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MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE American: NOG) (“Northern”) announced today that it closed on its previously announced acquisition of properties owned by Reliance Marcellus, LLC on April 1, 2021.


  • Extends Northern’s non-operated model to Appalachia – the leading US natural gas basin – and creates a national non-operated franchise, diversified by region and commodity mix
  • Northern paid closing consideration of $120.9 million in cash (including previously paid deposit), which is subject to final post-closing settlement, and 3.25 million common stock warrants
  • The cash closing payment was funded with borrowings under Northern’s revolving credit facility, which had $263.0 million of outstanding borrowings as of March 31, 2021, prior to funding the closing, a reduction of $24.0 million from the previously announced balance as of March 11, 2021
  • 2021 guidance reiterated for the acquired assets, including production of 75-85 MMcfpd and $20-25MM of CAPEX
  • Northern has hedged approximately 66% of forecasted remaining 2021 PDP gas production on the acquired assets at an average price of $3.00/MMbtu and 36% of forecasted Q1:2022 PDP gas production at an average price of $3.17/MMbtu


“We are pleased to have closed this transformational acquisition, which enhances our high-return national non-operated business model with a key move into the Marcellus,” commented Nick O’Grady, Northern’s Chief Executive Officer. “Furthermore, this transaction and our recent balance sheet advancements have positioned Northern as the natural consolidator of non-operated assets. With the Board and Management’s substantial ownership of Northern’s equity, we will only entertain transactions that clearly add immediate shareholder value and are accretive to our free cash flow and future dividend potential.”


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


This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts included in this release regarding Northern’s financial position, business strategy, plans and objectives of management for future operations and industry conditions are forward-looking statements. When used in this press release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production and sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Northern’s control) that could cause actual results to differ materially from those set forth in the forward looking statements, including the following: changes in crude oil and natural gas prices; the pace of drilling and completions activity on Northern’s properties and properties pending acquisition; Northern’s ability to acquire additional development opportunities; potential or pending acquisition transactions; changes in Northern’s reserves estimates or the value thereof; disruptions to Northern’s business due to acquisitions and other significant transactions; general economic or industry conditions, nationally and/or in the communities in which Northern conducts business; changes in the interest rate environment, legislation or regulatory requirements; conditions of the securities markets; Northern’s ability to raise or access capital; changes in accounting principles, policies or guidelines; financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting Northern’s operations, products and prices; and the COVID-19 pandemic and its related economic repercussions and effect on the oil and natural gas industry. Additional information concerning potential factors that could affect future financial results is included in the section entitled “Item 1A. Risk Factors” and other sections of Northern’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause Northern’s actual results to differ from those set forth in the forward looking statements. Northern has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond Northern’s control. Northern does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.


Mike Kelly, CFA
Chief Strategy Officer
(952) 476-9800
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Technology replaces heat with light to power combustion-less, low-emission chemical reactions for cleaner, more cost-efficient production of fuel, fertilizer and plastics

HOUSTON--(BUSINESS WIRE)--Syzygy Plasmonics, a technology company developing the world’s highest performance photocatalyst for the industrial gas, chemical and energy industries, today announced a $23 million Series B financing led by Horizons Ventures with participation from new global investors including Equinor Ventures. Previous seed and Series A investors including The Engine, GOOSE Capital, and Evok Innovations also joined the round. The capital raised will fund product development, hiring and the commercialization of Syzygy’s photocatalytic reactor, which are key steps toward delivering on the company’s mission to reduce emissions using light to replace heat from fossil fuels in chemical manufacturing and production.

Today, the production of chemicals such as plastics, fuels, fertilizers, and hydrogen is primarily reliant on fossil fuel. The heat demand to power the combustion processes for chemical production accounts for 3.6% of global greenhouse gas (GHG) emissions. Syzygy’s photocatalytic technology replaces heat with light to trigger these chemical reactions – a transformation in industrial processing that aims to reduce 1GT of CO2 emissions by 2040.

“With renewable electricity as an energy source, our technology is cleaner, and because of the stability and activity of our photocatalysts, we can drive dozens of possibilities, tuning reactions that produce different chemicals,” said Trevor Best, Syzygy Plasmonics’ co-founder and CEO. “Our initial product will focus on eliminating emissions from hydrogen production, transforming the industrial process involved in making semiconductors, LEDs and metals. Our system will also enable industries that are consumers of hydrogen fuel cells, like fuel cell vehicles.”

Based on photocatalysts invented at Rice University by co-founders and professors Naomi Halas and Peter Nordlander and developed under the leadership of Syzygy’s co-founder and CTO Dr. Suman Khatiwada, Syzygy’s light-powered reactors are modular and scalable, built from lower-cost materials with far milder operating conditions than their traditional counterparts. The elimination of the combustion of fuel, coupled with the ability to operate at low temperatures in a distributed, decentralized manner will enable the shift from high-cost production plants, bringing the production of chemicals closer to the end user and effectively further driving down costs and emissions by eliminating those associated with distribution. Syzygy's first product offering is aimed at hydrogen where the technology has the potential to cut the cost of zero emission hydrogen in half, when compared to other alternatives such as electrolysis.

The technology has attracted interest and support from a roster of international investors and energy partners spanning the U.S., Asia, and Europe. New investors include: Hong Kong-based Horizons Ventures, which funds especially disruptive and technology-focused start-ups; and Equinor Ventures, the corporate venture arm of Norway-based Equinor, an international energy company operating in more than 30 countries.

“The keys to unlock the potential of hydrogen energy lie within production cost reduction and safety enhancements. Syzygy uses a photocatalysis process to produce H2 on premises, therefore mitigating risks of explosion imposed by the transportation of liquid hydrogen while lowering production costs to increase overall energy efficiency. This technology will be applicable to a wide-range of use-cases, enabling a faster path toward zero-emissions,” said Patrick Poon of Horizons Ventures, the new board member of Syzygy.

“We have announced our ambition to become a net-zero energy company by 2050 and in order for society at large to meet its climate goals it will require new solutions and technologies. We are pleased to announce the investment in Syzygy as one potential contributor to help the energy industry reduce emissions as part of our effort to shape the future of energy,” said Gareth Burns, Head of Equinor Ventures.

Syzygy’s team brings together world-class academic, entrepreneurial and chemical and engineering talent from Rice University, University of Houston and Baker Hughes. The company employs 26 and anticipates doubling its workforce over the next 12 months, hiring top-tier mechanical, electrical, and chemical engineering, project and supply chain management talent. Team expansion will help continue to scale Syzygy’s technology to achieve its first full-size, commercial-ready chemical reactors in 2022.

Previously, Syzygy raised nearly $12M and secured Department of Energy ARPA-E and National Science Foundation SBIR Program grants.


Founded in 2017 based on technology licensed from Rice University, Syzygy is developing a first of its kind photocatalytic reactor to electrify chemical production. When powered with renewable electricity, this platform technology is able to reduce both cost and emissions from many different chemical reactions. Syzygy’s go-to-market focus will be on utilizing different feedstocks to transform the economics of zero emission hydrogen production and help accelerate the energy transition. After market entry with hydrogen, Syzygy plans to expand into other reactions such as CO2 to value, fertilizer, and commodity chemicals.


Horizons Ventures, the private investment arm of Mr. Li Ka-shing, is a leading investor in some of the world’s most innovative companies and disruptive technologies, including Facebook, Waze, Spotify, Zoom, Impossible Foods and ZeroAvia.


Equinor Ventures is Equinor’s corporate venture capital arm dedicated to investing in ambitious early phase and growth companies. We believe that the innovation, creativity and agility of start-ups can drive change, and transition the energy industry towards a low carbon future.


Robbie Pateder
Syzygy Plasmonics
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EWING, N.J.--(BUSINESS WIRE)--$OLED #OLED--Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today announced its results for the first quarter, ended March 31, 2021, will be released on Thursday, May 6, 2021 after market close. At that time, a copy of the financial results release will be available on the Company’s website at

In conjunction with this release, Universal Display will host a conference call on Thursday, May 6, 2021 at 5:00 p.m. Eastern Time. The live webcast of the conference call can be accessed under the events page of the Company's Investor Relations website at Those wishing to participate in the live call should dial 1-877-524-8416 (toll-free) or 1-412-902-1028. Please dial in 5-10 minutes prior to the scheduled conference call time. An online archive of the webcast will be available within two hours of the conclusion of the call.

About 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

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 the impact of the COVID-19 pandemic on the Company and otherwise, the Company’s technologies and potential applications of those technologies, the Company’s expected results and future declaration of dividends, 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 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 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 Annual Report on Form 10-K for the year ended December 31, 2020 and subsequent Quarterly Reports on Form 10-Q. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

Follow Universal Display Corporation




Darice Liu
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+1 609-964-5123


ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--$ARR.TO #liquidity--Altius Renewable Royalties Corp. (TSX: ARR) (“ARR” or the “Company”) announced today that the underwriters of its recently closed Initial Public Offering have partially exercised the over-allotment option (the “Over-Allotment Option”) granted to the syndicate of underwriters led by TD Securities Inc. and Scotia Capital Inc., and including Raymond James Ltd., Cormark Securities Inc., Canaccord Genuity Corp., Laurentian Bank Securities Inc., National Bank Financial and Haywood Securities Inc. for 694,000 common shares of the Company at the initial offering price of C$11.00 per share. The total shares issued and outstanding following the partial exercise of the Over-Allotment Option are 26,513,889 shares. Altius Minerals Corporation (TSX: ALS) continues to hold 15,638,639 common shares, or approximately 59% of the issued and outstanding common shares.

Gross proceeds raised from the partial exercise of the Over-Allotment Option of C$7,634,000 will be added to the proceeds raised from the initial public offering, to be used as investment capital for the purchase of renewable energy royalties primarily in the U.S.

About ARR

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

Forward-Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the Company’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the final prospectus of the Company dated February 24, 2021. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.


