MANCHESTER, England--(BUSINESS WIRE)--A multi-million pound partnership between Octopus Hydrogen and Luxfer Gas Cylinders is paving the way to make heavy goods transportation and the aviation industries cleaner and greener.

Luxfer Gas Cylinders - a leading manufacturer of high-pressure composite and aluminum cylinders worldwide – is joining forces with Octopus Hydrogen – a subsidiary of green energy tech pioneer Octopus Energy – in the specification and supply of bulk gas transport modules that will carry green hydrogen across the UK.

The 40ft long units designed by Luxfer, which are called Multiple Element Gas Containers (MEGC), can transport 1.1 tonnes of hydrogen from the electrolyser plant to the point of use. They will be deployed from mid-2022 and will help address the infrastructure barrier that is impacting wide adoption of the technology.

William Rowe, CEO and Founder of Octopus Hydrogen, said: “Our focus is on delivering green hydrogen to the sectors which cannot be decarbonised by batteries alone, mainly aviation and heavy-duty road vehicles. We are building a network of decentralised green hydrogen production sites using electrolysis, co-located with renewable energy generation, with localised distribution.

“We are working with Luxfer Gas Cylinders to make green hydrogen for mobility a reality. Luxfer understands the challenges of safely transporting large amounts of hydrogen and is delivering a fantastic solution now and has a great future roadmap."

Luxfer’s alternative fuel experts have a proven track record in developing and supplying bulk gas transport solutions across Europe, Asia Pacific and North America.

Mark Lawday, Global Sales Director from Luxfer added: “We manufacture over one million high performance, high pressure cylinders every year. In the alternative fuel sector, we have a team of designers and engineers who develop industry leading systems, integrating lightweight composite cylinders into fuel system modules for compressed natural gas and hydrogen applications ranging from buses, trucks, boats to bulk gas transport trailers.

“Bulk gas transport for hydrogen is an important piece of the jigsaw in enabling the hydrogen economy to be fully realised and reach net zero goals. It’s an exciting step forward, and we’re proud to be working alongside Octopus Hydrogen to drive forward innovation.”

Work to deliver the systems will be led from Luxfer’s UK manufacturing campus in Nottingham, which is home to an alternative fuel team that has designed bespoke hydrogen systems for world-first transport projects including double decker hydrogen buses, HGVs, and the UK’s first hydrogen train.

About Octopus Hydrogen

Octopus Hydrogen, an Octopus Energy Group company, is positioned to supply ‘green hydrogen as a service’ for heavy goods transportation, energy storage, industrial applications and aviation in UK, Europe and Australia, with the first kilos of green hydrogen to be sold in 2021. The intent is to remove the infrastructure cost and complexity from the end user and accelerate the adoption of green hydrogen as a fuel.

Octopus Hydrogen will bring Octopus Energy’s unrivalled customer centric approach to the green hydrogen supply market. With the recent acquisition of Octopus Renewables and the world leading Kraken platform, the Group is uniquely positioned to drive down costs and help customers drive the transition to a competitive and 100% green economy.

For more information, check out our website: https://www.octohydrogen.com/

About Luxfer Gas Cylinders

Luxfer Gas Cylinders (www.luxfercylinders.com) is the world’s largest manufacturer of high-pressure composite and aluminum cylinders. More than 70 million Luxfer cylinders in service around the world have an exemplary record for dependability and safety in a variety of applications, including firefighter and first-responder life support, medical, fire extinguishers, alternative fuel, specialty gas, beverage, aerospace, inflation, SCUBA and performance racing. An operating company of Luxfer Holdings PLC (NYSE:LXFR), Luxfer Gas Cylinders is based in Riverside, California, and has manufacturing facilities in the U.S., England, Canada, and China. For more information on Luxfer Gas Cylinders visit: https://www.luxfercylinders.com/.

About Luxfer Holdings PLC (“Luxfer”)

Luxfer is a global manufacturer of highly-engineered industrial materials, which focuses on value creation by using its broad array of technical knowhow and proprietary technologies. Luxfer’s high-performance materials, components, and high-pressure gas containment devices are used in defense and emergency response, healthcare, transportation, and general industrial applications. For more information, visit www.luxfer.com.

Issued on behalf of Luxfer Cylinders by The Tonic Communications. For more information contact This email address is being protected from spambots. You need JavaScript enabled to view it. or call 0115 8248254.

Heather Harding – Chief Financial Officer
This email address is being protected from spambots. You need JavaScript enabled to view it.
0115 8248254

Company enters second half of 2021 with increasing market recognition, achievements in innovation and leadership

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Bidgely’s drive to accelerate a clean energy future gained momentum in the first half of 2021 through the continued deployment of artificial intelligence (AI) solutions to new global customers. Worldwide adoption of Bidgely’s UtilityAI™ Platform solutions expanded with the addition of seven new global utilities and energy retailers, including Ireland’s largest energy provider Electric Ireland. These new progressive utilities and energy retailers join the ranks of nearly 40 Bidgely customers like Duke Energy, Southern California Gas (SoCalGas®), TEPCO, and NV Energy. Bidgely also partnered with Salesforce to integrate its energy analytics into existing workflows in order to streamline and enrich utility operations in the first half of the year.

“Bidgely’s patented, AI-powered technology is advancing the energy industry’s digital transformation in ways that were not possible before. Our goal to support the growing needs of utilities, while exceeding their customers’ expectations, fuels our continuous innovation - capitalizing on the unlimited potential of customer data,” said Abhay Gupta, CEO of Bidgely.

Industry Recognition and Leadership
Bidgely’s success in bringing sophisticated AI strategies to the energy market was repeatedly recognized by industry analysts throughout the first half of the year. Guidehouse Insight’s Leaderboard for Home Energy Management Providers ranked Bidgely in the “Leader” category for its superior strategy and execution in transforming consumer data into household insights. Bidgely also made a strong debut on Guidehouse Insight’s Leaderboard for Smart Meter Analytics for delivering predictive analytics solutions that enable utilities to more effectively analyze and manage the electric grid.

A new IDC MarketScape: Worldwide Digital Customer Engagement Solutions for Utilities 2021 Vendor Assessment recognized Bidgely’s strength in delivering highly-personalized engagement tools, recently naming the company as one of only three providers in the “Leader” category.

Bidgely also partnered with the Wall Street Journal on a thought leadership series exploring strategies for achieving a clean energy future. This included the growing adoption of AI-powered data analytics by leading utilities such as Ameren, Duke Energy, Duquesne Light Company and Hydro Ottawa, as well as perspectives from Salesforce, J.D. Power and Portland General Electric on the power of digital transformation. The series culminated in a look at the collective action of utilities underway to empower carbon footprint reductions en masse.

Innovation and Product Advancements
In addition to introducing new solutions that increase energy savings among low-to-medium income (LMI) customers and promote efficiency through AI-powered Smart Alerts, Bidgely has invested in a series of Innovation Charters for aligning solutions with evolving market needs. These Innovation Charters encompass three key categories:

• Enterprise Analytics: Enabling customer data utilization in a fully self-serve and flexible manner across multiple utility groups, leveraging Analytics Workbench as a “single source of truth” for demand side management, marketing, grid planning, load research and more.
• Electric Vehicles (EV): Providing an end-to-end EV solution for utilities to not only identify customers with EVs and personalize load shifting incentives but also manage EVs in relation to the overall grid.
• Decarbonization: Innovating strategies to guide all customers to a better understanding of their individual impact on the environment while supporting utility commitments to achieving net-zero emissions goals.

“In relation to the company size, Bidgely invests more in R&D efforts than most in the entire industry. This highlights the company's innovative culture and drive to create holistic, end-to-end solutions for utilities in a dynamically unfolding energy landscape,” said Bidgely Director of Innovation Maria Kretzing.

Bidgely Engage Virtual 2021: FutureReady
In Bidgely’s commitment to furthering industry dialogue around how utilities can leverage customer-centric AI to better achieve their goals, Bidgely is once again hosting its premier energy AI event Engage Virtual. This year’s conference focuses on how leading utilities are taking an analytics-driven approach to balancing immediate business outcomes (CX, DSM, etc.) alongside larger goals, such as net-zero targets, customer relationships and modernization. Join us virtually on October 5-8, 2021 for three short days of high impact sessions, followed by a day of hands-on demos illustrating AI in action. Hear from utility executives and industry leaders from Duke Energy, Portland General Electric, Pepco, APS, ConEdison, PSEG-LI, SECC, Guidehouse Insights and more. Register at: bidgely.com/engage.

About Bidgely
Bidgely is an AI-powered SaaS Company accelerating a clean energy future by enabling energy companies and consumers to make data-driven energy-related decisions. Powered by our unique patented technology, Bidgely's UtilityAI™ Platform transforms multiple dimensions of customer data - such as energy consumption, demographic, and interactions - into deeply accurate and actionable consumer energy insights. We leverage these insights to empower each customer with personalized recommendations, tailored to their individual personality and lifestyle, usage attributes, behavioral patterns, purchase propensity, and beyond. From a Distributed Energy Resources (DER) and Grid Edge perspective, whether it is smart thermostats to EV chargers, solar PVs to TOU rate designs and tariffs; UtilityAI™ energy analytics provides deep visibility into generation, consumption for better peak load shaping and grid planning, and delivers targeted recommendations for new value-added products and services. With roots in Silicon Valley, Bidgely has over 17 energy patents, $50M+ in funding, retains 30+ data scientists, and brings a passion for AI to utilities serving residential and commercial customers around the world. For more information, please visit www.bidgely.com or the Bidgely blog at bidgely.com/blog.

Christine Bennett
Bidgely
This email address is being protected from spambots. You need JavaScript enabled to view it.

MEXICO CITY--(BUSINESS WIRE)--On April 20, 2021, the Company’s Dura-Line business group paused shipment and sales of small diameter (i.e., 1.5 inch and smaller) natural gas distribution (“NGD”) pipe sold by Dura-Line for use primarily in the United States, in order to investigate a potential quality issue. This issue does not impact Dura-Line’s Datacom conduit products.

