CHARLOTTE, N.C.--(BUSINESS WIRE)--#CCS--The U.S. Department of Energy (DOE) announced $45 million in funding for 12 projects to advance point-source carbon capture and storage technologies that can capture at least 95% of carbon dioxide (CO₂) emissions generated from natural gas power and industrial facilities that produce commodities like cement and steel.

CORMETECH, Inc. (Charlotte, NC) has been selected by the Department of Energy (DOE) to further develop, optimize and test a new, lower cost technology to capture CO₂ from the flue gas of Natural Gas Combined Cycle Plants (NGCC), which will enhance scalability to large NGCC plants. The award will focus on point-source carbon capture, which seeks to stop carbon dioxide emissions from entering the atmosphere by filtering out CO₂ and other harmful gases from a power plant or industrial facility.

https://www.energy.gov/articles/doe-invests-45-million-decarbonize-natural-gas-power-and-industrial-sectors-using-carbon

From the DOE funding announcement (10/06/2021):

“In order to dramatically reduce carbon pollution in our fight against climate change, we must deploy all of the tools at our disposal, including the innovative technologies that capture CO₂ emissions before they reach the atmosphere,” said Secretary of Energy Jennifer M. Granholm. “What’s truly exciting about these projects is that not only do they put us on a path to decarbonize existing infrastructure, but they also pave the way for good-paying, union jobs—in the communities that have been impacted the most from our dependence on fossil fuels.”

Cormetech’s CEO Mike Mattes commented “Cormetech is very excited about this award, which will allow us to continue developing our CO₂ capture technology for Natural Gas Combined Cycle Plants (NGCC). With Cormetech’s long history of technology leadership in emission controls, we are uniquely positioned to confirm the value proposition of our new lower cost technology.”

To learn more about this project and Cormetech’s technologies please reach out to This email address is being protected from spambots. You need JavaScript enabled to view it. or call us at 1-704-827-8933.

CORMETECH, Inc. is a world leader in manufacturing of high-quality environmental catalysts, providing SCR catalyst regeneration and engineering services for the power, marine, industrial-process, refinery, and petrochemical markets. The company has leveraged more than 30 years of field experience and ceramic extrusion technology to create innovative catalyst products and services that meet our customers' needs in the United States and abroad.

Scott Daugherty
919-620-3000

Report Recognizes Itron’s Ability to Execute and Completeness of Vision

LIBERTY LAKE, Wash.--(BUSINESS WIRE)--#Gartner--Itron, Inc. (NASDAQ: ITRI), which is transforming the way utilities and cities manage energy and water, announced that it has been named a Visionary in the 2022 Gartner Magic Quadrant for Managed IoT Connectivity Services, Worldwide¹. According to Gartner, “the Managed IoT connectivity service market enables connectivity, data collection, and analysis and additional decision services that are necessary for connected solutions.”

“We are proud to be named a Visionary by Gartner. We believe this report recognizes our expertise as an IoT platform solution provider for software and managed services and our experience in delivering smarter Industrial IoT (IIoT) solutions to revolutionize energy, water and city services,” said Don Reeves, senior vice president of Outcomes at Itron. “With more than 78 million endpoints under management by Itron, we are committed to supporting utility and city customers by providing secure intelligently connected solutions to deliver new services to consumers and support a broad ecosystem of IIoT devices.”

Connectivity and intelligence enable the digital transformation of critical energy, water and city services. Itron's globally proven, multi-purpose platform securely connects millions of IIoT devices around the world. Connecting any combination of water, electricity and gas, Itron’s IIoT platform helps cities, utilities and critical infrastructure operators deliver more efficient, reliable and resilient services. By collaborating with its ecosystem of partners, Itron delivers value-added applications and services that easily connect to its IIoT network. Itron’s platform delivers reliable, resilient performance for all the use cases a utility or city wants to enable ​via connectivity and inclusion of other IoT edge sensors, devices, analytics and a variety of communications options including RF mesh, cellular and more. Itron’s IIoT platform harnesses vast amounts of data and unlocks actionable insights to drive critical decisions. It enables customers to reduce their operating costs, empower consumers to manage their energy and water usage and costs, while maintaining distribution system resilience as an increasing number of distributed energy resources need to be supported. Itron enables automation of enterprise business processes and a closed loop, next-generation user experience between utilities, cities and energy consumers, helping utilities and cities achieve business results and greater value.

To download the complete report, visit https://go.itron.com/gartner-2022-iotmq.

About Itron

Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.

Itron^® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

¹ Gartner, Magic Quadrant for Managed IoT Connectivity Services, Worldwide, Pablo Arriandiaga, Eric Goodness, Leif-Olof Wallin, Kameron Chao, 31 January 2022

Gartner and Magic Quadrant are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved

Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. 

Itron, Inc.
Alison Mallahan
Senior Manager, Corporate Communications
509-891-3802
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Estimates Fourth Quarter Double Digit Organic Revenue Growth and Revises Full Year Revenue Guidance to $134 Million to $136 Million, Representing 14% to 16% Growth Year Over Year

SANTA ANA, Calif.--(BUSINESS WIRE)--$ITI #IoT--Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today reported financial results for its fiscal third quarter 2022 ended December 31, 2021. During the first quarter of fiscal 2021, the company completed the sale of its Agriculture and Weather Analytics segment to DTN, LLC. The results of the Agriculture and Weather Analytics segment are reported as discontinued operations for all periods presented in this release.

Fiscal Third Quarter 2022 Financial Summary

• Total revenue of $32.0 million, up 14% year over year
  • Service revenue was up 37% year over year to $16.1 million, due to continued adoption of Iteris’ ClearMobility™ Platform
  • Product revenue was down 3% year over year to $15.9 million, due to supply chain and third-party supplier delays

• Record total net bookings of $40.9 million, up 99% year over year
• Record total ending backlog of $92.3 million, up 20% year over year
• GAAP net loss from continuing operations of $2.4 million, or $(0.06) per diluted share, due to additional costs incurred related to raw material shortages

Year to Date 2022 Financial Summary

• Total revenue of $99.3 million, up 16% year over year
  • Service revenue was up 24% year over year to $47.7 million, due to continued adoption of Iteris’ ClearMobility Platform
  • Product revenue was up 10% year over year to $51.6 million, despite supply chain and third-party supplier delays

• Total net bookings of $113.6 million, up 28% year over year
• GAAP net loss from continuing operations of $3.9 million, or $(0.09) per diluted share
• Adjusted EBITDA of $5.5 million, a 3% decrease year over year

Fiscal Full Year 2022 Outlook

• Adjusts total revenue guidance range to $134 million to $136 million, which would represent year-over-year growth of 14% to 16%
• Lowers adjusted EBITDA guidance range to 5% to 5.4% of fiscal 2022 full year revenue

Management Commentary:

“While supply chain issues affected cost of goods sold and revenue recognition in our fiscal third quarter, we experienced sustained strong customer adoption of Iteris’ ClearMobility Platform,” said Joe Bergera, president and CEO of Iteris. “During the quarter, total net bookings rose 99% year over year, resulting in record total ending backlog of $92.3 million. Although we anticipate supply chain challenges to continue through our fiscal fourth quarter, we expect double digit organic revenue growth due to the strength of our backlog and continued above market bookings growth.”

GAAP Fiscal Third Quarter 2022 Financial Results

Total revenue in the third quarter of fiscal 2022 increased 14% to $32.0 million, compared with $28.2 million in the same quarter a year ago, primarily driven by the addition of revenues from TrafficCast.

Operating expenses in the third quarter increased 9% to $13.1 million, compared with $12.0 million the same quarter a year ago. The increase was a result of the TrafficCast acquisition, and continued investment in research and development, and sales and marketing.

Operating loss from continuing operations in the third quarter was approximately $2.0 million, compared with an operating loss from continuing operations of approximately $0.3 million in the same quarter a year ago. Net loss from continuing operations in the third quarter was approximately $2.4 million, or $(0.06) per diluted share, compared with net loss from continuing operations of $0.3 million, or $(0.01) per diluted share, in the same quarter a year ago.

Non-GAAP Fiscal Third Quarter 2022 Financial Results

In addition to results presented in accordance with generally accepted accounting principles in the United States (“GAAP”), the company has included the following non-GAAP financial measure: Adjusted income from continuing operations before interest, taxes, depreciation, amortization, stock-based compensation expense, restructuring charges, acquisition costs, executive severance and transition costs, and project loss reserves (“Adjusted EBITDA”). A discussion of the company’s use of this non-GAAP financial measure is set forth below in the financial statements portion of this release under the heading “Non-GAAP Financial Measures and Reconciliation.”

Adjusted EBITDA in the third quarter was approximately $0.1 million, or 0.3% of total revenues, compared with approximately $1.5 million, or 5.2% of total revenues, in the same quarter a year ago.

Earnings Conference Call

Iteris will conduct a conference call today to discuss its fiscal third quarter results.

Date: Thursday, February 3, 2022
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-free dial-in number: +1-888-220-8451
International dial-in number: +1 323-794-2588
Conference ID: 8805832

To listen to the live webcast or view the press release, please visit the investor relations section of the Iteris website at www.iteris.com.

A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through February 10, 2021. To access the replay dial information, please click here.

About Iteris, Inc.

Iteris is the global leader in smart mobility infrastructure management – the foundation for a new era of mobility. We apply cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to achieve safe, efficient and sustainable mobility. Our end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world to help ensure that roads are safe, travel is efficient, and communities thrive. Visit www.iteris.com for more information, and join the conversation on Twitter, LinkedIn and Facebook.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

This release may contain forward-looking statements, which speak only as of the date hereof and are based upon our current expectations and the information available to us at this time. Words such as "believes," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "may," "will," "can," and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the Company’s anticipated demand and growth opportunities, conversion of bookings to revenue, the impact and success of new solution offerings, the Company’s recent acquisition, our future performance, growth and profitability, operating results, and financial condition and prospects. Such statements are subject to certain risks, uncertainties, and assumptions that are difficult to predict and actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.

Important factors that may cause such a difference include, but are not limited to, federal, state and local government budgetary issues, spending and scheduling changes, funding constraints and delays, including in light of the COVID-19 pandemic; the timing and amount of government funds allocated to overall transportation infrastructure projects and the transportation industry; our ability to replace large contracts once they have been completed; the effectiveness of efficiency, cost, and expense reduction efforts; our ability to achieve anticipated benefits from our sale of our Agriculture and Weather Analytics segment; our ability to successfully complete and integrate acquired assets and companies; our ability to specify, develop, complete, introduce, market and gain broad acceptance of our new and existing product and service offerings; risks related to our ability to recruit and/or retain key talent; the potential unforeseen impact of product and service offerings from competitors, increased competition in certain market segments, and such competitors’ patent coverage and claims; any softness in the markets that we address; adverse effects of the COVID-19 pandemic on our vendors and our employees; and the impact of general economic and political conditions and specific conditions in the markets we address, and the possible disruption in government spending and commercial activities, such as the COVID-19 pandemic, import/export tariffs, terrorist activities or armed conflicts in the United States and internationally. Further information on Iteris, Inc., including additional risk factors that may affect our forward-looking statements, as contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and our other SEC filings that are available through the SEC's website (www.sec.gov).

