations

For further information:
Alexandra Ballard, General Manager
First Nations Limited Partnership
Direct: +1-604-349-1221

www.bcfnlp.ca

DUBLIN--(BUSINESS WIRE)--The "Monoethylene Glycol (Meg) Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029" report has been added to ResearchAndMarkets.com's offering.

The monoethylene glycol (MEG) market is expected to reach over US$ 53.25 Bn by 2029, growing at a CAGR of 6.0% during the forecast period 2021-2029.

Monoethylene is a colorless, odorless liquid which is known as the daughter product of ethylene oxide. Diethylene oxide and triethylene dioxide are the coproducts obtained in the manufacturing process of monoethylene glycol. Monoethylene glycol is widely used in various end-user industries. The major applications of monoethylene glycol range from textile industry to packaging industry. It is used as a raw material in the manufacture of polyethylene terephthalate (PET), polyester fiber and coolant & antifreeze among others. Hence high demand is reported from various end-user industries worldwide.

Asia Pacific accounted for the largest share of global monoethylene glycol market in 2020. China is known as the global textile manufacturer. Polyester is manufactured using monoethylene glycol. These fibers are used on a large scale in the textile industry to manufacture casual wear and sportswear among other apparels. Hence, high demand from the textile industry is boosting growth of monoethylene glycol in the global market. Polyethylene terephthalate accounted as the fastest growing application of MEG in the market. PET is majorly used in the manufacture of bottles and packaging products. Therefore, growing packaging industry and high consumption of PET in this industry is driving the growth of global monoethylene glycol in the market. Monoethylene glycol is also projected to experience growing demand from the automotive industry. It is used in manufacturing automotive coolant and antifreeze. It is also used as a deicing agent in the snowy areas worldwide. Hence, high demand from various end-user industries for different applications has led to growth of global monoethylene glycol market.

The purpose of this strategic research study is to provide company executives, industry investors, and industry participants with in-depth insights to enable them make informed strategic decisions regarding the opportunities in the global monoethylene glycol (MEG) market.

Companies Mentioned

• AkzoNobel
• ExxonMobil Corporation
• Formosa Plastic Group
• Honam Petrochemical Corporation
• LyondellBasell
• ME Global
• Reliance Industries Ltd.
• SABIC
• Shell plc

Key Topics Covered:

Chapter 1 Preface

Chapter 2 Executive Summary

2.1 Market Snapshot: Global Monoethylene Glycol (MEG) Market

2.2 Global Monoethylene Glycol (MEG) Market, By Application

2.3 Global Monoethylene Glycol (MEG) Market, By Geography

Chapter 3 Market Dynamics

Chapter 4 Global Monoethylene Glycol (MEG) Market Analysis, By Application

Chapter 5 SRC View

5.1 Segmentation View (Product/ Application)

5.1.2 Global Monoethylene Glycol (MEG) Market, by Application, 2019 - 2029, (Kilo Tons) (US$ Bn)

Chapter 6 RC View

6.1 North America Monoethylene Glycol (MEG) Market Analysis

6.2 Europe Monoethylene Glycol (MEG) Market Analysis

6.3 Asia Pacific Monoethylene Glycol (MEG) Market Analysis

6.4 Middle East and Africa (MEA) Monoethylene Glycol (MEG) Market Analysis

6.5 Rest of the World (RoW) Monoethylene Glycol (MEG) Market Analysis

Chapter 7 Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/9cgyze

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
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HOUSTON--(BUSINESS WIRE)--Mesa Royalty Trust (the “Trust”) (NYSE: MTR) announced today the Trust income distribution for the month of May 2021. Unitholders of record on May 30, 2021 will receive distributions amounting to $0.271394136 per unit, payable on July 30, 2021. Because May 30, 2021 falls on a weekend, the effective record date will be May 28, 2021. The Trust received $526,550, all of which came from the Colorado portion of the Trust’s San Juan Basin properties operated by SIMCOE LLC, an affiliate of IKAV Energy Inc. (“Operator”). No income was received in May 2021 from any other working interest owner.

The Trust was formed to own an overriding royalty interest of the net proceeds attributable to certain producing oil and gas properties located in the Hugoton field of Kansas and the San Juan Basin fields of New Mexico and Colorado. As described in the Trust's public filings, the amount of the monthly distributions is expected to fluctuate from month to month, depending on the proceeds, if any, received by the Trust as a result of production, oil and natural gas prices and the amount of the Trust’s administrative expenses, among other factors. On February 28, 2020, BP Amoco Company (“BP”) completed the sale of all of its interest in the San Juan Basin—Colorado properties to Operator. Following Operator’s acquisition of BP’s interest in the San Juan Basin—Colorado properties, there was a transition period to transfer historical information, knowledge and processes from one owner to the other. Operator has informed the Trustee that the amount paid to the Trust in the month of May 2021 includes adjusted proceeds for prior periods and is subject to further adjustment in future periods for certain expenses that Operator is entitled to deduct under the conveyance. Operator is expected to recover such expense amounts by withholding a portion or all of the net proceeds that would otherwise be payable to the Trust in future periods. Operator has also informed the Trustee that the income paid to the Trust in May 2021 includes unusually high pricing due to extreme winter weather, and that income for future periods may be reduced if pricing declines, as it is expected to do. Any reduction in income paid to the Trust for these properties may materially reduce or eliminate distributions to the Trust’s unitholders in future periods.

Proceeds reported by the working interest owners for any month are not generally representative of net proceeds that will be received by the Trust in future periods. As further described in the Trust’s Form 10-K and Form 10-Q filings, production and development costs for the royalty interest have resulted in substantial accumulated excess production costs, which will decrease Trust distributions, and in some periods may result in no Trust distributions. The amount of proceeds, if any, received or expected to be received by the Trust (and its ability to pay distributions to unitholders) has been and will continue to be directly affected, among other things, by volatility in the industry and revenues and expenses reported to the Trust by working interest owners. Any additional expenses and adjustments, among other things, will reduce proceeds to the Trust, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders.

This press release contains forward-looking statements. No assurances can be given that the expectations contained in this press release will prove to be correct. The working interest owners alone control historical operating data, and handle receipt and payment of funds relating to the royalty properties and payments to the Trust for the related royalty. The Trustee cannot assure that errors or adjustments or expenses accrued by the working interest owners, whether historical or future, will not affect future royalty income and distributions by the Trust. Other important factors that could cause these statements to differ materially include delays in actual results of drilling operations, risks inherent in drilling and production of oil and gas properties, declines in commodity pricing, and other factors described in the Trust’s Form 10-K for the year ended December 31, 2020 under “Part I, Item 1A. Risk Factors.” Statements made in this press release are qualified by the cautionary statements made in such risk factors. The Trust does not intend, and assumes no obligations, to update any of the statements included in this press release. Each unitholder should consult its own tax advisor with respect to its particular circumstances.

Mesa Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Elaina Rodgers
713-483-6020
http://mtr.q4web.com/home/default.aspx

CN and KCS enter into a definitive merger agreement to create the premier railway for the 21^st century, bring together highly complementary networks to benefit customers and enhance competition

Anticipated to be accretive to CN’s Adjusted Diluted EPS¹ in the first full year following CN assuming control of KCS

Expected EBITDA synergies approaching $1 billion annually, with a significant proportion expected from converting truck traffic from busy interstates and highways for better fuel efficiency at a lower cost

MONTREAL & KANSAS CITY, Mo.--(BUSINESS WIRE)--CN (TSX: CNR) (NYSE: CNI) and Kansas City Southern (NYSE: KSU) (“KCS”) today announced that they have entered into a definitive merger agreement to create the premier railway for the 21^st century.

Under the terms of the agreement, which was unanimously approved by the Board of Directors of each company, KCS shareholders will receive $325² per common share based on CN’s May 13, 2021 offer, which implies a total enterprise value of $33.6 billion, including the assumption of approximately $3.8 billion of KCS debt. KCS shareholders will receive $200 in cash and 1.129 shares of CN common stock for each KCS common share, with KCS shareholders expected to own 12.6% of the combined company. This represents an implied premium of 45% when compared to KCS’ unaffected closing stock price on March 19, 2021. KCS’ preferred shareholders will receive $37.50 in cash for each preferred share.

“We are thrilled that KCS has agreed to combine with CN to create the premier railway for the 21^st century. I would like to thank the numerous stakeholders of both companies who have demonstrated overwhelming support for this compelling combination, and we look forward to delivering the many benefits of this pro-competitive transaction to them. I am confident that together with KCS’ experienced and talented team, we will meaningfully connect the continent – enhancing competition, offering more choice for customers, and driving environmental stewardship and shareholder value.”

