Fourth Quarter Highlights:

• Oil Business Segment operating margin was a fourth quarter record 9.1% compared to 3.5% from the prior year quarter.
• Net income attributable to common shareholders for the fourth quarter was $5.3 million compared to a net loss of $2.2 million in the fourth quarter of 2019.
• Diluted earnings per share in the fourth quarter were $0.23 compared to a loss of $0.09 per diluted share during the fourth quarter of 2019.
• Fourth quarter EBITDA was a record high $16.4 million compared to $4.1 million a year ago.
• Fourth quarter adjusted EBITDA was a record high $18.9 million compare to $16.7 million in the year earlier quarter.

ELGIN, Ill.--(BUSINESS WIRE)--Heritage-Crystal Clean, Inc. (Nasdaq: HCCI), a leading provider of parts cleaning, hazardous and non-hazardous waste services, used oil re-refining, antifreeze recycling and field services primarily focused on small and mid-sized customers, today announced results for the fourth quarter of fiscal 2020 and for the full fiscal year, which ended January 2, 2021.

Fourth Quarter Review

Total Company revenue for the fourth quarter of 2020 declined 4.9% to $132.0 million compared to $138.8 million for the same quarter of 2019. The Company's fourth quarter of fiscal 2020 was comprised of 79 working days compared to 77 working days in the fiscal fourth quarter of 2019. On a sales-per-working day basis, revenue decreased approximately 7.3% compared to the prior year quarter. Lower revenue was primarily the result of the negative impact of the COVID-19 pandemic and related shelter-in-place orders.

Operating margin increased to 19.8% from 18.6% in the fourth quarter of 2020 mainly due to lower field services related disposal costs, workers compensation, and fleet repair costs, partially offset by lower revenues and higher catalyst cost compared to the year-ago quarter. Our SG&A expense as a percentage of revenue increased slightly to 12.3% from 12.1% of revenue in the fourth quarter of 2020 mainly due to lower revenue and higher software licensing fees, partially offset by lower share-based compensation and travel expense.

Net income attributable to common shareholders was $5.3 million, or $0.23 per diluted share, for the fourth quarter of 2020. This compares to a net loss attributable to common shareholders of $2.2 million, or $0.09 per diluted share, in the year earlier quarter which included an $11.0 million pretax charge relating to class action litigation pertaining to fuel surcharges. See our reconciliations of Net income (loss) and Net income (loss) per share below.

Fiscal 2020 Review

In 2020, we generated $406.0 million of revenue compared to prior year revenue of $444.4 million, a decrease of $38.4 million, or 8.7%. The Company's 2020 fiscal year was comprised of 256 working days compared to 253 working days in fiscal 2019. On a sales-per-working day basis, revenue decreased approximately 9.7% in fiscal 2020 compared to the prior year. The decrease in revenue was primarily driven by the negative impacts of the COVID-19 pandemic and related shelter-in-place orders. Since experiencing a 24.3% revenue decline on a year-over-year basis during the second quarter, amid the depths of the pandemic, our year-over-year revenue deficit shrank to 16.9% in the third quarter and only 4.9% in the fourth quarter.

Operating margin for 2020 was 15.8% compared to 18.1% operating margin in fiscal 2019. The decrease in margin was mainly attributable to lower revenues along with higher insurance expense and field services related disposal costs, partially offset by lower health and welfare costs and lower worker's compensation expense. SG&A expense for fiscal 2020 was 12.7% of revenue, compared to 12.2% of revenue in fiscal 2019.

Net income attributable to common shareholders for fiscal 2020 was $11.9 million, or $0.51 per diluted share, compared to net income of $8.4 million, or $0.36 per diluted share, for fiscal 2019. 2020 full-year net income was favorably impacted by a $6.5 million reversal of an $11.0 million class action lawsuit charge taken in the fourth quarter of fiscal 2019.

Segments

Our Environmental Services segment includes parts cleaning, containerized waste, vacuum services, antifreeze recycling, and field services. The Environmental Services segment reported revenue of $90.9 million, a decrease of $6.0 million, or 6.2%, during the quarter compared to the fourth quarter of fiscal 2019. The decrease in revenue was mainly due to the lingering impacts of COVID-19 related volume declines in our field services, parts cleaning, and containerized waste product and service lines, partially offset by favorable pricing in our parts cleaning business. On a sales-per-working day basis, Environmental Services segment revenue decreased approximately 8.5% compared to the prior year quarter.

Our profit before SG&A expense as a percentage of revenue was 24.6% compared to 25.1% in the year ago quarter. The decline in margin was mainly due to lower revenue and higher depreciation expense for trucks, partially offset by lower field services related disposal costs, worker's compensation expense, and health and welfare costs.

During fiscal 2020, Environmental Services segment revenue decreased $12.0 million, or 4.0%, compared to fiscal 2019, while our 2020 profit before SG&A expense as a percentage of revenue was 22.1% compared to 25.0% in fiscal 2019.

President and CEO Brian Recatto commented, "We are pleased that since the middle of the second quarter we have continually improved our year-over-year performance on both a revenue and operating margin basis despite the continued challenges posed by the impact of the COVID-19 pandemic on our business and our customers."

Our Oil Business segment includes used oil collection activities, sales of recycled fuel oil, and re-refining activities. During the fourth quarter of fiscal 2020, Oil Business revenues decreased 2.0% to $41.1 million compared to the fourth quarter of fiscal 2019. The decrease in revenue was mainly due to lower selling prices of our base oil, partially offset by higher base oil gallons sold during the fourth quarter of 2020 compared to the prior year quarter. On a sales-per-working day basis, our Oil Business segment revenue decreased approximately 4.4% compared to the prior year quarter.

Oil Business segment operating margin improved 5.6 percentage points to 9.1% in the fourth quarter of 2020 compared to 3.5% during the same period of 2019. The increase in margin was mainly due to lower fleet repairs, lower worker's compensation expense, and lower shutdown maintenance, partially offset by higher catalyst costs compared to the year-ago quarter.

Full year 2020 revenue was down $26.5 million compared to fiscal 2019, while operating margin broke even compared to operating margin of 3.3% in fiscal 2019.

Recatto commented, "We are extremely proud of the record high operating margin percentage result achieved during the fourth quarter in our Oil Business Segment. Because of this strong finish to the year, we were able to produce near breakeven operating margin for the full fiscal year 2020 despite the fact that we were forced to idle our re-refinery for most of the month of May due to the negative impacts on the economy from the COVID-19 pandemic."

COVID-19 Update

During the fourth quarter and into the beginning of the first quarter of 2021, we continued executing the Company's pandemic response plan to combat the COVID-19 outbreak-induced downturn in our business and remain focused on ensuring the health and safety of all our employees and their families.

Safe Harbor Statement

All references to the “Company,” “we,” “our,” and “us” refer to Heritage-Crystal Clean, Inc., and its subsidiaries.

This release contains forward-looking statements that are based upon current management expectations. Generally, the words "aim," "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "project," "should," "will be," "will continue," "will likely result," "would" and similar expressions identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements or industry results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. These risks, uncertainties and other important factors include, among others: developments in the COVID-19 pandemic and the resulting impact on our business and operations, general economic conditions and downturns in the business cycles of automotive repair shops, industrial manufacturing businesses and small businesses in general; increased solvent, fuel and energy costs and volatility, including a drop in the price of crude oil, the selling price of lubricating base oil, solvent, fuel, energy, and commodity costs; our ability to enforce our rights under the FCC Environmental purchase agreement; our ability to pay our debt when due and comply with our debt covenants; our ability to successfully operate our used oil re-refinery and to cost-effectively collect or purchase used oil or generate operating results; increased market supply or decreased demand for base oil; further consolidation and/or declines in the United States automotive repair and manufacturing industries; the impact of extensive environmental, health and safety and employment laws and regulations on our business; legislative or regulatory requirements or changes adversely affecting our business; competition in the industrial and hazardous waste services industries and from other used oil re-refineries; claims and involuntary shutdowns relating to our handling of hazardous substances; the value of our used solvents and oil inventory, which may fluctuate significantly; our ability to expand our non-hazardous programs for parts cleaning; our dependency on key employees; our level of indebtedness, which could affect our ability to fulfill our obligations, impede the implementation of our strategy, and expose us to interest rate risk; the impact of legal proceedings and class action litigation on us and our ability to estimate the cash payments we will make under litigation settlements; our ability to effectively manage our network of branch locations; the control of The Heritage Group over the Company; and the risks identified in the Company's Annual Report on Form 10-K filed with the SEC on March 2, 2020. Given these uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. We assume no obligation to update or revise them or provide reasons why actual results may differ. The information in this release should be read in light of such risks and in conjunction with the consolidated financial statements and the notes thereto included elsewhere in this release.

