GONZALES, La.--(BUSINESS WIRE)--Specialty Welding and Turnarounds, LLC (SWAT), a leading provider of highly technical maintenance services to the chemical, refinery, renewable, and industrial markets, announced today the acquisition of Midwest Cooling Tower Services (MWCTS or Midwest) from Dorilton Capital. Headquartered in Krotz Springs, Louisiana, and with operations across the U.S., Midwest is a leading provider of mission-critical cooling tower solutions, including inspection, maintenance and repair, specialty distribution, and rental.

“Midwest has been a leading provider of cooling tower services for decades with a strong reputation for excellent inspection and maintenance execution. Along with its critical components inventory and cooling towers rental fleet, the company is well-differentiated as a key player in the industry,” said Marcus Deal, CEO of SWAT. “With this acquisition, we will now be able to provide high-quality cooling tower services as a core part of our offering. We are excited to extend SWAT’s technical capabilities into this attractive market by supporting Midwest’s exceptional management and operations team.”

On a combined basis, SWAT will employ over 2,100 people. The combined entity will have a long-standing blue-chip customer base across the U.S.

“As we sought out a new partner for our next chapter, we felt SWAT strongly aligned with our values, including our shared focus on safety, customer service and employee engagement,” said Danny Wiltz, President of Midwest. “We have a lot of pride in what Midwest has grown to. The company was started by our father nearly 35 years ago, so it was important for us to find a partner who was focused on our future and also appreciates our history,” added Paul Wiltz, Vice President of Midwest. At the close of the transaction, Danny Wiltz and Paul Wiltz will continue to lead the business under the SWAT platform.

“Midwest is a great fit with the broader offering of SWAT’s existing industrial maintenance service lines provided by an outstanding workforce of highly trained and experienced specialists,” said Craig Kahler, Managing Director of ORIX Capital Partners, whose managed fund acquired SWAT in January 2020 in partnership with Hastings Equity Partners and the SWAT management team. “This acquisition supports our strategic growth plan to expand technical industrial maintenance capabilities across a diversified customer base, while assisting leading industrial companies maintain safe, compliant and efficient facilities.”

Kirkland & Ellis LLP served as legal counsel to ORIX Capital Partners and SWAT on this transaction. Jones Day served as legal counsel and Stifel served as financial advisor to Midwest. Financial terms of the transaction were not disclosed.

Specialty Welding and Turnarounds
Founded in 2014, SWAT has evolved into an elite and trusted provider of highly specialized turnaround services with an industry-leading safety record, superior execution capabilities, and a wide range of specialty welding and mechanical service offerings. The company currently has master service agreements with more than 50 U.S. facilities, including some of the world’s largest oil refineries, and maintains multiple touchpoints across its key customer relationships. SWAT has a diverse geographic presence with offices in Louisiana, Texas, and California, a coverage area spanning more than 14 states and a nationwide craft labor database of over 4,000 highly experienced professionals.

Midwest Cooling Tower Services
Founded in 1984, MWCTS is a leading provider of inspection, repair and rental services for cooling towers. Based in Krotz Springs, LA, Midwest services leading chemical, refinery, agriculture, and other industrial customers across the U.S. It also supplies components to over 85 other cooling tower companies and contractors in the U.S. and more than 110 partners around the world. Midwest has a dedicated workforce of approximately 450 employees.

ORIX Capital Partners
ORIX Capital Partners (OCP), the operationally-focused private equity team of ORIX Advisers, LLC and a wholly-owned subsidiary of ORIX Corporation USA (ORIX USA), manages a fund that seeks to make direct equity investments in established middle-market companies throughout North America, spanning a variety of industries, including industrial services, business services, and general industrials.

Hastings Equity Partners
Hastings Equity Partners is a private equity firm focused on investing in lower, middle-market industrial service and business services segments. Hastings' approach is to leverage the firm's managers and investors' extensive operational experience, many of whom are active or former CEOs of Fortune 1000 companies. In addition, due to the firm's expanding portfolio of industrial service and business service companies, it is able to share best practices, technology trends, and contacts across its platform to ensure that all of its investments benefit.

Dorilton Capital
Dorilton is a private investment firm that invests in businesses across a range of industry sectors, working in partnership with management to grow value over the long-term. By providing funding and expertise to drive growth, Dorilton helps its companies and its people achieve their full potential. To learn more visit www.DoriltonGroup.com

Rohini Pragasam, Head of Communications & Marketing
ORIX Corporation USA
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DUBLIN--(BUSINESS WIRE)--The "North America Nuclear Waste Management System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Waste Type, Reactor Type, and Disposal Options" report has been added to ResearchAndMarkets.com's offering.

According to the research study, the market is expected to reach US$ 5,447.63 million by 2028 from US$ 4,473.37 million in 2021. The market is estimated to grow at a CAGR of 2.9% from 2021 to 2028.

Rising deployment of nuclear power plants is the major factor driving the growth of the North America nuclear waste management system market. However, issues associated with nuclear waste management system being expensive hinders the growth of North America nuclear waste management system market.

Segment Insights

The North America nuclear waste management system market is segmented on the bases of waste type, reactor type, disposal options, and country.

• Based on waste type, the market is segmented into low-level waste, high-level waste, intermediate-level waste, and others. Low-level waste segment held largest market share in 2020.
• Based on reactor type, the North America nuclear waste management system market is segmented into pressurized water reactor, boiling water reactor, and gas cooled reactor. Boiling water reactor segment held a substantial market share in 2020.
• Based on disposal option, the market is bifurcated into near surface disposal and deep geological disposal. Near surface disposal segment held a substantial market share in 2020.
• Based on country, the market is segmented into US, Canada, and Mexico.

North America is one of the leading regions in terms of the development and adoption of new technologies; this is mainly attributed to favorable government policies that boost innovation and strengthen the infrastructure capabilities. Hence, any impact on the growth of industrial sector hampers the economic growth of the region.

Presently, the US is the world's worst-affected country due to the COVID-19 outbreak pandemic. The nuclear waste management industry's reliance on manufacturing industry, such as companies using nuclear reactors and electricity produced from them, has been highlighted by the recent pause in manufacturing units due to the pandemic.

Several industries, such as healthcare and research facilities, saw a sharp drop in waste generation during the early stages of the pandemic, when factories and offices were partially or entirely closed. As a result, the expansion of the North American nuclear waste management system market was hampered.

In the US, there are 60 nuclear plants with around 98 nuclear reactors, officials have suggested isolating or quarantining critical nuclear power plant (NPP) specialists and allowing them to live on-site to reduce their closeness to others if this is required. The overall demand for nuclear waste management system is likely to increase once the industries attain normal operational conditions as these systems are much needed because of the rise in nuclear waste.

Competitive Insights

Ansaldo Energia S.p.A.; Bechtel Corporation; BHI Energy; Energysolutions; Perma-Fix; US Ecology, Inc.; Veolia; and Waste Control Specialists LLC are among the leading companies in the North America nuclear waste management system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.

For instance, in 2020, Veolia's Veolia North America has signed an agreement to occupy Alcoa USA Corporation's Hazardous Waste Treatment Site. With this strategy, the company continues the worldwide growth of its hazardous waste treatment and recycling activity and adds a flagship site to its existing portfolio.

Companies Profiled

• Ansaldo Energia S.p.A.
• Bechtel Corporation
• BHI Energy
• Energysolutions
• Perma-Fix
• US Ecology, Inc.
• Veolia
• Waste Control Specialists LLC

Market Dynamics

• Drivers
  • Rising Deployment of Nuclear Power Plants
  • Production of Nuclear Weapons
• Restraints
  • Nuclear Waste Management System Being Expensive
• Opportunities
  • Introduction of New Nuclear Power Plants
• Future Trends
  • Rising Usage of Medical Radioisotopes

For more information about this report visit https://www.researchandmarkets.com/r/xwm3xe

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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OSAKA, Japan--(BUSINESS WIRE)--Osaka Gas Co., Ltd. (“Osaka Gas”) today announced its participation in the City Gas Distribution (CGD) business in India through its wholly-owned subsidiary Osaka Gas Singapore Pte., Ltd. (“OGS”) by investing in AG&P CGD HoldCo SPV3 (Singapore) Pte., Ltd. (“AG&P SPV3”), together with Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (“JOIN”). AG&P City Gas is developing the 12 CGD geographical areas it was awarded in South India and Rajasthan. Osaka Gas is the first Japanese company to participate in the CGD sector in India through this investment.

As a successful bidder for the city gas development projects supported by the Government of India, AG&P City Gas obtained exclusive gas sales rights and infrastructure ownership rights (“exclusive rights”) in India for a fixed period of time for its 12 concessions. India promotes greater use of natural gas¹ through the development of city gas infrastructure that supports the wider use of compressed natural gas vehicles (“CNG vehicles²”) in response to the increasing energy demand and a need to reduce carbon emissions and air pollution resulting from economic growth in the country.