- JJ Ruest, president and chief executive officer of CN

“As North America’s most customer-focused transportation provider, we are excited about this combination with CN, which will provide customers access to new single-line transportation services at the best value for their transportation dollar, and increase competition among the Class 1 railroads. Our companies’ cultures are strongly aligned, and we share a commitment to environmental stewardship, safe operations, reliable service and outstanding performance. As a larger continental enterprise with complementary routes and an enhanced platform for revenue growth, capital investment, and job creation, we will be positioned to deliver on the transaction’s powerful synergies which will create new growth opportunities for our customers, employees, labor partners, communities and shareholders.”

- Patrick J. Ottensmeyer, president and chief executive officer of KCS

“KCS is the ideal partner for CN to connect the continent, helping to drive North American trade and economic prosperity. We are confident in our ability to gain the necessary regulatory approvals and complete the combination with KCS, and we look forward to combining with KCS to create new opportunities, more choice and a stronger company.”

- Robert Pace, chair of the board of CN

Compelling Strategic and Financial Rationale

Creates the premier railway for the 21^st century. The combination of CN and KCS will further accelerate CN’s industry-leading growth profile by connecting North America’s industrial corridor to create new options for shippers and new revenue for the combined company. A CN-KCS combination will substantially help realize the many benefits of the USMCA, bringing it to life in a meaningful way.

Brings together highly complementary networks to benefit customers. CN and KCS will create a safer, faster, cleaner and stronger railway that is ideally positioned to support the growth of an emerging consumption-based economy through better service options and customer choice.

Enhances competition. This combination will create an express route that connects the U.S., Mexico and Canada with a seamless single-owner, single-operator service, and preserves access to all existing gateways to enhance route choices and ensure robust price competition.

Delivers significant value to KCS shareholders. CN’s proposal delivers an implied premium of 45% to KCS shareholders, as well as participation in the significant upside of the combined company. Additionally, KCS shareholders will have the ability to receive the merger consideration immediately upon the closing of CN’s voting trust, which is expected to be in the second half of 2021. This combination will also significantly expand the combined company’s total addressable market (“TAM”) – CN and KCS would target $8 billion of TAM opportunity while supporting growth across the rapidly growing USMCA network.

Presents compelling synergies and pro-forma financial metrics. CN currently estimates that the combination would result in EBITDA synergies approaching $1 billion annually, with the vast majority of synergies coming from additional revenue opportunities. CN anticipates the transaction to be accretive to CN’s adjusted diluted earnings per share in the first full year following CN assuming control of KCS.

Accelerates innovation. CN and KCS share cultures that value safety, service and environmental stewardship. CN and KCS will accelerate innovation and investment as CN brings its industry-leading safety technology and fuel efficiency to the KCS network.

Yields demonstrable benefits for the environment. The combination will yield demonstrable benefits for the environment by converting significant volumes of truck traffic onto rails, delivering better fuel efficiency at lower cost. CN has the ability to remove more than 300 trucks from the road with every additional freight train. Because trains are 4 to 5 times more fuel-efficient than trucks, the combined company will also have an opportunity to realize a 75% reduction in greenhouse gas emissions, resulting in cleaner air for local communities along CN’s line. While preventing thousands of tons of emissions from entering the atmosphere every day, the expected conversion of truck traffic to rails will also reduce traffic congestion in these regions.

Creates opportunities for local communities. Upon the closing of the transaction, CN will maintain corporate headquarters in Montreal, Canada, and establish Kansas City, Missouri, as the combined company’s United States headquarters. The Mexico headquarters will remain in Mexico City and the operations center in Monterrey. CN will make significant infrastructure investments in key communities across the new network, including Illinois, Missouri, Michigan, Louisiana and Texas, meaning more economic opportunity and more jobs.

Financing

The cash portion of the consideration will be funded through a combination of cash-on-hand and approximately $19 billion of new debt. Upon closing of the transaction and including the assumption of approximately $3.8 billion of KCS debt, we expect to have outstanding debt of approximately $33 billion, representing a leverage ratio of 4.5x pro forma 2021 EBITDA³, and we expect to maintain an investment grade credit rating. Based on the proposed exchange ratio and CN’s current quarterly dividend of C$0.615 per CN share, KCS shareholders are expected to receive the equivalent of $2.30 in annual dividends per KCS share.

Approvals and Timing

CN and KCS are confident in their ability to obtain all necessary regulatory approvals, including from the Surface Transportation Board (“STB”) and the Federal Economic Competition Commission (COFECE) and Federal Telecommunications Institute (IFT) in Mexico.

CN has proposed a “plain vanilla” voting trust. Upon KCS shareholder approval of the transaction, and satisfaction of customary closing conditions, CN will acquire KCS shares and place them into the voting trust. KCS shareholders will receive the merger consideration immediately upon the closing of CN’s voting trust, which is expected to be in the second half of 2021.

Following this step, the STB and other regulatory authorities must approve CN’s control of KCS. The completion of the transaction is expected to take place in the second half of 2022. Upon completion, CN and KCS will begin the integration process to realize the significant benefits of the combination for their stakeholders.

For more information on CN’s acquisition of KCS, please visit www.ConnectedContinent.com.

Advisors

J.P. Morgan and RBC Capital Markets are acting as CN’s financial advisors, and Centerview Partners LLC is also serving as a financial advisor. Cravath, Swaine & Moore LLP, Sidley Austin LLP, Norton Rose Fulbright LLP, Torys LLP, Agon and Stikeman Elliot LLP are providing legal counsel to CN.

BofA Securities and Morgan Stanley & Co. LLC are serving as financial advisors to Kansas City Southern. Wachtell, Lipton, Rosen & Katz, Baker & Miller PLLC, Davies Ward Phillips & Vineberg LLP, WilmerHale, and White & Case, S.C. are serving as legal counsel to Kansas City Southern.

About CN

CN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. As the only railroad connecting Canada’s Eastern and Western coasts with the U.S. South through a 19,500-mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.

About Kansas City Southern

Headquartered in Kansas City, Mo., Kansas City Southern (KCS) (NYSE: KSU) is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS' North American rail holdings and strategic alliances with other North American rail partners are primary components of a unique railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada. More information about KCS can be found at www.kcsouthern.com.

Forward-Looking Statements

Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws, including statements based on management’s assessment and assumptions and publicly available information with respect to KCS, regarding the proposed transaction between CN and KCS, the expected benefits of the proposed transaction and future opportunities for the combined company. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words.

Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of CN, or the combined company, to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to: the outcome of the proposed transaction between CN and KCS; the parties’ ability to consummate the proposed transaction; the conditions to the completion of the proposed transaction; that the regulatory approvals required for the proposed transaction may not be obtained on the terms expected or on the anticipated schedule or at all; CN’s indebtedness, including the substantial indebtedness CN expects to incur and assume in connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; CN’s ability to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the possibility that CN may be unable to achieve expected synergies and operating efficiencies within the expected time-frames or at all and to successfully integrate KCS’ operations with those of CN; that such integration may be more difficult, time-consuming or costly than expected; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; the retention of certain key employees of KCS may be difficult; the duration and effects of the COVID-19 pandemic, general economic and business conditions, particularly in the context of the COVID-19 pandemic; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators; the adverse impact of any termination or revocation by the Mexican government of KCS de México, S.A. de C.V.’s Concession; increases in maintenance and operating costs; security threats; reliance on technology and related cybersecurity risk; trade restrictions or other changes to international trade arrangements; transportation of hazardous materials; various events which could disrupt operations, including illegal blockades of rail networks, and natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings or other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should also be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors relating to CN. Additional risks that may affect KCS’ results of operations appear in Part I, Item 1A “Risks Related to KCS’s Operations and Business” of KCS’ Annual Report on Form 10-K for the year ended December 31, 2020, and in KCS’ other filings with the U.S. Securities and Exchange Commission (“SEC”).

Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

Non-GAAP Measures

CN reports its financial results in accordance with United States generally accepted accounting principles (GAAP). CN also uses non-GAAP measures in this news release that do not have any standardized meaning prescribed by GAAP. This news release also includes certain forward looking non-GAAP measures or discussions of such measures (EPS, Adjusted Diluted EPS, EBITDA and a leverage ratio being adjusted debt to adjusted EBITDA). It is not practicable to reconcile, without unreasonable efforts, these forward looking measures to the most comparable GAAP measures (diluted EPS, net income and long term debt to net income ratio, respectively), due to unknown variables and uncertainty related to future results. Please see note on Forward-Looking Statements above for further discussion.

No Offer or Solicitation

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Additional Information and Where to Find It

In connection with the proposed transaction, CN will file with the SEC a registration statement on Form F-4 to register the shares to be issued in connection with the proposed transaction. The registration statement will include a preliminary proxy statement of KCS which, when finalized, will be sent to the stockholders of KCS seeking their approval of the merger-related proposals. This news release is not a substitute for the proxy statement or registration statement or other document CN and/or KCS may file with the SEC or applicable securities regulators in Canada in connection with the proposed transaction.

