All amounts expressed are in U.S. dollars, denominated by “$”.

Q4 and FY 2022 Highlights

• Quarterly V₂O₅ production of 2,004 tonnes (4.4 million lbs¹) in Q4 2022 vs. 2,003 tonnes in Q4 2021; Annual V₂O₅ production of 10,436 tonnes (23.0 million lbs¹) in 2022 vs. 10,319 tonnes in 2021
• Quarterly global V₂O₅ recovery of 74.7% in Q4 2022 vs. 76.0% in Q4 2021; Annual global V₂O₅ recovery of 79.1% in 2022 vs. 79.7% in 2021
• V₂O₅ production in Q4 2022 was largely impacted by a lower quantity of mined material available due in part to the Company's mining contractor transition in September 2022; As a result, the low availability of mined material stockpiles was insufficient to effectively mitigate the impacts of corrective maintenance in November 2022 and heavy rain in December 2022 at Maracás Menchen Mine
• Quarterly sales of 2,774 tonnes of V₂O₅ equivalent (inclusive of 118 tonnes of purchased material) in Q4 2022 vs. 2,899 tonnes in Q4 2021; Annual V₂O₅ equivalent sales of 11,091 (inclusive of 1,057 tonnes of purchased material) tonnes in 2022 vs. 11,393 tonnes in 2021 and within sales guidance of 11,000 – 12,000 tonnes
• In Q4 2022, vanadium demand remained steady in the steel and chemical sectors, while the aerospace and vanadium redox flow battery ("VRFB") sectors saw considerable growth; In Europe, average V₂O₅ prices increased approximately 18% to $9.44 per lb at the end of the quarter, and have risen to $10.08 as of January 20, 2023
• Largo Clean Energy (“LCE”) and Ansaldo Green Tech (“Ansaldo”) continued their negotiations to form a joint venture for the manufacture and commercial deployment of vanadium redox flow batteries (“VRFB”) in the European, African and Middle East power generation markets; The exclusivity agreement between LCE and Ansaldo in accordance with the previously announced non-binding MOU has been extended to March 31, 2023 to allow for the completion of ongoing negotiations
• The Company progressed with the construction of its ilmenite concentration plant at its Maracás Menchen Mine in Q4 2022; Received all required flotation structures and is finalizing the building of its desliming, flotation, filtration, warehouse and pipe rack structures; Commissioning to be completed in Q2 2023
• The Company received 'Company of the Year in the Mineral Sector' for its work in Social Governance from Brasil Mineral magazine and ‘Company of the Year’ from Companhia Baiana de Pesquisa Mineral (“CBPM”); These recognitions are the result of the Company’s dedication to executing on our on going Environment, Social and Governance (“ESG”) initiatives with the goal of progressing sustainable development at Largo

TORONTO--(BUSINESS WIRE)--$LGO #cleanenergy--Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) today announces annual production of 10,436 tonnes (23.0 million lbs¹) of vanadium pentoxide (“V₂O₅”) equivalent and sales of 11,091 tonnes of V₂O₅ equivalent from its Maracás Menchen Mine in 2022.

Paulo Misk, President and CEO of Largo, stated: “Despite operational challenges faced in 2022, we continue to prioritize and focus on the steady state operation of our Maracás Menchen Mine in Brazil. To ensure normal operating performance throughout 2023, our operational team performed mitigation efforts to rectify rain-related impacts and preventive maintenance measures during the operational downtime in December 2022 and January 2023.”

He continued: “In the coming year, we expect to meet our planned objectives to fully realize the value of our tier one vanadium company, including annual guidance for 2023, the completion of our ilmenite concentration plant, and the delivery of our inaugural VRFB for Enel in the second quarter of 2023.” He concluded: “While our negotiation with Ansaldo continues, LCE’s senior management continue to maintain their efforts on core development and system improvements required to support the current and future needs of the long duration energy storage sector. We are pleased to see a strengthening in vanadium demand, driven by strong high purity aerospace inquiries and new VRFB deployments, which has led to price increases in recent months.”

Maracás Menchen Mine Operational and Sales Results

Q4, FY 2022 and Other Highlights

• Quarterly Operational Results Impacted by a Mining Contractor Change, Mine Sequencing and Heavy Rainfall: In Q4 2022, V₂O₅ production from the Maracás Menchen Mine of 2,004 tonnes was in line with the 2,003 tonnes produced in Q4 2021. As a result of the Company's mining contractor transition and corrective maintenance at the leaching and deammoniator areas, 804 tonnes of V₂O₅ were produced in October 2022. Production of 605 tonnes in November 2022 was affected by changes in mining sequence and 596 tonnes in December 2022 was affected by heavy rains at the Company's operations. Annual V₂O₅ production was 10,436 tonnes in 2022, being largely in line with the 10,319 tonnes produced in 2021. Lower annual production was due to preventative and corrective maintenance at Company’s plant facility in Maracás in Q1 2022, a planned kiln and cooler refractory refurbishment in Q3 2022 and heavy rainfall in December. In Q4 2022, global recoveries³ averaged 74.7% as compared to the 76.0% averaged in Q4 2021. The Company achieved an annual average global V₂O₅ recovery³ rate of 79.1% in 2022. The Company mined 1,359,927 tonnes of ore with an effective V₂O₅ grade² of 1.11% in 2022 compared to 1,248,967 tonnes with an effective V₂O₅ grade² of 1.12% in 2021. The impact on the Company’s global recovery³ and mined ore in 2022 is primarily due to the reasons mentioned above.
• Rainfall Impact and Mitigation Efforts – Impacts to January 2023 Production and Sales Expected: Despite rain-related mitigation efforts implemented at the end of 2021, the Company’s Maracás Menchen Mine experienced approximately 36% more rainfall in December 2022 compared to December 2021, and more than 76% more rainfall on a single day during the same comparative month. This resulted in approximately 16 days of operational downtime in December 2022 and January 2023, during which time the Company performed preventative maintenance measure such as kiln refractory and electrostatic precipitator (“ESP”) repairs, previously planned for February 2023. In 2021, the Company constructed a diversion channel surrounding the Campbell Pit and upgraded its pumping system capacity to mitigate rainwater accumulation inside the pit. In December 2022, the diversion channel successfully mitigated rain from entering the pit downstream, however, unexpected levels of heavy rainfall caused significant rainfall accumulation inside the pit. The Company plans to further upgrade its pumping system capacity and expects to build additional mined material stockpiles in 2023 to mitigate impacts to mining operations going forward. As a result of these rain-related impacts in December 2022 and January 2023, the Company expects Q1 2023 production and sales ranges of 1,900 – 2,200 tonnes and 2,300 – 2,500 tonnes, respectively.
• Annual Sales Results Within Guidance – Vanadium Prices Reflect Increase in Demand: In Q4 2022, V₂O₅ equivalent sales were 2,774 tonnes (inclusive of 118 tonnes of purchased material), representing a 4% decrease over Q4 2021. Total V₂O₅ equivalent sales were 11,091 tonnes (inclusive of 1,057 tonnes of purchased material) in 2022, representing a 3% decrease over 2021. Lower sales in Q4 were impacted by the effects of lower production. Stronger vanadium prices exiting the quarter reflected an increase in demand from the high purity aerospace sector and continued growth in VRFB deployments, particularly in China. The average benchmark price per lb of V₂O₅ in Europe was $9.44 exiting the quarter, representing an increase of approximately 20% from the lows of 2022. As of January 20, 2023, the benchmark price per lb of V₂O₅ in Europe was $10.08.
• Inaugural VRFB Deployment Progress: During Q4 2022, LCE continued to make additional progress on the delivery of the Enel Green Power España (“EGPE”) contract. Substantially all of the hardware is either in transit or ready for installation at the deployment site in Spain. The remaining items to be shipped are six of the twelve electrolyte storage containers, which will be shipped in February 2023 and installed in March 2023. Additionally, the Company expects the installation and interconnection of the AC and DC power systems to be completed in Q1 2023. The hot commissioning of the VRFB system as well as provisional acceptance, which requires the completion of as-build drawings, manuals, final punch-list items, and operational testing by EGPE is expected to be completed in Q2 2023.
• New Debt Facilities Secured in Brazil: In December 2022, the Company secured an additional debt facility of $20.0 million with a bank in Brazil. The facility is for three years, with a 360-day grace period and equal principal repayments due every six months until maturity following the grace period. In addition to a fee of 0.7%, accrued interest at a rate of 8.20% p.a. is to be paid every six months until maturity. In January 2023, the Company secured two additional debt facilities with banks in Brazil. The first facility of $15.0 million is for two years, with a 180-day grace period and equal principal repayments due every three months until maturity following the grace period. In addition, accrued interest at a rate of 6.85% p.a. is to be paid every three months. The second facility of $10.0 million is for three years, with a 360-day grace period and equal principal repayments due every six months until maturity following the grace period. In addition to a fee of 0.7%, accrued interest at a rate of 8.36% p.a. is to be paid every six months. A portion of the December 2022 debt facility was used in December 2022 to repay the Company's existing $15.0 million debt facility secured in April 2022 and due for repayment in April 2023, with the remaining debt facilities primarily being used to address working capital pressures caused by ongoing capex projects in the first six months of 2023.

2023 Production, Sales and Cost Guidance

Tables summarizing the Company’s 2023 production, sales and cost guidance is provided below. It is expected that the Company will incur higher cash operating costs excluding royalties⁴ in the first half of 2023 as a result of lower sales in H1 2023, a result of previously noted rain-related operational impacts in Q4 2022 and Q1 2023. In H1 2023, the Company anticipates cash operating costs excluding royalties⁴ to be above the average cost guidance provided for 2023 with H2 2023 being closer to the lower end.

2023 Capital Expenditures Guidance

In 2023, the Company plans to invest approximately $50.5 million on capital expenditures of which approximately $4.0 million has been carried over from the 2022 capital expenditures budget. The $48.0 million capital expenditure budget includes approximately $12.5 million for sustaining capital requirements, $12.5 million for capitalized stripping, $18.0 million to finalize the construction of the Company’s ilmenite concentration plant and $2.5 million for the installation of an additional dry magnetic separator to assist with the Company’s mining operations in Brazil.

Management has made the decision to postpone the Company's existing plans to further develop its titanium dioxide ("TiO₂") pigment plant until additional funds are made available, either internally or externally. At this time, the Company is exploring alternative debt financing or strategic association options with advisors and will provide an update as things progress.