Dura-Line has determined that affected NGD pipe had short, localized segments where the pipe walls were thinned below specification. Dura-Line believes the issue occurred intermittently and impacted only a portion of the small diameter NGD pipe produced by Dura-Line. Dura-Line and its advisers are conducting a thorough analysis of the issue (including the population of affected small diameter NGD pipe, the impact on such pipe’s expected useful life, and whether the quality issue is limited to a specific plant or line). That analysis is ongoing. As part of that analysis, Dura-Line has concluded that the issue would impair the performance of affected pipe if the pipe is subjected to axial loading. Based on Dura-Line’s analysis to date, it believes it is highly unlikely that any possibly affected pipe poses a risk of a near-term performance issue.

Dura-Line has informed the relevant customers and regulators and will continue to communicate and collaborate closely with potentially affected parties and others as appropriate and necessary. Dura-Line has resumed shipping and sale of small diameter NGD pipe at its plant in Erwin, Tennessee with enhanced monitoring, production, and quality processes. Dura-Line is allowing its direct and indirect customers to return potentially impacted pipe in exchange for a refund. Dura-Line has received demands for compensation from certain end users for removing and replacing potentially impacted installed pipe. Dura-Line anticipates receiving additional demands for compensation in the future from customers and end users of its small diameter NGD pipe which may result in litigation and could give rise to potential material liabilities.

Investors
Javier Luna, Capital Markets and Investor Relations Director
+52 55 5366 4151
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media
Kacy Karlen, Corporate Communications Director
+1 865-410-3001
This email address is being protected from spambots. You need JavaScript enabled to view it.

SOUTHBOROUGH, Mass.--(BUSINESS WIRE)--Upstart Power, a leading developer and manufacturer of solid oxide fuel cell (SOFC) power systems for backup power and distributed generation, announces today the addition of two executives to expand the company’s management team and further position the company for success.

Jeff Gatto and Georg Bettenhauser have joined the organization as Senior Vice President of Engineering & Manufacturing and Vice President of Business Development, respectively. Jeff Gatto is leading Upstart Power’s efforts to design, develop, and manufacture an expanding portfolio of Upgen™ SOFC power systems. Georg Bettenhauser is responsible for business development, sales, and commercial partnership activities at the company. Both Gatto and Bettenhauser come to Upstart Power at an exciting time as the company is transitioning its cutting-edge SOFC products from pilot production and field trials into scaled manufacturing and global commercial sales.

“The capabilities and experience of Jeff and Georg enable us to increase our pace and impact as we launch and grow our portfolio of residential and industrial fuel cell products around the world,” said Paul Osenar, President and CEO of Upstart. “Both of these gentlemen are proven, world-class executives with backgrounds that align extremely well with Upstart Power. They bring significant experience with high technology, hardware systems, and renewable energy and have participated in many successful efforts to scale new products into new markets.”

Prior to Upstart Power, Mr. Gatto was the Vice President of Hardware Engineering & Supply Chain Operations at CASA Systems, a global broadband hardware development company. Prior to CASA, Jeff held a series of senior leadership roles focused on engineering, manufacturing and supply chain at companies including Whoop Inc., Myriant, Tyco, 3Com, Digital, and IBM. He brings 30+ years of experience in accelerated product commercialization from concept through volume production. Jeff holds a B.S. in Mechanical Engineering from Tufts University and an M.S. in Electrical Engineering from Syracuse University.

Mr. Bettenhauser comes to Upstart most recently from EnergySage, a consumer platform for confident energy decision making on solar and other renewable energy options, where he served as VP of Sales & Supplier Partnerships. Prior to EnergySage, Georg served in senior commercial leadership roles at Trina Solar, SolarWorld, Enphase Energy, Seagate, Quantum and Cylink. Georg brings over 25 years of experience in the sales, business development, channel management, commercial partnerships, and marketing of innovative, high-tech products. He holds a B.S. in Industrial Engineering from Technische Hochschule Mittelhessen in Germany and an M.B.A. from Santa Clara University, in California.

About Upstart Power, Inc.
Upstart Power designs and produces market disruptive solid oxide fuel cell (SOFC) generators that are dependable, sustainable, carbon efficient, and virtually silent for Residential and Industrial applications. The Upgen™ Power system from Upstart Power works collaboratively with intermittent renewable sources like solar and battery storage and will ‘cycle on’ when other sources are unavailable, providing 24-7-365, long-duration backup power generation. Founded in late 2018, Upstart Power is a privately held company, funded by investors including TJ Rodgers, Enphase Energy and Sunnova Energy.

For more information, visit www.upstartpower.com.

Upstart Power
Robyn Kennedy DeSocio
Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
614.877.8278 ex. 124

PARIS--(BUSINESS WIRE)--Regulatory News:

Technip Energies (Paris:TE) (ISIN:NL0014559478) announces the availability of its Financial Results Call Presentation in connection with its conference call on Thursday, July 22, 2021 at 13:00 CET to discuss the first half 2021 financial results and outlook for 2021.

A copy of the Financial Results Call Presentation can also be accessed on Technip Energies website (www.technipenergies.com).

About Technip Energies
Technip Energies is a leading Engineering & Technology company for the Energy Transition, with leadership positions in LNG, hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The Company benefits from its robust project delivery model supported by an extensive technology, products and services offering.

Operating in 34 countries, our 15,000 people are fully committed to bringing our clients’ innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.

Technip Energies shares are listed on Euronext Paris. In addition, Technip Energies has a Level 1 sponsored American Depositary Receipts (“ADR”) program, with its ADRs trading over-the-counter.

Investor Relations
Phillip Lindsay
Vice President, Investor Relations
+44 20 3429 3929
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Relations
Stella Fumey
Director Press Relations & Digital Communications
+33 1 85 67 40 95
This email address is being protected from spambots. You need JavaScript enabled to view it.

Fewer than One-Fourth of Customers Aware of Local Utility Plans to Curb Greenhouse Emissions

TROY, Mich.--(BUSINESS WIRE)--Few local electric customers have any idea what their utility is planning to do to improve the environment despite a historic bipartisan infrastructure proposal that calls for the single largest federal investment in clean energy, countless clean-air initiatives launched by local utilities and growing consumer interest in clean energy. According to the J.D. Power 2021 Sustainability Index, released today, just 23% of customers are aware their electric utility has declared a goal to reduce greenhouse gas emissions.

“Consumer awareness and support for climate sustainability initiatives of local electric utilities remains low despite growing national attention on sustainability and the environment,” said Andrew Heath, senior director of utilities intelligence at J.D. Power. “This is a big issue because utilities are developing a number of sophisticated sustainability strategies and, eventually, customers are going to be asked to fund these investments and modify their electric consumption. If they want customer support, utilities really need to act quickly to increase awareness for their sustainability initiatives.”

Following are some key findings of the 2021 index:

• Persistently low consumer awareness for utility climate initiatives: The overall sustainability scores for electric utilities evaluated in the study—which are based on consumer awareness, support, engagement and advocacy for their local utility’s climate initiatives—is 27 (on a 100-point scale), up just one point from 2020. Only 23% of electric utility customers say they are aware of their utility’s goals to reduce greenhouse emissions.

• Lack of faith: Only 46% of customers believe their utility is likely to achieve a goal of 100% clean energy by 2050.

• Some utilities show significant improvement: While overall sustainability scores have not moved much, a handful of utilities achieved significant improvement from last year’s study. On a 100-point index scale, they are Alliant Energy (+4.6 points), Avangrid (+4.3), Salt River Project (+3.9), Evergy (+3.1), CMS Energy (+3.0) and Duquesne Light (+3.0).

• Highest-scoring utilities: NextEra Energy and Sacramento Municipal Utility District have the highest scores in 2021, each with a score of 33.

The J.D. Power Sustainability Index evaluates electric utility customer awareness, support, engagement and advocacy for their local utility’s climate sustainability programs and goals. The index applies to the 35 largest U.S. electric utility companies and cities, each serving 500,000 or more residential customers and is based on responses from 66,494 business and residential electric utility customers and was fielded from June 2020 through May 2021. Additional information is based on the J. D. Power 2021 Sustainability Pulse Study fielded in April 2021.

Following is the full list of electric utility companies and cities that are evaluated, along with their index scores:

For more information about the J.D. Power Sustainability Index, visit https://www.jdpower.com/business/utilities/jd-power-climate-leadership-program.

To view the online press release, please visit http://www.jdpower.com/pr-id/2021081.

About J.D. Power

J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.

J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The J.D. Power auto shopping tool can be found at JDPower.com.

About J.D. Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

Geno Effler, J.D. Power; West Coast; 714-621-6224; This email address is being protected from spambots. You need JavaScript enabled to view it.
John Roderick; East Coast; 631-584-2200; This email address is being protected from spambots. You need JavaScript enabled to view it.

- First half Adjusted Revenue growth of 8% year-over-year

- Adjusted Recurring EBIT Margin of 6.3%; margin guidance raised to 5.8% - 6.2%

- Adjusted Order Intake of €7.9 billion year-to-date; Adjusted Backlog of €17.5 billion

- Successful €600 million inaugural senior unsecured notes offering due 2028

PARIS--(BUSINESS WIRE)--Regulatory News:

Technip Energies (Paris:TE) (ISIN:NL0014559478) (the “Company”), a leading Engineering & Technology company for the Energy Transition, today announces its first half unaudited 2021 financial results.

Arnaud Pieton, CEO of Technip Energies, on H1 2021 results and FY 2021 outlook:

“We are committed to delivering consistent and predictable operational and financial performance. Buoyed by double digit year-over-year growth in the second quarter, our first half revenue performance reinforces our revenue outlook for the full-year. Operational execution across our portfolio of projects continues to be strong and we have made good progress in reducing indirect costs. This is evidenced by first half margins exceeding the top-end of the guided range for 2021 – as a result, we are raising full year margin guidance.”

“Year to date Order Intake of €7.9 billion has largely consisted of Energy Transition related work, including LNG. This has driven a substantial improvement in backlog and provides us with excellent, multi-year visibility. The new projects pipeline continues to be strong, giving us potential for selective additions to our backlog in the coming quarters. We see continued book-to-bill momentum in Technology, Products & Services - consistent with our strategy to deliver growth from this segment.”

