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

Technip Energies (Paris:TE) (ISIN:NL0014559478) (the “Company”), a leading Engineering & Technology company for the Energy Transition, today provides a financial update for the full year 2020 (unaudited) which has been prepared on the same basis as the carved out historical financial information included in the Company’s European prospectus dated February 9, 2021. The Company’s 2020 audited combined financial statements will be made available in March 2021. The Company’s 2020 financial update provided herein differs from the financial information relating to the Technip Energies business segment included in the press release issued on February 24, 2021, by TechnipFMC plc (“TechnipFMC”), only due to different accounting standards and basis of preparation. TechnipFMC currently holds 49.9% of the Company’s equity.

Commenting on the FY 2020 results, Arnaud Pieton, CEO of Technip Energies, stated:
“Technip Energies delivered a strong operating and financial performance in 2020, in line with our earlier guidance. This is testament to the resilience and the quality of our backlog. Despite a challenging environment due to the pandemic, strong proximity with our customers together with the drive and adaptability of our global workforce enabled continuous strong project execution.”

“2021 has begun with the award of the prestigious LNG project by Qatar Petroleum for the North Field Expansion, along with our long-time partner, Chiyoda. Following early engagement, this award demonstrates the continuity and strength of our joint venture in Qatar. With its large carbon capture and sequestration scope and other energy management solutions, this contract reinforces our leadership in LNG and reflects our ability to integrate technologies towards low carbon LNG; and supports our vision to accelerate the energy transition journey.”

“As we entered a new chapter with the creation of an independent Technip Energies on February 16, 2021, we look to the future with great confidence, supported by a large high-quality backlog, a robust balance sheet, and a fully energized workforce. We confirm the guidance we provided for 2021. We have a significant and diversified opportunity set – present and future – with strong alignment to energy transition themes from deep decarbonization of traditional energy chains through carbon capture, sequestration and hydrogen, to carbon free solutions and circular economy. Our Technology, Products and Services business further exemplifies our differentiation and is already working on a significant number of energy transition engagements.”

ADJUSTED IFRS

2020 Adjusted Revenues grew by 9% year-over-year, demonstrating the strength of the business model and robust project execution despite a challenging environment. Growth was driven by the continued ramp-up of the Arctic LNG 2 project and solid progress across a portfolio of projects in procurement and construction phases, which more than offset a decline in revenue from Yamal LNG.

Adjusted Recurring EBIT Margin reduced by 120 basis points to 5.9% due to the anticipated decline in contribution from projects in the completion phase, including the Yamal LNG project, partially compensated by strong project execution from the broader project portfolio and cost reduction initiatives. The same factors drove a 10% year-over-year decline in Adjusted Recurring EBIT.

Adjusted Net Income increased 78% year-on-year to €220 million, benefiting from a materially lower effective tax rate.

IFRS

Guidance

Company outlook and guidance is unchanged from the Capital Markets Day held on January 28, 2021. The below table provides our FY 2021 guidance:

About Technip Energies

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

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

Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”).

For further information: www.technipenergies.com

Operational and financial review

1. Backlog and Order Intake

The below table provides order intake and year-end backlog for FY 2020 and FY 2019. Order intake for FY 2020 of €4,291.9 million, equating to a book-to-bill of 0.71, highlights the resilience of commercial activity against a challenging backdrop. At year-end 2020, backlog equates to 2.1x Adjusted Revenue.

a. Projects Delivery

FY 2020 Commercial Highlights

Sempra LNG, IEnova and Total Energía Costa Azul LNG Facility (Mexico)

• Received Notice to Proceed for an engineering, procurement, and construction contract by Sempra LNG and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova), and Total at their Energía Costa Azul LNG facility in Baja California, Mexico.
• The project will add a natural gas liquefaction facility with nameplate capacity of 3.25 million tons per annum to the existing regasification terminal using a compact and high efficiency mid-scale LNG design. Technip Energies has been involved in this project since 2017, including delivery of the FEED.

Assiut National Oil Processing Company Hydrocracking Complex (Egypt)

• EPC contract with Assiut National Oil Processing Company for the construction of a new Hydrocracking Complex for the Assiut refinery in Egypt. The project supports the Egyptian Government’s Energy Transition strategy and will reinforce the economic growth of rural areas while minimizing environmental emissions. The complex will transform lower-value petroleum products from Assiut Oil Refining Company’s nearby refinery into approximately 2.8 million tons per year of cleaner products, such as Euro 5 diesel.
• The plant will include a hydrocracking unit as well as a Hydrogen Production Facility Unit using Technip Energies’ proprietary steam reforming technology.

Subsequent to year-end, the following award was announced, which was not included in the Company’s backlog as of December 31, 2020 and will be recorded in 2021:

Qatar Petroleum North Field East Project (Qatar)

• Engineering, procurement, construction and commissioning contract awarded to CTJV, a joint venture between Chiyoda Corporation and Technip Energies, by Qatar Petroleum for the onshore facilities of the North Field East Project.
• Award will cover the delivery of 4 mega trains, each with a capacity of 8 million tons per annum of LNG, and associated utility facilities. It will include a large carbon capture and sequestration facility, leading to a more than 25% reduction of greenhouse gas emissions when compared to similar LNG facilities.

b. Technology, Products & Services (TPS)

FY 2020 Commercial Highlights

Shell Moerdijk Plant Ethylene Furnaces Modernization (Netherlands)

• Engineering, Procurement and module Fabrication contract from Shell Moerdijk for proprietary equipment and related services for eight ethylene furnaces at the Moerdijk petrochemicals complex. The new furnaces will utilize Technip Energies’ innovative multi-line radiant coil design and will replace 16 older units without reducing capacity at the facility, while increasing energy efficiency and reducing greenhouse gas emissions.

HPCL Bhatinda Ethanol Project (India)

• Award of an engineering, procurement services and construction management services contract for a 100 kilolitre per day 2G ethanol project in Punjab, which includes CO₂ capture and liquefaction facilities.

HyNet North West Project (United Kingdom)

• Award of Network Innovation Allowance funding for a FEED Basis of Design contract for the HyNet North West hydrogen network.

LanzaTech Sustainable Aviation Fuel Biorefinery (United States)

• Technip Energies’ proprietary Hummingbird® ethanol-to-ethylene technology has been selected by LanzaTech for a key application which, when combined with LanzaTech’s Alcohol-to-Jet (ATJ) technology, can be used to manufacture sustainable aviation fuel (SAF) using ethanol as raw material. These sustainable technologies will be deployed in a first commercial demonstration-scale integrated biorefinery at LanzaTech’s Freedom Pines site in Georgia, U.S., that will produce 10 million gallons per year of SAF and renewable diesel from sustainable ethanol sources.

Demonstration plant for Carbios to recycle waste PET plastics with enzymes

• For this pilot, the Company is providing advisory, engineering, procurement and construction supervision services for Carbios’ Enzymatic Recycling Process.

Partnership with Neste for future NEXBTL™ technology-based projects

• Technip Energies to provide Front End Loading services; agreement also covers Technip Energies’ participation during the execution phase of future NEXBTL™ projects. This technology allows the conversion of second generation feedstock, like vegetable oil or waste fat, into renewable diesel and other renewable products.

c. Backlog Schedule

The below table provides estimated backlog scheduling as of December 31, 2020. Awards received subsequently to year-end, including the North Field East LNG Project for Qatar Petroleum, are excluded from these estimates and further reinforce revenue visibility for FY 2021 and beyond.

2. Adjusted Statement of Income

FY 2020 Adjusted Revenue increased by 8.8% year-over-year to €6,014.5 million, driven by strong growth in Project Delivery, partially offset by a decline in revenue in TPS. Growth in Project Delivery was driven by the continued ramp-up of Arctic LNG 2, and activity growth on downstream projects in the Middle East, Africa and Asia Pacific, as well as offshore projects in Africa. TPS Adjusted Revenue declined by 11.9% year-over-year as shorter-cycle commercial activity in Process Technology slowed due to delays in customer capital investment decisions.

Adjusted Gross Profit reduced by 1.7% year-over-year to €838.4 million due to a lower contribution from projects in their completion phase, including Yamal LNG, and was only partly offset by the ramp-up of projects at an earlier stage of maturity. The impact on Adjusted Gross Profit was largely mitigated by the growth in revenues year-over-year and by the positive effect of a litigation settlement for €102.9 million.

Selling, general and administrative expenses reduced by 10% year-over-year to €364.2 million, benefiting from the cost reduction program initiated in 2020, and that will be a continuous area of management focus.

Research and development expenses of €38.1 million were focused on further development of the Process Technology portfolio, with notable activity in the energy transition domains of hydrogen and sustainable chemistry. In addition, investments continued on digitalization initiatives to enhance project delivery and services capability.

Impairment, restructuring and other expenses amounted to €96.3 million in FY 2020 and consisted primarily of one-off costs associated with the cost reduction program, separation costs related to the spin-off transaction, and direct COVID-19 expenses.

3. Balance sheet information

Technip Energies and TechnipFMC entered into a Separation and Distribution Agreement on January 7, 2021. Pursuant to the Separation and Distribution Agreement, certain transactions have been carried out in the execution of the spin-off of Technip Energies resulting notably in cash transfers between Technip Energies and TechnipFMC as well as some contributions. In connection with the Separation and Distribution Agreement, Technip Energies has also entered into a bridge and revolving facilities agreement (the “Facilities Agreement”) comprising a bridge term loan facility and a revolving credit facility.

The combined financial statements as of December 31, 2020 have been prepared on the same basis as the historical financial information provided within the European prospectus prepared for the admission to listing and trading on Euronext Paris of Technip Energies ordinary shares. Accordingly, neither the cash transfers to TechnipFMC agreed in 2021 nor the draw down under the Facilities Agreement have been reflected in the combined financial statements of Technip Energies as of December 31, 2020. As these will have an impact on the equity and cash position of Technip Energies, their estimated impact was included in the capitalization and indebtedness table previously disclosed in the European prospectus and Company’s Capital Market Day presentation of January 28, 2021.

The estimated impacts of the transactions known as of today on the combined financial statements are presented below. Additional transactions may still be recorded but with no significant impact expected on the items below.

These new estimates confirm the information provided in the European Prospectus and the Capital Markets Day and confirm the strength of Technip Energies balance sheet to carry out its operations and implement its capital allocation policy.

Important Information for Investors and Security holders

Forward-looking statements

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

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

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

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

Disclaimers

This Press Release is intended for informational purposes only for the shareholders of Technip Energies. This Press Release is not intended for distribution in jurisdictions that require prior regulatory review and authorization to distribute a Press Release of this nature.

APPENDIX

Basis of preparation

The combined financial statements of the Technip Energies Group have been prepared in accordance with IFRS as issued by the IASB and endorsed by the EU, under consideration of the principles for determining which assets and liabilities, income and expenses, as well as cash flows, are to be transferred to the Technip Energies Group.

The combined financial statements have been prepared on the same basis as historical financial information provided within the European Prospectus and does not take into account the contributions to TechnipFMC in 2021 in line with the Separation and Distribution Agreement (described in the “Balance sheet information” part of this press release). Further information regarding basis of preparation can be found in the European prospectus available on our website (https://investors.technipenergies.com), please refer to section “1.3 Basis of preparation”.

APPENDIX 1.0: ADJUSTED COMBINED STATEMENTS OF INCOME

The combined financial statements have been prepared on the same basis as historical financial information provided within the European Prospectus not taking into account the contributions to TechnipFMC in 2021 in line with the Separation and Distribution Agreement (for more details, please refer to “Balance sheet information” section in the Press Release).

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ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--Tawazun and Australian company TITOMIC have signed an MOU to assess the potential of setting up a joint venture between the parties to establish a local manufacturing line in order to produce advanced 3D printing technologies for large products and components at industrial scale for a variety of industries mainly focusing on aerospace, defence oil and gas and mining in UAE.

TITOMIC is an Australian listed public company (ASX:TTT) that utilises patented additive manufacturing (3D Printing) technology with a reduced carbon footprint, robotic automation, Industry 4.0, and specialty materials expertise to create high-performance products and solves complex engineering challenges.

The advanced technology additive manufacturing (3D Printing) plant will employ next-generation Industry 4.0 methods and industrial-scale automated production using high-performance metal alloys, including titanium, for a variety of industry applications. The potential joint venture between the parties will provide industrial scale 3D printing capability for the region. In addition, the 3D printing and manufacturing plant would also act as the distributor and after sale services center for TITOMIC products.

