WASHINGTON--(BUSINESS WIRE)--#Electrification--The Environmental and Energy Study Institute (EESI) and the Beneficial Electrification League (BEL) have launched a free resource to help utilities and their customers go electric: the Beneficial Electrification Toolkit.

The Toolkit is a first-of-its-kind online compendium of resources that aims to help utilities and their customers manage the transition to increased electrification by guiding them through creating successful, accessible, and equitable programs.

Electrification is considered beneficial when it achieves at least one condition (without harming the others): saving consumers money, reducing emissions, improving quality of life, or strengthening the grid.

Beneficial electrification is accelerating as technologies such as heat pumps and electric vehicles improve and electric power becomes cleaner.

“The Beneficial Electrification Toolkit is a one-stop-shop that utilities can use to answer any of their electrification questions,” said EESI Executive Director Daniel Bresette.

“As a concept, beneficial electrification has moved rapidly into the lexicon, but now we need to fill in with details that can ensure these programs succeed and everyone benefits,” said BEL President Keith Dennis.

Set up as a step-by-step guide, the Beneficial Electrification Toolkit walks utility staff through the process of developing electrification programs for their customers.

• Section 1: Understanding the basics
• Section 2: Deep dive into technologies
• Section 3: Interactive calculators to assess potential savings
• Section 4: Planning and funding a program
• Section 5: Launching a program

The Toolkit also features successful case studies.

From technology explainers to program implementation, the Toolkit can help utilities create electrification programs for today and tomorrow. Explore the Toolkit at betoolkit.org.

Thank you to all of the donors who made this possible, especially The JPB Foundation, Energy Foundation, McKnight Foundation, and the Merck Family Fund.

The Environmental and Energy Study Institute (www.eesi.org) is an independent, non-profit organization advancing policy solutions to set us on a cleaner, more sustainable energy path. EESI was founded by a bipartisan Congressional caucus in 1984 and serves as a trusted source of credible, non-partisan information on energy and environmental issues.

The Beneficial Electrification League (www.be-league.org) is a non-profit organization dedicated to promoting beneficial electrification of the economy. BEL works across utilities, manufacturers, and energy companies to advance education, technology, and policy on beneficial electrification.

Amaury Laporte, This email address is being protected from spambots. You need JavaScript enabled to view it., (202) 662-1884 (EESI)
Tracy Warren, This email address is being protected from spambots. You need JavaScript enabled to view it. (BEL)

LOS ANGELES--(BUSINESS WIRE)--Adel Hagekhalil, general manager of the Metropolitan Water District of Southern California, issues the following statement on U.S Bureau of Reclamation Commissioner Camille Touton’s testimony today before the Senate Committee on Energy and Natural Resources on the severity of the Colorado River drought and need for short- and long-term drought solutions across the West:

“The worsening conditions on the Colorado River represent the extraordinary strain the historically dry conditions are having on water resources across the state and the Southwest. Together with our partners on the river, we’ve invested billions of dollars to slow the decline of the Colorado River system reservoirs. The accelerating drought now has us at a turning point. We must do more to respond to the decades-long drought that continues to stress our infrastructure, causing storage levels in Lake Mead and Lake Powell to plummet, reducing the river’s water supply reliability and threatening the loss of power generation. We remain committed to pulling together with the seven Basin states, federal government, tribal nations and Mexico to address this crisis and promote long-term sustainability of this shared water source that is vital to our communities, farms and environment.

“In Southern California, we’re pushing our residents and businesses to cut their water use and seeking federal and state support for projects and programs that help us adapt to drought and climate change by investing in local supplies, storage and increasing the flexibility of our water system to allow us to reduce our reliance on our imported water resources.”

The Metropolitan Water District of Southern California is a state-established cooperative that, along with its 26 cities and retail suppliers, provides water for 19 million people in six counties. The district imports water from the Colorado River and Northern California to supplement local supplies, and helps its members to develop increased water conservation, recycling, storage and other resource-management programs.

Rebecca Kimitch, (213) 217-6450; (202) 821-5253, mobile; This email address is being protected from spambots. You need JavaScript enabled to view it.
Maritza Fairfield, (213) 217-6853; (909) 816-7722, mobile; This email address is being protected from spambots. You need JavaScript enabled to view it.

GT2c and GT2h Uniquely Pair Cellular and Hybrid (Dual-Mode) Connectivity with Solar Power for Extended Battery Life and Global Coverage

DALLAS--(BUSINESS WIRE)--Geoforce, a leading global provider of satellite- and cellular-based rugged asset tracking and monitoring solutions, has announced the launch of two new asset trackers that offer flexible and cost-effective coverage options, the industry’s best battery life, and unmatched durability with Zone 0 certification for safe operation in explosive environments. The GT2c and the GT2h asset tracking devices are new additions to Geoforce’s existing GT2 product line, which, with its solar-powered rechargeable battery and back-up battery, can offer up to 10 years of service life.

The new GT2c device operates on LTE-M low-power cellular IoT networks, offering an optimal solution for operators utilizing assets in cellular service range and who want cost-effective tracking.

The new GT2h device provides a unique hybrid solution that operates on cellular networks where available but automatically switches to global Iridium-powered satellite connectivity if cellular coverage is lost.

These new GT2c and GT2h rugged asset trackers also offer seamless integration with the company’s robust Track and Trace software platform. Geoforce’s Track and Trace platform gives field operations, and equipment management leaders critical visibility into their assets deployed on- or off-road, providing a range of reporting configurations to support each operator’s business requirements.

“The addition of the GT2c and the GT2h to our long-lasting, solar-powered line of tracking devices reinforces Geoforce’s position as a global leader in asset traceability solutions,” said James Maclean III, CEO of Geoforce. “Our GT2 devices underscore Geoforce’s promise that your assets and opportunities can always be in view. We can confidently say that our expanded GT2 line is raising the bar on asset visibility and rugged reliability for our customers around the world.”

The GT2c and GT2h devices join the satellite-only GT2s as key additions to Geoforce’s already comprehensive suite of tracking solutions for businesses operating non-powered assets, powered equipment and fleet vehicles. The full line of intrinsically safe, solar-powered GT2 devices provides Geoforce customers with a wide range of reporting options and industrial-strength durability in even the harshest conditions and most remote locations.

Both the GT2c and GT2h asset trackers are now available in the U.S., with plans to expand into Canada and other countries later in 2022.

About Geoforce

Combining a cloud-based software platform with ruggedized GPS tracking devices, Geoforce’s Track and Trace solutions bring control to even the most remote field operations. Our asset tracking devices are built for the world’s toughest field operators in oil and gas, equipment rental, rail, construction, mining, transportation, government/defense, and agriculture. Today more than 1,300 customers track 160,000+ assets in more than 90 countries. Headquartered in Dallas, Texas, Geoforce operates a research and development office in Bozeman, Montana, and sales and support offices throughout the U.S. and in Brazil, Australia, and Canada. For more information, visit https://geoforce.com.

Matt Hummel
972.546.3878
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HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), a leading U.S. residential energy service provider, and Montgomery County Green Bank (MCGB), a nonprofit dedicated to accelerating energy efficiency, renewable energy, and clean energy investment, have partnered to help low-to-moderate income (LMI) households in Montgomery County, Maryland, transition to affordable, clean energy solutions by going solar with Sunnova.

“This partnership with Montgomery County Green Bank will help homeowners across the county gain access to the benefits of solar,” said Kelsey Hultberg, EVP, Sustainability and Corporate Communications at Sunnova. “By offering affordable solar services to low-to-moderate-income communities, we further demonstrate the important role solar plays in making energy independence a reality for everyone. These communities often suffer the effects of climate change more so than others and this program will allow Sunnova to get more solar into the hands of homeowners that need it most.”

This program is available to Montgomery County households that earn up to $97,500 per year and want to enjoy the benefits of going solar without any upfront costs. Through an innovative structure of Green Bank resources in partnership with Sunnova, more options are being made available to qualifying households to either lock in a predictable solar energy rate for 25 years or select Sunnova’s new offering that allows customers to lock in a set discount from the utility.

“A key benefit of this partnership with Sunnova is that it creates an opportunity for income-qualified households in the County to access solar through creative, affordable financing solutions who may not otherwise be eligible through traditional financing,” said Tom Deyo, CEO, Montgomery County Green Bank. “Our collaboration with Sunnova aligns with our mission to make clean energy and climate-resilient solutions more accessible and affordable for all.”

With utility rates rising significantly across the country, this program will allow customers to protect themselves from unpredictable utility prices, take control of their home energy costs, and power their home with a better energy service at a better price. Customers will also get to work with Sustainable Energy Systems, one of Sunnova’s trusted dealers in Montgomery County, who will install their systems.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “going to,” “could,” “intend,” “target,” “project,” “contemplates,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the implementation and benefits of the partnership for Sunnova and its customers. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, the effects of the coronavirus pandemic on our business and operations, results of operations and financial position, our competition, changes in regulations applicable to our business, fluctuations in the solar and home-building markets, availability of capital, supply chain uncertainty, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2021 and our subsequent Quarterly Reports on Form 10-Q. The forward-looking statements in this press release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.

About Sunnova
Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential energy service provider with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted®. For more information, please visit sunnova.com.

About the Montgomery County Green Bank
The Montgomery County Green Bank is an independent, 501(c)(3) nonprofit dedicated to helping businesses and residents affordably implement energy efficiency and clean energy solutions. The Green Bank supports the County by driving investment into energy efficiency and clean energy through lending and investment partners in the region. These efforts include working with homeowners, renters, and commercial entities of all varieties. The Sunnova program is part of Access Solar, a set of Green Bank programs to support low- and moderate-income households. For more information, visit www.mcgreenbank.org.