Flora Wood
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Tel: 1.877.576.2209
Direct: +1(416)346.9020

Ben Lewis
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Tel: 1.877.576.2209

Adjourned to Friday, June 4, 2021

LEAWOOD, KS--(BUSINESS WIRE)--Tortoise and the Board of Directors for its closed-end funds announced today that it intends to convene and then adjourn the special meeting of stockholders scheduled for 10 a.m., Central time, Wednesday, April 7, 2021 at 5100 W. 115th Place, Leawood, Kansas 66211. The special meeting will be adjourned until 10 a.m., Central time, Friday, June 4, 2021 in order to provide stockholders who have yet to vote their shares, additional time to do so.

“The adjournment provides us the opportunity to take into consideration the votes of additional shareholders,” said Brad Adams, CEO of Tortoise’s closed-end funds. “We believe the proposed merger is in the best interest of shareholders and the results, at present, indicate that a majority of shares voted thus far, are supportive of the merger.”

If you have not submitted a proxy, you are urged to do so promptly. No action is required by any stockholder who has previously delivered a proxy. If you need assistance voting your shares, please call our proxy agent, AST Fund Solutions at (866) 796-1285. Representatives are available 9 a.m. to 9 p.m. Eastern time, Monday through Friday.

Tortoise Capital Advisors, L.L.C. is the adviser to the funds.

For additional information on these funds, please visit

About Tortoise

Tortoise focuses on energy & power infrastructure and the transition to cleaner energy. Tortoise’s solid track record of energy value chain investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. For additional information, please visit

Important Information About the Proposed Merger and Where to Find It

More information on the proposed merger between TTP and NDP is contained in the proxy materials filed by each of the funds. TTP and NDP have filed with the Securities and Exchange Commission (SEC) a joint proxy statement/prospectus with respect to the merger, and each fund has mailed a definitive joint proxy statement/prospectus to each of its stockholders that contains information about the proposed merger. Stockholders are urged to read the definitive joint proxy statement/prospectus carefully and in its entirety as it contains important information about the proposed merger. The joint proxy statement/prospectus and other documents filed by the funds are available for free at the SEC’s Web site, and on the funds’ website at Stockholders can also obtain copies of the definitive joint proxy statement/prospectus, for free by dialing (866) 362-9331.

The funds, Tortoise Capital Advisors and certain of their respective directors, officers and affiliates may be deemed under the rules of the SEC to be participants in the solicitation of proxies from stockholders in connection with the proposed merger discussed herein. Information about the directors and officers of the funds may be found in the joint proxy statement/prospectus previously filed with the SEC.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.

Safe Harbor Statement

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


Maggie Zastrow
(913) 981-1020
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WILLISTON, Vt.--(BUSINESS WIRE)--$ISUN #renewableenergy--iSun, Inc. (NASDAQ: ISUN) (“iSun” or the “Company”), a leading solar energy and clean mobility infrastructure company with 50 years of construction experience in solar, electrical and data services, today announced that it has acquired all of the intellectual property of Oakwood Construction Services, Inc., and its affiliates (“OCS”), a utility-scale solar EPC company, for a total consideration of $2.7 million, with $1.0 million due immediately and the remaining $1.7 million contingent upon the achievement of certain milestones.


  • Provides iSun entry into the rapidly growing and underserved utility-scale solar EPC market and continues geographic expansion strategy; OCS has contracted projects in South Carolina, Utah, and Colorado
  • There is roughly $69 billion of utility-scale solar assets to be built in the US already under executed power purchase agreements
  • Consistent with iSun’s core competencies in self-performed solar construction services
  • Allows iSun to enter the underserved build-transfer solar projects market, where it will develop, build and sell large projects directly to utility clients

Since 2017, OCS has contracted approximately 450 megawatts of utility-scale solar assets in the United States, for a total fair market value of nearly $700 million, with projects in South Carolina, Utah, and Colorado. It is known for its proprietary, lean execution processes allowing it to provide utility customers with highly efficient and cost-effective EPC solutions.

“Acquiring the intellectual property from OCS supports iSun’s ongoing growth strategy as we continue to expand our geographic reach and enhance our large-project execution capabilities,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “By entering into the growing large-scale utility solar EPC and build-transfer markets, we are building on iSun’s already strong position in commercial and industrial solar markets and making iSun one the largest pure-play solar EPC contractors in the United States. Investment in utility-scale solar assets in the United States is positioned for continued growth through at least 2030. With $69 billion of unconstructed projects already under executed power purchase agreements, the addition of OCS positions us well to benefit from this growing market.”


Headquartered in Williston, VT, iSun, Inc. (NASDAQ: ISUN) is a business rooted in values that align people, purpose, innovation, and sustainability. Ranked by Solar Power World as one of the leading commercial solar contractors in the United States, iSun provides solar energy and clean mobility infrastructure to customers for projects from smart solar mobile phone and electric vehicle charging, up to multi-megawatt renewable energy solutions. iSun’s innovations were recognized this year by the Solar Impulse Foundation of Bertrand Piccard as one the globe’s Top 1000 Sustainability Solutions. As a winner, this award will result in the iSun solution being presented to hundreds of government entities around the world, including various municipal, state and federal agencies in the United States. Since entering the renewable energy market in 2012, iSun has installed over 200 megawatts of rooftop, ground mount and EV carport solar systems (equal to power required for 38,000 homes). We continue to focus on profitable growth opportunities. For more information, visit


This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) iSun’s plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts; and (ii) other statements identified by words such as “expects” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the respective management of iSun and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of iSun. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties.


Chase Jacobson
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LOWELL, Ark.--(BUSINESS WIRE)--J.B. Hunt Transport Services, Inc., (NASDAQ: JBHT) announced today that it expects to issue first quarter 2021 earnings after the market closes on Thursday, April 15, 2021. It will hold a conference call from 4:00-5:00 p.m. CT on the same day to discuss the quarterly results and answer questions from the investment community. To participate in the call, dial 1-833-397-0851 (domestic) or 516-575-8759 (international) 15 minutes prior to the start of the call and provide the following conference ID: 4345296

This press release may contain forward-looking statements, which are based on information currently available. Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended December 31, 2020. We assume no obligation to update any forward-looking statement to the extent we become aware that it will not be achieved for any reason. This press release and additional information will be available immediately to interested parties on our website,


A. Brad Delco
Vice President – Finance & Investor Relations
(479) 820-2723


Air Industries Group (“Air Industries” or the “Company”), an integrated manufacturer of precision assemblies and components for leading aerospace and defense prime contractors today announced it has received purchase orders totaling in excess of $6 Million to manufacture major landing gear components for the F-18 fighter aircraft.

Mr. Lou Melluzzo, CEO of Air Industries commented: “Air Industries has held a license to manufacture complete landing gear and related components for the F-18 for many years. With new variants of the F-18 still in production, and with a significant number in service with the US Navy, Marine Corps and Foreign Militaries, we expect to continue to receive additional orders for many years to come.”

Additional information about the Company can be found in its filings with the SEC.

Air Industries Group (AIRI) is an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors.

Forward Looking Statements
Certain matters discussed in this press release are 'forward-looking statements' intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace, future revenues, earnings and Adjusted EBITDA, the ability to realize firm backlog and projected backlog, cost cutting measures, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of projects due to variability in size, scope and duration, the inherent discrepancy in actual results from estimates, projections and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Adjusted EBITDA
The Company uses Adjusted EBITDA, a Non-GAAP financial measure as defined by the SEC, as a supplemental profitability measure because management finds it useful to understand and evaluate results, excluding the impact of non-cash depreciation and amortization charges, stock based compensation expenses, and nonrecurring expenses and outlays, prior to consideration of the impact of other potential sources and uses of cash, such as working capital items. This calculation may differ in method of calculation from similarly titled measures used by other companies and may be different than the EBITDA calculation used by our lenders for purposes of determining compliance with our financial covenants. This Non-GAAP measure may have limitations when understanding performance as it excludes the financial impact of transactions such as interest expense necessary to conduct the Company’s business and therefore are not intended to be an alternative to financial measure prepared in accordance with GAAP. The Company has not quantitatively reconciled its forward looking Adjusted EBITDA target to the most directly comparable GAAP measure because such items such as amortization of stock-based compensation and interest expense, which are specific items that impact these measures, have not yet occurred, are out of the Company’s control, or cannot be predicted. For example, quantification of stock-based compensation is not possible as it requires inputs such as future grants and stock prices which are not currently ascertainable.


Air Industries Group
Investor Relations
Michael Recca, CFO
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Spets brings a history of corporate transformation, innovation, and globalisation to company’s leadership team

LONDON--(BUSINESS WIRE)--Highview Power, the global leader in long duration energy storage solutions, is pleased to announce that Ms. Sini Spets has joined Highview Power’s leadership team as Vice President of People and Strategy, effective April 15, 2021. Spets brings over 20 years of transformative human resources (HR) and business development experience leading change and globalisation at some of the world’s largest energy companies, like MHI Vestas Offshore Wind, Sumitomo SHI FW, and Wärtsilä Services. Her specialties include driving cultural changes, identifying new revenue streams, and introducing innovative ways of working and nurturing talent.

Before joining the Highview Power team, Spets was Head of People at MHI Vestas Offshore Wind, one of the world’s largest developers of wind turbines. She helped spearhead efforts to restructure the organization’s leadership as it prepared for the Vestas merger.

“Sini’s leadership and global expertise will be critical as we continue expanding our CRYOBattery™ long duration energy storage plants globally. She’ll help ensure linearity within our organization during our time of rapid growth,” said Javier Cavada, CEO and President of Highview Power. “Sini is a fantastic addition to our team and is as passionate about a carbon-free world as we are. We’re honoured to have someone of her calibre join us.”

Prior to Highview Power, Spets held several positions at Nokia HR over the course of her eight-year tenure at the tech company, where she provided operational and tactical support for business management in research and development, and manufacturing in Finland, Romania, and Colombia.

Spets joined Wärtsilä Services in 2008 as the business HR manager and ended her 10-year stint as the Vice President of Business Development, responsible for strategy, mergers, acquisitions, and software and analytics development. Her final position before MHI Vestas Offshore Wind was with Sumitomo SHI FW (SFW) as its Senior Vice President of Innovation and Human Resources. During her SFW career she created multiple new partnerships and business lines.

Spets earned a Master’s in Psychology from the University of Joensuu. In addition to her university degree, Spets has completed several trainings and certificate programs, including a two-year advanced organizational consulting program at Metanoia Institute and the Driving Innovation program, hosted by IMD and MIT Sloan.