The MOU was signed by Dr Andreas Schwer, Chairman of TITOMIC Limited, and Mohamed Musabah Al Mazrouei - Director, Ventures Investments, SDF.

Strategic Development Fund (SDF), the investment arm of Tawazun Economic Council, is focused on financial return and economic impact within UAE’s strategic sectors, through equity investment in local and international partnerships and developmental funding towards UAE’s private sector.

About Tawazun Economic Council:

Founded in 1992, Tawazun Economic Council (Tawazun) has enabled the creation of more than 111 companies and investment vehicles within twelve sectors, and now serves as the catalyst for both economic growth and the development of the UAE defence and security industry.

Tawazun drives economic value through the Tawazun Economic Program and the Strategic Development Fund, facilitating ecosystem growth and human capability development through global and local partnerships, and empowering technology & innovation through the defense and security R&D ecosystem.

About TITOMIC Limited:

For more information please visit: www.titomic.com.

Tawazun - towards an agile future
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Partnership with Keihan Bus and Kansai Electric Power will build Japan's first pure electric bus loop line

KYOTO, Japan--(BUSINESS WIRE)--On February 24, BYD Japan Co., Ltd. (BYD), Keihan Bus Co., Ltd. (Keihan Bus) and The Kansai Electric Power Co., Inc. (Kansai Electric Power) announced a tripartite deal in Kyoto, Japan, which will see the three parties work together to help the city achieve Japan’s 2050 carbon neutrality target and build a carbon-free society.

Beginning in 2021, Keihan Bus and Kansai Electric Power will launch the first batch of 4 BYD J6 buses on Kyoto’s famous sightseeing bus line (Kyoto Station - Shichijo Keihan-mae - Umekoji・Hotel Emion Kyoto), as part of a five-year demonstration operation to further promote pure electric public transportation in Japan. This will also become the country’s first loop line operated solely by electric buses.

By analyzing vehicle operating data and energy-saving results, the project will provide useful experience to support Keihan Bus’s plan to continue introducing BYD K8 pure electric buses and gradually realize a green and carbon-free society in the Kansai region, one of Japan’s key economic and industrial hubs.

As the signing location for the landmark 1997 Kyoto Protocol, Kyoto is a pioneer city that has witnessed the world's active response to climate change. In the same spirit, this latest deal is not only an active response to the Japanese government’s goal of achieving Japan’s 2050 carbon neutrality target for a carbon-free society, but also an effort to achieve the Ministry of Economy, Trade and Industry’s plan to ban the sale of new gasoline-powered vehicles in the mid-2030s.

Operating buses in this world-renowned tourist destination, Keihan Bus has always provided important travel support for the tourism industry in Kyoto. The new bus loop line will connect Kyoto Station, Shichijo Keihan-mae, and Umekoji • Hotel Emion Kyoto, which are surrounded by key tourist attractions such as Kyoto Railway Museum and Kyoto Aquarium. The introduction of electric buses around the JR Kyoto Station - the gateway station to Kyoto - will further boost the city’s green credentials.

“Keihan Bus will celebrate its 100th anniversary next year. We believe that the transition from gasoline and diesel vehicles to pure electric vehicles will mark a huge turning point on the 100th anniversary for the company,” said Suzuki Kazuya, President, Representative Director of Keihan Bus.

Kansai Electric Power, the second-largest electric power company in Japan, will not only build charging piles and other facilities for the project, but also construct a highly efficient energy management system, as well as analyze and research operating data.

“Kyoto Station is the gateway to Kyoto. The introduction of electric buses in the city is an important step for us to move towards a decarbonized society,” said Kenichi Fujino, Assistant General Manager of Sales and Marketing Division of Kansai Electric Power. “We will fully cooperate with Kyoto to introduce pure electric buses and support subsequent operations.”

BYD's pure electric buses are quiet and environmentally friendly, and are more cost-effective than fuel buses, while their power batteries can also provide emergency power in the event of a disaster. The first batch of BYD J6 buses can be fully charged within just 3 hours, with a range of more than 150 kilometers, and can accommodate up to 29 people.

Liu Xueliang, General Manager of BYD Asia-Pacific Auto Sales Division, said, “At present, there are 53 BYD electric buses in operation throughout Japan, with a total mileage of approximately 1.2 million kilometers, which help reduce carbon emissions near to 271 tons, making us the leader in the country’s electric bus market. We will continue to share our electric vehicle technology and experience in Japan and around the world, to contribute to the early realization of a decarbonized society."

Since BYD’s K9 buses first began operating Kyoto in 2015 and successfully opened up the Japanese market, the brand’s buses have gone on to enter Okinawa, Fukushima, Iwate, Yamanashi, Tokyo, and Nagasaki, and many other places in Japan over the past six years. It has also gained the trust of developed markets in Germany, the United States, Japan, and South Korea, thanks to its excellent and reliable product quality as well as trustworthy after-sales guarantee system.

About BYD

BYD Company Ltd. is one of China's largest privately-owned enterprises. Since its inception in 1995, the company quickly developed solid expertise in rechargeable batteries and became a relentless advocate of sustainable development, successfully expanding its renewable energy solutions globally with operations in over 50 countries and regions. Its creation of a Zero Emissions Energy Ecosystem – comprising affordable solar power generation, reliable energy storage, and cutting-edge electrified transportation – has made it an industry leader in the energy and transportation sectors. BYD is listed on the Hong Kong and Shenzhen Stock Exchanges. More information on the company can be found at http://www.byd.com.

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First UK ETS auction will take place on May 19

ICE UK Allowance (UKA) Futures and Daily Futures launching

LONDON--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, today announced the publication of the auction calendar for the UK’s new Emissions Trading Scheme (“ETS”) with the first auction due to commence on May 19, 2021, subject to regulatory approval.

ICE was appointed to host emissions auctions on behalf of the UK Government’s Department for Business, Energy and Industrial Strategy (BEIS) following the announcement from the UK Government and Devolved Administrations in December 2020 of the planned launch of a UK ETS to replace the UK’s participation in the EU ETS.

ICE plans to launch ICE UK Allowance (UKA) Futures contracts on May 19, 2021, coinciding with the launch of the first auction, with UKA Daily Futures following on May 21, 2021, subject to regulatory approval. ICE UKA Futures will trade on ICE Futures Europe and clear at ICE Clear Europe alongside ICE’s global environmental complex, including European Union Allowances (EUA), California Carbon Allowances (CCAs) and California Carbon Offsets (CCOs).

“The publication of our ambitious UK Emissions Trading Scheme’s auction calendar is another crucial step towards our target of eliminating our contribution to climate change by 2050,” said UK Energy Minister Anne-Marie Trevelyan. “Our scheme is even more ambitious than the EU system it replaces and today’s publication will give businesses and operators clarity over this year’s supply of emissions allowances, enabling them to plan ahead, build back greener and better prepare for the transition to a low-carbon economy”.

“We are excited about the addition of a new carbon market and believe the UK ETS will be pivotal in supporting the climate ambitions of the four governments of the UK”, said Gordon Bennett, Managing Director of Utility Markets at ICE. “UK emissions have fallen 41% since 1990, more than any other major developed country and this has been driven by the UK’s leadership in promoting market-based mechanisms to support climate goals. There is an enormous opportunity for cap and trade programs to take an even greater role in supporting the goals of the Paris Agreement, whether it is increasing their sector coverage or encouraging international linking.”

ICE offers customers access to the largest and most liquid environmental markets in the world. More than 14 gigatonnes of carbon trades on ICE annually, which is equivalent to approximately 40% of the world’s total annual emissions footprint based on current estimates.

About Intercontinental Exchange

Intercontinental Exchange (NYSE: ICE) is a Fortune 500 company and provider of marketplace infrastructure, data services and technology solutions to a broad range of customers including financial institutions, corporations and government entities. We operate regulated marketplaces, including the New York Stock Exchange, for the listing, trading and clearing of a broad array of derivatives contracts and financial securities across major asset classes. Our comprehensive data services offering supports the trading, investment, risk management and connectivity needs of customers around the world and across asset classes. As a leading technology provider for the U.S. residential mortgage industry, ICE Mortgage Technology provides the technology and infrastructure to transform and digitize U.S. residential mortgages, from application and loan origination through to final settlement.

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

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

ICE- CORP

Source: Intercontinental Exchange

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DUBLIN--(BUSINESS WIRE)--The "Technology Landscape, Trends and Opportunities in the Global Gas Sensor Market" report has been added to ResearchAndMarkets.com's offering.

This report analyzes technology maturity, degree of disruption, competitive intensity, market potential, and other parameters of various technologies in the gas sensor market.

The technologies in gas sensor market have undergone significant change in recent years, with traditional catalyst combustion type to advanced infrared imaging sensor.

The rising waves of new technologies, such as photoionization detectors and infrared imagine are creating significant potential for advanced gas sensor in various automotive and consumer applications and driving the demand for gas sensor technologies.

In gas sensor market, electrochemical, photoionization detectors, solid state/metal oxide semiconductor, catalytic, infrared imaging, laser, holographic, and zirconia technologies are used in various end use industries. Stringent government regulation for employee health and safety, growing demand for miniaturized wireless sensors, and increasing awareness regarding air quality control among users are creating new opportunities for various gas sensor technologies.

The study includes technology readiness, competitive intensity, regulatory compliance, disruption potential, trends, forecasts and strategic implications for the global gas sensor market by application, technology, and region.

Some of the companies profiled in this report include City Technology, Dynament, Alphasense, Amphenol Corporation, Bosch Sensortec GmbH, SenseAir, Figaro Engineering, Membrapor, and Sensirion.

This report answers the following 9 key questions:

• What are some of the most promising and high-growth technology opportunities for the gas sensor market?
• Which technology will grow at a faster pace and why?
• What are the key factors affecting dynamics of different technologies? What are the drivers and challenges of these technologies in gas sensor market?
• What are the levels of technology readiness, competitive intensity and regulatory compliance in this technology space?
• What are the business risks and threats to these technologies in gas sensor market?
• What are the latest developments in gas sensor technologies? Which companies are leading these developments?
• Which technologies have potential of disruption in this market?
• Who are the major players in this gas sensor market? What strategic initiatives are being implemented by key players for business growth?
• What are strategic growth opportunities in this gas sensor technology space?

Key Topics Covered:

1. Executive Summary

2. Technology Landscape

2.1. Technology Background and Evolution

2.2. Technology and Application Mapping

2.3. Supply Chain

3. Technology Readiness

3.1. Technology Commercialization and Readiness

3.2. Drivers and Challenges in Gas Sensor Technologies

4. Technology Trends and Forecast Analysis from 2013-2024

4.1. Gas Sensor Opportunity

4.2. Technology Trends (2013-2018) and Forecasts (2019-2024)

4.2.1. Electrochemical

4.2.2. Photoionization Detectors

4.2.3. Solid State/Metal Oxide Semiconductor

4.2.4. Catalytic

4.2.5. Infrared Imaging

4.2.6. Laser

4.2.7. Holographic

4.2.8. Zirconia

4.2.9. Medical

4.3. Technology Trends (2013-2018) and Forecasts (2019-2024) by Application Segments

4.3.1. Water & Wastewater Treatment

4.3.1.1. Electrochemical

4.3.1.2. Photoionization Detectors

4.3.1.3. Solid State/Metal Oxide Semiconductor

4.3.1.4. Catalytic

4.3.1.5. Infrared Imaging

4.3.1.6. Laser

4.3.1.7. Holographic

4.3.1.8. Zirconia

4.3.1.9. Medical

4.3.2. Oil and Gas

4.3.3. Automotive and Transportation

4.3.4. Food and Beverages

4.3.5. Metal and Mining

4.3.6. Consumer Electronics

4.3.7. Others

4.3.7.1. Electrochemical

4.3.7.2. Photoionization Detectors

4.3.7.3. Solid State/Metal Oxide Semiconductor

4.3.7.4. Catalytic

4.3.7.5. Infrared Imaging

4.3.7.6. Laser

4.3.7.7. Holographic

4.3.7.8. Zirconia

5. Technology Opportunities(2013-2024) by Region

5.1. Gas Sensor Market by Region

5.2. North American Gas Sensor Technology Market

5.2.1. United States Gas Sensor Technology Market

5.2.2. Canadian Gas Sensor Technology Market

5.2.3. Mexican Gas Sensor Technology Market

5.3. European Gas Sensor Technology Market

5.3.1. The United Kingdom Gas Sensor Technology Market

5.3.2. German Gas Sensor Technology Market

5.3.3. French Gas Sensor Technology Market

5.4. APAC Gas Sensor Technology Market

5.4.1. Chinese Gas Sensor Technology Market

5.4.2. Japanese Gas Sensor Technology Market

5.4.3. Indian Gas Sensor Technology Market

5.4.4. South Korean Gas Sensor Technology Market

5.5. ROW Gas Sensor Technology Market

6. Latest Developments and Innovations in the Gas Sensor Technology

7. Companies/Ecosystem

7.1. Product Portfolio Analysis

7.2. Market Share Analysis

7.3. Geographical Reach

7.4. Porter's Five Forces Analysis

8. Strategic Implications

8.1. Implications

8.2. Growth Opportunity Analysis

8.2.1. Growth Opportunities for the Gas Sensor Market by Technology

8.2.2. Growth Opportunities for the Gas Sensor Market by Application

8.2.3.Growth Opportunities for the Gas Sensor Market by Region

8.3. Emerging Trends in the Gas Sensor Market

8.4. Strategic Analysis

8.4.1. New Product Development

8.4.2. Capacity Expansion of the Gas Sensor Market

8.4.3. Mergers, Acquisitions, and Joint Ventures in the Gas Sensor Market

9. Company Profiles of Leading Players

9.1. City Technology

9.2. Dynament

9.3. Alphasense

9.4. Amphenol Corporation

9.5. Bosch Sensortec GmbH

9.6. SenseAir

9.7. Figaro Engineering

9.8. Membrapor

9.9. Sensirion

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

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DUBLIN--(BUSINESS WIRE)--The "Global Automation Solutions Market in the Oil and Gas Industry 2021-2025" report has been added to ResearchAndMarkets.com's offering.

