DUBLIN--(BUSINESS WIRE)--The "Offshore Air Handling Units Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2020 To 2028" report has been added to ResearchAndMarkets.com's offering.

This report offers strategic insights into the global air handling units market with a focus on the offshore applications along with the market size and estimates for the duration 2018 to 2028. The said research study covers an in-depth analysis of multiple market segments based on product types, capacity, applications, and cross-sectional study across different geographies. The study covers the comparative analysis of different segments for the years 2019 & 2028. The report also provides a prolific view on market dynamics such as market drivers, restraints, and opportunities.

Due to harsh environmental conditions observed in offshore applications, it becomes essential to use air handling units manufactured using corrosion-resistant and light-weight materials. Air handling units, also referred to as air handler, acts as lungs of the overall HVAC system and hence becomes a crucial component of the overall system. In offshore applications, the major concern is to protect the air handling units from salty air, rain and stormy weather aboard the offshore facilities. Anoffshore air handling unit is typically designed in a large metal frame (typically made of aluminum) comprising various components such as fans, filters, heating/cooling elements, silencers, and dampers. The outer box is made up of stainless, steel galvanized steel, or aluminum alloys in order to ensure better environmental protection.

Air handling units are commonly used across various applications including oil rigs, cargo ships, cruise liners, navy ships, and other marine applications. With the overall rising offshore industry worldwide, the demand for air handling units in the sector is estimated to remain strong in the following years. This is the prime factor bolstering the offshore air handling unit market growth. Due to rising efforts by the manufacturers towards providing energy-efficient, light-weight, and durable units, the market has emerged quite competitive since the past few years. However, with the onset of the COVID-19 pandemic, the market has witnessed a significant decline due to lockdown measures and economic uncertainties.

In order to help strategic decision-makers, the report also includes competitive profiling of the leading AHU manufacturers, market positioning, and key developments. Some of the major players profiled in the report are GEA Heat Exchangers Group, Wozair Ltd., Mitsubishi Electric, Johnson Controls, Inc., Systemair Ltd., Heinen and Hopman, Flakt Woods Group, Novenco AS and others.

Other in-depth analysis provided in the report includes:

• Current and future market trends to justify the forthcoming attractive markets within the offshore air handling units and HVAC industry
• Market fuelers, market impediments, and their impact on the market growth
• In-depth competitive environment analysis
• Trailing 2-Year market size data (2018 - 2019)
• SRC (Segment-Region-Country) Analysis

Key Topics Covered:

Chapter 1 Preface

Chapter 2 Executive Summary

Chapter 3 Market Dynamics

3.1 Introduction

3.1.1 Global Offshore Air Handling Units Market Revenue and Growth, 2018 - 2028, (US$ Mn) (Y-o-Y %)

3.2 Key Trends and Future Outlook

3.2.1 Product enhancement

3.2.2 Customized products:

3.2.3 Energy saving is the need of the hour:

3.3 Market Drivers

3.3.1 Rising cruise liner industry worldwide

3.3.2 Anticipated growth in oil & gas rigs construction

3.4 Market Growth Inhibitors

3.4.1 Uncertain market conditions and regulations

3.5 Opportunities

3.6 See-Saw Analysis

3.6.1 Impact Analysis of Drivers and Restraints

3.7 Competitive Landscape

3.7.1 Market Positioning of Key Offshore air handling units Manufacturers

Chapter 4 Offshore Air Handling Units Market Analysis, by Application

4.1 Overview

4.2 Packaged Air Handling Units

4.2.1 Global Packaged Offshore Air Handling Units Market Revenue, 2018 - 2028, (US$ Mn)

4.3 Modular Air Handling Units

4.3.1 Global Modular Offshore Air Handling Units Market Revenue, 2018 - 2028, (US$ Mn)

4.4 Custom Air Handling Units

4.4.1 Global Custom Offshore Air Handling Units Market Revenue, 2018 - 2028, (US$ Mn)

Chapter 5 Offshore Air Handling Units Market Analysis, by Fan Type

5.1 Overview

5.2 Single Inlet Single Width (SISW)

5.3 Double Inlet Double Width (DIDW)

Chapter 6 Offshore Air Handling Units Market Analysis, by Capacity

6.1 Overview

6.2 Capacity Less than 5000m3/hr

6.3 Medium Capacity (5000m3/hr to 15000m3/hr)

6.4 High Capacity (more than 15000m3/hr)

Chapter 7 Offshore Air Handling Units Market Analysis, by Application

7.1 Overview

7.2 Oil and Gas Rigs

7.3 Cruise Liners and Yacht

7.4 Defense

7.5 Floating Production Storage and Offloading (FPSO)

7.6 Cargo Ships

7.7 Others

Chapter 8 North America Offshore Air Handling Units Market Analysis

Chapter 9 Europe Offshore Air Handling Units Market Analysis

Chapter 10 Asia Pacific Offshore Air Handling Units Market Analysis

Chapter 11 Middle East & Africa (MEA)Offshore Air Handling Units Market Analysis

Chapter 12 Latin America Offshore Air Handling Units Market Analysis

Chapter 13 Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/3q7rqq

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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COLUMBUS, Ind.--(BUSINESS WIRE)--Cummins Inc. (NYSE: CMI) announced today that several leaders were named vice presidents, effective March 1. These appointments are consistent with the company's approach to succession planning and leadership development to ensure the company is best positioned for continued growth and success.

"The world is rapidly changing and we need strong leaders who excel at both strategy and execution to ensure our company, employees and communities can continue to thrive, and I am confident this group will help successfully guide us," said Tom Linebarger, Chairman and CEO, Cummins Inc. "All five of these leaders are experts in their fields and hold roles strategically important to Cummins' long-term success. They are highly capable leaders who consistently champion our leadership behaviors and live Cummins' values in all they do. I am confident they will help us lead Cummins successfully."

Gary Johansen – Vice President, Power Systems Engineering
Johansen has been with Cummins since 1987 and has worked in many parts of the company over the course of his career. He has held leadership roles in MidRange, Heavy-Duty, High Horsepower, Power Generation and Power Systems businesses. Johansen is known as an outstanding engineer and has contributed significantly to Cummins. His achievements include increasing the engineering infrastructure with new tools and techniques, focusing on improvements in product development, technology and innovation, launching several new large platform programs, and the convergence of global product architecture. Johansen is a strong leader and invests a lot of time in his own leadership development and creating environments for others to succeed. Johansen is also actively engaged in the community, having served in several community organizations focused on STEM education, affordable housing, and improving the quality of life for individuals with severe disabilities.

Jonathon White – Vice President, Engine Segment Engineering
White joined Cummins in 1988 and has held various roles over the course of his career, including leadership positions in Product Engineering, Customer Engineering, On-highway Engineering and Off-highway Engineering. White is an experienced technical leader within the automotive commercial vehicle and industrial equipment industry with over 30 years supporting the Cummins Engine segment. He has extensive experience in Product Development and has been involved in some of Cummins' most important engine programs such as the recent launches of National Stage VI (NS VI) in China and Bharat Stage VI (BS VI) in India, as well as EPA product launches. White has global experience having lived and worked in the U.S., U.K. and China, which uniquely position him to lead global Engine segment engineering, given his broad understanding of customer applications and needs. White is committed to Cummins' values of teamwork and excellence. He has a collaborative leadership style that creates work environments that encourage idea generation and develop teams that arrive at the best, most creative solutions.

