Technology Leader to Drive Customer & Supply Partner Experience

ATLANTA--(BUSINESS WIRE)--EspriGas, a technology driven industrial gas company, names Ryan Esparza as its Chief Technology Officer. Esparza joins the company to improve the customer and supply partner experience while driving innovation across the EspriGas platform and business offering. Building on his 20 years of experience driving growth strategy for technology companies, Esparza is focused on integrating and advancing EspriGas’ technology platform. He is committed to driving innovation at EspriGas keeping the focus on the customer and supply partner experience.

“We are all thrilled to have Esparza join the team,” said Mike Walsh, CEO of EspriGas. “His leadership and experience in the technology space will undoubtedly strengthen our team and drive growth for our business. I am excited about the immense potential for growth and innovation for our company and confident that Esparza will drive EspriGas to new heights.”

“I am honored to join this team as Chief Technology Officer,” said Esparza. “Thanks to its technology, EspriGas is in a unique position to really change how today’s companies receive and manage their gas supply, making the process simple and streamlined. I look forward to further driving innovation for the company while continuing its focus on the customer and supply partner experience.”

Most recently, Esparza was Chief Information Officer at Jackson Healthcare, where he led innovation within the company. Prior to this role, he was Vice President of Software Engineering at The Weather Company. He’s held leadership positions at other leading Atlanta brands, including Intercontinental Hotels Group, Cox Enterprises and The Home Depot. As an active member of the Atlanta community, he currently serves on the board of Inspiredu and is a member of the Leadership Atlanta Class of 2022.

Esparza holds a bachelor’s degree from the University of Texas at Austin and studied at Tecnológico de Monterrey in Monterrey, Mexico. As a licensed pilot and scuba diver, his hobbies include travel and adventure with his family.

About EspriGas
EspriGas is a technology driven beverage, medical, and industrial gas company. It brings a modern approach to the gas industry by utilizing a network business model to deliver products nationally. The company leverages its unique service and technology capabilities to handle the complex logistical needs of large, multi-site companies through a national network of gas supply partners. EspriGas has been servicing customers with numerous locations dispersed through the country for over 25 years. www.EspriGas.com.

Katie Huff
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MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE American: NOG) (the “Company”) announced today that it has priced its previously announced underwritten public offering of 10,000,000 shares of its common stock, which includes 9,500,000 shares being offered by the Company and 500,000 shares being offered by Cresta Investments, LLC and Cresta Greenwood, LLC (collectively, the “Selling Stockholders”), at a price to the public of $20.00 per share (the “Offering”). The Company has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares from the Company. The Company will not receive any proceeds from any sale of shares by the Selling Stockholders. The Selling Stockholders’ participation in the Offering is driven solely by tax planning purposes and 100% of proceeds received by Selling Stockholders from the Offering will be used for charitable purposes. The Offering is expected to close on November 22, 2021, subject to the satisfaction of customary closing conditions.

The Company intends to use the net proceeds from the Offering and, to the extent necessary, cash on hand and/or borrowings under its revolving credit facility to fund the cash purchase price of the Company’s recently announced pending acquisition of substantially all of the non-operated Permian Basin assets owned by certain entities affiliated with Veritas Energy, LLC (the “Veritas Acquisition”). Pending the use of proceeds as described above, the Company may temporarily apply a portion of the net proceeds from the Offering to repay outstanding borrowings under its revolving credit facility. The consummation of the Offering is not conditioned upon the completion of the Veritas Acquisition and the consummation of the Offering is not a condition to the completion of the Veritas Acquisition. If the Veritas Acquisition is not consummated, the Company intends to use the net proceeds of the Offering for general corporate purposes, which may include the repayment of outstanding indebtedness.

Morgan Stanley & Co. LLC is acting as lead book-running manager for the Offering and BofA Securities is acting as a joint book-running manager for the Offering. The Offering will be made only by means of a prospectus supplement and the accompanying base prospectuses, which were filed as part of effective shelf registration statements filed with the Securities and Exchange Commission (“SEC”) on Form S-3. Copies of the preliminary prospectus supplement and accompanying base prospectuses relating to the Offering, as well as copies of the final prospectus supplement, once available, may be obtained on the SEC’s website at www.sec.gov or by contacting Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; or BofA Securities, at NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attention: Prospectus Department or by emailing to This email address is being protected from spambots. You need JavaScript enabled to view it..

This press release does not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts included in this press release, are forward-looking statements, including, but not limited to, statements regarding the expected closing date of the Offering and the anticipated use of the net proceeds therefrom. When used in this press release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production and sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond the Company’s control) that could cause actual results to differ materially from those set forth in the forward looking statements, including the following: changes in crude oil and natural gas prices; the pace of drilling and completions activity on the Company’s properties and properties pending acquisition; the effects of the COVID-19 pandemic and related economic slowdown; the Company’s ability to acquire additional development opportunities; potential or pending acquisition transactions, including the Veritas Acquisition; the Company’s ability to consummate the Veritas Acquisition, the anticipated timing of such consummation, and any anticipated financing transactions in connection therewith; the projected capital efficiency savings and other operating efficiencies and synergies resulting from the Company’s acquisition transactions; integration and benefits of property acquisitions, including the Veritas Acquisition, or the effects of such acquisitions on the Company’s cash position and levels of indebtedness; changes in the Company’s reserves estimates or the value thereof; disruptions to the Company’s business due to acquisitions and other significant transactions; general economic or industry conditions, nationally and/or in the communities in which the Company conducts business; changes in the interest rate environment, legislation or regulatory requirements; conditions of the securities markets; the Company’s ability to raise or access capital; changes in accounting principles, policies or guidelines; financial or political instability, acts of war or terrorism; and other economic, competitive, governmental, regulatory and technical factors affecting the Company’s operations, products, services and prices. Additional information concerning potential factors that could affect future financial results is included in the section entitled “Item 1A. Risk Factors” and other sections of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and the Company’s Quarterly Report on Form 10-Q for the fiscal quarters ended March 31, 2021, June 30, 2021 and September 30, 2021, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause the Company’s actual results to differ from those set forth in the forward-looking statements.

The Company has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. You are urged not to place undue reliance on these forward‑looking statements, which speak only as of the date they are made. Except as may be required by applicable law or regulation, the Company does not undertake, and specifically disclaims, any obligation to update any forward‑looking statements to reflect events or circumstances occurring after the date of such statements.

Mike Kelly, CFA
Chief Strategy Officer
952-476-9800
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DUBLIN--(BUSINESS WIRE)--The "Hydrogen Gas Market Review 2021 and Strategic Plan for 2022 - Insights, Trends, Competition, Growth Opportunities, Market Size, Market Share Data and Analysis Outlook to 2028" report has been added to ResearchAndMarkets.com's offering.

The Hydrogen Gas Market is expected to register an attractive growth rate during the outlook period driven by technological innovations and application-specific developments. Market Players in the Hydrogen Gas Market business are aligning their operating model to the new normal by pivoting towards digitalization of operations and adapting to emerging technologies in robotic automation and artificial intelligence.

Mergers and acquisitions to acquire new technologies, strengthen portfolios, and leverage capabilities to remain key strategies of top companies in the Hydrogen Gas Market industry during the outlook period. Investing in R&D and technology to improve product lines will be the major growth driver in the short to medium term for the Hydrogen Gas Market amid prevailing tough conditions. The market study provides a comprehensive description of current trends and developments in the Hydrogen Gas Market industry along with a detailed predictive and prescriptive analysis to 2028.

Latest Trends, Drivers, Opportunities, and Challenges

Customizing products to cater to a specific application than improvising the product characteristics on a whole has been the emerging trend in the Hydrogen Gas Market. Enterprises should incorporate digitally connected processes and focus on operational efficiency, diversifying supply sources, and cost management to create opportunities in the Hydrogen Gas Market during the forecast period. Uneven recovery in different end markets and geographies is a key challenge in understanding and analyzing the Hydrogen Gas Market landscape.

Competition, Strategies and Company Profiles

While catering to the short-term needs of the market, Hydrogen Gas Market players can address this uncertainty with a clear revision of the product portfolio and a lucid long-term strategy with scenario planning. Investing in innovation, identifying emerging applications, and developing sensible business models to generate sustained growth are the winning strategies in the future Hydrogen Gas Market. The report presents detailed profiles of top companies serving the Hydrogen Gas Market value chain along with their strategies for the near, medium, and long term period.

Near saturated demand in Europe coupled with comparatively slower momentum in China, after many years of exceptional growth trajectory are limiting the Hydrogen Gas Market demand from these regions. However, the fast-paced recovery of developing nations from the COVID impact is expected to bolster the Hydrogen Gas Market demand.

The research estimates global Hydrogen Gas Market revenues in 2021, considering the Hydrogen Gas Market prices, supply, demand, and trade analysis across regions. A detailed market share, penetration, and shift in demand for different types, applications, and geographies in the Hydrogen Gas Market from 2021 to 2028 is included.

Hydrogen Gas Market Research Scope

• Global Hydrogen Gas Market size and growth projections (CAGR), 2021-2028
• COVID impact on Hydrogen Gas Market industry with future scenarios
• Hydrogen Gas Market size, share, and outlook across 5 regions and 16 countries, 2021-2028
• Hydrogen Gas Market size, CAGR, and Market Share of key products, applications, and end-user verticals, 2021-2028
• Short and long term Hydrogen Gas Market trends, drivers, restraints, and opportunities
• Porter's Five forces analysis, Technological developments in Hydrogen Gas Market, Hydrogen Gas Market supply chain analysis
• Hydrogen Gas Market trade analysis, Hydrogen Gas Market price analysis, Hydrogen Gas Market supply/demand
• Profiles of 5 leading companies in the industry-overview, key strategies, financials, and products
• Latest Hydrogen Gas Market news and developments

Key Topics Covered:

1. Table of Contents

2. Global Hydrogen Gas Market Review, 2020

3. Hydrogen Gas Market Insights

4. Hydrogen Gas Market Trends, Drivers, and Restraints

4.1 Latest Trends and Recent Developments in Hydrogen Gas Market

4.2 Key Factors Driving the Hydrogen Gas Market Growth

4.2 Major Challenges to the Hydrogen Gas Market industry, 2021-2028

4.3 Impact of COVID on Hydrogen Gas Market and Scenario Forecasts to 2028

5 Five Forces Analysis for Global Hydrogen Gas Market

6. Global Hydrogen Gas Market Data - Industry Size, Share, and Outlook

7. Asia Pacific Hydrogen Gas Market Industry Statistics - Market Size, Share, Competition and Outlook

8. Europe Hydrogen Gas Market Historical Trends, Outlook, and Business Prospects

9. North America Hydrogen Gas Market Trends, Outlook, and Growth Prospects

10. Latin America Hydrogen Gas Market Drivers, Challenges, and Growth Prospects

11. Middle East Africa Hydrogen Gas Market Outlook and Growth Prospects

12. Hydrogen Gas Market Structure and Competitive Landscape

12.1 Key Companies in Hydrogen Gas Market Business

12.2 Hydrogen Gas Market Key Player Benchmarking

12.3 Hydrogen Gas Market Product Portfolio

12.4 Financial Analysis

12.5 SWOT and Financial Analysis Review

13. Latest News, Deals, and Developments in Hydrogen Gas Market

14. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/1phwyq

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
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VANCOUVER, British Columbia--(BUSINESS WIRE)--EverGen Infrastructure Corp. (TSXV: EVGN) (“EverGen” or the “Company”) is providing an update with respect to severe flooding that has occurred in the Abbotsford and Sumas Prairie regions. The Company does not expect a material impact to its business as a result of flooding surrounding its Fraser Valley Biogas (“FVB”) facility or its Net Zero Waste Abbotsford (“NZWA”) facility at this time.

The Company confirms that as of the time of this press release, the areas surrounding EverGen’s FVB facility have been subject to an evacuation order and as a result, the FVB facility has been temporarily shut down. The Company’s NZWA facility remains in operation.

EverGen confirms that the employees from both FVB and NZWA remain accounted for and safe.

EverGen continues to monitor the situation in the Abbotsford and Sumas Prairie regions to ensure employee safety and project security for both facilities, and to determine and assess damage to its property or assets.

EverGen is committed to supporting the residents of Abbotsford as well as the farming community in working through these challenging times.

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. Incorporated in 2020, EverGen is now established to acquire, develop, build, own and operate 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.

Forward-Looking Information

This news release contains forward-looking statements and/or forward-looking information (collectively, “forward looking statements”) within the meaning of applicable securities laws. When used in this release, such words as “would”, “will”, “anticipates”, “believes”, “explores” and similar expressions, as they relate to EverGen, or its management, are intended to identify such forward-looking statements. Such forward-looking statements reflect the current views of EverGen with respect to future events, and are subject to certain risks, uncertainties and assumptions. Forward looking statements in this press release include statements relating to EverGen’s continuing monitoring of the flooding situation in the Abbotsford and Sumas Prairie regions to determine and assess damage to its property or assets. Many factors could cause EverGen’s actual results, performance or achievements to be materially different from any expected future results, performance or achievement that may be expressed or implied by such forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to EverGen’s ability to access the FVB and NZWA facilities and assess the impact and materiality of any related damage due to the uncertainty of the flooding situation, which may be beyond the control of EverGen. Forward-looking statements included in this news release should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such forward looking statements.