About Largo

Largo has a long and successful history as one of the world’s preferred vanadium companies through the supply of its VPURE™ and VPURE+™ products, which are sourced from one of the world's highest-grade vanadium deposits at the Company's Maracás Menchen Mine in Brazil. Aiming to enhance value creation at Largo, the Company is in the process of implementing a titanium dioxide pigment plant using feedstock sourced from its existing operations in addition to advancing its U.S.-based clean energy division with its VCHARGE vanadium batteries. Largo’s VCHARGE vanadium batteries contain a variety of innovations, enabling an efficient, safe and ESG-aligned long duration solution that is fully recyclable at the end of its 25+ year lifespan. Producing some of the world’s highest quality vanadium, Largo’s strategic business plan is based on two pillars: 1.) leading vanadium supplier with an outlined growth plan and 2.) U.S.-based energy storage business support a low carbon future.

Largo’s common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit www.largoinc.com.

Cautionary Statement Regarding Forward-looking Information:

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities legislation. Forward‐looking information in this press release includes, but is not limited to, statements with respect to the timing and amount of estimated future production and sales; the future price of commodities; costs of future activities and operations, including, without limitation, the effect of inflation and exchange rates; the effect of unforeseen equipment maintenance or repairs on production; timing and cost related to the build-out of the ilmenite plant; the ability to produce vanadium trioxide according to customer specifications; the extent of capital and operating expenditures; the impact of global delays and related price increases on the Company’s global supply chain and future sales of vanadium products. Forward‐looking information in this press release also includes, but is not limited to, statements with respect to our ability to build, finance and successfully operate a VRFB business, the projected timing and cost of the completion of the EGPE project; our ability to protect and develop our technology, our ability to maintain our IP, the competitiveness of our product in an evolving market, our ability to market, sell and deliver our VCHARGE batteries on specification and at a competitive price, our ability to successfully deploy our VCHARGE batteries in foreign jurisdictions; our ability to negotiate and enter into a joint venture with Ansaldo Green Tech on terms satisfactory to the Company and the success of such joint venture; the receipt of necessary governmental permits and approvals on a timely basis, our ability to secure the required resources to build and deploy our VCHARGE batteries, and the adoption of VRFB technology generally in the market.

The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price of V2O5 and other vanadium commodities; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company’s operations at the Maracás Menchen Mine or relating to Largo Clean Energy; the availability of financing for operations and development; the ability to mitigate the impact of continuing heavy rainfall; the Company’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the competitiveness of the Company's VRFB technology; that the Company’s current plans for ilmenite and VRFBs can be achieved; the Company's "two-pillar" business strategy will be successful; the Company's sales and trading arrangements will not be affected by the evolving sanctions against Russia; and the Company’s ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals.

Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo or Largo Clean Energy to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on www.sedar.com and available on www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&As which also apply.

Trademarks are owned by Largo Inc.

Future Oriented Financial Information:

Any financial outlook or future oriented financial information contained in this press release, as such term is defined by applicable securities laws, has been approved by management of Largo as of the date hereof and is provided for the purpose of providing information about management's current expectations and plans relating to the Company's 2023 guidance. Readers are cautioned that any such future oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective financial information as to the Company's anticipated 2023 guidance has been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results.

Non-GAAP⁵ Measures

The Company uses certain non-GAAP financial performance measures in this press release, which are described in the following section.

Cash Operating Costs

The Company’s press release refers to cash operating costs per pound, a non-GAAP performance measure, in order to provide investors with information about a key measure used by management to monitor performance. This information is used to assess how well the Maracás Menchen Mine is performing compared to plan and prior periods, and also to assess its overall effectiveness and efficiency. Cash operating costs includes mine site operating costs such as mining costs, plant and maintenance costs, sustainability costs, mine and plant administration costs, royalties and sales, general and administrative costs (all for the Mine properties segment), but excludes depreciation and amortization, share-based payments, foreign exchange gains or losses, commissions, reclamation, capital expenditures and exploration and evaluation costs. Operating costs not attributable to the Mine properties segment are also excluded, including conversion costs, product acquisition costs, distribution costs and inventory write-downs. These costs are then divided by the pounds of vanadium sold that were produced by the Maracás Menchen Mine to arrive at the cash operating costs per pound. This measure differs to the new total cash costs non-GAAP measure the Company uses to measure its overall performance (see Company’s latest Management Discussion and Analysis). These measures, along with revenues, are considered to be one of the key indicators of the Company’s ability to generate operating earnings and cash flow from its Maracás Menchen Mine. These cash operating costs measures do not have any standardized meaning prescribed by IFRS and differ from measures determined in accordance with IFRS. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS.

___________________________
¹ Conversion of tonnes to pounds, 1 tonne = 2,204.62 pounds or lbs.
² Effective grade represents the percentage of magnetic material mined multiplied by the percentage of V2O5 in the magnetic concentrate.
³ Global recovery is the product of crushing recovery, milling recovery, kiln recovery, leaching recovery and chemical plant recovery.
⁴ Cash operating costs excluding royalties per pound reported are on a non-GAAP basis. Refer to the “Non-GAAP Measures” section of this press release.
⁵ GAAP – Generally Accepted Accounting Principles

Investor Relations
Alex Guthrie
Senior Manager, External Relations
+1.416.861.9778
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ALBUQUERQUE, N.M.--(BUSINESS WIRE)--Wilson & Company, Inc., Engineers & Architects has promoted Derek Smith, CP, CMS-Lidar, GISP, who will assume the National Surveying and Geospatial Services Practice Lead role. In this role, he is responsible for the oversight of all surveying and mapping activities for Wilson & Company.

Smith brings nearly 20 years of experience with the company and has excelled in leadership positions and was appointed as an associate vice president in 2022. Over the course of his career, he has rebuilt the geospatial group, defining its structure, training new project managers, and moving others into operational management positions. Through these developments, he has focused on market development and building Higher Relationships with clients. Smith’s industry expertise, alongside his focus on clients’ needs, makes him a leading staff member for project input and will support Wilson & Company’s growth vision.

“Derek’s broad experience in the surveying geospatial and technology fields, along with his vision for growth and passion for the profession, make him the perfect choice to fill this position;” said Ryan Branfort, RLS, GISP, Wilson & Company senior vice president and chief information officer.

Smith’s experience includes numerous aerial, mobile, static and other data fusion mapping projects. These projects include field surveys, photogrammetry, Lidar and GIS data extraction and processing. He focuses on client needs and coordinates multi-disciplined approaches using the best and most cost-effective methods to meet them. In addition to being proficient with the digital mapping processes, his expertise includes geodetic survey control, Lidar processing, image processing, softcopy stereo compilation, surface analysis, GIS creation and analysis and orthophotography. His knowledge of every project phase is beneficial in conducting independent quality control checks during the life of survey, geospatial and remote sensing projects.

About Wilson & Company Inc., Engineers & Architects

Wilson & Company Inc., Engineers & Architects, has brought more than 600 people together in 15 offices over nine states to build Higher Relationships through discipline, intensity, collaboration, shared ownership and solutions with our clients, partners and communities. After nine decades of business, professionals continue to hone their craft with us, including civil, mechanical, electrical and structural engineering; architecture; planning; biology; surveying; mapping; GIS specializations; drone piloting; financial analyses; program management; construction administration and observation and a growing number of multi-disciplinary specialties. We seek to create value for a diverse client base, including federal and municipal governments, public transportation agencies, railroad companies, industrial and commercial corporations and private developers.

More at wilsonco.com | LinkedIn | Facebook | Twitter | Instagram

Emily Clarke, (720) 771-2357
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• Net income of $0.72 per diluted share.
• Operating margin of 17.5%, increased 460 basis points year-over-year.
• Full year revenue of $20.3 billion, increased 33% year-over-year.
• Full year operating income of $2.7 billion, increased 50% year-over-year.
• 2023 first quarter dividend increases by 33% to $0.16 per share.

HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) announced today net income of $656 million, or $0.72 per diluted share, for the fourth quarter of 2022. This compares to net income for the third quarter of 2022 of $544 million, or $0.60 per diluted share. Halliburton's total revenue for the fourth quarter of 2022 was $5.6 billion compared to total revenue of $5.4 billion in the third quarter of 2022. Operating income was $976 million in the fourth quarter of 2022 compared to operating income of $846 million in the third quarter of 2022.

Total revenue for the full year of 2022 was $20.3 billion, an increase of $5.0 billion, or 33% from 2021. Operating income for 2022 was $2.7 billion, and adjusted operating income was $3.1 billion, excluding impairments and other charges, compared to operating income of $1.8 billion for 2021.

“Halliburton’s execution in 2022 demonstrated the earnings power of our strategy, and I expect this earnings power to strengthen in 2023 and beyond. Both operating divisions delivered strong margins in the international and North America markets,” commented Jeff Miller, Chairman, President and CEO.

“I am pleased to announce that our Board has adopted a capital returns framework and an increase in our dividend to sixteen cents ($0.16) per share beginning this quarter. This capital returns framework, our dividend increase, and the share buy backs we made during the fourth quarter demonstrate Halliburton’s confidence in our business, customers, employees, and value proposition.

“I am confident in Halliburton’s strong outlook and ability to generate increased returns for shareholders. Halliburton’s exceptional financial performance is a clear result of executing our strategic priorities - to maximize value in North America, deliver profitable international growth and drive capital efficiency,” concluded Miller.

Operating Segments

Completion and Production

Completion and Production revenue in the fourth quarter of 2022 was $3.2 billion, an increase of $46 million, or 1%, when compared to the third quarter of 2022, while operating income was $659 million, an increase of $76 million, or 13%. These results were driven by weather related lower stimulation activity offset by improved pricing, service efficiency and activity mix in North America land, as well as higher completion tool sales and cementing activity globally.

Drilling and Evaluation

Drilling and Evaluation revenue in the fourth quarter of 2022 was $2.4 billion, an increase of $179 million, or 8%, when compared to the third quarter of 2022, while operating income was $387 million, an increase of $62 million, or 19%. These results were due to increased drilling-related services, testing services, and year-end software sales internationally and higher project management activity in Mexico.

Geographic Regions

North America

North America revenue in the fourth quarter of 2022 was $2.6 billion, a 1% decrease when compared to the third quarter of 2022. This decrease was primarily driven by weather related lower stimulation activity and artificial lift activity in North America land. These decreases were partially offset by improved activity across multiple product service lines in the Gulf of Mexico.

International

International revenue in the fourth quarter of 2022 was $3.0 billion, a 9% increase when compared to the third quarter of 2022.

Latin America revenue in the fourth quarter of 2022 was $945 million, an increase of 12% sequentially, due to higher activity across multiple product service lines in Mexico, higher completion tool sales in the region, increased pressure pumping services in Argentina, and improved well construction services in Colombia. Partially offsetting these increases was lower fluids activity in Guyana.