Jason Wang – Vice President, Partnerships and Joint Ventures – China Area Business Organization
Wang joined Cummins in 2009 as the Plant Manager of Cummins Generator Technologies (CGT) China. Since that time he has successfully led in many parts of Cummins in China, including roles as General Manager of CGT China, General Manager of China High Horsepower business, General Manager of Distribution segment China, Executive Deputy General Manager of Dongfeng Cummins Engine Company, and most recently as the General Manager of China Engine Business Joint Ventures and Partnerships. Prior to joining Cummins, Wang served in various operations and management positions with multinational companies. Wang brings a wide variety of experiences and expertise to the organization. He excels in tactical operations and he has a deep understanding of how to manage complex strategic relationships to balance the needs of customers, suppliers, partnerships, employees and communities.

Kurt Kuhn – Vice President, Internal Audit
Kuhn joined Cummins in 2005. Since that time, he has been steadily promoted through the Audit function and contributed to the design and implementation of many of today's existing internal audit processes. Kuhn is a skilled financial expert with a unique blend of information technology, audit, process and internal control experience. Kuhn has led several high-impact projects such as improving the global month-end close process from a systems and process perspective and coordinating the company's global internal controls assessment for Sarbanes-Oxley compliance. Kuhn has a disciplined approach to process improvement and is a committed and collaborative leader working effectively with employees across Cummins' functions and businesses.

Carolyn Butler-Lee – Vice President, Diversity and Inclusion
Butler-Lee joined Cummins in 1995 in Internal Audit and over the course of her career with Cummins, she has worked in many areas of the organization in numerous roles, including Finance, Compensation and Benefits, Six Sigma Black Belt, Logistics Strategy for Cummins Filtration, and Human Resources partner supporting Cummins Electronics and Fuel Systems, Cummins Emissions Solutions and the Chief Administrative Officer. She currently leads Global Diversity and Inclusion for Cummins. Butler-Lee is knowledgeable about the business and human resources, and uses her experience to lead strategic and tactical improvements across countries, segments, functions, work environments, and personalities. Butler-Lee is a strong and collaborative leader and committed to Cummins' values of Diversity and Inclusion and Excellence.

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

Jon Mills
Cummins Inc.
Phone: 317-658-4540
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DUBLIN--(BUSINESS WIRE)--The "Global Floating Power Plant Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.

The global floating power plant market is evaluated at US$1,217.139 Million for the year 2020 growing at a CAGR of 10.03% reaching the market size of US$2,159.766 Million by the year 2026.

Floating power plant refers to the type of power plants that are built on ships or other floating platforms like barges. The concept is comparatively new and several projects are under development owing to the advantages posed by it. The one advantage due to which the concept is gaining a significant amount of traction is that developing a power plant on a ship or a floating platform would help save the operators a substantial amount of space on land.

Additionally, there would be lesser requirement to transport the components of a power plant by road as a floating power plant can be completely be assembled in a shipyard and can be transported on their floating foundations to anywhere using tugboats. A key factor driving the developments in the floating power plant sector is their ability to be transported to a remote coastlands if they have been hit by an earthquake or tsunami with electricity and water where getting either of them gets difficult given the destruction level. Furthermore, a floating power plant can also be use to offset the breakdown of an old power plant. The ease with which they can be moved to another place when their purpose finishes at a place is a key advantage of this concept. The market of floating power plants is expected to witness a significant growth during the forecast period owing to the increasing awareness amongst the operators about the benefits these type of establishments have over the plants that are built on land.

Additionally, with the companies offering various business plans for the operators, it has become easier for the customers to make use of a power plant for various purposes. For instance, Siemens Financial Services have come up with an interesting business model which will allow the customers to buy the floating power plant or if they need they can lend/lease it from them for the duration that they need it. Furthermore, for the cases where the business find the land prices too expensive can opt for the floating version which is expected to be more cost effective comparatively.

A key factor expected to restrict the growth of the market during the forecast period is ability of the floating power plant to tackle rough weather conditions like tsunami and cyclones which might disrupt the working conditions of the plant severely.

The advent of COVID-19 had an adverse impact on the global Floating power plant market since the pandemic brought the activities in power industry to a standstill globally which restricted the research & development activities that are required to be done. After the initial lockdown period, some of the activities were allowed but with restrictions and certain protocols that were required to be followed like the construction and the assembling of the floating power plant will be done with lesser capacity which will require less labour to come in contact and social distancing was required to be maintained in the premises as well. Moreover, the sales of the equipment required for the development of the plant in dipped during the initial months of the year owing to the lockdown which led to the shutting down of the sellers for a certain period initially and thus disrupting the supply chain. Countries across the globe were under lockdown in the year which led to a decline in the prices of several components of a floating power plant globally. With the industries recovering after the pandemic gradually, the ongoing and upcoming developments in the business are expected to operate in full capacity starting from the third and fourth quarters of 2020. This will further help in the recovery of the floating power plant market.

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Dynamics

4.1. Market Drivers

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.4. Industry Value Chain Analysis

5. Floating Power Plant Market Analysis, by Source

5.1. Introduction

5.2. Renewable

5.3. Non-Renewable

6. Floating Power Plant Market Analysis, by Capacity

6.1. Introduction

6.2. 0-50 MW

6.3. 6-20 MW

6.4. 21-100 MW

6.5. 101-250 MW

6.6. above 250 MW

7. Floating Power Plant Market Analysis, by Geography

7.1. Introduction

7.2. North America

7.3. South America

7.4. Europe

7.5. Middle East and Africa

7.6. Asia Pacific

8. Competitive Environment and Analysis

8.1. Major Players and Strategy Analysis

8.2. Emerging Players and Market Lucrativeness

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Vendor Competitiveness Matrix

9. Company Profiles

9.1. Ciel & Terre international

9.2. Kawasaki Heavy Industries Ltd

9.3. Wartsila Oyj Abp

9.4. Siemens AG

9.5. General Electric Company

9.6. Karadeniz Holding

9.7. Equinor ASA

For more information about this report visit https://www.researchandmarkets.com/r/6wwjj4

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today announced the retirement of Matt Fox as executive vice president and chief operating officer after a successful 35-year career with the company. The retirement is effective on May 1, 2021.

Fox began his career with Conoco as a reservoir engineer and held numerous positions of increasing responsibility until becoming a member of the executive leadership team at the time of ConocoPhillips’ spinoff of its downstream operations in 2012. Since then, he has led operations, exploration, technical functions, business development and strategic activities across the company.

“I want to thank Matt for his many contributions over the course of his career with ConocoPhillips, but especially as a member of our executive leadership team,” said Ryan Lance, chairman and chief executive officer. “Matt has played a valuable role in helping to guide our successful transformation as an independent E&P company through his technical and mentoring work in decision analysis and capital allocation processes, as well as his support of numerous portfolio high-grading accomplishments, including the recent acquisition of Concho Resources. I wish Matt the very best in retirement.”