Media Contact
Alina Eprimian
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Investor & Analyst Contact
Rodney McMahan
Vice President, Investor Relations
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281.971.3323

IRVINGTON, N.Y.--(BUSINESS WIRE)--#BestWorkPlaces--X-Caliber Capital, a national, direct commercial real estate lender focused on impact lending, announced today that Fortune has honored the company as one of this year’s Best Workplaces in New York. This is X-Caliber Capital’s first time being named to this prestigious list, coming in at 35. Earning a spot means that X-Caliber Capital is one of the best companies to work for headquartered in New York.

This year’s Fortune Best Workplaces in New York award is based on employee feedback collected through America’s largest ongoing annual workforce study of over one million employee survey responses and data from companies representing more than 6.1 million U.S. employees. In that survey, 100% of X-Caliber’s employees said the company is a great place to work, compared to 57% of employees at a typical U.S.-based company.

“At X-Caliber, we have built the foundation of our company on our people and our culture, so this recognition by Fortune is an affirmation of our commitment to creating the best workplace possible,” said Chris Callahan, President and CEO. “We strive to live by our core values, and in doing so, work hard to nurture and grow an atmosphere that supports success, happiness, and an overall positive work environment.”

The Fortune Best Workplaces in New York list is highly competitive. Great Place to Work, the global authority on workplace culture, selected the list using rigorous analytics and confidential employee feedback. Companies were only considered if they are a Great Place to Work-Certified™ organization and headquartered in the New York metropolitan statistical area.

Great Place to Work is the only company culture award in America that selects winners based on how fairly employees are treated. Companies are assessed on how well they are creating a great employee experience that cuts across race, gender, age, disability status, or any aspect of who employees are or what their role is.

“As employee demands and expectations have dramatically changed over the past year, these companies have risen to the occasion—and it’s not been easy,” says Kim Peters, executive vice president of global recognition, research & strategic partnerships at Great Place to Work. “Their hard work and dedication to listen to and care for the well-being of every employee, and support them in a way that’s meaningful to all, is the standard all organizations will be held to.”

In December 2021, X-Caliber Capital was certified as a Great Place to Work, a national certification that means X-Caliber Capital is one of the best companies to work for in the country. To learn more about what makes X-Caliber Capital a great culture, check out our Great Place to Work profile here.

About X-Caliber – www.x-calibercap.com

X-Caliber Capital is a nationally recognized direct commercial mortgage lender and loan servicer. We are an FHA-approved Multifamily Accelerated Processing (MAP) lender and GNMA-approved MBS issuer, and together with our affiliates, provide bridge, USDA, and C-PACE financing solutions.

We strive to deliver to our clients, and to the communities in which we lend, the best financing solutions available to support their business goals, while focusing on some of the nation’s greatest challenges – affordable housing, the environment, care for our seniors, and rural businesses. By leveraging the most effective private and government programs in the country, we can harness the power of our expertise and practice the values for which we stand, so we can make the world a better place for all.

About the Best Workplaces in New York™

Great Place to Work selected the Best Workplaces in New York by gathering and analyzing confidential survey responses from its study of thousands of companies representing more than 6.1 million U.S. employees at Great Place to Work-Certified™ organizations. Companies must be headquartered in the state of New York to be eligible. Company rankings are derived from 60 employee experience questions within the Great Place to Work Trust Index™ survey. Read the full methodology.

About Great Place to Work®

Great Place to Work is the global authority on workplace culture. Since 1992, it has surveyed more than 100 million employees worldwide and used those deep insights to define what makes a great workplace: trust. Its employee survey platform empowers leaders with the feedback, real-time reporting and insights they need to make data-driven people decisions. Everything it does is driven by the mission to build a better world by helping every organization become a great place to work For All™.

Learn more at greatplacetowork.com and on LinkedIn, Twitter, Facebook and Instagram.

Media:
Bonnie Habyan
Chief Marketing Officer
914.815.9806

ComEd Offering Care Vans, Cooling Buses in Areas With Remaining Outages

CHICAGO--(BUSINESS WIRE)--Despite the challenge of working in extremely hot conditions, ComEd crews have restored power to more than 100,000 customers throughout its service area after storms with heavy rain and powerful wind gusts up to 80 MPH moved through northern Illinois on Monday night. To help customers who remain without power stay cool as area temperatures surge, ComEd has made cooling buses and care vans available at several locations.

The storm disrupted service to approximately 125,000 customers. ComEd exceeded its plan to restore 80 percent of customers by 3 pm on Tuesday, June 14, by more than two hours; surpassing this goal has allowed ComEd to redirect even more resources toward those customers who remain without power.

“At ComEd, our hard-working field forces train for challenging conditions, and that training has certainly been put to the test today as they work around the clock in extremely hot and humid temperatures to quickly and safely restore power to our customers,” said Terence Donnelly, ComEd’s President and Chief Operating Officer. “We recognize that any outage is frustrating to our customers, especially in these hot conditions, and we thank them for their patience as we work to restore the remaining outages as quickly as we can.”

Approximately 875 ComEd and contractor crews are working around the clock to get all remaining customers restored. While a majority of customers have already been restored, some customer outages in pockets with the most significant damage may last until Wednesday afternoon. As of 3 p.m. on Tuesday, June 14, approximately 13,000 customers remain without service.

To help customers without power stay cool, ComEd has set up cooling buses, which are equipped with air conditioning, at the following locations:

• Westchester Village Hall (10300 W Roosevelt Rd, Westchester, IL)
• North Riverside Village Hall (2401 Des Plaines Ave, North Riverside, IL)
• Roselle Municipal Complex (31 S Prospect St., Roselle, IL)
• Brook Park School (1214 Raymond Ave, La Grange Park, IL)

ComEd has also set up care vans, which are equipped with charging stations, water and outage information, at the following locations:

• Westchester Village Hall (10300 W Roosevelt Rd, Westchester, IL)
• Lyons Village Hall (4100 Joliet Ave, Lyons, IL)

Additional care vans and cooling buses are being dispatched to other communities with remaining outages; to view updated van and bus locations, visit the ComEd outage map, which is available at https://www.comed.com/Outages/CheckOutageStatus/Pages/OutageMap.aspx.

ComEd prioritizes attention on repairs that will bring back the greatest number of customers, and focuses on critical services, such as law enforcement, fire departments, hospitals and senior centers. Crews then move to restoration of individual outages. The following tips and information encourage customers to stay safe following severe weather:

• If you encounter a power line, immediately call ComEd at 1-800-EDISON-1 (1-800-334-7661).
• Spanish-speaking customers should call 1-800-95-LUCES (1-800-955-8237).
• Never approach a downed power line. Always assume a power line is energized and extremely dangerous.
• Check on elderly and other family members and neighbors to ensure their safety and make alternate arrangements in the event of an outage.

Customers are encouraged to contact ComEd immediately if they are experiencing a power outage or have a safety concern. Customers can sign up for Outage Alerts at ComEd.com/Alerts or text OUT to 26633 to report their outage and receive restoration information about when their power may be restored.

ComEd also offers a mobile app for iPhone® and Android™® smart phones that gives customers the ability to report power outages and manage their accounts. In addition, customers can report outages through ComEd’s Facebook and Twitter pages.

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube.

ComEd Media Relations
312-394-3500

Company Demonstrates Ability to Stay Over Area of Operation

Announces Additional 2022 Test Flights

ROSWELL, N.M.--(BUSINESS WIRE)--Sceye, a manufacturer of High-Altitude Platform Stations (HAPS), announced today that it reached the stratosphere with the aim of demonstrating the ability to stay over an area of operation for months at a time using renewable energy sources. The milestone test launch, which is using patented solar and battery power, puts Sceye on track to expand internet access to remote populations, monitor greenhouse gasses down to individual emitters, and detect natural disasters as they begin. The company also announced additional test flights for Q3 and Q4 2022.

Sceye’s HAPS launched at 6:55 AM MDT from the company’s hangar at the Roswell International Airport.

“Today’s test flight holds extraordinary potential for stratospheric discovery,” said Sceye founder and CEO, Mikkel Vestergaard Frandsen. “By maintaining position in the stratosphere for extended periods of time, we can begin realizing the promises of the stratosphere for life on Earth. Universal internet access, methane monitoring, and wildfire detection are all at our fingertips.”

Today’s launch objectives were to:

• Test durability and performance of renewable power systems in the stratosphere
• Demonstrate the ability to stay over an area of operation
• Maintain a constant float altitude in the stratosphere

Sceye’s HAPS design, in the form of an enhanced balloon, can lift a variety of payloads for connectivity, earth observation, and scientific research. Its hull fabric can manage the extreme environment of the stratosphere, and optimizes strength, helium retention, and thermal management. High-performance batteries and solar panels close the power loop: enough power storage to last until sunrise, and efficient solar cells to collect energy during the day.

“We are thrilled to see years of research and development culminating in this milestone moment,” said David Kim, Sceye’s Chief Technology Officer. “It is the very best application of material science pushing the boundaries of near space.”

Chief of Mission Operations, Stephanie Luongo, said, “This launch is the second of six in our test program this year intended to verify payload and automated flight while ensuring safe operations. We’re excited to learn more from upcoming flight tests planned for late summer and fall.”