This city gas venture has been developed by the AG&P Group led by AGP International Holdings Pte., Ltd. (“AGPIH”), AG&P SPV3’s parent company, in which Osaka Gas also invests in³. With exclusive rights for a vast swath of southern India, roughly equivalent to ¾ the area of Japan, the venture aims to develop into a business in a scale of 3.5 billion m³ in gas sales volume, which is approximately half of Osaka Gas’ city gas sales volume in Japan⁴. The venture also plans to promote city gas demand for CNG vehicles as well as for household, commercial, and industrial uses, and utilize LNG lorries as one of the main gas supply system, which is introduced for the first time to India, to reduce the time for the development and roll-out of the city gas infrastructure.

AG&P CGD, the operator of this city gas business, is jointly owned by AGPIH, the leading downstream LNG platform and infrastructure development company, is rapidly expanding its business in new and emerging demand centers in Southeast Asia and India, I Squared Capital Advisors, LLC. (“ISQ”), a US infrastructure investment fund with a successful track record for projects in India, JOIN, a public-private fund supporting Japanese businesses for developing infrastructure projects overseas with their knowledge, technology, and experience accumulated in Japan, and Osaka Gas, which is dispatching its members to provide support to the venture for engineering solutions and commercial know-how of a city gas business.

Osaka Gas has been expanding its business of gas distribution, gas sales to industrial customers, energy services, rooftop solar power generation in Southeast Asia. Following the investment in AGPIH and the Collaboration Agreement signed with AGPIH in 2019, Osaka Gas has been building a natural gas value chain that includes LNG receiving terminal, power plant, and LNG supply businesses in emerging LNG markets in the region. Osaka Gas aims to develop this city gas venture in India into one of its core businesses in Asia and to contribute to carbon emissions reduction and stable energy supply in India.

¹In December 2019, the Indian government announced a goal of increasing the percentage of natural gas as a primary energy source from 6% in 2019 to 15% by 2030.
²More than 4 million CNG vehicles were registered in India as of FY2020 (cf. just under 50,000 in Japan).
³As announced in Osaka Gas Co., Ltd.: Investments and a Conclusion of Collaboration Agreement with AGP International Holdings Pte. Ltd., as Development of Natural Gas Infrastructure Proceeds.
（https://www.osakagas.co.jp/en/whatsnew/__icsFiles/afieldfile/2019/09/18/190722.pdf）
⁴Osaka Gas’ city gas sales volume (45MJ/m³) on a non-consolidated basis for FY2020 was 7.121 billion m³.

Direct Business Wire inquiries to:
Energy Resources and International Business Unit.,
Asia Energy Business Dept.,
Osaka Gas Co., Ltd.
Telephone: +81-6-6205-4564

HOUSTON--(BUSINESS WIRE)--#DNOW--NOW Inc. (NYSE:DNOW) announced today that it has entered into an amendment (the “First Amendment”) to the existing senior secured credit facility with a syndicate of lenders, with Wells Fargo Bank, National Association serving as the administrative agent (as amended, the “Credit Agreement”).

The First Amendment amends certain terms, provisions and covenants of the Credit Agreement, including, among other things: (i) extends the maturity date under the Credit Agreement to December 14, 2026; (ii) provides for a five-year $500 million global revolving credit facility, with potential to further increase the credit facility to $750 million; (iii) increases availability under the Credit Agreement by expanding the borrowing base definition to include certain pledged cash deposits of the Borrowers; and (iv) decreases by 0.250% the applicable rate for borrowings of base rate loans and Eurocurrency rate loans when the Fixed Charge Coverage Ratio (as defined in the Credit Agreement) is less than or equal to 1.50 to 1.00.

David Cherechinsky, President and Chief Executive Officer of NOW Inc., stated, "I am pleased that we have completed the amended credit facility which extends our agreement through December 2026 and provides cost savings and improved terms. Working capital efficiencies converted our inventory and receivables into record cash levels. Under the updated credit facility, including the accordion feature, we maintain a considerable runway for growth with the potential to triple our reported third quarter credit facility availability of $248 million. We are appreciative of our bank group’s support and continued commitment to DNOW. The amended credit facility along with our strong cash position and debt-free balance sheet provide significant strategic flexibility and capital for continued growth."

Additional information regarding the First Amendment can be found on a Form 8-K to be filed with the Securities and Exchange Commission.

About NOW Inc.

NOW Inc. is one of the largest distributors to energy and industrial markets on a worldwide basis, with a legacy of over 150 years. NOW Inc. operates primarily under the DistributionNOW and DNOW brands. Through its network of approximately 195 locations and 2,400 employees worldwide, NOW Inc. offers a comprehensive line of products and solutions for the upstream, midstream and downstream energy and industrial sectors. Our locations provide products and solutions to exploration and production companies, energy transportation companies, refineries, chemical companies, utilities, manufacturers and engineering and construction companies.

Statements made in this press release that are forward-looking in nature are intended to be “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to documents filed by NOW Inc. with the U.S. Securities and Exchange Commission, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.

Mark Johnson
Senior Vice President and Chief Financial Officer
(281) 823-4754

• Investment accelerates expansion of AG&P’s LNG platform and infrastructure development portfolio
• Represents the first Japanese investment in India’s burgeoning City Gas Distribution (CGD) sector
• Renewed commitment by Osaka Gas, following their major equity investment in AG&P in 2019 in support of AG&P’s LNG initiatives worldwide
• Signals growing importance of transition to cleaner natural gas in Indian market

SINGAPORE--(BUSINESS WIRE)--Atlantic, Gulf & Pacific International Holdings (AG&P), a leading downstream LNG platform and infrastructure development company, announced today that Osaka Gas Co. Ltd., through its affiliate Osaka Gas Singapore Pte. Ltd. and JOIN (Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development), have reinforced their commitment to AG&P by investing up to $120 million in AG&P CGD HoldCo SPV3 (Singapore) Pte. Ltd. (AG&P City Gas), a Singapore-based company that is developing twelve city gas distribution networks, or concessions, in India under the brand name AG&P Pratham.

The new equity will be used to continue to execute AG&P City Gas’s build-out of its 12 exclusive concessions in South India and Rajasthan. The AG&P network is expanding every day to reach millions of people with clean fuel, including compressed natural gas (CNG) for their vehicles and piped natural gas (PNG) in their homes as well as provide fuel for large and small industrial and commercial customers.

Osaka Gas is a leading energy company and the second largest gas supplier in Japan with a history going back more than one century. Founded in 1897 and in operation since 1905, the company serves around 5 million natural gas customers in the Kansai region, the most populated area in western Japan, including Osaka, where the company is headquartered.

“We are the first Japanese company to invest in the city gas sector in India through AG&P City Gas. It marks a milestone in a long-term relationship where AG&P and Osaka Gas have worked together to develop LNG infrastructure projects in South Asia and Southeast Asia, among others. We strongly believe that our investment in AG&P City Gas will provide Osaka Gas with a valuable asset. We look forward to developing it into one of our core businesses in Asia. With exclusive rights for a vast swath of southern India, roughly equivalent to three-quarters of the area of Japan, these 12 concessions are expected to generate over time a demand of 3.5 billion m3 in gas sales volume, or approximately 50% of Osaka Gas’ recorded gas sales volume last year on a non-consolidated basis. We are very privileged to work with our long-time partner AG&P and make this clean energy available quickly and safely to the citizens of India who live in these areas,” said Mr. Katz Sato, Senior General Manager, Asia Energy Business Department for Osaka Gas.

JOIN, a Japanese government-private sponsored infrastructure investment fund company with a market cap of US$1.4 billion as of June 2021, was established in 2014 to support Japanese businesses developing infrastructure projects overseas. JOIN received approval from the Minister of Land, Infrastructure, Transport and Tourism of Japan to invest in AG&P City Gas to support Osaka Gas’s ongoing collaboration with AG&P in expanding its overseas businesses.

“We, alongside Osaka Gas, are excited to participate in the future of AG&P and to expedite the roll-out of these vital gas network, LNG storage and transportation solutions being built in India by AG&P City Gas. Over the coming years, the AG&P City Gas network will continue to grow to serve millions of customers in their homes with clean, affordable, safe fuel while simultaneously continuing to build CNG stations for vehicles to transition and operate on clean fuel seamlessly. The partnership with AG&P and Osaka Gas is also very important because it will help Japanese companies develop a strong cargo transport business using CNG vehicles in India, which will contribute to Japan’s priority policy of carbon neutrality and protect the health and lives of thousands of Indians,” said Mr. Toshiyuki Suzuki, Managing Executive Officer and Head of the Project Department for JOIN.