--- # # # ---

About ConocoPhillips

Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 15 countries, $63 billion of total assets, and approximately 9,700 employees at Dec. 31, 2020. Production excluding Libya averaged 1,118 MBOED for the 12 months ended Dec. 31, 2020, and proved reserves were 4.5 BBOE as of Dec. 31, 2020. For more information, go to www.conocophillips.com.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Words and phrases such as “anticipate," “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict," “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include the impact of public health crises, including pandemics (such as COVID-19) and epidemics and any related company or government policies or actions; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including a prolonged decline in these prices relative to historical or future expected levels; changes in expected levels of oil and gas reserves or production; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks or unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of our business; our ability to collect payments when due under our settlement agreement with PDVSA; our ability to collect payments from the government of Venezuela as ordered by the ICSID; our ability to liquidate the common stock issued to us by Cenovus Energy Inc. at prices we deem acceptable, or at all; our ability to complete our announced or any future dispositions or acquisitions on time, if at all; the possibility that regulatory approvals for our announced or any future dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of the transactions or our remaining business; business disruptions during or following our announced or any future dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced or any future dispositions in the manner and timeframe we anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation, including litigation related to our transaction with Concho Resources Inc. (Concho); the impact of competition and consolidation in the oil and gas industry; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions; the ability to successfully integrate the operations of Concho with our operations and achieve the anticipated benefits from the transaction; unanticipated difficulties or expenditures relating to the Concho transaction; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from extraordinary weather events, civil unrest, war, terrorism or a cyber attack; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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281-293-1451
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• CenterPoint Energy reported fourth quarter 2020 earnings of $0.27 per diluted share, $0.29  earnings per diluted share on a guidance basis
• Full-year 2020 results show a loss of $1.79 per diluted share, and $1.40 earnings per diluted share on a guidance basis, with $1.17 from Utility Operations and $0.23 from Midstream Investments 
• Fourth quarter and full-year 2020 guidance basis results beat consensus and guidance 
• Raising 2021 Utility EPS guidance range to $1.24 - $1.26, and reiterating 6% - 8% Utility EPS guidance basis growth rate target and 10% rate base compound annual growth rate 
• CenterPoint Energy remains focused on customers, and is proud of its dedicated employees and the resiliency of its electric and gas systems during the February 2021 winter storm

HOUSTON--(BUSINESS WIRE)--CenterPoint Energy, Inc. (NYSE: CNP) today reported fourth quarter 2020 earnings of $0.27 per diluted common share, compared to $0.25 per diluted common share for the fourth quarter of 2019. On a guidance basis, fourth quarter 2020 earnings were $0.29 per diluted share, compared to $0.35 per diluted share for the fourth quarter of 2019.

CenterPoint Energy also reported a loss available to common shareholders of $949 million, or a loss of $1.79 per diluted share, for the full-year 2020, compared with income available to common shareholders of $674 million, or $1.33 per diluted share for the full-year 2019. Full year 2020 results included after-tax non-cash impairment charges of $1,269 million or $2.25 per diluted share, associated with the company's midstream investments. On a guidance basis, full-year 2020 earnings were $1.40 per diluted share, compared to $1.60 per diluted share for full-year 2019.

“Our service territories, particularly here in Texas, have been significantly impacted by the recent severe winter storm. Our thoughts are with our communities and our customers as they recover from the impacts of this storm,” said Dave Lesar, President and Chief Executive Officer of CenterPoint Energy.

“I am proud of our employees who went above and beyond to manage the impacts of the storm, the generation shortfall, and the resulting ERCOT electricity curtailment. We are also pleased with our system’s performance during this event and proud to report that over 98% of our 2.6 million electric customers had power within 12 hours of having the electricity supply made available to us.”

“We are proactively managing our near-term working capital needs resulting from the February winter storm. Today, we are pleased to announce we have secured $1.7 billion in financing commitments to help us bridge short term liquidity needs. We believe that this short-term financing, along with our existing credit facilities, will help provide ample liquidity for us to address any winter storm-related expenses.”

“Looking back to 2020, our strong guidance based results speak to the quality of our utility business and our ability to withstand headwinds due in part to our exceptional customer growth and timely recovery mechanisms. While maintaining our 6% - 8% guidance basis Utility EPS growth target and 10% rate base compound annual growth rate, we are raising our 2021 guidance basis Utility EPS range to $1.24 - $1.26.”

Lesar added, “We have also recently announced our support of the merger between Enable Midstream Partners, LP and Energy Transfer LP. We committed to taking a disciplined approach to minimizing our midstream exposure on our December 7^th Investor Day and this transaction is a big step for CenterPoint Energy as we deliver on our promises to our shareholders. By taking steps to significantly reduce the risk of our midstream investment and improve the liquidity of the underlying security, we can accelerate our transition to a fully regulated business model. We will keep you updated on the closing of the transaction and our plan to ultimately eliminate our midstream exposure.”

Earnings Outlook

Given the recently announced merger between Enable and Energy Transfer, CenterPoint Energy will only be presenting a guidance basis Utility EPS range for 2021 as Enable did not provide 2021 guidance during its recent earnings call.

In addition to presenting its financial results in accordance with GAAP, including presentation of income (loss) available to common shareholders and diluted earnings (loss) per share, CenterPoint Energy provides guidance based on guidance basis income and guidance basis diluted earnings per share, which are non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance that excludes or includes amounts that are not normally excluded or included in the most directly comparable GAAP financial measure.

Management evaluates CenterPoint Energy’s financial performance in part based on guidance basis income and guidance basis earnings per share. Management believes that presenting these non-GAAP financial measures enhances an investor’s understanding of CenterPoint Energy’s overall financial performance, by providing them with an additional meaningful and relevant comparison of current and anticipated future results across periods. The adjustments made in these non-GAAP financial measures exclude items that Management believes do not most accurately reflect the company’s fundamental business performance. These excluded items are reflected in the reconciliation tables of this news release, where applicable. CenterPoint Energy’s guidance basis income and guidance basis diluted earnings per share non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, income available to common shareholders and diluted earnings per share, which respectively are the most directly comparable GAAP financial measures. These non-GAAP financial measures also may be different than non-GAAP financial measures used by other companies.

(1) Utility EPS Guidance Range

• The Utility EPS guidance range includes net income from Electric and Natural Gas segments, as well as after tax Corporate and Other operating income and an allocation of corporate overhead based upon the Utility’s relative earnings contribution. Corporate overhead consists primarily of interest expense, preferred stock dividend requirements, and other items directly attributable to the parent along with the associated income taxes.
• The Utility EPS guidance excludes:
  • Earnings or losses from the change in value of ZENS and related securities
  • Certain expenses associated with merger integration
  • Midstream Investments segment and associated income from the Enable preferred units and a corresponding amount of debt in addition to an allocation of associated corporate overhead and impact, including related expenses, associated with the merger between Enable and Energy Transfer
  • Cost associated with the early extinguishment of debt
  • Gain and impact, including related expenses, associated with gas LDC sales

In providing this guidance, CenterPoint Energy does not consider the items noted above and other potential impacts such as changes in accounting standards, impairments or other unusual items, which could have a material impact on GAAP reported results for the applicable guidance period. The 2021 Utility EPS guidance range also considers assumptions for certain significant variables that may impact earnings, such as customer growth and usage including normal weather, throughput, recovery of capital invested, effective tax rates, financing activities and related interest rates, and regulatory and judicial proceedings. In addition, the 2021 Utility EPS guidance range assumes a continued re-opening of the economy in CenterPoint Energy’s service territories throughout 2021. To the extent actual results deviate from these assumptions, the 2021 Utility EPS guidance range may not be met or the projected annual Utility EPS growth rate may change. CenterPoint Energy is unable to present a quantitative reconciliation of forward-looking guidance basis diluted earnings per share because changes in the value of ZENS and related securities, future impairments, and other unusual items are not estimable and are difficult to predict due to various factors outside of management’s control.