“We are shaping our future across the Energy Transition – both Decarbonization and Carbon-free solutions. We launched Blue H₂ by T.EN™, a leading suite of cost-efficient, low-carbon hydrogen solutions – with strong customer interest. In addition, we secured promising work in the related areas of blue ammonia and green hydrogen. We strengthened our offshore wind positioning with Inocean floater technology and the creation of a dedicated business unit. Finally, in Sustainable Chemistry, we received notable technology and services awards in the growing domain of sustainable aviation fuel.”

“ESG enthusiasm is resonating throughout the Company with significant engagement with our people and external stakeholders to frame our priorities. This represents a key milestone in our sustainability roadmap, to be delivered early 2022”.

Key financials – Adjusted IFRS

Key financials - IFRS

FY2021 Guidance

Conference call information

Technip Energies will host its H1 2021 results conference call and webcast on Thursday 22, July 2021, at 13:00 CET. Dial-in details:

The event will be webcast simultaneously and can be accessed at: https://edge.media-server.com/mmc/p/a4pmdoto

About Technip Energies

Technip Energies is a leading Engineering & Technology company for the Energy Transition, with leadership positions in LNG, hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO₂ management. The Company benefits from its robust project delivery model supported by an extensive technology, products and services offering.

Operating in 34 countries, our 15,000 people are fully committed to bringing our clients’ innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.

Technip Energies shares are listed on Euronext Paris. In addition, Technip Energies has a Level 1 sponsored American Depositary Receipts (“ADR”) program, with its ADRs trading over-the-counter.

Operational and financial review

Backlog, Order Intake and Backlog Scheduling

Adjusted Order Intake for H1 2021 of €7,863.4million (Q2 2021: €1,392.7 million), equating to a book-to-bill of 2.4, was mostly driven by a large petrochemical contract by Indian Oil Corporation and two contracts for Neste for development of its Rotterdam Renewables Production Platform in the second quarter, as well as the major award for the Qatar North Field Expansion in the first quarter. Also, in the second quarter, the Company benefited from additional opportunities materializing on existing projects. Trailing 12-months book-to-bill was 1.8.

Adjusted backlog increased 32% year-on-year to €17,473.4 million, equivalent to 2.9x 2020 Adjusted Revenue.

The table below provides estimated backlog scheduling as of June 30, 2021.

Company Financial Performance

Adjusted Statement of Income

Business highlights

Projects Delivery – Adjusted IFRS

H1 2021 Adjusted Revenue increased year-on-year by 7% to €2.6 billion. The continued ramp-up of Arctic LNG 2, combined with progress on FLNG work and the initial contributions from recently awarded LNG projects, was partially offset by a reduction in North American and Middle East downstream projects.

H1 2021 Adjusted Recurring EBIT decreased year-on-year by 8% to €167.5 million. Adjusted Recurring EBIT margin declined by 100 basis points to 6.4% largely due to project mix and early project phasing, as well as corporate costs that have been more fully allocated to the operating segment, while the prior year period benefited from projects in the completion phase. A reduction in indirect cost partially offset the decline in margins.

Q2 2021 Key operational milestones

(Reference Q1 2021 press release for first quarter milestones)

Arctic LNG 2 Project (Russian Federation)

• Completion of first modules in China.

Bapco Refinery expansion (Bahrain)

• Project reached more than 70% completion, and successful implementation of several safety campaigns contributed to 40 million manhours reached without a Lost Time Injury (LTI).

ENI Coral FLNG (Mozambique)

• Topsides and offshore preparation activities ongoing. On track for sail-away from Samsung Heavy Industries yard in South Korea by the end of the year.

ExxonMobil Beaumont refinery expansion project (United States)

• Significant milestone reached with delivery of 17,000 tons of fabricated modules from Asia to the refinery in Texas.

Long Son olefins plant (Vietnam)

• 90% progress (in tons) on mechanical works associated with the furnaces.

Petronas Kasawari WHP (Malaysia)

• Wellhead platform jacket and topsides fabrication completed and loaded out for installation.

Sempra LNG, IEnova and TotalEnergies, Energía Costa Azul (Mexico)

• Two thirds of process equipment ordered. Site mobilization started.

Q2 2021 Key commercial highlights

Indian Oil Corporation contract (India)

• Large* Engineering, Procurement, Construction and Commissioning (EPCC) contract by Indian Oil Corporation Limited (IOCL) for its Para Xylene (PX) and Purified Terephthalic Acid (PTA) complex project, on the East Coast of India.
• The contract covers the delivery of a new 1.2 MMTPA PTA plant and associated facilities.

*A “large” award for Technip Energies is a contract representing between €250 million and €500 million of revenue.

Technology, Products & Services (TPS) – Adjusted IFRS

H1 2021 Adjusted Revenue increased year-on-year by 11% to €620.5 million, driven by growth in services, as well as Loading Systems which has benefited from a sustained period of strong order intake.

H1 2021 Adjusted Recurring EBIT increased year-on-year by 25% to €54.7 million. Adjusted Recurring EBIT margin increased year-on-year by 100 basis points to 8.8%, benefiting from the revenue increase and strong contributions from Project Management Consultancy and Loading Systems.

Q2 2021 Key operational milestones

(Reference Q1 2021 press release for first quarter milestones)

Ynsect Project (France)

• Foundation stone laying ceremony at Ynfarm with representatives of the French Government.

Hong Kong offshore LNG project (Hong Kong)

• Loading Systems shipped 12 loading arms.

Neste Singapore expansion project (Singapore)

• Engineering and Procurement near completion. Advanced progress in civil works and steel structure erection.

Bora LyondellBasell Petrochemical Co. Ltd.’s ethylene plant (China)

• Successful completion of performance test on a 1,000 kta ethylene plant, which Technip Energies provided the proprietary technology and process design.

Q2 2021 Key commercial highlights

Two contracts* for Neste’s Rotterdam Renewables Production Platform (the Netherlands)

• The first contract covers Engineering, Procurement services and Construction management (EPsCm) to enable production of Sustainable Aviation Fuel (SAF).
• The second contract covers the Front-End Engineering and Design (FEED) for Neste's next possible world-scale renewable products refinery in Rotterdam.

Northern Lights CCS - Loading Systems award for liquefied CO₂ equipment (Norway)

• Contract for the world’s first liquefied CO₂ marine loading arms.

Project Management Consultancy for offshore wind farm (France)

• Provision of services to Vulcain Engineering relating to the development and the operation of an Iberdrola-operated offshore windfarm in France.

First Hummingbird® catalyst supply agreement with LanzaJet Inc (US)

• The ethanol-to-ethylene catalyst will be used in LanzaJet’s first commercial demonstration scale integrated biorefinery at its Freedom Pines Fuels site in Georgia.

Commercial launch of BlueH₂ by T.EN^TM

• A full suite of deeply-decarbonized and affordable solutions for hydrogen production.
• This includes reducing the carbon footprint by up to 99% compared to traditional hydrogen processes, and maximizing hydrogen yield while minimizing energy demand.

Corporate and Other items

Corporate costs in the first half, excluding non-recurring items, were €17.6 million, benefiting from a fuller allocation to the operating segments. This compares to €61.6 million in the prior year period. H1 2020 combined statement of income was also impacted by foreign exchange impact allocated to Technip Energies. Foreign exchange for H1 2021 was a negative impact of €1.3 million.

Net financial expense was €12 million, impacted by the mark-to-market valuation of investments in traded securities and, to a lesser extent, higher interest expense associated with the bridge facility, partially offset by interest income from cash on deposit.

Effective tax rate for the first half was 33.7%.

Non-recurring expenses in the first half amounted to €30.6 million, primarily relating to separation costs, which were largely incurred in the first quarter. H1 2020 had a positive contribution from non-recurring items mainly resulting from a favourable €102.9 million litigation settlement, partially offset by direct COVID-19 related expenses of €26 million.

Depreciation and amortization expense was €56.1 million, of which €40.3 million is related to IFRS16.

Adjusted net cash at June 30, 2021 was €2.5 billion. This compares to Adjusted net cash at December 31, 2020, after the impact of the Separation and Distribution Agreement, of €2.2 billion.

Total invested equity at June 30, 2021 was €1.3 billion in Adjusted IFRS. This compares to total invested equity at December 31, 2020 of €1.2 billion, after giving effect to the provisions of the Separation and Distribution Agreement. The Separation and Distribution Agreement was detailed in section 3, Balance Sheet information, of Technip Energies “Update on FY 2020 Financial Results” released on February 26, 2021.

Adjusted Operating cash flow for the first half reached of €354.6 million, benefiting from a strong operational performance and working capital inflows associated with new project advances and milestone payments.

With limited capital expenditure of €15.4 million, free cash flow generation was €339.2 million in the first half.

Liquidity and credit rating information

Total liquidity of €3.8 billion at June 30, 2021 comprised of €3.2 billion of cash and €750 million of liquidity provided by the Company’s undrawn revolving credit facility, which is available for general use and serves as a backstop for the Company’s commercial paper program, offset by €80 million of outstanding commercial paper.

On May 20, 2021, the Company announced the successful pricing of its inaugural offering of €600,000,000 aggregate principal amount of 1.125% senior unsecured notes due 2028 (the “Notes”). The offering was more than 3x oversubscribed among a large European investor base.

On May 28, 2021, Technip Energies issued the Notes, the proceeds of which available for general corporate purposes, including the refinancing (which occurred on May 31, 2021) of the €620 million bridge amount drawn under the bridge facility made available to Technip Energies in connection with the spin-off of Technip Energies from TechnipFMC plc. The Notes were admitted to trading on the regulated market of Euronext Paris and rated BBB by S&P Global.

Technip Energies retains its ‘BBB/A-2’ investment grade rating, as confirmed by S&P Global following the Spin-off from TechnipFMC.

Post H1 2021 Items of Note

Share liquidity management agreement implemented

Technip Energies announced the implementation of a liquidity agreement to enhance the liquidity of Technip Energies’ shares admitted to trading on Euronext Paris.

The liquidity contract seeks to enhance the liquidity of Technip Energies’ shares admitted to trading on Euronext Paris by maintaining a reasonable average daily turnover, reducing bid-ask spread, and monitoring volatility.

Disclaimers

This Press Release is intended for informational purposes only for the shareholders of Technip Energies. This Press Release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation. This Press Release is not intended for distribution in jurisdictions that require prior regulatory review and authorization to distribute a Press Release of this nature.

