Partnership Allows Multi-Unit Properties to Drive Property Engagement Through Sustainability; Simplifies EV Charger Installation and Driver Experience

IRVINE, Calif. & NEW YORK--(BUSINESS WIRE)--EVPassport, the EV charging hardware and software platform for purpose-driven organizations, today announced a partnership with Qmerit, a leader in green energy transformation with the largest nationwide network of certified electrical installers for EV charging. Through the partnership, Qmerit’s network of contractors provide installation services and support of EVPassport chargers at multi-unit dwelling (MUD) locations, delivering a frictionless, end-to-end EV charging experience.

“Expanding our apartment and multi-unit business is a top priority,” said Tom Bowen, President of Qmerit Solutions, Qmerit. “We’re dedicated to providing customers with turnkey EV charger installations and electrical support, but that’s only half the battle. That same experience must extend to property residents and guests while charging EVs. By partnering with EVPassport, we’re providing the most seamless experience — for properties and residents — from installation to charge.”

Industry research shows that 59% of multi-unit residents will pay more to live in a green or sustainable community. The partnership allows properties to accelerate EV charging adoption by leveraging Qmerit’s skilled technicians and national network of utility partners to provide the necessary electrical capacity for EV charging and install EVPassport chargers.

Built around the ability to scan a QR code, pay and go, EVPassport’s API-driven platform and flexible pricing model deliver a seamless, pay-as-you-go charging experience, without requiring drivers to download an additional app or create a separate provider account. The company’s robust APIs allow properties to integrate live EVPassport chargers directly into existing software platforms — providing a branded charging experience that is compatible with any vehicle. To deliver a true end-to-end service, Qmerit and EVPassport assist property owners through government-backed rebate and incentive programs for installing EV chargers.

“Multi-unit properties understand the value of adopting EV charging and providing guests with a frictionless charging experience, but it can be a difficult, fragmented process,” said Hooman Shahidi, President, EVPassport. “Together with Qmerit, we’re providing a joint offering that makes it effortless from start to finish. We look forward to working together to allow properties to realize their sustainability goals and drive engagement.”

About Qmerit

Qmerit, headquartered in Irvine, California, simplifies the adoption of electrification products for residential and small business markets. A leader in green energy transformation, the company provides value-driven services throughout the renewable energy equipment implementation lifecycle. This is delivered through Qmerit’s network of company owned contractors, independent Certified Solutions Partners and Certified Installers, who are skilled in system implementation and integration as well as ongoing support and maintenance. Combining this nation-wide network of certified electrical contractors with the company’s purpose-built digital managed services platform and white-glove concierge services, Qmerit delivers customers an unmatched quality experience related to electric vehicle charging stations, battery storage systems, solar system integration and microgrid solutions. For more information on Qmerit, please visit: Qmerit.com.

About EVPassport

EVPassport is the EV charging hardware and software platform for purpose-driven organizations. Brands committed to sustainability rely on EVPassport to provide their customers with the most seamless payment experience to charge any electric vehicle without requiring a separate app, account or a top-up balance. And EVPassport is the only platform that enhances customer engagement for these companies by providing custom branded hardware with API-powered software that easily integrates with their existing applications and services. For more information, follow EVPassport on Twitter (@EVPassport), Instagram (@EVPassport) and LinkedIn, or visit www.EVPassport.com.

Media Contact
Jake Schuster
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Qmerit
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VISTA, Calif.--(BUSINESS WIRE)--$FLUX #GSE--Flux Power Holdings, Inc. (“Flux Power”) (NASDAQ: FLUX), a developer of advanced lithium-ion battery packs for commercial and industrial equipment, today announced that its financial results for the First Quarter, Fiscal Year 2022 (Q1’22) will be released before the market opens on Friday, November 12, 2021.

Flux Power will host a conference call later that day at 4:30 PM Eastern Time where CEO Ron Dutt & CFO Chuck Scheiwe will discuss the financial results and provide a company update.

Investors and analysts interested in joining the call are invited to dial (833) 428-8374 or (270) 240-0543 for international callers. The conference ID is 2915539. A recording of the conference call will be uploaded to the Flux Power website once it is available.

About Flux Power Holdings, Inc. (www.fluxpower.com)

Flux Power designs, develops, manufactures, and sells advanced lithium-ion energy storage solutions for lift trucks, and other industrial equipment including airport ground support equipment (GSE), solar energy storage, and other commercial applications. Our “LiFT Pack” battery packs, including our proprietary battery management system (BMS) and telemetry, provide our customers with a better performing, lower cost of ownership, and more environmentally friendly alternative, in many instances, to traditional lead acid and propane-based solutions.

Flux, Flux Power, and associated logos are trademarks of Flux Power Holdings, Inc. All other third-party brands, products, trademarks, or registered marks are the property of and used to identify the products or services of their respective owners.

Flux Power Media & Investor Relations:
Justin Forbes
877-505-3589
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SAN JOSE, Calif.--(BUSINESS WIRE)--Bloom Energy (NYSE: BE) will participate in the following virtual events for the financial community.

Baird's Virtual Global Industrial Conference
November 9, 2021

Coker & Palmer Virtual Bus Tour
November 30, 2021

Credit Suisse Inaugural Virtual Climate Symposium
December 6, 2021

2021 Wells Fargo Virtual Midstream, Utility & Renewables Symposium
December 8, 2021

BofA Virtual Hydrogen Conference
December 16, 2021

About Bloom Energy

Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. Bloom’s product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications. Bloom’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries. For more information, visit www.bloomenergy.com.

Investor Relations:
Ed Vallejo
+1 (267) 370-9717
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Media Relations:
Jennifer Duffourg
+1 (480) 341-5464
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MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE American: NOG) (the “Company”) today announced that it intends to offer for sale (the “Offering”) in a private placement under Rule 144A and Regulation S of the Securities Act of 1933, as amended (the “Securities Act”), to eligible purchasers, $200.0 million in aggregate principal amount of additional 8.125% senior notes due 2028 (the “Additional Notes”). The Additional Notes will be issued under the same indenture as the notes issued by the Company on February 18, 2021 (the “Existing Notes”) and will form a part of the same series of notes as the Existing Notes.

The Company intends to use the net proceeds from the Offering to repay a portion of the outstanding borrowings under its revolving credit facility.

The Additional Notes to be offered will not be registered under the Securities Act or under any state or other securities laws, and the Additional Notes will be issued pursuant to an exemption therefrom, and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. Person, absent registration or an applicable exemption from registration requirements.

The Additional Notes are being offered only to persons who are either reasonably believed to be “qualified institutional buyers” under Rule 144A or who are non-“U.S. persons” under Regulation S as defined under applicable securities laws.

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 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 Company’s plans to issue the Additional Notes and the anticipated use of the net proceeds from the Offering. 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, changes in the Company’s reserves estimates or the value thereof, 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 consummate any pending acquisition transactions, other risks and uncertainties related to the closing of pending acquisition transactions, 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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• Tezos, an energy-efficient blockchain has gained global acclaim as a platform of choice for artists looking to mint NFTs sustainably and responsibly.
• Humans + Machines: NFTs and the Ever-Evolving World of Art, will be on view from December 2–4, 2021, at Art Basel in Miami Beach 2021, and will explore questions about the role of human and machine in generative art and the new frontier of NFT art.
• The interactive experience lets visitors collaborate with an algorithm “embedded” in the space, designed by German artist Mario Klingemann, one of the pioneers of AI art, to create a type of generative self-portrait, which is then minted as a takeaway NFT artwork for attendees.
• The exhibition aims to raise awareness and invite audiences to understand the role of NFTs in the art world and beyond, and will also host a series of conversations with other NFT artists and figures from the community.

MIAMI BEACH, Fla.--(BUSINESS WIRE)--#artbasel--The growing world of generative and NFT art will be in the spotlight at this year’s Art Basel in Miami Beach – including a unique interactive NFT exhibition from Tezos, an energy-efficient blockchain. Titled Humans + Machines: NFTs and the Ever-Evolving World of Art (December 2–4, 2021), the experience will explore the new frontier of art, technology, and culture – and invites audiences to even create and mint their own NFTs on-site.

The space will feature a collection of artworks from some of the world’s leading generative and NFT artists, including Helena Sarin, Matt DesLauriers, Sutu (Stuart Campbell), and Iskra Velitchkova, among others. It will culminate in a unique experience by German artist Mario Klingemann, inviting attendees to engage and collaboratively generate a one-of-a-kind NFT takeaway that will be minted on the Tezos blockchain. The creation of the NFT will happen by physically interacting with the space, resulting in an abstract self-portrait work of art generated from a code designed by Klingemann.

The exhibition aims to raise awareness of the new dynamic that both NFTs and the ever-evolving world of generative art bring to the art world. The idea of collaboration between human and machine further emphasizes the role of creativity and what it means to be an active participant in the creation of art.

Klingemann, also known as Quasimondo, is considered one of the pioneers of AI art, neural networks, and machine learning. An artist who uses algorithms and artificial intelligence to create and investigate systems, he is particularly interested in human perception of art and creativity, researching methods in which machines can augment or emulate these processes. His artworks have been shown at The Metropolitan Museum of Art, The Photographers’ Gallery, KM Karlsruhe, Centre Pompidou and more. Most notably, his installation Memories of Passersby I made history in March 2019 as the first autonomous AI machine to be successfully auctioned at Sotheby’s.

“It’s an honor to be part of the Tezos NFT experience at Art Basel in Miami Beach,” said Klingemann. “This interactive exhibition examines the interplay of technology and human creativity, and where the lines bleed between human and machine as part of the generative art process. While the body of work may be created by the machine, a self-portrait is a deeply human thing, so I hope this probes questions around human nature and perception, and all that expresses itself with automated systems.”

Over the course of Art Basel Miami Beach 2021, the Tezos experience space will also include a dedicated speaker series featuring a diverse lineup of prominent artists and figures from the NFT community. Discussions will cover the technical, philosophical and artistic implications and possibilities created by this new paradigm at the intersection of art and technology. A full schedule will be available in the coming weeks on Art Basel Miami Beach’s event calendar (https://artbasel.com/miami-beach/events) and on Tezos’s event page (https://tezos.com/events).

Tezos’ energy-efficient design and low costs to mint and transact NFTs have subsequently attracted a diverse NFT community of artists, collectors, and builders around the world. With Tezos home to major NFT platforms such as Hic et Nunc, one of the biggest NFT art marketplaces, more brands are choosing to build on Tezos than ever before. Notable organizations include: Formula 1 racing teams Red Bull Racing Honda and McLaren Racing, banking behemoth Societe Generale, music NFT platform OneOf and more.

The Tezos NFT experience will be on view from December 2–4, 2021, at the Miami Beach Convention Center. Please visit https://artbasel.com/miami-beach for more information.

For more information on Mario Klingemann, visit https://quasimondo.com/ and follow @quasimondo on Twitter and Instagram.

For press images, please click here (Photo Credit: Huge).

About Tezos
Tezos is smart money, redefining what it means to hold and exchange value in a digitally connected world. A self-upgradable and energy-efficient Proof of Stake blockchain with a proven track record, Tezos seamlessly adopts tomorrow's innovations without network disruptions today. For more information, please visit www.tezos.com.

