DUBLIN--(BUSINESS WIRE)--The "Noble Gas Market Review 2021 and Strategic Plan for 2022 - Insights, Trends, Competition, Growth Opportunities, Market Size, Market Share Data and Analysis Outlook to 2028" report has been added to ResearchAndMarkets.com's offering.

The Noble Gas Market is expected to register an attractive growth rate during the outlook period driven by technological innovations and application and specific developments.

Market Players in the Noble Gas Market business are aligning their operating model to the new normal by pivoting towards digitalization of operations and adapting to emerging technologies in robotic automation and artificial intelligence. Mergers and acquisitions to acquire new technologies, strengthen portfolios, and leverage capabilities to remain key strategies of top companies in the Noble Gas Market industry during the outlook period. Investing in R&D and technology to improve product lines will be the major growth driver in the short to medium term for the Noble Gas Market amid prevailing tough conditions. The market study provides a comprehensive description of current trends and developments in the Noble Gas Market industry along with a detailed predictive and prescriptive analysis to 2028.

Noble Gas Market Dynamics - COVID Impact and Post COVID Scenario Analysis

The high demand for chemicals and materials essential to fight the pandemic COVID 19 led to a shortage in raw materials for other products despite high prices, thus disrupting the Noble Gas Market supply chain. Companies that are adding capacities aggressively to cater to the short- term COVID-induced demand need to be cautious in analyzing these unprecedented demand patterns. Post pandemic transformations in social, economic, trade, and political conditions with expected reforms in environmental regulations will shape the future of the Noble Gas Market industry from 2021 to 2025. The Noble Gas Market has reported mixed results during the COVID-19 pandemic for different applications and geographies. The research identifies segment-wise implications of the pandemic and offers different case scenarios representing the Noble Gas Market growth prospects to 2028.

Noble Gas Market Insights - Latest Trends, Drivers, Opportunities, and Challenges

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

Noble Gas Market Structure - Competition, Strategies and Company Profiles

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

Noble Gas Market Segmentation - Regional Analysis of different Noble Gas Market Product Types, Applications, and End - Users

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

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

Market Research Scope

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

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

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HOUSTON--(BUSINESS WIRE)--$TELL #LNG--Tellurian Inc. (Tellurian) (NYSE American: TELL) completed sales from Driftwood LNG’s capacity for the first two plants with the signing of three million tonnes per annum (mtpa) in sale and purchase agreements (SPAs) with Shell and raised approximately $116 million in a public stock offering in the third quarter of 2021. Subsequent to the quarter end, Tellurian transferred its common stock listing from the Nasdaq Capital Market to the NYSE American.

Tellurian ended its third quarter of 2021 with approximately $210.8 million of cash and cash equivalents and no borrowing obligations. Natural gas sales for the third quarter generated approximately $15.6 million in revenues compared to $7.3 million during the same period of 2020.

Tellurian has a strong balance sheet consisting of approximately $483.9 million in total assets. Tellurian reported a net loss of approximately $18.7 million, or $0.04 per share (basic and diluted), for the three months ended September 30, 2021.

President and CEO Octávio Simões said, “Tellurian recently brought production online from two newly completed natural gas wells, adding to our financial strength and integrated model that provides a valuable hedge to volatile global prices. By year end 2021 we plan to produce approximately 70 million cubic feet equivalent per day (mmcfed). In addition, we have authorized a new drilling program and plan to drill 12 – 14 wells to produce approximately 220 mmcfed by year end 2022. We have turned our focus to financing Driftwood LNG and plan to give Bechtel notice to proceed with construction in early 2022.”

About Tellurian Inc.

Tellurian intends to create value for shareholders by building a low-cost, global natural gas business, profitably delivering natural gas to customers worldwide. Tellurian is developing a portfolio of natural gas production, LNG marketing and trading, and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the NYSE American under the symbol “TELL”.

For more information, please visit www.tellurianinc.com. Follow us on Twitter at twitter.com/TellurianLNG

CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “assume,” “believe,” “budget,” “estimate,” “expect,” “forecast,” “initial,” “intend,” “may,” “plan,” “potential,” “project,” “proposed,” “should,” “will,” “would,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements herein relate to, among other things, the capacity, timing, construction and other aspects of the Driftwood project, future production and drilling activities and the timing of a notice to proceed with respect to the project. These statements involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include the matters discussed in Item 1A of Part I of the Annual Report on Form 10-K of Tellurian for the fiscal year ended December 31, 2020 filed by Tellurian with the Securities and Exchange Commission (the SEC) on February 24, 2021, and other Tellurian filings with the SEC, all of which are incorporated by reference herein. The forward-looking statements in this press release speak as of the date of this release. Although Tellurian may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securities laws.

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LONDON & PARIS--(BUSINESS WIRE)--V.E, part of Moody’s ESG Solutions, published today a Second Party Opinion (SPO) on Ford’s Sustainable Financing Framework. The framework will govern Ford Motor Company and Ford Credit’s future bond issuances to finance environmental and social projects.

“Bonds issued via Ford’s Sustainable Financing Framework will make an Advanced contribution to sustainability, the highest level on our four-point scale,” said Patrick Mispagel, MD – Sustainable Finance at Moody’s ESG Solutions. “By financing clean transportation projects such as the manufacturing of electric vehicles, Ford’s framework will have a positive impact on the company, its supply chain, and the general public, who stand to benefit from a reduction in air pollution and greenhouse gas emissions.”

In V.E’s opinion, the framework is Aligned with the four core components of the Green Bond Principles 2021 and Social Bond Principles 2021.

The framework is Coherent with Ford’s strategic sustainability priorities, the highest level on V.E’s three-point scale. Ford’s sustainability goals and targets include achieving carbon neutrality by 2050, attaining zero emissions from its vehicles and facilities, and using 100% local renewable electricity in all manufacturing by 2035.

V.E’s SPOs on sustainability credentials help market participants secure financing through sustainable bonds and loans, strengthen issuers’ and projects’ credibility, and give investors confidence. To date, V.E has provided more than 370 SPOs – including award-winning and pioneering missions – on sustainable financing operations in over 30 countries. To learn more, please visit www.moodys.com/sustainable-finance.

V.E’s SPO on Ford’s Sustainable Financing Framework is available here.

ABOUT MOODY’S ESG SOLUTIONS

Moody’s ESG Solutions Group is a business unit of Moody’s Corporation serving the growing global demand for ESG and climate insights. The group leverages Moody’s data and expertise across ESG, climate risk, and sustainable finance, and aligns with Moody's Investors Service and Moody's Analytics to deliver a comprehensive, integrated suite of ESG and climate risk solutions including ESG scores, analytics, Sustainability Ratings and Sustainable Finance Reviewer/certifier services.

For more information visit Moody’s ESG hub at www.moodys.com/esg.

Media inquiries:

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Lisa Stanton
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SUNDERLAND, England--(BUSINESS WIRE)--Haskel’s Hydrogen Systems Group, a business of the Precision and Science Technologies Segment at Ingersoll Rand Inc. (NYSE:IR), is pleased to announce a long-term agreement with Hiringa Refuelling NZ (Hiringa) to supply hydrogen refuelling stations across New Zealand.

In conjunction with the supply agreement, Hiringa has issued orders for the first four high-capacity refuelling stations for its nationwide green hydrogen network, to be delivered and commissioned in 2022.

Stephen Learney, Haskel’s Global Managing Director, stated: “New Zealand is starting to scale up its hydrogen mobility infrastructure, and we are proud to be working with Hiringa in delivering this ambitious roadmap.

“Working in partnership with Hiringa, we will utilize compression, storage and dispensing equipment specifically designed and optimized for the New Zealand network. The partnership leverages on Haskel’s 75 years’ experience and industry leading technology and Hiringa’s business model specifically designed for the local market.”

Hiringa’s Chief Technology Officer, Dan Kahn stated: “After a competitive selection process in 2019, we’ve been working with Haskel over the past two years to jointly develop a high-capacity, network focused design to meet the demands of the heavy transport industry in New Zealand.

“We are pleased to announce these first orders, and our partnership to ensure successful delivery of New Zealand’s nationwide hydrogen refuelling network.”

As the first company in New Zealand dedicated to the supply of green hydrogen, Hiringa has been developing a hydrogen production and refuelling network to support large-scale refuelling for heavy-duty vehicles with investor partners and funding support from the New Zealand government. Haskel’s hydrogen compression system provides high capacity fuelling for buses and trucks up to 350 bar working pressure.

Phase 1 of the development includes four refuelling stations, selected to provide coverage for the major heavy freight routes in the North Island. The network is planned to expand into the South Island through 2023, providing full coverage of all New Zealand’s heavy freight routes. As demand for zero-emission transport grows, over 24 Hiringa high-capacity refuelling stations are expected to come online across New Zealand in the next 4-5 years.

Haskel Hydrogen Systems' is well-versed in large-scale refuelling station installations, having customized its Geno Range to fit refuelling needs of large fleets in a diverse set of projects. Haskel’s portfolio of work in hydrogen refuelling positions them as an ideal partner on challenging initiatives that advance the hydrogen mobility market. To learn more about Haskel’s hydrogen refuelling infrastructure capabilities for both large and small-scale fleets, visit: https://www.haskel.com/en-us/products/hydrogen-refueling.

Together with partners, Hiringa is developing one of the world’s first nation-wide hydrogen refuelling networks in New Zealand. To learn more about Hiringa’s plans to enable the adoption of hydrogen solutions, visit: https://www.hiringa.co.nz/refuelling-network.

About Haskel

Haskel, a business of the Precision and Science Technologies Segment at Ingersoll Rand, is the global leader in high-pressure liquid and gas transfer and compression technology solutions for critical applications in hydrogen mobility, aerospace and defence, energy and other industries. The organization’s Hydrogen Systems Group, based in Sunderland, U.K., supports the development of global refuelling infrastructure, including hydrogen fuelling stations and hydrogen dispensing solutions. With 75 years of expertise, Haskel’s leadership in the market is built on a reputation of safety, reliability and the highest quality. Ingersoll Rand (NYSE:IR), is a global leader in mission-critical flow creation and industrial technologies. For more information, visit www.IRCO.com.

About Hiringa Refuelling New Zealand

Hiringa Refuelling New Zealand is a subsidiary of Hiringa Energy, a next generation energy company. Founded in 2016, Hiringa Energy is dedicated to building green hydrogen production projects using renewable energy to displace the use of fossil fuels for transport and industrial feedstock as well as working with technology suppliers to introduce a full suite of hydrogen powered transport solutions to customers.

Hiringa Refuelling New Zealand is focussed on rapidly deploying a nationwide high capacity, open access hydrogen refuelling network to remove barriers and accelerate the adoption of green hydrogen applications across multiple sectors including road transport, aviation, rail, marine, materials handling, off highway and remote use. For more information, visit www.hiringa.co.nz.