The forward-looking statements contained in this release are made as of the date of this release, and except as may be expressly required by law, EverGen disclaims any intent, obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

EverGen’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits EverGen will derive therefrom.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.

EverGen Investor Contact
Kelly Castledine
416-576-8158
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EverGen Media Contact
Katie Reiach
604.614.5283
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DUBLIN--(BUSINESS WIRE)--The "Oil and Gas Lubricants Market Review 2021 and Strategic Plan for 2022 - Insights, Trends, Competition, Growth Opportunities, Market Size, Market Share Data and Analysis Outlook to 2028" report has been added to ResearchAndMarkets.com's offering.

The Oil and Gas Lubricants Market is expected to register an attractive growth rate during the outlook period driven by technological innovations and application-specific developments. Market Players in the Oil and Gas Lubricants Market business are aligning their operating model to the new normal by pivoting towards digitalization of operations and adapting to emerging technologies in robotic automation and artificial intelligence.

Mergers and acquisitions to acquire new technologies, strengthen portfolios, and leverage capabilities to remain key strategies of top companies in the Oil and Gas Lubricants Market industry during the outlook period. Investing in R&D and technology to improve product lines will be the major growth driver in the short to medium term for the Oil and Gas Lubricants Market amid prevailing tough conditions. The market study provides a comprehensive description of current trends and developments in the Oil and Gas Lubricants Market industry along with a detailed predictive and prescriptive analysis to 2028.

Oil and Gas Lubricants Market Insights - Latest Trends, Drivers, Opportunities, and Challenges

Customizing products to cater to a specific application than improvising the product characteristics on a whole has been the emerging trend in the Oil and Gas Lubricants Market. Enterprises should incorporate digitally connected processes and focus on operational efficiency, diversifying supply sources, and cost management to create opportunities in the Oil and Gas Lubricants Market during the forecast period. Uneven recovery in different end markets and geographies is a key challenge in understanding and analyzing the Oil and Gas Lubricants Market landscape.

Oil and Gas Lubricants Market Structure - Competition, Strategies and Company Profiles

While catering to the short-term needs of the market, Oil and Gas Lubricants Market players can address this uncertainty with a clear revision of the product portfolio and a lucid long-term strategy with scenario planning. Investing in innovation, identifying emerging applications, and developing sensible business models to generate sustained growth are the winning strategies in the future Oil and Gas Lubricants Market. The report presents detailed profiles of top companies serving the Oil and Gas Lubricants Market value chain along with their strategies for the near, medium, and long term period.

Oil and Gas Lubricants Market Research Scope

• Global Oil and Gas Lubricants Market size and growth projections (CAGR), 2021-2028
• COVID impact on Oil and Gas Lubricants Market industry with future scenarios
• Oil and Gas Lubricants Market size, share, and outlook across 5 regions and 16 countries, 2021-2028
• Oil and Gas Lubricants Market size, CAGR, and Market Share of key products, applications, and end-user verticals, 2021-2028
• Short and long term Oil and Gas Lubricants Market trends, drivers, restraints, and opportunities
• Porter's Five forces analysis, Technological developments in Oil and Gas Lubricants Market, Oil and Gas Lubricants Market supply chain analysis
• Oil and Gas Lubricants Market trade analysis, Oil and Gas Lubricants Market price analysis, Oil and Gas Lubricants Market supply/demand
• Profiles of 5 leading companies in the industry-overview, key strategies, financials, and products
• Latest Oil and Gas Lubricants Market news and developments

Key Topics Covered:

1. Table of Contents

2. Global Oil and Gas Lubricants Market Review, 2020

3. Oil and Gas Lubricants Market Insights

3.1 Oil and Gas Lubricants Market Trends to 2028

3.2 Future Opportunities in Oil and Gas Lubricants Market

3.3 Dominant Applications of Oil and Gas Lubricants Market to 2028

3.4 Key Types of Oil and Gas Lubricants Market to 2028

3.5 Leading End Uses of Oil and Gas Lubricants Market to 2028

3.6 High Prospect Countries for Oil and Gas Lubricants Market to 2028

4. Oil and Gas Lubricants Market Trends, Drivers, and Restraints

4.1 Latest Trends and Recent Developments in Oil and Gas Lubricants Market

4.2 Key Factors Driving the Oil and Gas Lubricants Market Growth

4.2 Major Challenges to the Oil and Gas Lubricants Market industry, 2021-2028

4.3 Impact of COVID on Oil and Gas Lubricants Market and Scenario Forecasts to 2028

5 Five Forces Analysis for Global Oil and Gas Lubricants Market

6. Global Oil and Gas Lubricants Market Data - Industry Size, Share, and Outlook

7. Asia Pacific Oil and Gas Lubricants Market Industry Statistics - Market Size, Share, Competition and Outlook

8. Europe Oil and Gas Lubricants Market Historical Trends, Outlook, and Business Prospects

9. North America Oil and Gas Lubricants Market Trends, Outlook, and Growth Prospects

10. Latin America Oil and Gas Lubricants Market Drivers, Challenges, and Growth Prospects

11. Middle East Africa Oil and Gas Lubricants Market Outlook and Growth Prospects

12. Oil and Gas Lubricants Market Structure and Competitive Landscape

12.1 Key Companies in Oil and Gas Lubricants Market Business

12.2 Oil and Gas Lubricants Market Key Player Benchmarking

12.3 Oil and Gas Lubricants Market Product Portfolio

12.4 Financial Analysis

12.5 SWOT and Financial Analysis Review

13. Latest News, Deals, and Developments in Oil and Gas Lubricants Market

14. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/4w6or4

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
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GUILDFORD, England--(BUSINESS WIRE)--Black & Veatch has been selected to help guide Marine Power Systems across subsystem design coordination, systems engineering and the certification of Marine Power Systems’ unique and flexible floating wind and wave energy generation hardware.

Black & Veatch is an employee-owned global engineering, procurement, consulting and construction company with deep experience and a long track record of innovation in sustainable infrastructure.

Working as an extension of Marine Power Systems’ technical team, Black & Veatch will lead specific elements of the project, providing technical quality assurance and helping identify and manage technical and programme risk. The role also encompasses quality, health, safety and environment management and supervision as well as supporting the full-scale Marine Power Systems’ technology certification process.

Marine Power Systems’ unique and patented platform technology offers best in class cost compared with its peers due to the significantly reduced system mass. Moreover, its modular and flexible design, enables optimum local content delivery through a decentralised logistics model. These benefits provide utility scale developers maximum flexibility between reducing cost and increasing local economic benefits, whilst in parallel accelerating farm deployment at scale.

The wave energy converter has a unique wave energy capture mechanism – directly and efficiently harnessing both the heave and surge energy of the wave. Each energy absorber can capture over a megawatt of power, and each device has multiple absorbers, leading to significant multi megawatt power output per machine.

Robbie Gibson, Black & Veatch’s Director for Renewable Energy in Europe commented, “A single system that simultaneously captures both wave and wind energy is a more consistent renewable ocean energy source, making maximum use of the lease area from a levelised cost of energy perspective and making intermittence less of a challenge. This project plays directly to our strengths and our experience in delivering major marine energy and offshore wind projects. Our broader design portfolio encompasses very many complex system configurations with multiple products and multiple technologies.”

Graham Foster, CTO at Marine Power Systems commented, “We are continuing to build our best-in-class team here at Marine Power Systems. Our partners and suppliers are very much part of that team and this latest appointment will play a crucial role in providing project and quality assurance. The team at Black & Veatch bring invaluable experience in floating wind and wave energy systems and marine structures, coupled with the ability to manage complex interfaces between them and oversee the pathway towards technology certification.”

Whilst offshore winds in shallow waters have been harnessed by fixed bottom wind turbines the wind and wave energy in deep water remains largely unharnessed and represents around 80% of the exploitable energy resources of our oceans.

Marine Power Systems have developed a flexible floating platform technology that is the only solution of its type that can be configured to harness wind and wave energy either as a combined solution or on their own in deep water. Whilst the market for their technology is utility scale, grid connected farms, additional markets include oil and gas platform electrification and the growing hydrogen economy.

Marine Power Systems are now working on the deployment of a grid connected commercial megawatt scale wind and wave device in northern Spain at the Biscay Marine Energy Platform (BiMEP) as well as the deployment of a pre-commercial scale array at the European Marine Energy Centre (EMEC), Orkney.

Download an image Marine Power Systems’ floating wind and wave energy generation hardware

About Black & Veatch

Black & Veatch is an employee-owned global engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people around the world by addressing the resilience and reliability of our most important infrastructure assets. Our revenues in 2020 exceeded US$3.0 billion. Follow us on www.bv.com and on social media.

Black & Veatch contact
Malcolm Hallsworth I Marketing & Communications I This email address is being protected from spambots. You need JavaScript enabled to view it. I +44 7920 701764

Marine Power Systems contacts
Jon Munro | Marketing and Communications | This email address is being protected from spambots. You need JavaScript enabled to view it. | +44 7831 754 814
Gareth Stockman | CEO | This email address is being protected from spambots. You need JavaScript enabled to view it. | +44 7796 493 209

SNOHOMISH, Wash.--(BUSINESS WIRE)--#2021astorsawards--Cyemptive Technologies, a provider of preemptive cybersecurity products and technology and winner of the Department of Homeland Security’s national competition for most innovative security-related solution in the market, announced today that it has won two 2021 ASTORS Homeland Security Awards from American Security Today. Cyemptive won a Platinum Award for the “Best Anti-Malware Solution” for the Cyemptive Zero Trust Access Solution, and a Silver Award for “Best Cyber Security End to End Encryption Solution” for its Cyemptive Perimeter Fortress Solution.

“We are honored to receive these awards from American Security Today, and for their recognition of our unique approach to combating ransomware and other malware,” said Rob Pike, founder and CEO of Cyemptive Technologies. “With cyber-attacks increasing in speed and sophistication, today’s cybersecurity solutions simply can’t keep up to identify the threats, let alone eliminate them, in time to prevent damage. Instead, cybersecurity threats should never be allowed inside the system in the first place. Cyemptive’s products are the only ones on the market today to do exactly this.”

Cyemptive pre-empts network, root level and firmware attacks using the combination of Cyemptive’s patented CyberSlice® and CyberScan technologies. It is the only solution that actually and effectively preempts the full spectrum of zero-day attacks (both discovered and undiscovered), persistent advanced attacks, AI offensive, today’s quantum computing attacks, unknown malicious encryption, sleeper ransomware, hidden file executables, packers, malware, steganography, and more, prior to infection.

“We are very pleased with the awards,” said Jim DuBois, Cyemptive Chief Strategy Officer and former Chief Information Security Officer for Microsoft. “It is also important to understand that we provide financially-backed SLAs to support our pledge to pre-emptively detect and remediate problems, particularly when combining our recently patented Cyemptive Enterprise Scanner (CES) technology with our Cyemptive Webserver Fortress (CWF), Cyemptive Perimeter Fortress (CPF) and Cyemptive Zero Trust Access (CZTA) to provide a level of zero trust cyber protection not existing in the market today. This approach is the real magic of Cyemptive. The components work together to create a zero trust platform unmatched in today’s cyber marketplace.”

About Cyemptive Technologies

Founded in 2014, Cyemptive is a provider of preemptive cybersecurity products and technology. With a leadership team comprised of executives from several of the world’s most powerful technology and security organizations, including the former CIO of Microsoft and the former Chief Computer Architect for the National Security Agency, the company’s focus is on delivering an alternative approach to security. It is the winner of the Department of Homeland Security’s Border Security Technology Consortium (BSTC) competition for most innovative border security-related solution in the market. More information about Cyemptive Technologies is available at https://www.cyemptive.com.

About American Security Today

American Security Today (AST), the "New Face in Homeland Security," is the premier digital media platform in the U.S. Homeland Security and Public Safety industry, focused on breaking news and in-depth coverage of the newest initiatives and hottest technologies in physical & IT security on the market today. AST highlights the most cutting-edge and forward-thinking security solutions across a wide variety of media products delivered daily, weekly and monthly to over 75,000 qualified government and security industry readers, essential to meeting today's growing security challenges to "Secure our Nation, One City at a Time." For more information, visit https://americansecuritytoday.com/.