Highview Power’s proprietary CRYOBattery™ technology utilizes air, which is cleaned, cooled, stored as a liquid, then converted back to gas to drive a turbine which produces electricity. It is the only long duration energy storage solution that is commercially available today that offers multiple gigawatt-hours of storage, is scalable with no size limitations or geographical constraints, and produces zero emissions.

About Highview Power

Highview Power is a developer of CRYOBattery™ long duration energy storage systems based on the company’s cryogenic energy storage technology, which uses liquid air as the storage medium and can deliver anywhere from 20 MW/100 MWh to more than 200 MW/2 GWh of energy and has a lifespan over 30 years. Developed using proven components from mature industries, it delivers pumped-hydro capabilities without geographical constraints and can be configured to convert waste heat and cold to power that delivers reliable and cost-effective long duration energy storage to enable a 100% renewable energy future. For more information, please visit


Wendy Prabhu
Mercom Communications
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Under a Power Purchase Agreement (PPA) Ameresco will install 5MW of solar PV and 15MWH battery energy storage

FRAMINGHAM, Mass. & GLENWOOD SPRINGS, Colo.--(BUSINESS WIRE)--#batteryenergystoragesystem--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced its partnership with Holy Cross Energy (HCE) for a solar and battery energy storage project, which utilizes land leased from Colorado Mountain College at its Spring Valley Campus.

Ameresco’s project with Holy Cross Energy is under a Power Purchase Agreement (PPA), which allows Ameresco to design, build, operate and maintain the facilities while simultaneously offering Holy Cross Energy the benefit of clean, renewable energy to help HCE meet its goal of sourcing 100% of the electricity used to serve customer load with renewable resources by 2030 as a part of its 100x30 plan. According to the agreement, Ameresco will install 5MW of solar PV and 15MWH battery energy storage.

The technology solutions installed will be owned by Ameresco on land it will lease from Colorado Mountain College. Ameresco will then sell the output generated to HCE. The avoided annual greenhouse gas emissions of the solar PV are expected to be 6,853 metric tons of carbon dioxide equivalent, which equates to the emissions benefit of removing 1,481 passenger vehicles from the road, or not burning 7,551,050 pounds of coal.

“One of the extraordinary things about working in this industry is finding and utilizing solutions that work for all of our customers,” said Louis Maltezos, executive vice president of Ameresco. “By eliminating concerns around potential financial barriers and leveraging our deep technical expertise, we can focus on fostering innovative solutions that fit our clients’ needs and benefit the communities they service.”

The Ameresco project will help HCE achieve its goal of leading the responsible transition to a clean energy future by increasing the renewable energy it provides to its members to 100% clean by 2030 and completely offsetting its greenhouse gas emission to net-zero by 2035. Since 1939, HCE has provided electric services, often for the first time, to rural areas left out of large-scale electric and energy projects.

“Projects like this one will allow HCE to attain our 100X30 clean energy goals while keeping power supply costs low,” said HCE president and chief executive officer Bryan Hannegan. “We are honored to be partnering with local organizations such as CMC to develop reliable and resilient energy resources that will benefit all HCE members even as we assist CMC in meeting its specific sustainability goals.”

“We are so excited to be part of this great venture in solar energy,” said Dr. Heather Exby, Colorado Mountain College vice president and Spring Valley Campus dean. “By leasing a portion of our land for the solar array, we will help our community to attain energy independence by use of this renewable, and locally abundant, source. Colorado Mountain College as a whole will also move closer to our goal to be carbon neutral by 2050, as we will be receiving renewable energy credits from Holy Cross Energy that will offset electrical usage at our Spring Valley, Aspen and Edwards campuses.” Exby said, “We could not have done this without the advice and guidance from the staff at CLEER (Clean Energy Economy for the Region). The expertise of Katharine Rushton, Renewable Energy Program Director, ensured a high-quality and community-appropriate project that wins for everyone.”

Construction is set to be completed in the first quarter of 2022.

To learn more about the energy efficiency solutions offered by Ameresco, visit

About Ameresco, Inc.

Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and the United Kingdom. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit

About Holy Cross Energy

Founded in 1939, Holy Cross Energy is a not-for-profit rural electric cooperative that provides safe, reliable, affordable, and sustainable energy and services that improve the quality of life for almost 45,000 members and their communities in Western Colorado. We are committed to leading the responsible transition to a clean energy future. For more information on HCE, please visit

About Colorado Mountain College

Founded in 1965, Colorado Mountain College provides a diverse range of learning opportunities at its 11 campuses and learning locations throughout the state’s north-central mountain region, as well as online. The college offers over 125 certificates and degrees, including bachelor’s degrees, and is accredited by the Higher Learning Commission. From high school students earning college credit, to adults learning English or earning a GED, to students of any age earning certificates or associate and bachelor’s degrees, to local residents passionate about lifelong learning, Colorado Mountain College plays an intrinsic role in the lives and communities it touches. The U.S. Department of Education has ranked Colorado Mountain College among the country’s most affordable public colleges offering bachelor’s degrees. Learn more at:

The announcement of our entry into a power purchase agreement is not necessarily indicative of the timing or amount of revenue from such contract, of the company’s overall revenue for any particular period or of trends in the company’s total assets in development or operation. This project was included in our previously reported assets in development as of December 31, 2020.


Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.

NEW YORK--(BUSINESS WIRE)--Ironclad Energy Partners LLC (“Ironclad”), an affiliate of Stonepeak Infrastructure Partners (“Stonepeak”), has agreed to sell 100% of its indirect equity interests in RED-Rochester, LLC (“RED”) and associated affiliates to SDCL Energy Efficiency Income Trust plc (“SEEIT”) for $260 million enterprise value, subject to customary closing adjustments.

As one of the United States’ largest district energy systems, RED exclusively serves 100+ commercial and industrial customers within the Eastman Business Park (“EBP” or the “Park”) in Rochester, New York. RED’s asset base has continuously served the 1,200-acre EBP and its customers with reliable and competitively priced utilities for over a century. Today, RED serves customers with its highly efficient and environmentally friendly tri-generation plant, delivering 16 separate utility services, including steam, chilled water, and electricity, in support of its customers and the 5,500 employees that work within the Park.

Upon acquisition in 2016, Stonepeak and Ironclad committed ~$80mm of additional capital to execute on the conversion of RED’s coal-fired central plant to modern natural gas boilers. The brownfield project was delivered in 18 months, on time and on budget and without any disruption to customers. Following the completion of the natural gas conversion, Stonepeak and Ironclad committed additional capital to further modernize RED’s facilities, completing over 40 efficiency projects during the four-year ownership period, and identifying another 100+ such projects for future execution. Stonepeak and Ironclad’s efforts within the Park were well-received by stakeholders, drawing recognition and support from local and state entities such as the New York State Energy & Research Development Agency and Rochester Gas & Electric. Through executed and identified projects, RED is expected to reduce CO2 emissions within the Park by the equivalent of an 880MW photovoltaic solar installation and will reduce SO2 and NOx emissions by ~99% and ~60%, respectively. SDCL expects to continue these modernization and efficiency efforts under its ownership, which are expected to continue delivering both increased profitability and emissions savings via fuel usage reduction.

The transaction is expected to close in Q2 2021, following receipt of customary regulatory approvals.

Luke Taylor, Senior Managing Director at Stonepeak said, “As a New York-based asset manager, Stonepeak is pleased to have had the opportunity to support a successful transition of the RED assets and to meaningfully contribute to the ongoing revitalization of the Finger Lakes region of New York. We are confident that the new owners will continue our efforts to drive environmentally-conscious growth within the Eastman Business Park.”

John Prunkl, Chief Executive Officer at Ironclad added, “Ironclad is thankful for the support of RED’s employees, customers, and all other stakeholders within the Park as we successfully transitioned the assets from coal to natural gas, executed over 40 efficiency projects, meaningfully reduced CO2 emissions, and commercially, technically, and financially positioned the utility and the Park for growth. Ironclad will work closely with SEEIT to ensure a successful transition of the business and we look forward to RED and EBP’s continued success.”

Jonathan Maxwell, founding partner and Chief Executive Officer of SDCL, the manager for SEEIT, said, “SEEIT is acquiring an operational and established district energy system that provides a range of essential and efficient energy services and utilities to a diversified customer base on one of the largest business parks in the United States of America. We expect the project to make positive contributions to SEEIT’s earnings and cash flow. At the same time, the project offers the potential for growth over the medium to long term through the addition of new customers and the implementation of accretive energy efficiency measures.”

Scotiabank acted as the exclusive financial advisor to Stonepeak and Ironclad, and Macquarie Capital acted as financial advisor to SDCL.

Mayer Brown LLP served as legal counsel for the selling parties. Wilson Sonsini Goodrich & Rosati was legal counsel to SDCL.


Stonepeak Infrastructure Partners ( is an infrastructure-focused private equity firm headquartered in New York with $31.3 billion of assets under management (as of September 30, 2020). Stonepeak invests in long-lived, hard-asset businesses and projects that provide essential services to customers, and seeks to actively partner with high-quality management teams, facilitate operational improvements, and provide capital for growth initiatives.


Ironclad Energy Partners is a joint venture between Stonepeak and industry veterans John Prunkl and Christopher Fanella. Ironclad was founded in early 2016 with the express intent of acquiring and adding value operationally, commercially, technically and financially in middle-market energy facilities. Formerly CEO and CCO of Primary Energy Recycling Corporation, a TSX traded company, the Ironclad principals have acquired, owned, partnered, operated, and/or constructed projects in the U.S. and around the world totaling more than 11,000 MW of capacity.


SDCL Energy Efficiency Income Trust plc is the first UK listed company of its kind to invest exclusively in the energy efficiency sector. Its projects are primarily located in the UK, Europe and North America and include, inter alia, a portfolio of cogeneration assets in Spain, a portfolio of recycled energy and cogeneration projects in the United States, a regulated gas distribution network in Sweden and, most recently, a portfolio of commercial and industrial solar and storage projects in the United States.