The automation solutions market in the oil and gas industry is poised to grow by $ 1.73 bn during 2021-2025 progressing at a CAGR of 3% during the forecast period.

The market is driven by the growing regulatory compliance and rise in the global demand for oil and gas.

The report on automation solutions market in the oil and gas industry provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors. The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The automation solutions market in the oil and gas industry market analysis includes product segment and geographical landscapes.

This study identifies the gradual recovery in upstream activities as one of the prime reasons driving the automation solutions market in the oil and gas industry growth during the next few years.

The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading automation solutions market in the oil and gas industry vendors that include ABB Ltd., Eaton Corporation Plc, Emerson Electric Co., Honeywell International Inc., Mitsubishi Electric Corp., OMRON Corp., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, and Yokogawa Electric Corp..

Also, the automation solutions market in the oil and gas industry analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.

The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers.

The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast an accurate market growth.

Key Topics Covered:

Executive Summary

• Market Overview

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2020
• Market outlook: Forecast for 2020 - 2025

Five Forces Analysis

• Five forces analysis
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Product

• Market segments
• Comparison by Product
• SCADA - Market size and forecast 2020-2025
• DCS - Market size and forecast 2020-2025
• PLC - Market size and forecast 2020-2025
• MES - Market size and forecast 2020-2025
• Market opportunity by Product

Customer landscape

• Overview

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• North America - Market size and forecast 2020-2025
• APAC - Market size and forecast 2020-2025
• Europe - Market size and forecast 2020-2025
• MEA - Market size and forecast 2020-2025
• South America - Market size and forecast 2020-2025
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Overview
• Vendor landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• ABB Ltd.
• Eaton Corporation Plc
• Emerson Electric Co.
• Honeywell International Inc.
• Mitsubishi Electric Corp.
• OMRON Corp.
• Rockwell Automation Inc.
• Schneider Electric SE
• Siemens AG
• Yokogawa Electric Corp.

Appendix

For more information about this report visit https://www.researchandmarkets.com/r/wddmf3

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DUBLIN--(BUSINESS WIRE)--The "Global Rigless Intervention Services Market 2020-2024" report has been added to ResearchAndMarkets.com's offering.

The rigless intervention services market is poised to grow by $648.91 million during 2020-2024 progressing at a CAGR of 3% during the forecast period.

The report on the rigless intervention services market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by the increase in oil rig count, increase in E&P activities and beneficial characteristics of rigless intervention.

The rigless intervention services market analysis includes application segment and geographical landscapes. This study identifies the advances in 4d seismic survey technologies as one of the prime reasons driving the rigless intervention services market growth during the next few years. Also, adoption of supercritical carbon dioxide in fracking and rise in deep and ultra-deepwater drilling projects will lead to sizable demand in the market.

The report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.

Companies Mentioned

• Acteon Group Ltd.
• Aker Solutions ASA
• Baker Hughes Co.
• Expro Holdings UK2 Ltd.
• Gulf Intervention Services DMCC
• Halliburton Co.
• Helix Energy Solutions Group Inc.
• Oceaneering International Inc.
• Schlumberger Ltd.
• Weatherford International Plc

The rigless intervention services market covers the following areas:

• Rigless intervention services market sizing
• Rigless intervention services market forecast
• Rigless intervention services market industry analysis

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.

The report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary.

This market research report provides a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast an accurate market growth.

Key Topics Covered:

1. Executive Summary

• Market Overview

2. Market Landscape

• Market ecosystem
• Value chain analysis

3. Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019 - 2024

4. Five Forces Analysis

• Five forces summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

5. Market Segmentation by Application

• Market segments
• Comparison by Application
• Onshore - Market size and forecast 2019-2024
• Offshore - Market size and forecast 2019-2024
• Market opportunity by Application

6. Customer Landscape

7. Geographic Landscape

• Geographic segmentation
• Geographic comparison
• North America - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• Europe - Market size and forecast 2019-2024
• APAC - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

8. Vendor Landscape

• Vendor landscape
• Landscape disruption
• Competitive scenario

9. Vendor Analysis

• Vendors covered
• Market positioning of vendors

10. Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

For more information about this report visit https://www.researchandmarkets.com/r/t0b2o9

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
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• Baker Hughes and C3 AI will deliver BakerHughesC3.ai (BHC3) enterprise AI solutions
• PETRONAS's deployments of the BHC3 AI Suite and BHC3 Reliability will begin with predictive maintenance applications for gas turbines, compressors, and control valves

REDWOOD CITY, Calif. & HOUSTON--(BUSINESS WIRE)--C3 AI (NYSE: AI) and Baker Hughes today announced an artificial intelligence (AI) collaboration with PETRONAS, a global energy and solutions company from Malaysia, to apply BakerHughesC3.ai (BHC3) technology across PETRONAS’s strategic digital transformation programs.

As the custodian of Malaysia's national oil and gas resources, PETRONAS runs an extensive digital transformation program across energy operations to extract value from data. The adoption of AI as part of its overall program for improved oil and gas productivity, asset integrity, and safety supports PETRONAS’s commitment to provide clean, efficient energy solutions by harnessing the power of technology.

PETRONAS will work with energy technology, data science, and AI experts at Baker Hughes and C3 AI to collaborate on projects focused on improved reliability of energy assets in critical operations. Utilizing Microsoft Azure, PETRONAS will deploy the BHC3™ Reliability application to further improve maintenance programs for gas turbines and, in a separate project, improve the reliability of control valves by detecting anomalous conditions, preventing downtime.

“PETRONAS addresses the energy demands of today by leveraging the power of digital as an accelerator, technology as a differentiator, and data as an asset," said PETRONAS Project Delivery and Technology Senior Vice President Samsudin Miskon. “PETRONAS is committed to accelerated digital transformation that delivers productivity, efficiency, visibility, safety and performance. The predictive intelligence of AI is critical to meeting these needs, and this is only possible with AI that drives outcomes at pace and scale.”

“This program continues the strong relationship between Baker Hughes and PETRONAS to drive productivity and efficiency for cleaner, safer energy,” said Uwem Ukpong, executive vice president of regions, alliances & enterprise sales at Baker Hughes. “AI will play a critical role in digital transformation programs that bridge today’s demand for energy with tomorrow’s energy transition. We are thrilled to work with PETRONAS as it leads in digital transformation and deploys the full power of enterprise AI.”

“PETRONAS’ selection of BHC3 technology from Baker Hughes and C3 AI showcases the acceleration of digital transformation programs that deliver strategically on the promise for cleaner energy,” said C3 AI President and CTO Ed Abbo. “The deep energy technology expertise of Baker Hughes, together with the AI technology C3 AI has developed over the past 10 years, facilitates leaders’ adoption of AI as the transformative digital technology for the energy industry.”

“For the energy industry, this is a time of significant transformation,” said Andrea Della Mattea, President for Microsoft in Asia Pacific. “Benefitting from the power of the cloud and AI solutions, Baker Hughes, C3 AI, and PETRONAS are helping to increase worker safety, reduce emissions through equipment maintenance, and are taking an important step forward in the transition of the energy industry.”

This announcement was previously published by Baker Hughes on February 9, 2021. Access the release on BakerHughes.com here.

About C3.ai, Inc.

C3.ai, Inc. (NYSE: AI) is a leading provider of enterprise AI software for accelerating digital transformation. C3 AI delivers a family of fully integrated products: C3 AI^® Suite, an end-to-end platform for developing, deploying, and operating large-scale AI applications; C3 AI Applications, a portfolio of industry-specific SaaS AI applications; C3 AI CRM, a suite of industry-specific CRM applications designed for AI and machine learning; and C3 AI Ex Machina, a no-code AI solution to apply data science to everyday business problems. The core of the C3 AI offering is an open, model-driven AI architecture that dramatically simplifies data science and application development. Learn more at: www.c3.ai

About Baker Hughes:

Baker Hughes (NYSE: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and with operations in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

C3.ai Public Relations
Edelman
Lisa Kennedy
415-914-8336
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Investor Relations
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Baker Hughes Contacts:

Media Relations
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Initiates 2021 earnings guidance

PORTLAND, Ore.--(BUSINESS WIRE)--Northwest Natural Holding Company, (NYSE: NWN) (NW Natural Holdings), reported financial results and highlights including:

• Reported net income from continuing operations of $2.30 per share for 2020, compared to $2.19 per share and adjusted earnings¹ from continuing operations of $2.41 per share for 2019
• Reported net income from continuing operations of $1.50 per share for the fourth quarter of 2020, compared to $1.26 per share for 2019
• Added nearly 11,600 natural gas meters over the last 12 months equating to a 1.5% growth rate
• Invested $273 million in our utility systems to support growth and greater reliability and resiliency
• Received Oregon general rate case order providing an estimated annual pre-tax earnings benefit of $45.1 million
• Filed a Washington multi-year general rate case to support growth and system investments
• Signed our first renewable natural gas investment under Oregon SB 98 with BioCarbN and Tyson Foods, Inc. (TSN)
• Announced we are partnering with an Oregon electric utility to propose a renewable hydrogen project
• Closed five water and wastewater utility transactions bringing our total connections to over 26,000
• Increased our dividend for the 65^th consecutive year to an annual indicated dividend rate of $1.92 per share
• Initiated 2021 earnings guidance in the range of $2.40 to $2.60 per share

"This past year was one of unprecedented challenges and unparalleled accomplishments. We rapidly embraced new health and safety protocols to continue taking care of customers amid COVID-19, made donations to help our communities, and kept our employees safe," said David H. Anderson, president and CEO of NW Natural Holdings. "At the same time, we continued to look ahead and execute on key long-term priorities, like pursuing our vision of decarbonizing our natural gas system. We also continued a disciplined approach to expanding our water utility business. I'm proud of all we accomplished and look forward to executing on growth opportunities in 2021.”

For 2020, NW Natural Holdings reported net income from continuing operations of $70.3 million (or $2.30 per share), compared to $65.3 million (or $2.19 per share) for 2019. Results for 2019 included a regulatory pension disallowance of $10.5 million (or $6.6 million after-tax and $0.22 per share). Excluding this disallowance, adjusted net income from continuing operations on a non-GAAP basis¹ for 2019 was $71.9 million (or $2.41 per share). On this basis, net income declined $1.6 million (or $0.11 per share) in 2020 compared to 2019. Results reflected an increase in depreciation and property tax expenses as we continued to invest in our gas utility system and the financial effects resulting from COVID-19, partially offset by higher rates for our gas company in Oregon and Washington.