Belinda Young
BYPR
206-932-3145
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Rob Pike
Cyemptive Technologies
425-341-9800
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Lynn McLean
SVP of Sales
Cyemptive Technologies, Inc.
415-515-4691
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- B&W Renewable technology will be used to generate power for the equivalent of 95,000 homes and significantly reduce landfill methane emissions

- Plant will divert 435,000 tons of non-recyclable waste from landfills annually

AKRON, Ohio--(BUSINESS WIRE)--$BW #wastetoenergy--Babcock & Wilcox (B&W) (NYSE: BW) announced today that its B&W Renewable segment has been awarded a contract for approximately $58 million to design and supply an advanced waste-to-energy boiler, combustion grate and other equipment for a waste-to-energy power plant in Europe.

B&W Renewable’s technologies, including its advanced DynaGrate^® combustion grate, will help the plant operator divert 435,000 tons of non-recyclable waste from landfills, reducing methane emissions and providing renewable energy for the equivalent of 95,000 homes. The DynaGrate is ideally suited for waste-to-energy applications and features a high level of fuel flexibility, energy recovery and combustion efficiency, while also reducing emissions by destroying dioxins and furans, minimizing formation of nitrogen oxides and limiting unburned carbon.

“Diverting hundreds of thousands of tons of waste each year will significantly reduce the environmental impact of landfilled waste in this region, including from runoff and methane emissions,” said Jimmy Morgan, B&W Chief Operating Officer. “Waste-to-energy, biomass and renewable technologies are an important part of B&W’s business growth strategy, and we’re pursuing other significant renewable energy projects around the world.”

As the world looks to reduce greenhouse gas emissions and reliance on fossil fuels, waste-to-energy technology can play a key role in those efforts while providing renewable, baseload power. In Europe alone, 50 million tons of waste is converted into valuable energy, supplying 27 million residents with power and substantially reducing the need for landfills.

About Babcock & Wilcox

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at www.babcock.com.

About B&W Renewable

Babcock & Wilcox Renewable offers cost-effective technologies for efficient and environmentally sustainable power and heat generation, including waste-to-energy, biomass energy and black liquor systems for the pulp and paper industry. B&W Renewable’s leading technologies support a circular economy, diverting waste from landfills to use for power generation and replacing fossil fuels, while recovering metals and reducing emissions.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the receipt of a contract for more than $58 million to design and supply a waste-to-energy boiler, combustion grate, ash-handling system and other equipment for a waste-to-energy plant in Europe, as well as the corresponding reduction in the environmental impact of landfilled waste in this region. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox
330-860-6802 | 704.625.4944
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Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345
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• H&P's North America Solutions segment exited the fourth quarter of fiscal year 2021 with 127 active rigs, up 5% during the quarter, and expects its first quarter of fiscal year 2022 North America Solutions rig count to exit between 152-157, up over 20%

• Quarterly North America Solutions operating gross margins⁽¹⁾ decreased $6 million to $69 million sequentially, as revenues increased by $12 million to $293 million and expenses increased by $18 million to $224 million

• Reported a fiscal fourth quarter net loss of $(0.74) per diluted share; including select items⁽²⁾ of $(0.12) per diluted share

• During the quarter, the Company sold eight FlexRig® land rigs to ADNOC Drilling for $86.5 million and subsequently made a $100 million cornerstone investment into ADNOC Drilling's initial public offering

• H&P announced an upsized debt offering of $550 million of 2.90% senior notes due 2031 issued at our existing investment-grade⁽³⁾ credit rating with proceeds used to subsequently redeem the previous outstanding 2025 notes

• On September 1, 2021, the Board of Directors of the Company declared a quarterly cash dividend of $0.25 per share, payable on December 1, 2021 to stockholders of record at the close of business on November 23, 2021

TULSA, Okla.--(BUSINESS WIRE)--Helmerich & Payne, Inc. (NYSE: HP) reported a net loss of $79 million, or $(0.74) per diluted share, from operating revenues of $344 million for the quarter ended September 30, 2021, compared to a net loss of $56 million, or $(0.52) per diluted share, on revenues of $332 million for the quarter ended June 30, 2021. The net losses per diluted share for the fourth and third quarters of fiscal year 2021 include $(0.12) and $0.05 of after-tax losses and gains, respectively, comprised of select items⁽²⁾. For the fourth quarter of fiscal year 2021, select items⁽²⁾ were comprised of:

• $0.03 of after-tax gains pertaining to the sale of equipment
• $(0.15) of after-tax losses pertaining to a non-cash impairment for the fair market adjustments to equipment held for sale, closing costs associated with the ADNOC Drilling transactions, restructuring charges, a non-cash fair market adjustment to our equity investment and an inventory write-down

Net cash provided by operating activities was $47 million for the fourth quarter of fiscal year 2021 compared to $31 million for the third quarter of fiscal year 2021.

For fiscal year 2021, the Company reported a net loss of $326 million, or $(3.04) per diluted share, from operating revenues of $1.2 billion. The net loss per diluted share includes $(0.44) of after-tax losses comprised of select items⁽²⁾. Net cash provided by operating activities was $136 million in fiscal year 2021 compared to $539 million in fiscal year 2020.

President and CEO John Lindsay commented, "As we head towards 2022 we expect that the demand for H&P's drilling solutions will continue to improve, and capital discipline, along with the help of strong commodity prices, will strengthen the industry. I am confident we are well-positioned to deliver value in this environment.

"As contemplated, rig activity increases were more measured during our fiscal fourth quarter as we realized more rig churn among customers. Regardless, we are pleased with the 5% incremental rig count increase we experienced during the quarter and are optimistic as we look ahead to the fourth calendar quarter, where we expect to see our rig count increase sequentially at a higher pace as customers begin to reset their annual capital budgets. We are already experiencing increased rig activity with 141 rigs working in North America today. That said, we believe the market will remain disciplined, but customers' budgets will be set based on the higher commodity price environment. We expect utilization of readily available rigs to remain very high and our projected increase in rig demand will be more than we can accommodate with our current active fleet, meaning we will have to reactivate more long-idled rigs to satisfy demand.

"The tightness in the supply of readily available rigs and the sizeable costs associated with rig reactivations have begun to move contract pricing upward in the market. This will likely become even more pronounced in the coming months and we expect pricing to continue to improve as rig demand picks up heading into 2022. It is my belief H&P's new commercial models and digital technology solutions will also continue to drive economic returns higher, not only for our customers, but also for ourselves.

"International activity tends to lag the U.S.; however, we expect to see activity improve in these markets in the coming quarters as well. For example, we recently signed agreements with YPF to put four rigs to work under term contracts in Argentina commencing at different dates in fiscal 2022. Additionally, our recent transactions to sell eight rigs to the Middle East's largest⁽⁴⁾ land driller, ADNOC Drilling, and the subsequent $100 million cornerstone investment in the company's recent initial public offering, provides H&P with a unique opportunity going forward. This is just the beginning of what we look forward to being a fruitful alliance with ADNOC Drilling and represents an initial step in our international expansion plans."

Senior Vice President and CFO Mark Smith also commented, "We expect the Company's strong financial position will be bolstered by improving rig activity levels and pricing, which will give us flexibility to take advantage of additional opportunities. Looking out into fiscal 2022, we have set our initial capex budget to range between $250 and $270 million, representing a substantial sequential increase that tracks with expected activity levels.

"Just prior to our fiscal year end, the Company closed on an upsized $550 million senior notes offering. The notes' coupon of 2.90% represents a record low for a BBB⁽³⁾ rated 10-year or longer tenor from an oilfield service company. Due to the Company's already strong balance sheet, we were able to take advantage of the historically low interest rate environment, securing low cost, long-term capital and extend our refinancing horizon, which provides us greater financial agility and reduced risk."

John Lindsay concluded, “Those who have worked in this industry know it is resilient, and that it has delivered reliable, affordable energy which has been critical to global progress and prosperity. The industry has made significant progress in reducing the environmental impact of its operational emissions and will continue to do so in the future. At H&P, we are optimistic about the future, and we believe our rigs, digital technology, solid financial position, and the commitment of our people position us to lead the recovery by delivering value-added solutions and services to our customers and partners."

Operating Segment Results for the Fourth Quarter of Fiscal Year 2021

North America Solutions:

This segment had an operating loss of $60.7 million compared to an operating loss of $43.7 million during the previous quarter. The increase in the operating loss was primarily due to impairments related to fair market adjustments for equipment held for sale. Absent the select items⁽²⁾ for the quarters, this segment's operating loss declined by $4.1 million on a sequential basis.

Operating gross margins⁽¹⁾ decreased by $5.8 million to $69.1 million. Throughout this fiscal year, we prudently managed our expenses and inventory levels, utilizing previously expensed consumable inventory harvested during stacking activities in 2020 rather than fully costed inventory or purchasing new inventory. However, rig activity levels have increased and remain elevated, while previously expensed inventory has been exhausted, causing the need to issue average cost inventory as well as begin purchasing additional inventory to replenish stock levels. This occurrence, along with costs associated with reactivating rigs, adversely impacted operating results during the quarter. Rig reactivation costs were $6.6 million in the fourth fiscal quarter compared to $5.9 million in the third fiscal quarter.

International Solutions:

This segment had an operating loss of $5.7 million compared to an operating loss of $3.5 million during the previous quarter due to higher SG&A expenses associated with the ADNOC Drilling transactions. Operating gross margins⁽¹⁾ improved slightly to a negative $0.4 million from a negative $1.4 million in the previous quarter. Current quarter results included a $0.7 million foreign currency loss primarily related to our South American operations compared to a $0.6 million foreign currency loss in the third quarter of fiscal year 2021.

Offshore Gulf of Mexico:

This segment had operating income of $4.5 million compared to operating income of $5.7 million during the previous quarter. Operating gross margins⁽¹⁾ for the quarter were $7.7 million compared to $9.2 million in the prior quarter.

Operational Outlook for the First Quarter of Fiscal Year 2022

North America Solutions:

• We expect North America Solutions operating gross margins⁽¹⁾ to be between $75-$85 million, which includes approximately $15 million in estimated reactivation costs
• We expect to exit the quarter at between 152-157 contracted rigs

International Solutions:

• We expect International Solutions operating gross margins⁽¹⁾ to be between $(2)-$0 million, exclusive of any foreign exchange gains or losses

Offshore Gulf of Mexico:

• We expect Offshore Gulf of Mexico operating gross margins⁽¹⁾ to be between $6-$8 million

Other Estimates for Fiscal Year 2022

• Gross capital expenditures are expected to be approximately $250 to $270 million; approximately 50% expected for maintenance, including tubular purchases, roughly 35% expected for skidding to walking conversions and approximately 15% for corporate and information technology. Ongoing asset sales include reimbursements for lost and damaged tubulars and sales of other used drilling equipment that offset a portion of the gross capital expenditures and are expected to total approximately $40 million in fiscal year 2022.
• Depreciation for fiscal year 2022 is expected to be approximately $405 million
• Research and development expenses for fiscal year 2022 are expected to be roughly $25 million
• General and administrative expenses for fiscal year 2022 are expected to be approximately $170 million of which roughly $45-$48 million is expected for the first fiscal quarter

Select Items Included in Net Income per Diluted Share

Fourth quarter of fiscal year 2021 net loss of $(0.74) per diluted share included $(0.12) in after-tax losses comprised of the following:

• $0.03 of after-tax gains related to the sale of equipment
• $(0.01) of non-cash after-tax losses related to fair market value adjustments to equity investments
• $(0.01) of non-cash after-tax losses related to an inventory write-down
• $(0.01) of after-tax losses related to restructuring charges
• $(0.02) of after-tax losses related to closing costs associated with the ADNOC Drilling transactions
• $(0.10) of after-tax losses related to the non-cash impairment for fair market value adjustments to equipment that is held for sale

Third quarter of fiscal year 2021 net loss of $(0.52) per diluted share included $0.05 in after-tax gains comprised of the following:

• $0.01 of non-cash after-tax gains from discontinued operations related to adjustments resulting from currency fluctuations
• $0.02 of non-cash after-tax gains related to fair market value adjustments to equity investments
• $0.05 of income tax adjustments related to certain discrete tax items
• $(0.01) of after-tax losses related to the non-cash impairment for fair market value adjustments to decommissioned rigs that are held for sale
• $(0.01) of after-tax losses related to restructuring charges
• $(0.01) of after-tax losses related to the change in the fair values of certain contingent liabilities

Fiscal year 2021 net loss of $(3.04) per diluted share included $(0.44) in after-tax losses comprised of the following:

• $0.05 of income tax adjustments related to certain discrete tax items
• $0.05 of non-cash after-tax gains related to fair market value adjustments to equity investments
• $0.10 of non-cash after-tax gains from discontinued operations related to adjustments resulting from currency fluctuations
• $0.10 of after-tax gains pertaining to the sale of an offshore platform rig and equipment
• $(0.01) of non-cash after-tax losses related to an inventory write-down
• $(0.01) of after-tax losses related to the change in the fair values of certain contingent liabilities
• $(0.02) of after-tax losses related to closing costs associated with the ADNOC Drilling transactions
• $(0.03) of after-tax losses related to restructuring charges
• $(0.17) of after-tax losses pertaining to the sale of excess drilling equipment and spares
• $(0.50) of after-tax losses related to non-cash impairment for fair market value adjustments to decommissioned rigs and equipment that are held for sale

Conference Call

A conference call will be held on Thursday, November 18, 2021 at 11:00 a.m. (ET) with John Lindsay, President and CEO, Mark Smith, Senior Vice President and CFO, and Dave Wilson, Vice President of Investor Relations, to discuss the Company’s fourth quarter fiscal year 2021 results. Dial-in information for the conference call is (800) 895-3361 for domestic callers or (785) 424-1062 for international callers. The call access code is ‘Helmerich’. You may also listen to the conference call that will be broadcast live over the Internet by logging on to the Company’s website at http://www.helmerichpayne.com and accessing the corresponding link through the investor relations section by clicking on “Investors” and then clicking on “News and Events - Events & Presentations” to find the event and the link to the webcast.