(2) Midstream Investments EPS Expected Range

Midstream guidance is not initiated at this time as a result of a pending merger between Enable and Energy Transfer. CenterPoint Energy will continue to record its share of Enable’s earnings as well as basis difference accretion, earnings from the Enable preferred distributions net of an associated amount of debt, interest on the Midstream note, and an allocation of corporate overhead based on Midstream Investment segment’s relative earnings contribution until the transaction closes.

Upon closing of the transaction, CenterPoint Energy’s investment in Energy Transfer will be accounted for as an equity method investment with a fair value option. Following the closing of the transaction, CenterPoint Energy will establish Midstream Investments EPS expected range based on the distributions from Energy Transfer and the debt and corporate allocations previously described as a component of our Midstream Investments, excluding market-to-market gains or losses recorded for the Energy Transfer investments.

Reconciliation of Consolidated income (loss) available to common shareholders and diluted earnings (loss) per share (GAAP) to guidance basis income and guidance basis diluted earnings per share (Non-GAAP)

Filing of Form 10-K for CenterPoint Energy, Inc.

Today, CenterPoint Energy, Inc. filed with the Securities and Exchange Commission (SEC) its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 ("2020 Form 10-K"). A copy of that report is available on the company’s website, under the Investors section. Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts, and the Investor Relations page of our website. In the future, we will continue to use these channels to distribute material information about the company and to communicate important information about the company, key personnel, corporate initiatives, regulatory updates and other matters. Information that we post on our website could be deemed material; therefore we encourage investors, the media, our customers, business partners and others interested in our company to review the information we post on our website.

Webcast of Earnings Conference Call

CenterPoint Energy’s management will host an earnings conference call on Thursday, February 25, 2021, at 7:00 a.m. Central time/8:00 a.m. Eastern time. Interested parties may listen to a live audio broadcast of the conference call on the company’s website under the Investors section. A replay of the call can be accessed approximately two hours after the completion of the call and will be archived on the website for at least one year.

About CenterPoint Energy, Inc.

As the only investor owned electric and gas utility based in Texas, CenterPoint Energy, Inc. (NYSE: CNP) is an energy delivery company with electric transmission and distribution, power generation and natural gas distribution operations that serve more than 7 million metered customers in Arkansas, Indiana, Louisiana, Minnesota, Mississippi, Ohio, Oklahoma and Texas. As of December 31, 2020, the company owned approximately $33 billion in assets and also owned 53.7 percent of the common units representing limited partner interests in Enable Midstream Partners, LP, a publicly traded master limited partnership that owns, operates and develops strategically located natural gas and crude oil infrastructure assets. With approximately 9,500 employees, CenterPoint Energy and its predecessor companies have been in business for more than 150 years. For more information, visit CenterPointEnergy.com.

Forward-looking Statements

This news release includes, and the earnings conference call will include, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this news release, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "goal," "intend," "may," "objective," "plan," "potential," "predict," "projection," "should," "target," "will" or other similar words are intended to identify forward-looking statements. These forward-looking statements are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual events and results may differ materially from those expressed or implied by these forward-looking statements. Any statements in this news release or on the earnings conference call regarding capital investments, rate base growth and our ability to achieve it, future earnings and guidance, including long-term growth rate, and future financial performance and results of operations, including with respect to regulatory actions, the expected closing of the merger between Enable and Energy Transfer, de-risking our midstream investment and improving the liquidity of our midstream investments, accelerating our transition to a fully regulated business model, our plan to eliminate our midstream exposure, value creation, opportunities and expectations and any other statements that are not historical facts are forward-looking statements. Each forward-looking statement contained in this news release or discussed on the earnings conference call speaks only as of the date of this release or the earnings conference call.

Important factors that could cause actual results to differ materially from those indicated by the provided forward-looking information include, but are not limited to, risks and uncertainties relating to: (1) the performance of Enable, the amount of cash distributions CenterPoint Energy receives from Enable, and the value of CenterPoint Energy’s interest in Enable; (2) CenterPoint Energy's expected benefits of the merger with Vectren Corporation (Vectren) and integration, including the ability to successfully integrate the Vectren businesses and to realize anticipated benefits and commercial opportunities; (3) financial market and general economic conditions, including access to debt and equity capital and the effect on sales, prices and costs; (4) industrial, commercial and residential growth in CenterPoint Energy’s service territories and changes in market demand; (5) actions by credit rating agencies, including any potential downgrades to credit ratings; (6) the timing and impact of future regulatory and legal proceedings; (7) legislative decisions, including tax and developments related to the environment such as global climate change, air emissions, carbon, waste water discharges and the handling of coal combustion residuals, among others, and CenterPoint Energy’s carbon reduction targets; (8) the impact of the COVID-19 pandemic; (9) the recording of impairment charges, including any impairments related to CenterPoint Energy’s investment in Enable; (10) weather variations and CenterPoint Energy’s ability to mitigate weather impacts, including impacts from the February 2021 winter storm event; (11) changes in business plans; (12) CenterPoint Energy's ability to fund and invest planned capital, including timely and appropriate rate actions that allow recovery of costs and a reasonable return on investment; (13) CenterPoint Energy’s or Enable’s potential business strategies and strategic initiatives, including the recommendations and outcomes of the Business Review and Evaluation Committee, restructurings, joint ventures and acquisitions or dispositions of assets or businesses, including our proposed sale of our Natural Gas businesses in Arkansas and Oklahoma and the proposed merger between Enable and Energy Transfer, which may not be completed or result in the benefits anticipated by CenterPoint Energy or Enable; (14) CenterPoint Energy’s ability to execute operations and maintenance management initiatives; and (15) other factors discussed in CenterPoint Energy’s 2020 Form 10-K, including in the “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Information” sections of such reports, and other reports CenterPoint Energy or its subsidiaries may file from time to time with the Securities and Exchange Commission.

Media:
Natalie Hedde
Phone:
812.491.5105
Investors:
Philip Holder
Phone:
713.207.6500

Renewable Energy & Environmental Finance group funded 500-plus projects in 32 states

SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo Renewable Energy & Environmental Finance (REEF) today announced it recently surpassed $10 billion in tax-equity investments in the wind, solar, and fuel cell industries. Wells Fargo has invested in more than 500 projects, helping to finance 12% of all wind and solar energy capacity in the U.S. over the past 10 years.

“Wells Fargo uses its tax capacity in a meaningful way to invest in projects that contribute to the nation’s acceleration toward a low-carbon economy,” said Philip Hopkins, head of Wells Fargo Renewable Energy & Environmental Finance, a part of Wells Fargo Commercial Capital. “We are proud to play a key role in the growth of this important industry, and honored to work closely with so many leading sponsors and developers of wind and solar energy projects.”