ITERIS, INC.

Non-GAAP Financial Measures and Reconciliation

In addition to results presented in accordance with GAAP, the company has included the following non-GAAP financial measure in this release: Adjusted income (loss) from continuing operations before interest, taxes, depreciation, amortization, stock-based compensation expense, restructuring charges, and project loss reserves (“Adjusted EBITDA”).

When viewed with our financial results prepared in accordance with GAAP and accompanying reconciliations, we believe Adjusted EBITDA provides additional useful information to clarify and enhance the understanding of the factors and trends affecting our past performance and future prospects. We define this measure, explain how it is calculated and provide reconciliations of this measure to the most comparable GAAP measure in the table below. Adjusted EBITDA is a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP. This is not a measurement of our financial performance under GAAP and should not be considered as alternatives to net income or any other performance measures derived in accordance with GAAP, or as an alternative to net cash provided by operating activities as measures of our liquidity. The presentation of this measure should not be interpreted to mean that our future results will be unaffected by unusual or nonrecurring items.

We use the Adjusted EBITDA non-GAAP operating performance measure internally as a complementary financial measure to evaluate the performance and trends of our businesses. We present Adjusted EBITDA and the related financial ratios, as applicable, because we believe that measures such as these provide useful information with respect to our ability to meet our operating commitments.

Adjusted EBITDA and the related financial ratios have limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations include:

• They do not reflect our cash expenditures, future requirements for capital expenditures or contractual commitments;
• They do not reflect changes in, or cash requirements for, our working capital needs;
• Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements;
• They are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows;
• They do not reflect the impact on earnings of charges resulting from matters unrelated to our ongoing operations; and
• Other companies in our industry may calculate Adjusted EBITDA differently from us, limiting their usefulness as comparative measures.

Because of these limitations, Adjusted EBITDA and the related financial ratios should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as a measure of cash that will be available to us to meet our obligations. You should compensate for these limitations by relying primarily on our GAAP results and using Adjusted EBITDA only as supplemental information. See our Condensed Consolidated Financial Statements contained in this Press Release. However, in spite of the above limitations, we believe that Adjusted EBITDA and the related financial ratios are useful to an investor in evaluating our results of operations because these measures:

• Are widely used by investors to measure a company’s operating performance without regard to items excluded from the calculation of such terms, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired, among other factors;
• Help investors to evaluate and compare the results of our operations from period to period by removing the effect of our capital structure from our operating performance; and
• Are used by our management team for various other purposes in presentations to our Board of Directors as a basis for strategic planning and forecasting.

The following financial items have been added back to or subtracted from our net income when calculating Adjusted EBITDA:

• Interest expense. Iteris excludes interest expense because it does not believe this item is reflective of ongoing business and operating results. This amount may be useful to investors for determining current cash flow.
• Income tax. This amount may be useful to investors because it represents the taxes which may be payable for the period and the change in deferred taxes during the period, and may reduce cash flow available for use in our business.
• Depreciation. Iteris excludes depreciation expense primarily because it is a non-cash expense. These amounts may be useful to investors because it generally represents the wear and tear on our property and equipment used in our operations.
• Amortization. Iteris incurs amortization of intangible assets in connection with acquisitions. Iteris also incurs amortization related to capitalized software development costs. Iteris excludes these items because it does not believe that these expenses are reflective of ongoing operating results in the period incurred. These amounts may be useful to investors because it represents the estimated attrition of our acquired customer base and the diminishing value of product rights.
• Stock-based compensation. These expenses consist primarily of expenses from employee and director equity based compensation plans Iteris excludes stock-based compensation primarily because they are non-cash expenses and Iteris believes that it is useful to investors to understand the impact of stock-based compensation to its results of operations and current cash flow.
• Restructuring charges. These expenses consist primarily of employee separation expenses, facility termination costs, and other expenses associated with Company restructuring activities. Iteris excludes these expenses as it does not believe that these expenses are reflective of ongoing operating results in the period incurred. These amounts may be useful to our investors in evaluating our core operating performance.
• Project loss reserves. These expenses consist primarily of expenses incurred to complete a software development contract that will not be recoverable and largely related to previously incurred and capitalized costs for non-recurring engineering activity. Iteris excludes these expenses as it does not believe that these expenses are reflective of ongoing operating results in the period incurred. These amounts may be useful to our investors in evaluating our core operating performance.
• Executive severance and transition costs. Iteris excludes executive severance and transition costs because it does not believe that these expenses are reflective of ongoing operating results in the period incurred. These amounts may be useful to our investors in evaluating our core operating performance.

Reconciliations of net income (loss) from continuing operations to Adjusted EBITDA and the presentation of Adjusted EBITDA as a percentage of net revenues were as follows:

Iteris Contact
Douglas Groves ​​​​​​​
Senior Vice President and Chief Financial Officer
Tel: (949) 270-9643
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations
MKR Investor Relations, Inc.
Todd Kehrli
Tel: (213) 277-5550
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40-Bank Working Group Established to Guide Launch of the First Blockchain-based Interbank Payments Network

NEW YORK--(BUSINESS WIRE)--#KevinGreene--Tassat Group Inc., sponsor of the Digital Interbank Network (The Network), today announced that they are in discussions with more than 200 banks about joining The Network, which will enable member banks to execute secure and instantaneous real-time payments and other banking services between their commercial customers, 24/7/365, via private, permissioned blockchains.

Tassat has contributed intellectual property and protocols to The Network, which will be owned and governed by its member banks. A 40-bank Working Group has been established by Tassat and will meet in early February to help guide The Network to a planned 2022 launch.

Tassat also announced that Kevin R. Greene, its Executive Chairman, has been named CEO, succeeding Ron Totaro. Greene, who joined Tassat’s Board in 2017, and became chair in 2019, has played a hands-on role since Tassat’s formation, including driving the design and launch of the Network.

“Every bank that has adopted Tassat’s technology has experienced tremendous and demonstrable growth,” said Greene. “Signature Bank, TassatPay’s first customer, has seen enormous growth in deposits, customers, and shareholder value since implementing TassatPay^® as Signet in 2019. The growth of TassatPay and the Digital Interbank Network will continue to enable banks to compete and win in the emerging and rapidly growing digital economy.”

Added Greene, “With TassatPay well-established and the launch of the Digital Interbank Network moving ahead, Ron Totaro decided this was the time to transition to his next venture. I’m excited to take on more responsibility at Tassat, building on Ron’s outstanding work in taking TassatPay to a complete blockchain payments solution for banks and their customers while positioning the company for success going forward.”

Greene joins a powerful, experienced leadership team that includes Kevin Lupowitz as Chief Information Officer; Glen Sussman as President and Chief Operating Officer; and, Al Berg as Chief Information Security Officer, leading a 58-person technology team dedicated to delivering best-in-class payments and banking solutions using blockchain technology.

Lupowitz joined Tassat in 2017 and has led the company’s strategic research and development initiatives. He formerly held senior positions leading the technology development efforts at CLEAR, FXall and Liquidnet Holdings. Sussman has more than two decades of experience scaling technology companies, including SundaySky. Berg has held senior positions in technology security for more than three decades, most recently with Endava.

Working Group will guide The Network to launch

The Network’s capabilities were publicly demonstrated in December 2021 with the first-ever instantaneous, real-time transfer of digital dollars between two banks using blockchain technology.

While TassatPay enables private payments and services between customers of the same bank, The Network will extend these capabilities to B2B customers of all member banks. The Network is differentiated from other proposed payment solutions by:

• Being based on a proven, existing payments platform, one that has processed more than $300 billion in payments since 2019 and generated growth and shareholder value at banks that have adopted its technology;
• Working with banks to ensure that the services they are providing to their customers operate within their bank regulatory perimeters
• Operating on a private, permissioned blockchain rather than a public blockchain, accessible only to member banks and regulators, strengthening privacy and security; and,
• Using tokenized dollars backed one-to-one by U.S. dollars in deposit accounts at regulated, U.S. banks, rather than public and unregulated stablecoins with significant systemic, security and regulatory risks.

“The Network is garnering serious interest from banks in large part due to Tassat’s proven record facilitating more than $300 billion in instantaneous blockchain-based payments using a private, permissioned blockchain to enhance privacy and security,” said Greene. “The Digital Interbank Network provides banks with the tools to compete and win in an increasingly digital economy. It will be the onramp to a fully digital banking system, including not just payments but also smart contracts and T+0 settlement. It is the future of banking – and it’s arriving this year.”

About Tassat Group

Tassat is a technology company that is the leading provider to banks of private blockchain-based, real-time solutions including TassatPay®, which enables banks to provide their customers with instantaneous, secure, real-time payments 24/7/365. Tassat provides an onramp for banks to begin transitioning from legacy technology to blockchain technology that not only will make existing services such as payments more efficient, but also creates opportunities in areas such as smart contracts. Tassat recently was honored with a 2021 Google Cloud Customer Award for innovation in financial services. For more information, visit us at www.tassatpay.com/, on Twitter or on LinkedIn.

About The Digital Interbank Network

The Digital Interbank Network^TM is the first member bank-owned blockchain-based, real-time payment network for banks. Owned and governed by member banks, The Network enables its members to execute instantaneous, secure, real-time payments and other banking services across banks 24 hours a day and 365 days a year. The Network is a highly secure, private and permissioned blockchain-based payment instruction and settlement platform that is accessible only by member banks. Tassat, The Network’s sponsor, unveiled the Digital Interbank Network with a live demonstration of the first real-time digital payment between two banks using blockchain technology. For more information, visit www.interbanknetwork.com.

About Kevin R. Greene

In addition to his roles at Tassat, Kevin Greene serves as a Managing Partner of James Alpha Management, an investor in Tassat.

Prior to joining James Alpha, Greene served as Chairman and CEO of Capital Resource Holdings, LLC, the holding company parent of CRA RogersCasey, one of the nation’s leading pension consulting firms. He previously founded Bryant Park Capital, a privately held investment bank specializing in private equity financing and mergers and acquisitions for both private and public companies in the U.S. and Europe. Since 1991, Greene has served as the Chairman and CEO of KR Group, an international consulting and investment banking firm, which he founded. His early career included positions as a Senior Consultant with McKinsey & Co., and as a Senior Commodities Analyst with E.F. Hutton.

Greene holds a B.A. degree in Economics (with distinction) from Georgetown University, a master’s degree in Public Policy (Kennedy Scholar) from Harvard University and an MBA in Finance from New York University. Greene is a former Chairman of the Young Presidents’ Organization’s Manhattan chapter, and has served on many public and private boards.

Media Contacts:
Matt Slauson
The Hubbell Group, Inc.
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Loretta Healy
The Hubbell Group, Inc.
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1-781-718-1117

HOUSTON--(BUSINESS WIRE)--Chesapeake Granite Wash Trust (OTC Markets Group, Inc.:CHKR) (the “Trust”) today announced that its common unit distribution for the quarter ended December 31, 2021 (which primarily relates to production attributable to the Trust’s royalty interests from September 1, 2021 through November 30, 2021) will be $0.0667 per common unit. The distribution will be paid on March 3, 2022 to common unitholders of record at the close of business on February 21, 2022.