________

KEY INITIATIVES AND EVENTS

Coronavirus (COVID-19)

NW Natural Holdings continues to operate during the COVID-19 pandemic with a focus on the safety of our employees and customers, while providing essential services without interruption. We continue to follow CDC, OSHA, and state specific requirements. We also continue to benefit from our resilient business model with about 88% of our natural gas utility margin coming from the residential and commercial sectors, and a majority of our utility margin decoupled and weather normalized. Customer growth from residential and multifamily construction and single-family home conversions remained strong during the year, while we did experience a higher level of commercial customers shutting off service. As a result, the customer growth rate was 1.5% for the 12 months ended Dec. 31, 2020.

For 2020, we estimate the total financial effects of COVID-19 to be approximately $10 million pre-tax with the impact partially mitigated by regulatory deferrals and, in part, temporary management driven cost savings measures. We deferred and recorded a regulatory asset of $4.8 million pre-tax for the financial effects related to COVID-19 that are recoverable for our utilities. These costs include PPE supplies, estimates for bad debts, and interest expense associated with financings undertaken to support liquidity during the pandemic, net of direct cost savings. In addition, we expect to recognize revenue in a future period for an additional $1.3 million related to forgone late fee revenue. We also experienced additional financial implications of approximately $3.8 million pre-tax that will not be recovered through rates, primarily due to lower natural gas distribution margin from customers that stopped natural gas service and lower usage from customers that are not covered under decoupled rate schedules. These unrecoverable costs were mitigated in part by temporary management driven cost savings initiatives totaling approximately $3.5 million in the second half of 2020.

New Rates in Oregon

On Oct. 16, 2020, the OPUC issued an order approving the all-party settlement in NW Natural's general rate case, increasing the utility's revenue requirement by $45.1 million (or $33.1 million after-tax), compared to a requested $71.4 million. The order also approved a capital structure of 50% debt and 50% equity; a return on equity of 9.4%; and a cost of capital of 6.965%. In addition, the order approved an average rate base of $1.44 billion or an increase of $242.1 million compared to the last rate case. New rates in Oregon were effective beginning Nov. 1, 2020.

Rulemaking Complete for Oregon Senate Bill 98 (SB 98)

In July 2020, the Public Utility Commission of Oregon (OPUC) issued final rules related to Senate Bill 98 (SB 98) enabling natural gas utilities to procure or develop renewable natural gas (RNG) on behalf of their Oregon customers. The RNG rules and legislation include the following key tenets: establishes targets for gas utilities to add as much as 30% of RNG into the state's pipeline system by 2050; enables gas utilities to invest in and own the cleaning and conditioning equipment required to bring raw biogas and landfill gas up to pipeline quality, as well as the facilities to connect to the local gas distribution system; and provides for an incremental 5% of a utility's revenue requirement to cover the cost of RNG.

First Renewable Natural Gas Investment

NW Natural is partnering with BioCarbN, a developer and operator of sustainable infrastructure projects, to convert methane from some of Tyson Foods facilities into RNG. Under this partnership, NW Natural has options to invest up to an estimated $38 million in four separate RNG development projects that will access biogas derived from water treatment at Tyson Foods’ processing plants. In December 2020, NW Natural exercised its option for the first development project in Nebraska, initiating investment in an estimated $8 million project. This is the company’s first investment under the landmark new state RNG law, which supports renewable energy procurement and investment by natural gas utilities. Construction on this first project is expected to begin in early 2021, with completion and commissioning expected in late 2021. Once fully operational, these four projects are expected to generate more than 1.2 million MMBtu of renewable natural gas each year – enough RNG to provide heat for about 18,000 homes.

Hydrogen

In October 2020, NW Natural along with a local electric public utility district (PUD) in Eugene and the Bonneville Environmental Foundation signed a memorandum of understanding (MOU) to explore developing a renewable hydrogen facility. The facility could demonstrate hydrogen's ability to help decarbonize heating loads. For the Pacific Northwest, renewable hydrogen could help with grid balancing and long-term storage opportunities for renewable sources such as wind and hydro, which have significant seasonal variation.

In 2020, we also began testing a 5% hydrogen blend at NW Natural's state-of-the-art training facility. So far, these positive blend tests focused on pipe, leakage instrument, and end use equipment performance. In 2021, we’ll expand our blend testing to include additional end use equipment performance on furnaces, fireplaces, and water heaters.

Water Utilities and Acquisitions

In 2020, NW Natural Water Company, LLC (NW Natural Water) continued its disciplined acquisition strategy, most notably closing the Suncadia water and wastewater utilities in Washington and its first acquisition in Texas. In addition, NW Natural Water continued to acquire smaller systems around its existing footprint, including its first water utility acquisition in the municipal sector near our Falls Water, Idaho system. NW Natural Water currently serves approximately 63,000 people through about 26,000 connections and has invested approximately $110 million in the water sector to date.

2019 Environment, Social, and Governance (ESG) Report Issued

On October 6, 2020, we issued our inaugural ESG report highlighting our longstanding commitment and progress related to safety, environmental stewardship, and taking care of our employees and communities. It also features goals that we're pursuing related to decarbonizing our gas utility, growing our water and wastewater utility business, and continuing to advance diversity, equity and inclusion in our workplace. We’ve also reported the information recommended for our industry by the Sustainability Accounting Standards Board and the American Gas Association reporting template. Additional information is available at ir.nwnaturalholdings.com.

ANNUAL RESULTS

The following financial comparisons are between the annual results for 2020 and 2019 with individual year-over-year drivers below presented on an after-tax basis using a statutory tax rate of 26.5%, unless otherwise noted. Non-GAAP financial measures exclude the effects of the regulatory pension disallowance in 2019, as these adjusted metrics provide a clearer view of operations, reflect how management views financial results, and provide comparability to prior year results. See "Reconciliation to GAAP" for a detailed reconciliation of adjusted amounts.

Financial Implications of March 2019 Regulatory Order

In March 2019, NW Natural received a regulatory order from the OPUC that outlined the recovery of a pension balancing deferral, a disallowance of a portion of this deferral, and the application of tax reform benefits.

NW Natural recognized a $10.5 million pre-tax (or $6.6 million after-tax) regulatory disallowance for amounts in the pension balancing account. This resulted in $3.9 million pre-tax ($2.8 million after-tax) of additional operations and maintenance expense, $6.6 million of pre-tax ($4.9 million after-tax) other expense, and an offsetting tax benefit of $3.9 million. In addition, as a result of beginning collections of the pension balancing account, $3.8 million of regulatory interest income ($2.8 million after-tax) was recognized related to the equity interest component of financing costs on the pension balancing account.

The order required the application of tax reform benefits to the pension balancing deferral account in March 2019, which resulted in the following offsetting adjustments with no material effect on net income:

• $7.1 million pre-tax ($5.2 million after-tax) increase in margin;
• $4.6 million pre-tax ($3.4 million after-tax) increase in operations and maintenance expense;
• $7.9 million pre-tax ($5.8 million after-tax) increase in other expense; and
• $5.9 million decrease in income tax expense.

NW Natural Holdings' annual results by business segment are summarized in the table below:

Natural Gas Distribution Segment

Natural Gas Distribution segment net income increased $2.7 million (or $0.04 per share). First quarter 2019 results include a $6.6 million non-cash after-tax detriment due to a regulatory disallowance of costs in NW Natural's pension balancing account. Excluding the effects of this disallowance, net income decreased $3.9 million (or $0.18 per share) reflecting higher operating expenses and the financial effects of COVID-19, partially offset by new rates and revenues from the North Mist gas storage facility that commenced service in May 2019. Earnings per share was affected by a share issuance in June 2019.

Margin increased $11.3 million primarily due to higher rates in Oregon beginning Nov. 1, 2020 and Washington beginning Nov. 1, 2019, which collectively contributed $13.0 million, the commencement of North Mist storage services added $5.6 million, and customer growth of 1.5% over the last 12 months provided $2.9 million. Partially offsetting this was a net detriment of $2.0 million related to 12% warmer than average weather in 2020 compared to normal weather for 2019 and $2.5 million of lower entitlement and curtailment fee revenue as 2019 included fees related to pipeline constraints during a weather event. Margin declined $1.4 million related to lower fee revenues as we did not charge customers late or reconnection fees during the COVID-19 pandemic. Finally, margin decreased $5.2 million due to the Oregon rate case with no significant effect on net income as offsetting adjustments were recognized through expenses and income taxes.

Operations and maintenance expense decreased $0.2 million as a result of 2019 incorporating several nonrecurring items related to the Oregon pension order described above, specifically a $2.8 million expense related to the disallowance of costs in the pension balancing account and $3.4 million of costs that were recognized with no significant effect on net income due to offsetting adjustments in margin and income taxes. Excluding these pension expenses, operations and maintenance expense increased $6.0 million primarily due to higher compensation costs, contractor expenses, and moving and lease costs for a new headquarters and operations center, partially offset by temporary management driven cost savings measures intended to mitigate the financial implications of COVID-19.

Depreciation expense and general taxes increased $10.2 million as we continue to invest in our natural gas utility system and facilities and our North Mist gas storage facility went into service in May 2019.

Other expense, net decreased $5.2 million primarily due to several items related to the pension order in 2019 as described above, which collectively decreased other expenses by $7.9 million and included a $4.9 million expense related to the disallowance of costs in the pension balancing account, $5.8 million of costs that were offset with higher revenues and tax benefits in 2019, and $2.8 million of equity interest income recognized in 2019 when we began collecting deferred pension costs from customers. In addition, pension expenses increased $2.8 million in 2020 as this expense is recovered in rates beginning April 1, 2019 instead of a portion recovered through the pension balancing account.

Tax expense increased $4.2 million, however, this approximately offset revenues and expenses, so there was no significant resulting effect on net income. The impact was primarily due to a tax benefit of $5.9 million in 2019, which did not recur in 2020, related to implementing the March 2019 order described above.

Other

Other net income increased $2.2 million (or $0.07 per share) primarily reflecting higher revenues from our water and wastewater utilities and lower holding company expenses, partially offset by lower asset management revenues.

Discontinued Operations

On December 4, 2020, NW Natural Gas Storage, LLC closed the sale of the Gill Ranch storage facility and received payment of the cash purchase price of $13.5 million less the $1.0 million deposit previously paid. The completion of the sale resulted in an after-tax gain of $5.9 million, which is reflected in income from discontinued operations.

FOURTH QUARTER RESULTS

The following financial comparisons are between the fourth quarter of 2020 and 2019 with individual year-over-year drivers presented on an after-tax basis using a statutory tax rate of 26.5%, unless otherwise noted.

NW Natural Holdings' fourth quarter results by business segment are summarized in the table below:

Natural Gas Distribution Segment

Natural gas distribution segment net income increased $6.1 million (or $0.19 per share). The increase in net income reflected revenues from new rates in Oregon beginning Nov. 1, 2020 offset in part by higher depreciation expense and the financial implications of COVID-19.

Margin increased $11.5 million primarily due to new Oregon rates, which contributed $9.9 million, and customer growth of 1.5% over the last 12 months, which contributed $1.0 million.

Operations and maintenance expense decreased $0.5 million primarily as a result of approximately $1.1 million of temporary management driven cost savings measures enacted to mitigate the financial implications of COVID-19.

Depreciation and general tax expenses increased $2.9 million as we continue to invest in our natural gas utility system and facilities.

Other

Other net income increased $1.4 million (or $0.05 per share) primarily reflecting higher revenues from our water and wastewater utilities and lower holding company expenses.

Discontinued Operations

On December 4, 2020, NW Natural Gas Storage, LLC closed the sale of the Gill Ranch storage facility. The completion of the sale resulted in an after-tax gain of $5.9 million, which is reflected in income from discontinued operations.

BALANCE SHEET AND CASH FLOWS

For 2020, the Company generated $143.0 million in operating cash flow and invested $273.0 million in natural gas capital expenditures to support growth, safety, and technology and facility upgrades, and water utility capital expenditures to support growth and safety. In addition, we invested $38.3 million to acquire water and wastewater utilities. Net cash provided by financing activities was $171.8 million for 2020 primarily due to issuing long-term and short-term debt, partially offset by repayments.

GUIDANCE

NW Natural Holdings is initiating 2021 earnings guidance in the range of $2.40 to $2.60 per share. This guidance assumes continued customer growth, average weather conditions, and no significant changes in prevailing regulatory policies, mechanisms, or outcomes, or significant local, state or federal laws, legislation or regulations.