Forward-looking statements

This Press Release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies’ operations or operating results. Forward-looking statements are often identified by the words “believe”, “expect”, “anticipate”, “plan”, “intend”, “foresee”, “should”, “would”, “could”, “may”, “estimate”, “outlook”, and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies’ current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on Technip Energies. While Technip Energies believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Technip Energies will be those that Technip Energies anticipates.

All of Technip Energies’ forward-looking statements involve risks and uncertainties (some of which are significant or beyond Technip Energies’ control) and assumptions that could cause actual results to differ materially from Technip Energies’ historical experience and Technip Energies’ present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements.

For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies’ risk factors set forth in Technip Energies’ filings with the U.S. Securities and Exchange Commission, which include amendment no. 4 to Technip Energies’ registration statement on Form F-1 filed on February 11, 2021.

Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Technip Energies undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.

APPENDIX

Basis of preparation

Consolidated financial statements for the period from January 1 to June 30, 2021 include comparative information (for the year 2020) extracted from Technip Energies’ Combined financial statements.

Information for these two periods constitute the Technip Energies Group’s Consolidated financial statements at June 30, 2021.

Note, the first half financials may not exactly correspond to the sum of the quarterly financial information provided for first and second quarter as the first half is based on a year-to-date conversion from functional currencies to reporting currency.

APPENDIX 1.0: ADJUSTED STATEMENTS OF INCOME – FIRST HALF

APPENDIX 1.1: ADJUSTED STATEMENTS OF INCOME – SECOND QUARTER

APPENDIX 1.2: STATEMENT OF INCOME – RECONCILIATION BETWEEN IFRS AND ADJUSTED – FIRST HALF 2021

APPENDIX 1.3: STATEMENT OF INCOME – RECONCILIATION BETWEEN IFRS AN

Investor Relations
Phillip Lindsay
Vice President, Investor Relations
Tel: +44 20 3429 3929
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Relations
Stella Fumey
Director Press Relations & Digital Communications
Tel: +33 1 85 67 40 95
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Reports quarterly GAAP and adjusted earnings from continuing operations of $0.12 and $0.15 per diluted share, respectively

Generates year-to-date operating and total free cash flow of $335 million and $359 million, respectively

Returned $375 million of capital to stockholders year-to-date through dividends and share repurchases

DALLAS--(BUSINESS WIRE)--Trinity Industries, Inc. (NYSE:TRN) today announced earnings results for the second quarter ended June 30, 2021.

Financial and Operational Highlights

• Quarterly total company revenues of $372 million
• Quarterly income from continuing operations per common diluted share ("EPS") of $0.12 and quarterly adjusted EPS of $0.15
• Lease fleet utilization of 94.3% and Future Lease Rate Differential ("FLRD") of negative 2.5% at quarter end
• New railcar orders of 4,570 and railcar deliveries of 1,765
• Year-to-date cash flow from operations and total free cash flow after dividends and investments ("Free Cash Flow") were $335 million and $359 million, respectively
  • Year-to-date investment of $163 million in leasing capital expenditures, net of lease portfolio sales
• Net additions of 4,550 railcars to the wholly-owned and partially-owned lease fleet compared to prior year period
• Repurchases of approximately 10.5 million shares at a cost of $291 million
• Committed liquidity of $918 million as of June 30, 2021

Management Commentary

"We are very pleased to build on the momentum growing in our business as railcar demand and the overall U.S. economy continue to recover," remarked Jean Savage, Trinity's Chief Executive Officer and President. "Best of all, our second quarter results were enhanced by the great strides the Company continues to make towards our return-focused initiatives, and we are proud to say we are on track to achieve the ambitious goals we detailed at our Investor Day last Fall."

Ms. Savage continued, "Our businesses performed well against our expectations across both our leasing and manufacturing businesses. Trinity’s lease revenue improved modestly and secondary market liquidity remains strong as demand continues to rise. There are clear signs of a strengthening recovery as the renewal success rate for the quarter improved to 81%, a level not seen in recent history. Utilization was slightly lower compared to a year ago as energy markets have lagged in the recovery. Most encouraging, though, was the continued improvement in the Future Lease Rate Differential compared to a year ago. Similarly, Trinity benefited in the second quarter from higher margins on railcars sold in the secondary market from our lease fleet as we continue to optimize for best potential returns."

"Trinity's Rail Products Group also had improved results as orders increased significantly compared to a year ago. Even better, our ongoing cost initiatives continue to lower our breakeven point for new car production and reduced the impact of higher steel costs over the quarter. We are ever diligent concerning inflation in our input costs but are increasingly optimistic about the trends in profitability for the Rail Products Group exiting 2021 and into 2022."

"Additionally, Trinity has made excellent progress against our goal to lower funding costs and optimize our balance sheet. In the quarter, Trinity repurchased $291 million of our common stock, and since the onset of the pandemic, we have successfully issued and refinanced approximately $2.3 billion of debt, which includes our partially-owned leasing subsidiary activities. As a result, we have lowered our borrowing costs by approximately 100 basis points. As we noted at our Investor Day, we believe there are many more opportunities to optimize our assets and liabilities. At quarter-end, Trinity still has an unencumbered railcar inventory totaling $1.1 billion. With improved liquidity in the secondary market for railcars, we have an increased ability to manage our fleet through buying and selling railcars."

Ms. Savage concluded, "In summary, we are encouraged by the continued recovery in the U.S. rail markets and the economy broadly. More importantly, we are very proud of the progress and execution being driven by the hard work of our collective teams at Trinity. We look forward to our continued progress and the long-term shareholder value generation that we believe will follow."

Additional Business Items

Liquidity and Capital Resource Updates

• June 2021 Refinancing of Partially-Owned Leasing Subsidiaries' Debt
  • Triumph Rail LLC ("Triumph Rail"), formerly known as TRIP Master Funding LLC, a partially-owned subsidiary of the Company, issued $560.4 million of Series 2021-2 Green Secured Railcar Equipment Notes (the "Triumph Rail Notes"). The Triumph Rail Notes bear interest at an all-in interest rate of 2.20% and have a stated final maturity date of 2051. Net proceeds received from the issuance of the Triumph Rail Notes, as well as proceeds from the sale of railcars and related operating leases to TRIP Railcar Co. LLC described below, were used to redeem Triumph Rail's existing Secured Railcar Equipment Notes, of which $869.1 million was outstanding at the redemption date. The all-in rate for these notes was 5.16% per annum.
  • TRIP Railcar Co. LLC, a partially-owned subsidiary of the Company, drew down $329.6 million under a term loan agreement ("TRIP Railcar Co. term loan"). The TRIP Railcar Co. term loan bears interest at LIBOR plus 1.85% and has a stated maturity date of June 2025. Net proceeds received from the TRIP Railcar Co. term loan were used to purchase railcars and related operating leases from Triumph Rail.
  • TRP 2021 LLC, formerly known as Trinity Rail Leasing 2012 LLC, a partially-owned subsidiary of the Company, issued $355.0 million of Series 2021-1 Green Secured Railcar Equipment Notes (the "TRP-2021 Notes"). The TRP-2021 Notes bear interest at an all-in interest rate of 2.13% and have a stated final maturity date of 2051. Net proceeds received from the TRP-2021 Notes were used to redeem TRP-2021's existing Secured Railcar Equipment Notes, of which $348.0 million was outstanding at the redemption date. The all-in rate for these notes was 3.59% per annum.
• In June 2021, Trinity Rail Leasing 2021 LLC, a wholly-owned subsidiary of the Company, issued $325.0 million of Series 2021-1 Green Secured Railcar Equipment Notes (the "TRL-2021 Notes"). The TRL-2021 Notes bear interest at an all-in interest rate of 2.31% and have a final maturity date of 2051. Net proceeds received from the TRL-2021 Notes were used to repay borrowings under TILC's secured warehouse credit facility and for general corporate purposes.
• During the quarter, Trinity repurchased approximately $68 million of shares under the Company's authorized share repurchase program, of which $77 million remains authorized through December 31, 2021.
• On April 29 2021, we entered into a stock repurchase agreement with ValueAct Capital Master Fund, L.P. (“ValueAct”) to repurchase 8.1 million shares of our common stock for $27.47 per share, for an aggregate purchase price of $222.5 million, in a privately negotiated transaction. The price per share represents a discount of 3.5% from the closing price for a share of common stock on the New York Stock Exchange on April 29, 2021. Under the repurchase agreement, ValueAct will not make any additional sales of common stock without our consent through September 1, 2021.
• During the quarter, Trinity received a $207 million income tax refund associated with the tax loss carryback for the 2019 tax year as permitted under recent tax legislation. The Company's income tax receivable at the end of the second quarter was $233 million.

Conference Call

Trinity will hold a conference call at 8:30 a.m. Eastern on July 22, 2021 to discuss its second quarter results. To listen to the call, please visit the Investor Relations section of the Company's website at www.trin.net and access the Events & Presentations webpage, or the live call can be accessed at 1-888-317-6003 with the conference passcode "6833145". Please call at least 10 minutes in advance to ensure a timely connection. An audio replay may be accessed through the Company’s website or by dialing 1-877-344-7529 with passcode "10152026" until 11:59 p.m. Eastern on July 29, 2021.

Additionally, the Company will provide Supplemental Materials to accompany the earnings conference call. The materials will be accessible both within the webcast and on Trinity's Investor Relations website under the Events and Presentations portion of the site along with the Second Quarter Earnings Call event weblink.

Non-GAAP Financial Measures

We have included financial measures compiled in accordance with generally accepted accounting principles ("GAAP") and certain non-GAAP measures in this earnings press release to provide management and investors with additional information regarding our financial results. Non-GAAP measures should not be considered in isolation or as a substitute for our reporting results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies. For each non-GAAP financial measure, a reconciliation to the most comparable GAAP measure has been included in the accompanying tables. When forward-looking non-GAAP measures are provided, quantitative reconciliations to the most directly comparable GAAP measures are not provided because management cannot, without unreasonable effort, predict the timing and amounts of certain items included in the computations of each of these measures. These factors include, but are not limited to: the product mix of expected railcar deliveries; the timing and amount of significant transactions and investments, such as lease portfolio sales, capital expenditures, and returns of capital to shareholders; and the amount and timing of certain other items outside the normal course of our core business operations, such as restructuring activities and the potential financial and operational impacts of the COVID-19 pandemic.