About Art Basel
Founded in 1970 by gallerists from Basel, Art Basel today stages the world's premier art shows for Modern and contemporary art, sited in Basel, Miami Beach, and Hong Kong. Defined by its host city and region, each show is unique, which is reflected in its participating galleries, artworks presented, and the content of parallel programming produced in collaboration with local institutions for each edition. Art Basel’s engagement has expanded beyond art fairs through new digital platforms and a number of new initiatives such as the Art Basel and UBS Global Art Market Report, Intersections: The Art Basel Podcast and the BMW Art Journey. Art Basel's Global Media Partner is The Financial Times. For further information, please visit www.artbasel.com.

Tezos Press:
Emily Koh & Laura Lyman
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Art Basel Press:
Sarah Degen
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Tel. +41 58 206 27 06

HOUSTON--(BUSINESS WIRE)--ECA MARCELLUS TRUST I (OTC Pink: ECTM) announced today that the Trust’s distribution for the quarter ended September 30, 2021 will be $0.076 per unit, which is expected to be distributed on or before November 30, 2021 to holders of record as of the close of business on November 19, 2021.

As previously disclosed, commencing with the distribution to unitholders paid in the first quarter of 2019, the Trustee has withheld, and in the future intends to withhold, the greater of $90,000 or 10% of the funds otherwise available for distribution each quarter to gradually build a cash reserve of approximately $1,800,000. This cash is reserved to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities of the Trust. The Trustee may increase or decrease the targeted amount at any time and may increase or decrease the rate at which it is withholding funds to build the cash reserve at any time, without advance notice to the unitholders. Cash held in reserve will be invested as required by the trust agreement. Any cash reserved in excess of the amount necessary to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities of the Trust eventually will be distributed to unitholders, together with interest earned on the funds. The Trustee has elected to withhold approximately $149,000 from funds otherwise available for distribution this quarter.

The Trust was formed to own royalty interests in natural gas properties now held by Greylock Energy LLC, and certain of its wholly owned subsidiaries (“Greylock”) in the Marcellus Shale formation in Greene County, Pennsylvania. The Trust is entitled to receive certain amounts of the proceeds attributable to Greylock’s interest in the sale of production from the properties. As described in the Trust's filings, the amount of the quarterly distributions is expected to fluctuate from quarter to quarter, depending on the proceeds received by the Trust as a result of production and natural gas prices and the amount of the Trust's administrative expenses, among other factors. The amount of proceeds received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by the volatility in commodity prices, which declined during 2020 primarily attributable to the economic effects of the COVID-19 pandemic and could remain low for an extended period of time. Continued low natural gas prices will reduce proceeds to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders.

Pursuant to IRC Section 1446, withholding tax on income effectively connected to a United States trade or business allocated to non-U.S. persons (“ECI”) should be made at the highest marginal rate. Under Section 1441, withholding tax on fixed, determinable, annual, periodic income from United States sources allocated to non-U.S. persons should be made at a 30% rate unless the rate is reduced by treaty. This release is intended to be a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b) by ECA Marcellus Trust I, and while specific relief is not specified for Section 1441 income, this disclosure is intended to suffice. For distributions made to non-U.S. persons, nominees and brokers should withhold at the highest marginal rate.

This press release contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unit holders. The anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from Greylock with respect to the relevant quarterly period. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause actual results to differ materially include expenses of the Trust and reserves for anticipated future expenses and the effect, impact, potential duration or other implications of the COVID-19 pandemic. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither Greylock nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in Common Units issued by ECA Marcellus Trust I is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2020, and all of its other filings with the Securities and Exchange Commission. The Trust's annual, quarterly and other filed reports are or will be available over the Internet at the SEC's web site at http://www.sec.gov.

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

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--#DISYS--Research released today by Signature Consultants, a leading IT and professional staffing and solutions provider, uncovered a clear connection between the practice of kind leadership and a company’s ability to create an environment which facilitates and supports innovation. In fact, according to the groundbreaking Humankindex Survey of U.S. workers, leading with kindness is the most effective leadership style to drive innovation and competitive advantage in the marketplace.

A key component of the research is an index created to measure and track companies’ adoption and practice of kindness, called the Humankindex. Using a range from 1 to 100, the Humankindex calculates the degree to which U.S. companies and their leaders are adopting kindness as a core value and leadership style, as well as the impact on fostering innovation in the workplace using two components:

• Kindness Quotient – the degree a company practices a culture and leadership of kindness and the extent to which it is felt by individual employees.
• Innovation Capability – how well the organization’s culture and leadership support and promote an innovative environment and the extent to which it is felt by individual employees.

In its first annual release, the Humankindex for all U.S. companies is 58 and comprised of a Kindness Quotient of 31.5 and Innovation Capability of 26.5. According to U.S. workers, companies are more likely to be considered innovative when elements of kindness exist in the culture and leadership, including:

• 78% more likely if kindness is considered a core value of the organization.
• 3.5X more likely if employees feel a shared sense of purpose between their job and the organization’s leadership and goals.
• 28% more likely if the company’s leadership style is to “lead with kindness.”

On the whole, when companies score higher on elements of the Kindness Quotient, they are 5X more likely to be considered innovative by employees.

“Kind leadership is a principle we have long-believed is not only the right cornerstone for our culture, but also the most effective way to drive success for our business and for those who contribute to it every day,” says Mahfuz Ahmed, Chief Executive Officer, Signature Consultants and DISYS. “We believe the COVID-19 pandemic has only amplified and expedited the potency of kindness in the workplace. With our Humankindex initiative, we now have data-based research to support the premise that linking mission and margin, kindness and knowledge, and profit and principle, can deliver considerable and measurable benefits.”

The Humankindex research also examined the degree to which company leaders have embraced kind leadership since the COVID-19 pandemic. According to the findings, nearly one-third (30%) of workers say their company’s leadership has embraced kindness as a value less so since the COVID-19 pandemic. Furthermore, 76% of workers say their company’s leadership has embraced the value of “profits before people” the same or more since the COVID-19 pandemic.

“In our reshaped world, kind leadership and values have proved to best inspire trust, inspiration, meaning, and innovation among today’s workers,” said Ahmed. “Yet, many have overlooked kindness as a powerful leadership quality, often mistaking it with niceness and a weakness. On the contrary, the aggressive, cutthroat ‘survival of the fittest’ approach has been replaced by a more humanistic approach to leadership and the ‘survival of the kindest.’ Our research has shown there is power in kindness, strength in kind leadership, and profitability in purpose, perhaps more so than any other time in recent history. As we work to put the pandemic behind us, kind leadership will play a significant role in helping employers win the battle for talent and strive toward innovation. ”

About the Humankindex.

The 2021 Humankindex Survey was conducted on behalf of Signature Consultants by national market data services firm, Dynata, between April 19 and April 26, 2021. The survey was administered online to 1,003 full-time (30+ hours per week) workers, ages 18 and older of whom represented a national survey. The margin of error for the national quote is +3%, reported at a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Signature Consultants.

About Signature Consultants

Signature Consultants was established in 1997 with a singular focus: to provide clients and consultants with superior staffing solutions. With 29 locations throughout North America, Signature annually deploys thousands of consultants to support, run and manage their clients’ technology needs. Signature offers IT staffing, consulting, managed solutions and direct placement services. For more information on the company, please visit https://www.sigconsult.com. Signature Consultants was acquired by Digital Intelligence Systems, LLC (DISYS) in 2021.

Media Contact:
Sandra Schwartzman
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HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX) announced today it plans to convert its Alliance Refinery in Belle Chasse, La., to a terminal facility. The conversion is expected to take place in 2022.

“We made this decision after exploring several options and considering the investment needed to repair the refinery following Hurricane Ida,” said Greg Garland, Chairman and CEO of Phillips 66. “Alliance’s existing infrastructure and Gulf Coast location make it an attractive midstream asset. Phillips 66 will continue to be a major refiner with 12 facilities in the U.S. and Europe.”

The Alliance Refinery employs approximately 500 employees and 400 contractors.

“Our decision was a difficult one, and we understand it has a profound impact on our employees, contractors and the broader Belle Chasse community,” Garland said. “We will work to help them through this transition and support them as Alliance takes on a new role in our portfolio.”

About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Headquartered in Houston, the company has 14,100 employees committed to safety and operating excellence. Phillips 66 had $56 billion of assets as of Sept. 30, 2021. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.

Jeff Dietert (investors)
832-765-2297
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• Microgrid Control Lab to serve as a hands-on facility that simulates a modern grid control room
• Innovative research space to help America’s future engineers learning about critical issues and opportunities facing energy companies to ensure grid stability and reliability

ORLANDO, Fla.--(BUSINESS WIRE)--#energytransition--Today, Florida Power & Light Company (FPL) and GE Digital celebrated the opening of the new cutting-edge Microgrid Control Lab at the University of Central Florida (UCF). The lab will serve as a state-of-the-art research facility and control room for engineering faculty and students. FPL and GE Digital are co-sponsoring the lab at UCF, which will feature control center equipment and software that students will use to simulate and test real-life grid control operations, including finding ways to optimize and keep the grid of the future secure.

“The Microgrid Control Lab provides unprecedented access to a modern grid control center that enables some of the brightest young minds in the country to collaborate, learn and help reimagine the energy grid of tomorrow,” said Jim Walsh, General Manager of GE Digital’s Grid Software business. “As renewable energy sources, like solar, continue to expand and evolve, the technology behind the grid has to keep up. It is critical that electrical and computer engineering talent have real-life experiences with the hardware and software than underpins the modern grid helping utilities securely deliver reliable clean energy.”

At today’s lab opening ceremony, leaders from the three organizations participated in a panel discussion focused on the engineering roles available to recent graduates in the energy sector and discussed opportunities for full-time employment. FPL and GE Digital together have approximately 400 UCF alumni in their workforces.

GE Digital also today announced a new internship program that invests in the development of its team and future grid engineering leaders. The program will offer UCF students an intensive experience in the utilities and power sectors and help students develop analytical and software development skills using emerging technologies like artificial intelligence and machine learning.

Currently, more than 1,400 undergraduate and graduate students at UCF are studying electrical or computer engineering - disciplines that support energy systems and electricity grids. Another 500-plus UCF students have indicated they plan to pursue an electrical or computer engineering major once prerequisite coursework is completed.

UCF’s College of Engineering and Computer Science offers a power and renewable energy track as part of its undergraduate programs. In addition, a graduate certificate is offered in sustainable and resilient energy systems. Through a faculty collaboration called RISES - Resilient, Intelligent and Sustainable Energy Systems - UCF researchers across multiple disciplines are working to develop sustainable and resilient energy systems and storage.

“This new facility is exactly the kind of strategic partnership that makes UCF a premiere choice for students with future-focused career goals. GE Digital and FPL have been both philanthropic investors and design collaborators in this lab, ensuring our students in this field will be industry-ready on day one of their careers,” UCF President Alexander Cartwright said. “It’s a win-win. Our students get a leading education in a lab environment, and both companies open up a pipeline of incredible talent for their workforce.”