The following table provides supporting documentation, for the calculation of distributable income available to unitholders for the production period from September 1, 2021 through November 30, 2021.

Due to the timing of the payment of production proceeds to the Trust, quarterly distributions generally include royalties attributable to sales of oil, natural gas liquids and natural gas for three months, including the first two months of the quarter just ended and the last month of the prior quarter.

The Trust owns royalty interests in certain oil and natural gas properties in the Colony Granite Wash play in Washita County, Oklahoma. The Trust is entitled to receive proceeds from the sale of production attributable to the royalty interests. As described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”), the amount of Trust revenues and the quarterly distributions to Trust unitholders will fluctuate from quarter to quarter, depending on the sales volume of oil, natural gas liquids and natural gas attributable to the Trust’s royalty interests and the prices received for such sales and the amount of the Trust’s administrative expenses, among other factors.

For additional information regarding the Trust and its results of operations and financial condition, please refer to the Trust’s SEC filings.

ABOUT CHESAPEAKE GRANITE WASH TRUST:

Pursuant to IRC Section 1446, withholding tax on income effectively connected to a U.S. trade or business allocated to foreign partners should be made at the highest marginal rate. Under Section 1441, withholding tax on fixed, determinable, annual, periodic income from U.S. sources allocated to foreign partners should be made at 30% of gross income unless the rate is reduced by treaty. This release is intended to be a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b) by the Trust, and while specific relief is not specified for Section 1441 income, this disclosure is intended to suffice. For distributions made to foreign partners, nominees and brokers should withhold at the highest effective tax rate.

This news release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this news release, other than statements of historical facts, are “forward-looking statements” for purposes of these provisions. The anticipated distribution discussed herein is based, in part, on the amount of cash received or expected to be received by the Trust with respect to the relevant quarterly period. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause actual results to differ materially include the COVID-19 pandemic and related economic turmoil, expenses of the Trust and reserves for anticipated future expenses. The Trustee neither intends and neither assumes any obligation, to update any of the statements included in this news release. An investment in common units issued by the Trust is subject to the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2020, as well as other risks identified in the Trust’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC. The Trust’s annual, quarterly and other filed reports are or will be available at the SEC’s website at www.sec.gov. The Trust does not intend, and assumes no obligations, to update any of the statements included in this news release. Further information is available at www.chkgranitewashtrust.com where the Trust routinely posts announcements, updates, investor information and news releases.

The Bank of New York Mellon Trust Company, N.A.
Monika Rusin
212-815-5787
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Bringing together Washington’s maritime community to diminish noise impacts on endangered Southern Resident killer whales, Quiet Sound kicks off its first year of projects

SEATTLE--(BUSINESS WIRE)--Quiet Sound, a collaborative program working to reduce noise and physical impacts to endangered Southern Resident killer whales from large commercial vessels, announces the official launch of its initiatives and monitoring programs, with the first meeting of its Leadership Committee held on January 27.

Quiet Sound received its initial funding and began organizing for this official launch in 2021. Quiet Sound is the primary, collaborative initiative in Washington state addressing the impacts of noise on local whale populations. Their focus is on giving commercial mariners and large vessels the resources to join together in a voluntary effort to slow down, reducing underwater noise pollution and protecting the 73 Southern Resident killer whales in the Salish Sea.

“We are eager to quickly build momentum behind our noise-reduction initiatives and monitoring programs to create a win-win solution where ferries, cruise ships, large vessels, and others on the water can coexist with our resident whales and ensure the future of this endangered species,” said Rachel Aronson, Quiet Sound Program Director. “We have encouraging partnerships in the works touching every aspect of the maritime industry and collaborative programs we will continue to roll out throughout the year.”

Quiet Sound is working in partnership with the tribal governments, state and federal agencies, scientific researchers, nonprofits and other maritime industry organizations to initiate an advanced whale alert system and vessel slow down initiative to protect one of the whale species’ most valuable assets: communication. Diminished underwater noise means improved orca communication, protecting their ability to hunt and mate - empowering the acutely endangered species to thrive.

"Southern Resident killer whales are a key indicator of the overall health of Puget Sound and an important part of the NWIFC member tribes’ cultures,” said Randy Lumper, Puget Sound Policy Analyst of the Northwest Indian Fisheries Commission. “We are excited to be part of the collaboration with Quiet Sound on this critical noise-reduction initiative in support of recovering our Southern Resident killer whales."

"We’re excited to be part of the founding leadership of this initiative to reduce underwater noise to improve the environment for Southern Resident killer whales,” said Mike Moore, Vice President of Pacific Merchant Shipping Association. “Environmental stewardship is important to mariners who are willing to implement voluntary actions when there are measurable benefits. We also look forward to collaborating with our Canadian neighbors.”

Large vessels and vessel operations centers are asked to use the Whale Report Alert System, available as a mobile app or in a browser, providing real-time, geographically specific alerts of whale sightings. These alerts can enable vessels to take measures that are safe for humans and for the whales, such as slowing down, stopping, posting a lookout, or taking an alternate route. Quiet Sound is engaging Washington sightings networks to provide a more complete real-time picture of whale locations for mariners.

Immediate next steps for Quiet Sound include partnering with Oceans Initiative to engage Puget Sound boaters in underwater noise measurements and advising the Port of Seattle on a research initiative on what is needed to further develop Washington’s underwater noise sensing network. Quiet Sound will also partner with the U.S. Navy’s Northwest Tech Bridge on a technology challenge to support innovators in developing new onboard whale sensing capabilities for vessels underway.

Stay up to date on Quiet Sound initiatives, opportunities to support Quiet Sound, and other educational resources by signing up for their newsletter and following them on LinkedIn.

About Quiet Sound

Quiet Sound is a collaborative alliance that aims to reduce the impact of large commercial vessels on Southern Resident killer whales through voluntary measures. It is implementing noise-reduction initiatives, educational campaigns and monitoring programs in the Puget Sound, in coordination with Canadian and United States authorities. Quiet Sound is administered by Washington Maritime Blue, a strategic alliance to accelerate a sustainable and equitable blue economy. News and updates can be found on the Quiet Sound website: https://quietsound.org/.

Eric Schudiske (This email address is being protected from spambots. You need JavaScript enabled to view it.)

2022 annual earnings per share guidance range of $1.75 to $1.80

Infrastructure investments of $3 billion through 2024

Reaffirms multiyear ESG commitments

BRYN MAWR, Pa.--(BUSINESS WIRE)--Essential Utilities Inc. (NYSE: WTRG) today announces guidance, including earnings expectations, 3-year infrastructure investment plans, and reaffirmation of company’s ESG commitments.

2022 Essential Financial and Growth Guidance

Essential continues to monitor the effects of the COVID-19 pandemic on its customers, employees and the business and will update guidance impacts from the pandemic in the future if needed. This guidance is based on the inclusion of signed water and wastewater acquisitions but does not factor in the impact of the expected continuation of significant water and wastewater customer growth from acquisitions.

The following is the company’s 2022 full-year guidance:

• Net income per diluted common share of $1.75 to $1.80
• Continuation of the company’s stated long-term earnings per share growth CAGR of 5 to 7% for the three-year period through 2024 based off the midpoint of the company’s stated 2021 guidance range of $1.64-1.69 earnings per share. The company expects to reaffirm the long-term earnings per share growth guidance after the completion of significant regulatory processes this spring
• Regulated infrastructure investments of approximately $1 billion annually through 2024, weighted towards the regulated water segment
• Regulated water segment rate base compound annual growth rate of 6 to 7% through 2024
• Regulated natural gas segment rate base compound annual growth rate of 8 to 10% through 2024
• Average annual regulated water segment customer (or equivalent dwelling units) growth of between 2 and 3% from acquisitions and organic customer growth
• Gas customer count stable for 2022

ESG Guidance and Commitments

• Reduction of Scope 1 and Scope 2 greenhouse gas emissions by 60% by 2035 from our 2019 baseline
• Multiyear plan to increase diverse supplier spend to 15%
• Multiyear plan to reach 17% employees of color
• Multiyear plan to ensure that finished water does not exceed 13 parts per trillion (ppt) of PFOA, PFOS, and PFNA compounds

Essential is reaffirming its commitment to substantially reduce Scope 1 and 2 greenhouse gas emissions by 2035. This is achievable through extensive gas pipeline replacement, renewable energy purchasing, accelerated methane leak detection and repair, and various other currently planned initiatives. Essential also reaffirms its commitment to diversity, equity, and inclusion efforts to ensure the diversity of its employee base and suppliers reflects the diversity of its customer population. Since making these commitments, the company has already announced a 5% scope 1 and 2 emissions reduction towards our 60% reduction target, 14% of employees are people of color towards our 17% target, and almost 10% supplier diversity towards our 15% target.

“Our premium water and natural gas platform gives us a unique ability to deliver critical resources with a high degree of reliability and resiliency to the communities we serve. The long-term guidance we are issuing today reflects our confidence in our ability to deliver on our mission of providing essential natural resources to our water, wastewater, and natural gas customers. We are dedicated to growing our customer base through sustainable business practices, operational excellence, and acquisitions and by investing in the replacement of aging infrastructure, all while making significant reductions in Essential’s overall environmental footprint,” said Essential Chairman and Chief Executive Officer Christopher Franklin. “As we capitalize on our core competencies, we are confident in our ability to drive growth in earnings and deliver long-term value for our stakeholders.”

Water Utility Acquisition Growth

Essential’s continued acquisition growth allows the company to provide safe and reliable water and wastewater service to an even larger customer base. In 2021, Essential acquired two water and wastewater systems and added approximately $36.3 million in rate base and approximately 7,500 new customers to the company’s footprint.

The company previously announced seven signed pending purchase agreements for additional water and wastewater systems that are expected to serve approximately 234,000 equivalent retail customers or equivalent dwelling units and total approximately $468 million in purchase price in two of our existing states. This includes the company’s agreement to acquire the Delaware County Regional Water Quality Control Authority (DELCORA) for $276.5 million. DELCORA, a Pennsylvania sewer authority, serves approximately 198,000 equivalent dwelling units in the Philadelphia suburbs. Also included is the company’s agreement to acquire the wastewater system from the City of Beaver Falls. This $41.25 million acquisition of approximately 7,600 customer equivalents will be the first acquisition in western Pennsylvania, near the company’s gas operations. In Dec. 2021, the company’s regulated water subsidiary, Aqua Texas signed an asset purchase agreement for its second fair market value acquisition. The agreement to purchase The Southern Oaks Water System will add approximately 740 additional customer connections for a purchase price of for $3.33 million.

The guidance announced today is based on the inclusion of these signed municipal water and wastewater acquisitions. The impact of significant municipal acquisitions from our pipeline of potential acquisitions, representing over 400,000 customer equivalents, is not included in our stated earnings, rate base or infrastructure investment guidance. Based on our proven acquisition track record of adding over 94,000 customers and over $361 million in rate base since 2015, our current backlog of over $471 million of signed pending acquisitions resulting in approximately 235,000 equivalent customers, and the current acquisition landscape, we are confident in our ability to continue to grow our water and wastewater customer base by 2-3% annually over the long-term, leading to strong long-term future earnings growth.