In October 2021, Sceye was the first to connect a Massive MIMO antenna with 3D beamforming from the stratosphere directly to smartphones on the ground over a 140 km distance — a world record in Open RAN. In March 2022, Sceye successfully validated its automated flight software which increases the reliability of its HAPS during its most critical phases of flight – launch and ascent.

Sceye has partnered with the U.S. Environmental Protection Agency (EPA), New Mexico Economic Development Department, and New Mexico Environment Department on a five-year study to monitor air quality in the State of New Mexico. Sceye’s HAPS will track methane emissions with a sub 1-m resolution, allowing them to determine pollution levels as well as pinpoint individual emitters.

About Sceye

Sceye is a material science company founded in 2014 to unleash the possibilities in the stratosphere by uplifting and connecting all people, and protecting our planet. The company has developed a new generation of stratospheric platforms to provide universal and equitable connectivity, improve climate change monitoring, natural resource stewardship, forest fire monitoring and better detect and contain disasters before they spiral out of control.

Sceye continues the humanitarian work of founder and CEO Mikkel Vestergaard Frandsen. As owner and former CEO of the public health companies Vestergaard and LifeStraw, he led innovations in material science that have saved millions of lives. LifeStraw water filters have helped nearly eradicate Guinea worm disease, and PermaNet, bed nets made from innovative fibers that release microscopic doses of insecticide, have helped reduce global malaria deaths by more than half.

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LONDON--(BUSINESS WIRE)--IPG, the AME and SDE Technology announce a new collaboration to co-develop the manufacturing blueprint of a renewable power generation solution that will help accelerate product development and create value for all through shared IP.

IPG, developers of renewable generator technology; the Institute for Advanced Manufacturing and Engineering (AME), a collaboration between Coventry University and Unipart Manufacturing; and SDE Technology, tier-1 and tier-2 manufacturing experts, announce today a joint alliance to co-develop the blueprint for volume manufacture of the IPG Flameless Generator, IPG’s clean-and-green replacement to the diesel generator.

This integrated approach is rooted in the principles of digital manufacturing developed by the AME, aimed at incentivising greater and earlier engagement between established manufacturers and start-ups. This collaboration unites academia, industry and innovators to demonstrate the potential for accelerating new product development, and securing greater value for all through manufacturing blueprints that are ready to scale.

Acting as a “test case” for Dr Marcos Kauffman’s vision for the future of manufacturing in Industry 4.0, the strategic collaboration with AME and SDE will allow IPG to ‘ground truth’ the co-developed digital twin blueprint into a real-world manufacturing setting, underpinning the route to cost-effective manufacture of their product.

This will be achieved through implementation of proposed manufacturing and assembly processes, and investigation into scaling methodologies to transition into high-volume production. Establishing this blueprint will also enable a further, more detailed, relationship to be formed between IPG and SDE Technology as IPG’s route to market progresses.

“The traditional route to manufacture presents a number of challenges for early-stage hardware technology developers like IPG. Start-ups often find themselves in a seemingly impossible loop in which it is crucial to have a clear route to volume manufacture of their product to secure investment and customer backing, but unable to define this at the first stages of commercialisation,” said Toby Gill, CEO of IPG.

“Establishing the digital twin for manufacture of the IPG Flameless Generator, with the AME and backed by industry-experts SDE, will not only give our investors greater confidence in the cost-effective manufacturability of our product. But looking a few years down the line, it will also give us a blueprint that can be reproduced across multiple geographies, facilitating a move into global markets, and also allowing for scaling at a national level,” said Gill.

“Sharing in the IP of a co-created manufacturing blueprint establishes a framework that will allow all to share in the rewards of an accelerated route to market of a promising product offering. For climate tech start-ups such as IPG, early collaboration is invaluable as it allows them to draw on the expertise of industry experts like SDE to support and de-risk the route to scaled manufacturing. For manufacturing companies, providing this support sets the groundwork for an in-depth commercial relationship once the product demonstrates market success,” said Marcos Kauffman, Director of AME.

“I am looking forward to bringing our track record of working with the industry, and our capabilities in digital manufacturing and digital twinning to accelerate the manufacture of the IPG Flameless Generator,” said Kauffman.

“We are very excited to be working with IPG creating their blueprint for volume manufacture of the IPG Flameless Generator,” said Richard Homden, CEO of SDE Technology. “Not only does this new way of working offer a route to expedite cost-effective manufacturing for start-ups like IPG. It will also allow for greater transparency across the entire process, allowing for an in-depth understanding of a product’s true carbon footprint. This marks a very important step towards aligning the industry with our net zero objectives, which is why I believe this to be an excellent opportunity in time to be working with IPG on their product to help us reach these goals.”

<ENDS>

Notes to Editors

About IPG

IPG is a British climate-tech company tackling the ‘dirty secret’ of the energy transition: the diesel generator. They’re delivering a clean, multi-fuel capable generator so that companies can finally end their reliance on diesel, without sacrificing energy security.

The IPG Flameless Generator uses patented flameless combustion technology to deliver pollutant-free power from any fuel. Dynamic fuel flexibility unlocks the use of hydrogen and biofuels, while allowing for the security of conventional fuel back up – disrupting the ‘chicken-and-egg’ scenario between supply and demand of renewable fuels.

IPG is currently raising EIS-eligible investment through Seedrs crowdfunding platform to enable their customers to replace their diesel generators. www.ipg.energy.com.

About AME

The Institute for Advanced Manufacturing and Engineering (AME) is a collaboration between Coventry University and Unipart Manufacturing, bringing together academia, industry and R&D in a factory setting deliver the “UK’s First Faculty on the Factory Floor”.

A centre of engineering excellence, the AME specialises in manufacturing teaching and research in areas such as Industry 4.0, Digital Manufacturing and Simulation, Automation and Control, Metrology and Uncertainty of Measurement, Surface Engineering, Wearables, Lasers, Welding and Joining.

The Institute for Advanced Manufacturing and Engineering has a proven track record for this approach, delivering over £50m of Research and Development projects since its launch in 2014. https://www.coventry.ac.uk/ame/the-institute/

About SDE

With over 50 years’ expertise using the very best in engineering practices, SDE Technology is one of the largest manufacturers of pressings and assemblies in the UK.

SDE Technology are passionate about using cutting edge technology to solve complex engineering problems associated with the manufacture of components, welding and assembly. https://sde.technology/

IPG
Charlotte Aylwin, Communications Officer at IPG
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SDE
Chris Greenough, Chief Commercial Officer at SDE
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GEBZE KOCAELI, Turkey--(BUSINESS WIRE)--Togg is a forward-thinking mobility solution that brings together advanced electric, smart and connected technologies within one intelligent, user-centric, and empathetic design concept called USE-CASE Mobility^®, integrated with their own next-generation smart- and connected-electric vehicles.

M. Gürcan Karakaş, Togg CEO said: "We are designing more than a smart car, What we are buildingservices is an open mobility ecosystem that is interconnected and interoperable with others. This is what the future of mobility holds.”

Merging Smart Technologies for a Seamless Mobility Experience

The automotive industry is going through the same evolution as the mobile phone industry did in the past. . This led Togg to (re)think the whole mobility experience that will connect the dots of the smart home, the mobile services used on the go, the smart city, and much more. We are building this intermodal future from the backend to the user experience.

We need to understand what users’ expectations will be in the years to come. This is as much a technological revolution as it is a social one, that put the user at the center of the experience New business models will be fundamental as blockchain systems allow data and other assets to be stored and transferred in a fast, secure, and environmentally friendly process.

New Players for a new Industry

The commitments made by governments to address climate change stand out among the factors shaping the transformation in the mobility ecosystem. The current race for range, battery technology, and comfort is 100% legitimate, and Togg is pushing forward with its own batteries developed by Siro Silk Road Clean Energy Solutions, a joint venture with Farasis Energy. Togg is building the best smart device they possibly can, but the gamechanger will be how we experience mobility and how cars are connected to our lives, as much as any other smart device.

Gürcan Karakaş, Togg CEO, concludes: “VUCA (Volatility, Uncertainty, Complexity, and Ambiguity) is not a bad word, it is an opportunity. Fintech, AI or UX are integral to the challenges of this new area, and Togg is fully embracing them. Our industry will not only be shaped by the biggest companies, but the smartest and most agile ones.”

About Togg https://www.togg.com.tr/en/

An intellectual property of Turkey, Togg is a globally competitive USE-CASE Mobility ^® brand. Togg was established on June 25, 2018, as a joint venture of Anadolu Grubu Holding A.Ş., BMC Otomotiv Sanayi ve Ticaret A.Ş., Turkcell İletişim Hizmetleri A.Ş., Zorlu Holding A.Ş. and the Union of Chambers and Commodity Exchanges of Turkey (TOBB).

Togg will commence production of its high-tech innovations at its Gemlik facility in 2022, as part of the company’s focus on developing next-gen smart and connected electric vehicles as well as the advanced surrounding mobility ecosystem. The company also develops highly conceptual and pioneering technologies, services, customer experiences, and business models across many different industries.

Togg aims to reach production of one million units across five connected electric vehicle models by 2030, with all five developments being created from a common architecture.

Visual media kit can be found here

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• Completed long-term commercial agreements with leading global participants in the battery materials supply chain, designating Li-Cycle as a preferred recycling partner;

• $509.3 million in cash on hand as of April 30, 2022; pro-forma cash of approximately $760 million including a total investment of $250 million in Li-Cycle;

• Sufficient liquidity for capital and operating needs for the current project pipeline;

• Operationalized the Arizona Spoke; on track for start-up of the Alabama Spoke; reiterating black mass production target of 6,500 to 7,500 tonnes for fiscal year 2022; and

• Progressed the Rochester Hub and continue to be on track for commissioning in 2023.