About Helmerich & Payne, Inc.

Founded in 1920, Helmerich & Payne, Inc. (H&P) (NYSE: HP) is committed to delivering industry leading levels of drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for its customers and returns for shareholders. Through its subsidiaries, the Company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies. At September 30, 2021, H&P's fleet included 236 land rigs in the United States, 30 international land rigs and seven offshore platform rigs. For more information, see H&P online at www.helmerichpayne.com.

Forward-Looking Statements

This release includes “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and such statements are based on current expectations and assumptions that are subject to risks and uncertainties. All statements other than statements of historical facts included in this release, including, without limitation, statements regarding the registrant’s future financial position, operations outlook, business strategy, dividends, budgets, projected costs and plans and objectives of management for future operations are forward-looking statements. For information regarding risks and uncertainties associated with the Company’s business, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s SEC filings, including but not limited to its annual report on Form 10‑K and quarterly reports on Form 10‑Q. As a result of these factors, Helmerich & Payne, Inc.’s actual results may differ materially from those indicated or implied by such forward-looking statements. We undertake no duty to update or revise our forward-looking statements based on changes in internal estimates, expectations or otherwise, except as required by law.

We use our Investor Relations website as a channel of distribution for material company information. Such information is routinely posted and accessible on our Investor Relations website at www.helmerichpayne.com.

Note Regarding Trademarks. Helmerich & Payne, Inc. owns or has rights to the use of trademarks, service marks and trade names that it uses in conjunction with the operation of its business. Some of the trademarks that appear in this release or otherwise used by H&P include FlexRig, which may be registered or trademarked in the United States and other jurisdictions.

(1) Operating gross margin is defined as operating revenues less direct operating expenses.
(2) See the corresponding section of this release for details regarding the select items. The Company believes identifying and excluding select items is useful in assessing and understanding current operational performance, especially in making comparisons over time involving previous and subsequent periods and/or forecasting future periods results. Select items are excluded as they are deemed to be outside of the Company's core business operations.
(3) Investment grade rating of BBB+ from S&P Global and Baa1 from Moody's.
(4) Largest in terms of fleet size.

Dave Wilson, Vice President of Investor Relations
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(918) 588‑5190

Eco-Smart allows Wallbox users to charge their electric vehicle with solar energy at home;

Power Boost measures a home’s real-time energy usage and automatically adjusts EV charging based on the electrical panel’s maximum capacity.

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Wallbox (NYSE:WBX), a leader in electric vehicle charging and energy management solutions worldwide, today announced the launch of Eco-Smart and Power Boost, the company’s first home energy management features available for EV drivers in the U.S. Eco-Smart and Power Boost come standard with Pulsar Plus, the smallest available smart home EV charger in North America, capable of 48Amp (11.5kW) charging. With these new features, Wallbox continues to extend its market leadership in energy management and provide its users with intelligent charging solutions for sustainable home energy use.

“These latest features represent a leap forward in how EV owners can charge their vehicles at home,” said Douglas Alfaro, General Manager of Wallbox North America. “With the release of Eco-Smart and Power Boost, we have reimagined the way in which energy is monitored, used, accessed and optimized for EV owners throughout the home. As energy costs and demand are expected to continue to rise, intelligently managed EV chargers will become not only a cost-savings measure, but a way to facilitate the transition to clean energy in the future.”

Maximize clean energy consumption

Eco-Smart uses a power meter to measure the energy from a home’s rooftop solar system to charge an EV in an efficient and sustainable way. This feature lets homeowners determine the source and mix of power to be delivered to the EV and is available in two modes:

• Full-Green Mode detects when there is enough surplus green energy available from the home solar PV system to charge an EV, so that the EV is charged with renewable energy.
• Eco Mode blends grid energy with surplus green energy from home solar panels, maximizing charging speed while taking advantage of the available power from the home solar PV system.

Eco-Smart can be controlled through the myWallbox app on a mobile device if the user prefers to switch to all-grid power.

Enable more powerful EV charging at home

Power Boost is designed to allow installation of a more powerful charger where the home's electrical capacity might otherwise require limiting the power available for EV charging.

Power Boost is able to measure the real-time energy usage of a household and dynamically adjust EV charging power. This permits users to install a more powerful EV charger in their homes. When electrical consumption of the household is increased, for example, when air conditioning is in use, EV charging power can be dynamically reduced to avoid overloading the electrical system. As household electrical consumption decreases, EV charging power is increased so that users can charge at maximum speed.

The heart of the energy management system

Both Power Boost and Eco-Smart features are embedded within Pulsar Plus and are easily activated through the myWallbox app and with the professional installation of a power meter kit (available at wallbox.com or via a Wallbox-certified reseller).

Pulsar Plus, Wallbox’s best selling home charger worldwide, is compatible with all EVs, including Teslas, using the Tesla-provided J1772 adapter. Features include flexible amperage setting, Bluetooth and Wi-Fi connectivity, charge scheduling, power sharing, the myWallbox app, and voice control via Amazon Alexa and Google Home.

About Wallbox

Wallbox is a global technology company, dedicated to changing the way the world uses energy. Wallbox creates advanced electric vehicle charging and energy management systems that redefine users' relationship to the grid. Wallbox goes beyond electric vehicle charging to give users the power to control their consumption, save money, and live more sustainably. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public and public use in more than 80 countries.

Founded in 2015 and headquartered in Barcelona, the company now employs over 700 people in its offices in Europe, Asia, and the Americas.

For additional information, please visit www.wallbox.com.

Wallbox Forward Looking Statements

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the expected cost savings expected from the use of Eco-Smart and Power Boost and the ability for Eco-Smart and Power Boost to reduce electrical consumption. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "may," "can," "should," "could," "might," "plan," "possible," "project," "strive," "budget," "forecast," "expect," "intend," "will," "estimate," "predict," "potential," "continue" or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.

These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Wallbox’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: Wallbox’s history of operating losses as an early stage company; the adoption and demand for electronic vehicles including the success of alternative fuels, changes to rebates, tax credits and the impact of government incentives; Wallbox’s ability to successfully manage its growth; the accuracy of Wallbox’s forecasts and projections including those regarding its market opportunity; competition; risks related to health pandemics including those of COVID-19; losses or disruptions in Wallbox’s supply or manufacturing partners; Wallbox’s reliance on the third-parties outside of its control; risks related to Wallbox’s technology, intellectual property and infrastructure; and other important factors discussed under the caption "Risk Factors" in Wallbox’s final prospectus on Form 424(b)(3) filed with the SEC on September 20, 2021, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investors Relations section of Wallbox’s website at investors.wallbox.com.

These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement that Wallbox makes in this press release speaks only as of the date of such statement. Except as required by law, Wallbox disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.

###

Sara Long
Spark for Wallbox
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ABERDEEN, Scotland--(BUSINESS WIRE)-- 

Financial Highlights

For the three months ended September 30, 2021, KNOT Offshore Partners LP (“KNOT Offshore Partners” or the “Partnership”):

• Generated total revenues of $66.6 million, operating income of $21.1 million and net income of $13.5 million.
• Generated Adjusted EBITDA of $47.2 million (1)
• Generated distributable cash flow of $18.6 million (1)
• Reported a distribution coverage ratio of 1.03 (2)
• Reported $121.6 million in available liquidity, which included cash and cash equivalents of $66.6 million at September 30, 2021 (compared to $101.6 million of available liquidity and $51.6 million of cash and cash equivalents at June 30, 2021)

Other Partnership Highlights and Events

• Fleet operated with 91.9% utilization for scheduled operations.
• On August 26, 2021, the Partnership entered into a sales agreement with B. Riley Securities, Inc. (the “Agent”). Under the terms of the ‘at the market’ sales agreement, the Partnership may offer and sell up to $100 million of common units (the “ATM program”), from time to time, through the Agent. The Partnership intends to use the net proceeds of any sales of offered units for general partnership purposes, which may include, among other things, the repayment of indebtedness or the funding of acquisitions or other capital expenditures.
• On September 7, 2021, the Partnership entered into an exchange agreement with its sponsor, Knutsen NYK Offshore Tankers AS (“Knutsen NYK”), and its general partner whereby Knutsen NYK contributed to the Partnership all of Knutsen NYK’s incentive distribution rights (“IDRs”), in exchange for the issuance by the Partnership to Knutsen NYK of 673,080 common units and 673,080 Class B Units, whereupon the IDRs were cancelled (the “IDR Exchange”).
• On September 13, 2021 the Partnership’s subsidiaries that own the Tordis Knutsen, the Vigdis Knutsen, the Lena Knutsen, the Anna Knutsen and the Brasil Knutsen, closed the previously announced, new $345 million senior secured credit facility to refinance their existing term loans.
• On September 15, 2021, the Windsor Knutsen commenced on a one-year time charter contract with PetroChina with charterer’s options to extend the charter by one one-year period and then one six-month period.
• On November 10, 2021, the Partnership paid a quarterly cash distribution of $0.52 per common and Class B unit with respect to the quarter ended September 30, 2021 to all common and Class B unitholders of record on October 28, 2021. On November 10, 2021, the Partnership paid a cash distribution to holders of Series A Convertible Preferred Units (“Series A Preferred Units”) with respect to the quarter ended September 30, 2021 in an aggregate amount equal to $1.7 million.

Gary Chapman, Chief Executive Officer and Chief Financial Officer of KNOT Offshore Partners LP, commented, “Even as the Partnership had multiple vessels experiencing temporary off-hire or transitioning into new contracts during the third quarter, the strong diversification of our charter portfolio and the high utilization of the rest of our fleet ensured that we maintained coverage for our quarterly distribution, which remains our top priority. In addition to fixing the Windsor Knutsen to a new one-year charter with PetroChina during the quarter, we also took an important step forward by agreeing to the cash-flow-neutral elimination of our IDRs, ensuring an even clearer alignment of interest between us and our sponsor. In the near term, we are focused on securing employment for those shuttle tankers with availability in upcoming quarters and we are in discussions with customers regarding a number of opportunities. As we look forward beyond 2022, with significant capex being committed by our customers to develop additional offshore deep-water assets particularly in Brazil, our main market, we remain confident in the growth prospects for the shuttle tanker market and in our ability to maintain our leadership position in that market for the benefit of our unitholders.”

Financial Results Overview

Total revenues were $66.6 million for the three months ended September 30, 2021 (the “third quarter”), compared to $70.9 million for the three months ended June 30, 2021 (the “second quarter”). The decrease was mainly due the lower utilization of Windsor Knutsen while idling/waiting to commence on the time charter contract with PetroChina and off hire of Tordis Knutsen due to a technical fault on its azimuth thruster causing the vessel to be off-hire for 37 days.

Vessel operating expenses for the third quarter of 2021 were $17.7 million, an increase of $0.3 million from $17.4 million in the second quarter of 2021. The increase is mainly related to increased costs for the Windsor Knutsen in connection with starting up ordinary operations in the third quarter compared to the vessel’s offhire in the second quarter.

Depreciation was $26.1 million for the third quarter, an increase of $2.3 million from $23.8 million in the second quarter. The increase is mainly related to the change by the Partnership of the useful life estimate of each of the vessels in its fleet from 25 years to 23 years due to prevailing longer-term market trends. This change will increase the non-cash accounting depreciation charge in all future quarters starting July 1, 2021. The increase in depreciation was offset by reduced depreciation for the Windsor Knutsen as a result of the impairment of the vessel in the second quarter.

General and administrative expenses increased $0.2 million from $1.5 million in the second quarter to $1.7 million in the third quarter due to increased legal and administration fees in connection with the IDR Exchange.

Operating income for the third quarter was $21.1 million, compared to operating loss of $1.2 million in the second quarter. The increase in operating income in the third quarter was mainly due to the absence of a write-down in the quarter compared to the $29.4 million write-down in the second quarter related to the Windsor Knutsen.