NW Natural capital expenditures for 2021 are expected to be in the range of $280 million to $320 million and for the five-year period from 2021 to 2025 is expected to range from $1.0 billion to $1.2 billion. Approximately 80% of the planned amount is for core gas utility investments, with the remainder related to projects. These projects include system reinforcements to support growth and reliability and technology upgrades related to an enterprise resource planning system. NW Natural Water is expected to invest approximately $15 million in 2021 related to maintenance capital expenditures for water and wastewater utilities currently owned or have under a purchase and sale agreement, and for the five-year period is expected to invest approximately $40 million to $50 million.

The timing and amount of the core capital expenditures and projects for 2021 and the next five years could change based on regulation, growth, and cost estimates. Additional investments in our infrastructure during and after 2021 that are not incorporated in the estimates provided above will depend largely on additional regulations, growth, and expansion opportunities. Required funds for the investments are expected to be internally generated and/or financed with long-term debt or equity, as appropriate.

65 YEARS OF INCREASING DIVIDENDS

On Nov. 13, 2020, NW Natural Holdings paid its 65^th consecutive annual dividend increase. In 2021, the board of directors of NW Natural Holdings declared a quarterly dividend of 48 cents per share on the Company’s common stock. The dividend was paid on Feb. 12, 2021 to shareholders of record on Jan. 29, 2021. The Company’s current indicated annual dividend rate is $1.92 per share. Future dividends are subject to board of director discretion and approval.

CONFERENCE CALL AND WEBCAST

As previously announced, NW Natural Holdings will host a conference call and webcast today to discuss its fourth quarter and annual 2020 financial and operating results.

The call will also be webcast in a listen-only format for the media and general public and can be accessed at ir.nwnaturalholdings.com. A replay of the conference call will be available on our website and by dialing 1-877-344-7529 (U.S.), 1-855-669-9658 (Canada), and 1-412-317-0088 (international). The replay access code is 10150994.

ABOUT NW NATURAL HOLDINGS

Northwest Natural Holding Company, (NYSE: NWN) (NW Natural Holdings), is headquartered in Portland, Oregon and has been doing business for over 160 years in the Pacific Northwest. It owns NW Natural Gas Company (NW Natural), NW Natural Water Company (NW Natural Water), and other business interests and activities.

NW Natural is a local distribution company that currently provides natural gas service to approximately 2.5 million people in more than 140 communities through more than 770,000 meters in Oregon and Southwest Washington with one of the most modern pipeline systems in the nation. NW Natural consistently leads the industry with high J.D. Power & Associates customer satisfaction scores. NW Natural owns and operates 20 Bcf of underground gas storage capacity in Oregon.

NW Natural Water currently provides water distribution and wastewater services to communities throughout the Pacific Northwest. NW Natural Water serves approximately 63,000 people through approximately 26,000 connections in the Pacific Northwest and Texas.

Investor Contact:
Nikki Sparley
Phone: 503-721-2530
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Media Contact:
Melissa Moore
Phone: 503-220-2436
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DUBLIN--(BUSINESS WIRE)--The "Global Advanced Fiber-based Gasket Market 2021-2025" report has been added to ResearchAndMarkets.com's offering.

The advanced fiber-based gasket market is poised to grow by $ 227.63 mn during 2021-2025, progressing at a CAGR of 4% during the forecast period.

The market is driven by the growth in global oil and gas and petrochemical refineries, growing pharmaceutical sector in Asian countries, and adoption of advanced fiber-based gaskets to improve performance of engineering equipment.

The report on advanced fiber-based gasket market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors. The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The advanced fiber-based gasket market analysis includes application segment geographical landscapes.

This study identifies the adoption of advanced fiber-based gaskets to improve performance of engineering equipment as one of the prime reasons driving the advanced fiber-based gasket market growth during the next few years.

The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading advanced fiber-based gasket market vendors that include Dana Inc., EIS Inc., ElringKlinger AG, EnPro Industries Inc., Flexitallic Group, Freudenberg SE, James Walker Group Ltd., Kaman Corp., Parker Hannifin Corp., and Phelps Industrial Products LLC.

Also, the advanced fiber-based gasket market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.

Key Topics Covered:

Executive Summary

• Market Overview

Market Landscape

• Market ecosystem
• Market characteristics
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2020
• Market outlook: Forecast for 2020 - 2025

Five Forces Analysis

• Five forces summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Application

• Market segments
• Comparison by Application
• Chemicals - Market size and forecast 2020-2025
• Industrial machinery - Market size and forecast 2020-2025
• Electrical and electronics - Market size and forecast 2020-2025
• Others - Market size and forecast 2020-2025
• Market opportunity by Application

Customer landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• APAC - Market size and forecast 2020-2025
• North America - Market size and forecast 2020-2025
• Europe - Market size and forecast 2020-2025
• South America - Market size and forecast 2020-2025
• MEA - Market size and forecast 2020-2025
• Key leading countries
• Market opportunity by geography
• Market drivers - Demand led growth
• Market challenges
• Market trends

Vendor Landscape

• Competitive scenario
• Vendor landscape
• Landscape disruption
• Industry risks

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Dana Inc.
• EIS Inc.
• ElringKlinger AG
• EnPro Industries Inc.
• Flexitallic Group
• Freudenberg SE
• James Walker Group Ltd.
• Kaman Corp.
• Parker Hannifin Corp.
• Phelps Industrial Products LLC

Appendix

For more information about this report visit https://www.researchandmarkets.com/r/38750c

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Laura Wood, Senior Press Manager
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Reaches Agreement with Bluescape Energy Partners and Elliott Investment Management

Reaffirms Commitment to Sustainability Transformation Plan (STP) and Expected 6% to 8% EPS CAGR Through 2024

C. John Wilder to Chair Finance Committee of the Board

KANSAS CITY, Mo.--(BUSINESS WIRE)--Evergy, Inc. (NYSE: EVRG) today announced that it has entered into agreements with Bluescape Energy Partners LLC (“Bluescape”) and Elliott Investment Management L.P. (“Elliott”) and certain of their respective affiliates. As part of the Bluescape agreement, C. John Wilder, Executive Chairman of Bluescape, and former U.S. Senator Mary L. Landrieu, will join the Evergy Board of Directors, effective March 1. These appointments bring two highly qualified directors with deep industry experience and a wealth of public policy knowledge to the Evergy Board.

Additionally, the composition of the five-member Finance Committee will be amended such that its members are David Campbell, Paul Keglevic, Tony Isaac, Landrieu and Wilder, who will serve as chair. As Evergy aspires to achieve top quartile performance across its business, the charter of the Finance Committee has been amended to include competitive analysis and benchmarking of the Company’s key operating, customer, financial and sustainability performance metrics.

“Evergy has made significant advancements as a forward-thinking, sustainable energy company,” said Mark Ruelle, Evergy Board Chair. “Our Sustainability Transformation Plan positions Evergy to drive even higher performance across our organization, and this agreement brings additional expertise to support its execution. Both John and Mary have proven track records creating significant value for all stakeholders, and we welcome them to the Board.”

In connection with the agreement, Bluescape will be making an equity investment of approximately $115 million in the Company by purchasing newly issued Evergy common shares. Bluescape will have the option to purchase additional Evergy common shares over the next three years at a per share price that is 20% higher than the current per share market price.

Ruelle continued, “The STP will enable us to deliver best-in-class earnings growth, optimize capital allocation and significantly increase operational efficiencies. Bluescape’s investment represents a strong vote of confidence in Evergy, our team and the value we can achieve through this plan.”

High Performance and the Sustainability Transformation Plan

Evergy reaffirmed the Company’s long-term earnings growth rate target of 6% to 8% per year from 2019 through 2024, consistent with top-performing utilities. Additionally, the Company looks forward to working with Wilder and Landrieu to implement the STP and to optimize the plan to generate industry-leading performance across the Company’s operating performance, financial performance and customer service functions. Evergy’s Board and leadership team are committed to executing the STP by:

• Continuing to improve regional rate competitiveness;
• Further advancing efficiency and operational performance, driving high performance in cost, operating metrics and safety;
• Optimizing infrastructure investments, including updates to transmission and distribution infrastructure and customer-facing platforms, driving high performance in reliability and customer service;
• Developing and implementing a program to enable the sustainable transformation of the Company’s generation fleet, including investments in new renewable resources, while advancing the Company’s goals of reliability, sustainability and affordability; and
• Continuing to focus on regulatory and stakeholder relationships to promote long-term policies that enhance reliability, sustainability and affordability in Kansas and Missouri.

Evergy plans to hold an Investor Day in the third quarter of 2021 to update shareholders on the STP and the continued progress on its implementation.

“Continuous improvement is core to Evergy’s mission,” said David Campbell, Evergy President and Chief Executive Officer. “Through improved efficiency and operating performance, increased infrastructure investments, and the transition of our generation fleet, we will provide our customers with sustainable, reliable and affordable energy while driving superior shareholder value.”

“I am excited to join Evergy’s Board of Directors and make the most of this truly unique opportunity,” said Wilder. “I look forward to working with the Board, David, Kirk Andrews, Kevin Bryant, and the broader management team to refine and implement the STP for the benefit of all Evergy stakeholders. I believe Evergy can significantly improve its competitiveness with relentless execution of the STP, which will have the long-term benefit of making Evergy a more resilient and customer-centered company to thrive in the dramatically changing electric power industry.”

“We appreciate the constructive dialogue with Evergy’s Board, and more recently with David,” said Jeff Rosenbaum, Senior Portfolio Manager at Elliott. “We are pleased with Bluescape’s investment in Evergy. We believe that the appointment of Mary Landrieu to the Board and John Wilder’s new role as chair of the revamped Finance Committee will help the Company provide significant value for all stakeholders. We are confident that Evergy has the right plan and the right team in place.”

Pursuant to their agreements with the Company, Elliott and Bluescape have agreed to customary standstill, voting, and other provisions. The full agreement between Evergy and Bluescape, as well as Bluescape’s investment and the related agreements, will be filed on a Form 8-K with the SEC.

Advisors

Morgan Stanley & Co. LLC acted as lead financial advisor to Evergy and Goldman Sachs & Co LLC also acted as financial advisor. Cravath, Swaine & Moore LLP is acting as legal advisor to Evergy.

About C. John Wilder

C. John Wilder is the Executive Chairman of Bluescape. Wilder serves on the boards of directors of several private portfolio companies. Wilder has previously served on the board of many private and public companies, including NRG and TXU Corp. He served in executive officer roles in TXU Corp., Entergy Corp., and Royal Dutch/Shell Group.

About Mary L. Landrieu

Senator Mary Landrieu served in the United States Senate for three terms, first elected in 1996. During her tenure, she was a member (and then Chair) of the Senate Energy and Natural Resources Committee, as well as a member of the Senate Armed Services Committee, the Appropriations Committee, and Chair of the Small Business and Entrepreneurship Committee. In her role as Chair of the Small Business Committee, she was the lead sponsor of the Small Business Jobs Act of 2010, which helped to create and retain over 650,000 American jobs. Prior to serving in the U.S. Senate, she served in the Louisiana State Legislature from 1979 - 1987. In 1987, she was elected State Treasurer and served with distinction for two terms. Senator Landrieu currently serves as Senior Policy Advisor at Van Ness Feldman LLP, a law and government relations firm, specializing in energy, environment and natural resources law. Senator Landrieu also serves on the Board of Directors of Tyler Technologies, Inc. (NYSE: TYL), where she serves on the nominating and governance committee.

About Evergy, Inc.

Evergy, Inc. (NYSE: EVRG) serves approximately 1.6 million customers in Kansas and Missouri. We were formed in 2018 when long-term local energy providers KCP&L and Westar Energy merged. We are a leader in renewable energy, supplying nearly half of the power we provide to homes and businesses from emission-free generation. We support our local communities where we live and work and strive to meet the needs of customers through energy savings and innovative solutions.

About Elliott

Elliott Investment Management L.P. manages approximately $41.8 billion of assets. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.

About Bluescape

Bluescape, founded in 2007, is an alternative investment firm that leverages its private capital, global network, and superior thinking to deliver differentiated long term investment performance in the broader energy and utility sectors. Bluescape employs a unique approach and long-term perspective, helping position companies for growth and value creation by providing capital and strategic oversight with its multi-disciplined team of executive-level managers, operators, strategic consultants, and restructuring advisors. It thrives to uncover investments exhibiting high performance potential where it seeks to build lasting partnerships. Bluescape thrives to create positive impacts for all of its stakeholders through its capital, operational capabilities, and long-term ownership model.