To stimulate growth of renewable energy resources and accelerate the transition to a lower-carbon economy, the federal government provides project developers with incentives such as Production Tax Credits, Investment Tax Credits, and accelerated depreciation. However, because most developers lack sufficient tax capacity, they rely on tax-equity investors like Wells Fargo for funding.

Wells Fargo made its first tax-equity commitment to a wind project in 2006, and shortly thereafter began investing in distributed-generation solar, which generates electricity where it is used. Since then, the bank has grown into one of the leading tax-equity investors in the nation’s renewable energy sector, financing projects in 32 states. Projects supported by REEF produced enough electricity in 2020 to power more than 3 million average-sized U.S. homes for a year.

Wells Fargo provided approximately $2.4 billion in financing to the renewable energy industry in 2020, representing an increase of $1 billion from 2019. Projects include Ørsted’s 227-megawatt Muscle Shoals solar PV development, which will be the largest in the state of Alabama upon completion. During construction, Muscle Shoals is employing 300 people, generating an estimated $1 million in sales and use tax revenue for the community. In its first 20 years of operation, the project is expected to deliver more than $15 million in incremental property taxes, much of which will be directed to education.

Ørsted acquired Muscle Shoals from Longroad Energy, who developed the project. “Longroad values its relationship with Wells Fargo and looks forward to the future of the partnership as we jointly advance the transition to clean and sustainable energy created in the United States,” said Paul Gaynor, CEO of Longroad. “Wells Fargo’s REEF group is fair, innovative, and knowledgeable, with a long history of investing in renewable energy, and they have acquired a wealth of knowledge from these experiences.”

Other notable REEF investments include:

• Committing $350 million in tax-equity to AES Clean Energy, one of the top renewables growth platforms in the country that owns and operates more than 2.6 gigawatts of renewable generation across the U.S. This financing will support the construction and development of the Spotsylvania Solar Energy Center in Virginia that, upon completion, will represent the largest U.S. solar project east of the Rocky Mountains
• Financing the installation of carport solar systems at 25 sites in Kern High School District in Bakersfield, California. The system generates enough power for 23 schools and two administration buildings, and is expected to save the district $80 million in electricity costs over 25 years

In 2018, Wells Fargo committed to providing $200 billion in financing to sustainable businesses and projects by 2030, earmarking $100 billion for transactions that directly contribute to driving a low-carbon future.

“Renewable energy is an important factor in addressing climate change,” said Mary Wenzel, head of Wells Fargo Sustainability and Corporate Responsibility. “Our tax-equity investments are essential to meeting our commitment to being an industry leader through supporting new developments, working with utility and power clients, and by achieving 100% renewable energy in our operations.”

About Wells Fargo

Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management. Wells Fargo ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.

WF-PESG

Trina Shepherd, 312-339-0012
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• The proposed project includes opportunities for the deployment of 1,000 electric vehicle charging stations and leverages strategic location of UBS Arena to service consumer EVs during events and fleet EVs during off-hours
• Deployment would be one of the largest EV charging sites in the United States
• XL Fleet will also explore solar and energy storage to help meet sustainability goals of UBS Arena
• Agreement introduces new segment for XL Fleet that can be replicated at other large venues and facilities across the country

BOSTON--(BUSINESS WIRE)--XL Fleet, a leader in vehicle electrification solutions, has reached a strategic partnership with UBS Arena and the New York Islanders that includes the opportunity to explore the deployment and operation of 1,000 electric vehicle charging stations at the new UBS Arena, New York’s next premier entertainment and sports venue and future home of the New York Islanders. The 43-acre site has the potential to become one of the largest electric vehicle charging sites in the United States, with an optimal location in the metropolitan New York region near both LaGuardia and JFK Airports. The partnership will enable UBS Arena with the opportunity to explore XL Fleet’s leading suite of electrification solutions to quickly and cost effectively deploy a large-scale EV infrastructure for a wide range of users, including arena guests and nearby fleets who can charge during off-peak hours.

UBS Arena is being developed in partnership with Oak View Group, LLC, founding partner of the Arena Alliance, a consortium of over 35 arenas and stadiums across the U.S. In 2021, the Islanders will move to UBS Arena, which will be the first venue of its kind in New York built to achieve LEED V4 standards while featuring state-of-the-art sustainable technology.

This partnership enables the Arena to provide patrons and employees access to EV charging while utilizing its expansive and strategically located footprint and utility infrastructure to help meet the growing demand for EV charging in the New York metropolitan region. To support this project, XL Fleet will leverage the breadth of its full electrification portfolio, including its XL Grid division launched in December 2020. XL Fleet plans to deploy and manage a robust suite of electrification infrastructure, including solar power generation, energy storage and vehicle charging stations, and to equip and deploy fleets of electric vehicles for use by UBS Arena and the New York Islanders.

“UBS Arena and the New York Islanders are forward-thinking sustainability leaders, building the infrastructure to support the current and rapidly growing demand for vehicle electrification and charging stations in the area,” said Tod Hynes, Founder & President of XL Fleet. “This location provides an opportunity to deploy critical EV infrastructure in a very capital efficient manner that can be replicated across similar facilities throughout the country.”

“Lack of access to charging infrastructure is one of the top obstacles to electrifying more vehicles, and we are proud to partner with UBS Arena and the Islanders to solve that problem more quickly in the New York metropolitan area,” said Colleen Calhoun, Vice President and General Manager of XL Fleet’s XL Grid division. “Through this partnership, we can help optimize access to charging infrastructure and scale that capacity as the need grows.”

“Partnering with XL Fleet to advance our electric vehicle infrastructure illustrates the groundbreaking work being done at UBS Arena to prioritize sustainability throughout our operations,” said Hank Abate, President of Arena Operations at UBS Arena. “XL Fleet’s ability to provide a full scope of electrification services will be a huge advantage for our patrons as well as the commercial and municipal fleets in the surrounding communities who could rely on this infrastructure.”

About XL Fleet

XL Fleet is a leading provider of vehicle electrification solutions for commercial and municipal fleets in North America, with more than 145 million miles driven by customers such as The Coca-Cola Company, Verizon, Yale University and the City of Boston. XL Fleet offers a full suite of electrification solutions that includes electrified powertrains, charging infrastructure, power management and fleet intelligence data. XL Fleet’s electric drive systems are proven to substantially increase fuel economy and reduce carbon dioxide emissions while helping customers reduce costs and meet sustainability goals. For additional information, please visit www.xlfleet.com.

About the UBS Arena Project

UBS Arena is New York’s next premier entertainment and sports venue and future home of the New York Islanders. Located at Belmont Park in Elmont, New York, the state-of-the-art facility will open for the 2021-22 National Hockey League season and host more than 150 major events annually. The significant redevelopment project is expected to create 10,000 construction jobs and 3,000 permanent jobs, generating approximately $25 billion in economic activity over the term of its lease.

Developed in partnership with Oak View Group, the New York Islanders, and Sterling Project Development, UBS Arena is poised to be one of the area’s – and the nation’s – most prestigious and appealing venues for musical acts, events and performers of all genres, and will create the best and most unique entertainment experience for artists and audiences alike. The 19,000-seat venue is being constructed with a fan-first approach that leverages sophisticated engineering acoustics to amplify the audio experience, high-resolution LED displays and will include the largest scoreboard in New York.