Essential Reaffirms 2021 Earnings Guidance

The company expects to report earnings for the quarter and year ended Dec. 31, 2021, following market close on Feb. 23, 2022. The company also reaffirms 2021 earnings per share guidance of $1.64-1.69.

Essential Utilities does not guarantee future results of any kind. Guidance is subject to risks and uncertainties, including, without limitation, those factors outlined in the “Forward Looking Statements” of this release and the “Risk Factors” section of the company’s annual and quarterly reports filed with the Securities and Exchange Commission.

Earnings Call Information

Essential Utilities Inc. (NYSE: WTRG) expects to report earnings for the quarter ended Dec. 31, 2021, and the full year 2021 following market close on Feb. 23, 2022. Management expects to provide an update on the company's financial outlook, capital investment, municipal acquisition program and ESG objectives.

Date: Feb. 24, 2022
Time: 11 a.m. EST (please dial in by 10:45 a.m.)
Webcast and slide presentation link: https://www.essential.co/events-and-presentations/events-calendar
Replay Dial-in #: 888.203.1112 (U.S.) & +1 719.457.0820 (International)
Confirmation code: 7024618

The company’s conference call with financial analysts will take place on Thursday, Feb. 24, 2022, at 11 a.m. Eastern Standard Time. The call and presentation will be webcast live so interested parties may listen over the internet by logging on to Essential.co and following the link for Investors. The conference call will be archived in the Investor Relations section of the company’s website for 90 days following the call. Additionally, the call will be recorded and made available for replay at 2 p.m. on Feb. 24, 2022, for 10 business days following the call. To access the audio replay in the U.S., dial 888.203.1112 (pass code 7024618). International callers can dial +1 719.457.0820 (pass code 7024618).

About Essential

Essential is one of the largest publicly traded water, wastewater, and natural gas providers in the U.S., serving approximately 5 million people across 10 states under the Aqua and Peoples brands. Essential is committed to excellence in proactive infrastructure investment, regulatory expertise, operational efficiency, and environmental stewardship. The company recognizes the importance water and natural gas play in everyday life and is proud to deliver safe, reliable services that contribute to the quality of life in the communities it serves. For more information, visit http://www.essential.co.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others: the guidance range of net income per diluted common share for the fiscal years ending in 2021 and 2022; the continuation of the three-year period of earnings growth through 2024; the anticipated amount of capital investment in 2022; the anticipated amount of capital investment from 2022 through 2024; the reduction of Scope 1 and Scope 2 greenhouse gas emissions by 60% by 2035; that the Company’s pipeline replacement program will lead to significant methane reductions; that the Company’s municipal growth pipeline is strong; that the Company will help solve the nation’s infrastructure challenge; the company’s ability to increase diverse supplier spend to 15%; the company’s ability to achieve 17% employees of color; the company’s anticipated rate base growth from 2022 through 2024; and, the company’s ability to accelerate the replacement of aged gas pipes. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: disruptions in the global economy; financial and workforce impacts from the COVID-19 pandemic; potential disruptions in the supply chain for raw and finished materials; the continuation of the company's growth-through-acquisition program; general economic business conditions; housing and customer growth trends; unfavorable weather conditions; the success of certain cost-containment initiatives; changes in regulations or regulatory treatment; the company’s ability to successfully close municipally owned systems presently under agreement; and other factors discussed in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q, which are filed with the Securities and Exchange Commission. For more information regarding risks and uncertainties associated with Essential's business, please refer to Essential's annual, quarterly, and other SEC filings. Essential is not under any obligation - and expressly disclaims any such obligation - to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

WTRGF

Brian Dingerdissen
Essential Utilities Inc.
Investor Relations
O: 610.645.1191
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Erin O’Donnell
Communications and Marketing
Media Hotline: 1-877-325-3477
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DUBLIN--(BUSINESS WIRE)--The "Automatic Identification Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Automatic Identification Systems Market to Reach US$310.9 Million by the Year 2026

The global market for Automatic Identification Systems estimated at US$231.3 Million in the year 2020, is projected to reach a revised size of US$310.9 Million by 2026, growing at a CAGR of 5.2% over the analysis period.

With AIS, it is possible to transmit accurate information, quickly and dynamically. All these advantages offered by AIS devices helped in market growth over the past many years. Another primary reason for increase in growth for the market for AIS devices is the expansion of applications. There are now several new maritime applications for which AIS has been made compulsory.

Initially, deployment of AIS on vessels was only for collision prevention and safety but the technology's flexibility enabled new applications like allowing cost-effective navigation. Oil companies and large shipping operators are the primary end-users of AIS devices. AIS was also employed for identifying how the pandemic impacted fishing activity globally.

Class A, one of the segments analyzed in the report, is projected to grow at a 5.6% CAGR to reach US$160.6 Million by the end of the analysis period.

After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Class B segment is readjusted to a revised 5.1% CAGR for the next 7-year period. This segment currently accounts for a 28.7% share of the global Automatic Identification Systems market.

The Class A segment is gaining from mandatory installation of Class A AIS on Safety of Life at Sea (SOLAS) vessels. These vessels encompass passenger ships of all sizes, vessels exceeding the 500 gross tonnage mark but not intended for international voyages, and vessels that exceed the 300 gross tonnage mark and move on international voyages.

While Class B AIS scores low over Class A options in terms of functionality, they can be used with Class A AIS for communications and operations.

AIS Base Stations Segment to Reach $70.7 Million by 2026

In the global AIS Base Stations segment, USA, Canada, Japan, China and Europe will drive the 4.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$43.8 Million in the year 2020 will reach a projected size of US$58.7 Million by the close of the analysis period.

China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$9.1 Million by the year 2026.

The U.S. Market is Estimated at $76.4 Million in 2021, While China is Forecast to Reach $44.7 Million by 2026

The Automatic Identification Systems market in the U.S. is estimated at US$76.4 Million in the year 2021. The country currently accounts for a 32% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$44.7 Million in the year 2026 trailing a CAGR of 6.7% through the analysis period.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 4.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.5% CAGR while Rest of European market (as defined in the study) will reach US$26.9 Million by the end of the analysis period.

North American and European markets are currently the largest for AIS devices. These regions depend heavily on water transportation for cross border trade. The large coastline of North America requires constant monitoring. This combined with growing trade and other commercial activities is promoting the need for enhanced maritime surveillance.

Also, quite a few AIS device manufacturers are based in this region. Growth is significant in the Asia-Pacific market, where countries like South Korea, India and China are trying to strengthen their maritime security and increase cross border trade.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• AIS Market to Come Out from Sea of Challenges Brought by COVID-19 Pandemic
• Impact of Pandemic on Underwater Sound Levels
• An Introduction to Automatic Identification Systems (AIS)
• Global Market Prospects & Outlook
• AIS-Powered Nowcasts for Effective Tracking of Seaborne Trade to Open New Avenues for AIS Technology
• Inconsistent Data Quality Remains Key Restraint for AIS Market
• Analysis by Class
• Analysis by Platform Type
• Analysis by Application
• Regional Analysis
• India for Inclusion of AIS-Related Clauses in its New Maritime Contracts
• Recent Market Activity
• Select Global Brands

2. FOCUS ON SELECT PLAYERS (Total 155 Featured)

• C.N.S. Systems AB
• ComNav
• exactEarth Ltd.
• Furuno Electric Co., Ltd.
• Garmin Ltd.
• Honeywell International Inc.
• Jotron AS
• Kongsberg Gruppen ASA
• Onwa Marine Electronics Co. Ltd.
• ORBCOMM, Inc.
• SAAB AB
• SRT Marine Systems plc
• Teledyne FLIR LLC
• True Heading AB

3. MARKET TRENDS & DRIVERS

• Diverse Application Areas Promise Growth of the AIS Market
• AIS and CAS Gain Traction in Maritime Applications
• Positive Outlook for Maritime Transport to Augment Growth of AIS Market
• AIS Becomes New Norm in Maritime Industry for Real-Time Vessel Tracking
• Rising Commercial & Recreational Maritime Activity: Opportunity Indicator for AIS
• Steady Growth in Seaborne Trade Volumes Drives Demand for Automatic Identification System
• Rise in Number of Container Ships and Gas Carrier Marine Freight Worldwide: An Opportunity for the Market
• Expanding Fleet of Cruise Liners Presents Favorable Outlook for AIS Market
• Shipbuilding Activity Trends Influence Dynamics of Automatic Identification System Market
• Transmission of Environmental Information over AIS for Ensuring Navigational Safety
• Automatic Identification System Gains Traction in Climate Recording Applications
• Reporting Weather Observations Using AIS Transmitters
• Real-time Monitoring of Ship Response to Major Storm Events
• Novel Opportunities Identified in Hydrography Survey Projects
• Automatic Identification Systems Steps In to Simplify Harbor Monitoring
• Emphasis on Migration from Onshore to Offshore Oilfield Operations to Augment Long-Term Growth Prospects
• Critical Importance of Tracking System in Offshore Environments Augurs Well for Future Growth
• Naval Defense Emerge as a Key End-Use Sector
• Fast Evolving Role of Unmanned Vessels Bodes Well
• Disruptions in Military Training and Defense Budget Cuts Amidst the Pandemic
• AIS Evolution in Full Swing with Regulatory Support & Technological Progress
• Select Technological Advancements
• AIS Spoofing Menace Highlights Need for AI to Help Businesses Stay on Top of Game
• Automatic Identification System Data: The Promises and Drawbacks
• Challenges in the AIS Domain

4. GLOBAL MARKET PERSPECTIVE

III. REGIONAL MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/xmt6b1

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--NOV Inc. (NYSE: NOV) today reported fourth quarter 2021 revenues of $1.52 billion, an increase of 13 percent compared to the third quarter of 2021 and an increase of 14 percent compared to the fourth quarter of 2020. Net loss for the fourth quarter of 2021 was $40 million, or 2.6 percent of sales, which included $11 million in pre-tax charges related to continued COVID-19 challenges on projects in Asian shipyards and $9 million of Other Items (see Corporate Information for additional details). Adjusted EBITDA (operating profit excluding depreciation, amortization, and Other Items) increased sequentially to $69 million, or 4.5 percent of sales. See reconciliation of Adjusted EBITDA to Net Income (Loss).

Revenues for the full year 2021 were $5.52 billion, operating loss was $134 million, and net loss was $250 million, or $0.65 per share. Adjusted EBITDA for the full year was $229 million, or 4.1 percent of sales.

“Improving oil, gas and offshore wind power activity helped fuel double-digit sequential revenue growth in all three of NOV’s operating segments during the fourth quarter,” stated Clay Williams, Chairman, President, and CEO. “Solid customer demand helped push newly-placed orders above the Company’s shipments out of backlog once again this quarter, as customers increased activity in response to higher energy prices. Nevertheless, the emergence of the Omicron variant of COVID-19, together with persistent and increasing supply chain disruptions increased freight, manufacturing labor, and component costs in a number of areas and are continuing into 2022. During the fourth quarter, these headwinds affected incremental margin flow-through in all three segments.