TORONTO--(BUSINESS WIRE)--Li-Cycle Holdings Corp. (NYSE: LICY) ("Li-Cycle" or the “Company"), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, today announced financial results for its second quarter ended April 30, 2022. Revenues increased to $8.7 million from $0.3 million in the second quarter of fiscal year 2021.

“We continued to successfully implement our Spoke & Hub network strategy, with significant operational, commercial, and financial achievements this quarter. The Arizona Spoke is now on-line, doubling our current Spoke capacity and a testament to our modular construction approach. We believe this approach is replicable and scalable for our future Spokes. Additionally, we made continued contracting and execution strides at the Rochester Hub, which remains on target for commissioning in 2023," said Ajay Kochhar, Li-Cycle President and Chief Executive Officer.

"Strategically, we are positioning Li-Cycle as a leading and preferred recycler and supplier of critical battery materials, capitalizing on the significant secular growth trends. We executed long-term in-take and off-take commercial agreements with Glencore plc, a leading battery metals provider, and LG Chem, Inc. (“LG Chem”) and LG Energy Solution, Inc. (“LGES” and, together with LG Chem, “LG”), leading global electric battery manufacturers. This collaborative approach provides customers with a global and vertically integrated solution, which we believe places Li-Cycle at the center of the battery supply chain loop in North America and Europe,” added Kochhar. “Finally, these strategic commercial partnership arrangements were combined with total investment of $250 million in Li-Cycle, further enhancing our balance sheet and enabling additional financial flexibility."

Second Quarter Financial Results

Revenues for the quarter ended April 30, 2022 increased to $8.7 million, compared to $0.3 million in the same quarter last year, driven by increases in product sales volume and metal-based prices.

Operating expenses for the quarter increased to $30.0 million, compared to $5.6 million during the same period last year, reflecting the ongoing expansion of operations in North America and the early build out in Europe. This increase was primarily related to personnel costs for operational, corporate, commercial, and engineering resources as well as professional fees and administrative costs in support of becoming a public company. In addition, higher costs from raw materials and supplies are attributable to increased black mass production.

Net loss for the quarter was approximately $20.7 million, compared to a net loss of approximately $7.8 million in the prior-year period. This loss included $2.9 million of fair value gains on financial instruments.

Adjusted EBITDA¹ loss for the quarter was $19.5 million, compared to $5.1 million for the prior-year period. This was largely driven by the increase in the operating expenses as discussed above, directly related to the growth and expansion of the business. In addition, non-cash stock-based compensation increased to $4.5 million as compared to $0.3 million in 2021.

New Battery Supply Commercial Partnerships

Li-Cycle recently achieved significant commercial milestones, entering into long-term agreements with two leading global strategic partners in the battery material supply chain, thereby closing the loop for key lithium-ion battery materials. Both LG and Glencore designated Li-Cycle as a preferred lithium-ion battery recycling partner. These new partnerships complement Li-Cycle’s existing commercial agreements with Traxys North America Inc. and others.

The Glencore agreements are global in a nature, with a focus primarily on North America and Europe. Glencore will supply battery feedstock for Li-Cycle’s Spokes, as well as both black mass and sulfuric acid for Li-Cycle’s Hubs. Glencore also will provide off-take and marketing of Li-Cycle’s battery-grade end products and certain by-products produced at the Company’s Spokes & Hubs.

The LG agreements are focused on North America. LGES will provide Li-Cycle’s Spokes with nickel-bearing lithium-ion battery scrap and other lithium-ion battery recycling material. Additionally, Li-Cycle will supply LG with nickel sulphate to be produced at Li-Cycle’s Rochester Hub, once operational.

Funding Update and Balance Sheet Position

Li-Cycle ended its second quarter with $509.3 million cash on hand. The Company further enhanced its balance sheet with additional investment proceeds of $250 million, received upon completion of the commercial agreements in May and June 2022 from LG and Glencore, respectively. Including the investment proceeds, the Company’s pro-forma cash balance is approximately $760 million.

As a result, the Company has sufficient liquidity for capital and operating needs to fund its current pipeline of projects in development.

Webcast and Conference Call Information

Company management will host a webcast and conference call on Tuesday, June 14, 2022, at 8:30 a.m. Eastern Time. The related presentation materials for the webcast and conference call will be made available on the investor section of the Li-Cycle website: https://investors.li-cycle.com/overview/default.aspx

Investors may listen to the conference call live via audio-only webcast or through the following dial-in numbers:

Domestic: (800) 909-5202
International: (785) 830-1914
Participant Code: LICYQ222
Webcast: https://investors.li-cycle.com

A replay of the conference call/webcast will also be made available on the Investor Relations section of the Company’s website at https://investors.li-cycle.com.

About Li-Cycle Holdings Corp.

Li-Cycle (NYSE: LICY) is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.

Non-IFRS Financial Measures

Adjusted EBITDA (loss)
The table below reconciles Adjusted EBITDA (loss) to net profit (loss):

Li-Cycle reports its financial results in accordance with the International Financial Reporting Standards (“IFRS”). The Company makes references to certain non-IFRS measures, including Adjusted EBITDA. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing a further understanding of the Company’s results of operations from management’s perspective. Accordingly, they should not be considered in isolation nor as a substitute for the analysis of the Company’s financial information reported under IFRS. Li-Cycle defines Adjusted EBITDA as earnings before depreciation and amortization, interest expense (income), income tax expense (recovery), foreign exchange (gain) loss, fair value (gain) loss on financial instruments, and non-recurring expenses such as forfeited SPAC transaction cost, and listing fee related to the business combination that resulted in Li-Cycle becoming a public company.

Forward-Looking Statements

Certain statements contained in this communication may be considered “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, Section 21 of the U.S. Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as “will”, “continue”, “anticipate”, “expect”, “would”, “could”, “plan”, “future” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements in this press release include but are not limited to Li-Cycle’s ability to capitalize on growth opportunities; the annual input capacity and production output of the Rochester Hub, its expected start-up date and total capital cost; statements about the anticipated benefits from the proposed collaboration with Glencore and LG, including pursuant to the commercial agreements entered into between Li-Cycle and each of Glencore and LG; the ability of Li-Cycle and Glencore to build localized supply chains for both primary and recycled sources of key battery materials to drive sustainable global electrification and better serve their customers; the annual processing capacity of the Arizona, Alabama, Ohio, Norway and Germany Spokes and the timing of commencement of their operations; our target to meet or exceed black mass production of 6,500 to 7,500 tonnes during fiscal year 2022. These statements are based on various assumptions, whether or not identified in this communication, which Li-Cycle believe are reasonable in the circumstances. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements.

These forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of Li-Cycle’s current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of Li-Cycle’s business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability.

Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle, and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the following: Li-Cycle’s inability to economically and efficiently source, recover and recycle lithium-ion batteries and lithium-ion battery manufacturing scrap, as well as third party black mass, and to meet the market demand for an environmentally sound, closed-loop solution for manufacturing waste and end-of-life lithium-ion batteries; Li-Cycle’s inability to successfully implement its global growth strategy, on a timely basis or at all; Li-Cycle’s inability to manage future global growth effectively; Li-Cycle’s inability to develop the Rochester Hub, Arizona Spoke, Alabama Spoke and other future projects including its Ohio, Norway and Germany Spoke projects in a timely manner or on budget or that those projects will not meet expectations with respect to their productivity or the specifications of their end products; Li-Cycle’s failure to materially increase recycling capacity and efficiency; Li-Cycle may engage in strategic transactions, including acquisitions, that could disrupt its business, cause dilution to its shareholders, reduce its financial resources, result in incurrence of debt, or prove not to be successful; one or more of Li-Cycle’s current or future facilities becoming inoperative, capacity constrained or if its operations are disrupted; additional funds required to meet Li-Cycle’s capital requirements in the future not being available to Li-Cycle on commercially reasonable terms or at all when it needs them; Li-Cycle expects to incur significant expenses and may not achieve or sustain profitability; problems with the handling of lithium-ion battery cells that result in less usage of lithium-ion batteries or affect Li-Cycle’s operations; Li-Cycle’s inability to maintain and increase feedstock supply commitments as well as securing new customers and off-take agreements; a decline in the adoption rate of EVs, or a decline in the support by governments for “green” energy technologies; decreases in benchmark prices for the metals contained in Li-Cycle’s products; changes in the volume or composition of feedstock materials processed at Li-Cycle’s facilities; the development of an alternative chemical make-up of lithium-ion batteries or battery alternatives; Li-Cycle’s revenues for the Rochester Hub are derived significantly from a single customer; Li-Cycle’s insurance may not cover all liabilities and damages; Li-Cycle’s heavy reliance on the experience and expertise of its management; Li-Cycle’s reliance on third-party consultants for its regulatory compliance; Li-Cycle’s inability to complete its recycling processes as quickly as customers may require; Li-Cycle’s inability to compete successfully; increases in income tax rates, changes in income tax laws or disagreements with tax authorities; significant variance in Li-Cycle’s operating and financial results from period to period due to fluctuations in its operating costs and other factors; fluctuations in foreign currency exchange rates which could result in declines in reported sales and net earnings; unfavourable economic conditions, such as consequences of the global COVID-19 pandemic; natural disasters, unusually adverse weather, epidemic or pandemic outbreaks, cyber incidents, boycotts and geo-political events; failure to protect or enforce Li-Cycle’s intellectual property; Li-Cycle may be subject to intellectual property rights claims by third parties; Li-Cycle’s failure to effectively remediate the material weaknesses in its internal control over financial reporting that it has identified or if it fails to develop and maintain a proper and effective internal control over financial reporting. These and other risks and uncertainties related to Li-Cycle’s business are described in greater detail in the section entitled "Risk Factors" in its Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission and the Ontario Securities Commission in Canada on January 31, 2022. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Actual results could differ materially from those contained in any forward-looking statement.