Interest expense for the third quarter was $7.2 million, an increase of $0.4 million from $6.8 million for the second quarter. The increase was mainly due to higher amortization costs for the Tordis Knutsen, the Vigdis Knutsen, the Lena Knutsen, the Anna Knutsen and the Brasil Knutsen in connection with the $345 million refinancing and the expensing of certain amortization costs related to the vessels’ previous financing.

Realized and unrealized gain on derivative instruments was $0.1 million in the third quarter, compared to a loss of $2.3 million in the second quarter. The unrealized non-cash element of the mark-to-market gain was $2.0 million for the third quarter of 2021, compared to a loss of $0.2 million for the second quarter of 2021. All of the unrealized gain for the third quarter of 2021 is related to a mark-to-market gain on interest rate swaps.

As a result, net income for the third quarter of 2021 was $13.5 million compared to a net loss of $10.9 million for the second quarter of 2021.

Net income for the third quarter of 2021 decreased by $11.6 million to $13.5 million from a net income of $25.1 million for the three months ended September 30, 2020. Operating income for the third quarter decreased by $9.8 million to an operating income of $21.1 million, compared to operating income of $30.9 million in the third quarter of 2020, mainly due and lower utilization of the fleet due to offhire and lack of voyages and increased depreciation costs for the fleet related to the Partnership change of the useful life estimate of the vessels from 25 years to 23 years. This decrease was partially offset by the inclusion of the Tove Knutsen in results of operations from December 31, 2020. Total finance expense for the third quarter increased by $1.7 million to $7.5 million, compared to finance expense of $5.8 million for the third quarter of 2020. The increase in finance expense was mainly due to increased interest expense for the Raquel Knutsen in connection with the sale and leaseback transaction, as a result of which both the financial obligation and interest rate increased, and increased amortization costs for the Tordis Knutsen, the Vigdis Knutsen, the Lena Knutsen, the Anna Knutsen and the Brasil Knutsen in connection with the $345 million refinancing and the expensing of certain amortization costs related to the vessels’ previous financing.

Distributable cash flow was $18.6 million for the third quarter of 2021, compared to $24.0 million for the second quarter of 2021. The decrease in distributable cash flow was mainly due to lower utilization for the fleet due to several offhires and higher operating and administration costs for the fleet during the third quarter compared to the second quarter. This was offset by one extra operational day in the third quarter and increased contributions from the Bodil Knutsen and the Tove Knutsen which had some days of offhire in the previous quarter. The distribution declared for the third quarter was $0.52 per common and Class B unit, equivalent to an annualized distribution of $2.08.

COVID-19

The outbreak of the coronavirus (“COVID-19”) continues to negatively affect global economic activity, however the Partnership has to date avoided any serious or sustained operational impacts, and there have been no effects on the Partnership’s contractual position. Progress in vaccinations and signs of global economic recovery continue to cautiously increase optimism.

The Partnership’s focus remains on ensuring the health and safety of its employees and crew onboard while providing safe and reliable operations for its customers, and a large number of practical steps and changes have been made and taken towards this aim. While full or partial crew changes on all of the Partnership’s vessels have been continuing, the situation remains challenging for the maritime industry as a whole owing to travel restrictions and quarantine regulations.

The COVID-19 situation is dynamic and costs related to maritime personnel and vessel operational logistics, including repairs and maintenance, remain challenging. The Partnership is continuously monitoring the situation to address any changes related to the health, safety and wellbeing of personnel, or to government restrictions and other matters potentially affecting operations.

Other than 17 days of off-hire incurred as a result of a COVID-19 outbreak on the Vigdis Knutsen in July 2021 which was quickly contained with no serious ill-health caused to any persons affected, the Partnership has not had any material service interruptions on its time-chartered vessels as a result of COVID-19.

However, the potential impact of COVID-19 on the Partnership’s business, financial condition and results of operating remains uncertain, although large scale distribution of vaccines seems likely to mitigate some of these uncertainties into the future. It remains too early to definitively judge the speed, scale and overall effect of vaccination efforts.

The closure of, or restricted access to, ports and terminals and passenger air travel in regions affected by the virus may lead to further operational impacts that could result in higher costs. It is possible that a further outbreak onboard a time-chartered vessel could prevent the Partnership from meeting its obligations under a charter, resulting in an off-hire claim and loss of revenue. Any outbreak of COVID-19 on board one of the Partnership’s time-chartered vessels or that affects any of the Partnership’s main suppliers could cause an inability to replace critical supplies or parts, maintain adequate crewing or fulfill the Partnership’s obligations under its time charter contracts, which in turn could result in off-hire or claims for the impacted period.

Announced delays in new capital expenditure by many oil majors in 2020 have had a negative impact on the demand for shuttle tankers and, given the uncertainty around the continuation of the COVID-19 situation, this dampened demand could persist. This has affected the timing and number of new, offshore projects and overall oil production profiles in the short-term, which has impacted the demand and pricing for shuttle tankers. If this situation persists the Partnership may be unable to re-charter its vessels at attractive rates in the future, particularly for vessels that are coming off charter in the next one to two years. Notwithstanding these challenges, the Partnership remains confident in the mid to long term growth opportunities for the shuttle tanker market and that once economic activity begins to regain traction towards pre-COVID-19 levels the Partnership will be well-placed to capture new opportunities, particularly given an absence of speculative vessel ordering in the shuttle tanker sector.

Although the Partnership is exposed to credit risk associated with individual charterers, the Partnership believes that its charter contracts, all with subsidiaries of national oil companies and oil majors, largely insulate the Partnership from this risk. In particular, charter hire is payable in advance and the services the Partnership performs are of a critical nature for the Partnership’s customers. Notwithstanding, any extended period of non-payment or idle time between charters could adversely affect the Partnership’s future liquidity, results of operations and cash flows. The Partnership has not so far experienced any reduced or non-payments for obligations under the Partnership’s time charter contracts and the Partnership has not provided concessions or made changes to the terms of payment for customers.

Operational Review

The Partnership’s vessels operated throughout the third quarter of 2021 with 91.9% utilization for scheduled operations.

During July 2021, the Vigdis Knutsen went off-hire for 17 days due to an outbreak of COVID-19 on board the vessel which was quickly contained with no serious ill-health caused to any persons affected. The vessel went back into operation on July 31, 2021.

On July 19, 2021, the Tordis Knutsen developed a technical fault on its azimuth thruster and the vessel went off-hire. The vessel was repaired and returned to service after 37 days. The Partnership does not expect to collect loss of hire or hull & machinery insurance payments in this instance.

After successfully completing the repairs on the Windsor Knutsen in June 2021 and subsequently performing a limited number of voyages as charterer’s acceptance testing, on September 15, 2021, the Windsor Knutsen commenced on a one-year time charter contract with PetroChina with charterer’s options to extend the charter by one one-year period and then one six-month period. The vessel is expected to operate in Brazil during this time.

In November 2021 the Bodil Knutsen completed the installation of the majority of the volatile organic compound emissions (“VOC”) recovery plant onboard the vessel and the vessel went back onhire on November 8, 2021. Further testing and setup work is now required before the system can be brought into use, which is expected to be completed by the end of December 2021. Although the Partnership is initially funding the installation, loss of hire (at a reduced rate) during the installation and costs related to the installation of the VOC recovery plant on the Bodil Knutsen, are recoverable by the Partnership up to an agreed budget, with interest, from the VOC Industry Co-operation Norwegian Sector (“VOCIC Norway”) over a seven-year period. Costs in excess of the agreed budget will be shared on a fifty/fifty basis. The installation of the VOC recovery plant is expected to cost less than $5 million but will significantly improve the operational attractiveness of the vessel in the North Sea and Norwegian sectors going forward as well as virtually eliminate the non-methane VOC released into the atmosphere arising from the vessel’s cargo. A separate agreement is also in place that allows the Partnership to recover costs from VOCIC Norway related to the ongoing operation of the VOC plant onboard the vessel.

The Bodil Knutsen is currently operating under a rolling charter contract with the sponsor, Knutsen NYK, which currently expires in December 2021. An extension has been agreed for a further three months on the same commercial terms, with three further one-month extensions at the charterer’s option, therefore potentially taking the vessel’s fixed employment to June 2022. The Partnership is still seeking long-term employment for the vessel and the time charter with Knutsen NYK can be terminated early should such a long-term employment opportunity arise.

Financing and Liquidity

As of September 30, 2021, the Partnership had $121.6 million in available liquidity, which consisted of cash and cash equivalents of $66.6 million and $55.0 million of capacity under its existing revolving credit facilities. The revolving credit facilities mature between August 2023 and November 2023. The Partnership’s total interest-bearing obligations outstanding as of September 30, 2021 was $1,000.7 million ($992.6 million net of debt issuance cost). The average margin paid on the Partnership’s outstanding debt during the third quarter of 2021 was approximately 2.06% over LIBOR.

As of September 30, 2021, the Partnership had entered into various interest rate swap agreements for a total notional amount of $469.3 million to hedge against the interest rate risks of its variable rate borrowings. As of September 30, 2021, the Partnership receives interest based on three or six-month LIBOR and pays a weighted average interest rate of 1.87% under its interest rate swap agreements, which have an average maturity of approximately 3.5 years. The Partnership does not apply hedge accounting for derivative instruments, and its financial results are impacted by changes in the market value of such financial instruments.

As of September 30, 2021, the Partnership’s net exposure to floating interest rate fluctuations was approximately $374.4 million based on total interest-bearing contractual obligations of $1,000.7 million, less the Raquel Knutsen sale & leaseback facility of $90.4 million, less interest rate swaps of $469.3 million and less cash and cash equivalents of $66.6 million. The Partnership’s outstanding interest-bearing contractual obligations of $1,000.7 million as of September 30, 2021 are repayable as follows:

ATM Program

On August 26, 2021, the Partnership entered into a sales agreement with B. Riley Securities, Inc., as the Agent. Under the terms of the at the market sales agreement, the Partnership may offer and sell up to $100 million of common units from time to time through the Agent.

From the commencement of the ATM program to November 3, 2021, the Partnership sold 41,940 common units under the program at an average gross sales price of $20.06 per unit and received net proceeds, after sales commissions, of $0.83 million. The Partnership paid an aggregate of $0.01 million in sales commissions to the Agent in connection with such sales.

Refinancing

On September 13, 2021 the Partnership’s subsidiaries that own the Tordis Knutsen, the Vigdis Knutsen, the Lena Knutsen, the Anna Knutsen and the Brasil Knutsen closed the previously announced refinancing of their existing bank debt by entering a new $345 million long-term senior secured credit facility. The credit facility is repayable in 20 consecutive quarterly installments, with a balloon payment of $220 million due at maturity in September 2026. The credit facility bears interest at a rate per annum equal to LIBOR plus a margin of 2.05%. The credit facility is guaranteed by the Partnership and secured by mortgages on the vessels. The senior secured credit facilities will refinance the previously existing term loans related to these vessels which were due to mature between November 2021 and July 2022.

Distributions

On November 10, 2021, the Partnership paid a quarterly cash distribution of $0.52 per common unit and Class B unit with respect to the quarter ended September 30, 2021 to all common and Class B unitholders of record on October 28, 2021. On November 10, 2021, the Partnership paid a cash distribution to holders of Series A Preferred Units with respect to the quarter ended September 30, 2021 in an aggregate amount equal to $1.7 million.

IDR Elimination

On September 7, 2021, the Partnership entered into an exchange agreement with its general partner and Knutsen NYK whereby Knutsen NYK contributed to the Partnership all of Knutsen NYK’s IDRs in exchange for the issuance by the Partnership to Knutsen NYK of 673,080 common units and 673,080 Class B Units, whereupon the IDRs were cancelled. The IDR Exchange closed on September 10, 2021. The Class B Units are a new class of limited partner interests which will not be entitled to receive cash distributions in any quarter unless common unitholders receive a distribution of at least $0.52 for such quarter (the “Distribution Threshold”). When common unitholders receive a quarterly distribution at least equal to the Distribution Threshold, then Class B unitholders will be entitled to receive the same distribution as common unitholders. At the current quarterly common unit distribution level of $0.52, the total combined quarterly distribution for the newly issued common units and Class B Units is equivalent to the quarterly distribution to the IDRs prior to the IDR Exchange.

For each quarter (starting with the quarter ended September 30, 2021) that the Partnership pays distributions on the common units that are at or above the Distribution Threshold, one-eighth of the Class B Units will be converted to common units on a one-for-one basis until such time as no further Class B Units exist. The Class B Units will generally vote together with the common units as a single class. After the payment of the Partnership’s quarterly cash distribution on November 10, 2021 with respect to the third quarter, 84,135 of the Class B Units converted to common units on a one-to-one basis.

Following the IDR Exchange, and on a Class B Unit fully-converted basis, Knutsen NYK will beneficially own 10,004,028 common units, which would represent approximately 29.2% of the Partnership’s outstanding common units.