“As an existing investor in AG&P’s parent, Osaka Gas has continued to demonstrate its support for AG&P’s downstream LNG and natural gas business. We are honored to welcome JOIN. The stability and strength of JOIN and the technical and commercial expertise of Osaka Gas and its long history in city gas will accelerate the smart deployment of our network across our concessions in India,” said Mr. Joseph Sigelman, Chairman and CEO of AG&P.

Mr. Sigelman continued: “Most importantly, this partnership comes at a time when natural gas is being recognized as the critical transition fuel that will have a profound impact on the reduction of carbon, NOX, SOX and particulates which not only contribute to climate change, but also to the ill health of thousands of Indians each year. We look forward to a network that can have such a major impact. We are truly humbled and very grateful to work with Osaka Gas and JOIN.”

Mr. Abhilesh Gupta, Managing Director of AG&P City Gas commented: “AG&P City Gas enjoys a world-leading group of managers, investors and technical and commercial experts, bringing local knowledge of India and global experience born over decades.”

This is the second investment that AG&P City Gas has received in 4 months. In August 2021, AG&P City Gas received US$ 200 million from I Squared Capital, through its ISQ Global Infrastructure Fund III and ISQ Growth Markets Infrastructure Fund. Combined with the investment from the Osaka Gas and JOIN consortium, the total equity infusion available for AG&P City Gas is over US$300 million.

About AG&P Group: Atlantic Gulf & Pacific (AG&P) develops LNG import and regasification facilities as well as downstream city gas networks. AG&P also provides engineering and project management services for LNG and other infrastructure. AG&P is part-owned by Osaka Gas, JBIC (the Japan Bank of International Cooperation) and Asiya, a publicly-traded Kuwait fund, as well as its management.

About AG&P City Gas: Operating under the brand of AG&P Pratham, AG&P City Gas is one of the largest private City Gas Distribution (CGD) companies in India. The company is developing CGD networks across 12 concessions in the Indian states of Rajasthan, Andhra Pradesh, Tamil Nadu, Karnataka. and Kerala.

About Osaka Gas:

For more information on Osaka Gas, please visit https://www.osakagas.co.jp/en/

About Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN):

For more information on JOIN, please visit https://www.join-future.co.jp/english/

AG&P Media

Anupam Ahuja
SVP, Strategic Services, AG&P Group
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+63 (998) 966 5444

Sard Verbinnen & Co
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NEW YORK--(BUSINESS WIRE)--International Seaways, Inc. (NYSE:INSW) (the “Company” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products announced today that in connection with its existing $50.0 million share repurchase program, the Company has repurchased 1,077,070 shares of its common stock in open-market purchases in December, at an average price of $15.44 per share, for a total cost of approximately $16.7 million. The shares repurchased will be retired. The Company has approximately $33.3 million available under the $50.0 million share repurchase program, authorized by the Board of Directors in August 2020 for a 24-month period.

About International Seaways, Inc.
International Seaways, Inc. (NYSE:INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 86 vessels, comprised of 13 VLCCs (including three newbuildings), 13 Suezmaxes, five Aframaxes/LR2s, eight Panamaxes/LR1s and 41 MR tankers and four Handy tankers. Through joint ventures, it has ownership interests in two floating storage and offloading service vessels. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.

Forward-Looking Statements
This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the Company’s planned merger with Diamond S and plans to issue dividends, its prospects, including statements regarding vessel acquisitions, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2020 for the Company, the Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, the Company’s Registration Statement on Form S-4 dated May 5, 2021, the Company’s Amended Registration Statement on Form S-4 dated June 4, 2021, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.

Investor Relations & Media:
Tom Trovato, International Seaways, Inc.
(212) 578-1602
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Strategic Partnerships Designed to Boost Tourism and Provide Multimodal Transport, Logistics and Digital Solutions for the Hashemite Kingdom of Jordan

AQABA, Hashemite Kingdom of Jordan--(BUSINESS WIRE)--AD Ports Group, a leading facilitator of trade and logistics, has strengthened its regional footprint by signing a number of four strategic agreements and a Head of Terms Agreement (HoT) with the Aqaba Development Corporation that will see AD Ports Group support the development of tourism, logistics, transport, and digital infrastructure within Aqaba.

The signing ceremony took place in Aqaba in Jordan in the presence of H.E. Nasser Shraideh, Minister of Planning and International Cooperation, representing H.E. Dr. Bisher Al Khasawneh, Prime Minister of Jordan; H.E. Ahmed Ali Mohammed Al Baloushi, UAE Ambassador to the kingdom; H.E. Dr. Mohamad Al-Ississ, Minister of Finance; H.E. Eng. Khairy Amr, Minister of Investment; and H.E. Dr. Nawaf Tall, Minister of State for Follow-up and Government Coordination; and H.E Eng. Nayef Ahmad Bakheet, Chief Commissioner, Aqaba Special Economic Zone Authority, Chairman of Aqaba Development Corporation, along with a number of officials from both sides. The four strategic agreements and a Head of Terms Agreement were signed by Hussein Ali Alsafadi, CEO, Aqaba Development Corporation and Captain Mohamed Juma Al Shamisi, Group CEO, AD Ports Group.

The strategic partnerships concern the development of Marsa Zayed, a cruise terminal, and the development of an advanced digital Port Community System, in addition to Head of Terms agreements to explore the development and modernisation of a multipurpose port and King Hussein International Airport.

Marsa Zayed Land Agreement

The agreement is in relation to the development of a land area of 1.2 million sqm in phase 1 of the development of the 3.2 million Marsa Zayed area by AD Ports Group, which will include a cruise terminal, tourism, leisure, residential and other projects. The development is planned to position Aqaba as a major Red Sea destination of choice.

Cruise Terminal Agreement

Under this Agreement, which builds upon a Head of Terms Agreement announced earlier in the year, AD Ports Group will develop, manage and operate a new cruise terminal in Aqaba, which will serve as a gateway for passengers visiting the Red Sea.

Maqta Ayla, New Joint Venture

Maqta Gateway, the digital arm of AD Ports Group, has signed a joint venture Agreement with Aqaba Development Corporation establishing “Maqta Ayla” to develop and operate an advanced Ports Community System (PCS). The system will oversee the communication between the Port of Aqaba and terminal operators, as well as the Aqaba Special Economic Zone Authority (ASEZA), Aqaba Development Corporation, Jordan Maritime Commission and other stakeholders within the Port’s ecosystem. The system is expected to complete around two million digital transactions per year, generate considerable cost and time savings for stakeholders and customers, reduce CO2 emissions and streamline services.

HoT on the Development and Modernisation of a Multi-Purpose Port

The HoT sees the Aqaba Development Corporation and AD Ports Group cooperating on exploring the development and modernisation of a multi-purpose port with world-class facilities including Ro-Ro, general cargo, grain and livestock handling.

Development of King Hussein International Airport Agreement

The Agreement will see AD Ports Group collaborate with Aqaba Development Corporation on the development of King Hussein International Airport – Aqaba, to enable increasing volumes of international and domestic tourism, ensuring a seamless journey for passengers moving between the airport and the Aqaba Cruise Terminal, while enhancing air logistics and expanding Aqaba’s air network connectivity.

H.E Eng. Nayef Ahmad Bakheet, Chief Commissioner, Aqaba Special Economic Zone Authority, Chairman of Aqaba Development Corporation said: “We have found a key partner in AD Ports Group, which has the vision, expertise and track record necessary to develop world-class port and cruise and digital infrastructure.

“The agreements and HoT on the development of Marsa Zayed and a cruise terminal, exploring the modernisation of a multipurpose port, the development of King Hussein International Airport, and the establishment of “Maqta Ayla” for digital systems, represent a significant addition to our efforts that aim to develop Aqaba region, and enable rising volumes of visitors to come and experience the Golden Triangle of Jordan, with our unique tourism offerings of Wadi Rum, Aqaba and the ancient city of Petra.”

Captain Mohamed Juma Al Shamisi, Group CEO, AD Ports Group, said: “This strategic alliance will boost the wider efforts of the leadership of Abu Dhabi to drive trade and tourism with our neighbours in the region, and to develop world-class infrastructure to expand global reach.

“Collectively, these mega-projects represent one of the most significant integrated transport, logistics and tourism development programmes announced in the Hashemite Kingdom of Jordan in recent years.

“Working with our partners in the Aqaba Development Corporation, these ambitious projects will significantly expand the facilities available to travellers and businesses via sea, land and air. This in turn will help grow the trade and tourism sectors, while strengthening Aqaba’s status as a major regional hub and support the kingdom’s economic development plans.”