The lab at UCF is designed to simulate the control center of a microgrid, a type of self-sufficient energy system that incorporates solar or other renewable energy sources and battery storage to power a small-scale area, independent of a large-scale grid.

“We are excited to bring this innovative research space to UCF engineering students,” said Ed De Varona, FPL’s Vice President of Transmission & Substation. “The lab is a terrific training ground for rising engineers to work directly with the latest technologies and help refine and innovate the way energy is transmitted and distributed across the grid now and in the future.”

The lab aims at safe, reliable, efficient and secure operation of large-scale distribution networks with extremely high penetration of renewables, a growing area in the energy industry. Through collaborating with industry and utility partners, UCF continues to offer students real-world opportunities as they prepare to go into careers that are shaping the future.

About the University of Central Florida

The University of Central Florida is a public research university in Orlando. Founded in 1963, UCF and its 13 colleges offer more than 220 degrees from the university’s main campus, downtown campus, hospitality campus, health sciences campus, online and through multiple regional locations. UCF is an academic, partnership and research leader in optics and lasers, modeling and simulation, engineering and computer science, and video game design. According to U.S. News & World Report, UCF ranks among the nation’s 20 most innovative universities.

About Florida Power & Light Company

Florida Power & Light Company is the largest vertically integrated rate-regulated electric utility energy company in the U.S. as measured by retail electricity produced and sold. The company serves more than 5.6 million customer accounts supporting more than 11 million residents across Florida with clean, reliable and affordable electricity. FPL operates one of the cleanest power generation fleets in the U.S and in 2020 won the ReliabilityOne® National Reliability Excellence Award for the fifth time in the last six years. The company was recognized in 2020 as one of the most trusted U.S. electric utilities by Escalent for the seventh consecutive year. FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry in Fortune’s 2021 list of “World’s Most Admired Companies,” and recognized on Fortune’s 2021 list of companies that “Change the World.” NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world’s largest generator of renewable energy from the wind and sun and a world leader in battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, and www.NextEraEnergyResources.com.

About GE Digital

GE Digital transforms how our customers solve their toughest challenges by putting industrial data to work. Our mission is to bring simplicity, speed, and scale to digital transformation activities, with industrial software that delivers breakthrough business outcomes. GE Digital’s product portfolio – including grid optimization and analytics, asset and operations performance management, and manufacturing operations and automation – helps industrial companies in the utility, power generation, oil & gas, aviation, and manufacturing sectors change the way industry works. For more information, visit www.ge.com/digital.

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GE Digital
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ATHENS, Greece--(BUSINESS WIRE)--Danaos Corporation (“Danaos”) (NYSE: DAC), one of the world’s largest independent owners of containerships, today reported unaudited results for the period ended September 30, 2021.

Highlights for the Third Quarter and Nine Months Ended September 30, 2021:

• Adjusted net income¹ of $109.5 million, or $5.32 per share, for the three months ended September 30, 2021 compared to $47.3 million, or $1.91 per share, for the three months ended September 30, 2020, an increase of 131.5%. Adjusted net income¹ of $236.4 million, or $11.49 per share, for the nine months ended September 30, 2021 compared to $123.1 million, or $4.97 per share, for the nine months ended September 30, 2020, an increase of 92.0%.
• Operating revenues of $195.9 million for the three months ended September 30, 2021 compared to $118.9 million for the three months ended September 30, 2020, an increase of 64.8%. Operating revenues of $474.5 million for the nine months ended September 30, 2021 compared to $342.0 million for the nine months ended September 30, 2020, an increase of 38.7%.
• Adjusted EBITDA¹ of $149.6 million for the three months ended September 30, 2021 compared to $83.3 million for the three months ended September 30, 2020, an increase of 79.6%. Adjusted EBITDA¹ of $349.6 million for the nine months ended September 30, 2021 compared to $235.3 million for the nine months ended September 30, 2020, an increase of 48.6%.
• Total contracted operating revenues were $2.1 billion as of September 30, 2021 with charters extending through 2028 and remaining average contracted charter duration of 3.3 years, weighted by aggregate contracted charter hire.
• Charter coverage of 100% for the remainder of 2021 and 90% for 2022 in terms of contracted operating days.
• Danaos has declared a dividend of $0.50 per share of common stock for the third quarter of 2021, which is payable on December 2, 2021 to stockholders of record as of November 19, 2021.

Danaos’ CEO Dr. John Coustas commented:

"We are certain that everyone is aware of the well-documented disruptions to the global supply chain that continue unabated. This situation, despite its negative effect in world growth, had extremely positive effects in our market which continues from strength to strength. Despite efforts by all participants to alleviate the disruptions to the global supply chain, there are no signs that conditions are improving. The main contributing factors are an increase in demand, lack of available vessels to satisfy such demand and low levels of productivity in the ports and other land-based infrastructure.

Additionally, as new vessel deliveries in 2022 are actually expected to be lower than in 2021, we do not expect any respite at least from the vessel supply front in the near term. In 2023, increased deliveries are forecasted, although there will be an offsetting effect from new environmental regulations that will likely tighten the effective supply of vessels due to the anticipated reductions in speed. Overall, we do not expect a dramatic difference, provided demand remains healthy.

During the third quarter, we consummated the acquisition of Gemini and acquired six modern 5,500 TEU vessels, all with existing cash resources. On the back of these moves we have achieved record EBITDA and Net Income. We have also expanded our charter coverage and now have in excess of $2 billion of charter backlog. Our share ownership in ZIM - although adjusted as per our usual practice - will also contribute around half a billion dollars to our earnings for 2021 which is outstanding. Our liquidity in terms of cash and marketable securities is still close to half a billion and we are closely monitoring our options and strategy for next year to deliver even better results for the Company and our shareholders.

In the meantime, liner companies are announcing record results which is extremely positive for Danaos as the strong credit quality of our customers continues to improve. The continued strong performance of Danaos is ensured by existing charters with an average charter duration of 3.3 years and new charters that lock in current rates for several years. We expect strong market conditions to persist in the near term, which will support a strong re-chartering environment into next year and should ensure our stellar performance for the next 3 years."

Three months ended September 30, 2021 compared to the three months ended September 30, 2020

During the three months ended September 30, 2021, Danaos had an average of 65.7 containerships compared to 58.0 containerships during the three months ended September 30, 2020. Our fleet utilization for the three months ended September 30, 2021 was 97.7% compared to 98.7% for the three months ended September 30, 2020.

Our adjusted net income amounted to $109.5 million, or $5.32 per share, for the three months ended September 30, 2021 compared to $47.3 million, or $1.91 per share, for the three months ended September 30, 2020. We have adjusted our net income in the three months ended September 30, 2021 for a $64.1 million gain on our acquisition of the remaining interest in Gemini Shipholdings Corporation (“Gemini”), the change in fair value of our investment in ZIM Integrated Shipping Services Ltd. (“ZIM”) of $47.2 million and a non-cash fees amortization and accrued finance fees charge of $3.6 million. Please refer to the Adjusted Net Income reconciliation table, which appears later in this earnings release.

The increase of $62.2 million in adjusted net income for the three months ended September 30, 2021 compared to the three months ended September 30, 2020 is attributable mainly to a $77.0 million increase in operating revenues and collection of a $12.3 million dividend from ZIM, which were partially offset by a $17.3 million increase in total operating expenses, a $8.3 million increase in net finance expenses, and a $1.5 million decrease in our equity investment in Gemini following our acquisition and full consolidation by us since July 1, 2021.

On a non-adjusted basis, our net income amounted to $217.2 million, or $10.55 earnings per diluted share, for the three months ended September 30, 2021 compared to net income of $42.8 million, or $1.73 earnings per diluted share, for the three months ended September 30, 2020. Our net income for the three months ended September 30, 2021 includes a $64.1 million non-cash gain on our acquisition of Gemini and a total gain on our investment in ZIM of $59.5 million.

Operating Revenues
Operating revenues increased by 64.8%, or $77.0 million, to $195.9 million in the three months ended September 30, 2021 from $118.9 million in the three months ended September 30, 2020.

Operating revenues for the three months ended September 30, 2021 reflect:

• a $30.6 million increase in revenues in the three months ended September 30, 2021 compared to the three months ended September 30, 2020 mainly as a result of higher charter rates;
• a $15.6 million increase in revenues in the three months ended September 30, 2021 compared to the three months ended September 30, 2020 due to the incremental revenue generated by newly acquired vessels;
• a $21.5 million increase in revenue in the three months ended September 30, 2021 compared to the three months ended September 30, 2020 due to higher non-cash revenue recognition in accordance with US GAAP; and
• a $9.3 million increase in revenues in the three months ended September 30, 2021 compared to the three months ended September 30, 2020 due to amortization of assumed time charters.

Vessel Operating Expenses
Vessel operating expenses increased by $7.0 million to $34.7 million in the three months ended September 30, 2021 from $27.7 million in the three months ended September 30, 2020, primarily as a result of the increase in the average number of vessels in our fleet and an increase in the average daily operating cost for vessels on time charter to $5,918 per vessel per day for the three months ended September 30, 2021 compared to $5,467 per vessel per day for the three months ended September 30, 2020. Management believes that our daily operating cost remains among the most competitive in the industry.

Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.

Depreciation
Depreciation expense increased by 20.2%, or $5.2 million, to $31.0 million in the three months ended September 30, 2021 from $25.8 million in the three months ended September 30, 2020 mainly due to our recent acquisition of fifteen vessels and installation of scrubbers on nine of our vessels in the year ended December 31, 2020.

Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs decreased by $0.6 million to $2.6 million in the three months ended September 30, 2021 from $3.2 million in the three months ended September 30, 2020.

General and Administrative Expenses
General and administrative expenses increased by $1.3 million to $7.3 million in the three months ended September 30, 2021, from $6.0 million in the three months ended September 30, 2020. The increase was mainly attributable to increased management fees due to the increased size of our fleet and other corporate administrative expenses.

Other Operating Expenses
Other Operating Expenses include Voyage Expenses.

Voyage Expenses
Voyage expenses increased by $4.5 million to $8.1 million in the three months ended September 30, 2021 from $3.6 million in the three months ended September 30, 2020 primarily as a result of the increase in commissions due to the increase in revenue per vessel and the increase in the average number of vessels in our fleet.

Interest Expense and Interest Income
Interest expense increased by 52.1%, or $6.2 million, to $18.1 million in the three months ended September 30, 2021 from $11.9 million in the three months ended September 30, 2020. The increase in interest expense is a combined result of:

• a $6.3 million reduction in the recognition through our income statement of accumulated accrued interest that had been accrued in 2018 in relation to two of our credit facilities that were refinanced on April 12, 2021. As a result of the refinancing, the recognition of such accumulated interest has decreased;
• a $0.7 million increase in interest expense due to an increase in our debt service cost by approximately 0.4%, which was partially offset by a decrease in our average indebtedness by $80.5 million between the two periods (average indebtedness of $1,438.0 million in the three months ended September 30, 2021, compared to average indebtedness of $1,518.5 million in the three months ended September 30, 2020); and
• a $0.8 million decrease in the amortization of deferred finance costs and debt discount related to our debt.