Europe/Africa revenue in the fourth quarter of 2022 was $657 million, an increase of 3% sequentially, primarily driven by higher completion tool sales, testing services, and well intervention services across the region, along with increased drilling-related services in West Africa. These increases were partially offset by lower activity in Norway and decreased pipeline services across the region.

Middle East/Asia revenue in the fourth quarter of 2022 was $1.4 billion, a 10% increase sequentially, primarily resulting from higher drilling and evaluation services across the region, increased cementing activity in the Middle East, and higher completion tool sales in Saudi Arabia and United Arab Emirates. Partially offsetting these increases was lower completion tool sales in Qatar.

Other Financial Items

Halliburton’s board of directors has declared a 2023 first quarter dividend of sixteen cents ($0.16) per share on the Company’s common stock payable on March 29, 2023, to shareholders of record at the close of business on March 1, 2023.

Selective Technology & Highlights

• Halliburton entered into drilling and wells alliance agreements with Aker BP, Noble, and Odfjell Drilling to extend their alliance for another five-years. The jack-up alliance comprises Noble Corporation, Halliburton and Aker BP. The Semi Alliance comprises Odfjell Drilling, Halliburton and Aker BP. Through the last five years the Jack-up Rig Alliance and the Semi Rig Alliance have delivered over 100 wells on the Norwegian shelf.

• Halliburton announced a successful installation of the industry's first single trip, electro-hydraulic wet connect in deepwater for Petrobras in Brazil - a significant achievement in downhole electric completion technology. The Halliburton Fuzion^® EH electro-hydraulic downhole wet-mate connector helps increase well recovery factors by maintaining integrity of Halliburton's SmartWell^® completion systems throughout the well's lifecycle.

• Halliburton introduced the NeoCem^™ E+ and EnviraCem^™ cement barrier systems as an expansion of their portfolio of high-performance, reduced Portland cement systems. NeoCem E+ cement contains a 50 percent or greater reduction of mass cement while EnviraCem cement contains a 70 percent or greater reduction of mass cement. Portland cement reduction in barrier systems helps customers lower carbon emission baselines and provides engineered systems with enhanced sheath performance.

• Halliburton introduced the BrightStar^® look-ahead resistivity service, a novel solution that reveals the path ahead of the drill bit to enable proactive drilling decisions. The BrightStar service incorporates data, calculations, and visualization technology to reduce operational risks in unknown environments and provide operators higher confidence to avoid unwanted formation exits. The BrightStar service provides reservoir insight of the trajectory ahead and detects changes in formation resistivity, reducing the uncertainty of formation boundary positions.

• Halliburton introduced the FloConnect^® Surface Automation Platform, a fully automated and scalable solution for efficient and safe surface well testing operations. An industry first, the FloConnect platform controls, measures, and analyzes surface well testing through automated workflows. The innovative platform facilitates a collaborative work environment and provides operators with superior well controllability, process safety, flow assurance, and emissions quantification. It also allows data access in real time, process monitoring, and control from a command center or remote location.

• Petrobras recognized Halliburton as its best supplier in the “Drilling and Completion Services” category. The award recognizes suppliers who presented a differentiated performance in the supply of goods and services in the year 2021 - 2022, considering the requirements of quality, HSE, management, delivery deadlines, compliance and integrity in the business carried out with Petrobras.

• Halliburton was named to the 2022 Dow Jones Sustainability Indices (DJSI), which recognizes the top 10% most sustainable companies per industry. The DJSI uses environmental, social and governance (ESG) criteria to measure and rank the performance of best-in-class companies selected for its list. When compared to its peers, Halliburton ranked in the 98th percentile among its peers and received high marks in the Human Capital Development, Risk & Crisis Management, and Business Ethics categories.

• Halliburton Labs announced it selected three new companies to participate in its collaborative environment to advance cleaner, affordable, and reliable energy. As Halliburton Labs participants, Matrix Sensors, Renew Power Systems (RPSi), and SunGreenH2 will receive access to a broad range of industrial capabilities, technical expertise, and mentorships to scale their respective businesses.

• Halliburton and Aker BP collaborated to develop Field Development Planning, a DecisionSpace^® 365 solution to optimize the development of entire oil and gas fields. By automating the entire process, Halliburton and Aker BP aim to save time, optimize engineering efficiency, and increase the quality of field development. At the heart of that collaboration is Digital Well Program^®, a DecisionSpace^® 365 solution, which enabled engineers to minimize well design time from several weeks to a day. Halliburton’s solution can aggregate data from multiple sources and offer accurate proposals for the optimal development plan for a specific field based on, among other things, economics, technical capabilities, and CO2 emissions.

• Halliburton executed the first fully automated drilling run in Kuwait delivering the landing section in record time. The remotely controlled LOGIX^® Autonomous Drilling Platform, in combination with other carefully selected tools, delivered multiple record-breaking results for the field, in addition to lower overall well construction costs for the customer.

• Halliburton recently completed its 400th FlexRite^® -multibranch inflow control (MIC) system installation in the North Sea. This system allows a multilateral well to be completed with sand screens, swellable packers, inflow control devices (ICDs), and interval control valves (ICVs) to help increase reservoir exposure and maximize production from each multilateral leg. Production or injection can be managed and controlled at each individual lateral, independent of all other lateral legs.

• Halliburton announced its VersaFlex^® Expandable Liner Hanger system was selected and installed more than 1,000 times in Norway over the past 17 years. VersaFlex technology helps operators in Norway reach new levels of operating efficiency by delivering purposed technology with distinctive service quality. Unlike typical liner hanger systems, VersaFlex has no packer element or slips, which increases reliability of running liners and other deployed solutions to depth.

About Halliburton

Halliburton is one of the world’s leading providers of products and services to the energy industry. Founded in 1919, we create innovative technologies, products, and services that help our customers maximize their value throughout the life cycle of an asset and advance a sustainable energy future. Visit us at www.halliburton.com; connect with us on Facebook, Twitter, LinkedIn, Instagram and YouTube.

Forward-looking Statements

The statements in this press release that are not historical statements, including statements regarding future financial performance and our intentions with respect to our shareholder return framework, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: changes in the demand for or price of oil and/or natural gas, including as a result of development of alternative energy sources, general economic conditions such as inflation and recession, the ability of the OPEC+ countries to agree on and comply with production quotas, or other causes; changes in capital spending by our customers; the modification, continuation or suspension of our shareholder return framework, including the payment of dividends and purchases of our stock, which will be subject to the discretion of our Board of Directors and may depend on a variety of factors, including our results of operations and financial condition, growth plans, capital requirements and other conditions existing when any payment or purchase decision is made; potential catastrophic events related to our operations, and related indemnification and insurance; protection of intellectual property rights; cyber-attacks and data security; compliance with environmental laws; changes in government regulations and regulatory requirements, particularly those related to oil and natural gas exploration, the environment, radioactive sources, explosives, chemicals, hydraulic fracturing services, and climate-related initiatives; assumptions regarding the generation of future taxable income, and compliance with laws related to and disputes with taxing authorities regarding income taxes; risks of international operations, including risks relating to unsettled political conditions, war, including the ongoing Russia and Ukraine conflict and any expansion of that conflict, the effects of terrorism, foreign exchange rates and controls, international trade and regulatory controls and sanctions, and doing business with national oil companies; weather-related issues, including the effects of hurricanes and tropical storms; delays or failures by customers to make payments owed to us; infrastructure issues in the oil and natural gas industry; availability and cost of highly skilled labor and raw materials; and agreement with respect to and completion of potential dispositions, acquisitions and integration and success of acquired businesses and operations of joint ventures. Halliburton's Form 10-K for the year ended December 31, 2021, Form 10-Q for the quarter ended September 30, 2022, recent Current Reports on Form 8-K and other Securities and Exchange Commission filings discuss some of the important risk factors identified that may affect Halliburton's business, results of operations, and financial condition. Halliburton undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

For Investors:
David Coleman
Investor Relations
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281-871-2688

For News Media:
Emily Mir
External Affairs
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281-871-2601

• Cruz Gamboa, formerly Decarbonization Strategy and Partnerships Leader, Americas at General Electric, will lead the company’s finance and commercial efforts.
• Craig Spreadbury, previously Chief Operating Officer at Four Corners Petroleum, will oversee daily operations of carbon capture and sequestration sites.

ARVADA, Colo.--(BUSINESS WIRE)--Carbon America, a fully integrated carbon capture and sequestration (CCS) developer, welcomed two senior executives with four decades of industry experience as the company scales operations and develops new projects across the United States. In December, Cruz Gamboa was named Chief Commercial and Financial Officer, and Craig Spreadbury started as Chief Operating Officer.

“We are very excited to welcome Cruz and Craig to Carbon America at this important time of growth for us,” said Brent Lewis, CEO at Carbon America. “These two industry veterans bring valuable knowledge and expertise in helping our clients responsibly decarbonize energy and industrial emissions to accelerate their net-zero goals.”

Gamboa has more than 20 years of experience in leadership positions at General Electric in corporate finance, debt and capital markets, and sales. He brings deep expertise in originating, structuring, and executing complex project finance transactions in the power generation sector.

Prior to joining Carbon America, Gamboa was the Decarbonization leader for the Americas at GE Vernova in the Gas Power division, where he deployed GE’s carbon capture technologies with customers and partners. At Carbon America, Gamboa is responsible for directing Carbon America’s project origination and development activities, developing strategic alliances and end-to-end commercial solutions across the CCS value chain, from capture to transport to storage. He will also lead Carbon America’s capital formation and structured project finance activities.

“The opportunities in Carbon Capture and Sequestration are rapidly expanding and Carbon America is uniquely positioned to lead this space,” Gamboa said. “I am excited about Carbon America’s conviction to responsible development in CCS with the planet and communities in mind. We are a focused team with deep expertise in all aspects of project development, and as such we are working on solutions that maximize environmental and financial benefits.”

Spreadbury’s 22 years in the oil and gas industry includes experience in operations, midstream, reservoir engineering and finance. Most recently, he served 10 years as Chief Operating Officer at Four Corners Petroleum, where he managed 65,000 acres of leases, a 300 million cubic feet-per-day CO₂ recycling plant, and 250 miles of pipelines in Texas’ Permian Basin. At Carbon America, Spreadbury will be responsible for the safe construction, operation and regulatory compliance of carbon capture, pipeline transport and geologic CO₂ storage facilities.