SEEIT’s investment manager is Sustainable Development Capital LLP. Established in 2007, SDCL, with a proven track record of developing and investing in energy efficiency and decentralised energy generation projects.


Sard Verbinnen & Co
Ben Spicehandler / Julie Rudnick
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More than 300 Shippers and Supporters File Letters with the Surface Transportation Board in Support of CP-KCS Combination

CP and KCS Thank Customers for their Support of the Economic and Strategic Benefits of the Combination

CALGARY, Alberta & KANSAS CITY, Mo.--(BUSINESS WIRE)--Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) ("CP") and Kansas City Southern (NYSE: KSU) ("KCS") today announced that 45 customers, ports, transloads and other stakeholders have filed statements with the Surface Transportation Board (“STB”) bringing the total to more than 300 supporting the planned creation of the first U.S.-Mexico-Canada rail network. The additional support comes from stakeholders large and small across the supply chain, including SSAB, Domtar, Farmers Cooperative of Hanska, Port of New Orleans, and E.J.R. Reload.

Similar to the customers and supporters that filed statements and letters with the STB on April 1, 2021, the new supporters stated they expect the combination would, among other benefits, invigorate transportation competition, expand access to existing and growing markets, and provide new service offerings that would improve transit times and reliability. Many of the supporters also requested the STB to review the transaction as swiftly as possible so the systems could be integrated, and the end-to-end benefits of this combination can be realized for the benefit of all stakeholders.

CP and KCS thank the shippers, railroads, economic development authorities, ports and other supporters that have filed letters to the STB in support of the combination. The CP-KCS combination is expected to provide an enhanced competitive alternative to existing rail service providers and is expected to result in improved service and efficiency to customers of all sizes. When combined, the CP-KCS network would remain the smallest of six U.S. Class 1 railroads by revenue.

CP is seeking approval from the STB for the combination, which also remains subject to the approvals of CP and KCS shareholders and other customary closing conditions. The STB review is expected to be completed by the middle of 2022.

For more information on the transaction and the benefits it is expected to bring to the full range of stakeholders, visit

Forward Looking Statements and Information

This news release includes certain forward-looking statements and forward-looking information (collectively, FLI) to provide CP and KCS shareholders and potential investors with information about CP, KCS and their respective subsidiaries and affiliates, including each company’s management’s respective assessment of CP, KCS and their respective subsidiaries’ future plans and operations, which FLI may not be appropriate for other purposes. FLI is typically identified by words such as “anticipate”, “expect”, “project”, “estimate”, “forecast”, “plan”, “intend”, “target”, “believe”, “likely” and similar words suggesting future outcomes or statements regarding an outlook. All statements other than statements of historical fact may be FLI. In particular, this news release contains FLI pertaining to, but not limited to, information with respect to the following: the transaction; the combined company’s scale; financial growth; future business prospects and performance; future shareholder returns; cash flows and enhanced margins; synergies; leadership and governance structure; and office and headquarter locations.

Although we believe that the FLI is reasonable based on the information available today and processes used to prepare it, such statements are not guarantees of future performance and you are cautioned against placing undue reliance on FLI. By its nature, FLI involves a variety of assumptions, which are based upon factors that may be difficult to predict and that may involve known and unknown risks and uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by these FLI, including, but not limited to, the following: the timing and completion of the transaction, including receipt of regulatory and shareholder approvals and the satisfaction of other conditions precedent; interloper risk; the realization of anticipated benefits and synergies of the transaction and the timing thereof; the success of integration plans; the focus of management time and attention on the transaction and other disruptions arising from the transaction; estimated future dividends; financial strength and flexibility; debt and equity market conditions, including the ability to access capital markets on favorable terms or at all; cost of debt and equity capital; the previously announced proposed share split of CP’s issued and outstanding common shares and whether it will receive the requisite shareholder and regulatory approvals; potential changes in the CP share price which may negatively impact the value of consideration offered to KCS shareholders; the ability of management of CP, its subsidiaries and affiliates to execute key priorities, including those in connection with the transaction; general Canadian, U.S., Mexican and global social, economic, political, credit and business conditions; risks associated with agricultural production such as weather conditions and insect populations; the availability and price of energy commodities; the effects of competition and pricing pressures, including competition from other rail carriers, trucking companies and maritime shippers in Canada, the U.S. and México; industry capacity; shifts in market demand; changes in commodity prices; uncertainty surrounding timing and volumes of commodities being shipped; inflation; geopolitical instability; changes in laws, regulations and government policies, including regulation of rates; changes in taxes and tax rates; potential increases in maintenance and operating costs; changes in fuel prices; disruption in fuel supplies; uncertainties of investigations, proceedings or other types of claims and litigation; compliance with environmental regulations; labor disputes; changes in labor costs and labor difficulties; risks and liabilities arising from derailments; transportation of dangerous goods; timing of completion of capital and maintenance projects; currency and interest rate fluctuations; exchange rates; effects of changes in market conditions and discount rates on the financial position of pension plans and investments; trade restrictions or other changes to international trade arrangements; the effects of current and future multinational trade agreements on the level of trade among Canada, the U.S. and México; climate change and the market and regulatory responses to climate change; anticipated in-service dates; success of hedging activities; operational performance and reliability; customer, shareholder, regulatory and other stakeholder approvals and support; regulatory and legislative decisions and actions; the adverse impact of any termination or revocation by the Mexican government of Kansas City Southern de México, S.A. de C.V.’s Concession; public opinion; various events that could disrupt operations, including severe weather, such as droughts, floods, avalanches and earthquakes, and cybersecurity attacks, as well as security threats and governmental response to them, and technological changes; acts of terrorism, war or other acts of violence or crime or risk of such activities; insurance coverage limitations; material adverse changes in economic and industry conditions, including the availability of short and long-term financing; and the pandemic created by the outbreak of COVID-19 and resulting effects on economic conditions, the demand environment for logistics requirements and energy prices, restrictions imposed by public health authorities or governments, fiscal and monetary policy responses by governments and financial institutions, and disruptions to global supply chains.

We caution that the foregoing list of factors is not exhaustive and is made as of the date hereof. Additional information about these and other assumptions, risks and uncertainties can be found in reports and filings by CP and KCS with Canadian and U.S. securities regulators, including any proxy statement, prospectus, material change report, management information circular or registration statement to be filed in connection with the transaction. Due to the interdependencies and correlation of these factors, as well as other factors, the impact of any one assumption, risk or uncertainty on FLI cannot be determined with certainty.

Except to the extent required by law, we assume no obligation to publicly update or revise any FLI, whether as a result of new information, future events or otherwise. All FLI in this news release is expressly qualified in its entirety by these cautionary statements.

Non-GAAP Measures

Although this press release includes forward-looking non-GAAP measures (adjusted diluted EPS, Free cash flow, earnings before interest, tax, depreciation and amortization (EBITDA), and a leverage ratio being adjusted net debt to adjusted earnings before interest, tax, depreciation and amortization (EBITDA)), it is not practicable to reconcile, without unreasonable efforts, these forward-looking measures to the most comparable GAAP measures (diluted EPS, Cash from operations, Net income, and long-term debt to net income ratio, respectively), due to unknown variables and uncertainty related to future results. These unknown variables may include unpredictable transactions of significant value. Please see Note on forward-looking Statements above for further discussion.

About Canadian Pacific

Canadian Pacific is a transcontinental railway in Canada and the United States with direct links to major ports on the west and east coasts. CP provides North American customers a competitive rail service with access to key markets in every corner of the globe. CP is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit to see the rail advantages of CP. CP-IR

About KCS

Headquartered in Kansas City, Mo., Kansas City Southern (KCS) (NYSE: KSU) is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS’ North American rail holdings and strategic alliances are primary components of a railway network, linking the commercial and industrial centers of the U.S., Mexico and Canada. More information about KCS can be found at


CP will file with the U.S. Securities and Exchange Commission (SEC) a registration statement on Form F-4, which will include a proxy statement of KCS that also constitutes a prospectus of CP, and any other documents in connection with the transaction. The definitive proxy statement/prospectus will be sent to the shareholders of KCS. CP will also file a management proxy circular in connection with the transaction with applicable securities regulators in Canada and the management proxy circular will be sent to CP shareholders. INVESTORS AND SHAREHOLDERS OF KCS AND CP ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND MANAGEMENT PROXY CIRCULAR, AS APPLICABLE, AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC OR APPLICABLE SECURITIES REGULATORS IN CANADA IN CONNECTION WITH THE TRANSACTION WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT KCS, CP, THE TRANSACTION AND RELATED MATTERS. The registration statement and proxy statement/prospectus and other documents filed by CP and KCS with the SEC, when filed, will be available free of charge at the SEC’s website at In addition, investors and shareholders will be able to obtain free copies of the registration statement, proxy statement/prospectus, management proxy circular and other documents which will be filed with the SEC and applicable securities regulators in Canada by CP online at and, upon written request delivered to CP at 7550 Ogden Dale Road S.E., Calgary, Alberta, T2C 4X9, Attention: Office of the Corporate Secretary, or by calling CP at 1-403-319-7000, and will be able to obtain free copies of the proxy statement/prospectus and other documents filed with the SEC by KCS online at, upon written request delivered to KCS at 427 West 12th Street, Kansas City, Missouri 64105, Attention: Corporate Secretary, or by calling KCS’s Corporate Secretary’s Office by telephone at 1-888-800-3690 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..

You may also read and copy any reports, statements and other information filed by KCS and CP with the SEC at the SEC public reference room at 100 F Street N.E., Room 1580, Washington, D.C. 20549. Please call the SEC at 1-800-732-0330 or visit the SEC’s website for further information on its public reference room. 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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to appropriate registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.


This communication is not a solicitation of proxies in connection with the transaction. However, under SEC rules, CP, KCS, and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the transaction. Information about CP’s directors and executive officers may be found in its 2021 Management Proxy Circular, dated March 10, 2021, as well as its 2020 Annual Report on Form 10-K filed with the SEC and applicable securities regulators in Canada on February 18, 2021, available on its website at and at and Information about KCS’s directors and executive officers may be found on its website at and in its 2020 Annual Report on Form 10-K filed with the SEC on January 29, 2021, available at and These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of such potential participants in the solicitation of proxies in connection with the transaction will be included in the proxy statement/prospectus and management proxy circular and other relevant materials filed with the SEC and applicable securities regulators in Canada when they become available.