About Heritage-Crystal Clean, Inc.

Heritage-Crystal Clean, Inc. provides parts cleaning, used oil re-refining, and hazardous and non-hazardous waste services primarily to small and mid-sized customers in the vehicle maintenance sector as well as manufacturers and other industrial businesses. Our service programs include parts cleaning, containerized waste management, used oil collection and re-refining, vacuum truck services, waste antifreeze collection, recycling and product sales, and field services. These services help our customers manage their used chemicals and liquid and solid wastes, while also helping to minimize their regulatory burdens. Our customers include businesses involved in vehicle maintenance operations, such as car dealerships, automotive repair shops, and trucking firms, as well as small-to-medium sized manufacturers, such as metal product fabricators and printers, and other industrial businesses. Through our used oil re-refining program during 2020, we recycled approximately 61 million gallons of used oil into high quality lubricating base oil, and we are a supplier to firms that produce and market finished lubricants. Through our antifreeze program during 2020 we recycled approximately 3.7 million gallons of spent antifreeze which was used to produce a full line of virgin-quality antifreeze products. Through our parts cleaning program during 2020 we recycled 4 million gallons of used solvent into virgin-quality solvent to be used again by our customers. Through our containerized waste program during 2020 we collected 20 tons of regulated waste which was sent for energy recovery. Through our vacuum services program during 2020 we treated approximately 52 million gallons of wastewater. Heritage-Crystal Clean, Inc. is headquartered in Elgin, Illinois, and operates through 89 branches serving approximately 91,000 customer locations.

Conference Call

The Company will host a conference call on Tuesday, March 2, 2021 at 9:30 AM Central Time, during which management will give a brief presentation focusing on the Company's operations and financial results. Interested parties can listen to the audio webcast available through our company website, http://crystal-clean.com/investor-relations/, and can participate on the call by dialing (833) 968-1975. After dialing the number, you will be required to provide the following passcode before being joined to the conference call: 1354827.

The Company uses its website to make available information to investors and the public at www.crystal-clean.com.

Mark DeVita, Chief Financial Officer, at (847) 836-5670

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB) announced today an updated investor presentation has been posted on Superior’s website. The updated presentation is being released in conjunction with investor meetings on March 1. The presentation provides historical financial information for Superior’s Energy Distribution business pro forma the recently announced sale of the Specialty Chemicals business.

About the Superior Plus Corp.

Superior consists of two primary operating businesses: Energy Distribution includes the distribution of propane and distillates, and supply portfolio management; and Specialty Chemicals includes the production and sale of specialty chemicals.

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

Beth Summers
Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015
or
Rob Dorran
Vice President, Investor Relations and Treasurer
Tel: (416) 340-6003
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Toll Free: 1-866-490-PLUS (7587)

LEAWOOD, KS--(BUSINESS WIRE)--Tortoise today announced the following unaudited balance sheet information and asset coverage ratio updates for TYG, NTG, TTP, NDP, TPZ and TEAF.

Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced that as of February 28, 2021, the company’s unaudited total assets were approximately $517.7 million and its unaudited net asset value was $357.8 million, or $29.99 per share.

As of February 28, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 419 percent, and its coverage ratio for preferred shares was 332 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company’s unaudited balance sheet at February 28, 2021.

11.93 million common shares currently outstanding.

Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today announced that as of February 28, 2021, the company’s unaudited total assets were approximately $255.6 million and its unaudited net asset value was $176.8 million, or $31.33 per share.

As of February 28, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 435 percent, and its coverage ratio for preferred shares was 358 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company’s unaudited balance sheet at February 28, 2021.

5.64 million common shares currently outstanding.

Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that as of February 28, 2021, the company’s unaudited total assets were approximately $75.0 million and its unaudited net asset value was $53.9 million, or $23.33 per share.

As of February 28, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 515 percent, and its coverage ratio for preferred shares was 362 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company’s unaudited balance sheet at February 28, 2021.

2.31 million common shares currently outstanding.

TTP has completed approximately $3.2 million of share repurchases under the publicly announced repurchase plan allowing up to $5.0 million through March 31, 2021. Under the program, TTP has repurchased 196,022 shares of its common stock at an average price of $16.211 and an average discount to NAV of 21.5%.

Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that as of February 28, 2021, the company’s unaudited total assets were approximately $42.8 million and its unaudited net asset value was $38.2 million, or $20.67 per share.

As of February 28, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 967 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company’s unaudited balance sheet at February 28, 2021.

1.85 million common shares currently outstanding.

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of February 28, 2021, the company’s unaudited total assets were approximately $121.5 million and its unaudited net asset value was $97.0 million, or $14.44 per share.

As of February 28, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 504 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company’s unaudited balance sheet at February 28, 2021.

6.72 million common shares currently outstanding.

TPZ has completed approximately $2.6 million of share repurchases under the publicly announced repurchase plan allowing up to $5.0 million through August 31, 2021. Under the program, TPZ has repurchased 235,846 shares of its common stock at an average price of $10.813 and an average discount to NAV of 20.4%.

Tortoise Essential Assets Income Term Fund (NYSE: TEAF) today announced that as of February 28, 2021, the company’s unaudited total assets were approximately $262.8 million and its unaudited net asset value was $218.6 million, or $16.20 per share.

As of February 28, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 611 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company’s unaudited balance sheet at February 28, 2021.

13.49 million common shares outstanding.

The top 10 holdings for TYG, NTG, TTP, NDP, TPZ and TEAF as of the most recent month-end can be found on each fund’s portfolio web page at https://cef.tortoiseecofin.com.

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 www.TortoiseEcofin.com.

Tortoise Capital Advisors, L.L.C. is the Adviser to Tortoise Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., Tortoise Energy Independence Fund, Inc., Tortoise Power and Energy Infrastructure Fund, Inc. and Tortoise Essential Assets Income Term Fund. Ecofin Advisors Limited is a sub-adviser to Tortoise Essential Assets Income Term Fund.

For additional information on these funds, please visit cef.tortoiseecofin.com.

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.

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.

Maggie Zastrow
(913) 981-1020
This email address is being protected from spambots. You need JavaScript enabled to view it.

TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB) announced today that, subject to market and other conditions, its wholly-owned subsidiaries, Superior Plus LP (“Superior LP”) and Superior General Partner Inc. (together with Superior LP, the “Issuers”) plan to commence a private placement offering (the “offering”) of US$500 million aggregate principal amount of senior unsecured notes due 2029 (the “notes”). The Issuers intend to use the net proceeds of the offering, if completed, to redeem in full US$350 million aggregate principal amount of the Issuers’ 7.0% senior unsecured notes due July 15, 2026 (the “7.0% Notes”) and use all remaining net proceeds to repay a portion of the outstanding indebtedness under the Issuers’ senior credit facility.

Superior also announced today that the Issuers have issued a conditional notice to redeem in full the 7.0% Notes at a redemption price of approximately 107.442% of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date. The redemption is expected to be completed on or about March 11, 2021, and is conditioned upon the completion of the offering.

The offering of notes is being made solely by means of a private placement either to persons reasonably believed to be qualified institutional buyers in the United States, as defined in Rule 144A promulgated under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or to certain non-U.S. persons in offshore transactions pursuant to Regulation S under the U.S. Securities Act. The notes have not been, and will not be, registered under the U.S. Securities Act, or the securities laws of any state or jurisdiction thereof, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and the rules promulgated thereunder and applicable securities law. In Canada, the notes are being offered and sold on a private placement basis to certain accredited investors in the provinces of Canada. The notes have not been and will not be qualified under the securities laws of any province or territory of Canada for distribution to the public and may not be offered or sold directly or indirectly in Canada or to or for the benefit of any resident of Canada except pursuant to applicable prospectus exemptions. This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any notes, nor shall there be any offer, solicitation or sale of the notes in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering may be made only by means of an offering memorandum.