UBS Arena will offer the highest-end amenities and customer service, through VIP suites and clubs that merge boutique hospitality with live entertainment. Clubs and suites will have a timeless design inspired by classic, well-known New York establishments and will offer premier views of the bowl. Complementing UBS Arena, Belmont Park’s campus will comprise 315,000 square feet of luxury retail and will include a 4-star boutique hotel with approximately 200 rooms.

UBS Arena is being built to achieve Leadership in Energy and Environmental Design (LEED v4) standards for Building Design and Construction. In an effort to build a greener future, UBS Arena is working with world-class sustainability experts to minimize the environmental impact of the venue and become a zero waste facility, utilizing renewable energy sources and reducing water and electricity consumption.

Forward Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to failure to realize the anticipated benefits from the business combination; the effects of pending and future legislation; the highly competitive nature of the Company’s business and the commercial vehicle electrification market; litigation, complaints, product liability claims and/or adverse publicity; cost increases or shortages in the components or chassis necessary to support the Company’s products and services; the introduction of new technologies; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, regulatory compliance and customer experience; the potential loss of certain significant customers; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the inability to convert its sales opportunity pipeline into binding orders; risks related to the rollout of the Company’s business and the timing of expected business milestones; the effects of competition on the Company’s future business; the availability of capital; and the other risks discussed under the heading “Risk Factors” in the definitive proxy statement/prospectus filed on December 8, 2020 and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.

XL Fleet Media Contact:
Eric Foellmer
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Investor Contact:
Marc Silverberg, Partner (ICR)
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UBS Arena Project Contact:
Jay Beberman
609-947-0358
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LOVELAND, Colo.--(BUSINESS WIRE)--Lightning eMotors (“Lightning eMotors” or the “Company”), a leading provider of specialty commercial electric vehicles for fleets, today announced that the Company will participate in the following investor events:

• Deutsche Bank Startups Virtual “Bus Tour” on March 4
• UBS Global Energy Transition Call on March 9
• Baird Vehicle Technology and Mobility Conference on March 10
• Coker Palmer Clean Energy Ecosystem Bus Tour March 30

In December 2020, Lightning eMotors and GigCapital3, Inc. (“GIK” or “GigCapital3”) (NYSE: GIK), a special-purpose acquisition company, announced that they have entered into a definitive agreement for a business combination. GigCapital3 filed an Amended Registration Statement on Form S-4 with the U.S. Securities and Exchange Commission (the “SEC”) on Feb. 4, 2021, which includes a preliminary proxy statement/prospectus, and Lightning eMotors’ pending business combination with GigCapital3 remains on track for an expected closing in the second quarter of 2021, subject to the approval of the stockholders of GigCapital3 and Lightning eMotors and other conditions to closing. Upon closing of the business combination, the combined operating company will be named Lightning eMotors and will be listed on the New York Stock Exchange under the ticker symbol [“ZEV”].

About Lightning eMotors

Lightning eMotors has been providing specialized and sustainable fleet solutions since 2010, deploying complete zero-emission-vehicle (ZEV) solutions for commercial fleets since 2017 – including Class 3 cargo and passenger vans, Class 4 and 5 cargo vans and shuttle buses, Class 6 work trucks, Class 7 city buses, and Class 8 motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs including school buses and ambulances, with a full suite of telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency.

For more information, please visit https://lightningemotors.com and follow us at @LightningeMtrs on Twitter, Lightning eMotors on LinkedIn and @LightningeMotors on Instagram.

About GigCapital Global and GigCapital3, Inc.

GigCapital Global (“GigCapital”) is a Private-to-Public Equity (PPE) technology, media, and telecommunications (TMT) focused investment group led by an affiliated team of technology industry corporate executives and entrepreneurs, and TMT operational and strategic experts in the private and public markets, including substantial, success-proven M&A and IPO activities. The group deploys a unique Mentor-Investors™ methodology to partner with exceptional TMT companies, managed by dedicated and experienced entrepreneurs. The GigCapital Private-to-Public Equity (PPE) companies (also known as blank check companies or Special Purpose Acquisition Companies (SPACs)) offer financial, operational and executive mentoring to U.S. and overseas private, and non-U.S. public companies, in order to accelerate their path from inception and as a privately-held entity into the growth-stage as a publicly traded company in the U.S. The partnership of GigCapital with these companies continues through an organic and roll-up strategy growth post the transition to a public company. GigCapital was launched in 2017 with the vision of becoming the lead franchise in incepting and developing TMT Private-to-Public Equity (PPE) companies. For more information, visit www.gigcapitalglobal.com or https://www.GigCapital3.com.

GigCapital3, Inc. (NYSE: GIK, GIK.U, and GIK.WS), is one of GigCapital’s Private-to-Public Equity (PPE) companies.

“Private-to-Public Equity (PPE)” and “Mentor-Investor” are trademarks of GigFounders, LLC, used pursuant to agreement.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements regarding the business combination between GigCapital3 and Lightning eMotors and its closing, and the expectations, hopes, beliefs, intentions, plans, prospects or strategies regarding the business combination, the future business plans of the Lightning eMotors and GigCapital3 management teams, and Lightning eMotors’ revenue growth and financial performance, facilities, product expansion, services and product shipments and capabilities. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on certain assumptions and analyses made by the management of GigCapital3 and/or Lightning eMotors in light of their respective experience and their perception of historical trends, current conditions and expected future developments and their potential effects on Lightning eMotors and GigCapital3 as well as other factors they believe are appropriate in the circumstances. There can be no assurance that future developments affecting Lightning eMotors or GigCapital3 will be those that the parties have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including that the GigCapital3 stockholders will approve the transaction, the ability of the post-combination company to meet the NYSE listing standards, product and service acceptance and that Lightning eMotors will have sufficient capital upon the approval of the transaction to operate as anticipated. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” and in other sections of GigCapital3’s filings with the SEC, and in GigCapital3’s current and periodic reports filed or furnished from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to GigCapital3 and/or Lightning eMotors as of the date hereof, and GigCapital3 and Lightning eMotors assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Additional Information and Where to Find It

GigCapital3 filed an amended registration statement on Form S-4 (File No. 333-251862), which includes a prospectus with respect to Lightning eMotors’ securities to be issued in connection with the business combination and a proxy statement with respect to GigCapital3’s stockholder meeting to vote on the business combination (as amended, the "GigCapital3 proxy statement/prospectus"), with the SEC. Lightning eMotors and GigCapital3 urge investors and other interested persons to read the GigCapital3 proxy statement/prospectus, as well as other documents filed with the SEC, because these documents will contain important information about the business combination. The GigCapital3 proxy statement/prospectus and other relevant materials for the business combination will be mailed to stockholders of GigCapitl3 as of the record date established for voting on the business combination.

Stockholders may also obtain a copy of the preliminary proxy statement/prospectus as well as other documents filed with the SEC by GigCapital3, without charge, at the SEC’s website located at www.sec.gov or by directing a request to Brad Weightman, Vice President and Chief Financial Officer, GigCapital3, Inc., 1731 Embarcadero Rd., Suite 200, Palo Alto, CA 94303, or by telephone at (650) 276-7040.