Forward Looking Statements

Statements made in this release that are not based on historical facts are forward-looking, may involve risks and uncertainties, and are intended to be as of the date when made. Forward-looking statements include, but are not limited to, statements relating to our strategic plan, including, without limitation, those related to earnings per share, dividend, operating and maintenance expense and capital investment goals; the outcome of legislative efforts and regulatory and legal proceedings; future energy demand; future power prices; plans with respect to existing and potential future generation resources; the availability and cost of generation resources and energy storage; target emissions reductions; and other matters relating to expected financial performance or affecting future operations. Forward-looking statements are often accompanied by forward-looking words such as “anticipates,” “believes,” “expects,” “estimates,” “forecasts,” “should,” “could,” “may,” “seeks,” “intends,” “proposed,” “projects,” “planned,” “target,” “outlook,” “remain confident,” “goal,” “will” or other words of similar meaning. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information.

In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Evergy, Inc., Evergy Kansas Central, Inc. and Evergy Metro, Inc. (collectively, the Evergy Companies) are providing a number of risks, uncertainties and other factors that could cause actual results to differ from the forward-looking information. These risks, uncertainties and other factors include, but are not limited to: economic and weather conditions and any impact on sales, prices and costs; changes in business strategy or operations; the impact of federal, state and local political, legislative, judicial and regulatory actions or developments, including deregulation, re-regulation, securitization and restructuring of the electric utility industry; decisions of regulators regarding, among other things, customer rates and the prudency of operational decisions such as capital expenditures and asset retirements; changes in applicable laws, regulations, rules, principles or practices, or the interpretations thereof, governing tax, accounting and environmental matters, including air and water quality and waste management and disposal; the impact of climate change, including increased frequency and severity of significant weather events and the extent to which counterparties are willing to do business with, finance the operations of or purchase energy from the Evergy Companies due to the fact that the Evergy Companies operate coal-fired generation; prices and availability of electricity in wholesale markets; market perception of the energy industry and the Evergy Companies; the impact of the Coronavirus (COVID-19) pandemic on, among other things, sales, results of operations, financial condition, liquidity and cash flows, and also on operational issues, such as the availability and ability of our employees and suppliers to perform the functions that are necessary to operate the Evergy Companies; changes in the energy trading markets in which the Evergy Companies participate, including retroactive repricing of transactions by regional transmission organizations (RTO) and independent system operators; financial market conditions and performance, including changes in interest rates and credit spreads and in availability and cost of capital and the effects on derivatives and hedges, nuclear decommissioning trust and pension plan assets and costs; impairments of long-lived assets or goodwill; credit ratings; inflation rates; the transition to a replacement for the London Interbank Offered Rate (LIBOR) benchmark interest rate; effectiveness of risk management policies and procedures and the ability of counterparties to satisfy their contractual commitments; impact of physical and cybersecurity breaches, criminal activity, terrorist attacks and other disruptions to the Evergy Companies’ facilities or information technology infrastructure or the facilities and infrastructure of third-party service providers on which the Evergy Companies rely; ability to carry out marketing and sales plans; cost, availability, quality and timely provision of equipment, supplies, labor and fuel; ability to achieve generation goals and the occurrence and duration of planned and unplanned generation outages; delays and cost increases of generation, transmission, distribution or other projects; the Evergy Companies’ ability to manage their transmission and distribution development plans and transmission joint ventures; the inherent risks associated with the ownership and operation of a nuclear facility, including environmental, health, safety, regulatory and financial risks; workforce risks, including those related to the Evergy Companies’ ability to attract and retain qualified personnel, maintain satisfactory relationships with their labor unions and manage costs of, or changes in, retirement, health care and other benefits; disruption, costs and uncertainties caused by or related to the actions of individuals or entities, such as activist shareholders or special interest groups, that seek to influence our strategic plan, financial results or operations; the possibility that strategic initiatives, including mergers, acquisitions and divestitures, and long-term financial plans, may not create the value that they are expected to achieve in a timely manner or at all; difficulties in maintaining relationships with customers, employees, regulators or suppliers; and other risks and uncertainties.

This list of factors is not all-inclusive because it is not possible to predict all factors. Additional risks and uncertainties are discussed from time to time in current, quarterly and annual reports filed by the Evergy Companies with the Securities and Exchange Commission (SEC). Reports filed by the Evergy Companies with the SEC should also be read for more information regarding risk factors. Each forward-looking statement speaks only as of the date of the particular statement. The Evergy Companies undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

Media:
Gina Penzig
Manager, External Communications
Phone: 785-575-8089
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Media line: 888-613-0003

Investors:
Cody VandeVelde
Director, Investor Relations
Phone: 785-575-8227
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MALABO, Equatorial Guinea--(BUSINESS WIRE)--Noble Energy EG Ltd. (a Chevron Company) has achieved first gas flow from the safe and successful execution of the Alen Gas Monetization Project. The project consists of a 70 km (43.5 miles) pipeline with a capacity of 950 million cubic feet of natural gas equivalent per day (MMcfe/d) that allows gas from the Alen field, located in the Douala Basin offshore Equatorial Guinea, to be processed through onshore existing facilities, maximizing development of current and future regional gas resources.

“As a company, we are proud to be a strategic partner in this joint effort, and we look forward to continue contributing to the economic and social development of the country,” said Gene Kornegay, Vice President and Country Manager of Noble Energy EG Ltd.

The Alen Gas Monetization Project is a key step forward for the country’s envisioned Equatorial Guinea Gas Mega Hub, which seeks to utilize existing infrastructure and support a thriving world-class gas industry within Equatorial Guinea. This project facilitates the transport of gas from offshore production infrastructure to existing onshore facilities at Punta Europa (the Alba Plant and the Equatorial Guinea LNG Plant), where it will be processed and converted into LNG, allowing for future discovered resources to be processed in the country, supporting jobs and economic growth, and further solidifying the country’s position as a key player in Africa’s oil and gas industry.

About Noble Energy EG Ltd. (a Chevron Company)

Chevron’s subsidiary, Noble Energy EG Ltd., operations offshore Equatorial Guinea account for more than 60 percent of the country’s hydrocarbon production with interests in the Alba Field, Block O and Block I. More information about Chevron is available at www.chevron.com.

As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.

Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations.

Bernardo Cuaresma, Malabo +240 555 440 897

Ray Fohr, Houston +1-713-372-4923, +1-832-540-9475

HOUSTON & CALGARY, Alberta--(BUSINESS WIRE)--Civeo Corporation (NYSE:CVEO) today reported financial and operating results for the fourth quarter and year ended December 31, 2020.

Highlights include:

• Reported fourth quarter revenues of $133.4 million, a net loss of $2.3 million and operating cash flow of $36.7 million;

• Delivered fourth quarter Adjusted EBITDA of $23.7 million and free cash flow of $33.2 million;

• Generated $117.4 million of operating cash flow and $111.0 million of free cash flow for the full year 2020;

• Reduced leverage ratio to 2.11x as of December 31, 2020 from 2.16x as of September 30, 2020; and

• Today announced the renewal of an integrated services contract in Western Australia with expected revenues of A$62 million over a two-year term and the renewal of two contracts to provide accommodations & hospitality services in our Bowen Basin villages, with expected revenues under these contracts totaling A$39 million over approximately two-year terms.

“In spite of the pandemic-related headwinds in 2020, Civeo stayed focused on our operational, strategic and financial initiatives: keeping our guests and employees safe, managing the changing economic landscape, driving free cash flow, reducing our leverage and preparing for a post-COVID world. For the full year 2020, we achieved relatively consistent year-over-year revenues and EBITDA while generating 57% and 119% higher operating cash flow and free cash flow, respectively, compared to the full year 2019. During the year, Civeo also extended our existing credit agreement by eighteen-months and renewed several key Australian contracts,” stated Bradley J. Dodson, Civeo's President and Chief Executive Officer.

Mr. Dodson continued, “In the fourth quarter, we realized a significant amount of free cash flow, which allowed us to continue to materially reduce our total debt and our leverage ratio. While our Canadian and U.S. segments are still managing the negative impact of the COVID-19 pandemic and weaker oil prices, our Australian segment continues to grow, experiencing stronger year-over-year occupancy compared to the fourth quarter of 2019.”

Mr. Dodson added, “Looking ahead to 2021, we will continue to focus on operating safely, generating free cash flow to pay down debt and strengthening our balance sheet in an effort to create long-term shareholder value.”

Fourth Quarter 2020 Results

In the fourth quarter of 2020, Civeo generated revenues of $133.4 million and reported a net loss of $2.3 million, or $0.16 per share. During the fourth quarter of 2020, Civeo produced operating cash flow of $36.7 million, Adjusted EBITDA of $23.7 million and free cash flow of $33.2 million.

(EBITDA is a non-GAAP financial measure that is defined as net income plus interest, taxes, depreciation and amortization, and Adjusted EBITDA is defined as EBITDA adjusted to exclude impairment charges and certain income and costs associated with Civeo's acquisitions of Noralta and Action. Free cash flow is a non-GAAP financial measure that is defined as net cash flows provided by operating activities less capital expenditures plus proceeds from asset sales. Please see the reconciliations to GAAP measures at the end of this news release.)

By comparison, in the fourth quarter of 2019, Civeo generated revenues of $148.7 million and reported a net loss of $32.1 million, or $2.30 per share. The loss resulted in part from $20.6 million in costs associated with goodwill and asset impairments and $0.2 million in Action transaction costs. During the fourth quarter of 2019, Civeo generated operating cash flow of $41.0 million, Adjusted EBITDA of $29.9 million and free cash flow of $37.1 million.

Overall, the decrease in revenues and Adjusted EBITDA in the fourth quarter of 2020 compared to 2019 was primarily due to decreased billed rooms in our Canadian segment primarily related to the pandemic and lower oil prices.

Full Year 2020 Results

For the full year 2020, the Company reported revenues of $529.7 million and a net loss of $136.1 million, or $9.64 per share. Adjusted EBITDA for full year 2020 was $108.1 million. The loss resulted in part from $144.1 million in costs associated with goodwill and asset impairments, partially offset by $4.7 million of income associated with the settlement of a representations and warranties claim related to the Noralta acquisition. This compared to revenues of $527.6 million and a net loss of $60.3 million, or $4.33 per share, for the full year 2019. Adjusted EBITDA was $108.4 million in 2019. The 2019 loss resulted in part from $26.1 million in costs associated with goodwill and asset impairments and $0.2 million in Action transaction costs.

The consistent level of Adjusted EBITDA in 2020 as compared to 2019 was a result of weaker Canadian and U.S. segment activity related to the pandemic and lower oil prices, almost entirely offset by stronger Australian segment activity and proceeds from the Canadian Emergency Wage Subsidy program ("CEWS").

Business Segment Results

(Unless otherwise noted, the following discussion compares the quarterly results for the fourth quarter of 2020 to the results for the fourth quarter of 2019.)

Canada

During the fourth quarter of 2020, the Canada segment generated revenues of $65.5 million, operating loss of $4.1 million and Adjusted EBITDA of $13.8 million, compared to revenues of $89.7 million, operating loss of $17.9 million and Adjusted EBITDA of $20.9 million in the fourth quarter of 2019.

On a constant currency basis, the Canadian segment experienced a 28% period-over-period decrease in revenues driven by a 44% year-over-year reduction in billed rooms related to decreased customer activity due to the decline in oil prices and the COVID-19 pandemic coupled with lower turnaround activity in the oil sands region in 2020. Adjusted EBITDA for the Canadian segment decreased 34% year-over-year primarily due to lower billed rooms in the oil sands lodges, partially offset by the CEWS proceeds.

Australia

During the fourth quarter of 2020, the Australia segment generated revenues of $63.7 million, operating income of $3.6 million and Adjusted EBITDA of $17.2 million, compared to revenues of $48.9 million, operating income of $1.8 million and Adjusted EBITDA of $15.7 million in the fourth quarter of 2019. The fourth quarter of 2019 included a goodwill impairment charge of $19.9 million and an asset impairment charge of $0.7 million.

Results for the fourth quarter of 2020 reflect the impact of a strengthened Australian dollar relative to the U.S. dollar, which increased revenues by $4.1 million. On a constant currency basis, the Australian segment experienced a 22% period-over-period increase in revenues primarily driven by increased activity from our Action Catering business coupled with increased occupancy at our Bowen Basin villages. Australian village occupancy increased 4% year-over-year largely due to continued improvement in metallurgical coal activity across the Bowen Basin. Adjusted EBITDA from the Australian segment increased 9% year-over-year due to higher village occupancy as well as increased activity from our Action Catering business. Australian revenues in the fourth quarter of 2020 increased more year-over-year than Australian Adjusted EBITDA due to the growth of our Action Catering business, which has inherently lower margins related to the service-only business model.