About Superior Plus Corp.
Superior currently consists of two primary operating businesses: Energy Distribution includes the distribution of propane and distillates, and supply portfolio management; and Specialty Chemicals includes the production and sale of specialty chemicals. On February 18, 2021, Superior announced that the Issuers have entered into a definitive agreement to sell the Specialty Chemicals business.

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

Forward Looking Information

Certain information included herein is forward-looking, within the meaning of applicable U.S. and Canadian securities laws. Such information is typically identified by words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “plan”, “intend”, “forecast”, “future”, “guidance”, “may”, “predict”, “project”, “should”, “strategy”, “target”, “will” or similar expressions suggesting future outcomes. Forward-looking information in this news release includes forward looking information relating to the proposed offering of notes, the use of proceeds therefrom, the timing and successful completion of the offering and the redemption of the 7.0% Notes. Superior believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such information should not be unduly relied upon.

Forward-looking information is not a guarantee of future performance. By its very nature, forward-looking information involves inherent assumptions, risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information will not be achieved, including risks and assumptions relating to U.S. and Canadian market conditions and satisfaction of conditions to, and completion of, the offering and redemption of the 7.0% Notes. Forward-looking information herein is based on information currently available to Superior. No assurance can be given that these assumptions and expectations will prove to be correct. Should one or more of these risks and uncertainties materialize, or should assumptions described above prove incorrect, Superior’s actual performance and results in future periods may differ materially from any projections of future performance or results expressed or implied by such forward-looking information. Superior cautions readers not to place undue reliance on this information as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.

Forward-looking information contained in this news release is provided for the purpose of providing information about management’s goals, plans and range of expectations for the future and may not be appropriate for other purposes. Any forward-looking information is made as of the date hereof and, except as required by law, Superior does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.

Beth Summers, Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015

Rob Dorran, Vice President, Investor Relations and Treasurer
Tel: (416) 340-6003

E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Toll Free: 1-866-490-PLUS (7587)

HOUSTON--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today announced an investment in Baseload Capital AB, a Sweden-based private investment company focused on development and operation of low-temperature geothermal and heat power assets.

Heat power is an affordable form of renewable energy that can be harnessed from either geothermal resources or waste heat. This investment round includes existing Baseload Capital investors Breakthrough Energy Ventures and Sweden-based investment group Gullspang Invest AB.

The Baseload investment follows last month’s announcement of funding for Eavor and expands Chevron’s capacity to gain insight into geothermal innovations such as low-temperature power generation and closed-loop geothermal technologies.

Chevron Technology Ventures (CTV) identifies externally developed technology with the potential to enhance the way Chevron produces and delivers affordable, reliable and ever-cleaner energy now and into the future. The investments in Baseload and Eavor are financed by CTV’s Core Venture fund which identifies companies with technology that can add efficiencies to Chevron’s core business in operational enhancement, digitalization, and lower-carbon operations.

“Chevron’s investments in geothermal power reflect our ongoing focus on helping to advance the world’s transition to a lower-carbon future,” said Chevron’s Vice President, Innovation and President of Technology Ventures, Barbara Burger. “We look forward to working with Baseload Capital and Eavor to expand geothermal resources in the U.S. and internationally.”

Chevron and Baseload are planning potential pilot projects to test new technology. Baseload Capital currently operates in Japan, Taiwan, Iceland, and the United States. As Baseload develops in these regions and expands to new markets, Chevron and Baseload will look for commercial geothermal and heat power opportunities in additional Chevron operations.

“In August, we announced that we were looking for a new strategic investor to help us accelerate deployment in our key markets,” said Baseload’s Chief Executive Officer Alexander Helling. “We couldn’t have asked for a better one. Chevron complements our group of owners and adds expertise in drilling, engineering, exploration and more. These assets are expected to accelerate our ability to deploy heat power and strengthen our way of working.”

About Baseload Capital

Baseload Capital is a specialized investment entity that funds the deployment of heat power worldwide. The company currently has subsidiaries in Iceland, Japan, Taiwan, and the U.S., which work with local communities and power companies to permit, build and commission heat power plants. By applying innovative financing structures and using subsidiaries to roll out local implementation, Baseload Capital can help nations quickly transition away from fossil fuels and toward energy independence. The result will lead to more resilient societies and a planet in balance. For more information, visit: baseloadcap.com.

About Chevron Technology Ventures

Chevron Technology Ventures (CTV) pursues and invests in externally developed technologies and new business solutions that have the potential to enhance the way Chevron produces and delivers affordable, reliable, and ever-cleaner energy. CTV leverages innovative companies and technologies to strengthen Chevron’s core operations and identifies new opportunities to shape the future of energy. For more information, visit www.chevron.com/technology/technology-ventures.

NOTICE

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements relating to Chevron’s operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals, and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company's ability to achieve the anticipated benefits from the acquisition of Noble Energy; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, industry-specific taxes, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 23 of the company's 2020 Annual Report on Form 10-K and in other subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

Mary Murrin, This email address is being protected from spambots. You need JavaScript enabled to view it., +1 832-421-6996

Supports the Development of the Coosa Graphite Project

CENTENNIAL, Colo.--(BUSINESS WIRE)--$WWR--Westwater Resources, Inc. (“Westwater”) (Nasdaq: WWR), a battery graphite development company, applauds the President’s Executive Order signed on February 24, 2021, that seeks to provide for more resilient supply chains to revitalize and rebuild domestic manufacturing capacity and maintain America’s competitive edge in research and development.

The President’s declaration asks the Secretary of Energy, as part of a larger study involving several branches of the U.S. government, to submit a report within 100 days identifying risks to the supply chain for high-capacity batteries including those that power electric vehicles. This effort could be important to Westwater’s plans to develop its battery graphite business in the United States. The new order builds upon the prior Administration’s Executive Order issued on September 30, 2020, related to critical minerals. See the Westwater news release dated October 5, 2020.

The U.S. is 100% dependent on imports for battery-grade graphite, which is currently the primary anode material in the Lithium-Ion batteries that power smartphones, laptops, electric vehicles, and store power generated from intermittent renewable energy sources. Westwater’s Coosa Graphite Deposit is located in Alabama and the Company plans to develop the deposit to supply natural flake graphite for beneficiation into battery-grade graphite for all types of batteries.

Christopher M. Jones, President and Chief Executive Officer of Westwater, said, “The President’s Executive Order could open up new avenues for financing and permitting for our project – this is good news for Westwater Resources and the Coosa Graphite Project.”

Further details on the Executive Order on America’s Supply Chains can be found at https://www.whitehouse.gov/briefing-room/presidential-actions/2021/02/24/executive-order-on-americas-supply-chains/.

Graphite is specifically named as one of the critical minerals in which the U.S. is heavily dependent on China for its supply.

Westwater is uniquely positioned to benefit from the action the U.S. government is taking to ensure America and its technology manufacturers can rely on a safe and secure source of graphite to power our next generation of power and technology needs. The action by the President orders the Assistant to the President for National Security Affairs and the Assistant to the President for Economic Policy to coordinate the executive branch actions necessary to implement the Order with the Office of Science and Technology, the Secretary of Defense, the Secretary of Energy and the Secretary of the Interior, among other agencies, to provide reports within 100 days on risks to the supply chain, work completed thus far since Executive Order 13952 (signed September 30, 2020) and possible actions the Administration might take to reduce these risks.

Westwater will work to support the efforts by the relevant agencies in the U.S. government and to ensure that they remain aware of the importance of battery-grade graphite, its importance to the nation’s security, and how the Coosa Graphite Project fits into the critical minerals-equation.

About Westwater Resources

Westwater Resources (NASDAQ: WWR) is focused on developing battery-grade graphite. The Company’s projects include the Coosa Graphite Project — the most advanced natural flake graphite project in the contiguous United States — and the associated Coosa Graphite Deposit located across 41,900 acres (~17,000 hectares) in east-central Alabama. Ongoing operation of the pilot program is producing ULTRA-PMG™, ULTRA-DEXDG™ and ULTRA-CSPG™ in quantities that facilitate qualification testing at potential customers. For more information, visit www.westwaterresources.net.