“I look forward to applying my engineering and subsurface experience operating CO₂ facilities and pipelines to help Carbon America clients efficiently and securely decarbonize their industrial processes,” Spreadbury said.

In 2022, Carbon America announced its first agreements to finance, build, own and operate carbon capture and sequestration systems. Projects expected to break ground in 2023 include ethanol facilities in Sterling and Yuma, Colorado, and in Bridgeport, Nebraska.

About Carbon America
Carbon America is a fully integrated carbon capture and sequestration (CCS) developer with a mission to decarbonize energy and industrial value chains and accelerate net-zero goals. For more information, visit www.carbonamerica.com/.

Media
Cassandra Sweet
Antenna Group for Carbon America
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BETHESDA, Md.--(BUSINESS WIRE)--Enviva Inc. (NYSE: EVA), the world’s leading producer of sustainably sourced wood biomass, announced today that Thomas Meth, President and Chief Executive Officer, and Shai Even, Executive Vice President and Chief Financial Officer, will participate in a webinar hosted by Raymond James analyst Pavel Molchanov.

• Date: Friday, January 27, 2023
• Time: 10:00 a.m. Eastern Time

To attend the webinar, please email This email address is being protected from spambots. You need JavaScript enabled to view it. to request a registration link or contact a Raymond James representative.

About Enviva

Enviva Inc. (NYSE: EVA) is the world’s largest producer of industrial wood pellets, a renewable and sustainable energy source produced by aggregating a natural resource, wood fiber, and processing it into a transportable form, wood pellets. Enviva owns and operates ten plants with a combined production capacity of approximately 6.2 million metric tons per year in Virginia, North Carolina, South Carolina, Georgia, Florida, and Mississippi, and is constructing its 11^th plant in Epes, Alabama. Enviva is planning to commence construction of its 12^th plant, near Bond, Mississippi, in 2023. Enviva sells most of its wood pellets through long-term, take-or-pay off-take contracts with primarily creditworthy customers in the United Kingdom, the European Union, and Japan, helping to accelerate the energy transition and to decarbonize hard-to-abate sectors like steel, cement, lime, chemicals, and aviation fuels. Enviva exports its wood pellets to global markets through its deep-water marine terminals at the Port of Chesapeake, Virginia, the Port of Wilmington, North Carolina, and the Port of Pascagoula, Mississippi, and from third-party deep-water marine terminals in Savannah, Georgia, Mobile, Alabama, and Panama City, Florida.

To learn more about Enviva, please visit our website at www.envivabiomass.com. Follow Enviva on social media @Enviva.

INVESTOR CONTACT:
Kate Walsh
Vice President, Investor Relations
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+1 240-482-3856

More than 80% Allocated to World Class Guyana Developments and Bakken Four Rig Program

NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) today announced a 2023 Exploration & Production capital and exploratory budget of $3.7 billion, of which more than 80% will be allocated to Guyana and the Bakken.

Net production is forecast to average between 355,000 and 365,000 barrels of oil equivalent per day in 2023. Bakken net production is forecast to average between 165,000 and 170,000 barrels of oil equivalent per day and Guyana net production is forecast to average approximately 100,000 barrels of oil per day in 2023⁽¹⁾.

“Our capital program reflects continued execution of our strategy to invest only in high return, low cost opportunities within our portfolio,” CEO John Hess said. “More than 80% of our 2023 budget is allocated to Guyana, which is positioned to be one of the highest margin, lowest carbon intensity oil developments in the world, and to the Bakken, our largest operated asset where we have a robust inventory of high return future drilling locations.”

Chief Operating Officer Greg Hill said: “In the Bakken, we plan to operate a four rig program, which will enable us to maximize free cash flow generation, optimize our in-basin infrastructure and drive further reductions in our unit cash costs. In Guyana, our focus in 2023 will be on advancing our high value oil developments and continuing an active exploration and appraisal program on the Stabroek Block.”

The $3.7 billion budget is allocated as follows: $1.45 billion (39%) for production, $1.7 billion (46%) for offshore Guyana developments and $550 million (15%) for exploration and appraisal activities.

Production

• $1.1 billion to fund a four rig program in the Bakken. The company expects to drill approximately 110 gross operated wells and to bring online approximately 110 wells in 2023. Funds are also included for investment in nonoperated wells.
• $225 million for production activities at North Malay Basin (Hess 50% and operator) offshore Peninsular Malaysia and the Malaysia/Thailand Joint Development Area (Hess 50%) in the Gulf of Thailand.
• $125 million for production activities in the Gulf of Mexico, including drilling two tieback wells and seismic acquisition and processing.

Developments

• $90 million associated with the Liza Phase 1 and Phase 2 developments on the Stabroek Block offshore Guyana (Hess 30%), which are currently operating at a combined gross production capacity of more than 360,000 barrels of oil per day (bopd).
• $1.21 billion for the developments on the Stabroek Block at Payara, Yellowtail and Uaru. Payara is on track to come online by the end of 2023 with a gross production capacity of approximately 220,000 bopd. Yellowtail is expected to come online in 2025 with a gross production capacity of approximately 250,000 bopd. Uaru is expected to come online at the end of 2026 with a gross production capacity of approximately 250,000 bopd.
• $150 million for the Gas to Energy project with first gas expected by year end 2024.
• $250 million primarily for front end engineering and design work for future development phases on the Stabroek Block.

Exploration and Appraisal

• $550 million to drill approximately 10 exploration and appraisal wells on the Stabroek Block, two wells in the Gulf of Mexico and one well offshore Newfoundland, Canada. Funds are also included for seismic acquisition and processing in Guyana, Suriname and the deepwater Gulf of Mexico.

   

2023 Estimated Capital and Exploratory Expenditures
($ Millions)

Note: This budget excludes expenditures associated with the Midstream segment.
(1) Production guidance includes Guyana tax barrels of approximately 10,000 bopd.

Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at http://www.hess.com.

Cautionary Statements

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “would,” “believe,” “intend,” “project,” “plan,” “predict,” “will,” “target” and similar expressions identify forward-looking statements, which are not historical in nature. Our forward-looking statements may include, without limitation: our future financial and operational results; our business strategy; estimates of our crude oil and natural gas reserves and levels of production; benchmark prices of crude oil, natural gas liquids and natural gas and our associated realized price differentials; our projected budget and capital and exploratory expenditures; expected timing and completion of our development projects; and future economic and market conditions in the oil and gas industry.

Forward-looking statements are based on our current understanding, assessments, estimates and projections of relevant factors and reasonable assumptions about the future. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from our historical experience and our current projections or expectations of future results expressed or implied by these forward-looking statements. The following important factors could cause actual results to differ materially from those in our forward-looking statements: fluctuations in market prices of crude oil, natural gas liquids and natural gas and competition in the oil and gas exploration and production industry, reduced demand for our products, including due to perceptions regarding the oil and gas industry, competing or alternative energy products and political conditions and events; potential failures or delays in increasing oil and gas reserves, including as a result of unsuccessful exploration activity, drilling risks and unforeseen reservoir conditions, and in achieving expected production levels; changes in tax, property, contract and other laws, regulations and governmental actions applicable to our business, including legislative and regulatory initiatives regarding environmental concerns, such as measures to limit greenhouse gas emissions and flaring, fracking bans as well as restrictions on oil and gas leases; operational changes and expenditures due to climate change and sustainability related initiatives; disruption or interruption of our operations due to catastrophic events, such as accidents, severe weather, geological events, shortages of skilled labor, cyber-attacks, health measures or climate change; the ability of our contractual counterparties to satisfy their obligations to us, including the operation of joint ventures under which we may not control and exposure to decommissioning liabilities for divested assets in the event the current or future owners are unable to perform; unexpected changes in technical requirements for constructing, modifying or operating exploration and production facilities and/or the inability to timely obtain or maintain necessary permits; availability and costs of employees and other personnel, drilling rigs, equipment, supplies and other required services; any limitations on our access to capital or increase in our cost of capital, including as a result of limitations on investment in oil and gas activities, rising interest rates or negative outcomes within commodity and financial markets; liability resulting from environmental obligations and litigation, including heightened risks associated with being a general partner of Hess Midstream LP; and other factors described in Item 1A—Risk Factors in our Annual Report on Form 10-K and any additional risks described in our other filings with the Securities and Exchange Commission.

As and when made, we believe that our forward-looking statements are reasonable. However, given these risks and uncertainties, caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date when made and there can be no assurance that such forward-looking statements will occur and actual results may differ materially from those contained in any forward-looking statement we make. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.

For Hess Corporation

Investor Contact:
Jay Wilson
(212) 536-8940
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Media Contact:
Lorrie Hecker
(212) 536-8250
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Duke Energy, Ameren, Southern California Edison, the Department of Energy join Bidgely leadership in a series of live sessions and demonstrations

LOS ALTOS, Calif.--(BUSINESS WIRE)--Bidgely will take the stage February 7 - 9 during the annual DistribuTECH International conference in San Diego, Calif., alongside fellow industry partners and thought leaders to explore the complexities and opportunities of transforming today's energy grid. From the adoption of electric vehicles (EVs), widespread electrification and the proliferation of clean energy, Bidgely will showcase the power of artificial intelligence (AI) in enabling both utilities and consumers to optimize use of existing grid resources and infrastructure to reduce carbon emissions.

Bidgely will also participate in the Smart Energy Consumer Collaborative’s 2023 Consumer Symposium, held in conjunction with DistribuTECH, during the session Destination Electrification on Monday, February 6 at 3:45 pm PT. Hear from Bidgely’s head of innovation, Maria Kretzing, the Department of Energy’s Chris Irwin and CLEAResult’s James Russell on how utilities are preparing for the new wave of electric transportation, including EV-centric programs that support managed charging and incentivized load shifting.

Prominent Bidgely DistribuTECH Sessions

Driving Change: Duke Energy’s Approach to EV Partnerships, Pricing and Programs

Tuesday, February 7, 2:10 – 2:40 pm local time

Bidgely’s Maria Kretzing will sit down with Duke Energy’s Senior Vice President of Pricing and Customer Solutions Lon Huber to discuss Duke Energy’s concerted approach to managing the EV revolution through a combination of key technology and corporate partnerships as well as the strategic application of data analytics.

Customer & Grid: How Data Analytics Unlocks Both Sides of the Meter for Visualizing, Managing, and Optimizing the Impact of DERs

Tuesday, February 7, 10:30 - 11:30 am local time

During a breakout panel session with Senior Vice President of Asset Strategy and Planning for Southern California Edison Erik Takayesu, Bidgely CEO Abhay Gupta will explain how data analytics enables greater visibility and optimization of distributed energy resources (DERs) on today’s grid.