About Trinity Industries

Trinity Industries, Inc., headquartered in Dallas, Texas, owns businesses that are leading providers of rail transportation products and services in North America. Our rail-related businesses market their railcar products and services under the trade name TrinityRail®. The TrinityRail platform provides railcar leasing and management services, as well as railcar manufacturing, maintenance and modifications. Trinity also owns businesses engaged in the manufacture of products used on the nation’s roadways and in traffic control. Trinity reports its financial results in three principal business segments: the Railcar Leasing and Management Services Group, the Rail Products Group, and All Other. For more information, visit: www.trin.net.

Some statements in this release, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Trinity's estimates, expectations, beliefs, intentions or strategies for the future, and the assumptions underlying these forward-looking statements, including, but not limited to, future financial and operating performance, future opportunities and any other statements regarding events or developments that Trinity believes or anticipates will or may occur in the future, including the potential financial and operational impacts of the COVID-19 pandemic. Trinity uses the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” “guidance,” “projected,” “outlook,” and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this release, and Trinity expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Trinity’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by federal securities laws. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to risks and uncertainties regarding economic, competitive, governmental, and technological factors affecting Trinity’s operations, markets, products, services and prices, and such forward-looking statements are not guarantees of future performance. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and “Forward-Looking Statements” in Trinity’s Annual Report on Form 10-K for the most recent fiscal year, as may be revised and updated by Trinity’s Quarterly Reports on Form 10-Q, and Trinity’s Current Reports on Form 8-K.

- TABLES TO FOLLOW -

Trinity has certain unvested restricted stock awards that participate in dividends on a nonforfeitable basis and are therefore considered to be participating securities. Consequently, diluted net income (loss) attributable to Trinity Industries, Inc. per common share is calculated under both the two-class method and the treasury stock method, and the more dilutive of the two calculations is presented. There were no restricted shares and stock options included in the computation of diluted EPS for the three and six months ended June 30, 2020 as we incurred a loss for these periods, and any effect on loss per common share would have been antidilutive.

Investor Contact:
Eric R. Marchetto
Executive Vice President and Chief Financial Officer
Trinity Industries, Inc.
(Investors) 214/631-4420

Media Contact:
Jack L. Todd
Vice President, Public Affairs
Trinity Industries, Inc.
(Media Line) 214/589-8909

SHANNON, Ireland--(BUSINESS WIRE)--$OLED #IDAIRELAND--Universal Display Corporation (Nasdaq: OLED) and PPG (NYSE: PPG) today announced that OLED Material Manufacturing Ltd. (OM²) and PPG are embarking on a multi-million-euro capital investment that is expected to create up to 100 high-tech jobs at a new Shannon manufacturing site. The facility, which was announced in February 2021, will broaden the global footprint and increase the production of Universal Display Corporation’s (UDC) energy-efficient, high-performing UniversalPHOLED^® materials to meet growing organic light emitting diode (OLED) market demand and evolving industry requirements.

The announcement was welcomed by Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar TD, who said, “This major announcement by OLED Material Manufacturing and PPG is a welcome boost to the Mid-West region. It will make a significant contribution to Shannon and the Irish economy in terms of job creation, investment and innovation. Technology is one of the fastest-growing sectors here in Ireland and globally, and I wish the team continued success.”

Austin McCabe, Director, OLED Material Manufacturing Limited, said, “Our manufacturing expansion in Ireland allows UDC to strengthen its mission, which centers on enabling our customers and fostering the proliferation of energy-efficient OLED display and lighting applications in the consumer landscape. Leveraging UDC Ireland’s presence, the site’s infrastructure and the Mid-West region’s top-level talent, we are excited about the new Shannon facility. Together with our long-term partner, PPG, this multi-million-euro investment will expand the global manufacturing footprint for UDC’s proprietary state-of-the-art phosphorescent emissive materials to meet the substantial growth forecasted for the OLED market.”

Gerry Cahill, PPG Plant Manager, Shannon, said, “This project will bring a broad spectrum of jobs, a large number of which are highly skilled, to the Mid-West region. PPG has been producing high-performance OLED materials for UDC for the past 20 years. The expansion into Ireland with the addition of the Shannon facility shows confidence in not only the UDC-PPG partnership but also in Ireland as a place in which to invest and do business. In this regard, we are thankful for the support of the Irish Government through IDA Ireland.”

Martin Shanahan, CEO, IDA Ireland, said, “This decision by OLED Material Manufacturing and PPG to invest in Shannon demonstrates the companies’ confidence in the availability of a skilled and talented workforce in the Mid-West Region. This announcement is further evidence of IDA Ireland’s continued commitment to winning jobs and investment for regional locations. I wish OLED Material Manufacturing and PPG every success as they progress with their manufacturing site in Shannon.”

PPG is the longstanding partner and exclusive manufacturer of UDC’s UniversalPHOLED emitter materials. OLED Material Manufacturing Limited is a wholly-owned subsidiary of UDC Ireland Ltd., which is a subsidiary of UDC. Facility renovations and regulatory approvals at the Shannon site are expected to be completed in the next 12 months so that operations can commence in 2022.

PPG: WE PROTECT AND BEAUTIFY THE WORLD™
At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty materials that our customers have trusted for more than 135 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 75 countries and reported net sales of $13.8 billion in 2020. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.

We protect and beautify the world is a trademark and the PPG Logo is a registered trademark of PPG Industries Ohio, Inc.

Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display, solid-state lighting applications with subsidiaries and offices around the world. Founded in 1994, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.

Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.

All statements in this document that are not historical, such as those relating to Universal Display Corporation’s and PPG’s technologies and potential applications of those technologies, both Companies’ expected results and future declaration of dividends, the expected timing and benefits of the Shannon manufacturing site, including the expected number of jobs created, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s and PPG’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s and PPG’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the sections entitled “Risk Factors” in Universal Display Corporation’s and PPG’s Annual Reports on Form 10-K for the year ended December 31, 2020 and subsequent Quarterly Reports on Form 10-Q. Universal Display Corporation and PPG each disclaim any obligation to update any forward-looking statement contained in this document.

Follow Universal Display Corporation

Twitter
Facebook
YouTube

(OLED-C)

OLED Material Manufacturing Ltd Contact:
Darice Liu
Senior Director
This email address is being protected from spambots. You need JavaScript enabled to view it.
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 609-964-5123

PPG Contacts:
John Bruno
Vice President, Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 412-434-3466

Brande Juart
Specialty Coatings and Materials
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 724-325-5203

AM O’Sullivan PR Ltd Contact:
Ann-Marie O’Sullivan
Chief Executive
This email address is being protected from spambots. You need JavaScript enabled to view it.
+353 (86) 8188163

PASADENA, Calif. & SAN JOSE, Calif.--(BUSINESS WIRE)--Heliogen and Bloom Energy (NYSE: BE) today announced plans to produce green hydrogen using only concentrated solar power and water, further accelerating the world’s progress toward a zero-carbon future.

By combining near 24/7 carbon-free power and steam, generated by Heliogen’s Sunlight Refinery solar power generation system, with Bloom Energy’s highly efficient solid oxide electrolyzer, the companies will produce green hydrogen that can replace fossil-derived fuels in commercial and industrial applications. Bloom Energy’s electrolyzers operating on steam are nearly 30 percent more efficient than low-temperature electrolyzers, such as polymer electrolyte membrane (PEM) and alkaline. The complementary technologies make for economically viable green hydrogen production, on par with hydrogen produced from photovoltaic solar generation.

“We developed our AI-powered Sunlight Refinery knowing that green hydrogen is a key element in decarbonizing global transport,” said Bill Gross, founder and chief executive officer, Heliogen. “By coupling our technology with Bloom Energy’s electrolyzers, we can produce this crucially important fuel at an attractive price point. We will further enhance our Sunlight Refinery’s technology with the addition of Bloom Energy’s market-leading technology, and we have found a committed and invaluable partner in our mission to help decarbonize the entire global economy.”

According to the International Energy Agency, the industrial sector is responsible for more than one-third of the world’s energy consumption, while cement production alone is the source of seven percent of global carbon emissions. Industrial companies are particularly well-suited for low-cost, large-scale hydrogen utilization given the substantial energy requirements and notable CO₂ emissions.

“We are always on the lookout for complementary technology to accelerate the path to zero and negative carbon, and that’s exactly what we plan to do with Heliogen,” said Venkat Venkataraman, executive vice president and chief technology officer, Bloom Energy. “By providing efficient and more cost-effective hydrogen production, we believe we can drive rapid adoption of green hydrogen to accelerate the zero-carbon energy transition in these industries.”

The companies’ first integrated solution is intended to be deployed at Heliogen’s facility in Lancaster, California by the end of 2021.

About Heliogen

Heliogen is a renewable energy technology company focused on eliminating the need for fossil fuels in all sectors of the economy and empowering a sustainable future. The company’s Sunlight Refinery aims to cost-effectively deliver near 24/7 carbon-free energy in the form of heat, power, and hydrogen fuels at scale for the first time in history. Heliogen was created at Idealab, the leading technology incubator founded by Bill Gross in 1996. For more information about Heliogen, please visit heliogen.com.

On July 7, 2021, Heliogen announced a definitive business combination agreement with Athena Technology Acquisition Corp. (NYSE: ATHN). Upon the closing of the business combination, Heliogen will become publicly traded on the New York Stock Exchange under the new ticker symbol "HLGN". Additional information about the transaction can be viewed here: https://heliogen.com/investor-center/.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Additional Information and Where to Find It

In connection with the proposed business combination, Athena Technology Acquisition Corp. (“Athena”) intends to file with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 containing a preliminary proxy statement and a preliminary prospectus. After the registration statement is declared effective, Athena will mail a definitive proxy statement/prospectus relating to the proposed business combination to its stockholders. This communication does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. Additional information about the proposed business combination and related transactions will be described in Athena’s combined proxy statement/prospectus relating to the proposed business combination and the businesses of Athena and Heliogen, Inc. (“Heliogen”), which Athena will file with the SEC. The proposed business combination and related transactions will be submitted to stockholders of Athena for their consideration. Athena’s stockholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with Athena’s solicitation of proxies for its special meeting of stockholders to be held to approve, among other things, the proposed business combination and related transactions, because these materials will contain important information about Heliogen, Athena and the proposed business combination and related transactions. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to stockholders of Athena as of a record date to be established for voting on the proposed business combination and related transactions. Stockholders may also obtain a copy of the preliminary or definitive proxy statement/prospectus, once available, as well as other documents filed with the SEC by Athena, without charge, at the SEC’s website located at www.sec.gov or by directing a request to Phyllis Newhouse, President and Chief Executive Officer, Athena Technology Acquisition Corp., 125 Townpark Drive, Suite 300, Kennesaw, GA 30144, or by telephone at (970) 924-0446.