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MADISON, Wis.--(BUSINESS WIRE)--MGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the third quarter of 2021.

MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the third quarter of 2021 were $34.9 million, or $0.97 per share, compared to $31.8 million, or $0.88 per share, for the same period in the prior year.

Our third-quarter results were driven by an increase in investments included in rate base and economic recovery in our service territory.

MGE is investing in new, cost-effective, carbon-free renewable generation, which is helping to fuel the company's asset growth. An increase in electric investments included in rate base continues to contribute to the increase in electric earnings for 2021. The Two Creeks solar project was completed in November 2020 contributing to increased electric earnings in the third quarter of 2021.

For the quarter, electric retail kilowatt-hour sales increased 2.2 percent compared to the third quarter of 2020. Electricity use by commercial customers was 4.5 percent higher during the third quarter of 2021. Electric residential consumption declined by 3.9 percent.

Depreciation and operations and maintenance costs are expected to increase during the remainder of 2021 after significant capital projects are completed. The new customer information system went live in September 2021. This multiyear capital investment to upgrade internal legacy systems is part of the Enterprise Forward initiative to transform MGE into a digitally integrated utility. Additionally, Badger Hollow I is expected to be completed in the fourth quarter of 2021.

About MGE Energy

MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 157,000 customers in Dane County, Wis., and purchases and distributes natural gas to 166,000 customers in seven south-central and western Wisconsin counties. MGE's roots in the Madison area date back more than 150 years.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements include the risks and uncertainties related to the COVID-19 pandemic as well as expenses expected for the remainder of 2021. Such forward-looking statements are based on MGE Energy's current expectations, estimates and assumptions regarding future events, which are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to revise or update publicly any such forward-looking statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, please refer to the "Risk Factors" sections in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission.

Steve B. Schultz
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Ken Frassetto
Investor Relations
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DES PLAINES, Ill. & WINDSOR, Conn.--(BUSINESS WIRE)--Honeywell (NASDAQ: HON) and ZoneFlow Reactor Technologies, LLC today announced a joint agreement to commercialize ZoneFlow™ Reactor Technology. This technology promises to provide a step-change improvement in the efficiency and carbon intensity of steam methane reforming for the production of hydrogen. When coupled with Honeywell H₂ Solutions’ carbon capture for hydrogen production, the ZoneFlow technology will make low-carbon hydrogen production more efficient and less expensive.^1,2

The ZoneFlow Reactor, a structured catalyst module (pictured to the right) that replaces conventional catalyst pellets in SMR tubes, provides far superior heat transfer and pressure drop performance.² UOP and ZFRT will cooperate in conducting reactive testing in ZFRT’s large-scale pilot plant at Université Catholique de Louvain in Louvain-la-Neuve, Belgium. The reactive testing will validate the expected 15% increase in throughput over conventional catalyst pellet systems. Results from the pilot plant testing are expected to be available by mid-2022.

“We see the ZoneFlow Reactor Technology as a major breakthrough in steam methane reforming,” said Laura Leonard, vice president and general manager, Honeywell UOP Process Technologies. “The much higher throughput possible with the ZoneFlow Reactors will mean significant capital savings for new SMR plants and higher productivity for existing plants. The additional opportunity to reduce the steam requirements to the steam methane reforming process will reduce its energy demands and overall impact on plant CO₂ emissions.”

“This collaboration with Honeywell UOP creates the strongest possible team for the commercial validation and offering of the ZoneFlow Reactor Technology,” said Bruce Boisture, President of ZFRT. “UOP’s broad expertise in catalysts and catalytic processes, coupled with its well-established PSA and carbon capture technologies, make it an ideal technical and commercial participant in this advanced development project. This partnership will provide the technical and financial resources to help demonstrate the breakthrough impact and productivity of the ZoneFlow Reactor Technology.”

Honeywell UOP (www.uop.com) is a leading international supplier and licensor of process technology, catalysts, adsorbents, equipment, and consulting services to the petroleum refining, petrochemical, and gas processing industries. Honeywell UOP is part of Honeywell's Performance Materials and Technologies strategic business group, which also includes Honeywell Process Solutions (www.honeywellprocess.com), a pioneer in automation control, instrumentation and services for the oil and gas, refining, petrochemical, chemical and other industries.

Honeywell (www.honeywell.com) is a Fortune 100 technology company that delivers industry specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help everything from aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

ZoneFlow Reactor Technologies, LLC (www.zoneflowtech.com), a privately held company, is a developer of innovative reactor and process technology for the steam methane reforming industry.

Note 1 - Based on an internal Techno Economical Analysis using Honeywell UOP developed simulation models, Unisim simulation model, standard PDD tool and optimization. Key variables include cost of CO₂ captured, cost of CO₂ avoided, stream composition, CO₂ delivery requirement (pressure, purity, phase), utility price set, price of H2 and geographic location.

Note 2 - ZoneFlow Reactor Technologies has established the heat transfer and pressure drop properties of ZF Reactors, relative to conventional catalyst pellets, through rigorous experimental testing that has been reported most recently in Chemical Engineering Journal. https://en.x-mol.com/paper/article/1338397261714743296 . Simulations of steam methane reformers with ZF Reactors and pellets, using Aspen© process software, reactor and reaction models developed by Prof. Juray De Wilde (Materials and Process Engineering Dept., Université Catholique de Louvain, co-author with Prof. Gilbert Froment of Chemical Reactor Analysis and Design, 3^rd Edition (Wiley)), and SMR cost data, were then used to compare the efficiency (including level of carbon emissions) and cost of ZF Reactors and conventional catalyst pellets.

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TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB):

November 2021 Cash Dividend - $0.06 per share

Superior Plus Corp. (“Superior”) today announced its cash dividend for the month of November 2021 of $0.06 per share payable on December 15, 2021. The record date is November 30, 2021 and the ex-dividend date will be November 29, 2021. Superior’s annualized cash dividend rate is currently $0.72 per share. This dividend is an eligible dividend for Canadian income tax purposes.

Upcoming Release of 2021 Third Quarter Results and Conference Call

Superior expects to release its 2021 third quarter results on Thursday, November 11, 2021 after the close of North American markets. A conference call and webcast to discuss the 2021 third quarter financial results is scheduled for 10:30 AM EST on Friday, November 12, 2021. To participate in the conference call, dial: 1-844-389-8661. Internet users can listen to the call live at: https://edge.media-server.com/mmc/p/c9795pya or as an archived call, on Superior's website at: www.superiorplus.com under the Events section.

About the Corporation

Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing over 780,000 customer locations in the U.S. and Canada.

For further information about Superior, please visit Superior’s website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll Free: 1-866-490-PLUS (7587).

Forward Looking Information

This news release contains certain forward-looking information and statements that are based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as “will”, "expects", "annualized", and similar expressions.

In particular, this news release contains forward-looking statements and information relating to: future dividends which may be declared on Superior’s common shares, the dividend payment, the tax treatment thereof, and the receipt of cash dividends. These forward-looking statements are being made by Superior based on certain assumptions that Superior has made in respect thereof as at the date of this news release, regarding, among other things: the success of Superior’s operations; prevailing commodity prices, margins, volumes and exchange rates; that Superior’s future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital at attractive prices to fund future capital requirements; future operating costs; that any required commercial agreements can be reached; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: the regulatory environment and decisions; non-performance of agreements in accordance with their terms; the impact of competitive entities and pricing; reliance on key industry partners and agreements; actions by governmental or regulatory authorities including changes in tax laws and treatment, or increased environmental regulation; adverse general economic and market conditions in Canada, North America and elsewhere; fluctuations in operating results; labour and material shortages; and certain other risks detailed from time to time in Superior’s public disclosure documents including, among other things, those detailed under the heading "Risk Factors" in Superior’s management's discussion and analysis and annual information form for the year ended December 31, 2020, which can be found at www.sedar.com.

Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward looking statements or information contained herein, except as required by applicable laws.

Beth Summers
Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015
or
Rob Dorran
Vice President, Investor Relations and Treasurer
Tel: (416) 340-6003
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Toll Free: 1-866-490-PLUS (7587).

IRVINE, Calif.--(BUSINESS WIRE)--Enevate, a pioneering battery innovation company featuring extreme fast charge and high energy density battery technologies for electric vehicles (EVs) and other markets, announced the appointment of two new senior executives with deep experience in the automotive and battery industries:

• Yednesh Parnaik, Vice President of Sales and Marketing

Mr. Parnaik brings more than 18 years of engineering, finance, program management, and sales experience in energy storage and automotive interiors. He previously worked at Lear Corporation and Johnson Controls.

• Lalit Savalia, Vice President of Manufacturing Operations

Mr. Savalia brings 15+ years of manufacturing experience in Li-ion batteries, modules, pack assembly, heavy-duty transit vehicles, agricultural and construction equipment. He previously worked at Proterra, Inc., an EV technology manufacturer, and John Deere (Deere and Co.).

“Yednesh and Lalit are key additions to our team as we look to expand our battery pilot production line designed as a manufacturing demonstration site for auto and battery makers focused on expanding or building new battery manufacturing plants, including large gigafactories,” said Enevate CEO Robert A. Rango. “Both Yednesh and Lalit are part of an exciting chapter in our growth story as the world transitions to EVs.”

With nearly $200 million in investment funding and with plans for an expanded battery pre-production line, Enevate has been hiring additional scientists, engineers, and executives and will soon be expanding its facility requirements in Irvine.

Enevate's technology transfer and intellectual property licensing business model is ideal for any company that operates or plans to operate battery manufacturing facilities. Enevate provides EV battery manufacturers with the ability to use existing manufacturing infrastructure with minimal additional investment, enabling an entirely new generation of EVs that will eliminate the customer pain points with EV ownership.

ABOUT ENEVATE (www.enevate.com)

Enevate develops and licenses advanced battery technology for electric vehicles (EVs), with a vision of EVs charging as fast as refueling gas cars, accessible and affordable to everyone, and accelerating EVs' mass adoption. With a portfolio of more than 400 patents issued and in process, Enevate's pioneering advancements (leveraging accelerated battery testing and machine learning) in silicon-dominant anodes and cells have resulted in battery technology that features five-minute extreme fast charging with high energy density, low-temperature operation for cold climates, low cost and safety advantages over conventional batteries.

Enevate's vision is to develop and propagate EV battery technology that contributes to a clean and sustainable environment. The Irvine, California-based company's investors include Renault-Nissan-Mitsubishi (Alliance Ventures), LG Chem, Samsung Venture Investment Corp, Fidelity Management & Research Company, Mission Ventures, Draper Fisher Jurvetson, Tsing Capital, Infinite Potential Technologies, Presidio Ventures – a Sumitomo Corporation company, Lenovo, CEC Capital, and Bangchak. Enevate®, the Enevate logo, HD-Energy®, and eBoost® are registered trademarks of Enevate Corporation.