Two Sides to Every Meter: How Ameren’s AMI Strategy Offers Value to Customers and the Grid

Tuesday, February 7, 3:20 - 3:50 pm local time

Bidgely’s Vice President of Strategy and Growth Jeff Wahl and Ameren Missouri’s Director of AMI Strategy & Implementation John F. Luth, will showcase the real-world success of how Bidgely and Ameren are using smart meter data to transform customer engagement and drive effective time-of-use rate implementation.

Engaging Live Demonstrations and Exhibits

Daily theater sessions will take place with Net Zero Alliance (booth #1819) to showcase a new turnkey approach to EV managed charging that optimizes charging at scale, supports grid resilience and delivers greater savings for utilities and their customers.

To schedule a meeting with Bidgely at DistribuTECH 2023, visit bidgely.com/events/dtech.

About Bidgely

Bidgely is an AI-powered SaaS Company accelerating a clean energy future by enabling energy companies and consumers to make data-driven energy-related decisions. Powered by our unique patented technology, Bidgely's UtilityAI™ Platform transforms multiple dimensions of customer data - such as energy consumption, demographic, and interactions - into deeply accurate and actionable consumer energy insights. We leverage these insights to empower each customer with personalized recommendations, tailored to their individual personality and lifestyle, usage attributes, behavioral patterns, purchase propensity, and beyond. From a Distributed Energy Resources (DER) and Grid Edge perspective, Bidgely is advancing smart meter innovation with data-driven solutions for solar PVs, EV detection, EV behavioral load shifting and managed charging, energy theft, short-term load forecasting, grid analytics, and TOU rate designs. Bidgely’s UtilityAI™ energy analytics provides deep visibility into generation, consumption for better peak load shaping and grid planning, and delivers targeted recommendations for new value-added products and services. With roots in Silicon Valley, Bidgely has over 17 energy patents, $75M+ in funding, retains 30+ data scientists, and brings a passion for AI to utilities serving residential and commercial customers around the world. For more information, please visit www.bidgely.com or the Bidgely blog at bidgely.com/blog.

Christine Bennett
Bidgely
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New Order Adds to the Customer’s Extensive Fleet of Microturbines

LOS ANGELES--(BUSINESS WIRE)--$CGRN #CleanPower--Capstone Green Energy Corporation (NASDAQ: CGRN) announced that E-Finity Distributed Generation, Capstone’s long-time distributor for the Mid-Atlantic, Southeastern United States and the Caribbean, has secured a follow-on order for two C200S Microturbines from a leading oil and gas producer. The systems will be deployed in the heart of the Marcellus Shale Play in Appalachia and add to an extensive fleet of microturbine energy systems. The order is scheduled to be commissioned in the summer of 2023.

“Remote locations lacking grid connectivity are a perfect use-case for Capstone’s microturbines, as our oil and gas industry customers continue to demonstrate. In addition to providing the reliable electricity they are looking for to operate their equipment, Capstone’s low-emissions microturbines also help customers meet their emissions reduction targets. We appreciate the confidence that repeat customers continue to place in our team and technology,” said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy.

The C200S microturbines, fueled by wellhead natural gas extracted directly from the pipeline, will provide primary electrical power at two separate Appalachia gas compression sites where no electricity is currently available. The microturbines will act as the primary power source for these remote sites while keeping site emissions ultra-low.

Compressor stations assist in transporting natural gas from supply points to end users. As natural gas safely moves through pipelines over long distances, friction and elevation differences slow the movement of the gas and reduce pressure. Compressor stations keep the pipeline pressurized and the natural gas flowing. These sites are often unmanned, and in remote locations, any failure usually results in the station going offline. A prolonged interruption can be the difference between profit and loss. With this much at stake, having reliable power in place is essential to operational efficiency.

The customer continues to select Capstones microturbines based on their proven field reliability, remote monitoring and diagnostic capabilities, and high availability with partial load redundancy. The microturbines will allow the customer to increase on-site power production, lower operational costs and increase reliability.

“All our Marcellus and Utica Shale customers are pleased with not only power performance but the 24x7 uptime operations delivered by Team E-Finity. Repeat business from our key customers is a complement to our team’s ability to deliver power when needed and where needed,” said Jeff Beiter, President and Chief Executive Officer of E-Finity Distributed Generation. “These units will boost production and flow of clean-burning, abundant natural gas from one of the world’s largest natural gas fields,” concluded Mr. Beiter.

About Capstone Green Energy

Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ: CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Generation Technologies (EGT) are driven by the Company's industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Solutions (ESS) business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen & Sustainable Products (H2S), Capstone Green Energy offers customers a variety of hydrogen products, including the Company's microturbine energy systems.

To date, Capstone has shipped over 10,000 units to 83 countries and estimates that in FY22, it saved customers over $213 million in annual energy costs and approximately 388,000 tons of carbon. Total savings over the last four years are estimated to be approximately $911 million in energy savings and approximately 1,503,100 tons of carbon savings.

For more information about the Company, please visit: www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company's growth strategy and other statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as "expect," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company's indebtedness; the Company's ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company's ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
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CAMPBELL, Calif. & PLANO, Texas--(BUSINESS WIRE)--ChargePoint Holdings, Inc. (NYSE: CHPT), a leading electric vehicle (EV) charging network, today announced a new agreement with Lexus to enable drivers of Lexus’ all electric RZ 450e crossover with access to ChargePoint’s industry-leading home and public charging solutions.

To help drivers have a reliable and convenient charging experience, participating Lexus dealers will offer customers the option to purchase a ChargePoint® Home Flex Level 2 charger at the dealership or online. The Home Flex is an ENERGY STAR® certified and Wi-Fi enabled home charger that enables drivers to charge up to nine times faster than a standard wall outlet.

“As transportation continues to electrify, we have been steadfast in our commitment to make it easy for drivers to charge their EVs, whenever and wherever they are,” said Michael Hughes, chief revenue officer of ChargePoint. “Through this arrangement, Lexus drivers will benefit from the simplicity of having access to all of their charging information, across public and home charging, when using Home Flex and the ChargePoint network. Drivers can utilize the ChargePoint network for a seamless public charging experience, as well as Home Flex, our leading residential charging solution that offers speed, power, and flexibility, in a sleek and compact design. And because Home Flex is powered by our software, it puts control into the hands of drivers, giving them the ability to optimize their charging times to fit their lifestyle, while avoiding peak energy times to save money.”

The ChargePoint® Home Flex Level 2 charger can be installed indoors or out, and it comes with a 23-foot charging cable to support a variety of parking configurations. Using the ChargePoint mobile app, drivers can schedule charging times when energy is cheapest, adjust their charging speed, and get reminders to plug in. Home Flex can also connect with Amazon’s Alexa or Apple’s Siri for easy voice assistance to check charging status, start or stop charging, review charging activity, and more.

Drivers can also find public places to charge through their smartphone, with access to ChargePoint’s expansive network of Level 2 and DC fast chargers, and roaming partner stations; together, which encompass more than 80% of charging spots in North America. Through ChargePoint mobile app drivers will be offered the convenience of being able to quickly find, use, and pay for vehicle charging, as well as track and access all of their home and public charging in one place.

“With the Lexus RZ 450e arriving at dealerships soon, we want to help our guests have a seamless charging experience both at home and on the road,” said Dejuan Ross, Lexus group vice president and general manager. "Our arrangement with ChargePoint and Qmerit was created to provide RZ guests with tools and services to help them understand, identify and solve their charging needs so they can feel confident in their Lexus Electrified journey.”

About ChargePoint

ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and a comprehensive portfolio of charging solutions. The ChargePoint cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds of thousands of places to charge in North America and Europe. To date, more than 133 million charging sessions have been delivered, with drivers plugging into the ChargePoint network on average every second. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact the ChargePoint North American or European press offices or Investor Relations.

CHPT-IR

ChargePoint
AJ Gosselin
Director, Corporate Communications
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Patrick Hamer
VP, Capital Markets and Investor Relations
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Solar-powered portable power stations will be used by a non-profit organization to help vulnerable communities respond during and after natural disasters

FRAMINGHAM, Mass.--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced that they have donated three portable power stations to the Cajun Navy Ground Force. This Louisiana-based non-profit organization is focused on quickly responding during and after natural disasters to help socially vulnerable and marginalized populations in crisis.

As hurricanes, storms and natural disasters have become a common threat to communities everywhere, Ameresco recognized that cleantech solutions could help mitigate the devastating impact of these natural disasters. In 2021, as part of Ameresco’s ESG program, the Company committed to developing rapidly deployable portable power stations. The three units leverage clean, solar power, and will be used to combat electric outages and ease restoration efforts in impacted communities.

"While hurricanes can impact every aspect of our power systems – including power outages, grid distribution issues, and extra energy demand – new strategies for energy resilience can play a key role in countering the negative impacts of extreme weather events. Sending these portable generators is a small example of how Ameresco is helping bridge the gaps in energy resiliency challenges while also giving to communities desperately in need," said George Sakellaris, Ameresco CEO and President.

Going forward, Ameresco plans to provide further relief through partnerships with emergency response organizations. By working with non-profit organizations, Ameresco can put these units to use quickly and extend its reach to impacted communities that need it the most.

To learn more about the energy efficiency solutions offered by Ameresco, visit www.ameresco.com/energy-efficiency/.

About Ameresco, Inc.

Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and Europe. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and Europe. For more information, visit www.ameresco.com.

Ameresco:
Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.

DALLAS--(BUSINESS WIRE)--Matador Resources Company (NYSE: MTDR) (“Matador” or the “Company”) today announced that a wholly-owned subsidiary of Matador has entered into a definitive agreement to acquire Advance Energy Partners Holdings, LLC (“Advance”), including certain oil and natural gas producing properties and undeveloped acreage located in Lea County, New Mexico and Ward County, Texas (the “Advance Transaction”). The consideration for the Advance Transaction will consist of an initial cash payment of $1.6 billion, subject to customary closing adjustments, plus additional cash consideration of $7.5 million for each month during 2023 in which the average oil price as defined in the securities purchase agreement exceeds $85 per barrel. Advance is a portfolio company of EnCap Investments L.P. (“EnCap”).

The Advance Transaction is subject to customary closing conditions and is expected to close early in the second quarter of 2023 with an effective date of January 1, 2023. A short slide presentation summarizing the Advance Transaction is also included on the Company’s website at www.matadorresources.com on the Events and Presentations page under the Investor Relations tab. Matador’s management will host a live conference call to discuss the Advance Transaction on Tuesday, January 24, 2023 at 10:00 am Central Time. Further details are provided at the end of this press release.