Hussein Alsafadi, CEO, Aqaba Development Corporation stressed the importance of this collaboration and strategic partnership which will help in creating investment and job opportunities, as well as foster the role of Aqaba as a key regional hub in trade, logistics, and maritime and air transportation.

Abdulla Al Hameli, Head of Industrial Cities & Free Zone Cluster, AD Ports Group said, “We are excited to partner with the Aqaba Special Economic Zone Authority for the development of a land area of 1.2 million sqm comprising real estate development projects, tourist residential complexes, hotels, chalets, commercial centres and theme parks. This significant project contributes towards positioning Aqaba as a major tourism and business destination in the region.”

Saif Al Mazrouei, Head of Ports Cluster, AD Ports Group, said: “We are delighted to be able to play our part in the development of the Port of Aqaba and the new cruise terminal, drawing on our expertise in the cruise sector and our experience in providing advanced services across the supply chain.

“We are confident that this cooperation will prove beneficial for both sides, as it combines Aqaba’s significant growth potential as a cruise destination and a regional hub on the Red Sea with AD Ports Group’s leadership in providing advanced services and infrastructure for cruise passengers and cargo ships.”

Dr. Noura Al Dhaheri, CEO of Maqta Gateway, Head of the Digital Cluster- AD Ports Group, said: “As a result of these partnership agreements, Aqaba’s cruise, logistics and shipping sectors will have to access a broad range of innovative technologies that support optimised services across land, sea and air. Digitalisation will introduce important efficiencies and eliminate risks from the supply chain, with a fully integrated platform that delivers the best possible customer experience.”

Eng. Mohammad Al-Sakran, Executive Director, Transport & Logistics, Aqaba Development Corporation, noted: “This strategic partnership will promote Aqaba as a major player in the region’s supply chain. The digital transformation resulting from this partnership will also create a new ecosystem that will enhance the resilience of the maritime sector in Aqaba”.

About AD Ports Group

adportsgroup.com

About Aqaba Development Corporation

www.adc.jo

*Source: AETOSWire

Sana Maadad
Director Corporate Communications, +971506250890
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AUSTIN, Texas--(BUSINESS WIRE)--Brigham Minerals, Inc. (NYSE: MNRL) (“Brigham Minerals” or “the Company”), a leading mineral and royalty interest acquisition company, today announced that it has completed its previously announced acquisition of certain mineral and royalty interest in the DJ Basin for approximately $43 million of cash and 2.2 million shares of Class A common stock subject to certain post-closing adjustments (the “DJ Acquisition”).

Concurrent with the closing of the DJ Acquisition, the Company completed a borrowing base redetermination including the DJ Acquisition which resulted in a $230 million borrowing base with $137 million of undrawn capacity post funding the cash portion of the DJ Acquisition.

• 2022 estimated production totaling between 1,100 to 1,200 boepd and 50% liquids
• 2022 estimated high teens EBITDA yield(1)
• Anticipate increasing quarterly base dividend 7% to $0.15 per share in 2022(2)
• August 1st effective date
• December 15^th close date
• $230 million borrowing base with $137 million of undrawn capacity

Non-GAAP Financial Measures
EBITDA yield is a non-GAAP supplemental financial measure used by our management and by external users of our financial statements such as investors, research analysts and others to assess the financial performance of our assets and their ability to sustain dividends over the long term without regard to financing methods, capital structure or historical cost basis.

We define EBITDA yield as projected EBITDA divided by enterprise value.

EBITDA yield does not represent and should not be considered an alternative to, or more meaningful than, net income or any other measure of financial performance presented in accordance with GAAP as measures of our financial performance. EBITDA yield has important limitations as an analytical tool because it excludes some but not all items that affect net income, the most directly comparable GAAP financial measure. Our computation of EBITDA yield may differ from computations of similarly titled measures of other companies.

Cautionary Statement Concerning Forward-Looking Statements
This press release contains forward-looking statements. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including production and other guidance within this press release. These statements are based on certain assumptions made by the Company based on management’s experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include, but are not limited to, continued downturns or delays in resuming operator activity due to commodity price fluctuations, the Company’s ability to integrate acquisitions into its existing business, changes in oil, natural gas and NGL prices, weather and environmental conditions, the timing of planned capital expenditures, availability of and competition for acquisitions, operational factors affecting the commencement or maintenance of producing wells on the Company’s properties, the condition of the capital markets generally, as well as the Company’s ability to access them, the proximity to and capacity of transportation, uncertainties regarding environmental regulations or litigation, global or national health events, including the ongoing spread and economic effects of the ongoing COVID-19 pandemic, potential future pandemics, the actions of the Organization of Petroleum Exporting Countries and other significant producers and governments and the ability of such producers to agree to and maintain oil price and production controls and other legal or regulatory developments affecting the Company’s business and other important factors. These and other applicable uncertainties, factors and risks are described more fully in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2020, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, the Company’s actual results and plans could differ materially from those expressed in any forward-looking statements.

Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise except as required by applicable law.

About Brigham Minerals, Inc.
Brigham Minerals is an Austin, Texas based company that acquires and actively manages a portfolio of mineral and royalty interests in the core of some of the most active, highly economic, liquids-rich resource basins across the continental United States. Brigham Minerals’ assets are located in the Permian Basin in Texas and New Mexico, the SCOOP and STACK plays in the Anadarko Basin of Oklahoma, the DJ Basin in Colorado and Wyoming, and the Williston Basin in North Dakota. The Company’s primary business objective is to maximize risk-adjusted total return to its shareholders by both capturing organic growth in its existing assets as well as leveraging its highly experienced technical evaluation team to continue acquiring minerals.

At the Company:
Brigham Minerals, Inc.
Blake C. Williams
Chief Financial Officer
(512) 220-1500
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• Project will create more than 11,000 jobs, powering 750,000 homes annually with 1,232 MW of clean offshore wind energy
• Accelerates energy transition by transforming two coal-fired power plant sites into clean energy hubs
• Brings first offshore wind manufacturing facility to Massachusetts and delivers the Commonwealth’s second offshore wind port to North Shore
• AVANGRID’s portfolio of offshore wind development projects grows to 2,400 MW

ORANGE, Conn.--(BUSINESS WIRE)--Avangrid Renewables, a subsidiary of AVANGRID, Inc. (NYSE: AGR), announced today that its joint venture offshore wind project, Commonwealth Wind, has been selected as part of Massachusetts’ third offshore wind competitive procurement process. The 1,232 megawatt (MW) project, New England’s largest offshore wind project to date, will create 11,000 full time equivalent jobs over the project’s lifetime and generate enough energy to power 750,000 homes annually.

“Commonwealth Wind will power hundreds of thousands of homes and businesses in Massachusetts with clean energy, creating thousands of local jobs across the supply chain. It will also be a key project in helping the U.S. to achieve the 30 GW offshore wind target by 2030,” said Chairman and CEO of Iberdrola and Chairman of AVANGRID Ignacio Galán. “After investing $15 billion in 8 GW of onshore wind and solar, we are now leading the way in offshore wind energy in the U.S. with the construction of Vineyard Wind One and Park City Wind. With 15 years of experience delivering projects across the world, Iberdrola and AVANGRID are working hard to ensure our investments are transformational for the environment and the economy. Our U.S. offshore wind pipeline alone could deliver over $15 billion of investment in the coming years.”

“Commonwealth Wind is part of AVANGRID’s vision to build a clean energy economy through community investment and reimagination. This strategic project will diversify the energy workforce with good paying jobs while providing cost-effective, renewable energy,” said AVANGRID CEO Dennis V. Arriola. “The energy transition requires real commitment, expertise and vision and we thank the Baker Administration and the people of Massachusetts for their continued support as we work together to make this collective dream a reality.”

With the addition of Commonwealth Wind to AVANGRID’s existing portfolio of offshore wind development projects, the company will build, own and operate more than 2,400 MW of offshore clean energy once the joint venture restructuring with Copenhagen Infrastructure Partners and Avangrid Renewables closes.

Commonwealth Wind includes two transformative initiatives that convert former coal-fired power plant sites into clean energy centers including the creation of the state’s first offshore wind manufacturing facility at Brayton Point in Somerset and the establishment of a second offshore wind port in Salem Harbor, both of which will provide an anchor for building long-term jobs to service this new industry.

“This is more than just one project, it is part of an effort to build a clean energy infrastructure including the transformation of ports around our state as well as jobs and training that will support this clean energy industry for decades to come,” said President and CEO of Avangrid Renewables Offshore Bill White. “We are proud that Commonwealth Wind will help realize the vision of Governor Baker and the leaders of the Massachusetts Legislature in pioneering this new American industry.”