^{____________________________}

¹ Adjusted EBITDA is not a recognized measure under IFRS. See Non-IFRS Financial Measures section of this press release, including for a reconciliation of Adjusted EBITDA to net profit (loss).

Nahla Azmy
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Kunal Phalpher
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Company’s clean energy, support of customers and community leadership on display

MINNEAPOLIS--(BUSINESS WIRE)--Xcel Energy released its 17^th annual Sustainability Report today, highlighting the company’s commitment to delivering reliable, affordable natural gas and electricity service, while protecting the environment and building a better energy future for its customers.

“While we’re focused on meeting our customers’ needs today, our eyes are also on the future—on what value we can deliver in the next one to two decades,” said Bob Frenzel, chairman, president and chief executive officer of Xcel Energy. “We’re committed to continuing our clean energy leadership, meeting our 2030 clean energy goals, and addressing other pressing issues that affect our company and the communities we serve.”

Xcel Energy has led the clean energy transition since 2005 and was the first U.S. energy provider to set aggressive goals across all the ways its customers use energy: electricity, heating and transportation. Together, all three commitments represent a comprehensive vision that positions Xcel Energy to become a net-zero energy provider by 2050.

In the report, the company outlined progress on its clean energy transition:

• Xcel Energy was the first major U.S. power provider to announce a vision of delivering 100% carbon-free electricity to its customers by 2050. The electricity delivered to customers in 2021 was 50% cleaner compared to 2005, putting the company on track to achieve its interim goal of reducing carbon emissions 80% by 2030.
• In November 2021, the company announced a goal to reduce greenhouse gas emissions 25% by 2030 from the supply, delivery and customer heating and industrial use of natural gas, with the longer-term commitment of providing net-zero gas service by 2050. Xcel Energy plans to purchase natural gas only from suppliers with certified low emissions and achieve net-zero methane emissions on its distribution system by 2030.
• The company also plans to power 1.5 million electric vehicles (EVs) by the end of the decade. To encourage and support EV adoption, Xcel Energy launched 14 new programs in Minnesota and Colorado in 2021 and introduced programs for customers in New Mexico in early 2022. To date, more than 65,000 EVs are on the road in the company’s service area, and Xcel Energy has installed approximately 1,200 charging ports under its programs.
• Through its clean energy transition, Xcel Energy is creating other environmental benefits. Water use associated with owned and purchased electricity is down more than 29% as the company aims for 70% lower water use by 2030 and its air emissions are down 82% since 2005.

Supporting our customers

Keeping customer bills low is a priority for Xcel Energy as it continues leading the clean energy transition. From 2017 to early 2022, Xcel Energy added 14 new wind farms across seven states providing customers $1.8 billion in reduced fuel costs and tax credits with a cleaner electricity product.

Xcel Energy has one of the longest running, most successful portfolios of energy efficiency programs to help customers manage energy use and their bills. Through 175 different programs in 2021, customers completed more than 4 million conservation projects, saving enough energy to power over 200,000 homes. Approximately 275,000 customers participate in the company’s renewable energy choice programs, which are among the most innovative and extensive in the industry.

Each of these programs helps support the company’s efforts to maintain some of the lowest priced energy in the nation. According to data from the U.S. Energy Information Administration, Xcel Energy’s residential bills have remained below the national average for more than a decade.

Investing in communities and people

Xcel Energy set and achieved new targets in 2021 for diversity, equity and inclusion. The company focused on using diverse interview panels for hiring, implementing executive sponsorships, and listening to employee feedback on inclusion in the workplace. As a result, 99% of employment offers were extended to candidates interviewed by diverse employees, female representation increased 6% and diverse representation increased 5% in three years among Xcel Energy’s senior leadership.

Sixty percent of the company’s spending on goods and services was with local businesses in 2021. The company purchased about $560 million in goods and services from diverse suppliers. Through the company’s economic development focus, it worked with local partners to attract 20 new business development projects that will add an estimated $1 billion in capital investment and approximately 5,000 jobs to support our communities.

Xcel Energy and its employees also stepped up in a big way to support these communities, volunteering nearly 70,000 hours with local nonprofits, and collectively—through the Xcel Energy Foundation, the company and employees—invested about $14.9 million in our communities through donations and volunteer time.

To view the entire report, xcelenergy.com/sustainability. For more coverage of the Sustainability Report and other stories about Xcel Energy, see the company’s recently relaunched blog, Between the Lines, at stories.xcelenergy.com.

About Xcel Energy

Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.

About Xcel Energy Foundation

The Xcel Foundation is a 501(c)(3) organization that awards charitable grants to nonprofit organizations and sponsors the volunteer programs of Xcel Energy and its subsidiaries. The majority of Xcel Energy Foundation funding comes from Xcel Energy shareholder dollars. For more information, visit https://www.xcelenergy.com/community/focus_area_grants.

Forward-Looking Statements

This release contains forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements include projections related to emission reductions and statements about changes in our generation portfolio, such as the end of coal use, renewable energy use targets and renewable energy expansion, are identified in this document by the words “aim”, “aspire”, “assuming”, “believe”, “could”, “expect”, “may”, and similar expressions. Actual results may vary materially. Factors that could cause actual results to differ materially include, but are not limited to: general economic conditions, including the availability of credit, actions of rating agencies and their impact on capital expenditures; business conditions in the energy industry: competitive factors; unusual weather; effects of geopolitical events; including war and acts of terrorism; changes in federal or state legislation; regulation; actions of regulatory bodies; and other risk factors listed from time to time by Xcel Energy in its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2021 (including the items described under Factors Affecting Results of Operations) and the other risk factors listed from time to time by Xcel Energy Inc. in reports filed with the SEC.

Xcel Energy Media Relations
612-215-5300
www.xcelenergy.com

DUBLIN--(BUSINESS WIRE)--The "Oil & Gas Pumps Market Research Report by Type (Non-submersible Pumps and Submersible Pumps), Pump Type, Application, Region (Americas, Asia-Pacific, and Europe, Middle East & Africa) - Global Forecast to 2027 - Cumulative Impact of COVID-19" report has been added to ResearchAndMarkets.com's offering.

The Global Oil & Gas Pumps Market size was estimated at USD 9,721.08 million in 2021, USD 10,630.98 million in 2022, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 9.53% to reach USD 16,791.17 million by 2027.

Competitive Strategic Window:

The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period.

FPNV Positioning Matrix:

The FPNV Positioning Matrix evaluates and categorizes the vendors in the Oil & Gas Pumps Market based on Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.

Market Share Analysis:

The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.

The report provides insights on the following pointers:

1. Market Penetration: Provides comprehensive information on the market offered by the key players

2. Market Development: Provides in-depth information about lucrative emerging markets and analyze penetration across mature segments of the markets

3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments

4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players

5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:

1. What is the market size and forecast of the Global Oil & Gas Pumps Market?

2. What are the inhibiting factors and impact of COVID-19 shaping the Global Oil & Gas Pumps Market during the forecast period?

3. Which are the products/segments/applications/areas to invest in over the forecast period in the Global Oil & Gas Pumps Market?

4. What is the competitive strategic window for opportunities in the Global Oil & Gas Pumps Market?

5. What are the technology trends and regulatory frameworks in the Global Oil & Gas Pumps Market?

6. What is the market share of the leading vendors in the Global Oil & Gas Pumps Market?

7. What modes and strategic moves are considered suitable for entering the Global Oil & Gas Pumps Market?

Market Dynamics

Drivers

• Increasing utilization of unconventional resources including shale gas & liquids, tight gas & oil and coal bed methane
• Rising concerns toward energy efficiency
• Increasing adoption of high-quality pumps

Restraints

• Increasing focus on use of renewable energy
• Stringent emission regulations on oil & gas

Opportunities

• Development of pipeline infrastructure in Asia Pacific & Middle East
• Capacity expansion in the current oil & gas fields
• Rising investments in numerous oil and gas exploration projects

Challenges

• Management of lead time of the product

Companies Mentioned

• Alfa Laval AB
• Atlas Copco AB
• Ebara Corporation
• Elliott Group Limited
• Flowserve Corporation
• Gardner Denver Holdings Inc.
• Gemmecotti Srl
• Gorman-Rupp Company
• Grundfos AS
• Halliburton Company
• HMS Holdings Corporation
• KSB SE & Co KGaA
• Nikkiso Co Ltd.
• Ruhrpumpen, Inc.
• Schmitt Kreiselpumpen GmbH & Co. KG
• Sulzer Ltd
• The Weir Group PLC
• Trillium Flow Technologies
• Tsurumi Manufacturing Co. Ltd.
• Wilo Se
• Xylem Inc.