Participants in the Solicitation

Athena, Heliogen and their respective directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from Athena’s stockholders in respect of the proposed business combination and related transactions. Information regarding Athena’s directors and executive officers is available in its Registration Statement on Form S-1 and the prospectus included therein filed with the SEC on March 3, 2021. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be contained in the preliminary and definitive proxy statements/prospectus related to the proposed business combination and related transactions when it becomes available, and which can be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This communication shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction. This communication shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Bloom Energy

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

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Words such as “anticipates,” “could,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” “can,” “may,” “will,” “would” and similar expressions identify such forward-looking statements. These statements include, but are not limited to, expectations regarding the collaboration efforts between the two companies; expectations for economically viable green hydrogen production; ability to drive rapid adoption of green hydrogen; and expectations related to the first integrated solution and its timing of deployment. These statements should not be taken as guarantees of results and should not be considered an indication of future activity or future performance. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including those included in the risk factors section of Bloom Energy’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 and other risks detailed in Bloom Energy’s SEC filings from time to time. Bloom Energy undertakes no obligation to revise or publicly update any forward-looking statements unless if and as required by law.

Bloom Energy Contacts:

For Media:
Erica Osian
Bloom Energy
401.714.6883
This email address is being protected from spambots. You need JavaScript enabled to view it.

For Investors:
This email address is being protected from spambots. You need JavaScript enabled to view it.

Heliogen Contacts:

For Media:
This email address is being protected from spambots. You need JavaScript enabled to view it.

For Investors:
Caldwell Bailey
ICR, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.

The new Fluke IRR1-SOL Solar Irradiance Meter makes the critical measurements needed for installing, testing, and maintaining photovoltaic systems

EVERETT, Wash.--(BUSINESS WIRE)--New energy technologies, like solar, require specialized test tools to efficiently provide critical measurements. The new Fluke IRR1-SOL Irradiance Meter has been designed from the ground up to simplify the installation, commissioning, and troubleshooting of photovoltaic arrays by measuring irradiance, temperature, inclination, and direction of the solar array with a single handheld tool.

Watch the IRR1-SOL video here.

The simple user interface, instantaneous solar irradiation measurements, and built-in temperature sensor make it easy to meet IEC 62446-1 requirements for testing, documenting, and maintaining photovoltaic systems. Additionally, the integrated compass and inclination sensor allow technicians to quickly measure and document roof and site orientation, pitch, and panel tilt while surveying, installing, or adjusting an installation.

“The Fluke IRR1-SOL Irradiance Meter fills a pressing need for dedicated test tools to quickly and easily verify and document the performance of photovoltaic installations,” said Allison Wyatt, global product marketing manager. “It’s just the latest in Fluke’s portfolio of test tools that speed the installation and maintenance of photovoltaic arrays.”

The Fluke IRR1-SOL Solar Irradiance Meter is ideal for:

• Photovoltaic system design and surveying — to find the expected production at a site, technicians must determine the solar resource while taking shading into account. The Fluke IRR1-SOL measures the actual solar irradiance (Watts/m²) and shading at the site to develop a baseline.
• Measuring — once the system is installed, the IRR1-SOL ensures it is operating as designed by taking the critical measurements needed when determining its power output.
• Comparing and diagnosing — even when installed correctly, a photovoltaic system may not be producing the expected electrical output. The IRR1-SOL confirms the correct amount of irradiance energy is being received to generate the DC voltage that is fed into the inverter.

Bringing dedicated tools to solar design, installation, and troubleshooting

With the new IRR1-SOL Irradiance Meter, Fluke is bringing its long history of leadership in electrical test and measurement to the solar energy industry with tools that provide the precise measurements that allow solar professionals to solve their unique problems quickly and easily. Fluke tools operate reliably in the extreme environments that solar professionals work in — dusty, wet, cold, and hot — and are tested to survive drops that can occur in field work. Fluke tools are also designed to keep workers safe in potentially dangerous electrical environments, meeting or exceeding all recommended safety standards.

For more information on the Fluke IRR1-SOL Solar Irradiance Meter, visit: https://www.fluke.com/en-us/product/electrical-testing/best-solar-energy-industry-tools/flk-irr1-sol.

Fluke Corporation

For information on Fluke tools and applications, or to find the location of a distributor, contact Fluke Corporation, P.O. Box 9090, Everett, WA USA 98206, call (800) 44-FLUKE (800-443-5853), fax (425) 446-5116, e-mail This email address is being protected from spambots. You need JavaScript enabled to view it. or visit the Fluke Web site at www.fluke.com.

About Fluke

Founded in 1948, Fluke Corporation is the world leader in compact, professional electronic test tools and software for measuring and condition monitoring. Fluke customers are technicians, engineers, electricians, maintenance managers, and metrologists who install, troubleshoot, and maintain industrial, electrical, and electronic equipment and calibration processes.

FLUKE is a registered trademark of Fluke Corporation. For more information, visit the Fluke website.

Allison Wyatt
(425) 446-4600
This email address is being protected from spambots. You need JavaScript enabled to view it.

Strong Free Cash Flow From Profitable Low-Breakeven Production

BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil, and Argentina, today announced its operational update for the three-month period ended June 30, 2021 (“2Q2021”).

All figures are expressed in US Dollars. Growth comparisons refer to the same period of the prior year, except when otherwise specified.

Highlights

Oil and Gas Production and Operations

• Consolidated oil and gas production of 36,489 boepd, impacted by managed curtailments due to extensive protests and demonstrations that affected overall logistics throughout Colombia¹
• Production restored by the end of 2Q2021, with GeoPark currently producing 38,000-39,000 boepd
• Drilling and field operations normalized by the end of 2Q2021 and currently fully active with three operated drilling rigs and three workover rigs in Colombia

Ongoing Operations and Revised 2021 Guidance

• Full-year 2021 average production has been revised to 38,000-40,000 boepd with a work program of $125-140 million and operating netbacks of $340-390 million (assuming Brent at $60-65 per bbl)²
• 2H2021 production is expected to average 39,000-42,000 boepd (excluding the potential production from the 2H2021 exploration drilling program)
• 2H2021 drilling program includes exploration prospects in the CPO-5 (GeoPark non-operated, 30% WI) and Llanos 94 (GeoPark non-operated, 50% WI) blocks
• Flexible work program, quickly adaptable to any oil price scenario

Debt Reduction and Cost Savings

• Strategic first phase deleveraging process executed in April 2021, resulting in significant debt reduction with extended maturities and lower cost of debt
• $85 million of cash & cash equivalents as of June 30, 2021³
• Long-term financial debt maturity profile with no principal payments until September 2024

ESG+ Actions

• National electric grid connection and PV solar projects currently underway to continue improving industry-leading cost and carbon footprint performance in the Llanos 34 block (GeoPark operated, 45% WI)
• Currently developing strategic medium and long-term greenhouse gas reduction policy
• GeoPark’s annual sustainability report (SPEED/ESG 2020 report) to be published in August 2021

Corporate Governance Strengthening

• Shareholders reelected all GeoPark directors at the AGM⁴ held on July 15, 2021, with every director receiving at least 70% of the shares voted
• Newly appointed Independent Chair of the Board, Ms. Sylvia Escovar
• GeoPark’s Board composed of a majority of independent directors and key committees consist solely of independent directors (Nomination and Corporate Governance, Audit, and Compensation committees)

Returning Cash and Value to Shareholders

• Quarterly Dividend of $0.0205 per share ($1.25 million), paid on April 13, 2021
• Quarterly Dividend of $0.0205 per share ($1.25 million), paid on May 28, 2021
• Resumed discretionary share buyback program, having acquired 241,927 shares for $2.9 million since November 6, 2020, while executing self-funded and flexible work programs, and paying down debt

Ongoing Portfolio Restructuring

• Peru: Executed agreement to transfer the Morona block contract and operatorship to Petroperu
• Brazil: Manati gas field divestment process expected to close by the end of 2021
• Brazil: REC-T-128 block farm-out closed during May 2021
• Argentina: initiated a process during May 2021 to evaluate farm-out/divestment opportunities
• Asset management restructuring initiative providing G&A, OPEX and other cost improvements

REVISED 2021 GUIDANCE

As announced on May 17, June 1 and July 1, extensive protests and demonstrations across Colombia affected overall logistics and supply chains, restricting GeoPark’s crude oil transportation, drilling and the mobilization of personnel, equipment, and supplies. These events caused the Company and its joint venture partners to manage production curtailments and to temporarily suspend or delay drilling and maintenance activities.

Operations normalized by the end of 2Q2021 and GeoPark is currently producing 38,000-39,000 boepd, with 2H2021 production expected to average 39,000-42,000 boepd.

Revised 2021 production guidance of 38,000-40,000 average boepd (from previous 41,000-43,000 boepd) results from production curtailments during 2Q2021 related to extensive protests in Colombia (which account for approximately 800-1,000 boepd of the revised estimate), delays in the execution of certain maintenance and capital expenditure projects (mainly in the Platanillo and CPO-5 blocks) and to a lesser extent, due to a combination of field and well performance, including higher downtime due to floods temporarily affecting surface facilities and electrical system failures in the Llanos 34 block.

Delayed maintenance and drilling activities in the Platanillo block were mainly caused by the blockades in Colombia. In the CPO-5 block, the operator has delayed the spud of the Indico 4 development well to 4Q2021 (originally scheduled for June 2021), targeting drilling of 2-3 wells during 2021 (from previous 5-6 wells, with the remaining 2-3 wells expected to be spudded in 1Q2022).

Capital expenditures have been revised down to $125-140 million (from $130-150 million), which will compensate a significant portion of the lower operating netbacks that results from lower production and thus reducing its impact on free cash flow.