Assets Owned by Knutsen NYK

In October 2020, Knutsen NYK took delivery of Tove Knutsen’s sister vessel, Synnøve Knutsen, which has been operating under a short-term contract with Petrobras in Brazil. The vessel is expected to commence on a 5-year time charter contract with Equinor in December 2021. Equinor has the option to extend the Synnnøve Knutsen charter for up to a further 15 years.

In February 2021, Tuva Knutsen, was delivered to Knutsen NYK from the yard and commenced on a 5-year time charter contract with a wholly owned subsidiary of the French oil major Total SE.

Questions should be directed to:
Gary Chapman (by telephone +44 1224 618 420, or via email at This email address is being protected from spambots. You need JavaScript enabled to view it.)

SUNNYVALE, Calif. & BETHESDA, Md.--(BUSINESS WIRE)--#advancedfission--Oklo Inc. (Oklo) and Centrus Energy Corp. (NYSE American: LEU) have signed a non-binding Letter of Intent (LOI) to cooperate in the deployment of a High-Assay, Low-Enriched Uranium (HALEU) production facility. HALEU is an advanced fuel material that can be used to fuel both existing and advanced fission power plants. Both companies are committed to working toward establishing domestic HALEU production capabilities to support the commercialization of Oklo’s power plants.

Together, the two companies are helping lead the commercialization of advanced fission and the HALEU supply needed to fuel them. Oklo’s Aurora powerhouse is the first advanced fission plant design under active licensing review by the U.S. Nuclear Regulatory Commission (NRC). Oklo’s license application is also the only reactor application being reviewed by the NRC currently. Centrus is constructing the country’s first NRC-licensed HALEU production facility in Piketon, Ohio, and the facility is expected to begin demonstrating first-of-a-kind HALEU production in 2022.

“The commercialization of advanced fission is happening now. We need to build out the U.S. commercial supply chain capabilities to fuel the advanced fission power plants we are deploying,” said Jacob DeWitte, co-founder and CEO of Oklo. “Without an existing commercial supply of HALEU, we are lacking a critical infrastructure capability that needs to be kickstarted domestically.” Starting in the early 2020s, Oklo will begin to deploy and commercialize a suite of advanced fission power plants. Fuel material awarded by Idaho National Laboratory is anticipated to fuel Oklo’s first power plant, and Oklo’s near-term power plant deployment is anticipated to be fueled by Centrus.

“We are excited by the prospect of creating an assured, affordable, domestic fuel supply that can power the deployment of Oklo’s powerhouses in the United States and around the world,” said Daniel B. Poneman, President and Chief Executive Officer of Centrus. “Oklo’s innovative, compact reactor design is ideal for a wide range of commercial, industrial, government, and national security applications. We look forward to the opportunity to become Oklo’s HALEU supplier and support their growth for years to come.”

About Oklo Inc.: Oklo Inc. (Oklo) is a California-based company developing advanced fission power plants to provide emission-free, reliable, and affordable energy. Oklo received a Site Use Permit from the U.S Department of Energy, successfully demonstrated prototypic fabrication of its metallic fuel, was awarded fuel material from Idaho National Laboratory, and developed the first advanced fission combined license application, which was accepted and docketed by the U.S. Nuclear Regulatory Commission.

About Centrus Energy Corp.: Centrus Energy is a trusted supplier of nuclear fuel and services for the nuclear power industry. Centrus provides value to its utility customers through the reliability and diversity of its supply sources – helping them meet the growing need for clean, affordable, carbon-free electricity. Since 1998, the Company has provided its utility customers with more than 1,750 reactor years of fuel, which is equivalent to 7 billion tons of coal. With world-class technical and engineering capabilities, Centrus is also advancing the next generation of centrifuge technologies so that America can restore its domestic uranium enrichment capability in the future. Find out more at www.centrusenergy.com.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. In this context, forward-looking statements mean statements related to future events, may address our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For Centrus Energy Corp., particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following which are, and will be, exacerbated by the novel coronavirus (“COVID-19”) pandemic and any worsening of the global business and economic environment as a result: risks related to whether or when government funding or demand for high-assay low-enriched uranium (“HALEU”) for government or commercial uses will materialize; risks and uncertainties regarding funding for continuation and deployment of the American Centrifuge technology; risk related to our ability to perform and absorb costs under our agreement with the U.S. Department of Energy (“DOE”) to demonstrate the capability to produce HALEU or obtain funding to be able to continue operations and our ability to obtain and/or perform under other agreements; the competitive environment for our products and services; changes in the nuclear energy industry; the competitive bidding process associated with obtaining contracts, including government contracts; and other risks and uncertainties discussed in our filings with the Securities and Exchange Commission, including under Part I, Item1A - “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020 and under Part II, Item 1A – “Risk Factors” of our Quarterly Reports on Form 10-Q.

These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. Readers are urged to carefully review and consider the various disclosures made in this report and in our other filings with the Securities and Exchange Commission that attempt to advise interested parties of the risks and factors that may affect our business. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this press release except as required by law.

Media Contact for Oklo:
Bonita Chan
Director of Marketing and External Relations
Inquiries: This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Contact for Centrus:
Dan Leistikow
Vice President of Corporate Communications
Inquiries: This email address is being protected from spambots. You need JavaScript enabled to view it.

Lindsey Geisler
Director of Corporate Communications
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Award-winning commercial installer capitalizes on Tigo Energy Intelligence (EI) software to reduce site visits and provide unparalleled service for large and small solar sites.

CONCORD, Australia--(BUSINESS WIRE)--Tigo Energy Inc., the solar industry’s worldwide leader in Flex MLPE (Module Level Power Electronics), announced today that Australia’s SCE Energy Solutions has deployed more than 7MW of monitored solar energy across 800 commercial, residential, and rural solar installations. SCE has leveraged the Tigo Energy Intelligence (EI) software platform to expand its service-oriented approach to maximize the benefits of the Tigo platform for its clients across Australia.

SCE Energy Solutions uses the advanced chart pages for fleet management and kiosk view from Tigo Energy to enable two unique services for clients. Using the data provided by the EI software platform, SCE conducts weekly maintenance checks for system owners to ensure their systems are operating at peak performance. The kiosk view of the EI platform enables SCE to set up a screen for residential and commercial system owners through which they can showcase energy production and their commitment to renewable energy customers, colleagues, and friends.

“In the Tigo monitoring system we have the best available technology to improve the ROI for our customers, and it has a tremendously positive impact for the many businesses that previously wastes up to 50 percent of the energy they pay for,” said Jon De Martin, CEO and managing director at SCE Energy Solutions. “The kiosk feature of the Tigo Energy Intelligence system provides a powerful way for us to make solar visible, displaying the live energy statistics of our customers’ systems, which they can proudly showcase in public spaces at their business locations.”

SCE Energy Solutions has used Tigo TS4 Flex MLPE optimizers with remote module level monitoring since 2012. Since that time, SCE has implemented Tigo’s technology to service system owners throughout the Commonwealth of Australia, monitor their fleet remotely, and help customers highlight their investments in solar energy. Additionally, SCE provides critical feedback to Tigo for continuous improvement to the platform.

“We support installers’ revenue and strategic goals through a holistic approach to energy management, and SCE Energy Solutions is the ideal Tigo customer because they push the technological envelope and embrace innovation,” says Archie Roboostoff, software vice-president at Tigo Energy. “The SCE team exercises every aspect of our EI software solution to service their customers, reduce truck rolls, optimize energy generation, and maximize solar ROI for customers across Australia. We greatly appreciate the dedication SCE brings to their system owners.”

With more than 40,000 sites monitored worldwide, Tigo Energy processes 47,000 data points per second, resulting in almost a petabyte of monitoring and efficiency data. The platform is available on the internet and as a mobile application named Tigo EI on the Apple App Store and Google Play. To see the EI in action for SCE Energy Solutions, please see the unique insights SCE offers into a live solar site in Australia, here: https://ei.tigoenergy.com/p/C-O7B12J5FVS.

To learn more about Tigo Energy, visit www.tigoenergy.com.

About Tigo Energy

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

About SCE Energy Solutions

SCE Energy Solutions is an award-winning sustainability business that prides itself on providing only the highest quality product and latest technologies available for their commercial, rural and residential customers. They have made it their mission to find technologies where clients can gain control of energy costs. This means developing a renewable energy system that is simple & easy to use with predictable payments and a 25-year warranty. We employ a unique five-step-plan: schedule a call, design the best possible system, install that system, get environmentally certified, and then SCE conducts weekly performance checks. They service all areas of Australia and are located in Concord NSW, Australia. For more information, go to www.sce-energysolutions.com.au.

John Lerch
This email address is being protected from spambots. You need JavaScript enabled to view it.

DALLAS--(BUSINESS WIRE)--CBRE Acquisition Holdings, Inc. (NYSE: CBAH) (“CBAH”), a publicly-traded special purpose acquisition company, reminds its stockholders to vote in favor of the previously announced business combination (the “Business Combination”) with Altus Power, Inc. (“Altus Power”), a market-leading clean electrification company.

Stockholders who owned common stock of CBAH as of the close of business on October 27, 2021 (the “Record Date”), may vote their shares. Stockholders as of the Record Date continue to have the right to vote their shares, regardless of whether such stockholders subsequently sold their shares and do not own such shares as of the date they cast their vote.

The special meeting of the CBAH stockholders to approve the pending Business Combination (the “Special Meeting”) is scheduled to be held on December 6, 2021 at 10:00 a.m. Eastern Time. The Special Meeting will be conducted completely virtually, and can be accessed via live webcast at https://www.cstproxy.com/cbreacquisitionholdings/2021.

Additional information on how stockholders of record may vote their shares can be found at https://cbreacquisitionholdings.com/

Every stockholder’s vote is important, regardless of the number of shares held. Accordingly, all CBAH stockholders who held shares as of the Record Date who have not yet voted are encouraged to do so as soon as possible so that it is received no later than 10:00 a.m. Eastern Time on December 6, 2021. For the avoidance of doubt, CBAH stockholders who owned shares as of the Record Date and subsequently sold all or a portion of their shares are STILL entitled to vote, and are encouraged to do so. CBAH’s board of directors recommends you vote “FOR” the Business Combination with Altus Power and “FOR” all of the related proposals described in the proxy statement/prospectus included in the Registration Statement on Form S-4 filed by CBAH with the Securities and Exchange Commission (“SEC”), a definitive copy of which has been mailed to all CBAH stockholders who owned shares as of the Record Date.

These are the two easiest and fastest ways to vote – and they are both free:

• Vote Online (Highly Recommended): Follow the instructions provided on the proxy card that was mailed to you, if you are a record holder, or provided on a Voting Instruction Form by the broker, bank or other nominee through which you hold shares, if you hold your shares “in street name”. To vote online, you will need your voting control number, which you can find on your proxy card or the Voting Instruction Form provided by your broker, bank or nominee. Internet votes must be received by CBAH by 11:59 p.m., Eastern Time, on December 5, 2021. However, if you hold your shares through a broker, bank or other nominee, they may have an earlier deadline to receive your vote.

• Vote at the Meeting: If you are a record holder and plan to attend the online Special Meeting, you will need your 12-digit voting control number to vote electronically at the Special Meeting. You can find your control number and the address for the Special Meeting on your proxy card. If your shares are held in “street name” please follow the procedures on the Voting Instruction Form provided by your broker, bank or nominee.

Additionally, you can also vote by mail:

• Vote by Mail: Follow the instructions provided on the proxy card that was mailed to you, if you are a record holder, or provided by your broker, bank or other nominee on a Voting Instruction Form mailed to you. To send in your vote via mail, please use the envelope provided with your proxy material. Mail votes must be received by CBAH prior to the Special Meeting on December 6, 2021. If Voting by Mail, to ensure your vote is handled properly, be sure to: (1) mark, sign and date your proxy card or Voting Instruction Form; (2) return your proxy card or Voting Instruction Form in the envelope provided or through any other means described in your Voting Instruction Form; and (3) mail as soon as possible so that your vote arrives before December 6, 2021.

YOUR CONTROL NUMBER IS FOUND ON YOUR PROXY CARD OR VOTING INSTRUCTION FORM.

If you hold your shares directly with CBAH (i.e., are a “holder of record”) and did not receive or misplaced your proxy card, contact Morrow Sodali, CBAH’s proxy solicitor, for a form replacement or to obtain your control number. If you hold your shares through a broker, bank or other nominee and did not receive or have misplaced your Voting Instruction Form, contact your broker, bank or nominee through which you hold your shares for a form replacement or to obtain your control number. You will need this in order to vote or attend the Special Meeting.