Civeo today announced the renewal of an integrated services contract in Western Australia with expected revenues of A$62 million over a two-year term and the renewal of two contracts to provide accommodations & hospitality services in our Bowen Basin villages, with expected revenues under these contracts totaling A$39 million over approximately two-year terms.

U.S.

The U.S. segment generated revenues of $4.2 million, operating loss of $3.2 million and an Adjusted EBITDA loss of $1.4 million in the fourth quarter of 2020, compared to revenues of $10.0 million, operating loss of $6.7 million and an Adjusted EBITDA loss of $0.2 million in the fourth quarter of 2019. The revenue and Adjusted EBITDA decrease was primarily due to lower drilling and completion activity as well as lower occupancy in the U.S. lodges.

Financial Condition

As of December 31, 2020, Civeo had total liquidity of approximately $105.4 million, consisting of $99.3 million available under its revolving credit facilities and $6.2 million of cash on hand.

Civeo’s total debt outstanding on December 31, 2020 was $251.1 million, a $21.5 million decrease since September 30, 2020 and a $108.0 million decrease from December 31, 2019. The fourth quarter decrease consisted of $34.6 million in debt payments from cash flow generated by the business, partially offset by an unfavorable foreign currency translation impact of $13.1 million.

Civeo reduced its leverage ratio to 2.11x as of December 31, 2020 from 2.16x as of September 30, 2020.

During 2020, Civeo invested $10.1 million in capital expenditures, down from $29.8 million during 2019. This decrease is primarily due to the completion of the Sitka lodge expansion in 2019.

Full Year 2021 Guidance

For the full year of 2021, Civeo expects revenues of $555.0 million to $565.0 million, EBITDA of $90.0 million to $95.0 million and capital expenditures of $20.0 million to $25.0 million.

Conference Call

Civeo will host a conference call to discuss its fourth quarter 2020 financial results today at 11:00 a.m. Eastern time. This call is being webcast and can be accessed at Civeo's website at www.civeo.com. Participants may also join the conference call by dialing (866)-548-4713 in the United States or (323)-794-2093 internationally and using the conference ID 8965290#. A replay will be available after the call by dialing (844) 512-2921 in the United States or (412) 317-6671 internationally and using the conference ID 8965290#.

About Civeo

Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently operates a total of 28 lodges and villages in Canada, Australia and the U.S., with an aggregate of approximately 30,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo's website at www.civeo.com.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements herein include the statements regarding Civeo’s future plans and outlook, including guidance, current trends and liquidity needs and ability to pay down debt, are based on then current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Such risks and uncertainties include, among other things, risks associated with global health concerns and pandemics, including the COVID-19 pandemic and the risk that room occupancy may decline if our customers are limited or restricted in the availability of personnel who may become ill or be subjected to quarantine, risks associated with the general nature of the accommodations industry, risks associated with the level of supply and demand for oil, coal, iron ore and other minerals, including the level of activity, spending and developments in the Canadian oil sands, the level of demand for coal and other natural resources from, and investments and opportunities in, Australia, and fluctuations or sharp declines in the current and future prices of oil, natural gas, coal, iron ore and other minerals, risks associated with failure by our customers to reach positive final investment decisions on, or otherwise not complete, projects with respect to which we have been awarded contracts, which may cause those customers to terminate or postpone contracts, risks associated with currency exchange rates, risks associated with the company’s ability to integrate acquisitions, risks associated with the development of new projects, including whether such projects will continue in the future, risks associated with the trading price of the company’s common shares, availability and cost of capital, risks associated with our ability to remain in compliance with our financial covenants in our debt agreements, risks associated with general global economic conditions, global weather conditions, natural disasters and security threats and changes to government and environmental regulations, including climate change, and other factors discussed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Civeo’s most recent annual report on Form 10-K and other reports the company may file from time to time with the U.S. Securities and Exchange Commission. Each forward-looking statement contained herein speaks only as of the date of this release. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.

- Financial Schedules Follow -

Carolyn J. Stone
Civeo Corporation
Senior Vice President & Chief Financial Officer
713-510-2400

Jeffrey Spittel
FTI Consulting
713-353-5407

Safe, Reliable and Sustainable, Zinc is Set to Transform Energy Storage

DURHAM, N.C.--(BUSINESS WIRE)--#batteries--The International Zinc Association (IZA) is excited to announce the launch of its newest program, the Zinc Battery Initiative.

Recent extreme weather events, amplified by climate change, have once again focused attention on the future role of fossil fuels and the capacity and resilience of energy grids worldwide.

One of the most impactful ways of addressing this is through cost-effective energy storage. As renewables become an ever-greater part of the electrical grid, energy storage can help address solar and wind power's intermittency. It can also help respond to large fluctuations in demand by capturing and storing excess energy during low demand and bringing it online during peak times. Energy storage also helps provide resilience by serving as a backup energy supply when generation is interrupted. It will also play a pivotal role in electrifying transport, and other applications where power is needed, but tethered connections to the grid are not practical.

Addressing climate change and creating energy grids resistant to extreme weather will require a variety of technologies. Zinc batteries have much to contribute. They are versatile, offering flexible designs with broad operating temperatures, high power discharge, and are capable of long-duration storage. Zinc has strong supply chains in all major regions, with production in North America, South America, Europe, and Asia-Pacific. Zinc batteries also have an excellent safety record, making them an ideal choice where physical safety is essential.

“The advancement of zinc battery technologies, resulting in low-cost, sustainable, and safe options for key applications represents a disruptive innovation with significant impacts on these markets going forward,” said Andrew Green, executive director of the International Zinc Association. “We are enthusiastic about creating a partnership between our zinc-producing members and leading companies in the zinc battery sector to help promote the development and use of these technologies.”

Members of the ZBI include some of the leading companies in the zinc-battery sector, including ZincFive, Zinc8, Salient Energy, Urban Electric Power, e-Zinc, ZAF Energy Systems, and AEsir Technologies, Inc.

For more information on the Zinc Battery initiative, please visit www.zincbatteryinitiative.com.

About IZA
The IZA is a non-profit organization representing the global zinc industry to sustainably grow markets and maintain the industry's market access through effectively managed initiatives in research & development, technology transfer, and communication of the value of zinc. For additional information, please visit www.zinc.org.

About ZBI
The Zinc Battery Initiative (ZBI) is a program of the International Zinc Association (IZA). Formed in 2020 to promote rechargeable zinc batteries, ZBI facilitates cooperation between producers to enable the increased development of mission critical technologies. For more information, please visit www.zincbatteryinitiative.com.

Media Contact:
Rob Putnam
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919-287-1872

NEW YORK--(BUSINESS WIRE)--Getty Realty Corp. (NYSE:GTY) announced today that Leo Liebowitz, the Company’s Chairman & Co-Founder has elected to retire from the Board of Directors, effective February 23, 2021.

Mr. Liebowitz’s decision to retire comes after more than 50 years of service as the Company’s Chairman of the Board. In addition to his tenure as the Company’s Chairman, he served as our Chief Executive Officer from 1985 until 2010 and as our President from 1971 until 2004. Mr. Liebowitz remains one of the Company’s largest shareholders.

Mr. Liebowitz co-founded the Company through the acquisition of a single gas station in New York City in 1955. From there, he worked to assemble a portfolio of gas and service stations and build our predecessor entity, Power Test Corporation, which eventually went public in 1971 and grew to become the largest independent gasoline distributor on the East Coast.

In 1985, Mr. Liebowitz capitalized on an antitrust dispute involving the proposed acquisition by Texaco Inc. of the Getty Oil Company, paving the way for Power Test’s transformational acquisition of all of Getty’s Northeastern gasoline stations, terminals and retail supply contracts, and its name change to Getty Petroleum Corp.

In 1997, Mr. Liebowitz orchestrated the spin-off of all the petroleum marketing and distribution assets owned by Getty Petroleum to a newly created public company which, only a few years later, was taken private in a well-documented sale to Lukoil, Russia’s largest oil company. The real estate portfolio retained after the spin-off became the core property leasing business which anchors the Company’s holdings to this day.

Under Mr. Liebowitz’s extraordinary lifetime of leadership, the Company grew from a single gas station to a successful national real estate investment trust which currently owns and leases a quality portfolio of more than 950 convenience stores, gas stations, and other automotive properties.

“On behalf of the Board, the management team and all Getty employees, I want to thank Leo for his many years of dedicated and distinguished service as part of the management team and as a board member,” commented Christopher J. Constant, Getty’s President & Chief Executive Officer. “Starting with his vision to create our predecessor company, his enormous passion, commitment and immeasurable contributions to Getty over the years have been instrumental in evolving and growing Getty. On a personal note, it has been a privilege to work alongside Leo and to benefit from his leadership, experience, and friendship. It is well-known that when Leo was our CEO, he had the front door to his personal office removed as a testament and invitation to his open-door policy, and no matter how busy he was, he always made time for the Company’s employees. He has created a culture of honesty, integrity and caring, along with an unparalleled desire to succeed and grow. We will certainly miss him on the Board and wish him all the best in his retirement.”

About Getty Realty Corp.
Getty Realty Corp. is the leading publicly traded real estate investment trust (“REIT”) in the United States specializing in the acquisition, ownership, leasing, financing and redevelopment of convenience stores, gasoline stations and other automotive-related and retail real estate, including express car washes, automotive service centers, automotive parts retailers and select other properties. As of December 31, 2020, the Company owned 901 properties and leased 58 properties from third-party landlords in 35 states across the United States and Washington, D.C.

Investor Relations
(646) 349-0822
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DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources Company (NYSE:PXD) today announced that President and Chief Operating Officer Rich Dealy, will present at Raymond James Institutional Investors Virtual Conference on Wednesday, March 3, at 4:40 p.m. ET.

Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit Pioneer’s website at www.pxd.com.

Investors-
Neal Shah – 972-969-3900
Tom Fitter – 972-969-1821
Michael McNamara – 972-969-3592
Greg Wright – 972-969-1770

Media and Public Affairs-
Tadd Owens – 972-969-5760

ST. CATHARINES, Ontario--(BUSINESS WIRE)--Algoma Central Corporation (“Algoma” or “the Company”) (TSX: ALC), a leading provider of marine transportation services, today announced its results for the year ended December 31, 2020. (All amounts reported below are in thousands of Canadian dollars, except for per share data and where the context dictates otherwise.)

Algoma is reporting very strong financial results for 2020, a year in which a global pandemic introduced a number of economic and operating challenges. As a marine transportation company and a provider of critical marine infrastructure, the Company is a key link in our customers' supply chains. Algoma, along with others in the industry, was deemed an essential service and the Company operated throughout the pandemic. In the face of these unprecedented operating conditions, the Company delivered a 16% increase in EBITDA, and a 92% increase in earnings per share (29% increase on an adjusted basis - see Management's Discussion and Analysis).

Fiscal 2020 business highlights include:

• A favourable mix of trades coupled with strong freight rates drove higher results in the Domestic Dry-Bulk segment. The segment experienced increased volumes in the higher margin grain and salt sectors, while volumes in the iron ore and construction materials sectors were lower than the prior year.
• The Product Tanker segment experienced strong utilization for movements of products from the Great Lakes to the east coast, despite a decline in retail fuel consumption that resulted from the reductions in air travel and personal vehicle use in the spring and summer.
• In the Ocean Self-Unloader segment, five dry-dockings were undertaken successfully during the year, despite facing challenges associated with the COVID-19 pandemic, and tight cost control enabled the company to partially offset the impact of weakness in volumes shipped.
• The Company completed a refinancing of its senior secured credit facilities in December in advance of mid-2021 scheduled maturities, securing long-dated debt on highly favourable terms.
• The Company’s Board of Directors authorized payment of a Special Dividend to shareholders of $2.65 per common share as a result of the re-financing mentioned above. The dividend was paid on January 12, 2021 to shareholders of record on December 28, 2020.