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT(S), REGISTRATION STATEMENT(S), TENDER OFFER STATEMENT, PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC OR APPLICABLE SECURITIES REGULATORS IN CANADA CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CN, KCS AND THE PROPOSED TRANSACTIONS. Any definitive proxy statement(s), registration statement or prospectus(es) and other documents filed by CN and KCS (if and when available) will be mailed to stockholders of CN and/or KCS, as applicable. Investors and security holders will be able to obtain copies of these documents (if and when available) and other documents filed with the SEC and applicable securities regulators in Canada by CN free of charge through at www.sec.gov and www.sedar.com. Copies of the documents filed by CN (if and when available) will also be made available free of charge by accessing CN’s website at www.CN.ca. Copies of the documents filed by KCS (if and when available) will also be made available free of charge at www.investors.kcsouthern.com, upon written request delivered to KCS at 427 West 12th Street, Kansas City, Missouri 64105, Attention: Corporate Secretary, or by calling KCS’s Corporate Secretary’s Office by telephone at 1-888-800-3690 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..

Participants

This news release is neither a solicitation of a proxy nor a substitute for any proxy statement or other filings that may be made with the SEC and applicable securities regulators in Canada. Nonetheless, CN, KCS, and certain of their directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transactions. Information about CN’s executive officers and directors is available in its 2021 Management Information Circular, dated March 9, 2021, as well as its 2020 Annual Report on Form 40-F filed with the SEC on February 1, 2021, in each case available on its website at www.CN.ca/investors/ and at www.sec.gov and www.sedar.com. Information about KCS’ directors and executive officers may be found on its website at www.kcsouthern.com and in its 2020 Annual Report on Form 10-K filed with the SEC on January 29, 2021, available at www.investors.kcsouthern.com and www.sec.gov. Additional information regarding the interests of such potential participants will be included in one or more registration statements, proxy statements, tender offer statements or other documents filed with the SEC and applicable securities regulators in Canada if and when they become available. These documents (if and when available) may be obtained free of charge from the SEC’s website at www.sec.gov and from www.sedar.com, as applicable.

_______________
¹ The combination is expected to be accretive to CN’s Adjusted Diluted EPS, excluding incremental transaction-related amortization, in the first full year following CN’s acquisition of control of KCS, and is expected to generate double-digit accretion upon the full realization of synergies thereafter.
² All figures in U.S. dollars, except where noted. All conversions between Canadian dollars and U.S. dollars are based on a 0.827 foreign exchange rate as of May 12, 2021. Where applicable, figures are based on the CN closing share price on the NYSE of $110.76 as of May 12, 2021.
³ Represents adjusted debt-to-adjusted EBITDA multiple, assuming closing into trust at end of 2021.

Media: CN
Canada
Mathieu Gaudreault
CN Media Relations & Public Affairs
(514) 249-4735
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Longview Communications & Public Affairs
Martin Cej
(403) 512-5730
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United States
Brunswick Group
Jonathan Doorley / Andrew Spinelli
(917) 459-0419 / (312) 468-7431
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Media: KCS
C. Doniele Carlson
KCS Corporate Communications & Community Affairs
(816) 983-1372
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Joele Frank, Wilkinson Brimmer Katcher
Tim Lynch / Ed Trissel
(212) 355-4449

Investment Community: CN
Paul Butcher
Vice-President
Investor Relations
(514) 399-0052
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Investment Community: KCS
Ashley Thorne
Vice President
Investor Relations
(816) 983-1530
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MacKenzie Partners, Inc.
Dan Burch / Laurie Connell
(212) 929-5748 / (212) 378-7071

OKLAHOMA CITY--(BUSINESS WIRE)--Kayne Anderson Energy Funds is pleased to announce the all-equity consolidation of Casillas Petroleum Resource Partners, LLC, Native Exploration Holdings, LLC and Acacia Exploration Partners, LLC to form 89 Energy III, LLC (“89 Energy III”). Concurrent with the consolidation, 89 Energy III closed on a new syndicated credit facility and received additional equity contributions from energy private equity funds managed by Kayne Anderson. Kayne Anderson’s energy private equity platform is also excited to announce a new partnership with the 89 Energy III management team who will serve as new leadership for the business going forward.

89 Energy III successfully closed on a new, three-year credit facility with a majority of the existing lending syndicates of the predecessor companies. At close, 89 Energy III’s credit facility had a $250 million borrowing base with Wells Fargo Bank, N.A. serving as Administrative Agent. Wells Fargo Securities, LLC served as Left Lead Arranger on the syndication of the credit facility.

This consolidation further strengthens the financial and operating position of 89 Energy III allowing it to realize day-one structural cost reductions, leverage scale for additional savings opportunities and to pursue the prudent and efficient development of its high-quality drilling inventory. 89 Energy III’s operating footprint consists of approximately 80,000 net acres across Oklahoma, with approximately 21,000 net boe/d of production. Additionally, 89 Energy III will manage the assets of Triumph Energy Partners, LLC (“Triumph”), which consists of approximately 15,000 net acres in STACK with approximately 6,500 net boe/d of production.

John-Mark Beaver, President and CEO at 89 Energy III, said, “We are pleased to announce the partnership with Kayne Anderson’s energy platform along with this transformative consolidation that provides scale and strong financial footing for a one-of-a-kind, highly economic Mid-Continent asset. 89 Energy III is well positioned to evolve with the changing energy landscape and to thoughtfully develop our assets and pursue strategic, scalable opportunities.”

Ryan Sauer, Managing Director at Kayne Anderson Energy Funds, said, “We are excited about partnering with the talented 89 Energy III management team and will look to create substantial value in our current Mid-Continent asset through both the continued exploitation of the existing inventory and further consolidation within the Anadarko Basin.”

ABOUT 89 ENERGY III

89 Energy III is an Oklahoma City-based, private energy company focused on the acquisition and development of oil and gas assets and has a proven track record of operational success and sub-surface expertise in the Mid-Continent. For more information, please visit eightynine.energy.

ABOUT KAYNE ANDERSON CAPITAL ADVISORS, L.P.

Kayne Anderson Capital Advisors, L.P., founded in 1984, is a leading alternative investment management firm focused on real estate, credit, infrastructure/energy, renewables, and growth equity. Kayne Anderson’s investment philosophy is to pursue niches, with an emphasis on cash flow, where our knowledge and sourcing advantages enable us to deliver above average, risk-adjusted investment returns. As responsible stewards of capital, Kayne Anderson’s philosophy extends to promoting responsible investment practices and sustainable business practices to create long-term value for our investors. Kayne Anderson manages over $34 billion in assets (as of 3/31/2021) for institutional investors, family offices, high net worth and retail clients and employs over 350 professionals in five core offices across the U.S. For more information, please visit www.kaynecapital.com.

89 Energy III, LLC
John-Mark Beaver
405-600-6040
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Kayne Anderson Capital Advisors, L.P.
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NEUSLING, Germany--(BUSINESS WIRE)--Ideematec, the leading global supplier of solar tracking systems, today announced that John Susa has joined the company in the role of Chief Sales Officer. Susa will be reporting into CEO and Co-founder Mario Eckl and will be responsible for driving global sales expansion.

"We're delighted that John has joined our team," said Mario Eckl, "he has a proven track record of building solid relationships and driving strong revenue growth through identifying, developing, and realising new business opportunities. His wealth of experience in the PV industry is indispensable.”

John has spent over thirteen years working in the Solar Industry, most recently he was based in Germany, managing SMA Solar’s Global Sales and Service over the past two and a half years. During this time, SMA consolidated its customer base in Europe and North America in particular, and achieved enviable revenue growth.

Prior to that, John was responsible for establishing and growing SMA sales in both the Asia Pacific and North American regions. He is credited with successfully restructuring and leading business improvement at SMA North America. He also established SMA subsidiaries in China and Brazil, while growing business in Australia and Japan.

He moved to SMA from Trina Solar, where he spent over six years establishing a string foothold for the business in Australia and New Zealand.

“I’m thrilled to have joined the Ideematec team,” said John. “The product portfolio is remarkable, in particular the new Horizon L-Tec® solar trackers. The company also has a number of impressive flagship reference projects. I’m really looking forward to applying my experience and leveraging my industry contacts to support a shared vision of even stronger business growth and expansion.” His start date with Ideematec was Monday, May 10th.

About Ideematec

Ideematec is a trusted global supplier of solar tracking systems, headquartered in Germany. Established in 2003, the company is a tracker provider for the utility-scale sector. Ideematec pioneered the 2P high-span safeTrack Horizon™ tracker, powered by a patented decoupled drive technology. Since 2017, the company has successfully delivered some of the biggest solar facilities on three continents, including Australia (350 MW), Jordan (250 MW) and Spain (200 MW). And is actually delivering its trackers for the largest solar project in Qatar (800MW).

For more information please visit: https://www.ideematec.com/

Evelyn Kroiß
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HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) announced today that at its annual meeting of shareholders held in Houston, Texas, on May 19, 2021, the shareholders elected all ten nominees to the Company’s board of directors and ratified the selection of KPMG LLP as principal independent public accountants for 2021. The shareholders also approved the proposed amendments and restatements of Halliburton’s Stock and Incentive Plan and Employee Stock Purchase Plan.