Bill Blanning
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+1 (714) 916-4309

Veteran energy industry executive will coordinate Max’s partnership with the Army Corps of Engineers and the Calhoun Port Authority to expand the Matagorda Ship Channel and create a carbon neutral terminal¹

HOUSTON--(BUSINESS WIRE)--Max Midstream today announced Jonathan Novitsky as its new Chief Executive Officer. The announcement was made just days after Max Midstream and the Calhoun Port Authority announced a transformational plan to offset carbon emissions¹ through an Environmental Social Governance (ESG) initiative.

“I’m excited to join Max Midstream as the momentum continues to build for the expanded Matagorda Ship Channel,” Novitsky said. “Not only is this expansion going to be an important addition to the Gulf Coast for all products—including energy—but we can deliver a balanced model that contributes to both economic growth and environmental sustainability, thanks to the carbon offset initiatives we are assessing¹.”

Novitsky joins Max Midstream having previously served as Vice President of Commercial Development for Global Marine Terminals at Buckeye Partners since 2014. A well-respected industry veteran, Novitsky has extensive leadership experience that has demonstrated an ability to advance the company’s growth strategy by leading strong teams around him. Throughout his diverse career, Novitsky has served as Vice President of PetroChina International (America) and as Senior Trading Manager for Chevron Texaco Fuel and Marine Marketing.

“The hiring of Jonathan Novitsky is another step forward for our Company and this significant project at the Calhoun Port Authority,” said Todd Edwards, who has now been promoted to Chairman of Max Midstream. “He is a very accomplished executive and immensely knowledgeable of the energy industry. His invaluable expertise will ensure that this project is successful.”

Launched in 2020, Max Midstream is a Houston-based energy company that is partnering with the Calhoun Port Authority and the US Army Corps of Engineers and investing $360 million to finance the deepening and widening of the port by 2023. Further details on the Company’s ESG program will be released later this Fall.

For more information, visit www.maxmidstream.com

¹ For hydrocarbons through Max Midstream Facilities

Kasey S. Pipes
817-542-3870

Recognized in the Project of the Year Judges’ Choice category for work during the California rolling blackouts in 2020

RESTON, Va.--(BUSINESS WIRE)--#cleantech--Intelligent energy network provider GridPoint today announced that it has been recognized as a finalist in the 2021 Cleanie Awards, the leading awards program focused on honoring individuals, companies, and innovations in the cleantech industry. GridPoint is nominated in the Project of the Year Judges’ Choice category for providing emergency capacity to the grid during California’s rolling blackouts in 2020, helping to keep power on.

Between August 14^th – 21^st 2020, California experienced emergency weather and grid conditions resulting in rolling blackouts across the state. GridPoint leveraged its network of buildings in impacted regions to voluntarily and instantaneously provide emergency capacity back to the grid through demand response, helping to stabilize energy demand and prevent further catastrophic blackouts. Within minutes of CAISO calling the statewide Flex Alert, GridPoint’s automated platform dispatched multiple curtailments across all participating small and medium sized buildings, providing needed system relief to impacted utility territories in California.

In addition to responding to both CAISO and utility signals throughout the crises, a subsection of GridPoint’s fleet of customer sites went above and beyond to voluntarily provide additional capacity back to the California grid in amounts greater than their predetermined load shed strategies. These risk-adjusted strategies permitted normal business operations to continue for GridPoint customers, many of which considered essential services, while collectively adding megawatts of capacity to the grid. While GridPoint works with thousands of customers to make demand response simple, there are still millions of inefficient, small-to-medium sized buildings underutilized today. This example proves that with grid-interactive technology deployed at-scale, these buildings can be leveraged as an energy resource to provide the reliable, on-demand capacity the grid increasingly requires.

The Cleanie Awards is entering the fourth year of its program and saw a triple digit increase in submissions over the past year. Judges include respected industry executives, marketers, advocates, entrepreneurs, and educators. The Project of the Year Judges’ Choice award recognizes company projects that add tremendous community value including local economic, environmental, or carbon offset impact. In addition to GridPoint, finalists include Ameresco, Enel X, Fluence and other industry leaders.

“We are honored to be a finalist for the 2021 Cleanie Awards,” said GridPoint CEO Mark Danzenbaker. “We are proud of our work supporting businesses and the grid during the 2020 California blackouts and will continue to help buildings transform the way they use energy in order to create a more sustainable future.”

Cleanie Award winners will be announced during a live webinar on November 16th, 2021 at 1:00 pm EST. The registration link for the webinar can be found at https://bit.ly/3BjtQ8d.

About GridPoint

GridPoint’s mission is to accelerate the world’s transition to a sustainable future by creating an intelligent energy network of grid-interactive buildings. By transforming the way commercial businesses use energy, GridPoint unlocks the decarbonization, sustainability, and grid resiliency required for a cleaner, more efficient tomorrow. Our technology platform harnesses power and potential within a building to deliver energy, operational, and resiliency benefits. Networked together, GridPoint intelligent buildings provide reliable, precise, and instantaneous capacity for utilities and grid operators. GridPoint’s growing network of commercial buildings spans across Fortune 500 enterprises, utilities, government organizations, and small businesses.

Antenna Group
Liz Crumpacker
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VANCOUVER, British Columbia--(BUSINESS WIRE)--EverGen Infrastructure Corp. (TSXV:EVGN) (“EverGen”, or the “Company”), Canada’s Renewable Natural Gas (“RNG”) Infrastructure Platform, is pleased to report the voting results from its Annual General & Special Meeting of Shareholders held on November 3, 2021. A total of 7,529,255 common shares were represented at the meeting, representing 56% of the Company’s outstanding shares.

1. Election of Directors

The following individuals were elected as directors for the ensuing year: Chase Edgelow, Ford Nicholson, Mary Hemmingsen, Djenane Cameron, and Jon Ozturgut.

The following is a summary of the voting results for the Company’s five directors:

2. Appointment of PriceWaterhouseCoopers LLP as Auditors of the Company

PriceWaterhouseCoopers LLP, Chartered Professional Accountants, (“PWC”) were appointed as auditors of the Company at a remuneration to be fixed by the directors.

3. Approval of Equity Incentive Plan

The Company’s Equity Incentive Plan was approved.

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

About EverGen Infrastructure Corp.

EverGen, Canada’s Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future, starting on the West Coast. Incorporated in 2020, EverGen is now established to acquire, develop, build, own and operate a portfolio of Renewable Natural Gas, waste to energy, and related infrastructure projects. EverGen is focused on British Columbia, with continued growth expected across other regions in North America.

EverGen Investors Contact
Kelly Castledine
416-576-8158
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EverGen Media Contact
Katie Reiach
604.614.5283
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• Sensata’s new custom power management solutions include the High Voltage Junction Box for OEMs designing medium and heavy-duty electric trucks that can use megawatt charging systems.
• Sensata’s unique contactor and fuse design meets the increased thermal performance that higher power charging requires while keeping the overall package size compact.
• Strategic agreements to supply leading electric truck manufacturers demonstrate the value of Sensata’s solutions in electrification for the commercial vehicle market.

SWINDON, England--(BUSINESS WIRE)--$ST #ElectricTrucks--Sensata Technologies (NYSE: ST), today announced its new High Voltage Junction Box solutions provide safe and reliable protection and power distribution for high power charging of commercial electric vehicles. The solutions include DC Charging Boxes that support megawatt charging of medium and heavy-duty electric trucks up to 850 Volts and 1300 Amps.

Combining Sensata’s proven contactor, fuse, and controller technologies into a compact package, the new High Voltage Junction Boxes are custom designed for specific vehicle requirements.

Driven by the need for fast charging, electric vehicle manufacturers require systems that can handle higher charging power levels. “We have successfully optimized our contactor and fuse design to meet the increased thermal performance that megawatt charging requires while keeping within tight space constraints,” said Brian Wilkie, Vice President, Heavy Vehicle & Off-Road at Sensata Technologies.

According to Mr. Wilkie, “Sensata’s unique capability to design all the safety critical components of the solution (like contactors, fuses, control boards and software) in-house was instrumental in securing new strategic agreements with industry leaders for our custom power management and protection solutions, which help simplify our customers’ production processes.”

To meet current carry and temperature requirements, Sensata’s cooling and temperature control technology directly interfaces to the busbars and provides exceptional cooling efficiency within tight space restraints. For additional safety, Sensata’s isolation monitoring design ensures isolation of the high voltage from the chassis. The solutions’ software and controllers are built on the AUTOSAR platform.

To learn more about the technologies behind Sensata’s High Voltage Junction Boxes that are addressing the challenges of megawatt charging for electric trucks, visit www.sensata.com/truck-bus or contact us to speak to our experts about custom solutions.

About Sensata Technologies
Sensata Technologies is a leading industrial technology company that develops sensors, sensor-based solutions, including controllers and software, and other mission-critical products to create valuable business insights for customers and end users. For more than 100 years, Sensata has provided a wide range of customized, sensor-rich solutions that address complex engineering requirements to help customers solve difficult challenges in the automotive, heavy vehicle & off-road, industrial and aerospace industries. With more than 19,000 employees and operations in 13 countries, Sensata’s solutions help to make products safer, cleaner and more efficient, more electrified, and more connected. Learn more at www.sensata.com and follow us on LinkedIn, Facebook and Twitter.

Investor:
Jacob Sayer
+1 (508) 236-1666
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Media:
Leila Briem
(805) 452-2165
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NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

TORONTO--(BUSINESS WIRE)--Sherritt International Corporation (“Sherritt”, the “Corporation”, the “Company”) (TSX: S), a world leader in the mining and hydrometallurgical refining of nickel and cobalt from lateritic ores, today reported its financial results for the three and nine months ended September 30, 2021, and announced it is embarking on an expansion strategy with its Cuban partners to capitalize on the growing demand for high purity nickel and cobalt being driven by the accelerated adoption of electric vehicles. The strategy, which will build on the 26-year successful track record of the Moa Joint Venture, centres on growing finished nickel and cobalt production by 15 to 20% per year from the 34,876 tonnes produced in 2020 and extending the life of mine at Moa beyond 2040 through the conversion of mineral resources into reserves using an economic cut-off grade.

“Backed by a strengthened balance sheet and a favourable outlook for nickel and cobalt, we are moving forward with a multi-pronged strategy focused on generating incremental cash flow and transformative growth,” said Leon Binedell, President and CEO of Sherritt International Corporation. “In addition to commercializing projects developed by Sherritt Technologies, our growth will centre on brownfield opportunities, where working in close collaboration with our Cuban partners, we plan to increase finished nickel and cobalt production and extend Moa’s mine life. Preliminary economics of the brownfield projects identified are quite encouraging and suggest a high rate of return on investment and low capital intensity.

“By taking advantage of embedded growth opportunities, Sherritt will be better positioned to capitalize on the expected strong demand for green metals in the coming years and significantly grow shareholder value.”