EBITDA, which includes our share of joint venture EBITDA, for the year ended December 31, 2020 was $174,063 an increase of 16% or $23,543, compared to the prior year. EBITDA is determined as follows:

"When I reflect on the year here at Algoma, the resiliency of the Algoma team always comes first to my mind,” said Gregg Ruhl, President and CEO of Algoma Central Corporation. "Our teams, both shipboard and shoreside, have had to pivot and adapt countless times this year and I couldn’t be more proud of the hard work, dedication and strength demonstrated by everyone in the Algoma family,” continued Mr. Ruhl. "We reacted to the COVID-19 pandemic early in March and we were able to respond quickly to address the needs of our customers and, as a result, we experienced very strong financial results. Although the year came with its challenges, we successfully deployed our fleet to meet new market demand and we did this all while maintaining our commitment to providing safe, efficient and reliable transportation of essential goods both domestically and around the world.”

Outlook

The steady improvement in volumes over the latter part of 2020 in the Domestic Dry-Bulk segment is expected to be sustained into 2021. Salt products are expected to continue to grow, offsetting a return of grain volumes to more normal levels and shortfalls in other commodities compared to historic levels. The Product Tanker segment is very dependent on progress in re-opening the economy and the country and particularly how this impacts air and vehicle traffic. The current expectation for Product Tankers is for reduced revenue days compared to 2020, when we benefited from logistics decisions taken by our main customer that we do not expect to be repeated in the coming year. The Ocean Self-Unloader business should benefit from an increase in on-hire days now that the heavy dry-docking calendar is behind us and Pool volumes are expected to continue a slow recovery over the course of 2021.

We expect the cost environment to be more difficult in 2021 as the Company makes significant investments in training and developing its next generation of shipboard employees. In addition, maintenance and lay-up spending is expected to rise, partially reflecting the impact of the 2020 decisions to defer spending, as well as dry-dockings that are required for certain domestic vessels.

The MD&A for the year ended December 31, 2020 includes further details. Full results for the year ended December 31, 2020 can be found on the Company’s website at www.algonet.com/investor-relations and on SEDAR at www.sedar.com.

Normal Course Issuer Bid

On March 19, 2020, the Company renewed its normal course issuer bid with the intention to purchase, through the facilities of the TSX, up to 1,890,457 of its Common Shares ("Shares") representing approximately 5% of the 37,809,143 Shares which were issued and outstanding as at the close of business on March 4, 2020 (the “NCIB”). The Company bought 23,600 shares under NCIBs in 2020.

The Company intends to renew its normal course issuer bid upon receipt of the required approvals from regulatory authorities.

Cash Dividends

The Company’s Board of Directors has authorized payment of a quarterly dividend to shareholders of $0.17 per common share, an increase of $0.04 per common share. The dividend will be paid on March 1, 2021 to shareholders of record on February 15, 2021.

Use of Non-GAAP Measures

There are measures included in this press release that do not have a standardized meaning under generally accepted accounting principles (GAAP). The Company includes these measures because it believes certain investors use these measures as a means of assessing financial performance. EBITDA is a non-GAAP measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Please refer to the Management’s Discussions and Analysis for the year ended December 31, 2020 for further information regarding non-GAAP measures.

About Algoma Central

Algoma owns and operates the largest fleet of dry and liquid bulk carriers operating on the Great Lakes - St. Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry-bulk carriers, cement carriers, and product tankers. Algoma also owns ocean self-unloading dry-bulk vessels operating in international markets and a 50% interest in NovaAlgoma, which owns and operates a diversified portfolio of dry-bulk fleets serving customers internationally.

Gregg A. Ruhl
President & CEO
905-687-7890

Peter D. Winkley
Chief Financial Officer
905-687-7897

Or visit
www.algonet.com or www.sedar.com

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

ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--$ARR.TO--Altius Renewable Royalties Corp. (TSX: ARR) (“ARR” or the “Company”) announced today that it has obtained a receipt for its final base PREP prospectus filed with the securities regulatory authorities in each of the provinces and territories of Canada and has entered into an underwriting agreement in respect of its initial public offering of 9,100,000 Common Shares (“Shares”) of the Company at a price of C$11.00 per share (the “Offering Price”) for aggregate gross proceeds of C$100,100,000 (the “Offering”). The Offering is expected to close on March 3, 2021.

The Toronto Stock Exchange (the “TSX”) has conditionally approved the listing of ARR’s Shares pursuant to the TSX Sandbox requirements and otherwise subject to a $75 million minimum offering as well as other customary listing requirements. The Shares are expected to begin trading on the TSX on an "if, as and when issued basis" on February 26, 2021 under the symbol “ARR”.

The Offering is being made through a syndicate of underwriters led by TD Securities Inc. and Scotia Capital Inc., together with a syndicate comprised of Raymond James Ltd., Cormark Securities Inc., Canaccord Genuity Corp., Laurentian Bank Securities Inc., National Bank Financial and Haywood Securities Inc. (collectively, the "Underwriters").

The Company has also granted to the Underwriters an over-allotment option to purchase up to an additional 1,365,000 Shares at the Offering Price resulting in total gross proceeds to the Company of C$115,115,000 if the option is exercised in full. The over-allotment option can be exercised for a period of 30 days from the closing date of the Offering.

Following the completion of the Offering, Altius Minerals Corporation (TSX: ALS) is expected to hold 15,638,639 common shares of the Company or approximately 61% of the issued and outstanding shares of the Company (or approximately 58% of the issued and outstanding shares of the Company if the Over-Allotment Option is exercised in full).

A copy of ARR’s supplemented PREP prospectus will be available on SEDAR at www.sedar.com on February 25, 2021.

About ARR

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

Forward-looking information

This press release contains “forward-looking information” within the meaning of applicable securities laws, including statements with regard to the closing of the Offering. Forward-looking information involves known and unknown risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, those described under “Risk Factors” in ARR’s final base PREP prospectus. Forward-looking information is based on management’s beliefs and assumptions and on information currently available to management. Although the forward-looking information contained in this press release is based upon what management believes are reasonable assumptions, you are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained in this press release is provided as of the date of this press release, and the Company does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

No securities regulatory authority has either approved or disapproved the contents of this press release. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any U.S. state securities law and may not be offered or sold in the United States except in compliance with the registration requirements of the said Act and applicable U.S. state securities laws or pursuant to an exemption therefrom.

Flora Wood
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: 1.877.576.2209
Direct: +1(416)346.9020

Ben Lewis
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: 1.877.576.2209

Becomes Approved Lighting Solution Technology Partner for Global Energy Services Provider

SOLON, Ohio--(BUSINESS WIRE)--#EDFGroup--Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable and human-centric lighting (“HCL”) LED and control technologies, is officially approved as a Lighting Solution Technology vendor for Dalkia, a subsidiary of EDF Group. The full range of Energy Focus’ LED lighting and control products will now be offered for Dalkia’s building energy retrofit projects.

Dalkia is a $5 billion, global energy services company that provides advanced and comprehensive energy efficiency and sustainability solutions for buildings and facilities. Partnering with a wide array of the world’s best suppliers of components and technology products, Dalkia is able to provide its customers with state-of-the-art building energy solutions that perfectly suit the individual needs of their customers’ business. This supply partnership will bring Dalkia’s customers Energy Focus’ high-quality LED lighting products, including its EnFocus™ lighting control platform, to maximize their return-on-investment as well as sustainability impacts from lighting upgrades.

David Levine, Senior Vice President of Business Development for Dalkia said, “Our goal is to decarbonize existing buildings by providing best-in-class building efficiency solutions for our customers. In that effort, we have a rigorous, continual vetting process for emerging technologies. Energy Focus has displayed a proven commitment to innovation, reliability, and sustainability across their product lines. We are pleased to count them as a preferred partner of energy efficient lighting technologies.”

Wanda Adams, Vice President of Business Development for Commercial Lighting for Energy Focus, adds: “As a leading, global energy services solutions provider, Dalkia has a stellar and time-tested reputation as a thought leader and innovator in delivering optimal energy savings and sustainability improvements for large, complex facilities’ infrastructures. We very much look forward to offering our industry-leading LED lighting technologies including human-centric lighting and UV-C disinfection products that further elevate the energy efficiency, sustainability, and wellness impacts that Dalkia brings to their customers.”

About Energy Focus

Energy Focus is an industry-leading innovator of sustainable and human-centric lighting technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products that provide extensive energy and maintenance savings, as well as aesthetics, safety, health and sustainability benefits over conventional lighting. Our EnFocus™ lighting control platform enables existing and new buildings to provide quality, convenient and affordable, dimmable and color-tunable, circadian and human-centric lighting capabilities. Our patent-pending UV-C Disinfection technologies and products, announced in late 2020 and scheduled to start delivering in the first half of 2021, aim to provide effective, reliable and affordable UVCD solutions for buildings, facilities and homes. Energy Focus’s customers include U.S. and foreign navies, U.S. federal, state and local governments, healthcare and educational institutions, as well as Fortune 500 companies. Energy Focus is headquartered in Solon, Ohio. For more information, visit the website at www.energyfocus.com.

About Dalkia Group, EDF

Dalkia, is a member of the EDF Group, a 16,000-person energy services provider that is developing, building and managing innovative clean energy solutions to streamline building operations for companies and public entities across the United States and Globally. With national presence and decades-long track record of success worldwide, Dalkia helps customers that own or operate industrial, commercial, healthcare, and public facilities get more out of the energy they use while paying less and shrinking their carbon footprint. A comprehensive provider of multiple energy services, Dalkia delivers projects and services ranging from energy efficiency to on-site generation and renewables. To learn more, visit www.dalkiasolutions.com.

Media:
DGI Comm
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212-825-3210

LOS ANGELES--(BUSINESS WIRE)--Motorcar Parts of America, Inc. (Nasdaq: MPAA) today announced its wholly owned subsidiary D&V Electronics USA has received notification that its high-power direct current emulator is being utilized in the development program of an extreme fast EV charger spearheaded by Delta Electronics’ automotive division and sponsored by the U.S. Department of Energy.

The charger is expected to have up to 400kW capacity to provide an approximately 180-mile range for electric vehicles with less than ten minutes of charging time.

The bi-directional battery emulator plays a key role in the development of this extreme charging system by allowing engineers to test multiple input voltages and varying loads along with simulating vehicle-to-grid scenarios.

The emulator is located at NextEnergy in Detroit, Michigan -- the site of the microgrid retrofitted for testing and analysis of the fast charger by Delta’s engineering team.

“This project highlights the critical role of diagnostic and testing equipment in the development of innovative electric vehicle technology, components, and systems, and the high regard of D&V Electronics in the industry. We look forward to continued opportunities to participate in the electric vehicle industry, while also offering innovative products and solutions to the aftermarket industry,” said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts of America.

“Fast charging is critical to expediting adoption rates for EVs,” said Dr. Charles Zhu, Delta’s VP of Automotive Vertical and the principal investigator in the Department of Energy program. “We are excited to utilize the battery emulator to test all 400kW charging conditions with 200V-1000V charging voltage ranges that encompass all EVs currently in the market.”

The program is also being supported by Delta’s Power Electronics Laboratory, based in North Carolina’s Research Triangle Park, as well as partners that include General Motors LLC, DTE Energy, CPES Virginia Tech, NextEnergy, the Michigan Agency for Energy Office and the City of Detroit’s Office of Sustainability.

ABOUT D&V ELECTRONICS

Founded in 1997 and acquired by Motorcar Parts of America in 2017, the electrical vehicle subsidiary, with customers in more than 90 countries, designs and manufactures testing solutions for performance, endurance, and production of multiple components in the electric power train – providing simulation, emulation, and production applications for the electrification of both automotive and aerospace industries, including electric vehicle charging systems. Additional information is available at www.dvelectronics.com.

ABOUT MOTORCAR PARTS OF AMERICA

Motorcar Parts of America, Inc. is a remanufacturer, manufacturer, and distributor of automotive aftermarket parts -- including alternators, starters, wheel bearings and hub assemblies, brake calipers, brake master cylinders, brake power boosters, turbochargers, and diagnostic testing equipment utilized in imported and domestic passenger vehicles, light trucks, and heavy-duty applications. Its products are sold to automotive retail outlets and the professional repair market throughout the United States, Canada, and Mexico, with facilities located in California, New York, Mexico, Malaysia, China and India, and administrative offices located in California, Tennessee, Mexico, Singapore, Malaysia, and Canada. Additional information is available at www.motorcarparts.com.

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company’s current expectations and beliefs concerning future developments and their potential effects on the company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors. Reference is also made to the Risk Factors set forth in the company’s Form 10-K Annual Report filed with the Securities and Exchange Commission (SEC) in June 2020 and in its Forms 10-Q filed with the SEC for additional risks and uncertainties facing the company. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.

Gary S. Maier
(310) 471-1288