Shareholders elected board members Abdulaziz F. Al Khayyal, William E. Albrecht, M. Katherine Banks, Alan M. Bennett, Milton Carroll, Murry S. Gerber, Patricia Hemingway Hall, Robert A. Malone, Jeffrey A. Miller, and Bhavesh V. Patel.

The advisory resolution on executive compensation was not approved by the shareholders.

“The Halliburton Board of Directors is disappointed by the shareholder advisory vote on the Company’s executive compensation program. Halliburton has actively engaged with shareholders, substantially revised its plan in 2019, and received overwhelming 91% shareholder approval of the plan in 2020. In an industry challenged by COVID and oil supply and demand imbalance, Halliburton led its peers in total shareholder return performance, and has structured pay to attract, motivate, and retain employees,” said Halliburton Chairman, President and CEO Jeff Miller.

Halliburton Board Member and Compensation Committee Chair Murry Gerber added, “We will carefully consider today’s advisory vote as we evaluate Halliburton’s approach to executive compensation and commit to ongoing engagement with shareholders to understand their perspectives on executive pay.”

At the board of directors’ meeting following the shareholders’ meeting, the board declared a 2021 second quarter dividend of four and one-half cents ($0.045) a share on the Company’s common stock payable on June 23, 2021, to shareholders of record at the close of business on June 2, 2021.

About Halliburton

Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With approximately 40,000 employees, representing 130 nationalities in more than 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.

For Investors:
Abu Zeya
Investor Relations
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281-871-2688

For News Media:
Emily Mir
Public Relations
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281-871-2601

AMES, Iowa--(BUSINESS WIRE)--$REGI--Renewable Energy Group, Inc. (REG) (NASDAQ: REGI) announced today it has closed its previously announced private offering of $550 million aggregate principal amount of 5.875% senior secured notes due 2028 (the “Notes”) in a private placement pursuant to exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”).

The net proceeds from the private placement of the Notes were approximately $538 million, after deducting the initial purchasers’ discount and estimated offering expenses payable by REG. REG intends to use the net proceeds to finance or refinance, in part or in full, new and/or existing eligible green projects, including the expansion of REG’s Geismar, Louisiana biorefinery.

The Notes will mature on June 1, 2028 unless earlier redeemed or repurchased. On or after June 1, 2024, REG may redeem for cash all or part of the Notes at a redemption price equal to the principal amount thereof, plus accrued and unpaid interest, if any. Unless the Notes have been called for redemption, holders may require REG to repurchase the Notes, in cash, upon the occurrence of certain fundamental changes at a repurchase price equal to the principal amount thereof, plus accrued and unpaid interest, if any.

The Notes and related guarantees were offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act or outside the United States to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The offer and sale of the Notes and related guarantees was not registered under the Securities Act or applicable state securities laws and, unless so registered, the Notes and related guarantees may not be offered or sold in the United States or to U.S. persons except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.

About Renewable Energy Group

Renewable Energy Group, Inc. is leading the energy industry's transition to sustainability by transforming renewable resources into high-quality, cleaner fuels. REG is an international producer of cleaner fuels and one of North America’s largest producers of advanced biodiesel. REG solutions are alternatives for petroleum diesel and produce significantly lower carbon emissions. REG utilizes an integrated procurement, distribution and logistics network to operate 12 biorefineries in the U.S. and Europe. In 2020, REG produced 519 million gallons of cleaner fuel delivering 4.2 million metric tons of carbon reduction. REG is meeting the growing global demand for lower-carbon fuels and leading the way to a more sustainable future.

Note Regarding Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical fact, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “design,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding the expected use of the net proceeds from the Notes and expectations regarding the eligible green project (including the expansion of the Geismar, Louisiana biorefinery). These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change, and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, market and other conditions that may affect REG’s ability to complete the offering, risks related to REG’s ability to satisfy the conditions required to close any sale of the Notes, the use of the proceeds from any sale of the Notes, factors affecting REG’s business that may affect REG’s liquidity and working capital requirements, REG’s ability to successfully finance or refinance the eligible green projects (including the expansion of REG’s Geismar, Louisiana biorefinery), impacts related to the COVID-19 or any other pandemic, and other risks and uncertainties described from time to time in REG’s annual report on Form 10-K, quarterly reports on Forms 10-Q and other periodic filings with the Securities and Exchange Commission. All forward-looking statements are made as of the date of this press release, and REG does not undertake to update any forward-looking statements based on new developments or changes in its expectations, except as required by law.

Todd Robinson
Deputy Chief Financial Officer
Renewable Energy Group
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(515) 239-8048

OMAHA, Neb.--(BUSINESS WIRE)--Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure development and irrigation equipment and services for agriculture, today will host its virtual Investor Day beginning at 8:30 a.m. Eastern Time.

Stephen G. Kaniewski, President and Chief Executive Officer, Avner M. Applbaum, Executive Vice President and Chief Financial Officer, and other members of the senior management team will provide an in-depth review of the Company’s business drivers and long-term growth strategies, including innovation through new products and technology, ESG initiatives and capital allocation.

“We are excited to host Valmont’s 2021 Investor Day and provide an update on our accomplishments since our 2018 Investor Day, in addition to providing a deeper understanding of how our management team is accelerating technology and innovation, ESG and operational excellence across the organization. We have strong momentum and are well-positioned to execute against our strategy and drive long-term stakeholder value creation,” said Mr. Kaniewski.

Today, the Company is raising its full-year 2021 diluted EPS guidance from $9.00 - $9.70 to $9.30 - $10.00. In addition, the Company is defining its 3 - 5 Year Financial Targets.

Raising 2021 EPS Outlook

• Net Sales estimated to increase 9 - 14% vs. prior year
• Irrigation segment sales estimated to increase 27 - 30% vs. prior year
• Diluted Earnings per Share estimated to be $9.30 - $10.00

Defining 3 - 5 Year Financial Targets (from Base Year 2020)

• Revenue CAGR of 7 - 12%
• Operating Margin of >12%
• EPS CAGR of 13 - 15%
• Return on invested Capital (ROIC) of >11%
• Free Cash Flow Conversion of >1.0x Net Earnings (over the 5-year period) 

Event Webcast Details

A live webcast of the presentations, including two question and answer sessions, will begin at 8:30 a.m. Eastern Time and conclude at approximately 12:30 p.m. The presentations and webcast can be accessed from the Valmont 2021 Investor Day Event Site. Registration for the live event is required and can be completed on the Registration Site. A replay of the webcast will be available on the Investor Relations webpage following the event.

About Valmont Industries, Inc.

Valmont^® is a global leader, designing and manufacturing highly engineered products and services that support global infrastructure development and agricultural productivity. Its irrigation equipment and services for large-scale agriculture improve farm productivity while conserving fresh water resources. Its products for infrastructure serve highway, transportation, wireless communication, electric transmission, and industrial construction and energy markets. In addition, Valmont provides coatings services that protect against corrosion and improve the service life of steel and other metal products. For more information, visit valmont.com.

Concerning Forward-Looking Statements

This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that management has made in light of experience in the industries in which Valmont operates, as well as management’s perceptions of historical trends, current conditions, expected future developments and other factors believed to be appropriate under the circumstances. As you read and consider this release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond Valmont’s control) and assumptions. Although management believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Valmont’s actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. These factors include among other things, the continuing and developing effects of COVID-19 including the effects of the outbreak on the general economy and the specific economic effects on the Company’s business and that of its customers and suppliers, risk factors described from time to time in Valmont’s reports to the Securities and Exchange Commission, as well as future economic and market circumstances, industry conditions, company performance and financial results, operating efficiencies, availability and price of raw material, availability and market acceptance of new products, product pricing, domestic and international competitive environments, and actions and policy changes of domestic and foreign governments. The Company cautions that any forward-looking statement included in this press release is made as of the date of this press release and the Company does not undertake to update any forward-looking statement.

Renee Campbell
+1 402.963.1057

NORTH ANDOVER, Mass.--(BUSINESS WIRE)--Watts Water Technologies, Inc. (NYSE: WTS) today announced that Robert J. Pagano, Jr., Chief Executive Officer & President; Shashank Patel, Chief Financial Officer, and Timothy M. MacPhee, Treasurer & Vice President Investor Relations will participate in the Cowen and Company Virtual Sustainability & Energy Transition Summit 2021 on Wednesday, June 9, 2021 at 8:00 a.m. Eastern Daylight Time.

Watts Water Technologies, Inc., through its family of companies, is a global manufacturer headquartered in the USA that provides one of the broadest plumbing, heating, and water quality product lines in the world. Watts Water companies and brands offer innovative plumbing, heating, and water quality solutions for commercial, residential, and industrial applications. For more information, visit www.wattswater.com.