Cautionary Statement

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as "expects," "estimates," "projects," "anticipates," "believes," "could," “scheduled,” and other similar words. All statements addressing events or developments that WWR expects or anticipates will occur in the future, including but not limited to the contents of the report produced as a result of the Executive Order; future government support for domestic graphite production, including the Company’s Coosa Graphite Project; and future production of battery-grade graphite, are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties include, but are not limited to, (a) the Company’s ability to successfully operate a pilot plant capable of producing battery-grade materials in quantities and on schedules consistent with the Coosa Graphite Project business plan; (b) the Company’s ability to raise additional capital in the future including the ability to utilize existing financing facilities; (c) spot price and long-term contract price of graphite and vanadium; (d) risks associated with our operations and the operations of our partners such as Samuel Engineering, Dorfner Anzaplan and others, including the impact of COVID-19 and its potential impacts to the capital markets; (e) operating conditions at the Company’s projects; (f) government regulation of the graphite industry and the vanadium industry; (g) world-wide graphite and vanadium supply and demand, including the supply and demand for lithium-based batteries; (h) unanticipated geological, processing, regulatory and legal or other problems the Company may encounter in the jurisdictions where the Company operates or intends to operate, including in Alabama and Colorado; (i) any graphite or vanadium discoveries not being in high-enough concentration to make it economically feasible to extract the minerals; (j) currently pending or new litigation or arbitration; and (k) other factors which are more fully described in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize or should any of the Company’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on the Company’s forward-looking statements. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.

Westwater Resources
Christopher M. Jones, President & CEO
Phone: 303.531.0480

Jeff Vigil, VP Finance & CFO
Phone: 303.531.0481
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Product Sales
Jay Wago, Vice President – Sales and Marketing
Phone: 303.531.0472
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Investor Relations
Porter, LeVay & Rose
Michael Porter
Phone: 212.564.4700
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NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ:NFE) (the "Company") plans to announce its financial results for the fourth quarter and full year 2020 prior to 8:00 A.M. Eastern Time on Tuesday, March 16, 2021. A copy of the press release and an earnings supplement will be posted to the Investors section of the Company's website, www.newfortressenergy.com.

In addition, management will host a conference call on Tuesday, March 16, 2021 at 8:00 A.M. Eastern Time. The conference call may be accessed by dialing (866) 953-0778 (from within the U.S.) or (630) 652-5853 (from outside of the U.S.) fifteen minutes prior to the scheduled start of the call; please reference “NFE Fourth Quarter 2020 Earnings Call."

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.newfortressenergy.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.

A replay of the conference call will be available after 11:00 A.M. on Tuesday, March 16, 2021 through 11:00 A.M. on Tuesday, March 23 2021 at (855) 859-2056 (from within the U.S.) or (404) 537-3406 (from outside of the U.S.), Passcode: 2548857.

About New Fortress Energy Inc.

New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.

IR:
Joshua Kane
(516) 268-7455
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Media:
Jake Suski
(516) 268-7403
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Splitvolt Splitter Switch Launches on Amazon and Earns Top Position in “New Releases in EV Charging Stations” Category

SANTA CLARA, Calif.--(BUSINESS WIRE)--#EV--Splitvolt announced today that the company has expanded its full product offering across Amazon, following last year’s successful launch and ramp-up of its ecommerce website.

After rapid sales growth of its portable EV chargers on Amazon, Splitvolt has now successfully launched its innovative, market-leading Splitvolt Splitter Switch™ on the largest U.S. ecommerce platform. The product quickly achieved number 1 ranking in Amazon’s new EV charger category. Since going live on the Amazon ecommerce platform, customer response to the products has been strong, with further validation coming from its 4.6 out of 5.0 rating by Amazon Verified Customers.

“We are pleased to have established ourselves as the market leader with unmatched value and safety features for fast EV home charging access and automated power switching. Based on our customer demand, we knew it was time to expand beyond our own ecommerce website and to the largest online sales channel in the country,” said Daniel Liddle, founder and CEO of the company. “Gaining maximum geographic coverage, rapid scalability and the associated logistical advantages were too great to pass up. It has paid off already, establishing market leadership with clear competitive advantages in this new automatic power switching product category.”

Led by an executive team with extensive enterprise and consumer tech experience at public and private companies, Splitvolt is doing its part for climate change by addressing a distinct pain point affecting the adoption of electric vehicles: simple and inexpensive power access for fast home charging. The company offers the innovative Splitvolt Splitter Switch for inexpensive access to fast EV home charging, as well as unmatched value with its portable EV chargers, extension cables and adapters.

Click here to see our full range of products available for sale now on Amazon.

About Splitvolt

Splitvolt’s mission is to inspire use of sustainable energy and Empowering Electric Vehicle Adoption™ by creating compelling products and solutions that make it simple for every day car owners to benefit from electric vehicle use in daily life. Working at Splitvolt means having a shared vision to empower the future in innovative ways and play a key role in the once-in-a-lifetime transformation of the automotive industry. To find out more, visit www.splitvolt.com or the Splitvolt Amazon Store.

Daniel Liddle
Splitvolt, Inc.
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650-209-0091

Georgiana Comsa
Silicon Valley PR
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650-800-7084

THE WOODLANDS, Texas--(BUSINESS WIRE)--Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) announced today that it plans to issue its year-end 2020 earnings release after the close of trading on Tuesday, March 16, 2021. The Company has scheduled a conference call on Wednesday, March 17, 2021 at 11:00 a.m. ET to discuss its fourth quarter and full year 2020 financial and operating results, and 2021 plans and guidance as it implements its new strategic vision.

To participate, interested parties should dial 877-270-2148 at least five minutes before the call is to begin. Please reference the “Ring Energy Fourth Quarter 2020 Earnings Conference Call.” International callers may participate by dialing 412-902-6510. This call will also be webcast and available on Ring’s web site at www.ringenergy.com under “Investors” on the “Events” page. An audio replay will also be available on the Company’s web site following the call.

About Ring Energy, Inc.

Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the conventional development of its Permian Basin assets in West Texas and New Mexico. For additional information, please visit www.ringenergy.com.

David A. Fowler, Investor Relations
Ring Energy, Inc.
Office: 432-682-7464
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• Project to advance industry vision of cost-efficient and CO₂-free power generation using hydrogen in gas turbines
• One of four Siemens Energy projects funded by the U.S. Department of Energy to further decarbonization of the U.S. power generation sector

ORLANDO, Fla.--(BUSINESS WIRE)--#decarbonization--Siemens Energy announced today that it has teamed up with Intermountain Power Agency to perform a conceptual design study on integrating a hydrogen energy storage system into an advanced class combined cycle power plant. The project has been awarded a $200,000 grant from the U.S. Department of Energy, one of four funding awards received by Siemens Energy in late 2020 to advance hydrogen applications in the U.S. power generation sector.

The study is set to begin in March at the 840-MW Intermountain Generating Station in Delta, Utah. The goal of this study is to analyze the overall efficiency and reliability of CO₂-free power supply involving large-scale production and storage of hydrogen. Additionally, the study will analyze aspects of integrating the system into an existing power plant and transmission grid, such as the interaction with subsystems, sizing and costs.

“The study will be designed around Siemens Energy’s Silyzer technology, which uses electrolysis to generate hydrogen. The scope of our research will include hydrogen compression, storage and intelligent plant controls,” said Tim Holt, executive board member at Siemens Energy. “This is an exciting opportunity to work with the Intermountain Power Agency on integrating the cost-efficient use of CO2-free hydrogen in a power plant on a large scale basis. The outcomes will benefit customers, advance the knowledge about using hydrogen in the US power sector, and ultimately put us one step closer to decarbonizing electricity production.”

The Intermountain Generating Station is transitioning from coal to natural gas, with plans to integrate 30% hydrogen fuel at start-up in 2025 and 100% hydrogen by 2045. The project is to provide 840 MW of electricity to customers in Utah and Southern California.

“By switching from coal to a mixture of natural gas and hydrogen we can reduce carbon emissions by more than 75%,” said Dan Eldredge, general manager of Intermountain Power Agency. “We are committed to being a leader in the transition to a clean energy future while taking advantage of the significant energy infrastructure already in place at the Intermountain Power Project. This study will help pave the way for the successful transition to net-zero carbon power generation.”

This press release and a press picture / press pictures / further material is available at www.siemens‑energy.com/press

Follow us on Twitter at: www.twitter.com/siemens_energy

Siemens Energy is one of the world’s leading energy technology companies. The company works with its customers and partners on energy systems for the future, thus supporting the transition to a more sustainable world. With its portfolio of products, solutions and services, Siemens Energy covers almost the entire energy value chain – from power generation and transmission to storage. The portfolio includes conventional and renewable energy technology, such as gas and steam turbines, hybrid power plants operated with hydrogen, and power generators and transformers. More than 50 percent of the portfolio has already been decarbonized. A majority stake in the listed company Siemens Gamesa Renewable Energy (SGRE) makes Siemens Energy a global market leader for renewable energies. An estimated one-sixth of the electricity generated worldwide is based on technologies from Siemens Energy. Siemens Energy employs more than 90,000 people worldwide in more than 90 countries and generated revenue of around €27.5 billion in fiscal year 2020. www.siemens-energy.com.