For more information about this report visit https://www.researchandmarkets.com/r/pz1ajx

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Florida’s newest Elite Seakeeper dealer brings reputation of excellent service to West Coast of Florida

MIAMI--(BUSINESS WIRE)--Florida Stabilizers, Florida’s newest Elite Seakeeper Dealer and the New Seakeeper Dealer of the Year in 2021, today announced that they have opened two new offices in the Tampa Bay area, one in St. Petersburg and another in Sarasota. These two new offices mark the first expansion of Florida Stabilizer’s service area outside of the Greater Miami area, and give Florida Stabilizers a significant new base of operations to service the growing number of Seakeeper marine stabilizers on the West Coast of Florida.

Seakeeper, Inc. is the global leader in marine stabilization, whose innovative technology changes the boating experience by eliminating up to 95 percent of all boat roll, the rocking motion that causes seasickness, fatigue and anxiety.

“We’re excited to bring our dedicated team of Seakeeper factory-trained and certified technicians to the Tampa Bay area, one of the fastest growing parts of the state and a mecca for boat owners,” said General Manager Ely Gracia. “We believe that our model of responsive, reliable service will translate well to the West Coast of Florida.”

The centrally-located new offices will house a team of mobile technicians and sales representatives who will execute new Seakeeper installations and provide service from Marco Island to New Port Richey. The team will be fully mobile and capable of executing most work onsite where the vessel is moored.

“We look forward to continuing to grow and providing customers with an excellent experience,” says co-owner Marty Martell. “Our passion for boats and experience as boat owners uniquely positions us to understand our customer’s needs, and we’re 100% focused on delivering the best Seakeeper experience in Florida.”

About Florida Stabilizers

Florida Stabilizers is an Elite Seakeeper dealer 100% dedicated to installing and servicing Seakeeper gyroscopic stabilizers in Florida and the Bahamas. Based in Miami, they now have four locations in Florida and provide service from Key West to West Palm Beach on Florida’s East Coast and Marco Island to New Port Richey on the West Coast of Florida.

Ely Gracia
General Manager
(941)404-4637
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Aaron Bridges
Business Development Manager
(941)404-4637

• Pioneer in additive manufacturing, CRP invented the Windform family of high-performance materials for complex and customized designs with best-in-class lead times
• Investment complements ITT and serves the space, aerospace, defense, premium automotive, and motorsports markets 
• Enables ITT access to additive manufacturing excellence as the industry and number of applications continue to grow

STAMFORD, Conn.--(BUSINESS WIRE)--June 14, 2022-- ITT Inc. (NYSE: ITT), a diversified leading manufacturer of highly engineered critical components and customized technology solutions, today announced its investment in CRP Technology and CRP USA (collectively “CRP”). CRP is an industry leader in developing and manufacturing reinforced composite materials for 3D printing for the aerospace, defense, premium automotive, and motorsports industries. The company’s Windform high-performance materials enable engineers to develop complex, customized designs while providing lightweight and exceptionally durable products. With this investment, ITT owns 46% of CRP Technology and 33% of CRP USA.

“CRP is a smart investment for ITT. With almost three decades of leadership and innovation in additive manufacturing, CRP enables ITT to expand its position in material science and gain hands-on experience with additive manufacturing as the industries we serve continue to transform,” said Luca Savi, Chief Executive Officer and President of ITT. “We are proud to partner with CRP as they continue to grow and deliver industry-changing innovations. Together, ITT and CRP can bring to market new products that deliver sustainable, lightweight, durable solutions for our customers.”

CRP has advanced additive manufacturing capabilities through its Windform range of materials, the leading, lightweight, fiber-reinforced composite materials for industrial 3D printing. Initially focused on manufacturing high-performing parts and applications for racing, including Formula One vehicles, CRP now works with engineers in the transportation industries to create complex designs that help reduce mass, weight, and costs, while shortening lead times and enhancing endurance.

“This transaction will allow CRP to accelerate our growth-focused business plan in the markets we serve today and in new global markets,” said Franco Cevolini, Chief Executive Officer of CRP Technology. “We are proud to work with ITT to extend our scope and drive further innovation in the additive manufacturing industry.”

About ITT

ITT is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy markets. Building on its heritage of innovation, ITT partners with its customers to deliver enduring solutions to the key industries that underpin our modern way of life. ITT is headquartered in Stamford, Connecticut, with employees in more than 35 countries and sales in approximately 125 countries. For more information, visit www.itt.com.

About CRP Technology and CRP USA

Located in the Italian Motor Valley, with manufacturing plants and consultancy offices worldwide, CRP Technology supplies reliable and durable components that magnify manufacturers’ designs and helps companies gain a competitive advantage.

CRP USA, based in Mooresville, North Carolina, in the heart of the southern industrial manufacturing hub, leverages the extensive experience of CRP Technology in North America. The company has a balanced portfolio that maintains a presence in motorsports while being a key supplier of components for spacecraft, entertainment, defense, automotive, and other advanced industrial applications.

To learn more about the companies, visit their web sites: CRP Technology and CRP USA.

Media:
Kellie Harris
+1 914-641-2103
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Investors:
Mark Macaluso
+1 914-641-2064
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SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO) announced today that it will host a conference call on July 28, 2022 at 10:00 a.m. ET to discuss second quarter 2022 earnings results, which will be released earlier that day, and provide an update on company operations.

Persons interested in listening to the conference call may join the webcast on Valero’s Investor Relations website at www.investorvalero.com.

About Valero

We are a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and we sell our products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland, and Latin America. We own 15 petroleum refineries located in the U.S., Canada, and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day (BPD). We are a joint venture member in Diamond Green Diesel Holdings LLC (DGD), which owns a renewable diesel plant in Norco, Louisiana with a production capacity of 700 million gallons per year, and we own 12 ethanol plants located in the Mid-Continent region of the U.S. with a combined production capacity of approximately 1.6 billion gallons per year. We manage our operations through our Refining, Renewable Diesel, and Ethanol segments. Please visit www.investorvalero.com for more information.

Investors:
Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982
Eric Herbort, Senior Manager – Investor Relations, 210-345-3331
Gautam Srivastava, Senior Manager – Investor Relations, 210-345-3992

Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002

THE WOODLANDS, Texas--(BUSINESS WIRE)--Eagle LNG Partners LLC (“Eagle LNG”) announced today it has partnered with the Royal Caribbean Group to provide liquefied natural gas (LNG) bunkering for the cruise company’s LNG ships, including the first ship debuting in 2023 — Icon of the Seas, the first ship in the Icon Class for the company’s Royal Caribbean International brand. Eagle LNG will debut multiple purpose-built LNG vessels equipped for marine bunkering and gas delivery throughout the Caribbean.

The LNG bunker supply vessels are optimized for cruise ship bunkering with state-of-the-art distance keeping, hose handling, product conditioning and mooring solutions. Given the beauty of the countries and islands where they will operate, the vessels will maintain the highest possible environmental ship index (ESI) score, fuel efficiency, versatility and cargo handling capabilities while incorporating design elements from the vibrant colors of the Caribbean islands.

“Eagle LNG is honored to have been chosen by Royal Caribbean Group as its LNG bunker partner. Our shared vision for a sustainable future, including achieving net zero emissions by 2050, creates a strong foundation for a long-term partnership,” said Matthew Fisher, Vice President of Corporate Development and Sustainability for Eagle LNG. “By introducing these purpose-built bunkering ships for the Caribbean, we are setting that vision into motion while also creating opportunities for island nations to access low-cost, secure, U.S. produced natural gas for power generation.”

The LNG supply will be sourced from Eagle LNG’s liquefaction facilities in Jacksonville, Florida. Eagle LNG’s facilities are designed for loading bunker vessels and LNG carriers for the Caribbean while maintaining economies of scale using modular liquefaction technology. The facilities will be capable of blending in renewable feedstocks to help customers achieve their carbon reduction goals.

About Eagle LNG

Eagle LNG is a privately held and operated portfolio company of The Energy & Minerals Group. Eagle LNG provides affordable, efficient, and clean-burning energy. It develops bespoke small-scale LNG fueling solutions for marine industries and power generation in the Caribbean and Latin America. Eagle LNG is based in Houston, Texas. For additional information, please visit www.eaglelng.com.

About The Energy & Minerals Group

The Energy & Minerals Group (EMG) is a private investment firm with Regulatory Assets Under Management of approximately $13 billion as of March 31, 2022. EMG targets equity investments of $150 million to $1,000 million in the energy and minerals sectors with talented, experienced management teams, focused on hard assets that are integral to existing and growing markets. For additional information, please visit www.emgtx.com.

Linda Berndt
Eagle LNG Partners
Mobile: +1-214-864-1886
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HOUSTON--(BUSINESS WIRE)--Riverbend Energy Group (“Riverbend”), on behalf of certain of its affiliates, announced today the execution of a definitive agreement with a private buyer for the sale of all of the equity interests in Riverbend Oil & Gas VI, LLC, Riverbend Oil & Gas VI-B, LLC and Riverbend Oil & Gas VIII, LLC, for total consideration of $1.8 billion. The transaction is subject to customary terms and conditions and is expected to close in the third quarter of 2022, with an effective date of May 1, 2022.

The divested portfolios represent a substantial, diversified asset base of non-operated interests across the Bakken/Three Forks, Utica, Fayetteville and Haynesville. As of the effective date, these properties produced approximately 47,000 barrels of oil equivalent per day from over 11,000 wells.

Of Riverbend’s five (5) currently active traditional energy portfolios, this transaction represents a successful and complete monetization for Riverbend of three (3) portfolios, Riverbend VI, VI-B and VIII.