“As the world emerges from the pandemic and greater economic activity resumes, it is becoming increasingly evident that supply of petroleum is uncomfortably tight. Global activity needs to increase to meet growing demand while energy transition efforts accelerate. Against this backdrop, we are focused on improving margins through a combination of higher product pricing, growing revenue from NOV’s proprietary technologies, and better execution against ongoing supply chain challenges. The Company’s strong financial position, global reach, large installed base of oilfield and wind installation equipment, and growing portfolio of energy transition technologies position it well as we advance further into the emerging up-cycle.”

Wellbore Technologies

Wellbore Technologies generated revenues of $576 million in the fourth quarter of 2021, an increase of 14 percent from the third quarter of 2021 and an increase of 54 percent from the fourth quarter of 2020. The increase in revenues was driven by continued growth in global drilling activity levels, market share gains in certain product lines, and higher prices. Operating profit was $50 million, or 8.7 percent of sales, and included -$1 million of Other Items. Adjusted EBITDA increased $11 million sequentially and $76 million from the prior year to $88 million, or 15.3 percent of sales.

Completion & Production Solutions

Completion & Production Solutions generated revenues of $549 million in the fourth quarter of 2021, an increase of 15 percent from the third quarter of 2021 and an increase of 1 percent from the fourth quarter of 2020. Operating loss was $16 million, or 2.9 percent of sales, and included $2 million in Other Items. Adjusted EBITDA increased $7 million sequentially and decreased $26 million from the prior year to $2 million, or 0.4 percent of sales. Continued COVID-19 related operational challenges negatively impacted margin flow-through during the quarter.

New orders booked during the quarter totaled $495 million, representing a book-to-bill of 159 percent when compared to the $311 million of orders shipped from backlog. As of December 31, 2021, backlog for capital equipment orders for Completion & Production Solutions was $1.29 billion, an increase of 85% over the prior year.

Rig Technologies

Rig Technologies generated revenues of $431 million in the fourth quarter of 2021, an increase of 11 percent from the third quarter of 2021 and a decrease of 1 percent from the fourth quarter of 2020. Operating profit was $1 million, or less than one percent of sales, and included $3 million of Other Items. Adjusted EBITDA decreased $4 million sequentially and increased $2 million from the prior year to $21 million, or 4.9 percent of sales. A less favorable sales mix, supply chain disruptions, and inflationary costs negatively impacted sequential margin flow-through during the quarter.

New orders booked during the quarter totaled $191 million, representing a book-to-bill of 102 percent when compared to the $188 million of orders shipped from backlog. As of December 31, 2021, backlog for capital equipment orders for Rig Technologies was $2.77 billion.

Corporate Information

During the fourth quarter, the Company recognized $9 million of Other Items due to restructuring costs, net of related credits. See reconciliation of Adjusted EBITDA to Net Income.

As of December 31, 2021, the Company had total debt of $1.71 billion, with $2.00 billion available on its primary revolving credit facility, and $1.59 billion in cash and cash equivalents.

Significant Achievements

NOV successfully delivered a GustoMSC™ NG-16000X wind installation vessel for a customer in Continental Europe. The vessel includes the GustoMSC rack and pinion jacking system with a high-performance variable speed drive, a regenerative power option that significantly enhances fuel efficiency, and a 2,600-ton leg encircling crane that makes it installation-ready for the larger monopile foundations and wind turbines in future developments. Additionally, NOV supplied two fully electric FPSO crane packages designed for loading and unloading shipping vessels, and internal load handling.

NOV received an order for thirty additional NOVOS™ systems from a leading North American driller. The enhanced process execution and rig performance enabled by NOVOS has been a clear differentiator for this customer that has now outfitted the entirety of its active rig fleet with NOVOS automation systems.

NOV booked multiple FPSO topside module awards for the strengthening offshore Brazil market, including the gas dehydration, separation, and water treatment systems for the Mero 4 and P78 projects, large investments that are pivotal to the continuing development of Brazil’s natural resources. These awards are strong examples of the increased appetite to pursue large offshore projects by key national oil company customers. NOV continues to establish itself as a key supplier of production infrastructure technology into a market that is well positioned for growth in the coming decade.

NOV's Tolteq™ measurement while drilling tools continued to expand its geographic scope in the fourth quarter, being deployed for the first time in three new markets – Argentina, Poland, and Belarus. In Argentina, a leading South American drilling service company used the latest generation Tolteq NXT MWD tools to successfully drill an 8,400-ft directional well in the Vaca Muerta shale play. In Poland, an independent directional driller deployed a Tolteq MWD tool to drill three directional re-entry wells, which also utilized a ReedHycalog™ Bi-Center drill bit and Downhole drilling motors to drill an optimal production hole. In Belarus, a vertically integrated exploration and production company successfully drilled two directional wells using Tolteq MWD tools together with NOV's agitator, drilling motor, and ReedHycalog drill bits. The Tolteq MWD tools were able to reliably provide real-time data despite the use of aerated drilling mud, which typically presents challenges for MWD tools.

NOV received an order for a completion and workover riser (“CWOR”) in Brazil, representing the third riser order in 2021. This 6-5/8" V150™ XT-MF™ 69 riser will be used in some of the world's deepest offshore wells. NOV’s robust CWORs are used in high pressure rated connections and designed to withstand repeated make-up and break-out cycles. They can be utilized with drill pipe running and handling equipment and do not require a specialized tubular running services crew. By design, the connection's fast make-up does not limit the riser deployment speed.

NOV WellSite Services has won a contract with a major operator in Guyana for its Brandt Petro-Claim™ system to support the recycle and re-use strategy for its offshore drilling program. This project will support multiple drillships and provides a very aggressive recycle, re-use, and waste minimization program for the operator’s synthetic-base mud system. NOV’s patented Petro Claim process uses electrophoresis to effectively separate the ultra-fine drilled solids out of oil-based mud and recover the valuable base oil for re-use in the mud system. The resulting clean base oil yields significant savings in mud dilution, waste disposal costs, and related logistics, while also lowering the customer’s carbon footprint and decreasing environmental risk.

NOV acquired a leading independent provider of managed pressure drilling (“MPD”) equipment, complete with a significant technology portfolio and engineering team. With a product suite ranging from rotating control devices targeting the West Texas market to full-kit offshore MPD systems integrated with wired drill pipe data services, NOV’s MPD equipment business will fully enable customers to make operational adjustments in real-time and optimize their well construction processes regardless of the drilling environment.

NOV was asked by the City of Los Angeles Bureau of Street Lighting to provide tapered round and octagonal small cell concrete poles designed to maintain the façade of the city's 21 Historic Preservation Overlay Zones. This unique project is the culmination of a 3-year relationship and collaborative engineering development between NOV and the City of Los Angeles.

NOV's VectorZIEL 600 Rotary Steerable System tool was deployed in the Middle East to drill an 8 ½" build section in a single run. The tool successfully delivered the desired 6°/30m build rate, and the near bit gamma measurement capability was used to adjust the well plan in real-time and land the well in the target zone. Offering a higher rate of penetration, improved cuttings removal, and precise trajectory control, the system helps produce higher-quality boreholes at reduced operational costs, even in the most demanding drilling applications.

NOV was awarded a three-year contract with a national oil company in the Far East for real-time data monitoring and management services, supporting 59 onshore rigs. This contract will utilize NOV’s RigSense™ wellsite data acquisition product along with its RMS and WellData cloud-based portal solutions, which enable real-time monitoring of drilling information anywhere in the world as if at the wellsite. With its feature-rich toolkit, users can seamlessly collaborate and share insights to reduce nonproductive time and improve operational efficiency by quickly identifying potential trouble spots, overseeing drilling efficiencies across a rig fleet, and comparing well production to offset wells.

Fourth Quarter Earnings Conference Call

NOV will hold a conference call to discuss its fourth quarter 2021 results on February 4, 2022 at 10:00 AM Central Time (11:00 AM Eastern Time). The call will be broadcast simultaneously at www.nov.com/investors. A replay will be available on the website for 30 days.

About NOV

NOV (NYSE: NOV) delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world.

Visit www.nov.com for more information.

Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures that management believes are useful tools for internal use and the investment community in evaluating NOV’s overall financial performance. These non-GAAP financial measures are broadly used to value and compare companies in the oilfield services and equipment industry. Not all companies define these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for financial measures prepared in accordance with GAAP and should therefore be considered only as supplemental to such GAAP financial measures. Please see the attached schedules for reconciliations of the differences between the non-GAAP financial measures used in this press release and the most directly comparable GAAP financial measures.

Cautionary Statement for the Purpose of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995

Statements made in this press release that are forward-looking in nature are intended to be “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from the actual future events or results. Readers are referred to documents filed by NOV with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.

Certain prior period amounts have been reclassified in this press release to be consistent with current period presentation.

NOV INC.
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS) (Unaudited)
(In millions)

Presented below is a reconciliation of Net Income (Loss) to Adjusted EBITDA. The Company defines Adjusted EBITDA as Operating Profit excluding Depreciation, Amortization and, when applicable, Other Items. Management believes this is important information to provide because it is used by management to evaluate the Company’s operational performance and trends between periods and manage the business. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company’s results of ongoing operations. Adjusted EBITDA is not intended to replace GAAP financial measures, such as Net Income. Other Items include impairment, restructure, severance, and facility closure costs and inventory charges and credits, and a post-warranty product modification.

Blake McCarthy
Vice President, Corporate Development and Investor Relations
(713) 815-3535
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Carolina Lithium Advancing Toward Final Investment Decision

International Investments Support Plans for Additional U.S. Hydroxide Production

• Piedmont expects to double U.S. lithium hydroxide production to 60,000 tpy
  • 30,000 tpy at the fully integrated Carolina Lithium Project
  • 30,000 tpy at a second planned U.S. plant, with site selection expected in Q2 2022
  • Piedmont plans to produce or has offtake rights to an estimated 500,000 tpy of SC6 production
• Flagship Carolina Lithium Project is advancing toward a Final Investment Decision
  • Bankable Feasibility Study (BFS) published in December 2021
  • Economic Impact Study (EIS) published in January 2022
  • Key workstreams for 2022
    • Detailed engineering / Front End Engineering Design
    • EPC contractor selection
    • Final permitting and approvals
    • Strategic partnering and potential project debt financing
• Investments in strategic resources in Quebec and Ghana position Piedmont for future growth
  • Partnering with Sayona Mining (ASX: SYA) to develop one of Quebec’s leading lithium businesses
    • Planned H1 2023 restart of North American Lithium’s spodumene concentrate plant
    • Piedmont holds offtake rights to 50% of NAL production life-of-mine
  • Partnering with Atlantic Lithium (AIM: ALL) to develop a world-class spodumene resource in Africa
    • Expected increases to mineral resource estimates in 2022 based on recent drill results
    • Feasibility Study (FS) expected late-2022; investment decision to follow

BELMONT, N.C.--(BUSINESS WIRE)--Piedmont Lithium Inc. (“Piedmont” or the “Company”) (NASDAQ: PLL; ASX: PLL), a leading, diversified developer of lithium resources required to enable the U.S. electric vehicle supply chain, today provided an update on near-term growth initiatives with its projects in North Carolina, Quebec, and Ghana.