Net proceeds from the issuance of our $300 million Senior Notes in February 2021 together with the net proceeds from a new $815 million senior secured credit facility and a new $135 million leaseback arrangement, each of which was drawn down on April 12, 2021, were used to refinance a substantial majority of our then outstanding indebtedness.

As of September 30, 2021, our outstanding debt, gross of deferred finance costs, was $1,165.5 million, which includes $300 million aggregate principal amount of our Senior Notes, and our leaseback obligation was $242.9 million. These balances compare to debt of $1,376.2 million and a leaseback obligation of $129.4 million as of September 30, 2020.

Interest income decreased by $1.5 million to $0.2 million in the three months ended September 30, 2021 compared to $1.7 million in the three months ended September 30, 2020 mainly as a result of collection of accrued interest on ZIM and HMM bonds, which were redeemed by the issuers thereof in the first half of 2021.

Gain on investments
The gain on investments of $59.5 million in the three months ended September 30, 2021 consists of the change in fair value of our shareholding interest in ZIM of $47.2 million and net dividends received on ZIM ordinary shares of $12.3 million. ZIM completed its initial public offering and listing on the New York Stock Exchange of its ordinary shares on January 27, 2021. In June 2021, we sold 2,000,000 ordinary shares of ZIM resulting in net proceeds of $76.4 million. Our remaining shareholding interest of 8,186,950 ordinary shares has been fair valued at $415.1 million as of September 30, 2021, based on the closing price of ZIM’s ordinary shares on the NYSE on that date. Subsequently, in October 2021, we sold 1,000,000 of these ZIM ordinary shares, resulting in net proceeds to us of $44.3 million.

Equity income on investments
Equity income on investments increased by $62.6 million to $64.1 million in the three months ended September 30, 2021 compared to $1.5 million in the three months ended September 30, 2020 mainly due to the non-cash gain of $64.1 million recognized upon our acquisition of the remaining 51% equity interest in Gemini on July 1, 2021.

Other finance expenses
Other finance expenses, net decreased by $0.2 million to $0.1 million in the three months ended September 30, 2021 compared to $0.3 million in the three months ended September 30, 2020 due to the decreased finance costs on the refinanced debt.

Loss on derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at $0.9 million in each of the three months ended September 30, 2021 and September 30, 2020.

Other income, net
Other income, net was $0.3 million in the three months ended September 30, 2021 compared to $0.1 million in the three months ended September 30, 2020.

Adjusted EBITDA
Adjusted EBITDA increased by 79.6%, or $66.3 million, to $149.6 million in the three months ended September 30, 2021 from $83.3 million in the three months ended September 30, 2020. As outlined above, the increase is mainly attributable to a $67.7 million increase in operating revenues (net of $9.3 million amortization of assumed time charters) and a collection of $12.3 million dividend from ZIM, which were partially offset by a $12.2 million increase in total operating expenses and a $1.5 million decrease in equity investment in Gemini following our acquisition and full consolidation since July 1, 2021. Adjusted EBITDA for the three months ended September 30, 2021 is adjusted for the gain on Gemini’s acquisition of $64.1 million, the change in fair value of our investment in ZIM of $47.2 million and stock based compensation of $0.6 million. Tables reconciling Adjusted EBITDA to Net Income can be found at the end of this earnings release.

Nine months ended September 30, 2021 compared to the nine months ended September 30, 2020

During the nine months ended September 30, 2021, Danaos had an average of 61.9 containerships compared to 56.9 containerships during the nine months ended September 30, 2020. Our fleet utilization for the nine months ended September 30, 2021 was 98.5% compared to 95.8% for the nine months ended September 30, 2020. Adjusted fleet utilization, excluding the effect of 188 days of incremental off-hire due to shipyard delays related to the COVID-19 pandemic, was 97.0% in the nine months ended September 30, 2020.

Our adjusted net income amounted to $236.4 million, or $11.49 per share, for the nine months ended September 30, 2021 compared to $123.1 million, or $4.97 per share, for the nine months ended September 30, 2020. We have adjusted our net income in the nine months ended September 30, 2021 for the gain on our investment in ZIM of $491.4 million, gain on debt extinguishment of $111.6 million, a $64.1 million gain on our acquisition of Gemini, a non-cash fees amortization and accrued finance fees charge of $12.6 million and stock-based compensation of $4.1 million. Please refer to the Adjusted Net Income reconciliation table, which appears later in this earnings release.

The increase of $113.3 million in adjusted net income for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020 is attributable mainly to a $132.5 million increase in operating revenues, collection of a $12.3 million dividend from ZIM, and partial collection of a common benefit claim of $3.9 million from Hanjin Shipping, which were partially offset by a $32.5 million increase in total operating expenses, a $2.1 million increase in net finance expenses and a $0.8 million decrease in the operating performance of our equity investment in Gemini following our acquisition and full consolidation by us since July 1, 2021.

On a non-adjusted basis, our net income amounted to $886.8 million, or $43.11 earnings per diluted share, for the nine months ended September 30, 2021 compared to net income of $110.4 million, or $4.45 earnings per diluted share, for the nine months ended September 30, 2020. Our net income for the nine months ended September 30, 2021 includes a total gain on our investment in ZIM of $503.7 million, a $64.1 million non-cash gain on the acquisition of Gemini and a $111.6 million gain on debt extinguishment.

Operating Revenues
Operating revenues increased by 38.7%, or $132.5 million, to $474.5 million in the nine months ended September 30, 2021 from $342.0 million in the nine months ended September 30, 2020.

Operating revenues for the nine months ended September 30, 2021 reflect:

• a $69.6 million increase in revenues in the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020 mainly as a result of higher charter rates and improved fleet utilization;
• a $32.1 million increase in revenues in the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020 due to the incremental revenue generated by newly acquired vessels;
• a $21.5 million increase in revenue in the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020 due to higher non-cash revenue recognition in accordance with US GAAP; and
• a $9.3 million increase in revenues in the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020 due to amortization of assumed time charters.

Vessel Operating Expenses
Vessel operating expenses increased by $16.5 million to $98.7 million in the nine months ended September 30, 2021 from $82.2 million in the nine months ended September 30, 2020, primarily as a result of the increase in the average number of vessels in our fleet and an increase in the average daily operating cost for vessels on time charter to $6,034 per vessel per day for the nine months ended September 30, 2021 compared to $5,592 per vessel per day for the nine months ended September 30, 2020. The average daily operating cost increased mainly due to the COVID-19 related increase in crew remuneration in the nine months ended September 30, 2021. Management believes that our daily operating cost remains among the most competitive in the industry.

Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.

Depreciation
Depreciation expense increased by 9.7%, or $7.3 million, to $82.9 million in the nine months ended September 30, 2021 from $75.6 million in the nine months ended September 30, 2020 mainly due to our recent acquisition of fifteen vessels and installation of scrubbers on nine of our vessels in the year ended December 31, 2020.

Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs decreased by $0.8 million to $7.6 million in the nine months ended September 30, 2021 from $8.4 million in the nine months ended September 30, 2020.

General and Administrative Expenses
General and administrative expenses increased by $7.5 million to $25.4 million in the nine months ended September 30, 2021, from $17.9 million in the nine months ended September 30, 2020. The increase was mainly attributable to increased management fees due to the increased size of our fleet and increased stock-based compensation.

Other Operating Expenses
Other Operating Expenses include Voyage Expenses.

Voyage Expenses
Voyage expenses increased by $6.3 million to $17.2 million in the nine months ended September 30, 2021 from $10.9 million in the nine months ended September 30, 2020 primarily as a result of the increase in commissions due to the increase in revenue per vessel and the increase in the average number of vessels in our fleet.

Interest Expense and Interest Income
Interest expense increased by 22.7%, or $9.5 million, to $51.4 million in the nine months ended September 30, 2021 from $41.9 million in the nine months ended September 30, 2020. The increase in interest expense is a combined result of:

• a $6.9 million decrease in interest expense due to a decrease in our debt service cost by approximately 0.5%, while our average indebtedness also decreased by $27.2 million between the two periods (average indebtedness of $1,505.3 million in the nine months ended September 30, 2021, compared to average indebtedness of $1,532.5 million in the nine months ended September 30, 2020);
• a $16.3 million reduction in the recognition through our income statement of accumulated accrued interest that had been accrued in 2018 in relation to two of our credit facilities that were refinanced on April 12, 2021. As a result of the refinancing, the recognition of such accumulated interest has been decreased; and
• a $0.1 million increase in the amortization of deferred finance costs and debt discount related to our debt.

Net proceeds from the issuance of our $300 million Senior Notes in February 2021 together with the net proceeds from a new $815 million senior secured credit facility and a new $135 million leaseback arrangement, each of which was drawn down on April 12, 2021, were used to refinance a substantial majority of our then outstanding indebtedness.

As of September 30, 2021, our outstanding debt, gross of deferred finance costs, was $1,165.5 million, which includes $300 million aggregate principal amount of our Senior Notes, and our leaseback obligation was $242.9 million. These balances compare to debt of $1,376.2 million and a leaseback obligation of $129.4 million as of September 30, 2020.

Interest income increased by $6.7 million to $11.7 million in the nine months ended September 30, 2021 compared to $5.0 million in the nine months ended September 30, 2020, mainly as a result of collection of accrued interest on ZIM and HMM bonds, which were redeemed by the issuers thereof during the 2021 period.

Gain on investments
The gain on investments of $503.7 million in the nine months ended September 30, 2021 consists of the change in fair value of our shareholding interest in ZIM of $491.4 million and net dividends received on ZIM ordinary shares of $12.3 million.

Company Contact:

Evangelos Chatzis
Chief Financial Officer
Danaos Corporation
Athens, Greece
Tel.: +30 210 419 6480
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Iraklis Prokopakis
Senior Vice President and Chief Operating Officer
Danaos Corporation
Athens, Greece
Tel.: +30 210 419 6400
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Investor Relations and Financial Media
Rose & Company
New York
Tel. 212-359-2228
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Company’s comprehensive solutions protect critical industrial OT, ICS, and IoT assets

HOUSTON--(BUSINESS WIRE)--#ICS--Audubon Companies, a leading engineering, procurement, fabrication and construction provider, announced today its strategic investment in a new start-up affiliate, Armexa, a next-generation industrial cybersecurity company. Founded by industrial cybersecurity experts Jacob Marzloff and Eric Forner, Armexa delivers end-to-end cybersecurity solutions that protect critical operational technology (OT) and industrial control system (ICS) environments against cyber risks to maintain resiliency of revenue-generating operations.

The age of digital transformation has dramatically increased the adoption of Internet of Things (IoT), remote access, and remote work within critical OT environments. The increased interoperability of digital elements has widened the threshold for cyberattacks and data breaches, which pose serious threats to clients’ infrastructure, privacy, and operations. Modern hackers can infiltrate connected devices; private and public networks; and vulnerable systems, devices, and programs.

Cutting-edge cybersecurity services from Armexa help organizations fortify their digital resiliency to safeguard their assets against ever-evolving cyber threats and to gain and maintain a competitive advantage in their markets. Armexa’s adaptive, scalable solutions leverage in-depth industrial, OT/ICS, and automation expertise at every stage of design, implementation, and maintenance—from the plant floor to the cloud.