Contact for journalists
Stacia Licona
Phone: +1 281-721-3402
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PORTLAND, Maine--(BUSINESS WIRE)--WEX (NYSE: WEX), a leading financial technology service provider, announced today its agreement with OMV expanding its presence within Europe. WEX will implement its technology platform to manage OMV’s fuel card program across ten markets within Europe. The implementation is expected to be completed within the next two years.

OMV produces and markets oil and gas, as well as chemical solutions in a responsible way and develops innovative solutions for a circular economy. In Upstream, OMV has a strong base in Central and Eastern Europe as well as a balanced international portfolio, with Middle East & Africa, the North Sea, Russia and Asia-Pacific as further core regions. In Downstream, OMV operates three refineries in Europe and owns a 15% share in ADNOC Refining and ADNOC Global Trading. Furthermore, the Company operates about 2,100 filling stations in ten European countries. In support of its retail operations, OMV is currently issuing its own fuel cards.

OMV is a part of ROUTEX, an international network alliance between ARAL, BP, Circle K Europe, eni and OMV, making it one of the biggest fueling networks in Europe. The ROUTEX network has common card processing and security standards across Europe which enable participating member card programs to work at fueling locations across the ROUTEX network. WEX technology will process the ROUTEX transactions on behalf of OMV associated with this network.

“We’re thrilled OMV selected our technology to power its fuel card program,” said Brian Fournier, senior vice president and general manager of global partners at WEX. “Expanding our presence in Europe is a strategic focus for WEX as we continue our investment in forming strategic partnerships like the one with OMV.”

About WEX
Powered by the belief that complex payment systems can be made simple, WEX (NYSE: WEX) is a leading financial technology service provider across a wide spectrum of sectors, including fleet, travel and healthcare. WEX operates in more than 10 countries and in more than 20 currencies through more than 5,200 associates around the world. WEX fleet cards offer 15.8 million vehicles exceptional payment security and control; purchase volume in travel and corporate solutions was $20.9 billion in 2020; and the WEX Health financial technology platform helps 408,000 employers and 33.1 million consumers better manage healthcare expenses. For more information, visit www.wexinc.com.

About OMV
OMV Aktiengesellschaft
OMV produces and markets oil and gas, as well as chemical solutions in a responsible way and develops innovative solutions for a circular economy. With Group sales revenues of EUR 17 bn and a workforce of around 26,000 employees in 2020 (incl. Borealis), OMV is one of Austria’s largest listed industrial companies. In Upstream, OMV has a strong base in Central and Eastern Europe as well as a balanced international portfolio, with Middle East & Africa, the North Sea, Russia and Asia-Pacific as further core regions. Daily average production was 463,000 boe/d in 2020. In Downstream, OMV operates three refineries in Europe and owns a 15% share in ADNOC Refining and ADNOC Global Trading, with a total annual processing capacity of 24.9 mn tons. Furthermore, OMV operates about 2,100 filling stations in ten European countries and runs gas storage facilities in Austria and Germany. In 2020, total natural gas sales volumes amounted to around 164 TWh.

In the chemicals sector, OMV, through its subsidiary Borealis, is one of the world’s leading providers of advanced and circular polyolefin solutions and a European market leader in base chemicals, fertilizers and the mechanical recycling of plastics. Borealis operates in over 120 countries. In 2020, Borealis generated EUR 6.8 billion in sales revenue. The company supplies services and products to customers around the globe through Borealis and two important joint ventures: Borouge (with the Abu Dhabi National Oil Company, or ADNOC, based in UAE); and Baystar™ (with Total, based in the US).

WEX Media Contact
Kellie Jones
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OMV Media Contact
Andreas Rinofner
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PPA for full capacity represents Facebook’s fourth power purchase from Apex

CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--Apex Clean Energy today announced that WEC Energy Group (NYSE: WEC) and Invenergy purchased the Jayhawk Wind project, including a renewable power purchase agreement with Facebook. The more than 190 MW project, located in Crawford and Bourbon Counties, Kansas, will help support the tech company’s operations in the region.

“Establishing and growing strong relationships with the nation’s pre-eminent clean energy investors and power purchasers is fundamental to Apex’s core mission and to our ability to bring best-in-class renewable energy assets like Jayhawk Wind to life,” said Mark Goodwin, Apex Clean Energy president and CEO. “Because of these agreements with Facebook—a valued Apex customer—and new partners WEC Energy Group and Invenergy, Jayhawk Wind will advance the new energy economy in Kansas and generate significant long-term economic benefits for the local community.”

The deal marks Apex’s fourth renewable transaction with Facebook, following a 61.6 MW PPA with Altavista Solar; a 200 MW PPA with Aviator Wind East, part of the largest single-phase, single-site wind project in the United States; and, most recently, a 175 MW PPA with Lincoln Land Wind in Illinois.

“We are excited to help bring this new wind project—our first in Kansas—to the grid in support of our operations in the region,” said Urvi Parekh, head of renewable energy at Facebook. “At Facebook, we are committed to supporting our global operations with 100% renewable energy and helping accelerate the transition to renewable energy around the world.”

Jayhawk Wind will help Facebook meet its goal to support its operations in the region with 100% renewable energy and reach net-zero carbon emissions. The tech company stepped in as the project’s offtaker after a previous power purchase agreement was mutually dissolved.

The purchase of the Jayhawk Wind project is part of WEC Energy Group’s $16 billion ESG Progress Plan—the largest five-year capital plan in the company’s history.

“Our commitment to the Jayhawk project is the next step forward in our comprehensive plan to build a bright, sustainable future, serve strong vibrant customers, and continue to grow earnings from our portfolio of renewable energy assets,” said Gale Klappa, WEC Energy Group executive chairman.

The Jayhawk facility, which breaks ground this week and is expected to be operational later this year, will consist of 70 GE wind turbines totaling an installed capacity of more than 190 MW. The project will provide significant economic benefits for the local and state economies—including the creation of more than 115 construction jobs and 7 long-term operations positions—and will generate over $20 million in landowner payments and $27.2 million in tax revenue.

About Apex Clean Energy

Apex Clean Energy develops, constructs, and operates utility-scale wind and solar power facilities across North America. Our mission-driven team of more than 250 renewable energy experts uses a data-focused approach and an unrivaled portfolio of projects to create solutions for the world’s most innovative and forward-thinking customers. For more information on how Apex is leading the transition to a clean energy future, visit www.apexcleanenergy.com or follow us on Facebook, Twitter, and LinkedIn.

About WEC Energy

WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation’s premier energy companies, serving 4.6 million customers in Wisconsin, Illinois, Michigan and Minnesota.

The company’s principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. Another major subsidiary, We Power, designs, builds and owns electric generating plants. In addition, WEC Infrastructure LLC owns a growing fleet of renewable generation facilities in the Midwest.

WEC Energy Group (wecenergygroup.com) is a Fortune 500 company and a component of the S&P 500. The company has approximately 42,000 stockholders of record, 7,300 employees and $37 billion of assets.

Apex Clean Energy
Cat Strumlauf
(434) 227-4196
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Facebook
Melanie Roe
(650) 798-7966
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Highlights Unique US-Based Model to Produce Lithium Hydroxide for Electric Vehicle Supply Chain

NEW YORK--(BUSINESS WIRE)--$PLL #Lithium--Piedmont Lithium Limited, (“Piedmont” or the “Company”) (ASX: PLL; Nasdaq: PLL), a pre-production business targeting the integrated production of battery quality lithium hydroxide to support a US and global electric vehicle supply chain, today announced participation in several virtual conferences consisting of small group meetings, fireside chats, and panel discussions:

-KeyBanc Capital Markets - Electric Vehicle Supply Chain Spotlight, February 22, 2021

-BTIG-Energy Transition/EV Day, February 23, 2021

-Amvest Capital Webinar Series– Piedmont Lithium Corporate Overview, February 26, 2021

-Canaccord Australia - Sustainability - Re-Thinking Impact 2021, March 4, 2021

-Roskill Critical Materials Research-Lithium Mine to Market, March 10, 2021

-B. Riley Securities-Sustainable Energy & Technology Conference, March 9-10, 2021

-Loop Capital Markets Virtual Conference, March 11-12, 2021

“It’s an exciting time to be part of the electrification of transportation evolution, and we’re equally excited about the opportunities to talk about the unique role we have to play,” said Piedmont President and CEO, Keith Phillips. “Our integrated approach to producing highly in demand lithium hydroxide from spodumene ore from our strategic location in North Carolina, creates new supply options and operational advantages for potential customers in the US, Europe and other parts of the world. We’re looking forward to sharing our story.”