“We are developing our assets at an opportune time with global sales of electric vehicles (EVs) having doubled in 2021, and large U.S. battery plant investments being made by major automotive and battery companies. This electrification of the automotive market is a generational investment opportunity, and we are uniquely well-positioned to capitalize on it,” commented Piedmont Lithium President and CEO, Keith Phillips.

“We are advancing our flagship Carolina Lithium Project through key permitting, engineering, and project financing steps,” Mr. Phillips added, “and we expect to achieve significant milestones this year. Our recent feasibility study confirmed the strategic nature of Carolina Lithium, with NPV exceeding $2 billion and independent assessments confirming its impressive sustainability profile. We expect Carolina Lithium to be a critical factor in furthering the United States’ progress toward lithium self-sufficiency.

“In addition to Carolina Lithium, we are progressing our two international investments and our plans to develop a second lithium hydroxide conversion plant. We are collaborating with our partner, Sayona Mining, to capitalize on strong lithium market conditions through the restart of spodumene concentrate production at our jointly owned North American Lithium (NAL) business in Quebec. Long lead equipment has been ordered and production is expected to commence in the first half of 2023. Exploration activities are continuing at the Ewoyaa Project in Ghana and, along with our partner Atlantic Lithium, we plan to complete a feasibility study in 2022, with first production possible in 2024. These significant spodumene assets support our plans to launch a second 30,000 tpy lithium hydroxide conversion plant. U.S. lithium demand is soaring, and domestic lithium hydroxide capacity is currently a fraction of what will be required in the mid-/late-2020s.”

Keith Phillips
President & CEO
T: +1 973 809 0505
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Brian Risinger
VP - Investor Relations and Corporate Communications
T: +1 704 910 9688
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HOUSTON--(BUSINESS WIRE)--Nine Energy Service, Inc. (NYSE:NINE) announced today that it has scheduled its fourth quarter and full year 2021 earnings conference call for Tuesday, March 8, 2022 at 9:00 am Central Time. During the call, Nine will discuss its financial and operating results for the quarter and full year ended December 31, 2021, which are expected to be released prior to the conference call.

Participants may join the live conference call by dialing U.S. (Toll Free): (877) 524-8416 or International: (412) 902-1028 and asking for the “Nine Energy Service Earnings Call”. Participants are encouraged to dial into the conference call ten to fifteen minutes before the scheduled start time to avoid any delays entering the earnings call.

For those who cannot listen to the live call, a telephonic replay of the call will be available through March 22, 2022 and may be accessed by dialing U.S. (Toll Free): (877) 660-6853 or International: (201) 612-7415 and entering the passcode of 13726409.

About Nine Energy Service

Nine Energy Service is an oilfield services company that offers completion solutions within North America and abroad. The Company brings years of experience with a deep commitment to serving clients with smarter, customized solutions and world-class resources that drive efficiencies. Serving the global oil and gas industry, Nine continues to differentiate itself through superior service quality, wellsite execution and cutting-edge technology. Nine is headquartered in Houston, Texas with operating facilities in the Permian, Eagle Ford, SCOOP/STACK, Niobrara, Barnett, Bakken, Marcellus, Utica and Canada.

For more information on the Company, please visit Nine’s website at nineenergyservice.com.

Nine Energy Service Investor Contact:
Heather Schmidt
Vice President, Strategic Development, Investor Relations and Marketing
(281) 730-5113
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Environmental Business Journal ranking reflects decades of global industry leadership

OVERLAND PARK, Kan.--(BUSINESS WIRE)--Underscoring its commitment to environmental solutions to its global clients at a time of accelerating decarbonization, Black & Veatch announces its Top 20 ranking in the Environmental Business Journal’s (EBJ) latest listing of top U.S. environmental consulting and engineering firms.

At No. 18, Black & Veatch has been a fixture in the publication’s Top 20 in every year since 2000. The latest rankings based on 2020 gross environmental consulting and engineering revenues as compiled by independent research and surveys by Environmental Business International, the EBJ’s publisher.

In announcing the updated rankings, the EBJ reported that the $34-billion environmental consulting and engineering industry proved resilient during market disruptions over the past two years, given COVID-19 and other challenges. But it now “faces the larger challenge of adding expertise and business acumen in the world of climate change, and the key areas of energy transition, adaptation and resilience, and climate stability.”

“Now more than ever, with climate change driving the global quest for zero-carbon solutions, we’re helping lead the way in delivering environmentally responsive solutions to the world’s critical infrastructure challenges while creating value for our clients,” said Ajay Kasarabada, director of environmental solutions at Black & Veatch. “As an increasing number of companies pursue decarbonization and net-zero goals, we’re actively engaged in creating plans, roadmaps, designs and construction solutions for tomorrow’s infrastructure needs that rely on resilient, sustainable outcomes.”

According to the EBJ, the array of “services that make up the leading edge of the environmental consulting and engineering industry have perhaps never been more tested than they are being tested at this point in time.”

To address the rapidly changing landscape, Black & Veatch has adopted a sustainable management strategy – “Accelerate Zero” – that aligns with environmental, societal and governance priorities in lowering carbon footprints and addressing climate change. Detailed in Black & Veatch’s first-ever “Sustainability Report 2020,” that effort includes upgrading, retrofitting and replacing infrastructure in a resilient, adaptive response to evolving environmental conditions, along the way reducing greenhouse gas emissions.

For more than a half century – since about the time of the U.S. Environmental Protection Agency’s founding in December 1970 – Black & Veatch’s environmental team has been serving clients in the public and private sector with solutions related to acoustics, air emissions and regulations, environmental science, ecology, linear routing and right of way.

Editor’s Notes:

• For more about Black & Veatch’s focus on environmental stewardship, click here for the company’s inaugural Sustainability Report 2020.
• To read more about Black & Veatch’s environmental solutions, click here.

About Black & Veatch

Black & Veatch is a 100-percent employee-owned global engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people around the world by addressing the resilience and reliability of our most important infrastructure assets. Our revenues in 2020 exceeded US$3.0 billion. Follow us on www.bv.com and on social media.

About the Environmental Business Journal

Published since 1988 as the premier subscription publication by Environmental Business International Inc., an independent business research company, the Environmental Business Journal is a leading provider of business market intelligence produced by industry research and interviews with environmental industry executives, analysts and insiders. The publication defines 13 business segments that include remediation, environmental consulting and engineering, water and wastewater, instrumentation and air-pollution control. Each edition is devoted to a specific segment, offering market quantification, survey results, company profiles, and interviews with experts and top executives.

JIM SUHR | +1 913-458-6995 P | +1 314-422-6927 M | This email address is being protected from spambots. You need JavaScript enabled to view it.
24-HOUR MEDIA HOTLINE | +1 855-999-5991

New photos from around the world capture the beauty, importance, and sustainability of ‘concrete in life’

- More than 13,500 worldwide entries to the GCCA’s annual Concrete in Life global photography competition highlight concrete’s crucial role in society

- Overall winner claims top prize of $10,000, with category winners receiving $2,500

LONDON--(BUSINESS WIRE)--The Global Cement and Concrete Association (GCCA) has today announced the winners of its ‘Concrete in Life 2021’ global photography competition, which celebrates the beauty, importance, and sustainability of concrete – the most widely used human-made material – in today’s world. The entries were judged by a panel that included a senior architect at a world-renowned firm, a creative director, and the editor of a leading architectural magazine.

More than 13,500 entries from across the world were submitted to the competition by professional and amateur photographers across the world over social media and via email. Agung Lawerissa was named the overall winner for his enticing photograph of children playing football on the shore in front of the iconic Merah Putih Bridge – which connects the Leihitu Peninsula and the Lei Timur Peninsula in Indonesia.

Entrants were tasked with capturing what concrete means to people around the world across four categories – Urban Concrete, Concrete Infrastructure, Concrete in Daily Life and Sustainable Concrete. Photos ranged from urban scenes to playparks, from beautiful architecture to essential transport networks, and from the modern wonders we can see to the hidden infrastructure often out of sight.

The sustainable concrete category was newly created for the 2021 competition to showcase how concrete is used to underpin sustainable communities across the world. The competition to celebrate concrete coincided with the launch by the GCCA of a global industry commitment and roadmap for net zero concrete by 2050.

The winners of the photography sustainability category were Hakan Çöplü in the amateur category, for his compelling photograph of a man scrambling across a sea defence in Turkey; and Rahmad Himawan in the professional category, for his stunning photograph of rice fields in an agricultural area of Indonesia with a small concrete road, enabling key farming activities to take place and supporting the community to thrive.

The competition ran from August to November 2021. The overall winner takes the top prize of $10,000, with each of the category winners receiving $2,500. Judging the competition were:

- Isabel Allen, Editor, Architecture Today

- John Fairley, Photographer and Creative Director of Curious Productions

- Gian Luca Barone, Senior Associate at Zaha Hadid Architects

- Thomas Guillot, Chief Executive of the GCCA

Isabel Allen, editor of Architecture Journal said: “It was brilliant to see such high-quality photography from around the world. The built environment - homes, offices, schools, roads and other vital infrastructure - is key to the quality of human existence and I was particularly struck by those images that captured the way the built environment can bestow an element of poetry on the rituals of everyday life.”

GCCA CEO Thomas Guillot said: “The winners of the competition have shown beautifully how closely we live and interact with concrete. Some of the photos were spectacular and some focused more on the everyday, and how concrete enables our lives across the planet.

“Concrete will play a key role in our sustainable future, so we are thrilled the competition captured the imagination from almost every corner of the world. We give our thanks to all those who entered and congratulate our deserved winners.”

Agung Lewarissa, overall winner of Concrete in Life, said: “I took my photo in the city of Ambon, Indonesia. I was interested in capturing this moment because there was a group of children playing soccer in the sand at low tide with Merah Putih bride in the background. The bridge was built to speed up the travel time between Patimura Airport on the Lei Hitu Penisula, Central Maluku in the north and Ambon City Center on the East Lei Peninsula in the south. It is a great honour to win the Concrete in Life 2021 competition and tell the story of how concrete is bringing communities together in my country.”

Notes to editors:

The full winners’ list and images are attached. In addition to the six winners, the competition judges selected a shortlist which is viewable on the GCCA website.

About the GCCA:

Launched in January 2018, the Global Cement and Concrete Association (GCCA) is dedicated to developing and strengthening the sector’s contribution to sustainable construction. The GCCA aims to foster innovation throughout the construction value chain in collaboration with industry associations as well as architects, engineers, and innovators. In this way, the association demonstrates how concrete solutions can meet global construction challenges and sustainable development goals while showcasing responsible industrial leadership in the manufacture and use of cement and concrete. The GCCA is headquartered in London, England. It complements and supports the work done by associations at the national and regional levels.