Watts Water Technologies, Inc.
Timothy M. MacPhee
Treasurer & Vice President
Investor Relations
Telephone: 978-689-6201
Fax: 978-794-0353

After a challenging year, the ADS industry’s trend toward consolidation continues, with both small startups and large well-funded companies giving up on going it alone

BOULDER, Colo.--(BUSINESS WIRE)--#ArgoAI--A new Leaderboard report from Guidehouse Insights examines the strategy and execution of 15 companies developing automated driving systems (ADSs), with Waymo, Nvidia, Argo AI, and Baidu ranked as the leading market players.

For the ADS industry, 2020 proved to be just as challenging as it was for most business segments thanks to the COVID-19 pandemic. Lockdowns caused disruptions to on-road testing that in many cases lasted several months. However, 2020 also helped to highlight business opportunities, particularly around the delivery market for automated vehicles (AVs). According to a new Leaderboard report from Guidehouse Insights, Waymo, Nvidia, Argo AI, and Baidu are the leading companies developing automated driving systems.

“These leaders are already considered advanced in terms of the development of ADS technology and have also accumulated some years of experience in testing and prototype deployment,” says Sam Abuelsamid, principal research analyst with Guidehouse Insights. “They have also supplemented their technological capabilities with prominent plans to deploy automation for transportation as a service either in house or with partners.”

Last year, the industry’s trend toward consolidation continued, with both small startups and large well-funded companies giving up on going it alone. Uber decided to cease its internal development of ADSs, selling its Advanced Technology Group to Aurora, and Zoox sold itself to Amazon. Volkswagen completed its investment in Argo AI and transferred its ADS team to Argo, while Aptiv and Hyundai Motor Group created their Motional joint venture. Volvo and Fiat Chrysler both teamed up with Waymo to use the ADS developed by the Alphabet subsidiary. At the opposite end of the market, Voyage was acquired by Cruise and its unique model of providing mobility services to retirement communities is being shelved.

The report, Guidehouse Insights Leaderboard: Automated Driving Systems, report differs from prior rankings for AVs. Rather than focusing on the companies that will be deploying AVs to the end consumer market, this report evaluates the companies actually developing the ADSs. All of the companies included are developing systems for light to medium duty vehicles, and that is the primary focus of the evaluation. A total of 15 companies have been ranked, and the report assesses which companies are best equipped to be the leaders in the development of ADSs. An executive summary of the report is available for free download on the Guidehouse Insights website.

About Guidehouse Insights

Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.

About Guidehouse

Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges and navigate significant regulatory pressures with a focus on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that prepare our clients for future growth and success. The company has more than 8,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.

* The information contained in this press release concerning the report, Guidehouse Insights Leaderboard: Automated Driving Systems, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.

Lindsay Funicello-Paul
+1.781.270.8456
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Company uses Tigo Energy TS4 MLPE for PV Safe Energy Storage Systems throughout North America

CAMPBELL, Calif.--(BUSINESS WIRE)--#energystorage--Tigo Energy, Inc., the solar industry’s leading Flex MLPE (Module Level Power Electronics) supplier, announced today that EnPower Star has deployed its clean, renewable and affordable energy storage systems using the Tigo TS4-A-2F and RSS Transmitter to enable rapid shutdown for PV modules.

The Tigo TS4-A-2F is a reliable, cost effective rapid shutdown solution that meets the latest module level shutdown requirements, including NEC 2017/2020. The TS4-A-2F is UL PVRSS certified for use with the largest network of inverters, many of which feature a built in RSS transmitter. By connecting to two modules, the TS4-A-2F reduces labor time and enables 16% fewer connections on a 14-panel string compared to single channel MLPE.

"It is imperative that our systems are available to the public at an affordable rate so that they can be deployed quickly to meet the growing market need for energy storage,” according to Steve Hopwood, Managing Partner, EnPower Star, LLC. “We use the Tigo TS4 product because it is simple and trusted, making it ideal as a plug-and-play rapid shutdown solution across the breadth of installers around the United States.”

The EnPower Star energy storage systems enable both homeowners and commercial customers to gain access to safe, reliable, and efficient power management that harnesses the full potential of renewable sources and leverages off-peak low-cost grid energy. The system includes the ARO High Voltage Battery, EPS MIN3000I-MIN11400I Inverters, the EPS ATS and Split Phase Transformers, EPS Smart Meter, as well as the ShinePhone and ShineServer Smart Monitor. Interested installers in the United States should reach out via the EnPower Star website: https://www.enpowerstar.com/distributors-sign-up/

“Tigo continuously seeks to provide system owners choice as they embrace economical solar,” said JD Dillon, Tigo’s Chief Marketing Officer. “The EnPower Star Energy Storage System offers homeowners a safe, reliable and affordable option to reduce reliance on the grid, minimize electricity bills, as well as prevent the waste of renewable energy.”

Tigo Energy provides flexible solutions that increase energy production of PV systems with optimization, decrease operating costs with remote monitoring and enhance safety with rapid shutdown capabilities. Tigo is different because it gives its PV customers the power to choose the right features and the right inverter for a tested and certified solution at the equipment and system level that maximizes the benefit for their installation.

About Tigo

Tigo is the worldwide leader in Flex-MLPE (Module Level Power Electronics) with innovative solutions that increase energy production, decrease operating costs, and significantly enhance safety of photovoltaic (PV) systems. Tigo’s TS4 platform maximizes the benefit of PV systems and provides customers with the most scalable, versatile, and reliable MLPE solution available. Tigo was founded in Silicon Valley in 2007 to accelerate the adoption of solar energy worldwide. Tigo systems operate on 7 continents and produce gigawatt hours of reliable, clean, affordable and safe solar energy daily. Tigo's global team is dedicated to making the best MLPE on earth so more people can enjoy the benefits of solar. Visit us at www.tigoenergy.com.

About EnPower Star

EnPower Star is an industry leader in clean, renewable & affordable energy storage systems. Their goal is to provide safe, efficient, innovative, and economically viable products to residential consumers as well as custom solutions for commercial and industrial clients through a vast network of solar distributors and installers. EnPower Star leverages over 40 years of collective experience within their Executive Team in the manufacturing, processing, and sales of electronics and battery storage. This extensive knowledge enables them to understand, tackle and solve the issues surrounding the production and distribution of residential power storage systems. https://www.enpowerstar.com/

Media Contact for Tigo
John Lerch
408.402.0802 x430
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• Q1 Revenue of $1.49 million exceeds total fiscal year 2020 revenue
• Net income of $2.91 million and Adjusted Net Loss of $0.99 million excluding one-time acquisition-related charges and net warrant valuation adjustment
• Company holds cash reserves of $124.97 million
• Strong market interest reflected in high level of commercial activity

BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent”) today announced consolidated financial results for the three months ended March 31, 2021. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with U.S. generally accepted accounting principles (GAAP).

Q1 2021 Financial Highlights

(all comparisons are to Q1 2020 unless otherwise noted)

• Total revenue was $1.49 million, a year-over-year increase of $1.39 million, the result of increased demand for our products across the board. Total Revenue for Q1 2021 exceeded the Total Revenue for all of Fiscal Year 2020, due to:
  • Increased demand for HT-PEM based fuel cell materials;
  • Increased demand for redox flow battery components;
  • Increased shipments of our IoT sensors; and
  • Addition of Advent’s UltraCell business solid revenue contribution.
• Gross Profit of $1.14 million, a year-over-year increase of $1.11 million primarily due to higher revenues and a favorable business mix.
• Operating costs of $8.14 million, a year-over-year increase of $7.79 million, due to One-Time Transaction Related Expenses as well as increased staffing, and public company costs.
• Net income and adjusted net loss were $2.91 million and ($0.99) million. Adjusted net loss excludes the impact from the change in the fair value of outstanding warrants as well as the one-time transaction-related expenses.
• Net income per share was $0.08.
• Cash reserves were $124.97 million on March 31, 2021, an increase of $124.45 million from December 31, 2020 driven by net $140.17 million of cash raised in the quarter from our business combination, including the $65.0 million PIPE, with AMCI that was consummated on February 4, 2021.

“Following our successful business combination with AMCI Acquisition Corp. and the subsequent acquisition of UltraCell LLC, we saw strong demand for our products from existing and new customers,” said Dr. Vasilis Gregoriou, Chairman and CEO of Advent Technologies. “The substantial increase in revenue in the quarter demonstrates a surge of market interest in high-temperature proton exchange membrane (HT-PEM) based products. We are confident that many of our customers are on a fast growth trajectory, and we are working closely with them to provide MEAs and fuel cell technology systems to serve their needs.”

Q1 2021 Financial Summary

For a more detailed discussion of Advent’s first quarter 2021 results, please see the company’s financial statements and management’s discussion & analysis, which are available at ir.advent.energy.

The financial results include non-GAAP financial measures. These non-GAAP measures are more fully described and are reconciled from the respective measures determined under GAAP in “Presentation of Non-GAAP Financial Measures” and the attached appendix tables.