Transformative Partnerships

Commonwealth Wind will catalyze two major investments in Massachusetts communities that will generate significant long-term jobs and economic development:

Prysmian Cable Manufacturing Facility: Prysmian Group, a leading international subsea cable manufacturer, intends to build a state-of-the-art manufacturing facility for subsea transmission cables at Brayton Point, the former 1,600 MW coal-fired power plant in Somerset, MA.

Salem Offshore Wind Port: The Commonwealth Wind proposal enables Crowley Marine, in partnership with the City of Salem, to redevelop 42 acres surrounding Salem Harbor Station to serve as an offshore wind assembly and turbine staging port for the Park City Wind and Commonwealth Wind projects.

Clean Energy and Environmental Benefits

Commonwealth Wind offers the following additional clean energy and environmental benefits for the Commonwealth’s electricity consumers:

• Equivalent of 750,000 Massachusetts homes powered annually;
• Contributes to Massachusetts’ 50% carbon dioxide reduction target by 2030;
• Carbon dioxide reduction equivalent of taking 323,000 cars off the road;
• 1 x 1 nautical mile layout to accommodate fishing activities and promote safe navigation across project area; and,
• First-in-the-nation partnership to supply offshore wind power to municipal utilities in conjunction with Energy New England (ENE) which will enable Massachusetts Municipal Light Plants (MLPs) to purchase offshore wind power for the energy portfolios of 20 MLPs across the state.

Investments in Workforce Diversity, Communities, and Innovation

Commonwealth Wind brings a ground-breaking set of commitments and partnerships to advance workforce diversity, community investment and technological innovation including:

• Appointing a Chief Diversity Officer to lead diversity/equity/inclusion project commitments;
• Negotiating a Project Labor Agreement paying prevailing wages with hiring goals for women, Black and Indigenous People of Color (BIPOC) as well as local employees;
• Partnering with local organizations to bring diverse workers and businesses into the offshore wind industry;
• $15 million in directly-funded initiatives for diversity/equity/inclusion in workforce training and supply chain development;
• Requiring all contracts over $10 million to include local hiring plans that include diversity components, including a supplier diversity plan; and,
• $20 million toward community, environmental and educational initiatives and support of new technology and innovation.

Operations & Maintenance in New Bedford

The historic City of New Bedford will serve as the site for Avangrid Renewables’ Offshore Wind Control Center, a state-of-the-art facility that will provide remote control monitoring for the turbines, electrical service platforms and other offshore/onshore assets. The project also brings a first-in-nation, world class service and maintenance hub to New Bedford through a partnership with Semco Maritime, a leading international service provider that will employ up to 40 people at their new facility.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $39 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by Forbes and Just Capital as one of the 2021 JUST 100 companies – a list of America’s best corporate citizens – and was ranked number one within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.

MEDIA:
Zsoka McDonald
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203-997-6892

INVESTORS:
Patricia Cosgel
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203-499-2624

PHOENIX--(BUSINESS WIRE)--#cleanenergy--Proteum Energy, LLC entered a binding Memorandum of Understanding (MOU) today with Istmo Energy LLC, headquartered in Fort Worth Texas, to negotiate the terms by which Proteum Energy™ will provide low cost, low carbon intensity hydrogen to Istmo for production of "ultra-low sulfur diesel" and clean hydrogen for delivery to offtake customers in the Permian Basin, Mexico and California markets.

“Istmo Energy is pleased to have the option to leverage our onsite de-ethanizers to produce hydrogen from ethane for our hydrotreaters, while at the same time offer additional clean hydrogen sales in the Permian region,” said Alex Gutierrez, Principal and Co-Founder of Istmo Energy.

“Proteum Energy is extremely pleased to be working with a strong partner like Istmo Energy providing innovative low emissions fueling solutions,” said Proteum’s CEO, Laurence B. Tree II. Specifications for the project are in the planning stages and the parties plan to commence project construction in Q3 2022.

About Istmo Energy - Istmo Energy is a midstream and downstream greenfield export platform to connect and meet the needs of poorly served markets harnessing wealth that lies within the Delaware Basin. Istmo Energy was formed by oil and gas industry professionals with decades of experience in the Mexican and US energy markets, and a solid Advisory Board consisting of industry leaders in the Energy, Financial, Legal and Regulatory space on both sides of the US/Mexico border.

About Proteum Energy™ – Headquartered in Phoenix Arizona, Proteum is a producer of low carbon, low-cost clean hydrogen from renewable ethanol, ethane and NGLs. With its patented and proven reformation system, Proteum can provide fuel cell grade clean hydrogen for heavy-duty transportation, low carbon hydrogen-rich designer fuels for power plants, and direct hydrogen pipeline production and injection at natural gas processing plants.

For additional information, please contact Tom Niccoli (602) 999-7749, This email address is being protected from spambots. You need JavaScript enabled to view it..

NEW YORK--(BUSINESS WIRE)--#KBRA--Kroll Bond Rating Agency (KBRA) releases its outlook on the U.S. transportation sector, which discusses trends impacting the airport, mass transit, and toll roads/bridges subsectors.

The COVID-19 pandemic has had a severe impact on U.S. airport passenger activity, mass transit ridership, and toll road and bridge traffic volumes. While the magnitude varies by mode and location, as does the degree of recovery, almost all public transportation providers have recorded revenue declines, which has necessitated expenditure reductions and service cutbacks. The tenor of transportation agency responses has varied widely, with multiple rounds of federal stimulus grants providing needed support for operations and debt service payments and affording a bridge toward recovery.

In this report, we explore the recovery in user demand, risks posed by the rise of COVID variants, and implications of changes in travel behavior. The article also examines the potential for capital development through the recently passed Infrastructure Investment and Jobs Act (IIJA), as well as some of the increasing ESG concerns that public transportation providers are contending with.

Key Takeaways:

• The transportation sector recovery continues, but COVID variants may affect its trajectory.
• Most airports entered the COVID pandemic with strong liquidity, and federal government grants have bolstered these resources.
• Airport recovery is not uniformly equal, with smaller and less competitive airports at greater risk.
• Mass transit ridership recovery is slow, but sales tax revenue support has demonstrated resilience.
• Toll road and bridge traffic activity has been bolstered by commercial vehicle volumes.
• The recently adopted IIJA provides an important capital funding source.
• Transportation agencies are increasingly being confronted with social equity issues.

Click here to view the report.

About KBRA

KBRA is a full-service credit rating agency registered in the U.S., the EU and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.

Harvey Zachem, Managing Director
+1 (646) 731-2385
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Yang Li, Associate Director
+1 (646) 731-1216
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Karen Daly, Senior Managing Director
+1 (646) 731-2347
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Business Development Contacts

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MT. LAUREL, N.J.--(BUSINESS WIRE)--#cleanenergy--United Engineers & Constructors, Inc. (United) announced today that Shoreline Power Group, a joint venture between United, Aecon and SNC-Lavalin, has been awarded a contract by Bruce Power to execute the fuel channel and feeder replacement (FCFR) for Unit 3, valued at approximately CAD $400 million, at the Bruce Power Nuclear Generating Station in Tiverton, Ontario.

“This award for the FCFR work at Unit 3 highlights the confidence Bruce Power has in Shoreline Power Group and our success in executing the FCFR work currently underway at Unit 6,” said Scott Reeder, Chief Executive Officer at United. “We are proud of our partnership with Bruce Power and are pleased to play a key role in their mission of providing clean, reliable, low-cost energy to Ontarians for decades to come.”

The scope of work includes an internal reactor inspection, the removal and replacement of calandria tubes, pressure tubes, and feeder tubes, as well as project management, construction management and field execution. Work is expected to commence in the first quarter of 2022, with anticipated completion in 2026.

Shoreline Power Group is currently executing FCFR work on Unit 6, with the majority of work expected to be completed by the end of 2022. In 2018, the joint venture signed a Preferred Supplier Agreement for FCFR work at the plant’s remaining five units as part of Bruce Power’s Major Component Replacement (MCR) program. With the award of Unit 3, there are four units remaining.

United’s Steam Generator Replacement Team (SGRT) joint venture is also currently contracted to replace steam generators at Bruce Units 3, 4 and 6.

“We are making this significant contract award with the confidence that the members of the Shoreline Power Group have demonstrated the experience and commitment to safety, quality and innovation to successfully deliver this key part of our Life Extension program,” said Mike Rencheck, President & Chief Executive Officer, Bruce Power.

About United

United Engineers & Constructors is an industry leading infrastructure engineering, procurement, construction and consulting company dedicated to improving lives by delivering the world’s most impactful solutions. Since 1905, we have served the power industry by providing comprehensive lifecycle services for the conventional generation, nuclear, transmission and distribution, renewable, and distributed energy markets. Together with our clients and partners, we are unified in our efforts to deliver innovative and transformative infrastructure designed and built to meet the demands of today and for the future. www.ueci.com

Chad Pulley
Chief Marketing & Communications Officer
+1 913-620-5693
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DUBLIN--(BUSINESS WIRE)--The "United States Submarine Power Cable Market: Prospects, Trends Analysis, Market Size and Forecasts up to 2027" report has been added to ResearchAndMarkets.com's offering.