Expansion plans for the Moa JV consist of a multi-phased approach, and includes completion of the new slurry preparation plant and other expansion circuits at Moa, installation of new equipment and upgrading existing equipment at the refinery in Fort Saskatchewan, Alberta, updating the 43-101 Technical Report published in June 2019 that reported more than 158 million tonnes of measured and indicated resources at 1% nickel and 0.13% cobalt at Moa to reflect production based on economic rather than a fixed, cut-off grade, and leveraging the expertise of Sherritt Technologies to optimize mine planning and performance.

Sherritt and its Cuban partners are currently finalizing timelines, capital estimates, and economics of the various projects, including identifying financing alternatives. Sherritt expects to provide an update on the rollout of the Moa JV expansion strategy by the end of the first quarter of 2022.

SELECTED Q3 2021 DEVELOPMENTS

• Received US$10 million in distributions from the Moa JV representing Sherritt’s 50% share of distributions declared by the Moa JV. Through September 30, Sherritt has received a total of US$43 million in direct and re-directed distributions from the Moa JV and its partner.
• Adjusted EBITDA⁽¹⁾ was $17.6 million, up 14% from last year. The higher total was indicative of improved nickel and cobalt prices, but offset by increased input costs, $3.1 million in other contractual benefits expenses and $0.5 million of accelerated share-based compensation expenses, both of which relate to the departure of senior executives.
• Sherritt’s share of finished nickel production at the Moa JV was 2,908 tonnes, down 22% from last year while Sherritt’s share of finished cobalt production was 334 tonnes, down 18%. Finished nickel and cobalt production were negatively impacted by a combination of factors, including the spread of COVID-19, timing of the full-facility shutdown at the refinery in Fort Saskatchewan, Alberta, and unplanned maintenance activities that temporarily disrupted production activities. All production has since resumed to normal, and Sherritt has adjusted its production guidance for 2021 to reflect Q3 developments and anticipated production for the balance of the year.
• Net Direct Cash Cost (NDCC)⁽¹⁾ at the Moa JV was US$4.53/lb, up 12% from last year. Despite a 52% improvement in cobalt by-product credits, unit costs per pound of finished nickel sold were impacted by the 126% increase in sulphur prices, 69% increase in fuel oil prices, and 59% increase in natural gas prices as well as by lower sales volumes. NDCC guidance for 2021 remains unchanged at US$4.25 to $4.75 per pound of nickel sold as the recent rise in cobalt prices partially offsets the rise in input costs.
• Received US$6.4 million in Cuban energy payments. Sherritt anticipates continued variability in the timing of collections through the remainder of 2021, and is working with its Cuban partners to ensure timely receipts.
• Sherritt released its 2020 Sustainability Report that featured a number of upgraded environmental, social, and governance (ESG) targets, including achieving net zero greenhouse emissions by 2050, obtaining 15% of overall energy from renewable sources by 2030, reducing nitrogen oxide emission intensity by 10% by 2024, and increasing the number of women in the workforce to 36% by 2030.
• Named Yasmin Gabriel as Chief Financial Officer, Greg Honig as Chief Commercial Officer, and Chad Ross as Chief Human Resources Officer as part of senior leadership changes. The appointments underscore Sherritt’s two-pronged growth strategy focused on capitalizing on the accelerating demand for high-purity nickel and cobalt from the electric vehicle industry and commercializing innovative process technology solutions for resources companies looking to improve their environmental performance and increase economic value.

DEVELOPMENTS SUBSEQUENT TO THE QUARTER END

• Sherritt amended its syndicated revolving-term credit facility with its lenders, increasing the maximum amount of credit available to $100 million from $70 million and extending the maturity to April 2024. Under the new terms, borrowings on the credit facility are available to fund capital as well as for working capital purposes. Spending on capital expenditures cannot exceed $75 million in a fiscal year. Capital expenditure restrictions do not apply to planned spending of Moa Nickel S.A. The increase in credit facility is indicative of Sherritt’s strengthened financial position and favorable outlook in light of improved nickel market fundamentals.
• Environmental rehabilitation obligations (ERO) held by Sherritt’s Spanish Oil and Gas operations were secured by a parent company guarantee of €31.5 million ($46.7 million) until December 31, 2023. Unlike the $47 million letter of credit issued previously to support the ERO and backed by Sherritt’s credit facility, the new guarantee has no impact on the Corporation’s available liquidity.
• Planned capital spending at the Moa JV for 2021 has been reduced to US$35 million from US$44 million (Moa JV 50% basis Fort Site 100% basis). The reduction in planned capital spending reflects operational challenges experienced through September 30, including freight and order delays caused by COVID-19.

Q3 2021 FINANCIAL HIGHLIGHTS

Cash, cash equivalents, and short-term investments at September 30, 2021 were $163.4 million, up from $153.8 million at June 30, 2021. The increase was due to a number of developments in the quarter, including the receipt of US$6.4 million in Cuban energy payments, strong fertilizer presales of $13.9 million, and the receipt of US$10 million in distributions from the Moa JV. The increase was partly offset by sustaining capital expenditures of $3.6 million.

Since the start of 2021, Sherritt has received a total of US$43 million in direct and re-directed distributions from the Moa JV and its partner. Sherritt anticipates receipt of additional distributions from the Moa JV through to the end of 2021 based on prevailing nickel and cobalt prices, planned capital spend, and liquidity requirements for the Moa JV.

As a result of the restructuring of its balance sheet in August 2020 that eliminated $30 million in cash interest payments annually, Sherritt did not have any cash interest payments in Q3 2021.

Collections against overdue amounts owed to Sherritt by its Cuban energy partners continue to be adversely impacted by a combination of factors, including the ongoing effects of U.S. sanctions against Cuba and Cuba’s reduced access to foreign currency on account of the global pandemic which has eliminated almost all tourism revenue over the past 18 months. Cuba has announced plans to fully open its borders to international travelers on November 15, 2021 in advance of the winter travel season. As at October 31, 88% of Cuba’s population had received at least one vaccine dose and 64% have been fully vaccinated⁽¹⁾.

Total overdue scheduled receivables at September 30, 2021 were US$152.5 million, down from US$154.7 million at June 30, 2021. Subsequent to quarter end, Sherritt received US$2.5 million in Cuban energy payments. Sherritt anticipates variability in the timing and the amount of energy payments in the near term, and continues to work with its Cuban partners to ensure timely receipt of energy payments. With the opening up of Cuba’s borders, the resumption of international tourism and the influx of foreign currency, Sherritt anticipates economic conditions in Cuba to improve in 2022.

As at September 30, 2021, Sherritt held cash, cash equivalents and short-term investment in Canada totaling $82.1 million, up from $77.4 million at June 30, 2021.

Adjusted net loss⁽¹⁾

Adjusted net loss from continuing operations was $13.4 million, or $0.03 per share, for the quarter ended September 30, 2021. In the same period last year adjusted net loss was $16.1 million or $0.04 per share. Sherritt’s adjusted net loss for Q3 2021 excluded an unrealized foreign exchange loss of $7.9 million, the realized gain on Cuban currency unification, and other contractual benefits expense of $3.1 million. In Q3 2020, the primary adjustments, in addition to an unrealized foreign exchange gain of $3.6 million, included the gain on debenture exchange offset by the impairment of oil assets related to Block 10.

METALS MARKET

Nickel

Nickel prices hit a seven-year high in Q3, climbing to US$9.24/lb on September 10. The price increase was driven by improving market fundamentals, including strong demand from across multiple industries, reduced inventory levels, and supply disruptions caused in part by COVID-19. By the end of the quarter, nickel prices retreated closing at US$8.25/lb on September 30 on concerns of a potential debt crisis in China as well as by speculation that stainless steel production would be impacted by China’s efforts to ration power supply. Since the start of Q4, nickel prices have recovered, reaching a high of US$9.31/lb on October 21. It is anticipated that nickel prices will be sustained at current levels through end of year.

Strong nickel demand in Q3 was reflected by the continued decrease in inventory levels since the start of 2021. In Q3, nickel inventory levels on the London Metals Exchange (LME) fell by 32% from 232,476 tonnes at the start of the period to 157,062 tonnes on September 30. Similarly, inventory levels on the Shanghai Futures Exchange fell to 3,728 tonnes, down 25% from 4,982 tonnes at the start of the quarter.

Continued strong demand and market tightness led a number of industry analysts, including Wood Mackenzie and S&P Global, to forecast a nickel supply deficit in 2021 in contrast to forecasts of a nickel surplus at the start of the year. As at October 15, nickel inventories on the LME declined further to 146,022 tonnes.

Although market conditions are currently favorable for nickel producers, nickel inventory level uncertainty is anticipated in 2022 and 2023 with some industry analysts forecasting an inventory surplus in the coming years. Visibility of market conditions in the medium term is limited and no new sources of supply are anticipated.

The long-term outlook for nickel remains bullish on account of the strong demand expected from the electric vehicle battery market. Some market observers, such as Wood Mackenzie, have forecast a prolonged nickel supply deficit beginning in 2025 due to recent developments in the electric vehicle market and no new nickel production coming on stream in the near term.

Over the past year, in particular, multiple automakers and governments have announced plans for significant investments to expand electric vehicle production capacity to meet growing demand as well as more aggressive timelines to phase out the sale of internal combustion engines. In 2020, more than three million plug-in electric vehicles (PEV) were sold despite the global pandemic. Industry observers estimate that the number of PEVs sold in 2021 will double to 6.1 million units. CRU has forecast that electric vehicles sales will grow to 13.7 million units by 2025.

As a result of its unique properties, high-nickel cathode formulations remain the dominant choice for long-range vehicles manufactured by automakers with Class 1 nickel being an essential feedstock in the battery supply chain. Sherritt is particularly well positioned given our Class 1 production capabilities and the fact that Cuba possesses the world’s fourth largest nickel reserves.

Cobalt

Cobalt prices in Q3 2021 were marked by a steady rise, closing on September 30 at US$25.88/lb, up 13% from US$22.90/lb at the start of the quarter according to data collected by Fastmarkets MB.

Higher cobalt prices in Q3 2021 were largely driven by increased buying from electric vehicle battery manufacturers. Cobalt is a key component of rechargeable batteries providing energy stability. Higher cobalt prices in Q3 2021 were also driven by increased stockpiling from consumers and by supply logistics disruptions in South Africa, where cobalt produced in the Democratic Republic of Congo, the source of almost two-thirds of the world’s supply, is sent before being shipped internationally.

Industry observers, such as CRU, expect cobalt prices to continue to rise in the near term with prices forecast to peak at US$31/lb in 2024 as limited new sources of supply have been announced to fill expected demand over the next five years.

The outlook for cobalt over the long term remains bullish as demand is expected to grow to 270,000 tonnes by 2025, representing a compound annual growth rate of 13.5% according to CRU.