Joseph Wm. Foran, Matador’s Founder, Chairman and CEO, commented, “Matador is very excited by this strategic bolt-on opportunity as well as the opportunity to work with Advance and EnCap. We view this transaction as a unique value-creating opportunity for Matador and its shareholders. We evaluated this transaction based on rock quality, the strong existing production and cash flow profile, the potential reserves additions, the high-quality inventory, the available midstream opportunities and the strategic fit within our existing portfolio of properties. We intend to fund the Advance Transaction with a combination of cash on hand, free cash flow prior to closing and borrowings under our credit agreement, under which we expect to increase our elected commitment in connection with this transaction. Importantly, this acquisition should not significantly impact Matador’s leverage profile, as we expect to maintain a pro forma leverage ratio below 1.0x throughout 2023. In late November 2022, as part of the fall 2022 redetermination process, Matador’s lenders completed their review of the Company’s proved oil and natural gas reserves at June 30, 2022. As a result, the borrowing base under our credit agreement was increased by 13% from $2.0 billion to $2.25 billion.”

Transaction Highlights

• Expected to generate forward one-year Adjusted EBITDA¹ of approximately $475 to $525 million at strip prices as of mid-January 2023, which represents an attractive purchase price multiple of 3.2x
• Accretive to relevant key financial and valuation metrics
• Significant increase in pro forma drilling locations in primary development zones
• Provides upside related to potential midstream opportunities for Pronto Midstream, LLC (“Pronto”), Matador’s wholly-owned midstream subsidiary, which operates in this area of Lea County, New Mexico
• PV-10 (present value discounted at 10%)² at December 31, 2022 of $1.92 billion on total proved oil and natural gas reserves utilizing strip pricing as of mid-January 2023, which is in excess of the $1.6 billion purchase price
  • PV-10² of proved developed (PD) oil and natural gas reserves at December 31, 2022 of $1.14 billion, or approximately $45,600 per flowing BOE, utilizing strip pricing as of mid-January 2023
• Preserves Matador’s strong balance sheet with leverage expected to remain below 1.0x, allowing Matador to maintain operational and financial flexibility while continuing to return value to shareholders through its fixed quarterly dividend

Asset Highlights

• Estimated production in the first quarter of 2023 of 24,500 to 25,500 barrels of oil and natural gas equivalent (“BOE”) per day (74% oil)
• Approximately 18,500 net acres (99% held by production) in the core of the northern Delaware Basin, most of which is strategically located in Matador’s Ranger asset area in Lea County, New Mexico near Matador’s existing properties
• 406 gross (203 net) horizontal locations identified for future drilling, including prospective targets throughout the Wolfcamp, Bone Spring and Avalon formations
  • Include 21 gross (20 net) drilled but uncompleted wells (“DUCs”) expected to be turned to sales in the second half of 2023
  • Include 206 gross (174 net) operated locations (84% working interest) and 200 gross (29 net) non-operated locations (15% working interest)
  • Locations are consistent with Matador’s methodology for estimating inventory with typically three to four (or fewer) locations per section, or the equivalent of 160-acre (or greater) spacing, in all prospective completion intervals
  • 38 gross (35 net) additional upside locations in the Wolfcamp D formation
  • Conducive to drilling longer laterals with an expected average lateral length for operated locations of approximately 9,400 feet
• Advance is currently utilizing one drilling rig to drill 21 gross (19 net) wells in the northern portion of Matador’s Antelope Ridge asset area in Lea County, New Mexico, but these wells are not expected to be turned to sales until early 2024
• Estimated drilling, completing and equipping (“D/C/E”) capital expenditures of $300 to $350 million in 2023 based upon one drilling rig operating on the Advance properties,
  • Includes anticipated completion costs for the 21 gross DUCs noted above
  • Approximately $225 to $275 million is expected to be incurred between the anticipated closing date and year end 2023

Matador estimates total proved oil and natural gas reserves associated with these properties of approximately 106.4 million BOE (73% oil) at December 31, 2022. PV-102 of the proved oil and natural gas reserves of these properties at December 31, 2022 was approximately $2.86 billion using the same unweighted arithmetic average first-day-of-the-month prices for the previous 12-month period being used to value the Company’s reserves at December 31, 2022, which are $90.15 per barrel of oil and $6.36 per MMBtu of natural gas. Matador expects to add future proved reserves and reserves value as a result of the development of these properties going forward. These reserves estimates were prepared by Matador’s engineering staff and audited by Netherland, Sewell & Associates, Inc., independent reservoir engineers.

Mr. Foran further commented, “We have carefully managed and strengthened our balance sheet over time in order to be in a position for a special opportunity like this. The specific location and quality of these select assets, the strong existing cash flow, the multi-pay potential, the cost savings associated with developing these assets via longer laterals on multi-well pads with centralized facilities, the midstream synergies with Pronto and the held-by-production status of the acreage were key features that attracted us to this unique opportunity and should significantly enhance our already strong Delaware Basin portfolio. This acquisition also provides us with increased operational scale in the Delaware Basin, which we expect will improve our overall rates of return and unit-of-production costs.

“Gary Petersen is one of the Founders and Managing Partners of EnCap. I have known Gary for many years. Gary is one of the people I have most admired and respected in our industry. We have always wanted to do a deal like this together. The relationship with Gary was critical to the smooth negotiation of this transaction, and I want to thank Gary, the other individuals at EnCap, the Advance team and the Matador team for their hard work and integrity in reaching a deal that is a win-win for both parties. We also appreciate the support of our other friends and shareholders, and we look forward to the additional opportunities and free cash flow that this new acreage will provide for Matador.”

Conference Call Information

Management will host a live conference call to discuss the Advance Transaction on Tuesday, January 24, 2023 at 10:00 am Central Time. To access the live conference call by phone, you can use the following link https://register.vevent.com/register/BId769e220508c4d2ca6aa8480e2b08f0a and you will be provided with dial-in details after registering. To avoid delays, it is recommended that participants dial into the conference call at least 15 minutes ahead of the scheduled start time.

The live conference call will also be available through the Company’s website at www.matadorresources.com on the Events and Presentations page under the Investor Relations tab. The replay for the event will be available on the Company’s website at www.matadorresources.com on the Events and Presentations page under the Investor Relations tab for one year following the date of the conference call.

Advisors

Baker Botts LLP served as legal advisor to Matador for the transaction. Vinson & Elkins LLP served as legal advisor and JP Morgan served as financial advisor to Advance.

About Matador Resources Company

Matador is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. Its current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. Matador also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, Matador conducts midstream operations in support of its exploration, development and production operations and provides natural gas processing, oil transportation services, natural gas, oil and produced water gathering services and produced water disposal services to third parties.

The Company’s predecessor, Foran Oil Company, was founded in 1983 by Joseph Wm. Foran, the Company’s Chairman and Chief Executive Officer, with $270,000 in contributed capital from 17 friends and family members. Foran Oil Company was later contributed to Matador Petroleum Corporation upon its formation by Mr. Foran in 1988. Mr. Foran served as Chairman and Chief Executive Officer of that company from its inception until it was sold in June 2003 to Tom Brown, Inc., in an all-cash transaction for an enterprise value of approximately $388.5 million. On the following Monday, Mr. Foran founded Matador Resources Company with $6 million. Today, Matador has a market cap of approximately $7.4 billion (based upon the Company’s closing share price on January 23, 2023) and is one of the top 20 public exploration and production companies in the country by market capitalization and one of the top 10 oil and natural gas producers in New Mexico.

For more information, visit Matador Resources Company at www.matadorresources.com.

Forward-Looking Statements

This press release includes “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. “Forward-looking statements” are statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “could,” “believe,” “would,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “should,” “continue,” “plan,” “predict,” “potential,” “project,” “hypothetical,” “forecasted” and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements include, but are not limited to, statements about the consummation and timing of the Advance Transaction, the anticipated benefits, opportunities and results with respect to the acquisition, including the expected value creation, reserves additions, midstream opportunities and other anticipated impacts from the Advance Transaction, as well as other aspects of the transaction, guidance, projected or forecasted financial and operating results, future liquidity, the payment of dividends, results in certain basins, objectives, project timing, expectations and intentions, regulatory and governmental actions and other statements that are not historical facts. Actual results and future events could differ materially from those anticipated in such statements, and such forward-looking statements may not prove to be accurate. These forward-looking statements involve certain risks and uncertainties, including, but not limited to, the ability of the parties to consummate the Advance Transaction in the anticipated timeframe or at all; risks related to the satisfaction or waiver of the conditions to closing the Advance Transaction in the anticipated timeframe or at all; risks related to obtaining the requisite regulatory approvals; disruption from the Advance Transaction making it more difficult to maintain business and operational relationships; significant transaction costs associated with the Advance Transaction; the risk of litigation and/or regulatory actions related to the Advance Transaction, as well as the following risks related to financial and operational performance: general economic conditions; the Company’s ability to execute its business plan, including whether its drilling program is successful; changes in oil, natural gas and natural gas liquids prices and the demand for oil, natural gas and natural gas liquids; its ability to replace reserves and efficiently develop current reserves; the operating results of the Company’s midstream oil, natural gas and water gathering and transportation systems, pipelines and facilities, the acquiring of third-party business and the drilling of any additional salt water disposal wells; costs of operations; delays and other difficulties related to producing oil, natural gas and natural gas liquids; delays and other difficulties related to regulatory and governmental approvals and restrictions; impact on the Company’s operations due to seismic events; availability of sufficient capital to execute its business plan, including from future cash flows, available borrowing capacity under its revolving credit facilities and otherwise; its ability to make acquisitions on economically acceptable terms; its ability to integrate acquisitions; the operating results of and the availability of any potential distributions from our joint ventures; weather and environmental conditions; the impact of the worldwide spread of the novel coronavirus, or COVID-19, or variants thereof, on oil and natural gas demand, oil and natural gas prices and its business; and the other factors which could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. For further discussions of risks and uncertainties, you should refer to Matador’s filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of Matador’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Matador undertakes no obligation to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

¹ Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as earnings before interest expense, income taxes, depletion, depreciation and amortization, accretion of asset retirement obligations, property impairments, unrealized derivative gains and losses, certain other non-cash items and non-cash stock-based compensation expense and net gain or loss on asset sales and impairment. The most comparable GAAP measures to Adjusted EBITDA are net income or net cash provided by operating activities. The Company has not provided such GAAP measures or a reconciliation to such GAAP measures because they would be preliminary and prospective in nature and would not be able to be prepared without estimation of a number of variables that are unknown at this time.