Available as stand-alone offerings or delivered together in a customized solution suite, Armexa’s services include

• Security Engineering: Security consulting and implementation, network segmentation, architecture design and review, asset discovery, anomaly detection implementation, remote access, identity and access management, and OT/ICS cloud integration.
• Assessment, Threat Analysis & Planning: Architecture assessment, vulnerability assessment, gap and readiness assessment, tabletop exercises, contingency and response planning, and compliance analysis.

“Armexa’s innovative approach provides a proactive solution that mitigates threats, manages risk, and accelerates business progress. I’m excited to collaborate together to ensure our clients’ targeted environments achieve the most stringent security available today,” said Ryan Hanemann, partner and president at Audubon Companies.

Eric Forner, Armexa co-founder and director of technology, commented that the relationship between Armexa and Audubon Companies will prove mutually beneficial: “Audubon’s reputation and top-tier client base will enable us to make a greater impact on protecting our clients’ business continuity while prioritizing security, compliance, and productivity.”

Armexa Co-Founder and Director of Operations Jacob Marzloff added, “This investment from Audubon Companies greatly supports our mission—helping industrial organizations improve their cyber maturity, reduce cyber risk, and build resilient operations.”

On Twitter: @audubonco

About Audubon Companies

Audubon Companies is a leading provider of engineering, consulting, construction, fabrication, and technical services supporting the energy, power, infrastructure, and industrial markets. Together with our family of companies (Audubon Engineering, Audubon Field Solutions, Audubon Industrial Solutions, Audubon Inspection Solutions, Audubon Carbon, Audubon Construction, Opero Energy, Affinity, and Armexa), we deliver repeatable project success—safely, on schedule, and within budget. For more information, visit auduboncompanies.com.

About Armexa

Armexa, an industrial cybersecurity company, provides end-to-end digital security solutions that protect critical OT/ICS infrastructure against advanced threats. We arm industrial clients with timely, proactive solutions that overcome today's business, security, and technology challenges.

For more information, contact This email address is being protected from spambots. You need JavaScript enabled to view it. or visit armexa.com.

Media Contact:
Ivonne Hallard – Sr. Director of Marketing and Communications
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MIDLAND, Texas--(BUSINESS WIRE)--Colgate Energy Partners III, LLC (the “Company” or “Colgate”) announced today the pricing of its private offering to eligible purchasers of $200 million in aggregate principal amount of 5.875% Senior Notes due 2029 (the “Notes”). The Notes mature on July 1, 2029, pay interest at the rate of 5.875% per year and were priced at 101.75%, which implies an effective yield to worst of 5.441%. The offering is expected to close on November 12, 2021, subject to customary closing conditions. The Notes are being offered as additional notes under an indenture (the “Indenture”) pursuant to which Colgate issued, on June 30, 2021, $500 million aggregate principal amount of Notes. The offered Notes will have identical terms as the existing Notes. Colgate intends to use the net proceeds from this offering to fully repay amounts outstanding under its revolving credit facility and the remaining net proceeds to fund a portion of the purchase price for the acquisition of certain assets in Eddy and Lea Counties, New Mexico (the “Parkway Acquisition”). The Parkway Acquisition is not conditioned on the consummation of this offering and this offering is not conditioned on the consummation of the Parkway Acquisition. If the Parkway Acquisition is not consummated on the terms currently contemplated or at all, Colgate intends to use the net proceeds from this offering for general company purposes.

The Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and, unless so registered, the Notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Colgate plans to offer and sell the Notes only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the United States pursuant to Regulation S under the Securities Act.

This communication shall not constitute an offer to sell, or the solicitation of an offer to buy, any of the Notes, nor shall there be any sale of the Notes 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 Colgate
Colgate is a privately held, independent oil and natural gas company headquartered in Midland, Texas that is engaged in the acquisition, exploration and development of oil and natural gas assets in the Delaware Basin, with operations principally focused in Reeves County, Ward County, and Eddy County.

Forward-Looking Statements
This communication includes statements regarding this private placement that may contain forward-looking statements within the meaning of federal securities laws. Colgate believes that its expectations and forecasts are based on reasonable assumptions; however, no assurance can be given that such expectations and forecasts will prove to be correct. A number of factors could cause actual results to differ materially from the expectations and forecasts, anticipated results or other forward-looking information expressed in this communication, including risks and uncertainties regarding future results, Colgate’s ability to complete the Parkway Acquisition, the sources of funding for any remaining portion of the purchase price of the Parkway Acquisition, capital expenditures, liquidity and financial market conditions, sufficiency of cash from operations, adverse market conditions, governmental regulations, the future actions of foreign oil producers such as Saudi Arabia and Russia and the effects of such actions on the supply of oil, and the impact of world health events, such as the COVID-19 pandemic.

Michael Poynter
Vice President of Finance & Investor Relations
432-695-4222
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FAIRFIELD, Conn.--(BUSINESS WIRE)--REX Shares, LLC (“REX”) is pleased to announce the launch of two new MicroSectors Exchange Traded Notes (“ETNs”) issued by Bank of Montreal (“BMO”) linked to the Solactive MicroSectors™ Oil & Gas Exploration & Production Index (ticker: SOLOILT). MicroSectors™ Oil & Gas Exploration & Production 3x Leveraged ETNs (ticker: OILU) and MicroSectors™ Oil & Gas Exploration & Production -3x Inverse Leveraged ETNs (ticker: OILD) will start trading today on NYSE Arca.

The Solactive MicroSectors™ Oil & Gas Exploration & Production Index, was launched in October 2021, and tracks the stock prices of large-capitalization companies that are domiciled and listed in the U.S. and that are active in the exploration and production of oil and gas.

“We are excited to bring another pair of leveraged and inverse leveraged exchange-traded notes to market with BMO and Solactive,” said Scott Acheychek, President of REX. “MicroSectors focuses on innovating the exchange traded products (“ETPs”) landscape by offering targeted indices across popular market segments, such as U.S. energy, U.S. large cap banks, and U.S. big tech.”

About REX Shares

Founded in 2015, REX Shares (“REX”) is an independent provider of ETPs based in Fairfield, Connecticut. As ETP architects, the REX team creates investment vehicles that solve for a range of specific challenges in investor portfolios. The firm is rooted in decades of structuring and building inventive exchange-traded product solutions.

For more information, please visit www.rexshares.com or www.microsectors.com.

Twitter: @REXShares and @MSectors

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Gregory FCA for REX Shares
Jill Fritz, 484-832-7034
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DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NASDAQ GS: PRIM) (“Primoris” or “Company”) today announced financial results for its third quarter ended September 30, 2021 and updated the Company’s outlook.

For the third quarter 2021, Primoris reported the following highlights ⁽¹⁾:

• Revenue of $913.2 million
  • Energy/Renewables Segment revenue up 11 percent
  • Utility Segment revenue up 10 percent
• Net income attributable to Primoris of $44.1 million
• Fully diluted earnings per share (“EPS”) of $0.81
• Adjusted net income attributable to Primoris (“Adjusted Net Income”) of $48.5 million
• Adjusted diluted earnings per share (“Adjusted EPS”) of $0.89
• Adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) of $94.7 million
• Authorized $25 million share repurchase program
• Maintained quarterly dividend of $0.06
• Backlog of $2.7 billion as of quarter-end
• Master Service Agreements (“MSA”) Backlog of $1.5 billion as of quarter-end, 53 percent of total backlog

2021 Year-to-date highlights ⁽¹⁾:

• Revenue of $2.6 billion
  • Utility Segment revenue up 21 percent
  • Energy/Renewables Segment revenue up 16 percent
• Net income attributable to Primoris of $86.2 million, up 18 percent
• EPS of $1.63, up 9 percent
• Adjusted Net Income of $108.0 million, up 31 percent
• Adjusted EPS of $2.04, up 21 percent
• Adjusted EBITDA of $230.8 million, up 25 percent

“Our results show the strength of our overall business model and the strategic value of the acquisitions we have made in recent years to position ourselves in key markets as our economy moves toward a lower-carbon future,” said Tom McCormick, President and Chief Executive Officer of Primoris. “We’ve said all along that we have tremendous opportunities. The $130 million solar project we announced last week is a good sign of things to come in this market and the fourth quarter is shaping up to be even stronger. With the passage of the Infrastructure Investment and Jobs Act, we expect additional growth in our Utilities and Energy/Renewable segments over the next several years.”

Summarizing the segment results for the quarter, McCormick noted: “Our project execution continued to provide solid returns throughout the third quarter. Our Energy/Renewable Segment led the revenue growth with an 11 percent increase compared to the same period in 2020, driven by utility-scale solar projects. This segment also increased gross profit by 31 percent compared to the same period of 2020. Our Utilities Segment revenue increased by 10 percent for the quarter powered by the addition of Future Infrastructure. As expected, our Pipeline Services Segment revenue declined, although our gross profit, as a percentage of revenue, increased to 26 percent, compared to 13 percent in the same period in 2020, primarily due to the favorable impact from the closeout of multiple pipeline projects.”

2021 Third Quarter Results

Revenue was $913.2 million for the three months ended September 30, 2021, a decrease of $29.5 million, or 3 percent, compared to the same period in 2020. The decrease was primarily due to lower revenue in the Pipeline segment, partially offset by growth in the Energy/Renewables and Utilities segments, including $65.1 million from the acquisition of Future Infrastructure Holdings, LLC (“FIH”). Gross profit was $127.4 million for the three months ended September 30, 2021, an increase of $3.8 million, or 3 percent, compared to the same period in 2020. The increase was primarily due to the acquisition of FIH ($11.4 million) and an increase in margins from legacy operations, partially offset by a net decrease in revenue from the Company’s legacy operations. Gross profit as a percentage of revenue increased to 14 percent for the three months ended September 30, 2021, compared to 13 percent for the same period in 2020.

Beginning with the third quarter of 2021, the Company initiated the inclusion of Non-GAAP financial measures. The Company believes these measures enable investors, analysts and management to evaluate Primoris’ performance excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. In addition, management believes these measures are useful in comparing the Company’s operating results with those of its competitors. Please refer to “Non-GAAP Measures” and Schedule 1, 2 and 3 for the definitions and reconciliations of our Non-GAAP financial measures, including “Adjusted Net Income,” “Adjusted EPS” and “Adjusted EBITDA.

During the third quarter of 2021, net income attributable to Primoris was $44.1 million compared to $43.9 million in the previous year. Adjusted Net Income was $48.5 million for the third quarter compared to $45.3 million for the same period in 2020. EPS was $0.81 compared to $0.90 in the previous year. Adjusted EPS was $0.89 for the third quarter of 2021 compared to $0.93 for the third quarter of 2020. Both EPS and Adjusted EPS were affected by the 4.5 million shares from the secondary offering in the first quarter of 2021. Adjusted EBITDA was $94.7 million for the third quarter of 2021, an increase of 8 percent, compared to $87.9 million for the same period in 2020.