REVIEW OF OPERATIONS

Moa Joint Venture (50% interest) and Fort Site (100%)

Despite additional measures taken to protect employees, suppliers and various stakeholders at operations at Moa and at the refinery in Fort Saskatchewan since the start of the pandemic in March 2020, the significant rise in the number of cases as a result of the spread of the Delta variant of COVID-19 negatively impacted mining operations and transportation activities in Q3 2021.

Most notably at Moa, the considerable increase in the number of COVID-19 cases in the Holguin province of Cuba adversely affected mining activities and delayed shipment of mixed sulphides. While these developments had minimal impact on mixed sulphides production in the quarter, measures to recover ore stockpiling inventory, including the use of contract mining services, have been implemented in advance of the traditional rainy season at Moa. Mixed sulphides production at the Moa JV in Q3 2021 was 4,666 tonnes, essentially unchanged from the 4,671 tonnes produced in Q3 2020.

At the refinery in Fort Saskatchewan, the rise in number of COVID-19 cases in Alberta coupled with reduced contractor availability resulted in the rescheduling and extension of the full-facility shutdown by two additional days than originally anticipated. This year’s shutdown lasted 13 days compared to the typical five-day annual shutdowns, and included all of the refinery and utility plants. Full-facility shutdowns occur once every six years.

Refinery operations were also disrupted by unplanned maintenance activities due to equipment and service failures in advance of the full-facility shutdown. Subsequent to the shutdown, repairs to the cobalt reduction autoclave nozzle were required, resulting in a temporary reduction in plant capacity.

As a result of the cumulative impact of these developments, finished nickel production in Q3 2021 totaled 2,908 tonnes, down 22% from the 3,750 tonnes produced in Q3 2020 while finished cobalt production for Q3 2021 was 334 tonnes, down 18% from the 409 tonnes produced in Q3 2020.

Finished nickel and cobalt production for the nine-month period of 2021 were 11,326 tonnes and 1,287 tonnes, respectively. The totals compare to 11,733 tonnes and 1,234 tonnes for the same period of 2020. As a result of developments in Q3 and anticipated performance through the balance of the year, Sherritt has adjusted its guidance for 2021 and now expects to produce 31,000 – 32,000 tonnes of nickel (100% basis). Guidance for cobalt production is unchanged at 3,300 – 3,600 tonnes (100% basis).

Sales volume for finished nickel and cobalt in Q3 2021 were down 16% and 26%, respectively, from last year. The year-over-year decrease was due to lower production volumes and the impact of the full-facility shutdown.

Despite the decrease in sales volume total, Moa JV revenue in Q3 2021 increased by 11% to $108.9 million from $97.7 million last year. The revenue increase was largely attributable to higher average-realized nickel, cobalt, and fertilizer prices. In Q3 2021, average-realized nickel, cobalt, and fertilizer prices were up 29%, 62% and 50%, respectively, from last year. Average-realized prices are impacted by the timing of deliveries, settlement against contract terms, and fluctuations in the value of the Canadian currency.

Mining, processing and refining (MPR) costs per pound of nickel sold for Q3 2021 were US$6.43/lb, up 31% from last year. MPR costs in Q3 2021 increased due to a combination of factors, including higher input costs and the impact of lower production volumes on period costs.

For further investor information contact:
Joe Racanelli, Director of Investor Relations
Telephone: (416) 935-2457
Toll-free: 1 (800) 704-6698
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Sherritt International Corporation
Bay Adelaide Centre, East Tower
22 Adelaide St. West, Suite 4220
Toronto, ON M5H 4E3
www.sherritt.com

DUBLIN--(BUSINESS WIRE)--The "World Oil Refining Industry 2021 - Oil Refining Market Trends, Challenges and Outlook to 2025" report has been added to ResearchAndMarkets.com's offering.

This downstream energy sector report, "World Oil Refining Industry 2021 - Oil Refining Market Trends, Challenges and Outlook to 2025: Market Data and Business Intelligence of All Operational and Upcoming New Refineries" is a complete source of information on World crude oil refining industry.

It provides Country, Refinery level information relating to existing and planned (new build) refineries such as insights and forecasts of refinery capacities, refinery complexity factor and comparison against peer group countries in the respective region.

The report also covers complete details of major players operating in the refining sector in World and provides in depth analysis of the latest industry news and deals.

Report Scope

• Outlook of the Global Oil Refining Industry and refined petroleum products beyond 2020
• Forecasts of refined products production and consumption along with major refining companies and operators.
• Historic and Forecasted Refining capacity and secondary conversion units and capacities beyond 2020
• Key Opportunities and Restraints in the Global Refinery market
• Benchmark with regions on Nelson Complexity Factor.
• Market structure of the Region's Refining Industry, companies, capacities and market share.
• Information on all planned refineries such as planned capacity, equity structure, Operator Company, expected commissioning date and project cost.
• Refined petroleum products production and demand beyond 2020.
• Refinery level information such as refinery name, commissioned year, primary and secondary units installed capacities along with future capacity expansions, refinery complexity factor, ownership and operator details.
• Company profiles of major refining companies including SWOT Analysis.
• Latest mergers, acquisitions, contract announcements and all related industry news and deals analysis.

Key Topics Covered:

1. Tables & Figures

2. Global Refining Markets Overview

2.1. Report Objectives

2.2. Definition and Coverage

3. Global Refining Industry

3.1 Global Refining Market Snapshot, 2020

3.1.1 Total Global Refining Capacity, 2020

3.1.2 Average Refinery Complexity Factor of Global, 2020

4 Global Refining Market- Drivers and Restraints

4.1 Global Refining Industry: Trends and Issues

4.1.1 Global Refining Industry: Major Trends

4.2 Major Restrains of Investing in Global Refining Sector

5 Global Oil Products Demand and Supply Forecast to 2025

5.1 Global Refined Products Demand Forecast to 2025

5.1.1 Global Gasoline Demand Forecast to 2025

5.1.2 Global Diesel Oil Demand Forecast to 2025

5.1.3 Global Kerosene Demand Forecast to 2025

5.1.4 Global LPG Demand Forecast to 2025

5.2 Global Refined Products Production Forecast to 2025

5.2.1 Global Gasoline Production Forecast to 2025

5.2.2 Global Diesel Oil Production Forecast to 2025

5.2.3 Global Kerosene Production Forecast to 2025

5.2.4 Global LPG Production Forecast to 2025

6 Global Refinery Processing Capacities Forecast to 2025

6.1 Global Total Refining Capacity Historic and Forecast by Major Countries, 2012-2025

6.2 Global Refining Capacity Historic and Forecast, 2012-2025

7 Global Refining Industry- Future Developments and Investment Opportunities

7.1 Capital Investment Details of All Upcoming Refineries

7.2 Location, Operator, Ownership, Start Up Details of Planned Refineries in the World

7.2.1 Refinery, Location, Operator, Ownership, Startup Details

7.3 Refinery Capacities of All Upcoming Refineries

8 Key Strategies Global Refining Companies

8.1 Global Company wise Refining Capacity Forecast, 2012-2025

9. Global Refining Industry, Regional Comparisons

Companies Mentioned

• ExxonMobil
• TotalEnergies
• BP Plc
• Rosneft
• PTTEP

For more information about this report visit https://www.researchandmarkets.com/r/85rjdb

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
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€500 Million Offering will support Colgate’s ambitions to drive social impact, help millions of homes, and preserve the environment

NEW YORK--(BUSINESS WIRE)--Colgate-Palmolive Company (NYSE:CL) today announced it has successfully priced a EUR 500 million 8-year Sustainability Bond with an interest coupon of 0.300% per annum. The net proceeds of Colgate’s first Sustainability Bond will help support and further the actions reflected in the Company’s 2025 Sustainability and Social Impact Strategy.

“Issuing Colgate’s first Sustainability Bond will help Colgate deliver our ambitious sustainability targets, which are vital to achieving our purpose to reimagine a healthier future for all people, their pets, and our planet,” said Stan Sutula, Colgate’s Chief Financial Officer. “Because collaboration and engagement are key to scaling the progress we all seek, deploying this financial instrument allows the investment community to participate in and contribute to our efforts.”

As outlined in Colgate’s 2025 Sustainability and Social Impact Strategy, Colgate is committed to three key ambitions: Driving Social Impact, Helping Millions of Homes, and Preserving Our Environment. The Company has achieved measurable progress toward its sustainability goals, such as decreasing emissions, reducing manufacturing waste, eliminating plastic waste, conserving water, and helping improve oral health.

“With the Colgate brand in more homes than any other, we have a responsibility and an opportunity to lead in sustainability and social impact,” said Ann Tracy, Colgate’s Chief Sustainability Officer. “We are approaching our work from many different angles to embed sustainability in what we make, how we make it and how our products are used. It’s an exciting journey, and while we have made progress across our company over the years, we are eager to do better and do more.”

Colgate will allocate the net proceeds of the Sustainability Bond (or an equivalent amount) to finance or refinance, in part or in full, new and existing projects and programs with distinct environmental or social benefits as more fully described in its Sustainable Financing Framework available on Colgate's website.

The eligible projects and programs are expected to be financed by Colgate through capital or operating expenditures. Eligible projects include assets, investments and other related and supporting expenditures, such as R&D, which contribute to Colgate’s 2025 Sustainability and Social Impact Strategy and fall within any of the following categories:

• Eco-efficient or circular economy adapted products, production technologies, and processes that drive sustainable sourcing and support the design of sustainable products, such as Colgate’s first-of-its kind recyclable toothpaste tube;
• Pollution prevention and control measures that reduce waste in the production process and help to eliminate plastic waste;
• Actions that improve energy efficiency across Colgate’s manufacturing and non-manufacturing operations;
• Expenditures in renewable energy generation and procurement to support our Net Zero Carbon and 100% Renewable Electricity targets;
• Measures related to solutions that promote the sustainable management of water resources;
• Investments and expenditures related to messaging and promoting sustainable habits and behavior change, such as investments to reach two billion children with Colgate Bright Smiles, Bright Futures^Ⓡ to help improve oral hygiene education and well-being and the Colgate “Save Water” program; and
• Accelerating socioeconomic advancement and empowerment to improve diversity, education, health and wellbeing in the communities where we live and work.

The joint book-running managers of the offering are Citigroup Global Markets Limited and Banco Bilbao Vizcaya Argentaria, S.A.

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy the Sustainability Bonds or any other securities, nor shall there be any sale of the Sustainability Bond in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering was made only by means of a prospectus supplement and an accompanying prospectus filed as part of an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) on Form S-3. Copies of the prospectus supplement and the accompanying prospectus may be obtained by calling Citibank Global Markets Limited toll-free at 1-800-831-9146 or Banco Bilbao Vizcaya Argentaria, S.A. collect at +34-91-537-9330.