The table below provides further details about GeoPark’s revised 2021 guidance compared to its previous guidance.

Breakdown of Quarterly Production by Country

The following table shows production figures for 2Q2021, as compared to 2Q2020:

Quarterly Production Evolution

Oil and Gas Production Update

Consolidated:

Oil and gas production in 2Q2021 decreased by 1% to 36,489 boepd from 36,912 boepd in 2Q2020, mainly resulting from lower oil and gas production in Colombia and Chile, partially offset by increased production in Brazil and Argentina.

Oil represented 85% and 88% of total reported production in 2Q2021 and 2Q2020, respectively.

Colombia:

Average net oil and gas production in Colombia decreased by 5% to 29,571 boepd in 2Q2021 compared to 31,072 boepd in 2Q2020.

GeoPark’s 2Q2021 production in Colombia was affected by extensive protests and demonstrations that affected overall logistics, restricting the Company’s crude oil transportation, drilling and the mobilization of personnel, equipment, and supplies, causing the Company to manage production curtailments that started in early May and normalized towards the end of June.

Oil and gas production in main blocks in Colombia was as follows:

• Llanos 34 block net average production was 24,515 bopd in 2Q2021 and current production is approximately 25,000 bopd (or 56,000 bopd gross)
• CPO-5 block net average production was 3,445 bopd (or 11,483 bopd gross) in 2Q2021 and current production is approximately 3,900 bopd (or 13,000 bopd gross)
• Platanillo block average production was 1,110 bopd in 2Q2021 and current production is approximately 2,000 bopd

Latest developments in the Llanos 34 block:

• Three active drilling rigs expecting to spud 14-16 gross wells during 2H2021 (mainly targeting development projects in Tigana, Jacana and Tigui oil fields)
• Environmental impact studies and other preliminary works underway to connect the block to the national power grid, expected to be operational by the end of 2022
• Initiated engineering works for the PV solar project, expected to be operational by June 2022
• Grid connection and PV solar projects are key drivers to continue improving the Llanos 34 block’s industry-leading cost and carbon footprint performance

Latest developments in the CPO-5 block:

• Completed 250 sq km of 3D seismic acquisition in 2Q2021, expected to add additional leads and prospects in the central area of the block

Other activities in operated and non-operated blocks:

• Llanos 94 block (GeoPark non-operated, 50% WI): pre-drilling activities underway in the Humea exploration prospect, spudding expected in 3Q2021
• PUT-8 block (GeoPark operated, 50% WI): Completed 112 sq km of 3D seismic acquisition in 2Q2021. PUT-8 is adjacent to the Platanillo block in the Putumayo basin

Chile:

Average net production in Chile decreased by 17% to 2,584 boepd in 2Q2021 compared to 3,101 boepd in 2Q2020, resulting from lower gas production in the Jauke and Jauke Oeste gas fields. Maintenance and well intervention activities were carried out in Jauke Oeste, affecting gas production in 2Q2021. The production mix during 2Q2021 was 89% gas and 11% light oil (compared to 92% gas and 8% light oil in 2Q2020).

Brazil:

Average net production in Brazil increased by 206% to 2,080 boepd in 2Q2021 compared to 679 boepd in 2Q2020 due to higher gas demand in northern Brazil. The production mix during 2Q2021 was 99% natural gas and 1% oil and condensate (compared to 88% natural gas and 12% oil and condensate in 2Q2020).

Argentina:

Average net production in Argentina increased by 9% to 2,254 boepd in 2Q2021 compared to 2,060 boepd in 2Q2020. The production mix during 2Q2021 was 58% oil and 42% natural gas (compared to 61% oil and 39% natural gas in 2Q2020).

OTHER NEWS / RECENT EVENTS

Reporting Date for 2Q2021 Results Release, Conference Call and Webcast

GeoPark will report its 2Q2021 financial results on Wednesday, August 4, 2021 after the market close.

In conjunction with the 2Q2021 results press release, GeoPark management will host a conference call on August 5, 2021 at 10:00 am (Eastern Daylight Time) to discuss the 2Q2021 financial results. To listen to the call, participants can access the webcast located in the Investor Support section of the Company’s website at www.geo-park.com, or by clicking below:

https://event.on24.com/wcc/r/3329548/DD55368837B5F74936B9ACBDB1945AE1

Interested parties may participate in the conference call by dialing the numbers provided below:

United States Participants: 1 844-200-6205
International Participants: +44 208-0682-558
Passcode: 931620

Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast.

An archive of the webcast replay will be made available in the Investor Support section of the Company’s website at www.geo-park.com after the conclusion of the live call.

GLOSSARY

NOTICE

Additional information about GeoPark can be found in the “Investor Support” section on the website at www.geo-park.com.

Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated based on such rounded figures but based on such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

This press release contains statements that constitute forward-looking statements. Many of the forward- looking statements contained in this press release can be identified using forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.

Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including the divestment process of the Manati gas field, engineering works for the PV solar project, the connection of the Llanos 34 block to the national electric power grid, expected production growth, expected schedule, economic recovery, payback timing, IRR, drilling activities, demand for oil and gas, oil and gas prices, capital expenditures plan, regulatory approvals, reserves and exploration resources. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors. Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption, and losses, except when specified.

Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them considering new information or future developments or to release publicly any revisions to these statements to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission.

Readers are cautioned that the exploration resources disclosed in this press release are not necessarily indicative of long-term performance or of ultimate recovery. Unrisked prospective resources are not risked for change of development or chance of discovery. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development. There is no certainty that any portion of the prospective resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Prospective resource volumes are presented as unrisked.

_________________________________
¹ Please refer to the Company’s releases on May 17, June 1, and July 1, 2021.
² Brent price assumption from July to December 2021, assuming $3-4/bbl Vasconia-Brent differential.
³ Unaudited.
⁴ Annual General Meeting.
⁵ Brent assumption from July to December 2021.
⁶ Assuming a Brent to Vasconia differential averaging $3-4 per bbl in 2H2021.
⁷ Ratio calculated using the middle point of operating netback and capital expenditures.

INVESTORS:
Stacy Steimel, This email address is being protected from spambots. You need JavaScript enabled to view it.
Shareholder Value Director
T: +562 2242 9600

Miguel Bello, This email address is being protected from spambots. You need JavaScript enabled to view it.
Market Access Director
T: +562 2242 9600

Diego Gully, This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations Director
T: +5411 4312 9400

MEDIA:
Communications Department, This email address is being protected from spambots. You need JavaScript enabled to view it.

Market barriers include costs, lack of end user expertise and education, and competition from the window coverings industry

BOULDER, Colo.--(BUSINESS WIRE)--#BAS--A new report from Guidehouse Insights examines the global market for smart windows and glass in light of the global increase in greenhouse gas (GHG) emissions and policy changes by governments around the world. The report provides an analysis of this market with a focus on North America and Europe and a global forecast through 2030.

The demand for smart windows globally has been increasing year-over-year because of the popularization of smart buildings. Smart buildings have become an important trend globally due to their ability to reduce costs, improve the occupant experience, increase sustainability, and facilitate real-time decision-making. According to a new report from Guidehouse Insights, global revenue for the smart window and glass market is projected to experience a compound annual growth rate (CAGR) of 31.2%, reaching more than $1.8 billion in revenue by 2030.

“As buildings become more digitalized and interconnected, different building technologies are becoming smarter as well,” says David Gonzalez, senior research analyst with Guidehouse Insights. “Integrating smart windows into building automation systems (BASs) can translate into lower energy usage, higher comfort levels for building occupants, and facilitate preventive maintenance rather than reactive maintenance.”

The global market for smart windows and glass for architectural applications has had slower than expected growth since 2016. This is mainly due to the expensive price of the products compared with the price of regular flat glass windows, lack of widespread education on smart windows among building owners, facilities managers, contractors, and other market stakeholders, and the lack of market competition needed for product prices to decrease. However, heavy investment in the industry and adoption from verticals such as office buildings and education in recent years could lead to higher growth rates in the coming years, according to the report.

The report, Smart Windows and Glass Overview, examines the global market for smart windows and glass considering the global increase in GHG emissions and policy changes by governments around the world. The report provides an analysis of this market with a focus on North America and Europe and a global forecast through 2030. Trends in Asia Pacific, Latin America, and the Middle East & Africa markets are also discussed. The forecast includes five regions (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) segmented by smart window type (thermochromic, photochromic, electrochromic, SPD, and PDLC), nine commercial building types, and two project types (new construction and retrofit). An executive summary of the report is available for free download on the Guidehouse Insights website.

About Guidehouse Insights

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

About Guidehouse

Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges and navigate significant regulatory pressures with a focus on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that prepare our clients for future growth and success. The company has more than 10,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.

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

Lindsay Funicello-Paul
+1.781.270.8456
This email address is being protected from spambots. You need JavaScript enabled to view it.

TORONTO--(BUSINESS WIRE)--$LGO #VRFB--Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) today announces the appointment of Ian Robertson as Co-Chair of its Board of Directors (the “Board”). Mr. Robertson will also assume an active role in helping direct Largo Clean Energy Corp. (“LCE”) as it commences the formal search for a permanent leader.

J. Alberto Arias, Co-Chair of the Board of Largo, commented: “With decades of exceptional leadership experience as a chief executive and board member, alongside deep institutional knowledge across the renewable energy sector, I am delighted that Ian has agreed to co-chair the Board of Largo Resources as we lead the Company through the transformational opportunity in the energy storage industry which we expect to be one of the key drivers of future growth and value creation for the Company.” He continued: “We are also extremely grateful to have Ian assume the position of President of our clean energy division as we commence the search for a permanent replacement. Ian’s strong business experience, including strategic contacts in the energy and utility industries, combined with his commitment to sustainable development are invaluable as we continue to strategically develop Largo Clean Energy. I am confident that in working together, Largo will be successful in executing its growth strategy going forward.”

Ian Robertson, Co-Chair of the Board and President of LCE, commented: “I am honored to have the opportunity to co-chair Largo’s Board with Alberto, whose leadership and vision have positioned the Company to achieve extraordinary success over the last 10 years, and to continue to work more closely with Paulo Misk and the rest of the executive team in continuing to evolve Largo Clean Energy for its new stage of growth.” He continued: “Largo brings a compelling combination to the market and I am excited to work with the Board and executive management as we continue to offer innovative solutions to support a low-carbon future.”