If any individual CBAH stockholder who held shares as of the October 27, 2021 record date for voting does not receive the proxy statement/prospectus, such stockholder should (i) confirm his or her proxy statement/prospectus’s status with his or her broker, bank or other nominee, (ii) contact Morrow Sodali LLC, CBAH’s proxy solicitor, for assistance via e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it. or toll-free call at (800) 662-5200 and brokers, banks and other nominees can place a collect call to Morrow Sodali at (203) 658-9400, or (iii) contact CBAH by mail at CBRE Acquisition Holdings, Inc., 2100 McKinney Avenue, Suite 1250, Dallas, TX 75201.

Important Information About the Business Combination and Where to Find It

CBAH has filed with the U.S. Securities and Exchange Commission (“SEC”) a Registration Statement on Form S-4 (the “Registration Statement”), which includes a proxy statement/prospectus in connection with the proposed business combination between Altus Power and CBAH (the “business combination”) and the other transactions contemplated by the business combination agreement entered into by Altus Power and CBAH. The Registration Statement was declared effective by the SEC on November 5, 2021 and CBAH also filed the definitive proxy statement/prospectus with respect to the business combination on that date. CBAH’s stockholders and other interested persons are advised to read the Registration Statement and definitive proxy statement/prospectus in connection with CBAH’s solicitation of proxies for its stockholders’ Special Meeting to be held to approve the business combination because the proxy statement/prospectus contains important information about CBAH, Altus Power and the business combination. The definitive proxy statement/prospectus and other relevant documents have been mailed to stockholders of CBAH as of October 27, 2021, the record date for the Special Meeting. Stockholders will also be able to obtain copies of the Registration Statement and the proxy statement/prospectus, without charge at the SEC’s website at www.sec.gov or by directing a request to CBRE Acquisition Holdings, Inc., 2100 McKinney Avenue, Suite 1250, Dallas, TX 75201.

Participants in the Solicitation

CBAH, Altus Power and certain of their respective directors and officers may be deemed participants in the solicitation of proxies of CBAH’s stockholders with respect to the approval of the business combination. CBAH and Altus Power urge investors, stockholders and other interested persons to read the Registration Statement and the definitive proxy statement/prospectus, and exhibits thereto, as well as other documents filed with the SEC in connection with the business combination, as these materials contain important information about Altus Power, CBAH and the business combination. Information regarding CBAH’s directors and officers and a description of their interests in CBAH is contained in the Registration Statement and the definitive proxy statement/prospectus.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “could”, “continue”, “expect”, “estimate”, “may”, “plan”, “outlook”, “future” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to CBAH’s and Altus Power’s future prospects, developments and business strategies. In particular, such forward-looking statements include statements concerning the timing of the business combination, the business plans, objectives, expectations and intentions of CBAH once the business combination and the other transactions contemplated thereby (the “Transactions”) and change of name are complete (“New Altus”), and New Altus’s estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These statements are based on CBAH’s or Altus Power’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside CBAH’s or Altus Power’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; (2) the inability to complete the Transactions due to the failure to obtain approval of the stockholders of CBAH or Altus Power or other conditions to closing in the Business Combination Agreement; (3) the ability of New Altus to meet NYSE’s listing standards (or the standards of any other securities exchange on which securities of the public entity are listed) following the business combination; (4) the inability to complete the private placement of common stock of CBAH to certain institutional accredited investors; (5) the risk that the announcement and consummation of the Transactions disrupts Altus Power’s current plans and operations; (6) the ability to recognize the anticipated benefits of the Transactions, which may be affected by, among other things, competition, the ability of New Altus to grow and manage growth profitably, maintain relationships with customers, business partners, suppliers and agents and retain its management and key employees; (7) costs related to the Transactions; (8) changes in applicable laws or regulations and delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals required to complete the Transactions; (9) the possibility that Altus Power and New Altus may be adversely affected by other economic, business, regulatory and/or competitive factors; (10) the impact of COVID-19 on Altus Power’s and New Altus’s business and/or the ability of the parties to complete the Transactions; (11) the outcome of any legal proceedings that may be instituted against CBAH, Altus Power, New Altus or any of their respective directors or officers, following the announcement of the Transactions; and (12) the failure to realize anticipated pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions and purchase price and other adjustments.

Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in CBAH’s most recent annual report on Form 10-K, subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K, which are available, free of charge, at the SEC’s website at www.sec.gov, and are provided in the Registration Statement and CBAH’s definitive proxy statement/prospectus. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and CBAH and Altus Power undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.

This communication is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in CBAH and is not intended to form the basis of an investment decision in CBAH. All subsequent written and oral forward-looking statements concerning CBAH and Altus Power, the Transactions or other matters and attributable to CBAH and Altus Power or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

About CBRE Acquisition Holdings, Inc.

CBRE Acquisition Holdings, Inc. (“CBAH”) is a blank-check company formed solely for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. CBAH is sponsored by CBRE Acquisition Sponsor, LLC, which is a subsidiary of CBRE Group, Inc.

About Altus Power

Altus Power, based in Stamford, Connecticut, is creating a clean electrification ecosystem, serving its commercial, public sector and community solar customers with locally-sited solar generation, energy storage, and EV-charging stations across the U.S. Since its founding in 2009, Altus Power has developed or acquired over 350 megawatts from Vermont to Hawaii. Visit altuspower.com to learn more.

CBRE Acquisition Holdings Contacts

Cash Smith
CBRE Acquisition Holdings, Inc.
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Steven Iaco
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Altus Power Contacts

For Media:
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ICR, Inc.
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For Investors:
Caldwell Bailey
ICR, Inc.
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HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) announced today that its board of directors declared a 2021 fourth quarter dividend of four and one-half cents ($0.045) a share on the Company’s common stock payable on December 22, 2021, to shareholders of record at the close of business on December 9, 2021.

About Halliburton

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

For Investors:
David Coleman
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For News Media:
Emily Mir
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281-871-2601

• Cohesion’s smart building platform growth is driven by rising costs and uncertain demand caused by shift to hybrid workforces
• Platform addresses key trends for commercial real estate owners including an accelerated focus on building health and greater emphasis to reduce the carbon footprint of commercial buildings

CHICAGO--(BUSINESS WIRE)--Cohesion, a leader in smart building and digital twin SaaS technology, raised $15 million in its Series A financing round co-led by Morgan Stanley Next Level Fund and Hyde Park Angels (HPA), which closed Friday.

The company added several marquee names to an already noteworthy list of investors following a $5 million seed round last summer. New investors, Three Bridges Private Capital and Wintrust Ventures, join seed round investors Singapore-based Frasers Property Group, ESD, Ken Griffin, Citadel Founder and CEO, Michael Sacks of GCM Grosvenor, and Raj Gupta of ESD.

“We were pleased to co-lead Cohesion’s Series A with Next Level Fund’s inaugural investment,” said Alice Vilma, Co-Portfolio Manager, Morgan Stanley Next Level Fund. “With the support of our corporate partners, Microsoft, Hearst and Walmart, we aim to accelerate Cohesion’s API-first technology platform to disrupt commercial real estate operations.”

The company will use the funds for product and market expansion including its digital twin technology for optimizing building environment and health. Cohesion continues to create one of the world’s largest repositories of commercial real estate data, which it uses to establish industry operations benchmarks. Bringing this data to life through artificial intelligence and predictive modeling, the company will lead the industry transformation to autonomous buildings. It will also continue to focus on strategic channel growth, partnering with firms such as Morgan Stanley, Transwestern, The John Buck Company, and Riverside Investment & Development.

“Bringing the power and promise of autonomous technology to commercial real estate is more critical today than ever before,” said Thru Shivakumar, Co-Founder and CEO at Cohesion. “As a leader in this emerging space, we have the technological capability to connect disparate systems and use big data to make buildings more transparent, healthier, engaging and sustainable. Investing in technology that ensures commercial real estate is a positive contributor to our world is central to our company ethos.”

With tens of millions of square feet of commercial office space under its management, Cohesion is continuing to transform commercial real estate with smart technologies that improve the tenant experience, streamline operations and optimize revenue. Its patented platform combines the three main factors that impact building operations – the human aspect, building systems and environmental elements – into a single, multi-function management and data platform that simulates building operations to predict outcomes for the rapidly evolving industry.

“We believe there is a need for the solutions Cohesion is creating,” said Cohesion Board Member Steve Koch, HPA member and former Global Chair of M&A at Credit Suisse. “By connecting the things that matter – whether it is improving health through effective air quality management, supporting ESG and sustainability programs, or delivering insights – Cohesion is poised for success through its next generation technology.”

About Cohesion

Founded in 2018 and currently 100 employees worldwide, Cohesion helps commercial buildings better integrate disparate systems into a smart building SaaS platform. It empowers real estate owners to maximize asset and portfolio value with all building systems, workflows and people seamlessly connected in one solution. The vertically integrated platform improves health and wellness, experience, efficiency, and sustainability. Cohesion provides the industry’s most comprehensive data, enabling operators to enhance tenant experience, save money and increase operational transparency. Cohesion is a spin-off venture of ESD, a leading Chicago-based global engineering design firm at the forefront of next generation building design. For more information, visit cohesionIB.com and follow @CohesionIB.

About Morgan Stanley Next Level Fund

The Morgan Stanley Next Level Fund, L.P. invests in primarily early-stage technology and technology-enabled companies with women or diverse members as part of the founding team from target sectors including technology, consumer/retail, financial technology, healthcare and media & entertainment. Investors in the strategy include the key inaugural corporate partners: Hearst, Microsoft and Walmart. This strategy will build upon the expertise of the Morgan Stanley Multicultural Innovation Lab, Morgan Stanley’s in-house start-up accelerator, and HearstLab, which provides cash investment and services to early-stage, women-led startups. For further information, please visit www.morganstanley.com/im.

About Hyde Park Angels

HPA is a leading early-stage investor. Our People First model leverages world-class operating expertise, a powerful business network, and venture capital to fuel startup success. As a result, our founders transform their businesses into industry leaders, our investors generate best-in-class returns, and our community experiences job creation and economic growth.

Jennifer Okray
715.340.7076

Marks major milestone in gas utility’s decarbonization journey

PORTLAND, Ore.--(BUSINESS WIRE)--NW Natural today released Vision 2050: Destination Zero, an in-depth scenario analysis illustrating options to achieve carbon neutrality by 2050 for the energy services it provides to its customers.

“This is one of the first comprehensive assessments of its kind by a gas utility that demonstrates multiple pathways to achieving carbon neutrality,” said David H. Anderson, NW Natural president and CEO. “The renewable supply exists, the technology exists, and our modern storage and energy delivery network is ready. We’re committed to leading the way to solutions that work for our environment, our customers and the communities we serve.”

Drawing on proven approaches, the new report analyzes different scenarios and views of the future, using both supply and demand-side levers by which NW Natural can feasibly achieve carbon neutrality by 2050 serving existing and new customers. All scenarios incorporate varying applications of enhanced building energy efficiency measures, technologies, declining amounts of verified offsets, and lower-carbon fuels such as renewable natural gas, clean hydrogen, and carbon capture.

“The report uses different assumptions and conditions to stress test our ability to achieve our ambitious goal,” said Kim Heiting, senior vice president of operations at NW Natural. “We believe the most likely outcome will be a combination of both demand and supply side drivers, which supports our focus on a broad array of solutions and an ‘all-of-the above’ strategy. We are eager to now share this analysis with customers and key stakeholders.”

“The electric and gas systems depend on each other to serve our communities – with each system providing different benefits that hedge against certain risks posed by extreme weather. A future where wires above ground are delivering renewable electrons and pipes below ground are delivering renewable molecules allows for the flexibility and diversification needed to maintain energy system reliability,” said Anderson. “This analysis is just one more datapoint confirming what we’ve believed for some time: Using our existing gas infrastructure in new ways will help our region reach its climate goals faster, more affordably and more resiliently,” said Anderson.

Read the report at nwnatural.com/destinationzero.

About NW Natural

NW Natural is a local distribution company that currently provides natural gas service to approximately 2.5 million people in more than 140 communities through more than 780,000 meters in Oregon and Southwest Washington with one of the most modern pipeline systems in the nation. NW Natural consistently leads the industry with high J.D. Power & Associates customer satisfaction scores. NW Natural, a part of Northwest Natural Holding Company, (NYSE: NWN) (NW Natural Holdings), is headquartered in Portland, Oregon, and has been doing business for more than 160 years. NW Holdings owns NW Natural, NW Natural Renewables Holdings (NW Natural Renewables), NW Natural Water Company (NW Natural Water), and other business interests. We have a longstanding commitment to safety, environmental stewardship, and taking care of our employees and communities, learn more in our latest ESG Report.

Stefanie Week
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503-818-9845 (pager)

SAN FRANCISCO--(BUSINESS WIRE)--Sonder Holdings Inc. (“Sonder”), a leading next-generation hospitality company that is redefining the guest experience through technology and design, announced today the implementation of new energy management systems and sourcing to optimize energy consumption and favor renewable energy usage, where possible, across Sonder’s global portfolio of units.