Participants in the Solicitation

Lightning eMotors, GigCapital3 and their respective directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from GigCapital3’s stockholders in respect of the proposed business combination and related transactions. Information regarding GigCapital3’s directors and executive officers is available in its final prospectus filed with the SEC under Rule 424(b)(4) on May 15, 2020. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be contained in the preliminary and definitive proxy statements/prospectus related to the proposed business combination and related transactions when it becomes available, and which can be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

Joe Koenig
(708) 613-5005
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Funding from state and local grants for zero-emission buses bring cleaner air to disadvantaged community

BELMONT, Calif.--(BUSINESS WIRE)--Ocean View School District in Oxnard, Calif., has selected The Mobility House for its extensive fleet energy management expertise around the world to provide smart charging for the district’s new electric bus fleet project, construction for which is now complete. The pioneering project consists of four electric buses and four BTCPower chargers, funded by the California Energy Commission (CEC) and Ventura County Air Pollution Control District as well as electrical charging infrastructure provided by Southern California Edison. The Mobility House’s intelligent Charging and Energy Management system ChargePilot will harmonize Ocean View School District’s bus schedules, travel routes, battery life and local utility rates to deliver reliable, clean transportation at the lowest cost to the district.

“This groundbreaking project for the district marks a notable milestone on our journey to electrify our entire school bus fleet and reduce pollution in our community,” said Ocean View School District Director of Transportation Bob Brown. “The Mobility House team and their wealth of experience was invaluable for navigating not only the development of a sophisticated charging infrastructure but a new funding landscape as well.”

The school district is one of the first in Southern California Edison’s Charge Ready Transport Program, which provided funding for new infrastructure, such as upgrading the local transformer; adding a panel and meter; laying conduit and trenching; plus providing a 50 percent rebate for the chargers.

By deploying The Mobility House’s ChargePilot system, Ocean View School District will benefit from scheduled charging times that avoid time-of-use (TOU) rate charges, saving tens of thousands of dollars in the coming years, and also ensure timely student pickup and dropoff without concern over battery range. ChargePilot also provides a proactive alerting system that mitigates charging issues as well as collects charger usage data in compliance with the CEC grant requirement.

“School buses are by far the safest way for kids to get to school. But diesel-powered buses are not safe for kids’ developing lungs, which are particularly vulnerable to harmful air pollution. Making the transition to electric school buses that don’t emit pollution provides children and their communities with cleaner air and numerous public health benefits,” said Energy Commissioner Patty Monahan. “The Energy Commission is proud to support this transition to protect the health of children throughout the state, something that will help all Californians breathe easier.”

“Ocean View School District is to be commended for demonstrating what's possible for other districts in the county around the future of clean school bus transportation,” said Zoheb Davar, business development director for The Mobility House. “Our smart charging technology approach aligned fully with the project goals of creating an electric bus fleet that can grow over time. Now the district has the broadest options for future integration of different charging hardware infrastructure knowing our interoperable charging management system will interface smoothly."

Ocean View School District is the latest project in The Mobility House’s list of optimized electric bus fleets, including projects for Metro Transit in the St. Louis region and the Schiphol airport in Amsterdam, two of the largest electric bus fleets in the U.S. and E.U. respectively. Through The Mobility House’s ChargePilot solution, operators can manage the charging of electric vehicles in transit depots, commercial office parking lots or multi-dwelling complexes of any size. The Mobility House intelligently distributes available grid power to ensure charging occurs at the most cost-effective times using a secure local and cloud-based solution that is modular, scalable and designed to interface with the broadest range of charging equipment and on-site facility systems.

To learn more about The Mobility House charging and energy management solutions, visit: mobilityhouse.com.

About The Mobility House

The Mobility House mission is to create an emissions-free energy and mobility future. Since 2009, the company has developed an expansive partner ecosystem to intelligently integrate electric vehicles into the power grid, including electric vehicle charger manufacturers, 750+ installation companies, 65+ energy suppliers, and automotive manufacturers ranging from Audi to Tesla. The Mobility House’s unique vendor-neutral and interoperable technology approach to smart charging and energy management has been successful at over 500 commercial installations around the world. The Mobility House has 155 employees across its operations in Munich, Zurich and Belmont, Calif. For more information visit mobilityhouse.com.

Christine Bennett for The Mobility House
This email address is being protected from spambots. You need JavaScript enabled to view it. | +1 925.330.4783

• Recorded GAAP losses were $1.05 per share for the year and GAAP earnings were $0.09 per share for the fourth-quarter of 2020, compared to losses of $14.50 and $6.84, respectively, per share for the same periods in 2019.
• Non-GAAP core earnings were consistent with guidance at $1.61 per share for the year and $0.21 per share for the fourth quarter of 2020, compared to $3.93 and $0.68 per share for the same period in 2019.
• 2021 EPS guidance for GAAP losses was adjusted to the range of $0.52 to $0.38 and non-GAAP core earnings of $0.95 to $1.05 per share were reaffirmed.
• Introduced Non-GAAP core earnings per share growth guidance of 10 percent over its five-year plan

SAN FRANCISCO--(BUSINESS WIRE)--PG&E Corporation (NYSE: PCG) recorded full-year losses of $1.3 billion, or $1.05 per share and fourth-quarter 2020 income available for common shareholders of $200 million, or $0.09 per share, as reported in accordance with generally accepted accounting principles (GAAP). This compares with losses attributable to common shareholders of $7.7 billion, or $14.50 per share, for the full year of 2019 and $3.6 billion, or $6.84 per share, for the fourth quarter of 2019.

GAAP results include non-core items that management does not consider representative of ongoing earnings, which totaled $3.3 billion after-tax, or $2.66 per share, for the year. These results were primarily driven by costs related to PG&E Corporation’s and Pacific Gas and Electric Company’s (Utility) reorganization cases under Chapter 11 of the U.S. Bankruptcy Code (Chapter 11). Other non-core items include the amortization of wildfire insurance fund contributions under Assembly Bill (AB) 1054, investigation remedies, 2019-2020 wildfire-related costs, and prior period net regulatory recoveries.

PG&E Corporation and the Utility emerged from Chapter 11 on July 1, 2020 after successfully completing the restructuring process and achieving approval for their Plan of Reorganization confirmed by the United States Bankruptcy Court.

“Our multi-year financial plan is based on strong, organic growth,” said Patti Poppe, CEO of PG&E Corporation. “In my many conversations with customers, policymakers, our own frontline teams, and other key stakeholders, the clearest theme is the opportunity PG&E has to help build a better future for everyone who relies on us. I am embracing that challenge with a focus on the power of the Triple Bottom Line – results that create benefits for people, the planet, and our shared prosperity. The key will be earning back trust by keeping our promises and delivering consistent, stable performance of which we can all be proud.”

2021 Priorities

In addition to continuing the 100-day listening tour she launched upon her January 4 arrival, Poppe outlined four initial priorities for 2021:

1. Implementing a lean operating system to better serve customers;
2. Assembling a team of senior leaders able to drive this organizational agenda;
3. Implementing an improved action plan to further reduce wildfire risk; and
4. Delivering on PG&E’s financial commitment of 10 percent EPS growth.