Beginning with the first quarter of 2021, the Company consolidated and reorganized its operating segments. The three segments are: Utilities, Energy/Renewables and Pipeline Services. Revenue and gross profit for the segments for the three and nine months ended September 30, 2021 and 2020 were as follows:

Utilities Segment (“Utilities”): Revenue increased by $41.4 million, or 10 percent, for the three months ended September 30, 2021, compared to the same period in 2020, primarily due to the FIH acquisition ($65.1 million), partially offset by decreased activity from the impact of customer project and material delays. Gross profit for the three months ended September 30, 2021 decreased by $4.4 million, or 7 percent, compared to the same period in 2020, primarily due to lower margins from the Company’s legacy operations, partially offset by the incremental impact of the FIH acquisition ($11.4 million). Gross profit as a percentage of revenue decreased to 14 percent during the three months ended September 30, 2021, compared to 17 percent in the same period in 2020, primarily due to customer project and material delays and a decrease in higher margin storm work in 2021, as well as strong performance and favorable margins realized on projects in the Southeast in 2020.

Energy and Renewables Segment (“Energy/Renewables”): Revenue increased by $35.9 million, or 11 percent, for the three months ended September 30, 2021, compared to the same period in 2020, primarily due to increased renewable energy activity ($67.9 million), partially offset by the substantial completion of an industrial project in California early in the third quarter of 2021. Gross profit for the three months ended September 30, 2021, increased by $8.4 million, or 31 percent, compared to the same period in 2020, primarily due to higher revenue and margins. Gross profit as a percentage of revenue increased to 10 percent during the three months ended September 30, 2021, compared to 9 percent in the same period in 2020, primarily due to higher costs associated with a liquified natural gas plant project in the Northeast in 2020.

Pipeline Services (“Pipeline”): Revenue decreased by $106.8 million, or 50 percent, for the three months ended September 30, 2021, compared to the same period in 2020. The decrease is primarily due to the substantial completion of pipeline projects in 2020 ($127.0 million), partially offset by progress on a pipeline project in Texas that began in the second half of 2020. Gross profit for the three months ended September 30, 2021 decreased by $0.3 million, or 1 percent, compared to the same period in 2020, primarily due to higher margins, partially offset by lower revenue. Gross profit as a percentage of revenue increased to 26 percent during the three months ended September 30, 2021, compared to 13 percent in the same period in 2020, primarily due to the favorable impact from the closeout of multiple pipeline projects in 2021 and higher costs on a Texas pipeline project in 2020, partially offset by strong performance and favorable margins realized on a Texas pipeline project in 2020.

Other Income Statement Information

Selling, general and administrative (“SG&A”) expenses were $61.7 million during the three months ended September 30, 2021, an increase of $4.7 million, or 8.3 percent compared to 2020, primarily due to $6.5 million of incremental expense from the FIH acquisition during the period. SG&A expense as a percentage of revenue increased to 6.8 percent compared to 6.0 percent for the corresponding period in 2020, primarily due to increased expense as the Company integrates FIH into its operations, as well as lower revenue from the Company’s legacy operations.

Transaction and related costs were $0.4 million for the three months ended September 30, 2021, an increase of $0.3 million compared to 2020, primarily due to professional fees paid to advisors associated with the FIH integration in 2021.

Interest expense, net for the three months ended September 30, 2021, was comparable to the same period in 2020 primarily due to higher average debt balances from the borrowings incurred related to the FIH acquisition, offset by a lower weighted average interest rate.

The Company recorded income tax expense for the three months ended September 30, 2021 of $16.7 million compared to expense of $17.9 million for the three months ended September 30, 2020. The effective tax rate on income attributable to Primoris (excluding noncontrolling interests) was 27.5 percent for the three months ended September 30, 2021. The effective tax rate on income attributable to Primoris (excluding noncontrolling interest) is expected to be 27.5 percent for 2021. The 2021 rate differs from the U.S. federal statutory rate of 21.0 percent primarily due to state income taxes and nondeductible components of per diem expenses.

Outlook

The Company is updating its estimates for the year ending December 31, 2021 as a result of the headwinds from both project and material delays related to the COVID-19 pandemic and customer supply chain issues. Net income attributable to Primoris is expected to be between $2.10 and $2.20 per fully diluted share. Adjusted EPS is estimated in the range of $2.61 to $2.71 for 2021. The per share range takes into account the dilution from the 4.5 million additional shares issued under the Company’s secondary offering during the first quarter of 2021.

The Company is targeting SG&A expense as a percentage of revenue in the mid-six percent range for full year 2021. Primoris expects its SG&A percent will decrease in 2022 upon completion of its integration of FIH. The Company estimates capital expenditures for the remainder of 2021 in the range of $10 to $20 million. The Company’s targeted gross margins by segment are as follows: Utilities in the range of 12 to 14 percent; Energy/Renewables in the range of 9 to 12 percent; and Pipeline Services in the range of 9 to 13 percent.

The guidance provided above constitutes forward-looking statements, which are based on current economic conditions and estimates, and the Company does not include other potential impacts, such as changes in accounting, acquisitions or dispositions or unusual items. Supplemental information relating to the Company’s financial outlook is posted in the Investor Relations section of the Company’s website at www.primoriscorp.com.

At September 30, 2021, Fixed Backlog was $1.3 billion and MSA Backlog was $1.5 billion. Total Backlog at the end of the third quarter 2021 was $2.7 billion. MSA Backlog represents estimated MSA revenue for the next four quarters. The Company expects that during the next four quarters, the Company will recognize as revenue approximately 88 percent of the total backlog at September 30, 2021, comprised of backlog of approximately: 100 percent of Utilities; 73 percent of Energy/Renewables; and 100 percent of Pipeline.

Backlog, including estimated MSA revenue, should not be considered a comprehensive indicator of future revenue. Revenues from certain projects, such as cost reimbursable and time-and-materials projects, do not flow through backlog. At any time, any project may be cancelled at the convenience of customers.

Liquidity and Capital Resources

At September 30, 2021, the Company had $199.0 million of unrestricted cash and cash equivalents. The Company had no outstanding borrowings under the revolving credit facility, commercial letters of credit outstanding were $44.5 million and the available borrowing capacity was $155.5 million.

Dividend

The Company also announced that on November 3, 2021, its Board of Directors declared a $0.06 per share cash dividend to stockholders of record on December 31, 2021, payable on January 14, 2022.

Share Repurchase Program

On November 3, 2021, the Company’s Board of Directors authorized a share repurchase program for the repurchase of up to $25 million of the Company’s outstanding common stock. Under the share repurchase program, the Company can, depending on market conditions, share price and other factors, acquire shares of its common stock on the open market or in privately negotiated transactions. The program will expire December 31, 2022.

Response to the COVID-19 Pandemic

The Company continues to take steps to protect its employees’ health and safety during the COVID-19 pandemic. Primoris has a written corporate COVID-19 Plan in place, as well as Business Continuity Plans (by business unit and segment), based on guidelines from the U.S. Centers for Disease Control and Prevention, the Occupational Safety and Health Administration, and their Canadian counterparts.

Conference Call and Webcast

As previously announced, management will host a teleconference call on Tuesday, November 9, 2021, at 9 a.m. U.S. Central Time (10 a.m. U.S. Eastern Time). Tom McCormick, President and Chief Executive Officer, and Ken Dodgen, Executive Vice President and Chief Financial Officer, will discuss the Company’s results and financial outlook.

Investors and analysts are invited to participate in the call by phone at 1-833-476-0954, or internationally at 1-236-714-2611 (access code: 4449678) or via the Internet at www.primoriscorp.com. A replay of the call will be available on the Company’s website or by phone at 1-800-585-8367, or internationally at 1-416-621-4642 (access code: 4449678), for a seven-day period following the call.

Presentation slides to accompany the conference call are available for download in the Investor Relations section of Primoris’ website at www.primoriscorp.com. Once at the Investor Relations section, please click on “Events & Presentations.”

Non-GAAP Measures

This press release contains certain financial measures that are not recognized under generally accepted accounting principles in the United States (“GAAP”). Primoris uses earnings before interest, income taxes, depreciation and amortization (“EBITDA”), Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS as important supplemental measures of the Company’s operating performance. The Company believes these measures enable investors, analysts, and management to evaluate Primoris’ performance excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. In addition, management believes these measures are useful in comparing the Company’s operating results with those of its competitors. The non-GAAP measures presented in this press release are not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, Primoris’ method of calculating these measures may be different from methods used by other companies, and, accordingly, may not be comparable to similarly titled measures as calculated by other companies that do not use the same methodology as Primoris. Please see the accompanying tables to this press release for reconciliations of the following non‐GAAP financial measures for Primoris’ current and historical results: EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS.

About Primoris

Primoris Services Corporation is a leading specialty contractor providing critical infrastructure services to the utility, energy/renewables and pipeline services markets throughout the United States and Canada. The Company supports a diversified base of blue-chip customers with engineering, procurement, construction and maintenance services. A focus on multi-year master service agreements and an expanded presence in higher-margin, higher-growth markets such as utility-scale solar facility installations, renewable fuels, electrical transmission and distribution systems and communications infrastructure have also increased the Company’s potential for long-term growth. Additional information on Primoris is available at www.primoriscorp.com.

Forward Looking Statements

This press release contains certain forward-looking statements, including our outlook, that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including with regard to the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “will”, “would” or similar expressions. Forward-looking statements include information concerning the possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, customer timing, project duration, weather, and general economic conditions; changes in the mix of customers, projects, contracts and business; regional or national and/or general economic conditions and demand for the Company’s services macroeconomic impacts arising from the long duration of the COVID-19 pandemic, including labor shortages and supply chain disruptions; price, volatility, and expectations of future prices of oil, natural gas, and natural gas liquids; variations and changes in the margins of projects performed during any particular quarter; increases in the costs to perform services caused by changing conditions; the termination, or expiration of existing agreements or contracts; the budgetary spending patterns of customers; increases in construction costs that the Company may be unable to pass through to customers; cost or schedule overruns on fixed-price contracts; availability of qualified labor for specific projects; changes in bonding requirements and bonding availability for existing and new agreements; the need and availability of letters of credit; costs incurred to support growth, whether organic or through acquisitions; the timing and volume of work under contract; losses experienced in the Company’s operations; the results of the review of prior period accounting on certain projects; developments in governmental investigations and/or inquiries; intense competition in the industries in which the Company operates; failure to obtain favorable results in existing or future litigation or regulatory proceedings, dispute resolution proceedings or claims, including claims for additional costs; failure of partners, suppliers or subcontractors to perform their obligations; cyber-security breaches; failure to maintain safe worksites; risks or uncertainties associated with events outside of the Company’s control, including severe weather conditions, public health crises and pandemics (such as COVID-19), political crises or other catastrophic events; client delays or defaults in making payments; the availability of credit and restrictions imposed by credit facilities; failure to implement strategic and operational initiatives; risks or uncertainties associated with acquisitions, dispositions and investments; possible information technology interruptions or inability to protect intellectual property; the Company’s failure, or the failure of the Company’s agents or partners, to comply with laws; the Company's ability to secure appropriate insurance; new or changing legal requirements, including those relating to environmental, health and safety matters; the loss of one or a few clients that account for a significant portion of the Company's revenues; asset impairments; and risks arising from the inability to successfully integrate acquired businesses. In addition to information included in this press release, additional information about these and other risks can be found in Part I, Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, and the Company’s other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.