Q1 2021 Business Updates:

Key recent product development highlights include:

• Scale-up and commercialization of the U.S. Department of Energy (DoE) next-generation MEA technology.
• Development of proprietary fuel cell stack technology for mobility applications, leveraging the know-how of UltraCell lightweight stacks.
• Production automation of MEA and fuel cell stack production.
• Development of materials for low-capex AEM electrolyzers and redox flow-batteries.

Dr. Gregoriou added, “We continue to find new use cases for our technology and becoming a public company with access to the financial markets has allowed us to accelerate this process. We are seeing strong demand for our products coming from all of our addressable markets.”

Order highlights include:

• Orders for MEAs (Membrane Electrode Assemblies, what we label “the heart of the fuel-cell”), from fuel cell developers in the markets of mobility and stationary applications in Asia.
• Orders for prototype fuel cell stacks from Europe, where we are witnessing a strong increase of major hydrogen projects across the European Union.
• Orders for redox flow battery materials that exceed significantly last year’s activity.
• Revenue from engineering fees in the area of electrochemical sensor development, where we are working closely with IoT companies to commercialize the technology.
• Orders for UltraCell defense-related systems.

Dr. Gregoriou continued, “Following our business combination on February 4, 2021, our team hit the ground running and the momentum continues. We expect to see both revenues and bookings increase as we move through the rest of 2021. In addition, we secured a new headquarters and technology manufacturing space in the highly competitive Boston market, helping us attract top-level talent in order to execute on our business plan.”

Q1 2021 Operating Highlights

• Selection of Advent’s Wearable Fuel Cell for the 2021 Validation Program: On March 31, 2021, Advent announced that UltraCell’s 50 W Reformed Methanol Wearable Fuel Cell Power System (“Honey Badger”) had been selected by the U.S. Department of Defense’s National Defense Center for Energy and Environment (“NDCEE”) to take part in its demonstration/validation program for 2021. The NDCEE is a Department of Defense program that addresses high-priority environmental, safety, occupational health, and energy technological challenges that are demonstrated and validated at active installations for military application. UltraCell’s “Honey Badger 50” fuel cell is the only fuel cell that is part of this program that supports the U.S. Army’s goal of having a technology-enabled force by 2028.

• Collaboration with the DOE: On March 1, 2021, Advent announced that it had entered into a joint development agreement (the “CRADA”) with the United States Department of Energy’s (DOE’s) Los Alamos National Laboratory (LANL), Brookhaven National Laboratory (BNL), and National Renewable Energy Laboratory (NREL). Under this CRADA, along with support from the DOE’s Hydrogen and Fuel Cell Technologies Office (HFTO), Advent’s team of scientists plan to work closely with its LANL, BNL, and NREL counterparts over the coming years to develop breakthrough materials to help strengthen U.S. manufacturing in the fuel cells sector and bring high-temperature proton exchange membrane (HT-PEM) fuel cells to the market.

• Acquisition of UltraCell LLC: On February 18, 2021, Advent acquired UltraCell LLC, the fuel cell business of Bren-Tronics, Inc. for $4.0 million and a maximum of $2.0 million upon the achievement of certain milestones. Those milestones were met and the additional $2.0 million was paid on April 16, 2021. This transaction was critical because it brings a full stack and systems business to Advent’s product portfolio. UltraCell is a leader in lightweight fuel cells for the portable power market with mature products and cutting-edge technology.

• New HQ and technology center in Boston, MA: On February 5, 2021, Advent leased 6,041 square feet of premier office space at 200 Clarendon Street in Boston, MA. This iconic building is in the heart of Boston and provides Advent with ample room to house its executive, technology, and administrative teams. On March 8, 2021, Advent also secured a new eight-year lease for 21,401 square feet in the heart of Boston’s technology and R&D community at Hood Park in Charlestown, MA as its technologies facility to accelerate product development on recent next-generation membrane electrode assembly (MEA) initiatives, including high-temperature polymer electrolyte membrane (HT-PEM) fuel cell technology for the automotive industry.

Dr. Gregoriou concluded, “I am confident the future for Advent Technologies has never been brighter. Our fuel-cell technology, allowing the use of multiple fuels, is an ideally suited solution for the defense and off-grid markets. We believe the “Any Fuel. Anywhere” products give us a clear advantage in a market for which very few companies compete and where hydrogen in its compressed gas form required by the low-temperature PEM competitors is not an economical option. In the mobility market, and particularly in the heavy-duty truck and aviation areas, we have strong validation that the high-temperature PEM technology is well-designed for achieving the total cost of ownership goals of our customers. Furthermore, we have recently seen increased interest in large-scale combined heat and power projects, where the heat produced by our PEM products is something that low-temp products cannot provide. Given that our value-add is in the MEA and fuel cell stack technology rather than in the end-system and application area, we plan to can address all these markets with the same MEA technology rather than completely independent efforts, which would prove very expensive. New policy goals across the developed and developing world are only accelerating this trend, and Advent is well positioned to take advantage of these dynamics.”

Conference Call

The Company will host a conference call on Thursday, May 20, 2021, at 9:00 AM ET to discuss its results.

To access the call please dial (866) 498-0631 from the United States, or (873) 415-0202 from outside the U.S. The conference call I.D. number is 2763459. Participants should dial in 5 to 10 minutes before the scheduled time.

A replay of the call can also be accessed via phone through June 3, 2021 by dialing (800) 585-8367 from the U.S., or (416) 621-4642 from outside the U.S. The conference I.D. number is 2763459.

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles critical components for fuel cells and advanced energy systems in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in the San Francisco Bay Area and Europe. With 120-plus patents (issued and pending) for its fuel cell technology, Advent holds the IP for next-gen high-temperature proton exchange membranes (HT-PEM) that enable various fuels to function at high temperatures under extreme conditions – offering a flexible ‘Any Fuel. Anywhere’ option for the automotive, maritime, aviation, and power generation sectors. www.advent.energy

Important Cautions Regarding Forward-Looking Statements

This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. These forward-looking statements address various matters including the Company’s plans and expectations with respect to its operating and financial performance for the remainder of 2021, the increased demand for its MEAs and fuel cell technology, the continued development of its next-generation HT-PEM technology alongside the Department of Energy, the advancement of potential breakthrough materials for the HT-PEM market, and the opening of its new manufacturing facility and headquarters in Boston. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to realize the benefits from the business combination; the Company’s ability to maintain the listing of the Company’s common stock on Nasdaq; future financial performance; public securities’ potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance our corporate reputation and brand; expectations concerning our relationships and actions with our technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company’s business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate; and the risks identified under the heading "Risk Factors" in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 26, 2021, as amended on May 19, 2021 as well as the other information we file with the SEC. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and we undertake no obligation to update or revise any of these statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

Presentation of Non-GAAP Financial Measures

In addition to the results provided in accordance with U.S. generally accepted accounting principles (“GAAP”) throughout this press release, the Company has provided non-GAAP financial measures— Adjusted Net Income /(Loss),EBITDA and Adjusted EBITDA —which present results on a basis adjusted for certain items. The Company uses these non-GAAP financial measures for business planning purposes and in measuring its performance relative to that of its competitors. The Company believes that these non-GAAP financial measures are useful financial metrics to assess its operating performance from period-to-period by excluding certain items that the Company believes are not representative of its core business. These non-GAAP financial measures are not intended to replace, and should not be considered superior to, the presentation of the Company’s financial results in accordance with GAAP. The use of the terms Adjusted Net Income / (Loss), EBITDA and Adjusted EBITDA may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. These measures are reconciled from the respective measures under GAAP in the appendix below.

Supplemental Non-GAAP Measures and Reconciliations

In addition to providing measures prepared in accordance with GAAP, we present certain supplemental non-GAAP measures. These measures are EBITDA, Adjusted EBITDA and Adjusted Net Income / (Loss), which we use to evaluate our operating performance, for business planning purposes and to measure our performance relative to that of our peers. These non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore may differ from to similar measures presented by other companies and may not be comparable to other similarly titled measures. We believe these measures are useful in evaluating the operating performance of the Company’s ongoing business. These measures should be considered in addition to, and not as a substitute for net income, operating expense and income, cash flows and other measures of financial performance and liquidity reported in accordance with GAAP. The calculation of these non-GAAP measures has been made on a consistent basis for all periods presented.

EBITDA and Adjusted EBITDA

These supplemental non-GAAP measures are provided to assist readers in determining our operating performance. We believe this measure is useful in assessing performance and highlighting trends on an overall basis. We also believe EBITDA and Adjusted EBITDA are frequently used by securities analysts and investors when comparing our results with those of other companies. EBITDA differs from the most comparable GAAP measure, net income / (loss), primarily because it does not include income taxes, depreciation of property, plant and equipment, and amortization of intangible assets. Adjusted EBITDA adjusts EBITDA for transactional gains and losses, asset impairment charges, finance and other income and acquisition costs.