The country research report on the United States submarine power cable market is a customer intelligence and competitive study of the the United States market. Moreover, the report provides deep insights into demand forecasts, market trends, and, micro and macro indicators in the United States market.

Also, factors that are driving and restraining the submarine power cable market are highlighted in the study. This is an in-depth business intelligence report based on qualitative and quantitative parameters of the market.

Additionally, this report provides readers with market insights and detailed analysis of market segments to possible micro levels. The companies and dealers/distributors profiled in the report include manufacturers & suppliers of submarine power cable market in the United States.

Highlights of the Report

The report provides detailed insights into:

1) Demand and supply conditions of submarine power cable market

2) Factor affecting the submarine power cable market in the short run and the long run

3) The dynamics including drivers, restraints, opportunities, political, socioeconomic factors, and technological factors

4) Key trends and future prospects

5) Leading companies operating in submarine power cable market and their competitive position in the United States

6) The dealers/distributors profiles provide basic information of top 10 dealers & distributors operating in (United States) submarine power cable market

7) Matrix: to position the product types

8) Market estimates up to 2027

The report answers questions such as:

1) What is the market size of submarine power cable market in the United States?

2) What are the factors that affect the growth in submarine power cable market over the forecast period?

3) What is the competitive position in the United States submarine power cable market?

4) What are the opportunities in the United States submarine power cable market?

5) What are the modes of entering the United States submarine power cable market?

Key Topics Covered:

1. Report Overview

1.1. Report Description

1.2. Research Methods

1.3. Research Approaches

2. Executive Summary

3. Market Overview

3.1. Introduction

3.2. Market Dynamics

3.2.1. Drivers

3.2.2. Restraints

3.2.3. Opportunities

3.2.4. Challenges

3.3. PEST-Analysis

3.4. Porter's Diamond Model for the United States Submarine Power Cable Market

3.5. Growth Matrix Analysis

3.6. Competitive Landscape in the United States Submarine Power Cable Market

4. United States Submarine Power Cable Market by Type

4.1. Single-core

4.2. Multicore

5. Submarine Power Cable Market by Voltage

5.1. Medium Voltage

5.2. High Voltage

6. United States Submarine Power Cable Market by Conductor Material

6.1. Copper

6.2. Aluminum

7. United States Submarine Power Cable Market by End User

7.1. Offshore Wind Power Generation

7.2. Inter-country and Island Connection

7.3. Offshore Oil & Gas

8. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/91g5gu

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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CALGARY, Alberta--(BUSINESS WIRE)--Imperial (TSE: IMO, NYSE American: IMO) today provided an update on its corporate guidance outlook for 2022. The company’s corporate strategy remains focused on maximizing performance of existing assets, prioritizing shareholder returns and progressing key sustainability initiatives.

Capital spending is forecast at $1.4 billion, reflecting continued capital discipline and efficient project execution. Spending for 2022 includes the ramp-up of the in-pit tailings project at the Kearl oil sands facility, completion and commissioning of the Sarnia products pipeline in southern Ontario as well as on-going investment in Kearl’s autonomous fleet and the application of solvent technologies at Cold Lake. A final investment decision for the Strathcona Renewable Diesel project is expected in 2022 and will be based on several factors including government support and approvals, market conditions and economic competitiveness.

In the Upstream, production is forecast to be between 425,000 and 440,000 gross oil equivalent barrels per day, underpinned by strong operating performance in the company’s core oil sands assets and continued production growth at Kearl. Kearl remains on track to deliver production of 280,000 total gross barrels per day ahead of its original 2025 timeline through capital-efficient debottlenecking, digital initiatives and process optimizations. At Cold Lake, the company remains focused on maximizing base performance through continued reliability enhancements and production optimization as well as the deployment of new solvent technologies to improve energy efficiency and reduce greenhouse gas intensity.

In the Downstream, throughput is forecast to be between 395,000 and 405,000 barrels per day with capacity utilization between 92% and 94%. Continued enhancement of the company’s portfolio of brands and product offerings, combined with access to cost-advantaged crude and logistics networks ensure the company is well positioned as demand continues its recovery through 2022.

“Imperial’s plans reflect our continued focus on maximizing the value of our existing assets through capital discipline and efficiency, maintaining reliable operations with continued structural cost reductions and the progression of key sustainability initiatives,” said Brad Corson, chairman, president and chief executive officer. “Our plans also set the stage for continued volume growth in our core oil sands business in 2023 and beyond as we execute high-value, low-cost debottlenecking and other select growth projects.”

A detailed mid-term outlook will be presented at Imperial’s investor day planned for March 10, 2022 in Toronto.

Forward-looking statements

Statements of future events or conditions in this report, including projections, targets, expectations, estimates, and business plans are forward-looking statements. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, goal, seek, project, predict, target, estimate, expect, strategy, outlook, forecast, schedule, future, continue, likely, may, should, will and similar references to future periods. Forward-looking statements in this report include, but are not limited to, references to Imperial’s corporate strategy remaining focused on maximizing existing assets, shareholder returns and key sustainability initiatives; anticipated capital and exploration expenditures of $1.4 billion for 2022, including the ramp-up of Kearl in-pit tailings project, completion of the Sarnia products pipeline, Kearl’s autonomous fleet and Cold Lake solvent technologies; a final investment decision for the Strathcona Renewable Diesel project; continued capital discipline, efficient project execution, reliable operations and structural cost reductions; total Upstream and asset production guidance for 2022, and further volume growth in 2023 and beyond; Kearl remaining on track to deliver 280,000 gross barrels per day ahead of its original 2025 timeframe; Cold Lake’s focus on maximizing base performance and deploying new technologies, including for reductions in greenhouse gas intensity; and Downstream throughput and utilization guidance, and being well positioned as demand recovery continues.

Forward-looking statements are based on the company's current expectations, estimates, projections and assumptions at the time the statements are made. Actual future financial and operating results, including expectations and assumptions concerning demand growth and energy source, supply and mix; commodity prices, foreign exchange rates and general market conditions; production rates, growth and mix across various assets; refinery utilization; project plans, timing, costs, technical evaluations and capacities and the company’s ability to effectively execute on these plans and operate its assets, including Kearl’s in-pit tailings project and the Sarnia product pipeline, and any changes in the scope, terms, or costs of such projects; factors influencing a final investment decision for the Strathcona Renewable Diesel project; receipt of regulatory approvals; the adoption and impact of new facilities or technologies such as the deployment of new solvent technologies at Cold Lake, including on optimization and growth projects and key sustainability initiatives; progression of COVID-19 and its impacts on Imperial’s ability to operate its assets; applicable laws and government policies, including restrictions in response to COVID-19; cash generation, financing sources and capital structure; capital and environmental expenditures; and the company’s ability to effectively execute on its business continuity plans and pandemic response activities could differ materially depending on a number of factors.

These factors include global, regional or local changes in supply and demand for oil, natural gas, and petroleum and petrochemical products and resulting price, differential and margin impacts, including foreign government action with respect to supply levels and prices and the impact of COVID-19 on demand; political or regulatory events, including changes in law or government policy such as tax laws, production curtailment and actions in response to COVID-19; environmental regulation, including climate change and greenhouse gas regulation and changes to such regulation; unanticipated technical or operational difficulties; operational hazards and risks; project management and schedules and timely completion of projects; availability and performance of third-party service providers, including in light of restrictions related to COVID-19; the results of research programs and new technologies, and ability to bring new technologies to commercial scale on a cost-competitive basis; management effectiveness and disaster response preparedness, including business continuity plans in response to COVID-19; environmental risks inherent in oil and gas exploration and production activities; the receipt, in a timely manner, of regulatory and third-party approvals; transportation for accessing markets; cybersecurity incidents, including increased reliance on remote working arrangements and activation of business continuity plans due to COVID-19; availability and allocation of capital; currency exchange rates; general economic conditions; and other factors discussed in Item 1A risk factors and Item 7 management’s discussion and analysis of financial condition and results of operations of Imperial Oil Limited’s most recent annual report on Form 10-K and subsequent interim reports on Form 10-Q.

Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Imperial Oil Limited. Imperial’s actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. Imperial undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable law.

In this release all dollar amounts are expressed in Canadian dollars unless otherwise stated. This release should be read in conjunction with Imperial’s most recent Form 10-K.

The term “project” as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.

Source: Imperial

After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada’s energy resources. As Canada’s largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business.