Media enquiries should be directed to:
Matt Peacock
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Hy Stor Energy Joins as Tier 1 Member to Accelerate Hydrogen’s Role in Decarbonization

JACKSON, Miss.--(BUSINESS WIRE)--Hy Stor Energy LP (Hy Stor Energy), a company pioneering renewable hydrogen production and energy storage at scale in Mississippi, announced it has joined the Fuel Cell and Hydrogen Energy Association (FCHEA) as a Tier 1 member. As a member of the association focused on advancing innovative, clean, safe, and reliable energy technologies, Hy Stor Energy will advocate for innovative, long-duration renewable hydrogen storage solutions and highlight hydrogen’s important role in global decarbonization efforts.

“We are proud to join FCHEA and work together with its membership to advance renewable hydrogen that produces zero-carbon and zero-methane at production, distribution, and consumption,” said Laura L. Luce, CEO of Hy Stor. “At Hy Stor Energy, we are focused on developing zero-emission renewable hydrogen technology for long duration energy storage that will benefit communities while providing reliable clean power.”

Hy Stor Energy’s first major project, the Mississippi Clean Hydrogen Hub, represents the largest renewable hydrogen project of its kind in the U.S. This project is under development and has multiple sites permitted for energy storage of hydrogen. During its first phase, the Mississippi Clean Hydrogen Hub is expected to produce an estimated 350 tons/day (320,000 kg/day) of renewable hydrogen annually and store more than 71,000 tons (69 million kg) of hydrogen in caverns that will be purpose built for the safe and reliable storage of renewable hydrogen. This hydrogen hub will serve as a model for other hubs across the nation.

“FCHEA is excited to welcome Hy Stor Energy to our growing membership,” said Frank Wolak, President and CEO of FCHEA. “Decarbonization goals and the associated economic benefits can only be realized through the innovation and vision of leaders such as Hy Stor Energy. Hy Stor’s Mississippi Clean Hydrogen Hub is a model for realizing a future built on reliable, sustainable, and renewable solutions.”

For more information about Hy Stor Energy, please visit www.hystorenergy.com

About Hy Stor Energy
Hy Stor Energy is facilitating the transition to a fossil-free energy environment by developing and advancing renewable hydrogen at scale through the development, commercialization, and operation of renewable hydrogen hub projects. Large, fully integrated projects produce, store, and deliver 100% carbon-free, energy, providing customers with safe and reliable renewable energy on-demand. Developed as part of an integrated hub, these projects couple on-site renewable hydrogen production with integrated long-duration storage and distribution – using scale to reduce costs. Hy Stor Energy, led by energy storage industry and hydrogen technology veteran Laura L. Luce, has an innovative team with deep expertise and is positioned as a leader in the renewable hydrogen revolution. For more information, please visit www.hystorenergy.com.

About the Fuel Cell and Hydrogen Energy Association
The Fuel Cell and Hydrogen Energy Association (FCHEA) represents more than seventy leading companies and organizations that are advancing innovative, clean, safe, and reliable energy technologies. FCHEA drives support and provides a consistent industry voice to regulators and policymakers. Our educational efforts promote the environmental and economic benefits of fuel cell and hydrogen energy technologies. The mission of FCHEA is to advance the commercialization of and promote the markets for fuel cells and hydrogen energy. Visit us online at www.fchea.org.

Hy Stor Energy Media Contact
Brad Carl
On behalf of Hy Stor Energy
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INDIANAPOLIS & WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Novus Capital Corporation II (NYSE: NXU, NXU WS and NXU.U) (“Novus”) reminds its stockholders to vote in favor of the proposed business combination (the “Business Combination”) with Energy Vault, Inc. (“Energy Vault”) and the related proposals at Novus’ special meeting (the “Special Meeting”).

Novus has mailed the proxy statements/prospectus (the “Proxy Statement”) to stockholders of record as of the close of business on January 4, 2022.

The Special Meeting will be held virtually at 10:00 a.m. ET on February 10, 2022. The Special Meeting can be accessed via live webcast at https://www.cstproxy.com/novuscapitalcorpii/2022. If the proposals at the Special Meeting are approved, the parties anticipate that the Business Combination will close and trading of the combined entity’s stock and warrants will continue to be listed on the NYSE under the new ticker symbols “NRGV” and “NRGV WS”, respectively, shortly thereafter, subject to the satisfaction or waiver, as applicable, of all other closing conditions.

Every stockholder’s vote is important, regardless of the number of shares held. Accordingly, Novus requests that each stockholder complete, sign, date and return a proxy card (online or by mail) as soon as possible and by no later than 11:59 p.m. Eastern Time on February 9, 2022, to ensure that the stockholder’s shares will be represented at the Special Meeting.

Stockholders which hold shares in “street name” (i.e. those stockholders whose shares are held of record by a broker, bank or other nominee) should contact their broker, bank or nominee to ensure that their shares are voted.

If any individual Novus stockholder does not receive the Proxy Statement, such stockholder should (i) confirm his or her Proxy Statement’s status with his or her broker or (ii) contact Morrow Sodali LLC, Novus’s proxy solicitor, for assistance via e-mail at: This email address is being protected from spambots. You need JavaScript enabled to view it. or toll-free call at (800) 662-5200. Banks and brokers can place a collect call to Morrow Sodali at (203) 658-9400.

About Energy Vault

Energy Vault develops sustainable energy storage solutions designed to transform the world’s approach to utility-scale energy storage for grid resiliency. The company’s proprietary, gravity-based Energy Storage Technology and the Energy Storage Management and Integration Platform are intended to help utilities, independent power producers and large industrial energy users significantly reduce their levelized cost of energy while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial re-use, Energy Vault is facilitating the shift to a circular economy while accelerating the clean energy transition for its customers.

Energy Vault previously announced an agreement for a business combination with Novus Capital Corporation II (NYSE: NXU), which is expected to result in the combined company being listed on the New York Stock Exchange. The Special Meeting to approve the pending Business Combination, among other items, is scheduled to be held on February 10, 2022 at 10:00 a.m. Eastern Time. (the "Special Meeting"). The Special Meeting will be conducted virtually, and can be accessed via live webcast at https://www.cstproxy.com/novuscapitalcorpii/2022. If the proposals at the Special Meeting are approved, the parties anticipate that the Business Combination will close and trading of the combined entity's stock and warrants will continue to be listed on the NYSE under the new ticker symbols "NRGV" and "NRGV WS", respectively, shortly thereafter, subject to the satisfaction or waiver, as applicable, of all other closing conditions.

About Novus Capital Corporation II

Novus raised approximately $287.5 million in its February 2021 IPO and its securities are listed on the NYSE under the ticker symbols “NYSE: NXU, NXU.U, NXU WS.” Novus is a special purpose acquisition company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. Novus Capital is led by Robert J. Laikin, Jeff Foster, Hersch Klaff, Larry Paulson, Heather Goodman, Ron Sznaider and Vince Donargo, who have significant hands-on experience helping high-tech companies optimize their existing and new growth initiatives by exploiting insights from rich data assets and intellectual property that already exist within most high-tech companies.

Forward-Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “designed,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the expected timing of the completion of the proposed business combination, the benefits of the proposed business combination, the competitive environment, and the expected future performance (including future revenue, pro forma enterprise value, and cash balance) and market opportunities of Energy Vault.

These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Energy Vault’s and Novus’ management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Energy Vault and Novus.

These forward-looking statements are subject to a number of risks and uncertainties, including the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive agreements with respect to the proposed business combination; the outcome of any legal proceeding that may be instituted against Novus, Energy Vault or the combined company following the announcement of the proposed business combination; the inability of the parties to successfully or timely consummate the business combination, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the business combination or that the approval of the stockholders of Novus is not obtained; failure to realize the anticipated benefits of the business combination; risks relating to the uncertainty of the projected financial information with respect to Energy Vault; the ability to meet stock exchange listing standards at or following the consummation of the proposed business combination; the risk that the proposed business combination disrupts current plans and operations of Energy Vault as a result of the announcement and consummation of the proposed business combination; costs related to the proposed business combination; changes in applicable laws or regulations; the possibility that Energy Vault or the combined company may be adversely affected by other economic, business, and/or competitive factors; risks related to the rollout of Energy Vault’s business and the timing of expected business milestones; risks related to the inability or unwillingness of Energy Vault’s customers to perform under sales agreements; risks related to the performance and availability of EVS; demand for renewable energy; ability to commercialize and sell its solution; ability to negotiate definitive contractual arrangements with potential customers; the impact of competitive technologies; ability to obtain sufficient supply of materials; unanticipated costs; the impact of Covid-19; global economic conditions; ability to meet installation schedules; construction and permitting delays and related increases in costs; the effects of competition on Energy Vault’s future business; the amount of redemption requests made by Novus’ public shareholders; and those factors discussed in the Registration Statement and in Novus’ Registration Statement on Form S-4 relating to the business combination under the caption “Risk Factors”, and its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 under the heading “Risk Factors,” and other documents of Novus filed, or to be filed, with the SEC.

Important Information About the Proposed Business Combination and Where to Find It

This communication is being made in respect of the proposed merger transaction involving Novus and Energy Vault. Novus has filed a registration statement on Form S-4 with the SEC, which has been declared effective, a definitive proxy statement/prospectus of Novus, and certain related documents, to be used at the meeting of stockholders to approve the proposed business combination and related matters. Investors and security holders of Novus are urged to read the definitive proxy statement/prospectus, as well as any amendments thereto and other relevant documents that will be filed with the SEC, carefully and in their entirety because they contain important information about Energy Vault, Novus and the business combination. The definitive proxy statement has been mailed to stockholders of Novus as of a record date to be established for voting on the proposed business combination. Investors and security holders will also be able to obtain copies of the registration statement, the definitive proxy statement and other documents containing important information about each of the companies once such documents are filed with the SEC, without charge, at the SEC’s web site at www.sec.gov. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.

Participants in the Solicitation

Novus and its directors and executive officers may be deemed participants in the solicitation of proxies of Novus’ shareholders in connection with the proposed business combination. Energy Vault and its executive officers and directors may also be deemed participants in such solicitation. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of Novus’ executive officers and directors in the solicitation by reading Novus’ Annual Report on Form 10-K for the fiscal year ended December 31, 2020, Quarterly Report on Form 10-Q for the nine months ended September 30, 2021 and the definitive proxy statement/prospectus and other relevant documents and other materials filed with the SEC in connection with the business combination when they become available. As they become available, these documents can be obtained free of charge from the sources indicated above.

No Offer or Solicitation

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

Investors
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Media
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HOUSTON--(BUSINESS WIRE)--Magnolia Oil & Gas Corporation (NYSE: MGY) announced today that its Board of Directors declared the final semi-annual cash dividend of $0.20 per share of Class A common stock, and a cash distribution of $0.20 per Class B unit payable on March 1, 2022 to shareholders of record as of February 14, 2022.

We believe our first semi-annual dividend installment of $0.08 per share paid last September to be secure and sustainable with oil prices at less than half their current levels. The final dividend payment of $0.20 per share is based on our actual full-year 2021 financial results, recast using $55 for oil and $2.75 for natural gas, and which approximates our long-term view of product prices. The dividend was included as part of Magnolia’s total cash return to shareholders and done in an environment where we also reduced our fully diluted share count by 10 percent and completed some small bolt-on, accretive oil and gas property acquisitions.