The following tables show a reconciliation of net income/(loss) to EBITDA and Adjusted EBITDA for the three months ended March 31, 2021 and 2020.

(1) Bonus awarded after consummation of the business combination effective February 4, 2021.

Adjusted Net Income/(Loss)

This supplemental non-GAAP measure is provided to assist readers in determining our financial performance. We believe this measure is useful in assessing our actual performance by adjusting our results from continuing operations for changes in warrant liability and one-time transaction costs. Adjusted Net Loss differs from the most comparable GAAP measure, net income / (loss), primarily because it does not include one-time transaction costs and warrant liability changes. The following table shows a reconciliation of net income/(loss) for the three months ended March 31, 2021 and 2020.

Adjuste

Advent Technologies
Elisabeth Maragoula
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Sloane & Company
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DALLAS--(BUSINESS WIRE)--Flowserve Corp. (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, held its virtual 2021 Annual Meeting of Shareholders today.

Concerning the official business of the meeting, the Company announced that its shareholders re-elected R. Scott Rowe, Sujeet Chand, Ruby R. Chandy, Gayla J. Delly, Roger L. Fix, John R. Friedery, John L. Garrison, Michael C. McMurray, David E. Roberts and Carlyn R. Taylor to the Company's Board of Directors, each to serve an annual term expiring at the 2022 Annual Meeting of Shareholders.

Biographies for all members of the Board can be found in the Company's 2021 Proxy Statement or on www.flowserve.com.

Additionally, the Company’s Board elected David Roberts to serve as Chairman of the Board effective after the annual meeting. Mr. Roberts joined the Board in 2011 and has served in a variety of capacities on the Board, including most recently as the chairman of the Organization and Compensation Committee of the Board. “Dave has been a dedicated member of the Board for the past decade,” said Mr. Rowe, Flowserve President and Chief Executive Officer of Flowserve. “I look forward to working with Dave as we continue to capitalize on the success of our Flowserve 2.0 transformation initiative and in supporting our customers through energy transition.”

Roger Fix, who served as the Chairman since 2017, stepped down as Chairman in accordance with the Company’s corporate governance principles and Chairman rotation policy, and will continue to serve as a member of the Board. "I want to thank Roger for his years of dedicated service to Flowserve as our Chairman," said Mr. Rowe. "During his term as Chairman, he helped launch our Flowserve 2.0 Transformation and navigate through one of the most unprecedented economic challenges in Flowserve’s history. His guidance as our Chairman has provided invaluable support that will have a lasting impact on Flowserve, and we look forward to his continued service on our Board."

Voting results also indicate that shareholders approved an advisory vote on executive compensation, voting approximately 97 percent in favor of the proposal.

Additionally, shareholders ratified the appointment of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm for 2021.

Shareholders also approved a management proposal to amend the Company’s Certificate of Incorporation to delete Article Tenth regarding supermajority approval of business combinations with certain interested parties.

Final voting results on all agenda items will be available in a Current Report on Form 8-K to be filed by the Company following certification by the Company's inspector of elections.

About Flowserve: Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.

Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition

The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: the impact of the global outbreak of COVID-19 on our business and operations; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from our strategic transformation and realignment initiatives, our business could be adversely affected; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics or changes to tariffs or trade agreements that could affect customer markets, particularly North African, Russian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela and Argentina; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.

All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.

Investor Contacts:
Jay Roueche, Vice President, Treasurer and Investor Relations, (972) 443-6560
Mike Mullin, Director, Investor Relations, (972) 443-6636

Media Contact:
Lars Rosene, Vice President, Corporate Communications & Public Affairs, (972) 443-6644

Program’s eighth cohort will receive world-class research support and non-dilutive funding to develop and validate technologies to make residential housing more affordable

DENVER--(BUSINESS WIRE)--The Wells Fargo Innovation Incubator (IN²), a technology incubator and platform funded by the Wells Fargo Foundation and co-administered by the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL), today announced that its eighth cohort consists of five startups that share a focus on technologies that help make housing both more affordable and more sustainable.

The selected companies will receive up to $250,000 in non-dilutive funding from Wells Fargo and will conduct research and development activities at NREL’s state-of-the-art research facilities in Golden, Colorado. NREL researchers will help the startups develop, model, characterize and verify their technologies in one of more than fifty NREL labs and user facilities. They will also join a cleantech ecosystem that includes industry experts, investors, technology bankers, demonstration partners, and a nationwide Channel Partner network of more than 60 cleantech and agtech business incubators, accelerators, and university programs.

The eighth IN² cohort includes community- and district-level planning technologies, design-planning tools and energy-efficiency technologies. Originally nominated by program Channel Partners, the companies underwent in-depth review by Wells Fargo, NREL and IN²’s expert industry advisory board. The selected startups are:

• NeoCharge – San Luis Obispo, CA – Building an integrated software platform that will synchronize charging of electric vehicles and appliances for cleaner and more affordable charging.
• Darcy Solutions – Excelsior, MN – Using groundwater-sourced heating and cooling systems to eliminate emissions, improve energy efficiency and reduce HVAC costs in buildings.
• Radiator Labs – Brooklyn, NY – Designing an insulated smart thermostatic cover system for home-heating radiators to enable homeowners and tenants to control temperature via a software application, while improving functionality and reducing energy costs and emissions.
• Pivot Energy Services – New York City, NY – Lowering energy costs for renters and homeowners through a software platform that captures specific and precise energy-performance data for buildings.
• Stash Energy – Fredericton, NB – Developing a ductless heat pump with built-in thermal energy storage and a thermostat that allows electric utilities to balance heating and air-conditioning demand to lower costs.

“We need to accelerate technology innovation and invest in new ideas to avoid the worst impacts of climate change,” said Jenny Flores, head of Small Business Growth philanthropy at Wells Fargo. “IN² is uniquely positioned to identify start-ups and promising companies that can tackle complex societal and environmental challenges. The energy efficiency solutions from the newest group to join the incubator can have an enduring impact on today’s homes, the environment and future residential housing.”

“Millions of households, especially low-income households, spend an outsized percentage of their monthly income on energy bills,” said Trish Cozart, IN² program manager at NREL. “IN² companies are addressing this problem through innovative energy efficiency solutions.”

With the addition of these five companies, IN²’s total portfolio now includes 51 startups. Since joining the IN² program, portfolio companies have raised $568 million in external follow-on funding — equivalent to an average of more than $46 for every $1 awarded by IN².

About the Wells Fargo Innovation Incubator (IN²)

The Wells Fargo Innovation Incubator (IN²) is a $50 million technology incubator and platform funded by the Wells Fargo Foundation. Co-administered by and housed at the National Renewable Energy Laboratory (NREL) in Golden, Colorado, IN²’s mission is to speed the path to market for early-stage, clean-technology entrepreneurs. Launched in 2014 with an initial focus on supporting scalable solutions to reduce the energy impact of commercial buildings, IN² has since expanded its focus to advance technologies that address the sustainable production of agriculture and housing affordability. For more information, visit in2ecosystem.com.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.98 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,400 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. With approximately 263,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories. Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.

Media Contacts
Wells Fargo Media
E.J. Bernacki, 415-840-4469
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IN² Media
Liz Crumpacker, 646-494-7482
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DALLAS--(BUSINESS WIRE)--Flowserve Corporation, (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, announced that its Board of Directors has authorized a quarterly cash dividend of $0.20 per share on the company's outstanding shares of common stock.

The dividend is payable on July 9, 2021, to shareholders of record as of the close of business on June 25, 2021.

While Flowserve currently intends to pay regular quarterly cash dividends for the foreseeable future, any future dividends, at this $0.20 per share rate or otherwise, will be reviewed individually and declared by the Board at its discretion.

Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: the impact of the global outbreak of COVID-19 on our business and operations; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from our strategic transformation and realignment initiatives, our business could be adversely affected; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics or changes to tariffs or trade agreements that could affect customer markets, particularly North African, Russian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela and Argentina; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.

All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.

Flowserve Contacts
Investor Contacts:
Jay Roueche, Vice President, Investor Relations & Treasurer (972) 443-6560
Mike Mullin, Director, Investor Relations, (972) 443-6636

Media Contact:
Lars Rosene, Vice President, Corporate Communications & Public Affairs, (972) 443-6644

Coatue and Breakthrough Energy Ventures join existing investors to drive software innovation at intersection of utility and automotive sectors

SAN FRANCISCO--(BUSINESS WIRE)--WeaveGrid, a developer of software solutions for the scalable deployment of electric vehicles (EVs) on the electric grid, today announced $15M in Series A fundraising to enable its next stage of growth. The round was led by Coatue with participation by Breakthrough Energy Ventures and existing investors The Westly Group, Grok Ventures, and several prominent angel investors including Ramez Naam and Josh Felser.