Presentation materials are available on the Piedmont Lithium website, www.piedmontlithium.com.

About Piedmont Lithium

Piedmont Lithium Limited (ASX: PLL; Nasdaq: PLL) holds a 100% interest in the Piedmont Lithium Project, a pre-production business targeting the production of 160,000 t/y of spodumene concentrate and the manufacture of 22,700 t/y of battery quality lithium hydroxide in North Carolina, USA to support electric vehicle and battery supply chains in the United States and globally. Piedmont’s premier southeastern USA location is advantaged by favorable geology, proven metallurgy and easy access to infrastructure, power, R&D centers for lithium and battery storage, major high-tech population centers and downstream lithium processing facilities. Piedmont has reported 27.9Mt of Mineral Resources grading at 1.11% Li2O located within the world-class Carolina Tin-Spodumene Belt (“TSB”) and along trend to the Hallman Beam and Kings Mountain mines, which historically provided most of the western world’s lithium between the 1950s and the 1980s. The TSB has been described as one of the largest lithium provinces in the world and is located approximately 25 miles west of Charlotte, North Carolina. More information is available at www.piedmontlithium.com.

Keith Phillips
President & CEO
T: +1 973 809 0505
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Brian Risinger
VP - Corporate Communications and Investor Relations
T: +1 704 910 9688
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COLUMBUS, Ind.--(BUSINESS WIRE)--Cummins Inc. (NYSE: CMI) announced today Nicole Y. Lamb-Hale is succeeding Sharon Barner as Vice President and General Counsel, effective in May. The company announced on February 2 that Barner is being promoted to Vice President and Chief Administrative Officer.

“Nicole is a dynamic, strategic and effective leader with global experience and a remarkable legal understanding that will equip her to continue to lead, shape and build the Cummins legal function into a preeminent organization,” said Barner. “She has a deep understanding of corporate law, regulatory and compliance issues, and international law and trade policy, all of which are important as Cummins continues to grow globally and as new technologies are developed. In addition to her legal expertise, she is also a great fit with Cummins because of her collaborative leadership style and her emphasis on developing strong teams and working to make those around her better. I am thrilled to welcome Nicole to the Cummins team.”

Lamb-Hale is currently a managing director at Kroll, a global governance, risk and transparency consultancy, and the head of the firm’s Washington, D.C. office. She has 30 years of executive-level experience and a unique viewpoint on global commercial and compliance matters from her extensive service in both the public and private sectors. Prior to joining Kroll, Lamb-Hale was Senior Vice President at Albright Stonebridge Group, a global strategy consultancy, where she provided strategic advice to companies in the development and implementation of their global business objectives, including the expansion of their exports to, and presence in, international markets.

Nicole was nominated by the President and unanimously confirmed by the U.S. Senate in 2010 to serve as Assistant Secretary for Manufacturing and Services in the U.S. Department of Commerce's International Trade Administration (ITA). In this role, she was the Chief Executive Officer of the industry-facing unit of ITA, serving as the liaison between U.S. industry and the federal government with respect to access to international markets and U.S. policies impacting the competitiveness of U.S. exports. In addition, she regularly led business delegations on international trade and trade policy missions during which she negotiated with senior foreign government officials on the elimination of regulatory and legal impediments to trade to create policy environments conducive to free trade and to mitigate market access barriers to U.S. exports.

Prior to serving as Assistant Secretary, Lamb-Hale served by presidential appointment as the Deputy General Counsel for the U.S. Department of Commerce. In this role, she was the Chief Operating Officer of the Office of General Counsel, where, among other duties, she assisted the General Counsel as the legal advisor to the Secretary of Commerce.

Lamb-Hale practiced law as an equity partner in two international law firms where she specialized in business restructuring and public finance. After practicing with Dykema Gossett PLLC, where she served as the chair of the bankruptcy practice and as hiring partner, Ms. Lamb-Hale joined the law firm of Foley & Lardner LLP where, in addition to serving her clients, she served as the managing partner of the firm’s Detroit office and was responsible for managing operations, new business development and the implementation of the firm's business strategies and objectives in the Michigan market.

Lamb-Hale serves as an independent director on the board of Federal Realty Investment Trust, a S&P 500 index member (NYSE: FRT) and on the corporate advisory board of Coaster Pedicab, Inc. Lamb-Hale is a member of the Council on Foreign Relations and serves on the board of trustees of the Center for International Private Enterprise, a U.S. Chamber of Commerce affiliate, and on the advisory board of the American Leadership Initiative. Lamb-Hale is also a past holder of the Gwendolyn and Colby King Endowed Chair for Public Policy at Howard University in Washington, D.C.

Lamb-Hale is a graduate of the University of Michigan and Harvard Law School.

About Cummins Inc.

Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 57,825 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $1.8 billion on sales of $19.8 billion in 2020. See how Cummins is powering a world that’s always on by accessing news releases and more information at https://www.cummins.com/always-on.

Jon Mills
Cummins Inc.
Phone: 317-658-4540
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

NEW YORK & MILPITAS, Calif.--(BUSINESS WIRE)--#730ThirdAvenue--View, the market leader in smart glass, announced that its smart windows have been installed at 730 Third Avenue, the 665,000-square-foot, 27-story, office tower located between East 45th and 46th streets near Grand Central Station in the Midtown East neighborhood of Manhattan recently transformed through a $120 million renovation by owner, Nuveen Real Estate, and its development advisor, Taconic Partners.

Over 1,100 new smart windows have been installed in the entire building, which will help ownership achieve the energy reductions required to meet New York’s Local Law 97, which seeks to reduce building-based emissions by 40 percent over the next decade and will impact more than 57,000 buildings across the city. The smart windows will also help the building to maintain its LEED Gold Certification.

“Sustainability and green development are vital components of our building designs, and we’re reducing energy consumption at 730 Third Avenue to mitigate the effects of climate change,” said Nadir Settles, Managing Director, New York Regional Head, Office, Americas at Nuveen. “View improves the user experience and will allow tenants to enjoy a healthy workspace, attract quality talent and enhance their brand.”

Taconic Partners, which is serving as development advisor to Nuveen, is overseeing the project. The company is renowned as a New York City office visionary and for its leading role in establishing the Chelsea/Meatpacking District as a global office destination. The firm is also spearheading the development of the first Class-A office space on the Lower East Side as part of the Essex Crossing megaproject.

“The new 730 Third’s smart glass windows will help provide tenants with a model post-pandemic work experience,” said Colleen Wenke, Chief Development Officer at Taconic Partners. “It’s hard to overstate the impact that natural light can have on worker productivity, and we think once our tenants enjoy the View experience, they’ll never want to go back to traditional windows.”

The installation is a focal point of the recently completed transformation of the tower, setting the standard for the post-pandemic work environment. Just a five-minute walk from Grand Central Terminal, the building now includes outdoor space, health and wellness offerings, and boutique food and beverage service.

The bespoke mid-century modern renovation was inspired by Third Avenue’s timeless advertising culture and designed by Gensler, globally renowned for its forward-thinking office designs and concepts. The partnership has retained the CBRE team led by Vice Chairs Paul Amrich and Neil King to handle leasing the 226,000 SF now available on the building’s 12th to 27th floors ranging from 8,500 to 30,000 square feet.

The offering includes a fully furnished, 8,500 RSF prebuilt on the 23^rd floor designed by Vocon, a double-height space on floors 17 & 18 with 25-foot ceiling heights, and an opportunity for a contiguous 156,000 square foot space in the building’s mid-stack from floors 12-19. The leasing launch follows the signing of a 70,728 square foot lease in the building with accounting firm Marcum LLP last February. Nuveen has also hired a JLL team led by Patrick Smith and Matthew Schuss to lease 5,700 square feet of ground floor retail space in the building.