“Our environmental commitments include reducing or minimizing the impact of our operations wherever possible and by favoring technology-enabled solutions,” said Lara Birkes, Head of Sustainability at Sonder. “We’re excited to work with both Zen Ecosystems and Arcadia to provide scalable and flexible energy management solutions that help us reduce unnecessary energy use and costs as well as reduce our environmental impact through renewables.”

Sonder will work with Zen Ecosystems, provider of intelligent energy management solutions, to favor the use of the Zen HQ platform across all units moving forward. This system enables immediate and customized management of energy consumption across multi-site operations through the use of smart thermostats and cloud software solutions. Sonder can access energy consumption data at the unit, building, and market levels to make real time decisions around energy management in order to optimize savings and reduce unnecessary energy usage. Currently, the Zen HQ system is installed across a selection of Sonder’s Toronto, Orlando, Chicago and New Orleans properties.

“We are pleased to launch this partnership with Sonder as they focus on growing their portfolio in a responsible way,” said Wannie Park, CEO of Zen Ecosystems. “Our platform delivers a sustainability solution customized by market and asset type, maximizing greenhouse gas reductions and ROI.”

Sonder is also working with Arcadia, a technology company focused on providing access to renewable energy sources and community solar power, to deliver energy to Sonder properties, where available. Arcadia's community solar program currently provides clean electrical power to all units across Sonder’s Chicago properties, without the need to install rooftop solar panels.

“Arcadia was founded with the simple idea that everyone should have access to affordable, clean energy. Community solar is the easiest way to achieve that goal,” said Kiran Bhatraju, CEO of Arcadia. “We are pleased to partner with Sonder and Zen to help power their properties in Illinois with local, renewable solar energy.”

According to Zen Ecosystems equivalency calculations, Sonder units equipped with Zen thermostats will generate an estimated carbon savings per unit of 1.2 metric tons of carbon dioxide annually, or the equivalent of 1,300 pounds of coal carbon.

Sonder continues to explore opportunities to leverage renewable energy to power properties in additional U.S. cities and its global portfolio.

About Sonder

Sonder is revolutionizing hospitality through innovative, tech-enabled service and inspiring, thoughtfully designed accommodations combined into one seamless experience. Launched in 2014 and headquartered in San Francisco, Sonder provides a variety of accommodation options — from spacious rooms to fully-equipped suites and apartments — found in over 35 markets spanning ten countries and three continents. The Sonder app gives guests full control over their stay. Complete with self-service features, simple check-in and 24/7 on-the-ground support, amenities and services at Sonder are just a tap away, making a world of better stays open to all.

To learn more, visit www.sonder.com or follow Sonder on Facebook, Twitter or Instagram. Download the Sonder app on Apple or Google Play.

About Zen Ecosystems

Zen Ecosystems provides an intelligent energy management platform that helps small to medium-sized businesses take control of their energy usage while meeting sustainability goals. Zen HQ provides insights and control over commercial energy usage while delivering the fastest payback in the market. The Zen Thermostat is a beautiful, simple connected device for home and business that also enables multi-system operators to enhance the customer experience. Learn more at http://zenecosystems.com.

About Arcadia

Arcadia is a climate crisis-fighting technology company founded in 2014 and born out of a simple idea—everyone deserves access to clean energy. But two-thirds of Americans can’t take advantage of rooftop solar. At Arcadia, we’re building technology to connect consumers and businesses with local solar farms to provide all the benefits of solar with none of the hassle. Arcadia’s community solar program manages more than five Terawatt-hours of residential and commercial energy demand and is the largest manager of community solar assets in the country. Join us in our mission and find out how you or your business can help achieve the vision of a 100% clean energy future at www.arcadia.com.

Sonder
Kate Cory
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Zen Ecosystems
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Arcadia
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SAN FRANCISCO--(BUSINESS WIRE)--#STEM--Stem, Inc. (“Stem”) (NYSE: STEM) announced today the pricing of $400 million aggregate principal amount of 0.50% Green Convertible Senior Notes due 2028 (the “Notes”) in a private offering (the “Offering”), which was upsized from the previously announced $350 million offering, to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). In connection with the Offering, Stem has granted the initial purchasers of the Notes an option to purchase, for settlement within a 13-day period from, and including, the date when the Notes are first issued, up to an additional $60 million aggregate principal amount of the Notes on the same terms and conditions. The sale of the Notes to the initial purchasers is expected to settle on November 22, 2021, subject to customary closing conditions.

When issued, the Notes will be senior, unsecured obligations of Stem. The Notes will accrue interest payable semi-annually in arrears and will mature on December 1, 2028, unless earlier repurchased, redeemed or converted in accordance with their terms prior to such date. The Notes will be convertible based on an initial conversion rate of 34.1965 shares of Stem’s common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $29.24 per share of common stock, which represents a conversion premium of approximately 32.5% to the last reported sale price of Stem’s common stock on The New York Stock Exchange (the “NYSE”) on November 17, 2021). The Notes will be convertible upon the satisfaction of specified conditions into cash, shares of common stock of Stem or a combination thereof, with the form of consideration to be determined at Stem’s election. The Notes will be redeemable, in whole or in part, for cash at Stem’s option at any time, and from time to time, on or after December 5, 2025 and before the 45th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Stem’s common stock exceeds 130% of the conversion price for a specified period of time.

In connection with the pricing of the Notes, Stem has entered into privately negotiated capped call transactions with one or more of the initial purchasers or their affiliates and/or other financial institutions (the “option counterparties”). The capped call transactions are expected generally to reduce potential dilution to Stem’s common stock upon any conversion of the Notes and/or offset any potential cash payments Stem is required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap. The cap price of the capped call transactions is initially $49.66 per share of common stock, which represents a premium of approximately 125.0% to the last reported sale price of Stem’s common stock on the NYSE on November 17, 2021, and is subject to certain adjustments under the terms of the capped call transactions.

In connection with establishing their initial hedges of the capped call transactions, Stem expects that the option counterparties or their respective affiliates will purchase shares of Stem’s common stock and/or enter into various derivative transactions with respect to Stem’s common stock concurrently with or shortly after the pricing of the Notes. This activity could increase (or reduce the size of any decrease in) the market price of Stem’s common stock or the Notes at that time.

In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Stem’s common stock and/or purchasing or selling Stem’s common stock or selling Stem’s common stock or other securities in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so following any dates the Notes are converted, repurchase or redeemed, if Stem exercises its option to terminate the relevant portion of the capped call transactions). This activity could also cause or avoid an increase or decrease in the market price of Stem’s common stock or the Notes, which could affect noteholders’ ability to convert the Notes and, to the extent the activity occurs during any observation period related to a conversion of Notes, it could affect the number of shares and value of the consideration that noteholders receive upon conversion of the Notes.

Stem intends to use a portion of the net proceeds from the Offering to fund the cost of entering into the capped call transactions described above. Stem intends to allocate an amount equivalent to the net proceeds from the Offering to finance or refinance, in whole or in part, existing or new Eligible Green Expenditures of Stem, including investments related to creating a more resilient clean energy system, optimized software capabilities for energy systems, and reducing waste through operations.

The Notes were offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and sale of the Notes and any shares of common stock of Stem issuable upon conversion of the Notes, if any, have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction, and unless so registered, the Notes and such shares, if any, may not be offered or sold in the United States except pursuant to an applicable exemption from such registration requirements.

This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer or sale of, the Notes (or any shares of common stock of Stem issuable upon conversion of the Notes) in any state or jurisdiction in which the offer, solicitation, or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction.

About Stem, Inc.

Stem, Inc. (NYSE: STEM) provides advanced energy storage solutions alongside its AI-powered analytics platform to enable customers and partners to optimize energy use by automatically switching between battery power, onsite generation and grid power. Stem’s solutions help enterprise customers benefit from a clean, adaptive energy infrastructure and achieve a wide variety of goals, including expense reduction, resilience, sustainability, environmental and corporate responsibility and innovation. Stem also offers full support for solar partners interested in adding storage to standalone, community or commercial solar projects – both behind and in front of the meter.

Cautionary Statement Regarding Forward-looking Statements

This press release, as well as other statements we make, contain "forward-looking statements" within the meaning of the federal securities laws, which include any statements that are not historical facts. Such statements often contain words such as "expect," "may," "can," "believe," "predict," "plan," "potential," "projected," "projections," "forecast," "estimate," "intend," "anticipate," "ambition," "goal," "target," "think," "should," "could," "would," "will," "hope," "see," "likely," and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as statements about the terms of the Offering, whether Stem will be able to satisfy the closing conditions to consummate the Offering and the anticipated use of proceeds of the Offering. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including changes as a result of market conditions and the risk that the Offering will not be consummated. These forward-looking statements are based upon assumptions and estimates that, while considered reasonable by Stem and its management, depend upon inherently uncertain factors and risks that may cause actual results to differ materially from current expectations, including the additional risks and uncertainties set forth in the section entitled "Risk Factors" in the registration statement on Form S-1 filed with the SEC on July 19, 2021, and Stem’s most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. Statements in this press release are made as of the date hereof, and Stem disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

Stem, Inc.
Ted Durbin, Stem
Marc Silverberg, ICR
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Helix Power, Icarus RT, SolvCor, and Strayos become industrial scaling program participants

HOUSTON--(BUSINESS WIRE)--Halliburton Labs today announced it selected a new group of companies to participate in its collaborative environment where entrepreneurs, academics, and investors come together to advance cleaner, affordable energy. By joining Halliburton Labs, Helix Power, Icarus RT, SolvCor, and Strayos will gain access to industrial capabilities, technical expertise, and mentorship to scale their respective businesses.

“This strong group of companies further establishes Halliburton Labs as the place where innovative companies come together with technical and operational scaling resources to advance commercial success,” said Dale Winger, managing director of Halliburton Labs. “We are excited to collaborate with the founders and their respective teams to support their clean energy solutions.”

Helix Power aims to provide high power, high cycle and short duration energy storage with its patented flywheel energy storage technology. Helix’s technology is designed to support both generation and long duration storage in multiple markets, including the power grid, rapid transit, and large ship-to-shore seaport cranes. “Helix Power’s technology has the potential to be a core asset in the design of clean, efficient and resilient power systems worldwide,” said president and co-founder Matthew Lazarewicz. “We are thrilled to join Halliburton Labs and believe their engineering expertise, supply chain, and global network are a great fit to help achieve the commercial potential of Helix Power’s technology,” added co-founder Kevin Blackman.

Icarus RT is working to develop a power boosting and energy storage technology to improve system performance and return on investment in commercial and utility scale solar photovoltaic systems. Icarus RT’s technology is designed to cool the solar panels, collect rejected heat, and convert the heat into additional power to improve system efficiency and output. “New materials, new design and manufacturing techniques and a passionate, brilliant engineering team enabled us to achieve commercial readiness for the Icarus Quartet hybrid PV/T system. The Halliburton Labs scale up program is an important step forward to de-risk commercialization and enhance fund raising options,” said Mark Anderson, Founder and CEO, Icarus RT.

SolvCor developed a patented technology platform to significantly improve heat transfer versus water for use in a wide range of industrial applications such as cooling systems and thermal storage. Adding SolvCor liquids to a chilled water-cooling system is designed to notably increase cooling capacity, improve energy efficiency, and reduce CO2 emissions. Anticipated applications of SolvCor’s technology include commercial buildings, district cooling, industrial process cooling, and data centers. “Together with Halliburton's industrial capabilities, we are excited to accelerate the widespread deployment of SolvCor solutions to reduce global energy consumption and greenhouse gas emissions,” said Ethan Novek, CEO of SolvCor Technologies.

Strayos helps mining and cement companies more efficiently extract raw minerals by adding artificial intelligence (AI) powered tools to certain essential steps of the mining value chain. Strayos applies visual sensing technology and AI software to model subsurface geology and enable optimal extraction plans, thereby increasing yields to reduce waste and carbon emissions. “The strategic collaboration with Halliburton Labs will allow us to expand the capabilities of our technology, and its global presence and industry leadership will help us scale our technology around the world and drive the future of more sustainable mining,” said Ravi Sahu, Strayos, CEO.

ABOUT HALLIBURTON LABS

Halliburton Labs is a collaborative environment where entrepreneurs, academics, investors, and industrial labs join to advance cleaner, affordable energy. Located at Halliburton Company’s headquarters in Houston, Texas, Halliburton Labs provides access to world-class facilities, operational expertise, practical mentorship, and financing opportunities in a single location to help participants scale their business. Visit the company’s website at www.halliburtonlabs.com. Connect with Halliburton Labs on Twitter, LinkedIn and Instagram. Halliburton Labs is a wholly owned subsidiary of Halliburton Company (NYSE: HAL).

For Investors:
David Coleman
Investor Relations
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281-871-2688

For News Media:
William Fitzgerald
External Affairs
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281-871-5267