Bolstering the Senior Leadership Team

Accordingly, the Utility appointed Adam Wright as Executive Vice President of Operations and Chief Operating Officer, where he is now responsible for all of the Utility’s operations, including Gas, Electric and Generation. He will focus on safety, seek to increase connectivity among operational groups, standardize practices, and promote excellent execution across the board. Further, Julius Cox was appointed Executive Vice President of People, Shared Services, and Supply Chain, and is responsible for ensuring the Utility has the people, skills, resources and tools to meet customers’ expectations. Marlene Santos will also join the Utility as Executive Vice President and Chief Customer Officer, responsible for the Utility’s customer contact centers; programs supporting energy efficiency, electric vehicles, rooftop solar, demand response and low-income customers; billing, metering and account services; marketing and communications; and regional leadership.

Wildfire Mitigation Update

In its February 5, 2021 Wildfire Mitigation Plan (WMP), the Utility detailed its ongoing strategy to further reduce wildfire risk, increase situational awareness, deploy new technology and models to help keep customers and communities safe, and continue to reduce the effects of Public Safety Power Shutoffs (PSPS). The WMP enhances the company’s ongoing, comprehensive Community Wildfire Safety Program designed to address the growing threat of severe weather and wildfires across its service area. Specifically, it focuses on reducing wildfire potential by inspecting and repairing equipment, conducting enhanced vegetation management, and investing in grid technology and system hardening; installing more weather stations and high-definition cameras throughout the Utility service area, investing in the Utility’s Wildfire Safety Operations Center that monitors high-fire threat areas in real time; investing in meteorology to monitor weather conditions; and reducing the impacts of PSPS as a tool of last resort by upgrading the electric system and improving support for affected customers and communities.

Non-Core Asset Sale

The Utility granted a wholly owned subsidiary of SBA Communications Corporation (SBA) an exclusive license to sublicense and market wireless communications equipment attachment locations on certain electric transmission towers and other utility structures to wireless telecommunication carriers for attachment of wireless communications equipment. The arrangement also allows the SBA subsidiary to continue to market and sublicense access to the towers and structures to additional wireless providers with the Utility receiving a portion of that future revenue. SBA agreed to pay the Utility a purchase price of $973 million, of which $954 million was paid at closing. The Utility may also assign additional attachment locations upon the satisfaction of certain terms and conditions, for which SBA will make additional purchase price payments to the Utility. Cash proceeds received at closing were $945 million and reflected an adjustment for an estimated amount of payments received by the Utility from Carriers in the pre-closing period that are allocable to licenses in the post closing period. The Utility did not sell any electric transmission towers as part of this transaction.

The Utility also entered into a strategic relationship with SBA, through SBA’s wholly owned subsidiary, to sublicense and market equipment at additional attachment locations; as many as 28,000 electric transmission towers across the Utility’s extensive network. Through this arrangement, the Utility will receive a portion of future revenues from these sublicensed equipment attachment locations.

Overall, PG&E expects the proceeds from this agreement to help further reduce its financing needs and strengthen its financial position while also benefiting customers, who will receive a significant portion of the sale proceeds in the form of lower monthly bills as well as a portion of any future revenues from additional attachment locations.

Non-GAAP Core Earnings

PG&E Corporation’s non-GAAP core earnings, which exclude non-core items, were $2,020 million, or $1.61 per share, for the full year 2020, compared with $2,074 million, or $3.93 per share, during the same period in 2019. For the fourth-quarter, non-GAAP core earnings were $441 million, or $0.21 per share, compared with $360 million, or $0.68 per share, during the same period in 2019.

The decrease in quarter-over-quarter non-GAAP core earnings per share was primarily driven by the increase in shares outstanding, unrecoverable interest expense, timing of nuclear refueling outages, and inspection costs, partially offset by the growth in rate base earnings, interest accrued on pre-petition payables and short-term debt, and the timing of 2020 General Rate Case cost recovery.

PG&E Corporation uses “non-GAAP core earnings,” which is a non-GAAP financial measure, in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. See the accompanying tables for a reconciliation of non-GAAP core earnings to consolidated earnings (loss) attributable to common shareholders.

Guidance

PG&E Corporation is adjusting 2021 GAAP loss guidance in the range of $0.52 to $0.38 per share, which includes non-core items. PG&E is adjusting 2021 non-core items guidance to approximately $3.1 billion after-tax. Non-core items reflect a net securitization inception charge, amortization of wildfire insurance fund contributions, bankruptcy and legal costs, investigation remedies, and 2019 Kincade fire-related costs, partially offset by prior period net regulatory recoveries.

On a non-GAAP basis, the guidance range for projected 2021 non-GAAP core earnings is $0.95 to $1.05 per share. Factors affecting non-GAAP core earnings include net below-the-line and spend above authorized of up to $100 million after-tax and unrecoverable interest expense of $300 million to $325 million after-tax.

PG&E is also rolling forward its five-year plan and introducing non-GAAP core earnings per share growth guidance of 10 percent.

Guidance is based on various assumptions and forecasts, including those relating to authorized revenues, future expenses, capital expenditures, rate base, equity issuances, the potential securitization of certain wildfire-related costs for the 2017 Northern California wildfires, and certain other factors.

Supplemental Financial Information

In addition to the financial information accompanying this release, presentation slides have been furnished to the Securities and Exchange Commission (SEC) and are available on PG&E Corporation’s website at: http://investor.pgecorp.com/financials/quarterly-earnings-reports/default.aspx.

Earnings Conference Call

PG&E Corporation will also hold a conference call on February 25, 2021, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) to discuss its full year and fourth quarter 2020 results. The public can access the conference call through a simultaneous webcast. The link is provided below and will also be available from the PG&E Corporation website.

What: Fourth Quarter 2020 Earnings Call

When: Thursday, February 25, 2021 at 11:00 a.m. Eastern Time

Where: http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx

A replay of the conference call will be archived through April 3, 2021 at http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx.

Alternatively, a toll-free replay of the conference call may be accessed shortly after the live call through April 3, 2021, by dialing (800) 585-8367. International callers may dial (416) 621-4642. For both domestic and international callers, the confirmation code 2695505 will be required to access the replay.

Public Dissemination of Certain Information

PG&E Corporation and the Utility routinely provide links to the Utility’s principal regulatory proceedings with the CPUC and the Federal Energy Regulatory Commission (FERC) at http://investor.pgecorp.com, under the “Regulatory Filings” tab, so that such filings are available to investors upon filing with the relevant agency. PG&E Corporation and the Utility also routinely post, or provide direct links to, presentations, documents, and other information that may be of interest to investors at http://investor.pgecorp.com, under the “Chapter 11,” “Wildfire Updates” and “News & Events: Events & Presentations” tabs, respectively, in order to publicly disseminate such information. It is possible that any of these filings or information included therein could be deemed to be material information.

About PG&E Corporation

PG&E Corporation (NYSE: PCG) is a holding company headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. For more information, visit http://www.pgecorp.com. In this press release, they are together referred to as “PG&E.”

Forward-Looking Statements

This press release contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&E Corporation and the Utility, as well as forecasts and estimates regarding PG&E Corporation’s earnings guidance for 2021 and the 2021 Wildfire Mitigation Plan. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation’s and the Utility’s joint annual report on Form 10-K for the year ended December 31, 2019, their subsequent quarterly reports on Form 10-Q, their joint annual reports on Form 10-K for the year ended December 31, 2020 and other reports filed with the SEC, which are available on PG&E Corporation’s website at www.pgecorp.com and on the SEC website at www.sec.gov. PG&E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.