“Today marks another major milestone for Riverbend and our institutional investors, representing the culmination of nearly six years of diligent acquisition and asset management efforts since the launch of specific traditional energy business plans in delineated and de-risked liquids rich as well as dry gas basins,” said Randy Newcomer, Jr., Riverbend’s CEO. “These core assets, in top-tier North American horizontally exploited producing areas, were assembled through an extremely prudent acquisition approach across nearly 100 discrete transactions in the midst of volatile commodity price and commercial environments. Since the building of these specific business plans and growing/managing these assets, all of the disciplines of the Riverbend team produced diligent, courageous and exemplary efforts to ultimately effectuate this transaction. We are additionally thankful to our equity investors and bank syndicate partners, both groups representing a significant backbone to the Riverbend franchise.”

Barclays served as financial advisor to Riverbend in connection with the transaction and Kirkland & Ellis served as legal advisor.

About Riverbend Energy Group

Riverbend Energy Group, based in Houston, Texas, is a multi-faceted investment firm, utilizing risk-weighted deal evaluation processes to deploy capital into a variety of investment theses in the U.S. energy sector. As a trusted name in the energy investment space, Riverbend’s portfolios have included, and continue to include, operated, non-operated, and mineral and royalty assets in traditional energy, as well as investments in the energy transition sector. Since 2003, Riverbend has successfully acquired, developed, and managed over $5 billion of total enterprise value across ten asset portfolios and continues to aggressively pursue opportunities in the energy marketplace. For more information, visit riverbendenergygroup.com.

Thomas Galloway, Riverbend Energy Group
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+ Strong interest shown towards senior debt from Western World ECAs and governmental bodies, which is estimated to cover up to approximately 70% of NMG’s total funding required for its Phase-2 growth, subject to standard project finance conditions

+ NMG appoints Société Générale as the sole mandated lead arranger for the ECA facilities; Société Générale will oversee the due diligence process, support efforts to obtain final credit approval and assist NMG in offtake negotiations

+ Amid increasing demand from battery and EV manufacturers, NMG advances commercial discussions and technical product qualification with a view towards securing an anchor customer agreement with a potential financial participation

+ NMG is developing a robust financing structure to fund its integrated Phase 2, the Bécancour Battery Material Plant and the Matawinie Mine, focusing on medium-term capital to be secured over time

+ ECA and governmental intended backing denotes NMG’s attractive and timely business model, underpinned by strong ESG principles and proprietary technologies

MONTRÉAL--(BUSINESS WIRE)--$NMG #EV--Nouveau Monde Graphite Inc. (“NMG”, “Nouveau Monde” or the “Company”) (NYSE: NMG, TSXV: NOU) reports meaningful progress on its financing efforts for the development of its fully vertically integrated Phase-2 operations, combining the Bécancour Battery Material Plant and Matawinie Mine. Following the appointment of financial advisors to assist with the structuring and securing of project financing, the Company has engaged with Export Credit Agencies (“ECAs”), governments, strategic investors, and potential customers to frame a robust capital structure that leverages international debt, government funding and equity. NMG has received formal Expressions of Interest (“EOI”) to cover approximately up to 70% of the estimated total funding for an integrated project, subject to standard project finance conditions. NMG’s financing approach strives to further derisk its development by seeking to secure medium-term debt, complemented by strategic equity participation.

Arne H Frandsen, Chair of NMG, said: “The strong expressions of interest received through our financing efforts thus far illustrates the technical, commercial, and sustainable attractiveness of NMG’s ore-to-battery-material business. As the Western World rushes to secure minerals, advanced materials, and manufacturing capacity to engage in the global clean energy economy, the team at NMG has made tremendous progress in advancing our fully integrated model through our proprietary ecotechnologies, Phase-1 production, engineering of our Phase 2 and active engagement with the marketplace. The contemplated structure of our financing and the participation of leading international lenders would strategically position the Company for future steps.”

Senior Debt Facility

As NMG’s technical team and engineering consultants finalize the selection of key equipment and service providers for Phase 2, discussions with ECAs have advanced considerably and have led to a significant level of interest by certain ECAs. The Company has received indicative expressions of interest for a senior debt facility from Euler Hermes Aktiengesellschaft, the German Export Credit Agency (“EH”) and Export Development of Canada (“EDC”) Canada’s export credit agency.

The proposed medium-term project finance is expected to deliver a significantly lower cost of capital than traditional financing structures. As both ECAs and the capital markets increasingly turn their attention to support impact investment, the funding would also reflect NMG’s significant environmental, social and governance (“ESG”) benefits to key stakeholders, including the local community, as well as contribute to the global clean energy drive towards zero emissions. The lower interest rates and longer repayment terms associated with ECA financing minimizes the financial risks with this level of funding.

Eric Desaulniers, Founder, President, and CEO of NMG, commented: “I am confident that the competitive and integrated nature of our projects, combined with our best-in-class approach to ESG standards, will advantageously position NMG towards international lenders and customers. As governments, institutions and investors look to support decarbonization ventures, our value proposition provides exceptional exposure to battery materials while promoting a carbon-neutral footprint, local development of critical value chains and responsible sourcing.”

The EOIs have indicated funding of up to approximately 70% of the total funding required, to include both an imported component and the local costs associated with the installation of that imported content and an additional local component. EH has provided a strong EOI which is in line with the Organisation for Economic Co-operation and Development (“OECD”) Arrangements of Officially Supported Export Credits. EH has stipulated minimum German content requirements and welcomes EDC’s involvement in helping to facilitate the development of the project in order to support greater exports out of Canada under their “Export Capacity” mandate. EDC will potentially provide direct lending in either CAD$ or US$, the terms of which will need to be agreed. EDC is expected to participate alongside EH under a Common Terms Agreement.

The EOIs provide an indication of the attractiveness of the project, and cover, in principle, the level of financial support and their flexibility and desired conditions. The EOIs are not binding commitments and are subject as is customary to a series of standard project finance terms and satisfactory due diligence.

To further advance the development of this facility, NMG has appointed Société Générale as the sole coordinating mandated lead arranger (“MLA”). The appointment of Société Générale was undertaken after a Tender Panel issued by NMG’s advisor, GKB Ventures Ltd (and supported by SD Capital Advisory Limited), to the banking market and after an extensive review and selection process. Société Générale is a leading international financial services group, has very strong credentials in the metals and mining space as well as the battery value chain. It was named International Financing Review’s 2021 Bank of the Year for Sustainability for its role in helping tackle global warming through financial leadership and climate action.

The following stages in the Company’s financing efforts will include, among other things, setting up due diligence workstreams, completion of the definitive feasibility study, securing a formal credit approval and providing lenders with its National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”)-compliant feasibility study. Targeted to be delivered before the end of Q2-2022, the study will reflect NMG’s integrated business model for the Phase-2 Bécancour Battery Material Plant and Matawinie Mine in a unified economics structure.

The ECA backing that the Company is striving to secure demonstrates a sound vote of confidence in the responsible, carbon-neutral and sustainable development of what is projected to be North America’s largest fully integrated natural graphite operation.

Commercial Engagement

In parallel to its financing efforts, NMG continues to advance commercial discussions with tier-1 battery manufacturers thanks to the production of its Phase-1 facilities that enables technical product qualification and confirmation of specifications and quality standards. The Company is striving to secure an anchor customer offtake agreement that could potentially be coupled with a cornerstone strategic investor's participation in the financing structure. This agreement could prove beneficial in advancing the financing efforts to the next stage.

Leveraging its global advisory expertise in the battery and energy transition sectors, Société Générale will also assist NMG as a strategic advisor in the negotiation with a potential off-taker and equity-stake investor. Throughout the negotiation process, Société Générale will be called upon to provide a valuation view, assistance in the formulation of an optimal outcome across off-take conditions, valuation of the equity and timeline to enable the project finance debt, and support in structuring and finalizing the terms and conditions of the equity investment.

Governmental Levers

Based on discussions to date, NMG anticipates meaningful government support in the form of debt, equity and/or grants as both the Québec and Canadian governments are rolling out generous measures to develop a local battery and electric industry underpinned by an abundance of strategic minerals, mining expertise, advanced manufacturing capacity and ESG-leading standards. The U.S. Government has also positioned its capacity to fund critical mineral businesses by adopting the Defense Production Act Title III Presidential Determination for Critical Materials in Large-Capacity Batteries.

About Nouveau Monde Graphite

Nouveau Monde Graphite is striving to become a key contributor to the sustainable energy revolution. The Company is working towards developing a fully integrated source of carbon-neutral battery anode material in Québec, Canada for the growing lithium-ion and fuel cell markets. With low-cost operations and enviable ESG standards, NMG aspires to become a strategic supplier to the world’s leading battery and automobile manufacturers, providing high-performing and reliable advanced materials while promoting sustainability and supply chain traceability. www.NMG.com

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Cautionary Note Regarding Forward-Looking Information

All statements, other than statements of historical fact, contained in this press release including, but not limited to those describing the potential project financing and the terms and conditions thereof, the involvement of ECAs, the Quebec and Canadian Government and the other parties mentioned in this press release, the intended conclusion of a customer offtake agreement and potential strategic investor's participation in the financing structure, the intended results of the initiatives described in this press release, future demand from battery and EV manufacturers, the benefits of the Company’s financing strategy, the Company’s ESG initiatives and commitments and their benefits to stakeholders, the objective of developing the largest fully integrated natural graphite operation in North America, and those statements which are discussed under the “About Nouveau Monde” paragraph and elsewhere in the press release which essentially describe the Company’s outlook and objectives, constitute “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of Canadian and United States securities securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Moreover, these forward-looking statements were based upon various underlying factors and assumptions, including the current technological trends, the business relationship between the Company and its stakeholders, the ability to operate in a safe and effective manner, the timely delivery and installation of the equipment supporting the production, the Company’s business prospects and opportunities and estimates of the operational performance of the equipment, and are not guarantees of future performance.