For further information:
Investor relations
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Media relations
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HOUSTON--(BUSINESS WIRE)--Mesa Royalty Trust (the “Trust”) (NYSE: MTR) announced today the Trust income distribution for the month of December 2021. Unitholders of record on December 31, 2021 will receive distributions amounting to $0.129845651 per unit, payable on January 31, 2022. The Trust received $277,472, all of which came from the New Mexico portion of the Trust’s San Juan Basin properties operated by Hilcorp San Juan LP, an affiliate of Hilcorp Energy Company. No income was received in December 2021 from any other working interest owner. This month, after the Trust’s withholding for cash reserves and the payment of administrative expenses, income from the distributable net profits was $241,979.

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. In addition, as further described in the Trust’s most recent filing on Form 10-Q, unitholders may not receive any material distributions beyond 2021, because the Trust intends to increase cash reserves from $1.0 million to a total of $2.0 million to provide added liquidity.

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, prices received by working interest owners and other risks described in the Trust’s Form 10-K for the year ended December 31, 2020, Form 10-Q for the quarter ended March 31, 2021, Form 10-Q for the quarter ended June 30, 2021 and Form 10-Q for the quarter ended September 30, 2021. 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

Collaboration with the Ministry of Agriculture and City of Abbotsford allowed timely clean-up of organic waste

VANCOUVER, British Columbia--(BUSINESS WIRE)--EverGen (TSXV:EVGN), Canada’s Renewable Natural Gas (“RNG”) Infrastructure Platform, aids in the relief efforts in Abbotsford and the surrounding area following flood devastation caused by a period of intense rain in mid-November. EverGen has been working in close partnership with the Ministry of Agriculture, Ministry of Environment and the City of Abbotsford to support the region’s clean-up efforts by processing organic waste generated by the flood.

Net Zero Waste Abbotsford (“NZWA”) located at Gladwin Road, Abbotsford, EverGen’s composting and organic processing facility, was one of few that remained open following the flood. This is due in large part to efforts by site staff who managed the floodwaters and helped NZWA stay operational throughout. The NZWA facility was ultimately responsible for the disposal and clean-up of approximately 90% of the livestock waste generated by the flood. The processing of organic waste has been conducted in compliance with permits, produces top quality organic soil products and does not generate odour.

Fraser Valley Biogas (“FVB”) located at Interprovincial Hwy, Abbotsford, EverGen’s anaerobic digester facility, closed down due to an evacuation order in the surrounding area. Staff from FVB supported the team at NZWA as they invested extra time to extend operating hours and do everything possible to support the region.

“First and foremost, all of our thoughts are with those who were impacted by the flood,” remarks Chase Edgelow, CEO of EverGen. “We have demonstrated robustness and resilience in our business as one of the few facilities that remained open throughout this unprecedented weather event. This was a massive effort on the part of our staff, and we are grateful to them for showing strength and a commitment to supporting our local communities. We are very proud to be part of the agricultural community with both NZWA and FVB facilities located in the heart of the Valley farming area, which allows us to serve farmers in the Valley and be a key component of the agricultural community while respecting the integrity of agricultural land.”

EverGen is committed to continued support of the Ministry of Agriculture, the City of Abbotsford and the local community in clean-up efforts in the coming weeks and months.

For more information about EverGen, visit: www.evergeninfra.com.

About EverGen Infrastructure Corp.

EverGen, Canada’s Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future, starting on the West Coast. EverGen is an established independent renewable energy producer which acquires, develops, builds, owns and operates a portfolio of Renewable Natural Gas, waste to energy, and related infrastructure projects. EverGen is focused on British Columbia, with continued growth expected across other regions in North America.

For more information about EverGen Infrastructure Corp. and our projects, please visit www.evergeninfra.com.

EverGen Investors
Kelly Castledine
416-576-8158
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EverGen Media
Katie Reiach
604.614.5283
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Report features the company's plan to end the use of coal and efforts to achieve net-zero carbon electricity.

MADISON, Wis.--(BUSINESS WIRE)--Madison Gas and Electric (MGE) has published its Annual Corporate Responsibility and Sustainability Report detailing its environmental commitment and progress toward the company's goal of net-zero carbon electricity by 2050. The report covers the company's commitment to diversity, equity and inclusion; clean energy investments; plans to end the use of coal; and partnerships to advance energy efficiency, sustainability and the electrification of transportation.

"MGE is committed to building a more sustainable energy future for the benefit of our customers, investors and the broader community," said Chairman, President and CEO Jeff Keebler. "By working with customers to grow our use of clean energy, advance energy efficiency and electrify transportation, we can meet our goal of net-zero carbon by 2050. If we can go further faster through the use of new technologies and partnerships with our customers and communities, we will."

Report highlights

The 2021 report features information about MGE's corporate strategy and climate-related matters; safety and operations; metrics and targets; customer and employee engagement; risk management; and governance and oversight. Highlights include:

• MGE expects to achieve carbon reductions of at least 65% by 2030, consistent with global climate science. MGE already has reduced carbon emissions 30% from 2005 levels.
• MGE is decarbonizing its electricity generation, projecting an estimated total of $565 million in nearly 400 megawatts of wind, solar and battery storage between 2015 and 2024.
• As a minority owner, MGE is working with the co-owners of the Columbia Energy Center to retire the coal-fired plant by the end of 2024. By 2030, MGE's remaining use of coal is expected to be reduced substantially. We expect to eliminate coal as an energy source by 2035 when the Elm Road Generating Station stops using coal. MGE is a minority owner of Elm Road.
• MGE employees achieved historic safety results in 2020. Despite working through a global pandemic, we recorded our lowest-ever recordable incident rate.
• MGE's electric service reliability is ranked number one in the country for both the fewest number of outages and shortest duration of outages per customer in 2020, according to an annual industry survey.
• MGE earned the Green Master designation in 2021 for the eighth consecutive year from the Wisconsin Sustainable Business Council. Only the top 20% of applying companies receive the Green Master designation.
• MGE's philanthropic arm, the MGE Foundation, has given more than $6.7 million to more than 400 community organizations in the last five years.
• MGE is advancing electric transportation with a robust customer education program, a home charging program and a public charging network. MGE also has an electric vehicle fleet goal of 100% all-electric or plug-in hybrid light-duty vehicles by 2030.

Commitment to transparency and disclosure

MGE's report is consistent with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). MGE is committed to helping customers, investors and other stakeholders better understand the company's long-term strategies, challenges and opportunities as it transitions to a more sustainable, net-zero carbon future.

MGE also continues to participate in the Edison Electric Institute's (EEI) environmental, social, governance (ESG) and sustainability reporting templates. EEI, which represents all U.S. investor-owned electric companies, developed the voluntary, industry-specific templates to provide more uniform and consistent reporting of data and information from the electric sector. The templates include data related to MGE's portfolio (generation and capacity), emissions, capital expenditures, human and natural resources, and other matters.

About MGE

MGE generates and distributes electricity to 157,000 customers in Dane County, Wisconsin, and purchases and distributes natural gas to 166,000 customers in seven south‐central and western Wisconsin counties. MGE's parent company is MGE Energy, Inc. The company's roots in the Madison area date back more than 150 years.

Kaya Freiman
Corporate Communications Manager
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• All 12.1 million outstanding redeemable LFG warrants eliminated from capital structure; only the 6.8 million Private Warrants remain outstanding
• Cash proceeds from warrant exercises used to repurchase more than 25% of Ares’ LFG equity position
• Net effect of warrant exercises and share repurchase from Ares is the issuance of 4.2 million shares of LFG along with the elimination of all 12.1 million redeemable warrants (0.351 shares per warrant)
• Transaction design creates step-up in basis at the Up-C OpCo, which is expected to be utilized to reduce cash taxes in the future

HOUSTON--(BUSINESS WIRE)--Archaea Energy Inc. (“Archaea” or the “Company”) (NYSE: LFG) today announced the results of the previously announced redemption (the “Redemption”) of its 12.1 million redeemable warrants (the “Redeemable Warrants”), each of which entitled the holder, upon exercise, to purchase a share of the Company’s Class A Common Stock for $11.50. The 6.8 million outstanding warrants that were privately issued to the Company’s sponsor and Atlas Point Energy Infrastructure Fund, LLC were not subject to the Redemption (the “Private Warrants”).

Prior to 5:00 p.m., New York City time, on December 6, 2021 (the “Redemption Date”), 9.4 million Redeemable Warrants were exercised for cash at an exercise price of $11.50 per share of Class A Common Stock, generating $108 million of proceeds to the Company. These cash proceeds were used to repurchase 6.1 million shares of Class A Common Stock of LFG from Aria Renewable Energy Systems LLC (“Ares”) at a pre-negotiated price of $17.65 per share. Additionally, 2.7 million public warrants were exercised on a cashless basis in exchange for an aggregate of 1.0 million shares of Class A Common Stock. The remaining 23,574 public warrants were unexercised and were each redeemed at a price of $0.10.