“Our dividend framework is aligned with the characteristics of our business model and reinforces our plan,” said Steve Chazen, Magnolia’s Chairman, President and CEO. “These principles include maintaining our low leverage, limiting our capital spending to allow for consistent and sizable free cash flow generation while providing moderate volume growth and strong pre-tax margins. Part of Magnolia’s total shareholder return proposition is a differentiated approach toward dividends that is meant to appeal to long-term investors who seek dividend safety, dividend growth, and a dividend that is paid out of actual earnings generated by the business. We expect each of these regular dividend payments to grow annually as we continue to execute our business plan which includes mid-single digit annual production growth and the reduction of our outstanding shares.”

About Magnolia Oil & Gas

Magnolia is a publicly traded oil and gas exploration and production company with operations primarily in South Texas in the core of the Eagle Ford Shale and Austin Chalk formations. Magnolia focuses on generating value for shareholders through steady production growth, strong pre-tax margins, and free cash flow. For more information, visit www.magnoliaoilgas.com.

Brian Corales
713-842-9036
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By 2023, 90% of all global electricity for Charles River will be supplied by renewable energy

WILMINGTON, Mass.--(BUSINESS WIRE)--$CRL #LIFEatCRL--Charles River Laboratories International, Inc. (NYSE: CRL) today announced a wind energy contract with Repsol to address the entirety of the Company’s European power requirements with renewable energy by 2023.

Charles River has entered into a virtual power purchase agreement (VPPA) with Repsol, a multi-energy company, for wind energy in Spain. The contract is for 30.5 megawatts (MW) of renewable energy, which is equivalent to avoiding carbon emissions from the annual electricity consumption of more than 28,000 homes.

The VPPA is associated with a wind farm that is part of Repsol's Delta II project. Repsol continues to promote its low carbon generation business through the development of quality and profitable renewable assets. The project has already begun construction and, once completed in 2023, will have a total capacity of 860 MW distributed among 26 wind farms located in the Spanish region of Aragon. Renewable power generation is one of the pillars of Repsol's decarbonization strategy. As a result, Repsol recently raised its installed capacity targets for 2030 to 20 gigawatts (GW), an increase of 60% over the previous target. By 2025, installed capacity will increase to 6 GW.

This VPPA is the second of Charles River’s recent sustainability announcements related to renewable electricity—in June 2021, Charles River announced a solar contract to address the entirety of its North American electric power requirements. That project is also on track to begin providing Charles River with renewable energy benefits by 2023. As a result of the two VPPA’s, Charles River anticipates that 90% of all its global electricity will be supplied by renewable energy by 2023.

Schneider Electric, the leading advisor on corporate renewable energy procurement globally, supported Charles River in the selection of and negotiations for the project. To learn more about Charles River’s sustainability efforts visit its Corporate Citizenship page.

Approved Quotes

• “As a global organization, we feel a significant responsibility to care for our planet. I am proud of the progress we’ve made in recent years to reduce our climate impact, and look forward to this next phase of our energy strategy.” –Birgit Girshick, Corporate Executive Vice President & Chief Operating Officer at Charles River
• “Charles River has continued to drive down our Scope 1 and 2 GHG reductions toward our goal of a 50% reduction on an absolute basis by 2030, achieving a 26% reduction from 2018 to 2020. This European VPPA will move us significantly closer to meeting our overall goal of a 50% reduction by 2030.” –Gregg Belardo, Senior Director of EHS & Sustainability at Charles River
• “This agreement marks yet another example of Repsol's continued development of its low-carbon generation business with assets that deliver both quality and profitability for partners and investors such as Charles River, which secures the corresponding benefits of powering its facilities with renewable energy.” –João Costeira, Executive Director of Low Carbon Generation at Repsol
• “After recently executing a long-term solar energy contract in North America, we’re pleased to see Charles River expand its renewable energy procurement efforts into Europe. Congratulations to the company on advancing its 2030 sustainability goals.” –Philippe Diez, Partner Sustainability Business Division Europe for Schneider Electric

About Charles River

Charles River provides essential products and services to help pharmaceutical and biotechnology companies, government agencies and leading academic institutions around the globe accelerate their research and drug development efforts. Our dedicated employees are focused on providing clients with exactly what they need to improve and expedite the discovery, early-stage development and safe manufacture of new therapies for the patients who need them. To learn more about our unique portfolio and breadth of services, visit www.criver.com.

Charles River Investor Contact:
Todd Spencer
Corporate Vice President, Investor Relations
781-222-6455
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Charles River Media Contact:
Amy Cianciaruso
Corporate Vice President, Public Relations
781-222-6168
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DUBLIN--(BUSINESS WIRE)--The "On Demand Product: 2022 China Natural Gas Map (Fujian) Analyst Edition" map has been added to ResearchAndMarkets.com's offering.

The map introduces the latest status of 400+ natural gas project in China's Fujian province, including franchised city gas zones, gas pipelines, key distribution stations, LNG Satellite Stations, LNG receiving terminals, CNG plants, key power users, key gas chemical users;

Map Details

• Map Size: 150 x 190 cm
• Map Language: English
• Shipping Format: Rolled

Map Features

• Unprecedented Make-to-Order mapping technology enables your maps to be exported directly from our daily-updated database. This helps you to get the most latest project situation exactly on the day your order is placed;
• The map introduces the latest status of 400+ natural gas project in China's Fujian province, including franchised city gas zones, gas pipelines, key distribution stations, LNG Satellite Stations, LNG receiving terminals, CNG plants, key power users, key gas chemical users;
• Over 185 gas flow arrows appear alongside main pipelines in the map;
• Super large size (150x190cm) of the map allows more details which show the exact project locations so that the map would not be again a bunch of unrecognized dots and lines;
• Subscriber's company name will be added into the map, right below the map's name title.

Projects in this Map (the exact project number is subject to the date your map is tailor-made)

• 109+ franchised city gas zones
• 50+ gas pipelines
• 105+ key distribution stations
• 5+ LNG receiving terminals
• 116+ LNG satellite stations
• 5+ CNG plants
• 9+ key gas power users
• 1+ key gas chemical users

This map provides the following sample views:

• Map Overview
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NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)--FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production, is proud to confirm its commitment to the Ten Principles of the United Nations Global Compact on human rights, labor, environment, and anti-corruption, in a signed statement to the UN Secretary General, H.E. António Guterres.

FREYR will integrate the UN Global Compact principles within the company’s strategy, culture, and daily operations, and engage with partners to advance the UN’s broader development goals – the Sustainable Development Goals (SDGs) in particular.

“Our mission at FREYR is to decarbonize transportation and energy systems by delivering sustainable and cost-effective batteries. Not only do we know this is key to supporting the world’s path to net zero, but we also believe that public accountability and transparency is the best way to get there,” said Tom Einar Jensen, CEO of FREYR.

“As part of our commitment to the UN Global Compact, we will hold ourselves accountable to meeting our commitments and disclosing our progress towards measurable targets each year, which will continually push us to improve our performance and add to our competitive edge in a world were batteries produced using coal power or a value chain using child labor is unacceptable,” he added.

A requirement for participation in the UN Global Compact is the submission of a Communication on Progress (COP) that describes the company’s efforts to implement the Ten Principles. This is done on an annual basis and includes an overview of activities and measurable outcomes.

“Being a part of the UN Global Compact is a public way of showing what you stand for as a company. It’s a strong sign that integrity is at the core of your company culture. It is also a statement that we will not operate in a vacuum. But rather, we are committed to raising standards, pushing a sustainable agenda, and supporting society at-large,” said Elizabeth Tate, VP Sustainability at FREYR.

According to the UN Global Compact annual survey, 81 percent of participating companies attribute their sustainability progress to their participation in the Global Compact. Currently, more than 14,000 companies across 162 countries have made the commitment, working together to actively build a more sustainable future. Now FREYR can be added to that list, doing its part to transform the world through business.

About FREYR Battery

FREYR Battery aims to provide industrial scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to produce green battery cells to accelerate the decarbonization of energy and transportation systems globally. FREYR has commenced building the first of its planned factories in Mo i Rana, Norway and announced potential development of industrial scale battery cell production in Vaasa, Finland and the United States. FREYR intends to deliver up to 43 GWh of battery cell capacity by 2025 and up to 83 GWh annual capacity by 2028. To learn more about FREYR, please visit www.freyrbattery.com.

Cautionary Statement Concerning Forward-Looking Statements

All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding the intent to integrate the UN Global Compact principles within the company’s strategy, culture, and daily operations, and to engage with partners to advance the UN’s broader development goals; FREYR’s goal to decarbonize transportation and energy systems by delivering sustainable and cost-effective batteries; FREYR’s intention to hold itself accountable to meeting its commitments and disclosing its progress towards measurable targets each year; and FREYR’s commitment to raising standards, pushing a sustainable agenda, and supporting society at-large are forward-looking and involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.

Most of these factors are outside FREYR’s control and difficult to predict. Information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in FREYR’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the "SEC") on August 9, 2021, as amended, and in other SEC filings available on the SEC’s website at www.sec.gov.

Investor contact:
Jeffrey Spittel
Vice President, Investor Relations
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Tel: (+1) 281-222-0161

Media contact:
Katrin Berntsen
Vice President, Communication and Public Affairs
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Tel: (+47) 920 54 570

HOUSTON--(BUSINESS WIRE)--Magnolia Oil & Gas Corporation (NYSE: MGY) announced today that its Board of Directors raised the Company’s share repurchase authorization by an additional 10 million shares of Class A common stock. Including this additional authority, Magnolia currently has approximately 15.8 million shares available for repurchase under the authorization which pertains only to open market purchases for shares of Class A common stock. Any purchases by Magnolia of Class B units from EnerVest are approved separately by Magnolia’s board with these units cancelled upon execution.

During 2021, Magnolia reduced its total diluted shares outstanding by 25.3 million shares resulting in a 10 percent decrease to our fully diluted share count. This was accomplished through a combination of open market share repurchases and direct transactions with EnerVest as shown in the table below.

“Together with the initiation of a dividend payment and our share reduction efforts, Magnolia returned $358 million to its shareholders last year or approximately 65 percent of our full-year 2021 free cash flow,” said Steve Chazen, Magnolia’s Chairman, President and CEO. “Magnolia’s total shareholder return proposition includes allocating a portion of our free cash flow toward the payment of a secure and growing dividend, as well as actions that improve our per share metrics such as small bolt-on, accretive oil and gas property acquisitions, and share repurchases. The increase in the share repurchase authorization is aligned with our plan to repurchase at least 1 percent of our outstanding shares per quarter.”

About Magnolia Oil & Gas

Magnolia is a publicly traded oil and gas exploration and production company with operations primarily in South Texas in the core of the Eagle Ford Shale and Austin Chalk formations. Magnolia focuses on generating value for shareholders through steady production growth, strong pre-tax margins, and free cash flow. For more information, visit www.magnoliaoilgas.com.

Brian Corales
713-842-9036
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