TIAA, the parent company of Nuveen, owns 730 Third Ave and both firms will continue to be headquartered at the location and occupy 300,000 square feet on floors 3-9 of the building.

View is the market leader in smart windows that use artificial intelligence to automatically adjust in response to the sun, to increase access to natural light and views of the outdoors, minimize heat and glare, and reduce energy consumption and greenhouse gas (GHG) emissions. View is designed into 75 million square feet of buildings including offices, hospitals, airports, educational facilities, hotels and multi-family residences.

Smart glass offers significant health advantages by reducing the incidence of eyestrain and headaches by over 50%. In a recent study, employees working next to View Smart Windows improved their sleep by 37 minutes per night and cognitive function by 42 percent. These findings are particularly important today as users are focused on health, wellness, and re-entering the workplace with confidence. Research shows that buildings designed to increase access to natural light yield 5% - 6% higher rents.

“We’re excited to be working with forward-thinking partners like Nuveen and TIAA who recognize that making buildings more environmentally efficient is not only more responsible, but also more user friendly and profitable,” said Dr. Rao Mulpuri, Chairman and CEO of View. “For every new building constructed there are over 100 existing buildings in New York City, and using View Smart Windows is an excellent way for owners of existing buildings to reduce energy usage, meet regulations, and reposition their assets to attract tenants.”

The building is currently LEED Gold and Wired Gold certified and is in the process of obtaining Fitwell certification. View Smart Windows can capture points in up to seven LEED categories.

The newly renovated tower will feature additional world-class technologies and amenities including:

• A 7,000-square-foot landscaped and furnished terrace on the 22nd floor with plentiful outdoor amenity space for tenants with a wet bar and spectacular Midtown views. The building also includes 2 private terraces directly connected to available spaces on floors 13 and 19.
• A 9,000-square-foot food hall featuring rotating vendors, a central counter staffed with a barista, self-serve stations and grab-and-go options, as well as a centralized pickup for outside delivery services. The food hall will cater to the flexible work schedules of building tenants and is available for after-hours events. It will also offer in-house catering for accelerated productivity.
• An 8,000-square-foot staffed fitness center, fully equipped with state-of- the-art equipment and facilities, including Peloton bikes, classroom space and locker rooms with showers.
• The second-floor features 30,000 square feet of additional amenities, a 6,000-square-foot sky lounge featuring touchdown areas; a double-height balcony overlooking the main lobby; and in-house catering for accelerated productivity, as well as a full-time concierge desk and a 5,000-square-foot modular conference center. Tenants can also take advantage of bike storage on the building’s lower level.

The new double-height lobby will feature two striking large-scale paintings by Los Angeles-based artist Eamon Ore-Giron, titled Infinite Regress CXIV and Infinite Regress CXV. The lobby also features 12 fully upgraded elevators, four of which serve the 22nd floor roof terrace.

730 Third Avenue’s location is a block away from Grand Central Terminal, a central hub of transit for Manhattan, New York and Connecticut, which includes connections to Metro-North Railroad, multiple subway lines, and, starting next year, the Long Island Railroad. The building is also a short walk from subway stations at 47-50^th Street Rockefeller Center, Lexington Avenue-53^rd Street and 42^nd Street-Bryant Park Subway, along with multiple Citi Bike locations. 730 Third also offers immediate access to cultural, dining and shopping destinations.

For more information about the building and available leasing opportunities visit www.730third.com.

About View

View is a technology company and the market leader in smart windows. View Smart Windows use artificial intelligence to automatically adjust in response to the sun and increase access to natural light, to improve people’s health and experience in buildings, while simultaneously reducing energy consumption to mitigate the effects of climate change. Every View installation also includes a smart building platform that consists of power, network, and communication infrastructure. For more information, please visit: www.view.com

On November 30, 2020, View announced plans to become a publicly listed company through a merger with CF Finance Acquisition Corp. II (Nasdaq: CFII), a special purpose acquisition company sponsored by Cantor Fitzgerald. For more information, see: Smart-Windows-Press-Release.pdf (view.com).

About Nuveen

Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.2 trillion in assets under management as of 31 Dec 2020 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.

For Investors:
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Samuel Meehan
408-493-1358

For Media:

View:
Tom Nolan, Great Ink Communications
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908-392-0333

Nuveen:
James Yolles, Risa Heller Communications
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202-997-4559

HAMILTON, Bermuda--(BUSINESS WIRE)--March 1, 2021 –Triton International Limited (NYSE:TRTN) today announced that David A. Coulter will retire from the Board of Directors at the expiration of his current term at the Company’s annual general meeting on April 27, 2021.

Mr. Coulter has been a director since 2015, having previously served as a director of Triton Container International Limited since 2011.

“On behalf of the Board and management, I want to thank David for his combined 10 years of dedicated service to Triton. His deep financial knowledge, leadership experience, sound judgment and passion for our business have been a source of invaluable counsel and have helped guide our strong growth and track record of delivering shareholder value,” said Brian Sondey, Chairman and Chief Executive Officer. “We wish David and his family all the best following his retirement.”

The Board, led by its Nominating and Corporate Governance Committee, has commenced a search for a new director. The Board is committed to including highly qualified candidates who reflect diverse backgrounds, including diversity of gender, race and ethnicity, in the search process.

About Triton International Limited

Triton International Limited is the world’s largest lessor of intermodal freight containers. With a container fleet of 6.2 million twenty-foot equivalent units ("TEU"), Triton’s global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this release, other than purely historical information, including statements that refer to the Company’s director recruitment plans or ability to recruit highly qualified and diverse directors, and any other characterizations of future events or circumstances, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that include the words "expect," "intend," "plan," "believe," "project," "anticipate," "will," "may," "would" and similar statements of a future or forward-looking nature may be used to identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond Triton's control. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements.

These factors include, without limitation, economic, business, competitive, market and regulatory conditions and the following: the impact of COVID-19 on our business and financial results; decreases in the demand for leased containers; decreases in market leasing rates for containers; difficulties in re-leasing containers after their initial fixed-term leases; our customers' decisions to buy rather than lease containers; our dependence on a limited number of customers for a substantial portion of our revenues; customer defaults; decreases in the selling prices of used containers; extensive competition in the container leasing industry; difficulties stemming from the international nature of our business; decreases in the demand for international trade; disruption to our operations resulting from the political and economic policies of the United States and other countries, particularly China, including but not limited to the impact of trade wars and tariffs; disruption to our operations from failures of, or attacks on, our information technology systems; disruption to our operations as a result of natural disasters; our compliance or failure to comply with laws and regulations related to economic and trade sanctions, security, anti-terrorism, environmental protection and corruption; our ability to obtain sufficient capital to support our growth; restrictions imposed by the terms of our debt agreements; changes in tax laws in, Bermuda, the United States and other countries and other risks and uncertainties, including those risk factors set forth in the section entitled "Risk Factors" in our Form 10-K filed with the Securities and Exchange Commission ("SEC"), on February 16, 2021, in any Form 10-Q filed or to be filed by Triton, and in other documents we file with the SEC from time to time. Except to the extent required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Triton International Limited
Andrew Greenberg, 914-697-2900
Senior Vice President
Business Development & Investor Relations

• Aiding Texas communities and performing root-cause analysis

• Significant advancement of customer-focused strategy:

  • Closed Direct Energy acquisition on January 5, 2021

  • Closed on sale of Agua Caliente on February 3, 2021

  • Announcing sale of 4.8GW of fossil generation assets

• Maintaining 2021 guidance

PRINCETON, N.J.--(BUSINESS WIRE)--$NRG #earnings--NRG Energy, Inc. (NYSE: NRG) today reported full year 2020 income from continuing operations of $510 million, or $2.07 per diluted common share. Adjusted EBITDA for the full year of 2020 was $2.0 billion, cash from continuing operations was $1.8 billion and Free Cash Flow Before Growth (FCFbG) was $1.5 billion.

“Our priority today is both helping our Texas communities recover and working with all necessary stakeholders to improve the resilience of the energy system,” said Mauricio Gutierrez, NRG President and Chief Executive Officer. “We continue to advance our customer-focused strategy with the completion of the Direct Energy acquisition and today’s announced sale of 4.8 GW non-core fossil generating assets. Our integrated platform performed well in 2020 and continues to perform through unprecedented conditions, further validating our business model.”