The net result of the Redemption and related exercises of Redeemable Warrants, combined with the repurchase of shares, is a net share count increase of 4.2 million and elimination of the 12.1 million Redeemable Warrants. This results in 120.1 million LFG shares of Class A and Class B Common Stock outstanding, in addition to the 6.8 million Private Warrants. Ares’ ownership position has been reduced to 14.9 million shares out of the 120.1 million shares outstanding.

In connection with the Redemption, the public warrants stopped trading on the New York Stock Exchange and were delisted. The Redemption had no effect on the trading of the Class A Common Stock, which continues to trade on the New York Stock Exchange under the ticker symbol “LFG”.

As a result of the Company’s up-C structure, prior to selling shares of the Company’s Class A Common Stock, Aria Renewable Energy Systems LLC converted shares of the Company’s Class B Common Stock and Class A Units of LFG Acquisition Holdings LLC (“OpCo”) into shares of the Company’s Class A Common Stock, which resulted in an increase in the Company’s ownership interest in OpCo. The Company will receive a stepped-up tax basis in the underlying assets of OpCo for this additional ownership interest, which is expected to provide future cash tax savings for the Company totaling approximately $20 million at current tax rates through an expected increase in future depreciation and amortization deductions.

About Archaea

Archaea Energy Inc. is one of the largest RNG producers in the U.S., with an industry-leading platform and expertise in developing, constructing, and operating RNG facilities to capture waste emissions and convert them into low carbon fuel. Archaea’s innovative, technology-driven approach is backed by significant gas processing expertise, enabling Archaea to deliver RNG projects that are expected to have higher uptime and efficiency, faster project timelines, and lower development costs. Archaea partners with landfill and farm owners to help them transform potential sources of emissions into RNG, transforming their facilities into renewable energy centers. Archaea’s differentiated commercial strategy is focused on long-term contracts that provide commercial partners a reliable, non-intermittent, sustainable decarbonizing solution to displace fossil fuels.

Archaea
Investors and Media
Megan Light
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346-439-7589

HOUSTON--(BUSINESS WIRE)--Permianville Royalty Trust (NYSE: PVL, the “Trust”) today announced a cash distribution to the holders of its units of beneficial interest of $0.025000 per unit, payable on January 14, 2022 to unitholders of record on December 31, 2021. The net profits interest calculation represents reported oil production for the month of September 2021 and reported natural gas production during August 2021. The calculation includes accrued costs incurred in October 2021.

The following table displays reported underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month recorded net profits interest calculations.

Recorded oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $2.8 million for the current month on realized wellhead prices of $68.90/Bbl, down $0.1 million from the prior month distribution period.

Recorded natural gas cash receipts from the Underlying Properties totaled $1.1 million for the current month on realized wellhead prices of $3.78/Mcf, up $0.2 million from the prior month distribution period.

Total accrued operating expenses for the period were $2.5 million, an increase of $0.1 million from the prior period. Capital expenditures increased $0.1 million from the prior period to $0.2 million.

About Permianville Royalty Trust
Permianville Royalty Trust is a Delaware statutory trust formed to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain, predominantly non-operated, oil and gas properties in the states of Texas, Louisiana and New Mexico. As described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”), the amount of the periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, the amount and timing of capital expenditures, and the Trust’s administrative expenses, among other factors. Future distributions are expected to be made on a monthly basis. For additional information on the Trust, please visit www.permianvilleroyaltytrust.com.

Forward-Looking Statements and Cautionary Statements
This press release contains statements that are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are “forward-looking statements” for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unitholders. The anticipated distribution is based, in large part, on the amount of cash received or expected to be received by the Trust from COERT Holdings 1 LLC (the “Sponsor”) with respect to the relevant period. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by the volatility in commodity prices, which have experienced significant fluctuation since the beginning of 2020 in response to the economic effects of the COVID-19 pandemic and the actions taken by Russia and the members of the Organization of Petroleum Exporting Countries regarding production levels. Low oil and natural gas prices will reduce profits to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders. Other important factors that could cause actual results to differ materially include expenses of the Trust, reserves for anticipated future expenses and the effect, impact, potential duration or other implications of the COVID-19 pandemic. In addition, future monthly capital expenditures may exceed the average levels experienced in 2020 and prior periods. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither the Sponsor nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by the Trust is subject to the risks described in the Trust’s filings with the SEC, including the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 23, 2021. The Trust’s quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov.

Permianville Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell 1 (512) 236-6555

FedEx and General Motors’ BrightDrop reach major milestone in effort to electrify last-mile deliveries

MEMPHIS, Tenn.--(BUSINESS WIRE)--FedEx Corp. (NYSE: FDX) today received its first five of an order of 500 electric Light Commercial Vehicles (eLCVs) from BrightDrop, the new electric delivery and logistics business from General Motors (GM). The introduction of BrightDrop’s all-electric, zero-tailpipe emissions vehicles into the FedEx fleet is an important step in the company’s goal to take its global operations carbon neutral by 2040.

“The delivery of the first BrightDrop EV600s is a historic moment, born out of a spirit of collaboration between two leading American companies,” said Mitch Jackson, Chief Sustainability Officer, FedEx. “At FedEx, transforming our pickup and delivery fleet to electric vehicles is integral to achieving our ambitious sustainability goals announced earlier this year. This collaborative effort shows how businesses can take action to help usher in a lower-emissions future for all.”

FedEx has set a goal to operate an all-electric, zero-emission global pickup and delivery (PUD) fleet by 2040. As part of that effort, FedEx Express, a subsidiary of FedEx Corp. and one of the world’s largest express transportation companies, plans for 50% of its global PUD vehicle purchases to be electric by 2025, rising to 100% by 2030. The collaboration with BrightDrop has created an avenue to help achieve these goals, backed by a world leader in the automotive industry.

“As eCommerce continues to grow, BrightDrop is thrilled to partner with FedEx in our mission to dramatically reduce vehicle emissions from delivery and deliver a brighter future for all of us. FedEx has ambitious sustainability goals, and the speed with which we brought the first BrightDrop electric vehicles to market shows how the private sector can innovate and help bring solutions for some of our biggest climate- and emissions-related challenges,” said Travis Katz, President and CEO of BrightDrop.

Powered by the Ultium battery platform, the EV600 is designed for deliveries, with an estimated range of up to 250 miles on a full charge. Purpose-built for the delivery of goods and services, the vehicle offers more than 600 cubic feet of cargo area.

“The EV600 combines the best attributes of a traditional and a step-in van into one vehicle, keeping driver safety, comfort, and convenience top of mind,” said Katz. “It’s also the fastest-built vehicle, from concept to market, in GM’s history.”

These first few EV600s are being delivered to the FedEx Express facility in Inglewood, Calif., where they will be housed and operated. To support the new vehicle technology, FedEx is building charging infrastructure across its network of facilities, including the 500 charging stations the company has already installed across California. FedEx is also actively working with utility companies to help evaluate and determine the capacity needed for electrical grids to support such charging infrastructure.

“With a longstanding mission to connect the world responsibly and resourcefully, FedEx is investing in transformative solutions fueled by innovation,” said Jackson. “That’s why we’re eager to roll up our sleeves and get to work alongside the BrightDrop team, as well as other stakeholders in the private and public sector.”

In 2003, FedEx was the first delivery company to use hybrid vehicles for pickup and delivery and, in 1994, the company used its first electric vehicle – an acid battery-powered vehicle in California. To complement the company’s efforts to reduce its environmental impact in its own operations, FedEx has been a vocal advocate for improved fuel efficiency standards and policies to support the commercial deployment of alternative-fuel vehicles.

For more on sustainability at FedEx, please visit fedex.com/sustainability.

About FedEx Corp.

FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce, and business services. With annual revenue of $87 billion, the company offers integrated business solutions through operating companies competing collectively, operating collaboratively, and innovating digitally under the respected FedEx brand. Consistently ranked among the world’s most admired and trusted employers, FedEx inspires its 560,000 team members to remain focused on safety, the highest ethical and professional standards and the needs of their customers and communities. FedEx is committed to connecting people and possibilities around the world responsibly and resourcefully, with a goal to achieve carbon-neutral operations by 2040. To learn more, please visit about.fedex.com.

About BrightDrop:

BrightDrop is a new business reimagining the commercial delivery and logistics industry for an all-electric future. Its portfolio of electric vehicles, smart containers, and software are designed to decarbonize last-mile deliveries and reduce congestion for a smarter, more sustainable future. BrightDrop is a wholly owned subsidiary of General Motors. For more information, visit gobrightdrop.com.

FedEx Media Relations
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