² PV-10 is a non-GAAP financial measure, which differs from the GAAP financial measure of “Standardized Measure” because PV-10 does not include the effects of income taxes on future income. The income taxes related to the acquired properties is unknown at this time because the Company’s tax basis in such properties will not be known until the closing of the transaction and is subject to many variables. As such, the Company has not provided the Standardized Measure of the acquired properties or a reconciliation of PV-10 to Standardized Measure.

Mac Schmitz
Vice President - Investor Relations
(972) 371-5225
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Facility Increases Fleet Product Distribution Footprint Capacity by 100%

Anticipate Incremental Revenue Contribution of $50 million in 2023

ALEXANDRIA, Va.--(BUSINESS WIRE)--VSE Corporation (NASDAQ: VSEC, "VSE", or the "Company"), a leading provider of aftermarket distribution and maintenance, repair and overhaul ("MRO") services for land, sea and air transportation assets for commercial and government markets, today announced the opening of its new distribution and e-commerce fulfillment center of excellence in the greater Memphis, Tennessee area.

The new, state-of-the-art 450,000 square-foot distribution center more than doubles the existing warehouse footprint of VSE’s Fleet segment, providing its Wheeler Fleet Solutions subsidiary the capacity required to meet growing demand for aftermarket products across its e-commerce fulfillment and commercial fleet customers.

The new center of excellence will support faster, same-day order-to-delivery times; allow for additional shipping carrier options; and continue to ensure the highest level of service for aftermarket parts distribution. The facility features a new warehouse management system (WMS) and automation technology to increase capacity and productivity, while ensuring customer order accuracy. Once fully operational, the center will stock more than 175,000 SKUs.

The Memphis, Tennessee area is one of the largest logistics hubs in the United States. Wheeler Fleet Solutions will remain headquartered in Somerset, Pennsylvania, a central distribution center supporting its other fleet and United States Postal Service (USPS) customers.

“The addition of our new distribution center is an important strategic milestone for our Wheeler Fleet Solutions subsidiary, one of the leading fleet-focused parts and services companies serving heavy, medium and light duty vehicles in the United States,” stated John Cuomo, President and CEO of VSE Corporation. “During the last four years, our commercial fleet sales have grown from approximately 10% to 40% of Fleet Segment revenue, driven by share gains across both commercial fleet and e-commerce fulfillment channels. Looking ahead, we anticipate this distribution center will contribute more than $50 million in new, incremental sales to our Fleet segment in 2023.”

“Demand remains high for our industry-leading aftermarket parts and services,” stated Chad Wheeler, Fleet Segment President. “This investment demonstrates our long-term commitment to e-commerce fulfillment, one that will help to ensure faster response and delivery times by bringing parts closer to our end-users, while positioning us to capitalize on sustained growth in market demand.”

ABOUT VSE CORPORATION

VSE is a leading provider of aftermarket distribution and repair services for land, sea and air transportation assets for government and commercial markets. Core services include MRO services, parts distribution, supply chain management and logistics, engineering support, and consulting and training services for global commercial, federal, military and defense customers. VSE also provides information technology and energy consulting services. For additional information regarding VSE's products and services, visit www.vsecorp.com.

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause VSE's actual results to vary materially from those indicated or anticipated by such statements. Many factors could cause actual results and performance to be materially different from any future results or performance, including, among others, the risk factors described in our reports filed or expected to be filed with the SEC. Any forward-looking statement or statement of belief speaks only as of the date of this press release. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

Noel Ryan | 720.778.2415 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Utilizing its proprietary database of over 300,000 renewable energy assets. kWh Analytics’ new solution to underwriting risk offers much needed capacity to meet the rapid growth of generating facilities

SAN FRANCISCO--(BUSINESS WIRE)--#InsuranceForOurClimate--kWh Analytics, the industry leader in Climate Insurance, announced today the launch of their highly anticipated Property Insurance for renewable energy assets with capacity partner Aspen Insurance. This new product, which provides coverage against physical damage for solar and other renewable projects, introduces much-needed capacity to a rapidly growing industry at a time when traditional carriers are tightening their portfolio exposure.

Recent years have seen reduced limits and substantial cost increases for asset owners, with a need for new solutions to managing and underwriting risk. kWh Analytics Property Insurance brings new sophistication to the assessment of property risk and exposures for renewable assets, utilizing kWh Analytics' proprietary database of over 300,000 renewable energy assets.

“The shift to a decarbonized economy is the largest macroeconomic revolution of our generation, and insurance will play a critical role in securing its future. Recognizing that this transformation requires a new approach to pricing, managing, and ultimately mitigating the new risks of the clean energy asset class, kWh Analytics is committed to underwriting products that enable the financing of renewable assets,” said Jason Kaminsky, CEO of kWh Analytics. “Our new property product is a natural extension of our platform, and we are pleased to partner with Aspen to bring it to market as we continue to utilize our data to accurately price risk transfer products.”

“Aspen partners with only the highest quality program managers that can offer competitive products to our client base,” commented Josh Jennings, Head of Inland Marine and Property Programs at Aspen Insurance. “We are proud to expand our offerings for renewable energy clients in support of the energy transition by partnering with kWh Analytics and their data-driven underwriting capabilities. Renewable energy is a growing segment complementary to our existing property insurance offerings.”

In addition to its insurance products, kWh Analytics is leveraging data to encourage resilient design practices. By evaluating historical operating data, the company is able to identify the most common failure modes among existing solar PV projects. The findings, which are incorporated in the Property Insurance underwriting, will be distributed to the company’s clients and broadly to manufacturers, operators, carrier partners, and investors to reinforce the further development of sustainable solar projects.

About Aspen Insurance Holdings Limited

Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, Canada, Singapore, Switzerland, the United Kingdom and the United States. For the year ended December 31, 2021, Aspen reported $13.8 billion in total assets, $7.6 billion in gross reserves, $2.8 billion in total shareholders’ equity and $3.9 billion in gross written premiums. Aspen's operating subsidiaries have been assigned a rating of “A” (“Excellent”) by A.M. Best Company Inc. and an “A-” (Strong) by Standard & Poor’s Financial Services LLC. For more information about Aspen, please visit www.aspen.co.

ABOUT kWh Analytics

kWh Analytics is a leading provider of Climate Insurance for zero carbon assets. Utilizing their proprietary database of over 300,000 operating renewable energy assets, kWh Analytics uses real-world project performance data and decades of expertise to underwrite unique risk transfer products on behalf of insurance partners. kWh Analytics has recently been recognized on FinTech Global’s ESGFinTech100 list for their data and climate insurance innovations. The Solar Revenue Put production insurance protects against downside risk and unlocks preferred financing terms, and Property Insurance offers comprehensive coverage against physical loss. These offerings, which have insured over $4 billion of assets to date, aim to further kWh Analytics’ mission to provide best-in-class Insurance for our Climate. To learn more, please visit https://www.kwhanalytics.com/, connect with us on LinkedIn, and follow us on Twitter.

Nikky Venkataraman
Marketing Manager
kWh Analytics
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Extends Maine presence with 16.00MW and $16.12 million contract

WILLISTON, Vt.--(BUSINESS WIRE)--iSun, Inc. (NASDAQ: ISUN) (the "Company," or "iSun"), a leading solar energy and clean mobility infrastructure company with 50-years of experience accelerating the adoption of innovative electrical technologies, today announced that it has been awarded a portfolio of solar projects totaling 16.00MW and valued at $16.12 million in Maine, to expand community solar projects across that state.

HIGHLIGHTS:

• 16.00 MW Portfolio award adds to iSun’s already active and completed 48.5 MW of projects in the Maine market
• $16.12 million in new contracts highlights iSun’s momentum and continued geographic expansion in Maine, while developing an important new customer relationship
• Projects will begin in the first quarter of 2023 and are expected to be completed within 2023

“We are excited to expand our portfolio of solar projects in Maine, and happy to see our project backlog flowing into active contracts. These projects, along with other recently announced contract awards, bring our total recent contract awards to 47.5MW and $43.25 million. Execution of this portfolio of projects will start this quarter,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “Our team has developed excellent momentum in winning awards in Maine this year, driving confidence in our ability to provide the high-quality solar installations needed by customers in communities throughout Maine. This award demonstrates our strong commitment to bringing alternative energy to customers in New England. With this new contract, we are proud to continue to lead the transition in advancing Maine’s energy market.”

About iSun Inc.

Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

iSun Investor Relations
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DENVER--(BUSINESS WIRE)--Civitas Resources, Inc. (NYSE: CIVI) (“Civitas” or the “Company”), today reported that it has agreed to repurchase approximately 4.9 million shares of its common stock, par value $0.01 per share (the “Common Stock”) at a price per share of $61.00, resulting in aggregate consideration of approximately $300 million (the “Repurchase”) from its largest shareholder, Canada Pension Plan Investment Board (“CPP Investments”).

Civitas CEO Chris Doyle said, “Today’s action provides an efficient mechanism to repurchase our shares at a compelling valuation and is consistent with our commitment to return significant cash to shareholders. Our capital structure is strong, with an industry-leading leverage ratio, significant cash on hand and ample liquidity to fund our high-return asset developments. As we continue to generate future free cash flow, we will consider all options to opportunistically return cash to our shareholders.”

As of December 31, 2022 and prior to the Repurchase, Civitas had approximately 85.1 million shares of Common Stock outstanding. Following the Repurchase, Civitas will have approximately 80.2 million shares of Common Stock outstanding. The Company’s base and variable dividend framework remains unchanged; accordingly, shareholders are expected to realize the benefit from a 6% reduction in share count following this transaction. Following the Repurchase, CPP Investments will remain the Company’s largest shareholder and will own approximately 21% of the Common Stock.

About Civitas Resources, Inc.

Civitas Resources, Inc. is Colorado’s first carbon neutral oil and gas producer and is focused on developing and producing crude oil, natural gas, and natural gas liquids in Colorado’s Denver-Julesburg Basin. The Company is committed to pursuing compelling economic returns and cash flow while delivering best-in-class cost leadership and capital efficiency. Civitas is dedicated to safety, environmental responsibility, and implementing industry leading practices to create a positive local impact. For more information about Civitas, please visit www.civiresources.com.

Forward-Looking Statements and Cautionary Statements

Certain statements in this press release concerning future opportunities for Civitas, future financial performance and condition, guidance and any other statements regarding Civitas’ future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts are “forward-looking” statements based on assumptions currently believed to be valid. Forward-looking statements are all statements other than statements of historical facts. The words “anticipate,” “believe,” “ensure,” “expect,” “if,” “intend,” “estimate,” “probable,” “project,” “forecasts,” “predict,” “outlook,” “aim,” “will,” “could,” “should,” “would,” “potential,” “may,” “might,” “anticipate,” “likely” “plan,” “positioned,” “strategy,” and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking statements. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995.