This press release is directed only (a) in the European Economic Area to qualified investors (within the meaning of Regulation (EU) 2017/1129 (as amended, the "Prospectus Regulation") and (b) in the United Kingdom, to qualified investors (within the meaning of the Prospectus Regulation as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (as amended)) who are also persons (i) who have professional experience in matters relating to investments falling within Article 19(5) of the United Kingdom Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (ii) who are high net worth entities, and other persons falling within Article 49 of the Order and (iii) to whom it may otherwise be lawfully communicated. This press release must not be acted on or relied on by persons in the European Economic Area or the United Kingdom falling outside of the categories described in this paragraph.

About Colgate-Palmolive

Colgate-Palmolive Company is a caring, innovative growth company reimagining a healthier future for all people, their pets and our planet. Focused on Oral Care, Personal Care, Home Care and Pet Nutrition, the Company sells its products in more than 200 countries and territories under brands such as Colgate, Palmolive, elmex, hello, meridol, Sorriso, Tom’s of Maine, EltaMD, Filorga, Irish Spring, PCA Skin, Protex, Sanex, Softsoap, Speed Stick, Ajax, Axion, Fabuloso, Soupline and Suavitel, as well as Hill’s Science Diet and Hill’s Prescription Diet. The Company is recognized for its leadership and innovation in promoting environmental sustainability and community well-being, including its achievements in saving water, reducing waste, promoting recyclability and improving children’s oral health through its Bright Smiles, Bright Futures program, which has reached more than 1.3 billion children since 1991. For more information about Colgate’s global business and how the Company is building a future to smile about, visit www.colgatepalmolive.com. CL-C

Forward-Looking Statements

This press release, including our 2025 Sustainability and Social Impact Strategy, contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 or by the SEC in its rules, regulations and releases. These statements are made on the basis of Colgate’s views and assumptions as of this time, and Colgate undertakes no obligation to update these statements except as required by law. Colgate cautions investors that such forward-looking statements are not guarantees of future performance and that actual events or results may differ materially from these statements due to a number of factors. For information about factors that could impact Colgate’s business and cause actual results to differ materially from forward-looking statements, consult our filings with the SEC (including, but not limited to, the information set forth under the captions “Risk Factors” and “Cautionary Statement on Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and subsequent Quarterly Reports on Form 10-Q).

Thomas DiPiazza
Colgate-Palmolive Company
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DUBLIN--(BUSINESS WIRE)--The "Global Sustainable Aviation Fuel Market Research Report: Forecast (2021-2026)" report has been added to ResearchAndMarkets.com's offering.

Global Sustainable Aviation Fuel Market Analysis, 2021, the market is expected to grow at a CAGR of around 35% during 2021-26. The market growth is accredited to the rising urge to bring down the carbon footprints and meet the strict regulatory standards regarding emissions.

The composition of Sustainable Aviation Fuel includes renewable feedstock, such as waste oils from a biological origin, agricultural residues, and non-fossil CO2. It is a clean substitute for jet fossil fuel and very similar to traditional fuels regarding chemistry.

Further, the expansion of the aviation industry and rising global trade are likely to boost aviation fuel usage. Therefore, to achieve a sustainable environment, the demand for sustainable aviation fuel will grow significantly in the future.

Impact of COVID-19

The outbreak of the COVID-19 pandemic has adversely affected the global economy. Lockdown imposition, suspension of domestic and international flights, and air travel restrictions for non-essential traveling have negatively impacted the sustainable aviation fuel market growth.

Also, the limited workforce to avoid the spread of coronavirus and a temporary halt in production activities has resulted in delayed deliveries of new aircraft that has eventually affected the demand for sustainable aviation fuel.

Market Segmentation

Bio-fuel Accounted for the Largest Market Share

Based on the Fuel Type, the sustainable aviation fuel market is into Biofuel, Hydrogen Fuel, and Power to Liquid Fuel. The bio-fuel segment acquired the largest share in the Global Sustainable Aviation Fuel Market in 2019 owing to its ability to reduce greenhouse gas emissions and positively affect climate change.

Further, biofuel production is likely to increase rapidly in the coming years due to the development of technological ways to commercialize the consumption of alternative jet fuel, reveals the author' research report Global Sustainable Aviation Fuel Market Analysis, 2021.

30%-50% Segment Grabbed the Highest Share

Based on the Blending Capacity, the sustainable aviation fuel market is below 30%, 30% to 50%, and above 50% segments. Among these, the '30% to 50%' segment has captured the largest share in the Global Sustainable Aviation Fuel Market in 2019.

The blended fuel exhibits similar specifications to conventional jet fuel, along with a few other additional benefits. The moderate blending capacity and ability to cater to the extremely high fuel demand from the commercial & military sectors are the primary propellers over the forecast period.

Regional Landscape

North America Acquired the Leading Position

Region-wise, North America has dominated the Global Sustainable Aviation Fuel Market in 2019 and is expected to retain its leading position during the forecast period.

North American countries like the US and Canada are focused on taking various initiatives to promote the usage of sustainable aviation fuel to reduce the carbon footprints caused due to rising air traffic. Therefore, with supportive norms and regulations to decarbonize aviation emissions, North America certainly can experience strong demand for sustainable aviation fuel.

Market Driver

The surge in The Need to Reduce Emission of Greenhouse Gas Emission

The use of sustainable aviation fuel will help meet the regulatory standards on emission and reduce carbon emission due to the rising air traffic.

Based on the type of feedstock used, sustainable aviation fuel gives a remarkable reduction in carbon emission compared to conventional jet fuel. Thus, to achieve the target of greenhouse gas emissions reduction, the demand for sustainable aviation fuel is growing significantly.

Competitive Landscape

The major leading players in the global Sustainable Aviation Fuel market are

• Aemetis Inc.
• Neste
• Gevo
• Velocys
• Fulcrum Bioenergy
• SkyNRG
• Red Rock Biofuels
• Aemetis Inc.
• Preem AB
• SG Preston Company

For more information about this report visit https://www.researchandmarkets.com/r/4z2rkx

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Grain Prices, Industrial Recovery Support Global Nitrogen Demand Strength into 2023

Widening Energy Spreads Steepen Global Cost Curve, Driving Improved Margins

Company Achieved Investment Grade Credit Ratings

Board Authorizes $1.5 Billion Share Repurchase Program

DEERFIELD, Ill.--(BUSINESS WIRE)--CF Industries Holdings, Inc. (NYSE: CF), a leading global manufacturer of hydrogen and nitrogen products, today announced results for its first nine months and third quarter ended September 30, 2021. As discussed below, results are preliminary pending completion of an impairment analysis and finalization of non-cash impairment charges related to the Company’s UK operations.

Highlights

• First nine months net earnings of $212 million⁽¹⁾, or $0.98 per diluted share, and EBITDA⁽²⁾ of $984 million, which include the impact of preliminary pre-tax non-cash impairment charges of $495 million related to the Company’s UK operations; adjusted EBITDA⁽²⁾ of $1,485 million
• Third quarter net loss of $185 million⁽¹⁾, or $0.86 per diluted share, and EBITDA loss of $10 million, which include the impact of preliminary pre-tax non-cash impairment charges of $495 million related to the Company’s UK operations; adjusted EBITDA of $488 million
• Trailing twelve month net cash from operating activities of $1.68 billion, free cash flow⁽³⁾ of $1.00 billion
• Achieved Investment Grade Credit Ratings from S&P Global Ratings and Fitch Ratings
• Redeemed $250 million in debt in the third quarter, lowering long-term debt to $3.5 billion, committed to lowering gross debt to $3.0 billion
• Repurchased approximately 1.1 million shares for $50 million during the third quarter; new $1.5 billion share repurchase program authorized for 2022-2024
• Board approved construction of carbon dioxide dehydration and compression units at Donaldsonville and Yazoo City complexes, enabling the production of up to 1.25 million tons of blue ammonia annually
• U.S. International Trade Commission issued an affirmative decision in the preliminary phase of its antidumping and countervailing duty investigation of UAN imports from Russia and Trinidad

“Strong global nitrogen demand, favorable energy spreads and continued excellent performance by the CF team helped us deliver a nearly 50 percent increase in adjusted EBITDA through the first nine months of 2021 compared to 2020,” said Tony Will, president and chief executive officer, CF Industries Holdings, Inc. “We expect positive nitrogen industry fundamentals will persist at least into 2023, underpinned by the need to replenish global grains stocks and by rising economic activity. We are well-positioned to capitalize on these positive industry dynamics, enabling us to invest in our clean energy initiatives, return substantial capital to shareholders and achieve our goal of $3 billion of gross debt by 2023.”

Nitrogen Market Outlook

High crop prices and the need to replenish global grains stocks are expected to underpin global fertilizer demand in the near-term. Forward curves indicate elevated crop prices through 2023, incentivizing strong plantings and fertilizer use globally. The rebound in global GDP growth and industrial activity also has supported increased nitrogen demand. Additionally, management believes that global nitrogen supply will remain constrained with production in key regions affected by high energy prices.

• North America: Management projects that farmers will continue to plant nitrogen-consuming crops (corn, wheat, cotton and canola) at high levels given their relatively high front month and futures prices. The Company projects that corn plantings in the United States will be approximately 93 million acres in 2022, similar to 2021. Industrial activity in the region continues to increase in line with economic activity, supporting further demand for nitrogen products.
• India: Management expects India to continue to tender for urea into the first quarter of 2022 due to lower domestic urea production and lower-than-expected urea volumes secured from tenders earlier in 2021.
• Brazil: Reduced corn production in 2021 has supported higher corn prices and suggests higher planted corn acres in the current and upcoming planting season. Through September, urea imports to Brazil were 10% higher than in 2020.
• Europe: Forward curves for natural gas in Europe and Asia project that prices will remain high through at least the first quarter, challenging producer profitability and suggesting lower operating rates in the near-term. As a result, management expects significantly higher nitrogen imports into Europe to meet demand for winter crops and the spring application season, reflecting the impact of 8-10 million metric tons of annual ammonia capacity that is shut down or curtailed in the region currently.
• China: Urea exports from China are expected to be limited through at least the first half of 2022 as the Chinese government has implemented measures to promote the availability and affordability of fertilizers domestically, including steps to discourage urea exports.

During this period, energy differentials between Europe and Asia to the Henry Hub natural gas price benchmark in the United States have increased substantially. This has steepened the global nitrogen cost curve and increased margin opportunities for low-cost North American producers. Forward curves suggest that favorable energy spreads will persist throughout 2022 and into 2023, albeit at levels lower than the highs of recent months.

As a result, management expects the global nitrogen pricing outlook to remain favorable as high global nitrogen demand and lower operating rates in Europe and Asia from high energy prices should sustain a tight global nitrogen supply and demand balance at least into 2023.

Operations Overview

The Company continues to operate safely and efficiently across its network. As of September 30, 2021, the 12-month rolling average recordable incident rate was 0.24 incidents per 200,000 work hours, which is significantly better than industry benchmarks.