Canadian Pacific

Jeremy Berry
Tel: 403-819-0571
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Investment Community
Chris De Bruyn
Tel: 403-319-3591
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Kansas City Southern
C. Doniele Carlson
Tel: 816-983-1372
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Investment Community
Ashley Thorne
Tel: 816-983-1530
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Competition in the market is expected to increase as companies look for partners to help meet ambitious carbon targets

BOULDER, Colo.--(BUSINESS WIRE)--#Ameresco--A new Leaderboard report from Guidehouse Insights examines the strategy and execution of 14 energy as a service (EaaS) solutions providers, with Ameresco, Enel X, and ENGIE ranked as the leading market players.

As sustainability becomes a priority due to stakeholder pressure and growing investor requirements to demonstrate alignment with Paris Agreement goals, companies and organizations are turning to EaaS solutions. Leading providers in the industry offer comprehensive technology, services, and financing expertise to help meet these ambitious carbon targets. Click to tweet: According to a new Leaderboard report from @WeAreGHInsights, Ameresco, Enel X, and ENGIE are the leading EaaS providers.

"EaaS solutions that are best positioned to meet the needs of customers focus on sustainability and offer technologies and services to support an organization’s decarbonization efforts,” says Sasha Wedekind, senior research analyst with Guidehouse Insights. “Leaders in this market have developed comprehensive solutions that include a variety of energy efficiency offerings, onsite and offsite energy supply technologies, and services including sustainability advisory and demand response.”

While players in the market are making significant strides in developing and implementing EaaS solutions, expanding into new geographic markets and customer verticals, and developing new business models such as white-labeled EaaS platforms, the market is still nascent. Adoption rates are low and differentiation among different players is high. As a result, few vendors have been directly competing, however, competition is expected to intensify as customers become increasingly aware of EaaS in the coming years.

The report, Guidehouse Insights Leaderboard: Energy as a Service, assesses the competitive landscape for EaaS solutions and how well different companies are positioned to address customer needs at this point in time. This report is intended to help market participants better understand their competitors’ solution offerings, differentiation, and track record in executing EaaS projects. The report includes profiles on 14 EaaS companies and ranks them according to Strategy and Execution scores. In this market, the relative position of different vendors is likely to shift as contenders refine their solution offerings and take on the leaders. 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

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 8,000 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:

* The information contained in this press release concerning the report, Guidehouse Insights Leaderboard: Energy as a Service, 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
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DUBLIN--(BUSINESS WIRE)--The "2021 Asia-Pacific Power Rental Market With Covid-19 Impact" report has been added to's offering.

The Asia Pacific Power Generation Rental market research report includes market size, growth rates, vertical end user split, competitive market share data and revenue forecasts from 2020-2027 for the Asia Pacific region with a with COVID-19 impact. The study is a comprehensive analysis including market share splits by fuel type (diesel-based vs. gas-based), generator size (<500 kW, 500kW-1 MW, >1 MW), application (prime, continuous, standby), end user group (mining, utilities, manufacturing, oil & gas, construction, others), and rental provider. Furthermore, profiles of key companies, growth drivers, restraints, challenges, and quotations from industry participants are also included in this analysis of the temporary power opportunity.

The Asia Pacific Power Rental Market is highly competitive and fragmented. The market contains many local companies competing against each other and trying to gain a foothold. The market is projected to experience a steady growth rate during the forecast period (2020-2027). Drivers include increasing demand for power, poor grid infrastructure, and frequent power outages caused by natural disasters.

This study aims to provide a detailed analysis on the Asia Pacific Power Rental Market along with a competitive analysis for the year 2020.

The market numbers included in this report represent revenues generated from the rental of generator sets. The base year for the study is 2020 and the forecast period is from 2020 until 2027.

This study captures the following information on Asia Pacific Power Rental Market:

  • Market Size, Growth Rate, Revenue Forecasts (2020-2027)
  • Growth Drivers & Restraints
  • Market Data
  • Quotes by Key Industry Participants
  • Market Share Analysis
  • Market Trends

Key Topics Covered:

I. Research Scope

II. Market Definitions

III. Methodology

IV. Asia Pacific Power Rental Market: Executive Summary

a. Market Growth Trends

b. COVID-19 Impact

c. Opportunities

d. Future Trends

e. Competitive Factors

V. Asia Pacific Power Rental Market: Market Drivers and Impact

VI. Asia Pacific Power Rental Market: Market Restraints and Impact

VII. Asia Pacific Power Rental Market: Market Trends

a. Alternative Fuels

b. Energy Efficiency

c. Technology

d. Carbon Emission

e. Emerging Opportunities

VIII. COVID-19 Impact

a. COVID-19 Impact

b. Impact on Mining

c. Impact on Construction

d. Impact on Automotive Manufacturing

IX. Market Data

a. Revenue Forecast, 2020-2027

b. Market Drivers' Impact, 2020-2027

c. Market Share of Companies by Revenue, Asia Pacific, 2020

d. Market Share by Revenue, End User Industry (Mining, Utilities, Manufacturing,

Oil & Gas, Construction, Others) , Asia Pacific, 2020

e. Market Share by Revenue, by Fuel Type (Diesel-based vs. Gas-based), Asia Pacific, 2020

f. Market Shares by Revenues, by Generator Size (<500 kW, 500 kW-1 MW, > 1MW), Asia Pacific, 2020

g. Market Shares by Revenues, by Application (Prime, Continuous, Standby), Asia Pacific, 2020

X. Company Profiles

XI. About the Analyst

Companies Mentioned

  • Aggreko plc
  • APR Energy LLC
  • Atlas Copco AB
  • Aver Asia (S) Pte Ltd
  • CAPS Australia Pty Ltd
  • Caterpillar Inc.
  • Coates Hire Ltd
  • Cummins Inc
  • East Coast Generators
  • Energy Power Systems Australia Pty Ltd
  • GoRental LLP
  • Hirepool Ltd.
  • Kohler Co. (Clarke Energy)
  • Macfarlane Generators Pty. Limited
  • Pace Power & Air
  • PowerGen Australia Pty Ltd
  • PR Power Australia
  • PT Sumberdaya Sewatama
  • RMG Industrial
  • Total Generators
  • TransDiesel Ltd


For more information about this report visit

About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Laura Wood, Senior Press Manager
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CALGARY, Alberta--(BUSINESS WIRE)--(ARX - TSX, VII - TSX) ARC Resources Ltd. ("ARC" or the "Company") is pleased to announce that it has closed its strategic Montney combination with Seven Generations Energy Ltd. ("Seven Generations") to create the premier Montney producer and leader in responsible energy development (the "Business Combination"). ARC is now Canada’s largest condensate producer, third-largest natural gas producer, and sixth-largest upstream energy company.

As the largest pure-play Montney producer, ARC owns over 1.1 million net acres of Montney land and has a deep inventory of high-return, de-risked core development opportunities with significant commodity and geographic diversity. ARC produces approximately 340,000 barrels of oil equivalent ("boe") per day, comprising approximately 138,000 barrels per day of liquids and approximately 1.2 billion cubic feet ("Bcf") per day of natural gas. The Company’s low cost structure, excellent environmental, social, and governance ("ESG") performance, and superior ability to optimize revenue streams are supported by an extensive network of owned-and-operated infrastructure, with natural gas processing and sales capacity totaling approximately 1.5 Bcf per day. Exercising capital discipline, operating safely and efficiently, maintaining a top-decile balance sheet, and executing an active commodity price risk management program continue to be hallmarks of the organization.

With its compelling ability to generate free funds flow, low debt levels, leading ESG performance, and a sustainable dividend, ARC is a differentiated investment opportunity with significant optionality for future capital allocation, positioned to create significant shareholder value in 2021 and beyond. Immediately following the close of the Business Combination, ARC will be focused on successfully integrating the two companies to become a more efficient business. The Company will be focused on delivering on expected cost savings and synergies of approximately $160 million annually, which includes financing costs that are approximately $50 million lower than they would have been had the Seven Generations senior notes remained outstanding. Free funds flow will initially be directed at strengthening the Company’s financial position. Incremental returns to shareholders and investment in profitable growth at ARC’s highly prospective Attachie asset are expected to be considered when net debt to annualized funds from operations reaches the low end of the Company’s target range of 1.0 to 1.5 times, which, at current forward commodity prices, is expected to occur by year-end 2021. ARC expects to provide formal 2021 guidance for the Company, on a post-Business Combination basis, in early May 2021.

The Business Combination was structured through a plan of arrangement under the Canada Business Corporations Act, where Seven Generations shareholders received 1.108 common shares of ARC for each class "A" common share of Seven Generations (a "7G Share") held. The 7G Shares are expected to be delisted from the Toronto Stock Exchange on or before April 9, 2021.

Capital Structure

ARC is committed to protecting its strong financial position by maintaining significant financial flexibility. To ensure ample liquidity, ARC has syndicated a $2.0 billion unsecured extendible revolving credit facility with a maturity date of 2024 (the "Credit Facility"). As of April 6, 2021, the Credit Facility has approximately $1.2 billion of available liquidity.

On March 10, 2021, ARC completed the issuance of two tranches of private unsecured notes of $1.0 billion aggregate principal amount with a weighted average interest rate of 2.965% and average term of 7.75 years (the "Notes"). The Notes were assigned a provisional rating of BBB with a stable trend by DBRS Morningstar, assuming the successful completion of the Business Combination. On April 6, 2021, ARC used the proceeds from the Notes, combined with draws on the Credit Facility, to repay and/or defease all of Seven Generations’ outstanding senior notes, including US$114 million aggregate principal amount of Seven Generations’ outstanding 6.875% senior notes due 2023, US$700 million aggregate principal amount of Seven Generations’ outstanding 5.375% senior notes due 2025, and US$378 million aggregate principal amount of Seven Generations’ outstanding 6.750% senior notes due 2023.

As of April 6, 2021, ARC has approximately $2.4 billion of net debt outstanding, excluding capital leases. At current forward commodity prices and with a strong deleveraging plan in place, ARC expects its net debt balance will be reduced to the low end of the Company’s target range of 1.0 to 1.5 times annualized funds from operations by year-end 2021.