Forward-looking statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, delays in the scheduled delivery times of the equipment, the ability of the Company to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the availability of financing or financing on favorable terms for the Company, the dependence on commodity prices, the impact of inflation on costs, the risks of obtaining the necessary permits, the operating performance of the Company’s assets and businesses, competitive factors in the graphite mining and production industry, changes in laws and regulations affecting the Company’s businesses, political and social acceptability risk, environmental regulation risk, currency and exchange rate risk, technological developments, the impacts of the global COVID-19 pandemic and the governments’ responses thereto, and general economic conditions, as well as earnings, capital expenditure, cash flow and capital structure risks and general business risks. A further description of risks and uncertainties can be found in NMG’s Annual Information Form dated March 22, 2022, including in the section thereof captioned “Risk Factors”, which is available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Unpredictable or unknown factors not discussed in this Cautionary Note could also have material adverse effects on forward-looking statements.

Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

The market and industry data contained in this press release is based upon information from independent industry publications, market research, analyst reports and surveys and other publicly available sources. Although the Corporation believes these sources to be generally reliable, market and industry data is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data-gathering process and other limitations and uncertainties inherent in any survey. The Corporation has not independently verified any of the data from third-party sources referred to in this press release and accordingly, the accuracy and completeness of such data is not guaranteed.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Further information regarding the Company is available in the SEDAR database (www.sedar.com), and for United States readers on EDGAR (www.sec.gov), and on the Company’s website at: www.NMG.com

MEDIA

Julie Paquet
VP Communications & ESG Strategy
+1-450-757-8905 #140
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INVESTORS

Marc Jasmin
Director, Investor Relations
+1-450-757-8905 #993
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KUALA LUMPUR, Malaysia--(BUSINESS WIRE)--Hong Seng Consolidated Berhad (“Hong Seng” or “the Group”) announced today that it has entered into a Memorandum of Understanding (“MoU”) with EoCell Inc. (“EoCell”) to develop a regional manufacturing hub in Malaysia, to manufacture batteries for Electric Vehicles (EV) and progress to energy storage solutions (“ESS”) which will eventually be supplied to EV manufacturers, assemblers and users in the Southeast Asian region (“Project”).

EoCell, based in Silicon Valley, California, is a research and technology company specializing in the design and development of high-energy nano-silicon anode materials and non-flammable electron technologies for advanced silicon and solid-state batteries. EoCell holds a number of patents in battery technology in the United States, is currently in a collaboration arrangement with Morrow Batteries AS in Norway, and in discussions with a number of tier-1 OEM suppliers to the EV industry and other global battery manufacturers.

On the potential tie-up with EoCell, Hong Seng Group Managing Director Dato’ Seri Teoh Hai Hin said: “EoCell is a next generation battery technology company with a world-class team of battery experts. EoCell engineers have been key contributors to design and manufacturing of PHEV and EV batteries for prestigious brands such as BMW, VW, Audi, Porsche, and Daimler. They are truly pioneers in the electrification movement, and we look forward to working with them to design and develop world-class EV batteries to be produced in our factory. As the world enters into the electrification revolution era, the Group has determined that the MoU is expected to provide a timely opportunity to venture into the EV battery and ESS sector. The global energy storage market has a very bright outlook, with a valuation of USD10.37 billion in 2020 and forecasted to reach USD37.06 billion by 2027. This translates into a CAGR of 19.9% between 2022 and 2027, and the batteries segment is expected to account for the largest share in the energy storage market.”

Dato’ Michael Loh, Chief Executive Officer of EoCell said: “We believe Hong Seng is poised to become one of Southeast Asia’s leading battery producers with a focus on sustainable production facilities powered with clean green energy. We are excited to partner with them to develop their first generation best-in-class battery for the EV market and look forward to collaborating on additional projects with them in the future. The Southeast Asian electrification movement is underway, and Hong Seng has a great strategy to fulfill this upcoming demand. We are excited to enter the Southeast Asian market and participate with Hong Seng’s and Malaysia’s clean energy initiatives.”

According to the MoU signed today, the parties have identified Malaysia as a suitable location to scale up the EV battery and ESS sector to serve the Southeast Asian region. The MoU contemplates that Hong Seng’s main duties will include assisting to identify and propose suitable locations for the Project’s site, propose suitable consultants to undertake the necessary studies and liaise with the Malaysian government to obtain incentives and necessary authorisations. Meanwhile, EoCell is expected to provide licenses of battery and manufacturing technology for EV batteries, relevant industry and technology knowledge in relation to the implementation of the Project, and expertise in battery production line design and installation. The MoU is non-binding statement of the parties’ current intentions. Over the next 90 days, subject to the negotiation of a mutually acceptable definitive agreement, the parties intend to enter into a joint venture agreement and set up a new joint venture company.

“The Malaysian Government has earmarked clean energy and electric vehicle industries as one of the growth sectors for the country, and as the nation is striving for a greener world and decarbonization by replacing combustion engine vehicles with Electric Vehicles, the demand for battery will experience an exponential growth.

We are confident that the vision to develop Malaysia into the central of battery technology and manufacturing for Southeast Asia will materialise with the Malaysian government’s strong support, the country’s strategic location in the centre of Southeast Asia, and Malaysia’s neutral political position which will be able to encourage bilateral trades among the countries involved,” added Teoh.

About EoCell, Inc.

Founded in 2015 and based in Silicon Valley’s San Jose, EoCell specializes in high-energy nano-silicon anode materials, innovative electrolyte technologies, and advanced graphite, silicon, and solid-state batteries. EoCell has developed an expert battery team from world-wide battery manufacturers with prior high-scale commercialization experience working with tier-1 automotive OEMs.

EoCell, Inc.
Patrick Gray, This email address is being protected from spambots. You need JavaScript enabled to view it.

PHILADELPHIA--(BUSINESS WIRE)--Doral Renewables LLC (“Doral”) has successfully closed construction project financing for Mammoth North, the first phase of Doral’s broader Mammoth Solar project. Mammoth North is located on 4,500 acres in Starke County, Indiana, in the northwestern region of PJM. The project will be a ground-mounted single axis PV system with 400 MWac of solar power capacity. Doral is also developing the nearby Mammoth Central and Mammoth South projects which, together with Mammoth North, will bring 1.3 GWac of capacity to market as one of the country’s largest collective solar farms.

Deutsche Bank AG, New York Branch acted as sole bookrunner, sole structuring bank and mandated lead arranger for the $392 million financing for the project, which consisted of a $157 million construction-to-term loan facility, a $170 million tax equity bridge loan, and a $65 million letter of credit facility. Bayerische Landesbank, New York Branch and National Bank of Canada acted as Lead Managers with Banco de Sabadell, S.A, Miami Branch, Comerica Bank, a Texas banking association, Intesa Sanpaolo S.p.A., New York Branch, and Metropolitan Life Insurance Company rounding out the syndicate for the debt and letter of credit facilities. The closing was completed simultaneously with Doral’s signing of a nearly $175 million tax equity commitment for the project from Bank of America N.A. Marathon Capital Markets, LLC acted as exclusive financial advisor for Doral.

Mammoth North will generate energy and renewable energy certificate revenue via its long-term Power Purchase Agreement (PPA) with AEP Energy Partners, Inc., a subsidiary of American Electric Power (Nasdaq: AEP), one of the largest investor-owned utilities in the U.S., providing AEP’s consumers with clean energy. Doral expects that the facility will power approximately 75,000 Midwestern homes once in operation.

“We are proud to support Doral with this financing and to have partnered with their world class development team and furthered DB’s commitment to Sustainable Financing,” said Jeremy Eisman, head of Infrastructure & Energy Financing and Structuring at Deutsche Bank.

“Doral is thrilled to have collaborated with Deutsche Bank to raise this important piece of capital which will enable us to bring Mammoth North to commercial operation as expected in 2023,” said Evan Speece, Chief Financial Officer at Doral Renewables LLC. “We look forward to continuing to work with our financing partners to bring clean energy from the other stages of Mammoth, and the rest of our growing pipeline, to customers throughout the United States.”

About Doral Renewables LLC

Doral is a U.S. company owned by Doral Renewable Energy Resources Group (TASE:DORL, “Doral Group”), a publicly traded Israeli renewable energy company, Migdal Group, Israel’s largest insurance company and pension manager, and U.S. members. Doral is developing an 11 GWac wind, solar, and storage portfolio across 20 states, eight electricity markets and covering approximately 100,000 acres of land. It has over $2 billion in long-term wholesale power purchase agreements with U.S. customers.

About Doral Group

Doral Group is a publicly-traded company on the Tel Aviv Stock Exchange in Israel (DORL) and is a global renewable energy leader, holding hundreds of long-term revenue-generating renewable energy assets. Doral Group is active, inter alia, in Israel, Europe, and the United States. Doral Group is also emerging as a worldwide leader in the field of solar + storage solutions, following its win of Israel’s biggest solar + storage tenders to build approximately 750 MWdc + 1,400MWh of storage facilities in Israel.

Evan Speece
Chief Financial Officer
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