Gross ammonia production for the third quarter of 2021 was approximately 2.2 million tons, and was approximately 6.9 million tons for the first nine months of 2021. Management expects gross ammonia production for the full year 2021 will be approximately 9 million tons. This reflects the impact of the highest level of maintenance activity in the Company’s history, including turnarounds at seven of the Company’s 17 ammonia plants. Production volumes were also affected by plant outages and subsequent maintenance due to natural gas availability issues caused by Winter Storm Uri in February 2021 and maintenance related to Hurricane Ida in August 2021.

In September 2021, the Company announced a halt to UK operations at its Billingham and Ince facilities due to high natural gas prices. Subsequently, the Company’s UK subsidiary restarted the Billingham Complex under an interim agreement with the UK government to ensure the supply of carbon dioxide (CO₂), a byproduct of the ammonia production process, in the country. The Billingham facility is expected to continue to operate through at least January 2022, reflecting the impact of new CO₂ pricing and offtake agreements reached with its industrial gas customers. Operations remain halted at the Company’s Ince facility and the Company is continuing to monitor market conditions.

Financial Results Overview

Material Impairment Charges

Following the Company’s decision in September 2021 to halt UK operations at its Billingham and Ince facilities, management conducted an evaluation of the goodwill and long-lived assets, including definite-lived intangible assets, of its UK operations to determine if their fair value had declined to below their carrying value. As a result of this review, management concluded that a decline in the fair value had occurred as of September 30, 2021. The financial information included in this release reflects the recognition of preliminary pre-tax non-cash impairment charges of $495 million. The preliminary non-cash impairment charges are subject to completion of the Company’s quarter-end close procedures. As a result, the financial information included in this report is subject to change and constitutes forward-looking information. The Company expects to complete the impairment analysis and finalize the amount of the impairment charges in connection with the filing of the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2021.

First Nine Months 2021 Financial Results

For the first nine months of 2021, net earnings attributable to common stockholders were $212 million, or $0.98 per diluted share; EBITDA was $984 million; and adjusted EBITDA was $1,485 million. These results compare to the first nine months of 2020 net earnings attributable to common stockholders of $230 million, or $1.07 per diluted share; EBITDA of $982 million; and adjusted EBITDA of $1,012 million.

Net sales in the first nine months of 2021 were $4.0 billion compared to $3.0 billion in the first nine months of 2020. Average selling prices for the first nine months of 2021 were higher than the first nine months of 2020 across all segments due to strong global demand as well as decreased global supply availability as higher global energy costs drove lower global operating rates. Sales volumes in the first nine months of 2021 were lower than the first nine months of 2020 due to lower supply availability from lower production.

Cost of sales for the first nine months of 2021 was higher compared to the first nine months of 2020 due to higher natural gas costs and higher maintenance costs, partially offset by the impact of lower sales volumes and the gain the Company recognized from the net settlement of certain natural gas contracts with suppliers during February 2021.

In the first nine months of 2021, the average cost of natural gas reflected in the Company’s cost of sales was $3.51 per MMBtu⁽⁴⁾ compared to the average cost of natural gas in cost of sales of $2.11 per MMBtu in the first nine months of 2020.

Third Quarter 2021 Financial Results

For the third quarter of 2021, net loss attributable to common stockholders was $185 million, or $0.86 per diluted share; EBITDA loss was $10 million; and adjusted EBITDA was $488 million. These results compare to third quarter 2020 net loss attributable to common stockholders of $28 million, or $0.13 per diluted share; EBITDA of $196 million; and adjusted EBITDA of $204 million.

Net sales in the third quarter of 2021 were $1.36 billion compared to $0.85 billion in the third quarter of 2020. Average selling prices for the third quarter of 2021 were higher than the third quarter of 2020 across all segments due to strong global demand as well as decreased global supply availability as higher global energy costs drove lower global operating rates. Sales volumes in the third quarter of 2021 were lower than the third quarter of 2020 due to lower supply availability from lower production.

Cost of sales for the third quarter of 2021 was higher compared to the third quarter of 2020 primarily due to higher natural gas costs and higher maintenance costs, partially offset by the impact of lower sales volumes.

In the third quarter of 2021, the average cost of natural gas reflected in the Company’s cost of sales was $4.21 per MMBtu compared to the average cost of natural gas in cost of sales of $1.91 per MMBtu in the third quarter of 2020.

Capital Management

Capital Expenditures

Capital expenditures in the third quarter and first nine months of 2021 were $201 million and $382 million, respectively. Management projects capital expenditures for full year 2021 will be in the range of $500 million, reflecting higher maintenance activity in 2021, which included maintenance deferred from 2020 as well as activity that was previously planned to occur in 2022.

Long-Term Debt Actions

On September 10, 2021, the Company’s wholly owned subsidiary CF Industries, Inc., redeemed $250 million principal amount, representing one-third of the $750 million principal amount outstanding immediately prior to such redemption, of its 3.450% senior notes due 2023 in accordance with the optional redemption provisions in the indenture governing them. The total amount for the partial redemption was approximately $265 million, including accrued interest. As of September 30, 2021, the aggregate principal amount of CF Industries Holdings, Inc.'s outstanding long-term indebtedness was $3.5 billion.

During the quarter, Fitch Ratings and S&P Global Ratings issued investment-grade credit ratings with respect to CF Industries Holdings, Inc. The issuance of these ratings resulted in an Investment Grade Rating Event under the Company's 4.500% senior secured notes due 2026 and the satisfaction of the Collateral and Guarantee Release Conditions under our revolving credit agreement. As a result, under the terms of those debt instruments, the collateral, liens and subsidiary guarantees under those debt instruments were automatically released on August 23, 2021.

Share Repurchase Program

During the third quarter of 2021, the company repurchased approximately 1.1 million shares for $50 million. From February 2019, when the current $1 billion share repurchase authorization was announced, through September 30, 2021, the Company has repurchased approximately 11.3 million shares for $487 million. The current share repurchase program will expire at the end of 2021.

On November 3, 2021, the Board of Directors of CF Industries Holdings, Inc., authorized a new $1.5 billion share repurchase program. The program goes into effect January 1, 2022, and runs through the end of 2024.

CHS, Inc. Distribution

CHS Inc. (CHS) is entitled to semi-annual distributions resulting from its minority equity investment in CF Industries Nitrogen, LLC (CFN). The estimate of the partnership distribution earned by CHS, but not yet declared, for the third quarter of 2021 is approximately $94 million.

Clean Energy Initiatives

CF Industries continues to advance its plans to support the global hydrogen and clean fuel economy, which is expected to grow significantly over the next decade, through the production of blue and green ammonia. In line with this strategic focus, the Board of Directors has authorized projects that will enable the annual production of up to 1.25 million tons of blue ammonia – ammonia produced with the corresponding CO₂ byproduct removed through carbon capture and sequestration – from the Company’s existing network starting in 2024.

The projects will involve constructing units at the Donaldsonville and Yazoo City complexes that dehydrate and compress CO₂, a process essential for CO₂ transport via pipeline to sequestration sites. Management expects that, once the units are in service and sequestration is initiated, the Company could sequester up to 2.5 million tons of CO₂ per year (2 million tons at Donaldsonville and 500,000 tons at Yazoo City). Under current regulations, the projects would be expected to qualify for tax credits under Section 45Q of the Internal Revenue Code, which provides a credit per metric ton of CO₂ sequestered.

The Company is currently in advanced discussions with several parties regarding transportation and sequestration of CO₂ from Donaldsonville. Construction of the units at the Donaldsonville Complex is expected to begin in 2022 and to be completed in 2024, with an estimated total cost of $200 million. The Yazoo City project will commence once a third-party transport and sequestration partner has been confirmed and timed to coincide with CO₂ transport pipeline construction. Once started, the project is expected to be completed in three years with an estimated total cost of $85 million.

CF Industries continues to develop other initiatives related to its clean energy strategy across the Company’s network.

UAN Antidumping and Countervailing Duty Investigations

On June 30, 2021, CF Industries, through certain of its production facilities, filed petitions with the U.S. Department of Commerce (“Commerce”) and the U.S. International Trade Commission (“ITC”) requesting the initiation of antidumping and countervailing duty investigations on imports of urea ammonium nitrate solutions (“UAN”) from Russia and Trinidad.

CF Industries, which is the largest producer of UAN in the United States, requested the investigations due to the harm the domestic UAN industry has experienced from dumped and unfairly subsidized UAN imports from Russia and Trinidad. CF Industries filed its petitions under United States antidumping and countervailing duty laws, which authorize Commerce to level the playing field for domestic industries injured by foreign imports that are dumped and unfairly subsidized.

On August 13, 2021, the ITC issued an affirmative decision in the preliminary phase of its antidumping and countervailing duty investigation of UAN imports from Russia and Trinidad. The ITC decision found that there is a reasonable indication that imports of UAN from Russia and Trinidad materially injure the U.S. UAN industry. Under U.S. trade laws, a finding of injury to the domestic industry is a prerequisite for imposing antidumping and countervailing duties.

As a result of the ITC’s determination, Commerce will continue its own investigations of UAN imports from Russia and Trinidad. The purpose of Commerce’s investigations is to determine whether imports of UAN from Russia and Trinidad are being dumped in the U.S. market or unfairly subsidized, and if so at what levels. Commerce is scheduled to issue its preliminary countervailing duty determinations in November 2021, followed by preliminary antidumping determinations. The Company expects that Commerce will then issue final determinations in 2022.

If Commerce’s final determinations are affirmative, then the ITC would make a final injury determination. If both agencies make affirmative final determinations – which typically takes approximately one year – then Commerce would issue antidumping and countervailing duty orders on UAN from Russia and Trinidad, which would remain in place for at least five years. At this time, management cannot predict the outcome of the proceedings, including whether antidumping or countervailing duties will be imposed on imports from either country, or the rate of any such duties.

Ammonia Segment

CF Industries’ ammonia segment produces anhydrous ammonia (ammonia), which is the base product that the Company manufactures, containing 82 percent nitrogen and 18 percent hydrogen. The results of the ammonia segment consist of sales of ammonia to external customers for its nitrogen content as a fertilizer, in emissions control and in other industrial applications. The Company has also announced steps to produce blue ammonia and market to external customers for its hydrogen content in clean energy applications. In addition, the Company upgrades ammonia into other nitrogen products such as urea, UAN and AN.

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October ADV up 43% y/y; OI up 11% y/y

ATLANTA & NEW YORK--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today reported October 2021 trading volume and related revenue statistics, which can be viewed on the company’s investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet.