Automaker and government commitments are driving a radical transformation that will soon see millions of new EVs charging across the United States. Electric utilities are in a leading position to benefit from accelerating EV adoption, but face risks as EV charging puts a tremendous new load on the grid. While automakers are increasingly bringing vehicles online, they do not have the infrastructure to interface with electric utilities.

“WeaveGrid’s enterprise software solutions serve as the interface between these two evolving industries, enabling both to benefit from the EV transition and - most critically - to offer a seamless and delightful experience for drivers abandoning gas stations as a relic of the past,” said Divesh Gupta, Director of Strategy for Baltimore Gas & Electric, an early WeaveGrid customer.

Founded by experienced Stanford entrepreneurs, WeaveGrid has excelled by hiring top tier talent from utilities, tech companies, and auto OEMs, with a shared passion for solving the climate challenge via software and data science. WeaveGrid’s charging solutions are now deployed by some of the biggest utilities in the U.S. to lower grid infrastructure costs, integrate more renewables, and save drivers money.

“We are at an inflection point in the public discourse about decarbonization, infrastructure investment, grid reliability, and the transformative nature of EVs,” said WeaveGrid CEO Apoorv Bhargava. “We choose to operate at the intersection of these major, confounding challenges, and are thrilled to work with investors who have validated our vision for software- and analytics-driven solutions to these big, hairy problems.”

Coatue, an investor in EV companies like Tesla and Rivian, sees WeaveGrid’s potential to accelerate EV adoption. “We are excited to partner with WeaveGrid and support Apoorv, John, and their team. WeaveGrid is bridging the tech, mobility, and energy worlds through a software platform that transforms EVs into energy assets. WeaveGrid’s approach could revolutionize the role of EVs in the home,” said Coatue’s Jaimin Rangwalla, who has joined WeaveGrid’s Board of Directors.

“As more drivers find themselves behind the wheels of electric vehicles, it’s going to be critical that utilities are prepared for the increased demand on the grid,” said Carmichael Roberts of Breakthrough Energy Ventures. “By optimizing EV charging, WeaveGrid’s innovative software solution will enable utilities to more efficiently meet demand, reducing the need for additional power generation. It’s a great example of using a smart software technology to solve a capital-intensive infrastructure problem and is exactly the type of innovation we will need to unlock the full potential of EVs and reduce global emissions.”

“We couldn’t be more excited to support WeaveGrid’s mission to accelerate decarbonization of the global transportation industry,” said Danny Cotter, Partner at The Westly Group. “Every automotive manufacturer is moving all-electric. Energy utilities need a way to support this transition without significant impact to their infrastructure, and WeaveGrid’s platform meets that need. We have looked at almost every early-stage company in this sector and WeaveGrid is unique in its software-first solution.”

Mike Cannon-Brookes, co-founder and co-CEO of software giant Atlassian, invested in WeaveGrid via his VC fund Grok Ventures, noting that “WeaveGrid’s software-based EV charging solution helps utilities ensure that consumers can continue to purchase and charge EVs pain free and at low cost. The team has combined their deep understanding of energy markets, utilities and data science to bring us a big step closer to decarbonising the grid and transportation.”

About WeaveGrid

WeaveGrid, a 2021 Global Cleantech 100 company, offers vehicle-grid integration (VGI) smart charging solutions that enable utilities to both provide valuable services to their electric vehicle (EV) customers and support the resiliency of the broader grid.

About Coatue

Coatue is one of the largest technology investment platforms in the world with more than $35 billion in assets under management. Our dedicated team of engineers and data scientists work closely with investment professionals to add value to founders and executive teams in our portfolio. With venture, growth and public funds, we back entrepreneurs from around the globe and at every stage of growth. Some of our private investments have included Airtable, Ant Financial, Anaplan, ByteDance, Chime, Databricks, DoorDash, Instacart, Meituan, Snap, Snowflake and Spotify.

About Breakthrough Energy Ventures

Backed by many of the world’s top business leaders, Breakthrough Energy Ventures (BEV) invests in cutting-edge companies that will lead the world to net-zero emissions. BEV has more than $2 billion in committed capital to support bold entrepreneurs building companies that can significantly reduce emissions from agriculture, buildings, electricity, manufacturing, and transportation. BEV’s strategy links government-funded research and patient, risk-tolerant capital to bring transformative clean energy innovations to market as quickly as possible. The first fund was created in 2016 as part of the Breakthrough Energy network of initiatives and entities, which include investment funds, non-profit and philanthropic programs, and policy efforts linked by a shared commitment to scale the technologies needed to address climate change and achieve a path to net zero emissions by 2050. Visit https://www.breakthroughenergy.org/ to learn more.

About The Westly Group

The Westly Group invests in smart energy and mobility and has 15 of the world’s larger energy and auto companies as investors. The firm has over $500M AUM and has had 6 companies go public including Tesla Motors and Luminar.

About Grok Ventures

Grok Ventures is the private investment office of Mike and Annie Cannon-Brookes. Grok is based in Sydney, Australia, and backs world class teams solving big problems to shape a better future. It provides long-term focused, patient capital to fast growing technology enabled businesses.

Yakov Berenshteyn
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KANSAS CITY, Mo.--(BUSINESS WIRE)--Kansas City Southern (KCS) (NYSE:KSU) held its Annual Meeting of Stockholders on May 20, 2021 virtually via live audio webcast. With 89% of KCS’ outstanding common and preferred stock represented in person or by proxy at the meeting, the stockholders:

• elected Lydia I. Beebe, Lu M. Córdova, Robert J. Druten, Antonio O. Garza, Jr., David Garza-Santos, Janet H. Kennedy, Mitchell J. Krebs, Henry J. Maier, Thomas A. McDonnell, and Patrick J. Ottensmeyer to serve on the KCS Board of Directors until the Annual Meeting of Stockholders in 2022;
• ratified the Audit Committee’s selection of PricewaterhouseCoopers LLP as KCS’ independent registered public accounting firm for the year ending December 31, 2021; and
• approved, on an advisory basis, the 2020 compensation of the KCS named executive officers.

In addition, at their meeting today, the Board of Directors declared a regular dividend of $0.25 per share on the outstanding KCS 4% Non-Cumulative Preferred stock. This dividend is payable on July 6, 2021, to stockholders of record at the close of business on June 14, 2021.

The Board of Directors also declared a regular dividend of $0.54 per share on the outstanding KCS common stock. This dividend is payable on July 7, 2021, to stockholders of record at the close of business on June 14, 2021.

Headquartered in Kansas City, Mo., Kansas City Southern (KCS) (NYSE: KSU) is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS' North American rail holdings and strategic alliances with other North American rail partners are primary components of a unique railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada. More information about KCS can be found at www.kcsouthern.com.

KCS: Ashley Thorne, 816-983-1530, This email address is being protected from spambots. You need JavaScript enabled to view it.

LOS ANGELES--(BUSINESS WIRE)--The U.S. Secretary of Transportation recently announced that $1 billion will be available through the competitive Rebuilding American Infrastructure with Sustainability and Equity (RAISE) program. BYD stands ready to assist with application information.

RAISE, formerly known as BUILD and TIGER, now includes funding opportunities for projects addressing climate change, including energy storage solutions, electric buses and trucks, and the planning and construction of electric vehicle charging stations.

BYD can assist in the application process by providing agencies with the cost of battery electric buses and trucks, chargers, charging infrastructure, energy storage solutions, and grid solutions.

With total solutions for green energy generation and storage, BYD is the USA’s industry leader in battery electric buses and trucks with over 600 vehicles at work across America. BYD’s electric buses meet and exceed Buy America standards.

Projects for RAISE funding will be evaluated based on merit criteria that include safety, environmental sustainability, quality of life, economic competitiveness, state of good repair, innovation, and partnership. Within these criteria, the Department will prioritize projects that can demonstrate improvements to racial equity, reduce impacts of climate change and create good-paying jobs.

For information on BYD products and solutions, contact Maria Mendoza, Director of Bids and Grants, at This email address is being protected from spambots. You need JavaScript enabled to view it., or Jason Yan, Director of Sales Operations, at This email address is being protected from spambots. You need JavaScript enabled to view it..

Instructions for submitting RAISE applications can be found at www.transportation.gov/RAISEgrants along with specific instructions for the forms and attachments required for submission. Webinars about the grant program can be found at www.transportation.gov/RAISEgrants/outreach.

The deadline to submit an application is July 12, 2021 at 5p.m. Eastern, 2 p.m. Pacific Time.

ABOUT BYD

The Official Sponsor of Mother Nature™, BYD, the world’s leading electric vehicle company, is dedicated to creating a “total solution.” Globally, BYD has committed to corporate social responsibility, deeply monitoring our supply chain in terms of human rights, environmental safety, hazardous substance control and intellectual property rights. We only select suppliers who share our commitment to just labor practices, human rights standards and the environment.

For more information, please visit https://en.byd.com/ or follow BYD on LinkedIn, Twitter, Facebook and YouTube.

Jim Skeen
Media Relations Specialist
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661-436-0513