Ken Dodgen
Executive Vice President, Chief Financial Officer
(214) 740-5608
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Brook Wootton
Vice President, Investor Relations
(214) 545-6773
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• Developed in partnership with Fluitec®, Mobil™ Solvancer® is an oil-soluble cleaner designed for gas and steam turbine applications, compressors and hydraulic systems.
• Can be added to in-service oils to help quickly dissolve varnish and organic deposits, supporting oil conversions, alleviating varnish-related operational issues, and helping with oil life extension.
• Gentle on systems and compatible with lubricants and hydraulic oils formulated with API group I to IV base stocks with no adverse impact on in-service oil or additive performance.

SPRING, Texas--(BUSINESS WIRE)--ExxonMobil announced today the introduction of Mobil™ Solvancer®, a cost-effective, oil-soluble cleaner that offers industry-leading performance to help operators of power generation and petrochemical equipment improve equipment reliability and reach extended overhaul-to-overhaul goals. The product was developed with Fluitec, an industry leader in oil enhancement technologies, and is based on the company’s proven DECON™ technology.

Designed for gas and steam turbine applications, compressors and hydraulic systems, Mobil Solvancer offers industry-leading performance to support oil conversions, alleviate operational issues due to varnish, and help with oil life extension. The product can be added to in-service oils to help quickly dissolve varnish and organic deposits from within the system, helping address escalating bearing temperatures and avoid issues such as re-adhesion, transfer of deposits, filter fouling, and oil line flow blockage.

The cleaner offers one of the industry’s lowest treat rates¹ – three to five percent compared to the average treat rate of 10-15% – allowing you to use less product to deliver the same level of protection. Mobil Solvancer also offers extended protection of more than one year, exceeding the longevity of most competitive products, thus helping operators optimize overhaul-to-overhaul periods.

“When operating power generation and petrochemical equipment, maximizing productivity and enhancing reliability is critical to minimizing downtime and driving your bottom line,” said Sarah Parsons, Industrial Lubricants Brand Manager. “That’s why we partnered with Fluitec, the industry’s leading oil enhancement technology company, to develop Mobil Solvancer, a cost-effective cleaner that can help operators dissolve varnish and deposits that can cause long-term harm to systems while keeping their equipment running longer between overhauls. That means less downtime – both planned and unplanned.”

Mobil Solvancer is gentle on systems and compatible with a wide range of oils, reducing the need for costly and laborious cleaning and flushing procedures. Specifically, the cleaner is compatible with lubricants and hydraulic oils formulated with API group I to IV base stocks and has no adverse impact on in-service oil or additive performance. Mobil Solvancer also offers exceptional seal compatibility, and it is benign to paints and coatings commonly used in gas and steam turbine applications, compressors and hydraulic systems.

“This relationship between ExxonMobil and Fluitec helps scale our patent-pending technology while bringing a high-value, cost-effective solution to Mobil’s customer base,” said Pierre Vanderkelen, Fluitec’s CEO. “We are delighted to work with such a world class organization and help fill a gap in the marketplace for such a value-add product.”

The new oil soluble cleaner is the latest addition to ExxonMobil’s portfolio of high-performance, Mobil-branded products and services for power generation applications. The Mobil business has more than 150 years of industry experience and expertise in the power generation and petrochemical sectors, having introduced many industry-leading products that push the boundaries of performance and help increase productivity and efficiency, including:

• Mobil DTE™ 700 series oils, which meet or exceed 17 industry and equipment builder specifications for gas and steam turbines.
• Mobil DTE 932 GT turbine oil, which is designed for bearing lubrication and keep-clean hydraulic servo valve performance in GE Frame Gas trubines.
• Mobil SHC™ 800 series oils, which provide the ultimate in long-life protection and high temperature resistance.

Most recently, ExxonMobil introduced Mobil SHC 918 EE, an oil that delivers overall turbine efficiency improvement of 0.09% when compared to conventional ISO 32 viscosity grade turbine oils and the first product to meet GE's rigorous energy efficient turbine oil specification, GEK 121603.

For more information on Mobil Solvancer, please visit: https://info.mobillubricants.com/mobil-solvancer

About ExxonMobil

ExxonMobil, the largest publicly traded international energy company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. For more information, visit www.exxonmobil.com or follow us on Twitter www.twitter.com/exxonmobil.

About Fluitec

Fluitec is the global leader in measuring, monitoring, and decontaminating industrial oils. Fluitec uses key technologies to transform lubricants into assets while increasing reliability and reducing the impact on the environment. Fluitec has a team of internationally recognized experts that centers around increasing the reliability and profitability of manufacturing plants, rotating equipment and transportation industries. Fluitec's technologies also reduce waste streams and lower CO2 output, has received Solar Impulse Efficient Solution label and is the first industrial lubricant company to achieve B Corp certification. Fluitec and Solvancer are registered trademarks of Fluitec. For more information visit www.fluitec.com

¹ Actual results can vary depending upon the type of equipment used and its maintenance, operating conditions and environment, and any prior lubricant used.

Media Relations
832-625-4000

ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--$ARR #Q3results--Altius Renewable Royalties Corp. (TSX: ARR) (OTCQX: ATRWF) (“ARR” or the “Company”), will file on SEDAR financial results for the quarter ended September 30, 2021 today after the close of trading with a conference call to follow November 9, 2021 at 9 am ET.

Brian Dalton, CEO of ARR, commented as follows: “This was a very notable quarter in the business development history of ARR as adoption of our innovative royalty financing structures within the US renewable energy sector continued to expand. By closing our first two investments in operating stage assets, the potential addressable market for our royalty funding has widened dramatically, while demand for projects stemming from our developer funding initiatives also continued to be strong. As a result, the expected timeline to achieve the milestone of positive cash flow has been accelerated to 2022 - and increased our belief in the positive role we can play in supporting the clean energy transition.”

Q3 2021 Business Highlights

• A total of US$87.5 million in royalty-based financing was deployed during the quarter on operating stage projects by Great Bay Renewables (“GBR”), a joint venture company of ARR and funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) (“Apollo Funds”). As a result of these investments Apollo Funds completed its funding obligations to earn a 50% interest in the GBR joint venture and the partners have therefore begun to fund opportunities on an equal basis.
  • On August 3, 2021 ARR announced the closing of a US$35 million royalty investment with Longroad Energy (“Longroad”) relating to its 250 MW Prospero 2 solar project in Texas. This represented the first operating royalty investment made by GBR, with annual revenue contributions expected to commence in January 2022 using royalty rates that vary over time. Longroad is a top-tier developer, owner and operator of renewable energy projects, having developed over 60 renewable energy projects totaling over 6 GWs across North America.
  • On September 30, 2021 ARR announced the closing of a US$52.5 million royalty investment with Northleaf Capital Partners (“Northleaf”) related to the 150 MW Old Settler wind project, the 50 MW Cotton Plains wind project and the 15 MW Phantom Solar project. These three Texas based projects are all currently operational and began generating royalty revenue upon closing of the transaction. The royalty investment has been structured using royalty rates that vary over time and provide GBR with US$4-7 million per year over the first 10 years of the investment. Northleaf is a global private markets investment firm with US$17 billion in private equity, private credit, and infrastructure commitments under management.
• Construction activities continued to progress at the 195 MW Jayhawk wind project in Kansas with completion anticipated late in Q4 2021. A 2.5% royalty relating to this project was created and assigned to GBR upon its sale to WEC Energy and Invenergy earlier this year.
• During the quarter, a new developer financing-based royalty (2.5% of gross revenue) in favour of GBR was created on a 500 MW renewable energy project in Texas that is currently expected to issue notice-to-proceed in early 2022.
• Subsequent to quarter end, a new developer financing-based royalty (2.5% of gross revenue) in favour of GBR was created on a 300 MW renewable energy project in Texas.
• ARR, through its GBR joint venture, is now entitled to royalties on 16 renewable energy projects representing approximately 3,510 MW of US based wind and solar power generation projects that are well diversified by counterparty, contracted and market based sales strategies and regional power pools. Please refer to the Management’s Discussion and Analysis (“MD&A”) for additional royalty and project details.

Q3 2021 Financial Results

The cash position of ARR at September 30, 2021 was US$54.9 million, after pro-rata funding approximately US$22.7 million of new GBR investments during the quarter. The cash on hand is available to fund ongoing operations and deployment into renewable royalty opportunities with existing and new partners.

For the quarter ended September 30, 2021, ARR reported a net loss of US$1,410,500 and a net loss per share of US$0.05. This compares to a net loss of US$682,500 in Q2 2021, and a net loss of US$349,700 in Q3 2020, when the Company was wholly owned by Altius Minerals Corporation. The majority of royalties created to date are on projects that are at various stages of development and are therefore not currently providing royalty revenue. However, the Northleaf and Longroad transactions (referenced above) are on operating assets with first revenue expected to be recorded in Q4 this year and Q1 next year, respectively. First revenue from a project royalty created through developer financing structures is also expected in 2022 upon commissioning of the Jayhawk wind project.

Conference Call Details

A conference call and webcast will be held November 9, 2021 at 9:00 am ET to provide an update and to offer an open Q&A session for analysts and investors. Access details are as follows:

About ARR

ARR is a recently formed renewable energy company whose business is to provide long-term, royalty level investment capital to renewable power developers, operators, and originators. The Company combines industry expertise with innovative, partner-focused solutions to further the growth of the renewable energy sector as it fulfills its critical role in enabling the global energy transition.

Flora Wood
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: 1.877.576.2209
Direct: 1.416.346.9020

Ben Lewis
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DUBLIN--(BUSINESS WIRE)--The "Sailboat Market Size, Share & Trends Analysis Report By Hull Type (Monohull, Multi-hull), Length (Up to 20 ft., 20-50 ft., Above 50 ft.), By Region, And Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.

The global sailboat market size is expected to reach USD 7.03 billion by 2028, expanding at a CAGR of 2.4% from 2021 to 2028

Increased investments in research and development activities is one of the major drivers for the market growth. Companies are collaborating with international engineering firms, yacht designers, and technological innovation providers to develop new models.

For instance, the HanseYachts Group uses Catia-a design software-which enables it to map the entire production and development process from the first design to the activation of production machines. Other companies are also adapting to changing market conditions and responding quickly to changing customer preferences to maintain their positions in the market.

The rising awareness about sustainability and the need to reduce carbon dioxide emissions have made suppliers and shipyards actively invest in more sustainable solutions. For instance, to offer a diverse portfolio that is more environmentally friendly, Rolls-Royce Power Systems is investing in the research and development of various sustainable technologies.

Revenues generated on the sales of motor yachts account for a much smaller portion of the total revenue of the market compared to those generated on the sales of sailing yachts. Companies are expanding their product portfolios to include motor yachts. For instance, the HanseYachts Group continues to invest in expanding the product portfolio of its Sealine and Fjord brands and regionally expanding or reinforcing the dealer network.

Companies face intense competition in the international market. Consequently, changing economic conditions in key sales markets impact the demand for products despite the broad regional diversification of international dealer networks. The military conflicts in the Middle East could affect sales in Middle Eastern countries.