October highlights include:

• Total average daily volume (ADV) up 43% y/y and total open interest (OI) up 11% y/y including record futures OI of 48.2M lots on October 26 and record futures and options OI across global commodities of 50.5M lots on October 25
• Total Energy ADV up 27% y/y; OI up 7% y/y
• Total Oil ADV up 36% y/y
  • Brent ADV up 31% y/y
  • WTI ADV up 71% y/y; OI up 9% y/y
  • Gasoil ADV up 45% y/y; OI up 8% y/y
  • Other crude and refined products ADV up 29% y/y
• Total natural gas ADV up 10% y/y; OI up 9% y/y
  • TTF gas ADV up 101% y/y; OI up 26% y/y
• Environmentals ADV up 34% y/y; OI up 15% y/y
• Ags & Metals OI up 10% y/y
  • Coffee OI up 23% y/y
  • Cocoa ADV up 19% y/y; OI up 27% y/y
  • Cotton ADV up 35% y/y; OI up 27% y/y
• Total Interest Rate ADV up 90% y/y; OI up 19% y/y
  • Sterling ADV up 29% y/y
  • Euribor ADV up 129% y/y; OI up 34% y/y
  • Gilt ADV up 38% y/y; OI up 80% y/y
  • Record SONIA ADV of 344k contracts; record OI of 5.9M contracts
• U.S. Cash Equity ADV +4% y/y; Equity Options ADV up 44% y/y

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on February 4, 2021.

SOURCE: Intercontinental Exchange

ICE-CORP

ICE Investor Relations Contact:
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• Reports 22% Increase in Q3 Revenues to $951.5 Million
• Delivers Q3 Net Income of $65.4 Million, or EPS of $1.20, with Adjusted EPS of $1.14
• Achieves 10% Growth in Q3 Adjusted EBITDA to $185.1 Million With Margin of 19.5%
• Raises Full-Year 2021 Adjusted EBITDA and Adjusted Free Cash Flow Guidance

NORWELL, Mass.--(BUSINESS WIRE)--Clean Harbors, Inc. (“Clean Harbors”) (NYSE: CLH), the leading provider of environmental and industrial services throughout North America, today announced financial results for the third quarter ended September 30, 2021.

“In the quarter, we experienced a continuation of many of the favorable trends that have supported our business all year – substantial volumes of high-value waste streams for disposal, a wider than normal spread in the re-refining market and steadily growing demand for many of our service businesses,” said Alan S. McKim, Chairman, President and Chief Executive Officer. “These factors enabled us to exceed our guidance and deliver the highest quarterly revenue in Company history. In a market environment disrupted by supply chain bottlenecks, labor shortages and inflationary cost pressures, our financial results reflect the strong execution by our leadership team in managing through challenging conditions.”

Third-Quarter 2021 Results

Revenues increased 22% to $951.5 million from $779.3 million in the same period of 2020. Income from operations grew 25% to $104.8 million from $83.9 million in the third quarter of 2020.

Net income was $65.4 million, or $1.20 per diluted share. This compares with net income of $54.9 million, or $0.99 per diluted share, for the same period in 2020. Adjusted for certain items in both periods, adjusted net income was $62.2 million, or $1.14 per diluted share, for the third quarter of 2021, compared with adjusted net income of $49.9 million, or $0.90 per diluted share, in the same period of 2020. (See reconciliation tables below) Net income and adjusted net income results for the third quarter of 2021 included pre-tax integration and severance costs of $6.2 million, primarily related to the acquisition of HydroChemPSC. Comparable costs in the third quarter of 2020 were $1.8 million.

Adjusted EBITDA (see description below) increased 10% to $185.1 million from $167.8 million in the same period of 2020. Benefits from Canadian pandemic programs accounted for $1.1 million of contributions in the third quarter of 2021, compared with $13.3 million in benefits from both Canadian and U.S. government programs in the same period of 2020.

Q3 2021 Review

“Revenues in our Environmental Services segment increased 15%, reflecting strong demand for our disposal and recycling services, as well as growth in many of our service businesses,” McKim said. “Our incineration network produced utilization of 82%, compared with 80% in the prior year, driven by record drum volumes and direct burn streams. We raised prices to help offset cost increases and focused our available capacity on high-value waste streams, resulting in an 18% increase in the average price per pound from a year ago. Landfill volumes were down 5% due to lower project activity, but our average price per ton increased 17% due to the mix of waste. Our Safety-Kleen Environmental branches registered another solid quarter, with most core service offerings trending up. For the second consecutive quarter we saw a sizeable increase in our Industrial Services business, as customers continue to address the substantial backlog of deferred maintenance related to the pandemic.”

“With industry dynamics on the supply side remaining favorable, our Safety-Kleen Sustainability Solutions (SKSS) segment again delivered exceptional results. Revenues grew 60% from a year ago while Adjusted EBITDA more than doubled,” McKim said. “Demand for our base and blended oil was high throughout the quarter, leading to a healthy pricing environment. Market conditions, including the underlying impact of IMO 2020, enabled us to deliver the widest re-refinery spread in our history. Waste oil collections were strong at 60 million gallons, up from 50 million a year ago.”

Business Outlook and Financial Guidance

“The positive demand environment in North America that we have witnessed all year is showing no signs of slowing as we enter the final quarter of 2021,” McKim said. “Customers continue to rely on Clean Harbors for their environmental and industrial needs, and to be their sustainability partner. We expect to conclude the year with a strong finish in all our core lines of business. In early October, we completed the acquisition of HydroChemPSC (“HPC”), which we believe will accelerate our growth momentum as we take a leadership position in the U.S. Industrial Services market. Within our Environmental Services segment, we have a considerable backlog of waste volumes within our network and at our customers’ sites. Our Field Services business has transitioned well from COVID-19 decontamination work back to its core operations, and the addition of HPC’s utility group will expand our scale. The main challenge for this segment in the coming months will be navigating through the ongoing headwinds of cost inflation, supply chain disruption, labor availability and transportation-related limitations. We intend to accelerate the pricing initiatives we have underway to combat these cost and labor challenges.

“Within our SKSS segment, the wide spread between used oil to base oil pricing has continued into the back half of the year based on market conditions. The changes we have made in creating the SKSS business will also continue to benefit us going forward,” McKim concluded. “Overall, we continue to maintain a favorable outlook in both of our segments for the remainder of the year and into 2022.”

Based on its third-quarter financial performance, completion of the HPC acquisition and current market conditions, Clean Harbors is raising its 2021 guidance. For the year, the Company now expects:

• Adjusted EBITDA in the range of $655 million to $675 million, including an approximately $15 million contribution from HPC. This range is based on anticipated GAAP net income in the range of $171 million to $196 million; and
• Adjusted free cash flow in the range of $310 million to $330 million, based on anticipated net cash from operating activities in the range of $500 million to $540 million.

Non-GAAP Results

Clean Harbors reports Adjusted EBITDA, which is a non-GAAP financial measure and should not be considered an alternative to net income or other measurements under generally accepted accounting principles (GAAP), but viewed only as a supplement to those measurements. Adjusted EBITDA is not calculated identically by all companies, and therefore the Company’s measurement of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Clean Harbors believes that Adjusted EBITDA provides additional useful information to investors since the Company’s loan covenants are based upon levels of Adjusted EBITDA achieved and management routinely evaluates the performance of its businesses based upon levels of Adjusted EBITDA. The Company defines Adjusted EBITDA in accordance with its existing revolving credit agreement, as described in the following reconciliation showing the differences between reported net income and Adjusted EBITDA for the three and nine months ended September 30, 2021 and 2020 (in thousands, except percentages):

This press release includes a discussion of net income and earnings per share adjusted for the loss on sale of businesses and the impacts of tax-related valuation allowances and other items as identified in the reconciliations provided below. The Company believes that discussion of these additional non-GAAP measures provides investors with meaningful comparisons of current results to prior periods’ results by excluding items that the Company does not believe reflect its fundamental business performance. The following shows the difference between net income and adjusted net income, and the difference between earnings per share and adjusted earnings per share, for the three and nine months ended September 30, 2021 and 2020 (in thousands, except per share amounts):

* For the three and nine months ended September 30, 2020, other amounts include a $1.6 million benefit, or $0.03 per share, related to tax benefits from impacts of amendments to prior period tax filings.

Adjusted Free Cash Flow Reconciliation

Clean Harbors reports adjusted free cash flow, which it considers to be a measurement of liquidity that provides useful information to investors about its ability to generate cash. The Company defines adjusted free cash flow as net cash from operating activities excluding cash impacts of items derived from non-operating activities, less additions to property, plant and equipment plus proceeds from sale and disposal of fixed assets. The Company excludes cash impacts of items derived from non-operating activities such as taxes paid in connection with divestitures and in 2020 also excluded cash paid in connection with the purchase of its corporate headquarters and certain capital improvements to the site as these expenditures are considered one-time in nature. Adjusted free cash flow should not be considered an alternative to net cash from operating activities or other measurements under GAAP. Adjusted free cash flow is not calculated identically by all companies, and therefore the Company’s measurement of adjusted free cash flow may not be comparable to similarly titled measures reported by other companies.

An itemized reconciliation between net cash from operating activities and adjusted free cash flow is as follows for the three and nine months ended September 30, 2021 and 2020 (in thousands):

Adjusted EBITDA Guidance Reconciliation

An itemized reconciliation between projected GAAP net income and projected Adjusted EBITDA is as follows (in millions):

Adjusted Free Cash Flow Guidance Reconciliation

An itemized reconciliation between projected net cash from operating activities and projected adjusted free cash flow is as follows (in millions):

Conference Call Information

Clean Harbors will conduct a conference call for investors today at 9:00 a.m. (ET) to discuss the information contained in this press release. During the call, management will discuss Clean Harbors’ financial results, business outlook and growth strategy. Investors who wish to listen to the webcast and view the accompanying slides should visit the Investor Relations section of the Company’s website at www.cleanharbors.com. The live call also can be accessed by dialing 201.689.8881 or 877.709.8155 prior to the start time. If you are unable to listen to the live conference call, the webcast will be archived on the Company’s website.

About Clean Harbors

Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. Its customer base spans a number of industries, including chemical, energy and manufacturing, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is North America’s largest re-refiner and recycler of used oil and a leading provider of parts washers and environmental services to commercial, industrial and automotive customers. Founded in 1980 and based in Massachusetts, Clean Harbors operates in the United States, Canada, Mexico, Puerto Rico and India. For more information, visit www.cleanharbors.com.

Safe Harbor Statement

Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “seeks,” “should,” “estimates,” “projects,” “may,” “likely,” or similar expressions. Such statements may include, but are not limited to, statements about future financial and operating results, and other statements that are not historical facts. Such statements are based upon the beliefs and expectations of Clean Harbors’ management as of this date only and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, without limitation, the impact of the HPC acquisition and those items identified as “Risk Factors” in Clean Harbors’ most recently filed Form 10-K and Form 10-Q. Forward-looking statements are neither historical facts nor assurances of future performance. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Clean Harbors undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its filings with the Securities and Exchange Commission, which may be viewed in the “Investors” section of Clean Harbors’ website at www.cleanharbors.com.