About Largo Resources

Largo Resources is an industry preferred, vertically integrated vanadium company. It services multiple vanadium market applications through the supply of its unrivaled VPURE™ and VPURE+™ products, from one of the world’s highest-grade vanadium deposits at the Company’s Maracás Menchen Mine located in Brazil. Largo is also focused on the advancement of renewable energy storage solutions through its world-class VCHARGE± vanadium redox flow battery technology. The Company's common shares are listed on the Toronto Stock Exchange and on the Nasdaq Stock Market under the symbol "LGO".

For more information on Largo and VPURE™, please visit www.largoresources.com and www.largoVPURE.com.

For additional information on Largo Clean Energy, please visit www.largocleanenergy.com.

Trademarks are owned by Largo Resources Ltd.

Forward-looking Information:

This press release contains forward-looking information under Canadian securities legislation, ("forward-looking statements"). Forward‐looking information in this press release includes, but is not limited to, statements with respect to our ability to market and sell our VCHARGE± battery system on specification and at a competitive price, the production, delivery and sale to Enel Green Power of a VCHARGE+ battery system, the design of that system, expected transaction value, future VCHARGE+ battery system sales, and the growth of the long-duration energy storage market. Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo or Largo Clean Energy to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the failure to satisfy conditions in the agreement with Enel, termination of the agreement, and those risks described in the annual information form of Largo and in its public documents filed on www.sedar.com and www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&As which also apply.

Trademarks are owned by Largo Resources Ltd.

Investor Relations:

Alex Guthrie
Senior Manager, External Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: +1 416‐861‐9797

~Record June Quarter Revenue Grows 34% to Almost $667 Million~

~Same-Store Sales Grew 6% on Top of 37% in the Prior Year~

~Gross Margin Expands to Nearly 31% - A Record For The June Quarter~

~Record June Quarter Diluted EPS Increases 64% to $2.59~

~Raises Fiscal Year 2021 Guidance~

CLEARWATER, Fla.--(BUSINESS WIRE)--MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, today announced results for its third quarter ended June 30, 2021.

Revenue grew 34%, or over $168 million, to $666.3 million for the quarter ended June 30, 2021 from $498.3 million in the comparable period last year. Same-store sales grew 6% on top of a 37% increase in the comparable quarter last year. The overall revenue growth was driven by meaningful contributions from its recent strategic acquisitions as well as the ongoing robust demand for boating. The Company’s significant geographic and product diversification and the effective utilization of its digital platform have contributed to the sustained growth. These factors resulted in net income and earnings per diluted share rising over 70% and 64% to $59.6 million and $2.59, respectively. This compares to net income of $34.9 million and earnings per diluted share of $1.58 in the comparable period last year.

For the nine months ended June 30, 2021, revenue was up over 44% to $1.6 billion compared with $1.1 billion for the same period last year. Same-store sales increased approximately 21%, on top of 22% growth for the same period last year. Net income for the nine months ended June 30, 2021, rose over 149% to $122.2 million, or $5.33 per diluted share, compared with $49.1 million, or $2.23 per diluted share for the comparable period last year.

W. Brett McGill, Chief Executive Officer and President, stated, “We once again delivered record sales and earnings growth in the quarter, as demand for the boating lifestyle remained strong and our team continued to execute on our strategy of driving our higher margin businesses, resulting in our strongest quarterly operating margin to date. We are proud of our ongoing market share gains as we benefit from our diversified portfolio, premium brands, exceptional customer service, investments in technology, global market presence and our enthusiastic customer base that wants to enjoy active boating experiences with family and friends.”

Mr. McGill continued, “Our deep manufacturer relationships, industry leading inventory management and valuable real estate locations position us well to continue to gain share, as evidenced by our ability to continue to generate strong same-store-sales in a lean inventory environment. With one of the strongest balance sheets in the industry, we remain well capitalized to continue to make strategic accretive acquisitions to further enhance our geographic presence, to add to our marina, storage and service offerings and to further grow our higher margin businesses. Recently, we were pleased to add Cruiser Yachts and Nisswa Marine to our portfolio, illustrating our focus on accretive, higher margin businesses with strong operating teams. Based on orders and inventory, our pricing model and our team’s commitment to executing on our strategic initiatives, we will capture additional growth in the years ahead, as the world’s preferred boating and yacht retailer.”

At June 30, 2021, the Company’s financial capacity, consisting of cash and cash equivalents, along with available borrowings under its credit facilities, exceeded $329 million.

Updated 2021 Guidance

Based on current business conditions, retail trends and other factors, the Company is raising its fiscal year 2021 guidance for earnings per diluted share to the range of $6.40 to $6.55 from $5.50 to $5.65, which was previously increased from original guidance of $4.00 to $4.20 per diluted share. This compares to a non-GAAP adjusted, but fully taxed, earnings per diluted share of $3.42 in fiscal 2020. (Please see the Company’s fiscal 2020 earnings release dated October 28, 2020 for a reconciliation of this non-GAAP figure to the applicable GAAP figure) These expectations do not consider, or give effect for, material acquisitions that may be completed by the Company during fiscal 2021 or other unforeseen events, including changes in global economic conditions.

Reportable Segments

Effective May 2021, the Company’s reportable segments changed as a result of our acquisition of Cruisers Yachts, a manufacturer of yachts. Whereas we previously had only one segment, we now report our operations through two new reportable segments: Retail Operations and Product Manufacturing. The elimination of intersegment revenue and income is due to sales of Cruisers Yachts through our select retail dealership locations. The financial performance of our reportable segments will now be disclosed quarterly beginning with this quarter ended June 30, 2021.

About MarineMax

MarineMax is the world’s largest recreational boat and yacht retailer, selling new and used recreational boats, yachts and related marine products and services, as well as providing yacht brokerage and charter services. MarineMax has over 100 locations worldwide, including 78 retail dealership locations, which includes 31 marinas or storage operations. Through Fraser Yachts and Northrop and Johnson, the Company also is the largest super-yacht services provider, operating locations across the globe. Cruisers Yachts, a MarineMax company, manufacturers boats and yachts with sales through our select retail dealership locations and through independent dealers. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands. The Company also operates Boatyard, a pioneering digital platform that enhances the boating experience. MarineMax is a New York Stock Exchange-listed company (NYSE:HZO). For more information, please visit www.marinemax.com.

Forward Looking Statement

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include the Company’s anticipated financial results for the third quarter ended June 30, 2021; the Company's capitalization; the Company's ability to make strategic accretive acquisitions, further enhance its geographic presence, add to its offerings, and further grow its higher margin businesses; the Company's expectation to capture additional growth in the years ahead; and the Company's fiscal 2021 guidance. These statements are based on current expectations, forecasts, risks, uncertainties and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions and uncertainties include the Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, the performance of the recently-acquired businesses, the Company’s ability to integrate acquisitions into existing operations, the impacts (direct and indirect) of COVID-19 on the Company’s business, the Company’s employees, the Company’s manufacturing partners, and the overall economy, general economic conditions, as well as those within the Company's industry, the level of consumer spending, potential supply chain constraints and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2020 and other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Michael H. McLamb
Chief Financial Officer
Abbey Heimensen
Public Relations
MarineMax, Inc.
727.531.1700

Brad Cohen or Dawn Francfort
ICR, LLC.
This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Pipeline & Process Services Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.

The global pipeline & process services market is projected to have a compound annual growth rate of 5.15%, from US$2.817 billion in 2019 to US$4.004 billion in 2026.

The market of pipeline & process services is expected to drive by increasing demand for natural gas & crude oil (mainly, from Asia Pacific), by increasing investments in the infrastructural developments and by increasing need for connectivity drive. The growth of the pipeline and process services market is restrained by the increasing demand and uses of the renewable sources of energy, and technical and political instability problems by cross border projects in Middle East and Asia Pacific regions.

By asset type, the pipeline and process services market are segmented by process and pipeline, where process segment is expected to have the significant growth in the forecast period majorly for pre-commissioning operations in Middle East, North Africa, and Asia Pacific regions, while the pipeline segment account for the significant market share and is also projected to have a potential growth in the forecast period. Pipeline segment is more demanding in the coming future due to the convenient transportation of the products, such as oil & gas, and so on. Pipelines are generally made of carbon steel, steel, and plastic cylinders. In short term, North America is expected to have the highest growth in the pipeline and process services, whereas, Middle East and Africa is having a potential to grow in the forecast period due to increasing demand for LNG vessels.

The pipeline sector is further segmented into transmission and distribution, where distribution is having the largest market share. The process sector is segmented into FPS, Refinery & Petrochemical, Gas Storage & Processing. The market by operations is segmented by pre-commissioning, commissioning, decommissioning, Maintenance, and others. Among them, the significant share of the market is accounted by pre-commissioning and commissioning segments. The driving force for the growth of this segment is the higher volume of activities of gas processing and pre-commissioning in Middle East and North Africa region, and that of refinery activities in Asia Pacific region.

Companies Mentioned

• Halliburton
• BHGE
• Enermech
• IKM
• Hydratight
• Techfem S.P.A.
• Altus Intervention
• Bluefin Group
• Chenergy Services
• IPEC
• Trans Asia Pipelines
• Schlumberger Pipeline Services Ltd
• Aramco Services Co.
• Anabeeb Arabian Pipeline & Services Co Ltd

COVID-19 Impact

The COVID-19 has impacted the pipeline and process services market severely, as due to lock-downs the supply for the products which use the pipeline and process services, such as oil, natural gas, and so on has impacted adversely. In turn, it has also impacted the production activities in the manufacturing sector. This led to fall in the prices of the End-user's products such as oil & gas, chemicals, natural gas, and so on. After lockdowns, the economies and the growth of the market is stabilizing and gaining a positive growth. Though, due to increasing preferences for the renewable sources, the growth in this market is expected to be positive for the short-term. Although, from the recent stability and growing developmental projects will bring the growth in the pipeline and process services market. This implies that as long as there are developmental projects and construction projects, the pipeline and process services market will have a potential growth, mainly in natural gas and oil sectors

Key Topics Covered:

1. Introduction

2. Research Methodology