With the Company’s refinancing complete and a lower overall cost of capital, ARC expects to immediately realize significant interest savings. Following the Business Combination, financing costs are expected to be approximately $50 million lower than they would have been had the Seven Generations senior notes remained outstanding. ARC is currently one of only three natural gas companies in North America with the ability to issue investment-grade debt and will continue to prioritize conservative debt levels.

ARC has 724 million common shares outstanding as of April 6, 2021.

Governance and Leadership

ARC is committed to maintaining the highest standards of corporate governance and risk management. The Company will benefit from the experience of Hal Kvisle as independent Chair, Marty Proctor as Vice-Chair, and Farhad Ahrabi, David Collyer, Susan Jones, William McAdam, Michael McAllister, Kathleen O’Neill, M. Jacqueline Sheppard, Leontine van Leeuwen-Atkins, and Terry Anderson as directors. ARC will continue to promote diversity and inclusion within the organization by maintaining a minimum of 30 per cent female representation at the Board level and participating in initiatives like the 30% Club and the Bloomberg Gender-Equality Index.

ARC’s leadership team brings together the strengths and talents of both ARC and Seven Generations. The members of the senior leadership team are:

  • Terry Anderson – President and Chief Executive Officer
  • Kris Bibby – Senior Vice President and Chief Financial Officer
  • David Holt – Senior Vice President and Chief Operating Officer
  • Lara Conrad – Senior Vice President, Development
  • Armin Jahangiri – Senior Vice President, Capital Projects

ARC’s executive office will remain headquartered in Calgary, Alberta, with field offices located in Grande Prairie, Alberta, Dawson Creek, British Columbia, and Drayton Valley, Alberta.

Forward-looking Information and Statements

This news release contains certain forward-looking statements and forward-looking information (collectively referred to as "forward-looking information") within the meaning of applicable securities legislation about current expectations about the future, based on certain assumptions made by ARC. Although ARC believes that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward-looking information in this news release is identified by words such as "expect", "will", "continue", "target", or similar expressions and includes suggestions of future outcomes, including statements about the characteristics of ARC following the completion of the Business Combination; the timing of issuing formal 2021 guidance for ARC on a post-Business Combination basis; the ability of ARC to generate free funds flow and the anticipated uses thereof; the timing of achieving ARC's target range of net debt to annualized funds from operations; anticipated cost savings and synergies; the anticipated benefits stemming from the leadership and experience of ARC's directors; ARC's intentions to maintain a threshold level of female representation at the Board level; and the locations of ARC's headquarters and field offices.

Readers are cautioned not to place undue reliance on forward-looking information as ARC's actual results may differ materially from those expressed or implied. ARC undertakes no obligation to update or revise any forward-looking information except as required by law. Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to ARC and others that apply to the industry generally. Material factors or assumptions on which the forward-looking information in this news release include: ARC's ability to successfully integrate the business of Seven Generations; access to sufficient capital to pursue any development plans; ARC's ability to issue securities; the impacts the Business Combination may have on the current credit ratings of ARC; forecast commodity prices and other pricing assumptions; forecast production volumes based on business and market conditions; the accuracy of outlooks and projections contained herein; projected capital investment levels, the flexibility of capital spending plans, and associated sources of funding; achievement of further cost reductions and sustainability thereof; applicable royalty regimes, including expected royalty rates; future improvements in availability of product transportation capacity; opportunity for ARC to pay dividends and the approval and declaration of such dividends by the board of directors of ARC; cash flows, cash balances on hand, and access to the Credit Facility being sufficient to fund capital investments; foreign exchange rates; near-term pricing and continued volatility of the market; the ability of ARC's existing pipeline commitments and financial hedge transactions to partially mitigate a portion of ARC's risks against wider price differentials; estimates of quantities of oil, natural gas, and liquids from properties and other sources not currently classified as proved; accounting estimates and judgments; future use and development of technology and associated expected future results; ARC's ability to obtain necessary regulatory approvals; the successful and timely implementation of capital projects or stages thereof; the ability to generate sufficient cash flow to meet current and future obligations; estimated abandonment and reclamation costs, including associated levies and regulations applicable thereto; ARC's ability to obtain and retain qualified staff and equipment in a timely and cost-efficient manner; ARC's ability to carry out transactions on the desired terms and within the expected timelines; forecast inflation and other assumptions inherent in the guidance of ARC; the retention of key properties; the continuance of existing tax, royalty, and regulatory regimes; the accuracy of the estimates of each of ARC's and Seven Generations' reserve volumes; ARC's ability to access and implement all technology necessary to efficiently and effectively operate its assets; the ongoing impact of novel coronavirus COVID-19 ("COVID-19") on commodity prices and the global economy; and other risks and uncertainties described from time to time in the filings made by ARC with securities regulatory authorities.

The forward-looking information in this news release also includes financial outlooks and other related forward-looking information (including production and financial-related metrics) relating to ARC following the completion of the Business Combination, including: the expectations of ARC regarding the impact of the Business Combination on free funds flow, net debt, production, and net debt to annualized funds from operations. Any financial outlook and forward-looking information contained in this news release regarding prospective financial performance or financial position is based on reasonable assumptions about future events, including economic conditions and proposed courses of action based on the assessment by Management of ARC of the relevant information that is currently available. These projections may also be considered to contain future-oriented financial information or a financial outlook. The actual results will likely vary from the amounts set forth herein and such variations may be material. Readers are cautioned that any such financial outlook and forward-looking information contained herein should not be used for purposes other than those for which it is disclosed herein. Such information was made as of the date of this news release and ARC disclaims any intention or obligation to update or revise any such information, whether as a result of new information, future events, or otherwise, unless required pursuant to applicable law.

The risk factors and uncertainties that could cause actual results to differ materially from the anticipated results or expectations expressed in this news release, include: the ability of ARC to realize the anticipated benefits of, and synergies from, the Business Combination and the timing thereof; failure to achieve and sustain future cost reductions; the impacts of a changing risk profile and possible subjection to a credit rating review, which may result in a downgrade or negative outlook being assigned to ARC; the ability of ARC to pay dividends and the approval and declaration of such dividends by the board of directors of ARC; potential undisclosed liabilities unidentified during the due diligence process; the interpretation of the Business Combination by tax authorities; the success of business integration; the ability to access or implement some or all of the technology necessary to efficiently and effectively operate the assets and achieve expected future results; volatility of and other assumptions regarding commodity prices; the duration of the market downturn; a resurgence in cases of COVID-19, which has occurred in certain locations, and the possibility of which in other locations remains high and creates ongoing uncertainty that could result in restrictions to contain the virus being re-imposed or imposed on a more strict basis, including restrictions on movement and businesses; the extent to which COVID-19 impacts the global economy and harms commodity prices; the extent to which COVID-19 and fluctuations in commodity prices associated with COVID-19 impacts the business, results of operations, and financial condition, all of which will depend on future developments that are highly uncertain and difficult to predict, including, but not limited to the duration and spread of the pandemic, its severity, the actions taken to contain COVID-19 or treat its impact, and how quickly economic activity normalizes; the success of new COVID-19 workplace policies and the ability of people to return to workplaces; continued liquidity being sufficient to sustain operations through a prolonged market downturn; the effectiveness of risk management programs, including the impact of derivative financial instruments, the success of hedging strategies, and the sufficiency of liquidity positions; product supply and demand; accuracy of share price and market capitalization assumptions; market competition, including from alternative energy sources; risks inherent in marketing operations, including credit risks, exposure to counterparties and partners, including ability and willingness of such parties to satisfy contractual obligations in a timely manner; the ability to maintain desirable net debt ratios; the ability to access various sources of debt and equity capital, generally, and on acceptable terms; the ability to finance growth and sustaining capital expenditures; changes in credit ratings; changes to dividend plans; the ability to utilize tax losses in the future; accuracy of reserves, future production, and future net revenue estimates; the potential for variation in the quality of the Montney formation; unanticipated results from exploration and development activities; accuracy of accounting estimates and judgments; the ability to replace and expand oil and gas reserves; potential requirements under applicable accounting standards for impairment or reversal of estimated recoverable amounts of some or all of assets or goodwill from time to time; the ability to maintain relationships with partners and to successfully manage and operate integrated businesses; reliability of assets including in order to meet production targets; potential disruption or unexpected technical difficulties in developing new products and manufacturing processes; the occurrence of unexpected events such as fires, severe weather conditions, explosions, blow-outs, equipment failures, transportation incidents, and other accidents or similar events; marketing margins; cost escalations, including inflationary pressures on operating expenses, including labour, materials, and increased insurance deductibles or premiums; potential failure of products to achieve or maintain acceptance in the market; risks associated with fossil fuel industry reputation and litigation related thereto; risks associated with technology and equipment, including potential cyberattacks; risks associated with climate change and assumptions relating thereto; the ability to secure adequate and cost effective product transportation including sufficient pipeline or alternate transportation, including to address any gaps caused by constraints in the pipeline system or storage capacity; availability of, and the ability to attract and retain, critical talent; possible failure to obtain and retain qualified staff and equipment in a timely and cost-efficient manner; changes in labour relationships; changes in the regulatory framework in any of the locations in which ARC operates, including changes to the regulatory approval process and land-use designations, royalty, tax, environmental, greenhouse gas, carbon, climate change, and other laws or regulations, or changes to the interpretation of such laws and regulations, as adopted or proposed, the impact thereof and the costs associated with compliance; the expected impact and timing of various accounting pronouncements, rule changes, and standards; changes in general economic, market, and business conditions; the impact of production agreements among Organization of the Petroleum Exporting Countries ("OPEC") and non-OPEC members; political and economic conditions; the occurrence of unexpected events such as pandemics, war, terrorist threats, and the instability resulting therefrom; and risks associated with existing and potential future lawsuits, shareholder proposals, and regulatory actions.

Additional information about assumptions, risk factors, and uncertainties on which the forward-looking information is based and that could cause ARC's actual results to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements are described in the joint management information circular of ARC and Seven Generations dated March 1, 2021 and the documents incorporated by reference therein, which are available on ARC's website at, as applicable, and on ARC's SEDAR profile at and are incorporated by reference herein.