The U.K.'s departure from the European Union and the continuing uncertainties regarding the future economic relations between the U.K and the European Union, loss in value of the Turkish lira, and trade protectionism in the U.S. could negatively affect unit sales for companies exporting boats in these countries.

Sailboat Market Report Highlights

• In terms of hull type, the monohull segment dominated the market in 2020 and is expected to retain its dominance over the forecast period as well. While sailing is popular in western countries with longer coastlines, several individual-use sailboats for pleasure and fun activities during the outings with friends and family. Thereby growing the popularity of one-day sailing monohull sailboats
• In terms of length, the upto 20 ft. segment is expected to register a CAGR of 2.7% over the forecast period. The growth of the segment can be attributed to the growing demand for smaller sailing boats such as sailing dinghies, beach catamarans, and daysailers
• North America dominated the market in 2020. Europe is expected to expand at the highest CAGR of 2.9% over the forecast period. The growth of the regional market can be attributed to the presence of major market players and several local companies and the increasing popularity of recreational boating activities

Market Dynamics

Market driver analysis

• Continuous Research And Development
• Virtual Trade Shows

Market challenge analysis

• Procurement and purchasing risks
• Economic and Industry conditions

Market opportunity analysis

• Growth from motor yachts

Companies Mentioned

• Arcona Yachts
• Hallberg-Rassy Varvs AB
• BENETEAU GROUP
• Bavaria Yachtbau
• Ferretti Group
• Catalina Yachts
• HanseYachts AG
• CANTIERE DEL PARDO S.p.A.
• Dufour Yachts
• Fountaine Pajot

For more information about this report visit https://www.researchandmarkets.com/r/6xab3t

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DALLAS & STAMFORD, Conn.--(BUSINESS WIRE)--CBRE Acquisition Holdings, Inc. (NYSE: CBAH) (“CBAH”), a publicly-traded special purpose acquisition company, announced today that CBAH’s definitive proxy statement/prospectus (“Proxy Statement/Prospectus”) relating to the previously announced business combination with Altus Power, Inc. (“Altus Power”), a market-leading clean electrification company, was filed with the U.S. Securities and Exchange Commission on November 5, 2021.

CBAH has commenced mailing of the Proxy Statement/Prospectus - which contains a proxy card relating to the special meeting of the CBAH stockholders (the “Special Meeting”) - to CBAH stockholders of record as of the close of business on October 27, 2021.

The Special Meeting to approve the pending business combination 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. If the proposals at the Special Meeting are approved, the parties anticipate that the business combination will close shortly thereafter, subject to the satisfaction or waiver, as applicable, of all other closing conditions.

Every stockholder's vote is important, regardless of the number of shares held. Accordingly, CBAH requests that each stockholder complete, sign, date and return a proxy card (online or by mail) as soon as possible so that it is received no later than 10:00 a.m. Eastern Time on December 6, 2021, to ensure that the stockholder’s shares will be represented at the Special Meeting. Stockholders which hold shares in “street name” (i.e., those stockholders whose shares are held of record by a broker, bank or other nominee) should contact their broker, bank or other nominee to ensure that their shares are voted.

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 within the next few days, 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, bank 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.

CBAH expects to provide stockholders with additional information on how stockholders may vote their shares held in “street name” on its website in the coming days, and CBAH expects to publish a subsequent press release once the website is live.

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. CBAH will mail a definitive proxy statement/prospectus and other relevant documents to its stockholders. CBAH’s stockholders and other interested persons are advised to read the 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 will be 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, including the preliminary proxy statement/prospectus and amendments thereto 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 will 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.

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 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.

No Offer or Solicitation

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

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
CBRE Corporate Communications
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Altus Power Contacts
For Media:
Cory Ziskind
ICR, Inc.
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For Investors:
Caldwell Bailey
ICR, Inc.
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AES Clean Energy taps global water and power infrastructure leader to oversee development of pumped storage project that will offset millions of gallons of fossil fuels annually

OVERLAND PARK, Kan.--(BUSINESS WIRE)--Black & Veatch has been selected by AES Clean Energy (AES) to serve as owner’s engineer for the pumped storage and hydropower portion of the West Kaua‘i Energy Project, which will be a critical step in helping the state move closer to its target of 100-percent locally produced renewable energy by 2045. When complete, the overall program will reduce dependency on fossil fuels – offsetting the use of 8.5 million gallons of fossil fuels annually – for the island’s more than 70,000 residents.

Located on the Hawaiian island of Kaua‘i, the West Kaua‘i Energy Project (WKEP) is an integrated renewable energy and irrigation project that includes energy production with pumped storage hydropower, conventional hydropower, solar photovoltaic generation and battery energy storage. WKEP is a key component in the state’s decarbonization plans, as it will move Kaua‘i to more than 80-percent renewable generation and fulfill up to 25 percent of the island’s energy needs.

The pumped storage portion of the project will pump water from the lower Mānā Reservoir to the upper Pu‘u ‘Ōpae Reservoir using energy production from the solar PV portion of the project. During the evening peak, nighttime and morning peak hours (as well as during periods of rainy or cloudy weather), water will be sent back to the lower reservoir via gravity penstock from Pu‘u ‘Ōpae, through the Mānā Powerhouse and its 20-MW Pelton turbine to generate renewable power for the grid. The process will cycle between daytime pumping and nighttime generation perpetually.

“Renewable energy and energy storage are key components of the decarbonization movement,” said Carlos Araoz, vice president and managing director of Black & Veatch’s hydropower and hydraulic structures business line. “This project not only features renewable energy in the form of pumped storage hydropower, it couples it with solar energy and battery storage in a renewable energy program that will play a significant role in helping both the island of Kaua‘i and the state of Hawai‘i reduce its reliance on fossil fuels.”

Kaua‘i Island Utility Cooperative (KIUC) signed agreements with AES for the development, construction and operation of the cooperative’s solar pumped storage hydro project and a power purchase agreement (PPA) was executed and filed with the Hawai‘i Public Utilities Commission on December 31, 2020. As owner’s engineer, Black & Veatch will support AES in development of technical design criteria for hydro power and hydraulic structures of the project, providing design and constructability reviews, reviewing technical and procurement specifications, performing factory inspections and witnessing acceptance testing as well as providing construction and commissioning support and closing out the project.

The project is expected to stabilize and reduce energy rates over time, and provide agricultural, community and recreational benefits through water delivery. Restoring stream flows on four Waimea River tributaries in Kōkeʻe will improve the river’s natural habitat, while rehabilitation of three reservoirs will also assist first responders in fighting wildfires in the area.

“It’s an exciting project,” Araoz said. “We’re proud to be partnered together with AES Clean Energy to help make this sustainable project a reality.”

Editor’s Notes:

• Black & Veatch has been involved in the WKEP project since 2020, performing due diligence review of the conceptual and updated designs as well as project cost estimates, supporting development of the technical design guidelines and performance testing requirements for the EPC contract. The company also supported AES Clean Energy during its power purchase agreement negotiations with Kaua‘i Island Utility Cooperative.
• In the pumped storage plant, the pumps and turbine generator are separate and designed to store enough energy in the Pu‘u ‘Ōpae Reservoir to allow the Mānā Powerhouse to run for 12 hours during the peak demand hours.
• Pu‘u ‘Ōpae Reservoir is the middle reservoir in a series of three. Pu‘u Lua Reservoir is used to store water as a buffer to provide a steady supply of water for the system and offers recreational fishing access for residents. Water is also delivered to the Pu‘u ‘Ōpae Reservoir through a 4 MW Pelton turbine from the Pu‘u Moe divide diversion structure between Pu‘u Lua and Pu‘u ‘Ōpae.
• Download a simple schematic of the project.

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.

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DUBLIN--(BUSINESS WIRE)--The "Barite Market Size, Share & Trends Analysis Report By Application (Oil & Gas, Chemicals, Fillers), By Region (North America, Europe, Asia Pacific, Central & South America, MEA), And Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.

The global barite market size is expected to reach 1.59 billion by 2028 and is expected to expand at a CAGR of 3.7% from 2021 to 2028.

Rising investments in increasing offshore explorations in the oil and gas industry are anticipated to augment the market growth over the forecast period.

Barite is a naturally occurring barium-based mineral. It is found in hydrothermal ore veins, sedimentary rocks like limestone, clay deposits, marine deposits, and cavities in igneous rock. According to the USGS, its global mine production was 7,500 kilotons in 2020 down from 8,870 kilotons in 2019 owing to the COVID-19 pandemic. China and India are the leading producers of barite.

The oil and gas application segment accounted for the largest revenue share in 2020 as barite is mainly used as a weighting agent in formulating drilling mud. Investments in new offshore exploration projects are anticipated to benefit the market growth. For instance, in January 2021, Egypt announced to invest USD 1.4 billion in exploring oil and gas at nine new sites. The country's Ministry of Petroleum and Mineral Resources expects to drill 23 new wells across the Mediterranean and Red Sea.

The Middle East and Africa held the second-largest revenue share in 2020. Investments in oil and gas projects of the region are expected to boost the product demand.

For instance, in June 2021, the Nigerian Content Development and Monitoring Board (NCDMB) approved four firms: Nishan Industries Limited, Delta Prospectors Limited, Ana Industries Limited, and Bakers Hughes Company Limited for supplying barite required for any drilling project in the Nigerian oil and gas industry.

The market is competitive with the growing interest of players in barite projects. For instance, in July 2021, Apollo Gold & Silver Corp. acquired 100% interest in the Waterloo Silver-Barite project from Pan American Minerals, Inc. The project is located in San Bernadino County California, U.S.

Barite Market Report Highlights

• By application, the chemicals segment is anticipated to expand at the fastest CAGR of 4.6%, in terms of revenue, over the forecast period. Barite is extensively used in producing barium compounds, which are further employed in different end-use industries, such as paper, rubber, leather, ceramics, and glass
• Barite is an excellent substitute for expensive materials used in paints and coatings. It is an excellent replacement for filler materials, such as crypton, titanium dioxide, and basofor
• Asia Pacific is expected to register the fastest revenue-based CAGR over the forecast period. Growing investments in the exploration of oil and gas in different countries of the region are expected to augment the product demand over the forecast period
• In 2020, the emergence of the COVID-19 pandemic had a significant impact on barite demand since oil companies were devastated by excess supply and decreased demand

Key Topics Covered:

Chapter 1. Methodology and Scope

Chapter 2. Executive Summary

Chapter 3. Barite Market Variables, Trends & Scope

Chapter 4. Barite Market: Application Outlook Estimates & Forecasts

Chapter 5. Barite Market Regional Outlook Estimates & Forecasts

Chapter 6. Competitive Analysis

Chapter 7. Company Profiles

• Anglo Pacific Minerals Ltd.
• Ashapura Group
• CIMBAR Performance Minerals
• Demeter O&G Supplies Sdn Bhd
• Excalibur Minerals LLC
• International Earth Products LLC
• P & S Barite Mining Co., Ltd.
• PVS Chemicals
• Schlumberger Limited
• The Andhra Pradesh Mineral Development Corporation Ltd.
• Zhashui Barite Mining Co., Ltd.

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

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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