Texas: Fourth quarter Adjusted EBITDA was $231 million, $20 million lower than fourth quarter of 2019. This decrease is driven by a reduction of load primarily due to weather, increase in bad debt expenses related to COVID-19; partially offset by lower supply costs.

East: Fourth quarter Adjusted EBITDA was $86 million, $17 million lower than fourth quarter of 2019. This decrease is driven by lower capacity revenues and higher operating expenses, partially offset by lower supply costs.

West/Other: Fourth quarter Adjusted EBITDA was $13 million, $17 million lower than fourth quarter of 2019. This decrease is driven by lower realized pricing at our Cottonwood facility.

As of December 31, 2020, NRG cash was at $3.9 billion, and $3.1 billion was available under the Company’s credit facilities. Total liquidity was $7.0 billion, including restricted cash. Overall liquidity as of year-end 2020 was approximately $4.9 billion higher than at the end of 2019, driven by $2.9 billion in financings and a $1.5 billion increase in credit facilities to fund the Direct Energy acquisition of which $1.4 billion was issued in the fourth quarter. The increases in credit facility and Put Option Agreement facility became available coincident with the closing of the Direct Energy acquisition. As of February 26, 2021, NRG had $3.8 billion of liquidity available to continue to support its operations.

NRG Strategic Developments

Extreme weather event in Texas during February 2021

During February 2021, Texas experienced unprecedented cold temperatures for a prolonged duration, resulting in a power emergency, blackouts, and an estimated all-time peak demand of 77 GWs (without load shed). Ahead of the event, NRG launched residential customer communications calling for conservation across all of its brands, and initiated residential and commercial and industrial demand response programs to curtail customer load. The Company maximized available generating capacity and brought in additional resources to supplement in-state staff with technical and operating experts from the rest of its U.S. fleet. NRG is committed to working with all necessary stakeholders on a comprehensive, objective, and exhaustive root cause analysis of the entirety of the energy system.

The estimated financial impact is still preliminary, due to customer meter and settlement data not being finalized, as well as potential customer and counterparty risk and expected ERCOT default allocations. Based on a preliminary analysis, Winter Storm Uri’s financial impact is expected to be within NRG’s current guidance range. The Company separately stress-tested assumptions and although at a lower probability, this stress-test analysis indicated a potential plus or minus $100 million to guidance ranges. NRG’s integrated platform continues to deliver stable results through unprecedented events.

Sale of 4.8GW of fossil generation assets in East and West regions

On February 28, 2021 the Company entered into a definitive purchase agreement with Generation Bridge, an affiliate of ArcLight Capital Partners, to sell approximately 4,850 MWs of fossil generating assets from its East and West regions of operations for total proceeds of $760 million, subject to standard purchase price adjustments and certain other indemnifications. As part of the transaction, NRG is entering into a tolling agreement for its 866 MW Arthur Kill plant in New York City through April 2025.

The transaction is expected to close in the fourth quarter of 2021, and is subject to various closing conditions, approvals and consents, including Federal Energy Regulatory Commission (FERC), New York State Public Service Commission (NYSPSC), and antitrust review under Hart-Scott-Rodino.

Closed sale of remaining ownership in Agua Caliente

On November 19, 2020, the Company entered into an agreement to sell its 35% ownership in Agua Caliente to Clearway Energy for $202 million. The sale of the solar project closed on February 3, 2021.

Closed acquisition of Direct Energy

On January 5, 2021, the Company closed on the Direct Energy acquisition, paying an aggregate purchase price of $3.625 billion in cash, subject to a purchase price adjustment of $77 million. As part of the acquisition, Direct Energy had cash and margin collateral totaling $385 million. The Company funded the acquisition using $715 million of cash on hand, $166 million draw on its corporate revolver and approximately $2.9 billion in newly issued secured and unsecured corporate debt. In addition, the Company completed the expansion of its liquidity facilities by $3.4 billion.

COVID-19

NRG continues to remain focused on protecting the health and well-being of its employees, while supporting its customers and the communities in which it operates and assuring the continuity of its operations. In June 2020, summer-critical office employees returned to the offices and safety protocols were successfully implemented. The Company will continue to evaluate additional return to normal work operations on a location by location basis as COVID-19 conditions evolve.

2021 Guidance

Following the closing of the Direct Energy acquisition, NRG updated 2021 guidance to reflect the combination of NRG and Direct Energy based on NRG’s previously disclosed guidance. NRG is maintaining its Adjusted EBITDA, Adjusted Cash from Operations and Free Cash Flow before Growth Investments (FCFbG) guidance for 2021.

Capital Allocation Update

As part of the Company's long-term capital allocation policy, the return of capital to shareholders during the twelve months ending December 31, 2020 was comprised of a quarterly dividend of $.30 per share, or $295 million, and share repurchases of $228 million at an average price of $33.05 per share.

On January 21, 2021, NRG declared an 8% increase to its quarterly dividend on the Company's common stock from $0.30 per share to $0.325 per share, which was paid on February 16, 2021 to stockholders of record as of February 1, 2021, representing $1.30 per share on an annualized basis. This increase is in-line with the Company's previously announced annual dividend growth rate target of 7-9% per share.

The Company's common stock dividend, debt reduction and share repurchases are subject to available capital, market conditions and compliance with associated laws and regulations.

Earnings Conference Call

On March 1, 2021, NRG will host a conference call at 9:00 a.m. Eastern to discuss these results. Investors, the news media and others may access the live webcast of the conference call and accompanying presentation materials by logging on to NRG’s website at http://www.nrg.com and clicking on “Investors” then "Presentations & Webcasts." The webcast will be archived on the site for those unable to listen in real time.

About NRG

At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to millions of customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, working towards a sustainable energy future. More information is available at www.nrg.com. Connect with NRG on Facebook, LinkedIn and follow us on Twitter @nrgenergy.

Forward-Looking Statements

In addition to historical information, the information presented in this presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks and uncertainties and can typically be identified by terminology such as “may,” “should,” “could,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “expect,” “intend,” “seek,” “plan,” “think,” “anticipate,” “estimate,” “predict,” “target,” “potential” or “continue” or the negative of these terms or other comparable terminology. Such forward-looking statements include, but are not limited to, statements about the Company’s future revenues, income, indebtedness, capital structure, plans, expectations, objectives, projected financial performance and/or business results and other future events, and views of economic and market conditions.

Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated herein include, among others, the potential impact of COVID-19 or any other pandemic on the Company’s operations, financial position, risk exposure and liquidity, general economic conditions, hazards customary in the power industry, weather conditions and extreme weather events, competition in wholesale power markets, the volatility of energy and fuel prices, failure of customers or counterparties to perform under contracts, changes in the wholesale power markets, changes in government or market regulations, the condition of capital markets generally, our ability to access capital markets, cyberterrorism and inadequate cybersecurity, unanticipated outages at our generation facilities, adverse results in current and future litigation, failure to identify, execute or successfully implement acquisitions, repowerings or asset sales, our ability to implement value enhancing improvements to plant operations and company wide processes, our ability to achieve our net debt targets our ability to maintain investment grade credit metrics, our ability to proceed with projects under development or the inability to complete , the construction of such projects on schedule or within budget, the inability to maintain or create successful partnering relationships, our ability to operate our business efficiently, our ability to retain retail customers, our ability to realize value through our commercial operations strategy, the ability to successfully integrate businesses of acquired companies, including Direct Energy, our ability to realize anticipated benefits of transactions (including expected cost savings and other synergies) or the risk that anticipated benefits may take longer to realize than expected, and our ability to execute our Capital Allocation Plan. Achieving investment grade credit metrics is not a indication of or guarantee that the Company will receive investment grade credit ratings. Debt and share repurchases may be made from time to time subject to market conditions and other factors, including as permitted by United States securities laws. Furthermore, any common stock dividend is subject to available capital and market conditions.

NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The adjusted EBITDA and free cash flow guidance are estimates as of March 1, 2021. These estimates are based on assumptions the company believed to be reasonable as of that date. NRG disclaims any current intention to update such guidance, except as required by law. The foregoing review of factors that could cause NRG’s actual results to differ materially from those contemplated in the forward-looking statements included in this presentation should be considered in connection with information regarding risks and uncertainties that may affect NRG's future results included in NRG's filings with the Securities and Exchange Commission at www.sec.gov.