Barrels of Oil Equivalent

Natural gas volumes have been converted to boe on the basis of six thousand cubic feet ("Mcf") to one barrel ("bbl"). Boe may be misleading, particularly if used in isolation. A conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value.

Advisory – Credit Ratings

Credit ratings are intended to provide investors with an independent measure of credit quality of an issue of securities. Credit ratings are not recommendations to purchase, hold, or sell securities and do not address the market price or suitability of a specific security for a particular investor. There is no assurance that any rating will remain in effect for any given period of time or that any rating will not be revised or withdrawn entirely by the rating agency in the future if, in its judgment, circumstances so warrant.

About ARC

ARC is the largest pure-play Montney producer and one of Canada’s largest dividend-paying energy companies, featuring low-cost operations and leading ESG characteristics. ARC’s investment-grade credit profile is supported by commodity and geographic diversity and robust risk management practices around all aspects of the business. ARC’s common shares trade on the TSX under the symbol ARX.

For further information about ARC Resources Ltd., please visit ARC’s website at


Investor Relations:
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Kris Bibby
Senior Vice President and Chief Financial Officer
ARC Resources Ltd.
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Martha Wilmot
Investor Relations Analyst
ARC Resources Ltd.
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FORT WORTH, Texas--(BUSINESS WIRE)--Lonestar Resources US Inc. (OTCQX: LONE) (together with its subsidiaries, "Lonestar," "our" or the "Company") announced its year-end 2020 reserves. All of the Company’s reserves are located in the Eagle Ford Shale.

Lonestar’s proved reserves as of December 31, 2020 were 70.1 million barrels of oil equivalent (“MMBOE”), which is comprised of 39.1 million barrels of crude oil and condensate, 19.5 million barrels of natural gas liquids (“NGLs”), and 124.1 billion cubic feet (Bcf) of natural gas. By energy content, using a standard 6:1 conversion ratio, Lonestar’s proved reserves are weighted 74% to crude oil, condensate and NGLs. Using the guidelines of the U.S. Securities and Exchange Commission (the “SEC”) for pricing, the PV-10 for Lonestar’s proved reserves was $366.0 million. Please see Table 1 for details.

The tables below summarize Lonestar’s year-end reserves and PV-10 by category as determined by the Company’s independent petroleum engineers, W.D. Von Gonten & Co. Petroleum Engineers. Based on SEC guidelines, for the year ended December 31, 2020, Lonestar’s reserves were estimated using the 12-month average price calculated as the unweighted arithmetic average of the spot price on the first day of each month preceding the 12 months prior to the end of the reporting period. This methodology resulted in an average NYMEX West Texas Intermediate oil price of $39.57 per barrel and an average NYMEX Henry Hub natural gas price of $1.99 per million British Thermal Units (“MMBTU”). These prices equate to a decrease of 29% for crude oil and a decrease of 23% for natural gas from Lonestar’s proved reserves for the year ended December 31, 2019, as compared to an average of oil price of $55.69 per barrel and an average natural gas price of $2.58 per MMBTU used to estimate our 2019 proved reserves.

Based on SEC guidelines, Lonestar’s proved & probable reserves as of December 31, 2020 totaled 86.9 MMBOE, comprised of 45.1 million barrels of crude oil and condensate, 20.2 million barrels of natural gas liquids, and 128.9 billion cubic feet of natural gas. Using SEC guidelines, PV-10 for proved & probable reserves was $377.0 million. Lonestar’s proved & probable reserves included 240 drilling locations which were assigned reserves by the Company’s independent petroleum engineers.

Because the pricing utilized in the SEC methodology is lower than current benchmark market prices for crude oil and natural gas, Lonestar has also calculated the PV-10 of its reserves at a flat pricing deck of $55.00 for the WTI crude oil benchmark and $2.75 for Henry Hub natural gas price benchmark (“$55 Flat Deck”). On this basis, the Company's proved reserves were 82.7 MMBOE and PV-10 was $723.8 million. Based on this price deck, Lonestar’s proved & probable reserves were 113.5 MMBOE, which is comprised of 61.8 million barrels of crude oil and condensate, 25.4 million barrels of NGLs, and 158 billion cubic feet of natural gas. On the $55 Flat Deck, PV-10 for proved & probable reserves was $817.0 million. Please see Table 2 for details.

Lonestar’s Chief Executive Officer, Frank D. Bracken, III, commented, “the PV-10 of Lonestar’s proved reserves at a $55 Flat Deck is $723.8 million, which I believe implies a substantial asset value to the Company. I think equally important is that the PV-10 of our Proved Developed Producing reserves alone based on the $55 Flat Deck is $358.0 million, which is substantially higher than our long-term debt at March 31, 2021, which stands at $260.0 million.”

Table 1: Reserves and PV-10 @ SEC Pricing
(As of December 31, 2020)


Crude Oil




Natural Gas





December 31,2020











Proved Developed Producing











Proved Developed Non-Producing











Proved Developed











Proved Undeveloped











Total Proved











Probable Undeveloped











Total Proved & Probable











Table 2: Proved Reserves and PV-10 @ $55.00 oil/$2.75 gas flat pricing
(As of December 31, 2020)


Crude Oil




Natural Gas





December 31,2020











Proved Developed Producing











Proved Developed Non-Producing











Proved Developed











Proved Undeveloped











Total Proved











Probable Undeveloped











Total Proved & Probable











About Lonestar

Lonestar is an independent oil and natural gas company based in Fort Worth, Texas, focused on the development, production and acquisition of unconventional oil, natural gas liquids and natural gas properties in the Eagle Ford Shale in Texas.

Cautionary Note Regarding Forward Looking Statements

Disclosures in this press release contain certain forward-looking statements within the meaning of the federal securities laws. Statements that do not relate strictly to historical or current facts are forward-looking. These statements contain words such as “possible,” “if,” “will,” “expect” and “assuming” and involve risks and uncertainties including, among others that our business plans may change as circumstances warrant and securities of the Company may not ultimately be offered to the public because of general market conditions or other factors. Accordingly, readers should not place undue reliance on forward-looking statements as a prediction of actual results. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2021 and any subsequently filed quarterly reports on Form 10-Q. Any forward-looking statements in this press release are made as of the date of this press release and the Company undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or of which the Company becomes aware, after the date hereof, unless required by law.


Chase Booth, 817-921-1889

Independent study verifies that FreeWire’s new battery-integrated charging technology enables utilities and site hosts to rapidly and cost-effectively deploy fast chargers to meet EV demand

SAN LEANDRO, Calif.--(BUSINESS WIRE)--FreeWire Technologies, a leader in electric vehicle (EV) charging and power solutions, today announced that an independent study conducted by the Electric Power Research Institute (EPRI) validated the functionality and economic advantages of its next-generation EV charging product, Boost Charger™.

In November 2020, EPRI conducted a laboratory evaluation of Boost Charger to verify FreeWire’s two main stated economic advantages over traditional DC fast chargers:

1) Lower cost of installation due to reduced infrastructure requirements
2) Lower cost of operation due to peak-shaving and load shifting capabilities

According to the study conducted as part of EPRI’s Incubatenergy Labs Challenge, the FreeWire Boost Charger enables ultrafast charging while only requiring low voltage input, saving tens of thousands on installation costs and almost $30,000 a year on energy fees and demand charges.

“The single biggest challenge to scaling ultrafast charging is infrastructure limitations – extremely high power is required for fast charging at scale, but enhancing the electric grid in places where drivers will need to charge is prohibitively expensive and complicated,” said Arcady Sosinov, Founder and Chief Executive Officer of FreeWire. “We have developed a novel solution with Boost Charger that addresses these barriers by delivering high power everywhere without expensive and burdensome grid upgrades.”

EPRI estimates an annual $29,180 energy cost savings to the site host over the life of the unit as well as reduced installation costs. These outcomes verify that Boost Charger enables utilities and site hosts to rapidly, and cost-effectively deploy fast chargers to meet growing EV demand.

“EPRI’s report verifies that our technology works as designed, saving our customers tens of thousands of dollars per year, while lowering barriers of adoption to enable rapid expansion of critical charging infrastructure to drive EV growth,” said Sosinov.

The full report can be viewed by EPRI members at the following link: EPRI. The report is also available upon request at This email address is being protected from spambots. You need JavaScript enabled to view it..

FreeWire’s Boost Charger is a powerful battery-integrated electric vehicle charger that delivers high power while significantly reducing demand charges. Easy to connect with existing infrastructure, it can be set up without costly construction or extensive permitting. Boost Charger enables ultrafast charging using the same infrastructure as Level 2 chargers at up to a 40% lower cost of installation versus other fast chargers. With its integrated storage and ultrafast charging speeds, Boost Charger is ready for current and next generation EVs.

FreeWire has deployed over 200 battery-integrated chargers with Fortune 100 companies, commercial customers, fleets, retail locations, and gas stations. In December 2020, FreeWire and bp pulse, one of the UK’s leading providers of EV charging infrastructure, announced an exclusive MOU for bp pulse to deploy Boost Charger in its operations across the UK. FreeWire and ampm, a bp subsidiary and convenience store chain with over 1,000 locations, have already deployed multiple public charging stations in the U.S.

In January 2021, FreeWire announced a $50 million Series C funding round, led by Riverstone Holdings, with participation from current shareholders bp ventures, Energy Innovation Capital, and Blue Bear Capital. This financing will enable FreeWire to accelerate international market expansion of Boost Charger and expand production capacity to meet unprecedented customer demand.

About FreeWire Technologies

FreeWire's turnkey power solutions deliver energy whenever and wherever it's needed for reliable electrification beyond the grid. With scalable clean power that moves to meet demand, FreeWire customers can tackle new applications and deploy new business models without the complexity of upgrading traditional energy infrastructure. Learn more at

About EPRI

The Electric Power Research Institute, Inc. (EPRI, conducts research and development relating to the generation, delivery and use of electricity for the benefit of the public. An independent, nonprofit organization, EPRI brings together its scientists and engineers as well as experts from academia and industry to help address challenges in electricity, including reliability, efficiency, affordability, health, safety and the environment. EPRI members represent 90% of the electricity generated and delivered in the United States with international participation extending to 40 countries. EPRI's principal offices and laboratories are located in Palo Alto, Calif.; Charlotte, N.C.; Knoxville, Tenn.; Dallas, Texas; Lenox, Mass.; and Washington, D.C.


Cory Ziskind
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  • More than 19,000 megawatt hours of carbon-free electricity will be produced annually
  • Project will help control wholesale power costs to keep rates stable for the electric cooperative’s members

LENOIR, N.C.--(BUSINESS WIRE)--#ChangeInPower--Blue Ridge Energy, a member-owned electric cooperative serving northwest North Carolina, has selected Oriden LLC to develop a utility-scale solar project as part of its Brighter Future initiative. This project will provide a local generation source and allow Blue Ridge Energy to work towards their low cost, low carbon future with two significant carbon reduction targets: to achieve 50 percent reduction in carbon emissions from 2005 levels by 2030 and to achieve net zero carbon emissions by 2050.

Blue Ridge Energy’s CEO, Doug Johnson, said, “To meet our sustainability goals while upholding our commitments to reliability and affordability, we are focusing our efforts on areas that make the electric grid more flexible, efficient, resilient, and capable of supporting new energy solutions and the vitality of our communities. We look forward to implementing Oriden’s custom-designed large-scale solar solution, which we have named Brighter Future Solar, to help meet our goals.”

The Brighter Future Solar project will provide substantial additional carbon-free electricity to Blue Ridge Energy. The utility-scale solar photovoltaic (PV) project will cover 50 to 55 acres in southern Caldwell County and will provide 11 megawatts of power — enough for 1,600 homes. By comparison, Blue Ridge Energy’s five existing community solar gardens cover about four acres combined and produce enough power for 75 homes.

Scheduled to come online this year, the Brighter Future Solar project will generate and send 19,000 megawatt hours of carbon-free electricity into the grid annually. Blue Ridge Energy will purchase the full output of the project through a 25-year fully bundled Power Purchase Agreement. This will help control wholesale power costs to keep rates stable for cooperative members. In the future, the project can help the cooperative provide alternative rate options to benefit the membership and help manage peak power demands for electricity.

Three companies are supporting the Brighter Future Solar project:

  • Oriden is leading the development and financing, while overseeing all project permitting, site diligence, engineering, and major equipment decisions. Oriden is a full-service renewable energy developer funded and backed by Mitsubishi Power Americas, Inc., an industry leader in power generation, renewables and energy storage solutions.
  • United Renewable Energy™ LLC is providing late stage development support, engineering, procurement and construction (EPC) services using local North Carolina based management and labor. URE develops, designs, builds and maintains solar photovoltaic and energy storage systems for utilities, industrial and commercial companies, independent power producers, and electrical membership co-operatives.
  • Pisgah Energy supported local community engagement and permitting efforts. The company provides comprehensive solar and energy storage design and development services across the Southeast.

Michael Berlin, Director of Energy Development at Oriden, said, “Blue Ridge Energy’s investment in solar shows great leadership and ensures its members’ energy generation needs are met sustainably and affordably. Oriden appreciates Blue Ridge Energy’s partnership and will execute with a focus on exceptional quality as it brings northwestern North Carolina a Change in Power.”

About Oriden LLC

Located in Pittsburgh, Oriden develops, constructs, finances, owns and operates renewable energy projects throughout the United States. As local governments, public institutions and corporations prioritize cleaner sources for their energy needs, they want a developer with the ingenuity, the agility and the speed of a start-up — a fearless pioneer. But they also want to mitigate risk with a proven veteran that has the financial strength and experience to develop, commercialize, operate and own a highly complex project. Oriden is venture funded and backed by Mitsubishi Power Americas, Inc., which has more than a century of experience manufacturing, servicing and providing power and energy solutions globally. For more information, visit the Oriden website and the Mitsubishi Power Americas website.

About Blue Ridge Energy

Blue Ridge Energy is a member-owned electric cooperative serving some 77,000 members in northwest North Carolina. The cooperative is committed to powering a Brighter Future for its members and communities by adding sustainable, renewable energy, using innovative technology for a reliable, resilient power grid and enriching the lives of the people it serves. For more information, visit


Christa Reichhardt
Mitsubishi Power
+1 407-484-5599
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Renee Whitener
Blue Ridge Energy
+1 828-759-8913
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Leader in ESG Data Measurement Space to Support Sustainability Frameworks Technology Consortium Creating Collaborative Open Standards for Footprint-Related Data

HOUSTON--(BUSINESS WIRE)--#ESG--Today, Data Gumbo, provider of GumboNet™ – the massively interconnected industrial smart contract network secured and powered by blockchain – announced that it has joined The Open Group Open Footprint™ Forum, the vendor-neutral technology consortium. It will work alongside Forum Members, such as Shell, Microsoft Corporation, IBM, Amazon Web Services, Deloitte Consulting, LLP, among others, to create open standards for environmental footprint-related data, including emissions and consumptions across water, land and energy for industrial supply chains.

As the provider of GumboNet™ ESG – the automated and transparent sustainability measurement solution that ties an organization’s operational data to ESG standards reporting – Data Gumbo is well positioned to apply its knowledge in commercial smart contracts to auditable, timely reporting of environmental performance data. Already utilizing the Sustainability Accounting Standards Board (SASB) standards, the company intends to expand integrations with the Open Footprint Forum standards, once finalized, as well as building out capabilities to support additional framework bodies.

“As a leader in the ESG data measurement space, joining the Open Footprint Forum is a logical step toward collaborating with other major players to build open standards that tap the power of data to reduce carbon footprints around the world,” said Andrew Bruce, CEO and Founder, Data Gumbo. “We look forward to working as a Member of the Forum to co-develop standards and methods and provide our data expertise to achieve progress in the ESG realm, ultimately helping organizations manage their carbon footprints.”

Data Gumbo’s proficiency within the space stems from its automated ESG measurement solution, GumboNet ESG. The need for companies to reduce their carbon footprint across their supply chain and satisfy key stakeholders is forcing them to examine the quality, quantity and timeliness of their data. Yet without clear metrics or standards to measure against, the reporting progress can be convoluted, resource intensive and lacking in repeatability. GumboNet ESG uses the same footprint-related data to automate sustainability measurements for invoicing and payments in blockchain-powered and secured smart contracts. This functionality can feed into framework guidelines, including the outputs of the Open Footprint Forum.

“We warmly welcome Data Gumbo to the Open Footprint Forum,” said Steve Nunn, President and CEO, The Open Group. “With its deep knowledge of the ESG measurement landscape, we’re excited for the contribution it will bring to the Forum as our members work together to create a reference architecture and open source solution for overseeing footprint-related data across industries. The expertise Data Gumbo will provide will also be crucial for aligning with existing sustainability and reporting bodies to deliver better standards adoption across the board.”

About Data Gumbo

Data Gumbo is a Houston-headquartered technology company that provides GumboNet™ — a massively interconnected industrial smart contract network secured and powered by blockchain. With integrated real-time capabilities that automate and execute smart contracts, GumboNet reduces contract leakage, frees up working capital, enables real-time cash and financial management and delivers provenance with unprecedented speed, accuracy, visibility and transparency. Data Gumbo also provides GumboNet™ ESG, the automated and accurate sustainability measurement solution that ties a company’s operational data to environmental, social and governance (ESG) standards reporting for industrial supply chains.

To date, Data Gumbo has received equity funding with Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco, and Equinor Technology Ventures, the venture subsidiary of Equinor, Norway’s leading energy operator. With offices in Stavanger, Norway, and London, UK, the growing company was recognized as the Disruptive Innovator in the Forbes Energy Awards 2020 and named to CB Insights Blockchain 50, among other awards last year. For more information, visit or follow on LinkedIn, Twitter and Facebook.

About The Open Group

The Open Group is a global consortium that enables the achievement of business objectives through technology standards. Our diverse membership of more than 800 organizations includes customers, systems and solutions suppliers, tool vendors, integrators, academic, and consultants across multiple industries. Learn more here.


Gina Manassero
Data Gumbo
VP of Communications
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  • Schneider Electric’s XW Pro is now eligible for California’s SGIP
  • Californians can receive rebates from SGIP to offset installation costs of qualifying energy storage systems

BOSTON--(BUSINESS WIRE)--#LifeIsOn--Schneider Electric Solar, an industry leader of solar technology and energy management, announced that their XW Pro solar hybrid inverter is now eligible for California’s energy storage rebates. Customers can install the XW Pro at low cost through the Self-Generation Incentive Program (SGIP), which provides rebates to support homeowners and communities in acquiring affordable energy storage in California.

Depending on their eligibility, SGIP recipients can receive up to $1000 per kilowatt-hour for their qualifying energy resources. California homeowners and installers who want to apply for the SGIP rebates can now use the XW Pro and experience reliable and secure energy in their homes. The XW Pro offers the most reliable operation of backup power and off-grid loads with a high overload power rating (1.75x).

“At Schneider Electric, we value the accessibility of efficient energy solutions for a sustainable future,” said Bernhard Kiechl, VP of Marketing, Research & Development, Schneider Electric Solar. “We’re delighted that the XW Pro can now be funded through SGIP, and more end users can experience its energy reliability and security for an optimized and resilient solution to power their homes. Homeowners in California can save more money, not only on the installation but also on their electric bills.”

Compatible with Insight Energy Management

Connect the XW Pro to Insight Energy Management, a simple yet powerful platform to manage your energy systems. With InsightHome or InsightFacility and the Insight Mobile app, customers can monitor, report, and control their system performance right on their mobile device. Its advanced cybersecurity provides top protection and security of all sensitive data. With the Insight Energy Management platform, installers can take advantage of multi-site management and remote firmware upgrades from anywhere at any time.

About Schneider Electric

Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.

Our mission is to be your digital partner for Sustainability and Efficiency.

We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.

We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.

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Related resources:

  • To learn more about SGIP and how to apply, visit the SGIP Resources page.
  • For more Information on the XW Pro, here’s our page on Hybrid Inverters.


Schneider Electric Media Relations – Junco Kumon, This email address is being protected from spambots. You need JavaScript enabled to view it.

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