These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, the ultimate timing, outcome and results of integrating the legacy operations of Civitas; changes in capital markets and the ability of Civitas to finance operations in the manner expected; the effects of commodity prices; the risks of oil and gas activities; and the fact that operating costs and business disruption may be greater than expected. Additionally, risks and uncertainties that could cause actual results to differ materially from those anticipated also include: declines or volatility in the prices we receive for our oil, natural gas, and natural gas liquids; general economic conditions, whether internationally, nationally or in the regional and local market areas in which we do business, including any future economic downturn, the impact of inflation, disruption in the financial markets and the availability of credit; the effects of disruption of our operations or excess supply of oil and natural gas due to world health events, including the COVID-19 pandemic and the actions by certain oil and natural gas producing countries; the continuing effects of the COVID-19 pandemic, including any recurrence or the worsening thereof; the ability of our customers to meet their obligations to us; our access to capital; our ability to generate sufficient cash flow from operations, borrowings, or other sources to enable us to fully develop our undeveloped acreage positions; our ability to continue to pay dividends at their current levels or at all; the presence or recoverability of estimated oil and natural gas reserves and the actual future sales volume rates and associated costs; uncertainties associated with estimates of proved oil and gas reserves; the possibility that the industry may be subject to future local, state, and federal regulatory or legislative actions (including additional taxes and changes in environmental regulation); environmental risks; seasonal weather conditions; lease stipulations; drilling and operating risks, including the risks associated with the employment of horizontal drilling and completion techniques; our ability to acquire adequate supplies of water for drilling and completion operations; availability of oilfield equipment, services, and personnel; exploration and development risks; operational interruption of centralized oil and natural gas processing facilities; competition in the oil and natural gas industry; management’s ability to execute our plans to meet our goals; our ability to attract and retain key members of our senior management and key technical employees; our ability to maintain effective internal controls; access to adequate gathering systems and pipeline take-away capacity; our ability to secure adequate processing capacity for natural gas we produce, to secure adequate transportation for oil, natural gas, and natural gas liquids we produce, and to sell the oil, natural gas, and natural gas liquids at market prices; costs and other risks associated with perfecting title for mineral rights in some of our properties; political conditions in or affecting other producing countries, including conflicts in or relating to the Middle East, South America, and Russia (including the current events involving Russia and Ukraine), and other sustained military campaigns or acts of terrorism or sabotage; and other economic, competitive, governmental, legislative, regulatory, geopolitical, and technological factors that may negatively impact our businesses, operations, or pricing. Expectations regarding business outlook, including changes in revenue, pricing, capital expenditures, cash flow generation, strategies for our operations, oil and natural gas market conditions, legal, economic and regulatory conditions, and environmental matters are only forecasts regarding these matters.

Additional information concerning other risk factors is also contained in Civitas’ most recently filed Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other Securities and Exchange Commission (“SEC”) filings. Civitas undertakes no duty to publicly update these statements except as required by law.

For further information, please contact:

Investor Relations:
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Media:
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Company Also Establishes New Benchmark for TPV Energy Conversion

SUNNYVALE, Calif.--(BUSINESS WIRE)--#climatechange--Antora Energy, a leader in zero-carbon heat and power for the industrial sector, has built the world’s first dedicated manufacturing line for thermophotovoltaic (TPV) cells, achieving a major milestone in the production and scalability of TPV technology. The company has also demonstrated an efficiency rate greater than 40% for its TPV technology, setting a new industry benchmark. With these milestone achievements, Antora is poised to revolutionize energy conversion and storage, which are critical for industrial decarbonization and achieving net zero.

The manufacturing line, located at Antora’s Sunnyvale headquarters, will have an initial capacity of 2 MW of TPV cells annually, making it the world’s largest producer of TPV. The facility, which supports dozens of jobs, relies on a U.S. supply chain with supplier partnerships across multiple states, including in the midwestern and southern U.S.

“We’ve spent several years converting our world-record TPV prototypes into manufacturable products, and have now demonstrated a pathway to production on commercial equipment. Antora’s innovation will enable cost-effective, large-scale replacement of the fossil fuels used in today’s manufacturing processes for heat and power. It’s the fastest, least expensive path for the industrial sector to get to net zero,” said Andrew Ponec, co-founder and CEO, Antora Energy. “This technology breakthrough could have major ramifications in sectors beyond manufacturing, including the electric grid, the built environment, and transportation. A new class of efficient, lightweight, and scalable heat engines could transform how industry thinks about thermal energy and electricity generation.”

To reach this manufacturing milestone, Antora made several landmark engineering advances, including achieving the first industrial-scale demonstration of high-power density TPV. These innovations were pioneered by Antora’s world-class engineers, including Dr. Brendan Kayes, Head of TPV R&D, whose team has broken 18 world records in solar photovoltaics (PV).

The Significance of TPV Technology

For decades, scientists have seen the promise of TPV as an alternative to conventional heat engines for industry, like steam and gas turbines, which are expensive, require ongoing maintenance, and are only efficient and cost-effective at large scale, limiting their applicability. TPV, on the other hand, converts light emitted from a high-temperature heat source using cells similar to solar PV. This conversion occurs directly in a lightweight, solid-state device with no moving parts. Further, because TPV cells are modular, their efficiency and cost are independent of scale, enabling cost-effective deployments from kilowatts to gigawatts.

Until now, TPV technology has met neither the efficiency threshold required to compete with traditional heat engines nor the manufacturability threshold required to produce the technology at scale. Now, Antora has met both of these critical thresholds, demonstrating heat-to-electricity conversion efficiencies greater than 40%, and demonstrating the capability to manufacture TPV at scale.

This breakthrough allows Antora to deliver low-cost, zero-emissions electricity on demand using their thermal battery technology, which consists of carbon blocks heated by inexpensive renewable electricity. The thermal energy stored in these blocks can be directly delivered to industrial customers as zero-carbon process heat, or converted—via Antora’s high-efficiency TPV—back to electricity, on demand.

The combined breakthrough of TPV efficiency and manufacturability is the culmination of years of work and federal and state government support. Since 2018, Antora has collaborated with the world-class photovoltaics team at the National Renewable Energy Laboratory—including Dr. Myles Steiner, Dr. Eric Tervo, Dr. Ryan France, and Dr. Dan Friedman—to achieve the initial technology breakthroughs underlying their current industry-leading TPV efficiency. In fact, some of Antora’s earliest funding was provided by the U.S. Department of Energy’s Advanced Research Projects Agency-Energy to develop TPV technology in partnership with the National Renewable Energy Laboratory, Lawrence Berkeley National Laboratory, and Arizona State University. In 2021, Antora received funding from the California Energy Commission to build a TPV manufacturing line in California. Antora also received support from the National Science Foundation and the U.S. Department of Energy’s Industrial Efficiency and Decarbonization Office to spur advances in TPV.

“Antora’s breakthroughs on TPV could only have happened in California, thanks to the support of the California Energy Commission, and they could only have happened in the United States thanks to the support of the U.S. Department of Energy, and specifically ARPA-E and the Industrial Efficiency and Decarbonization Office,” said Dr. Brendan Kayes, Head of TPV R&D at Antora. “Our breakthroughs show how public leadership and investment can spur game-changing innovations that significantly reduce emissions, accelerate industrial decarbonization, and advance efforts to tackle our climate crisis.”

About Antora Energy
Based in Sunnyvale, CA, Antora Energy turns sunshine and wind into a reliable, on-demand source of zero-carbon heat and power to enable deep decarbonization of industry and the electric grid. Antora’s thermal batteries can discharge zero-carbon electricity and/or heat at temperatures up to 1500°C or higher. Antora’s technology will eliminate gigatons of emissions while increasing U.S. energy security, reducing our nation's dependence on global supply chains, and supporting well-paying American jobs. The company is backed by leading investors, including Breakthrough Energy Ventures, Lowercarbon Capital, Shell Ventures, BHP Ventures, Trust Ventures, Fifty Years, Grok Ventures, Impact Science Ventures, and Overture VC. Visit www.antoraenergy.com and follow the company on LinkedIn and Twitter.

Media:
Megan Nealon on behalf of Antora Energy
V2 Communications
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DUBLIN--(BUSINESS WIRE)--The "Marine Management Software Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the global marine management software market.

The global marine management software market is expected to grow from $1.51 billion in 2021 to $1.7 billion in 2022 at a compound annual growth rate (CAGR) of 12.4%. The marine management software market is expected to grow to $2.81 billion in 2026 at a CAGR of 13.4%.

Companies Mentioned

• Oracle
• ABB
• DockMaster
• Marina Master
• Marinacloud
• Lloyd's Register
• Harbour Assist
• KongsbergMaritime
• DNV GL
• MatridTechnologies
• TeroMarineAS
• Nautical Software
• Ocean Manager
• Chetu
• Harba
• Scribble Software
• Timezero

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 12+ geographies.
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• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market research findings.
• Benchmark performance against key competitors.
• Utilize the relationships between key data sets for superior strategizing.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis

The marine management software market consists of sales of marine management software by entities (organizations, sole traders, and partnerships) which refers to smart software that is used to efficiently manage a modern fleet, whether it means a few or hundreds of vessels.

It is a solution based on an integrated approach that can provide the insight that is needed to gain efficiency, reduce Opex and remain competitive in the maritime market. The precondition of implementing a proper marine management software system is a planned maintenance system (PMS), procurement, and QHSE solution, where all modules are fully connected.

The main types of marine management software are tracking and monitoring, navigation and routing, supply chain and logistics, finance and accounting, system testing, and others. Tracking and monitoring include obtaining data to ensure that the intervention is being given effectively, that it is on track to fulfill its goals, and that ethical rules are being followed correctly.

Marine management software provides professional services and managed services to the onshore and onboard locations. The end-users of marine management software are commercial and defense that have applications in crew management, port management, harbour management, reservation management, cruise and yacht management.

North America was the largest region in the marine management software market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in marine management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The enhanced shipyard productivity in recent years in the marine management software market is expected to drive the market growth. Enhanced shipyard productivity refers to the rate at which shipyards are increasing their production and gaining efficiency through the capitalization of new technologies such as AR and VR applications, 3D and digital twins and other digital solutions introduces by the incorporation of marine management software solutions into the marine business.

As the majority of the 4,900 ports in the world are not yet using digital technology for even the most basic processes; 80% of ports continue to rely on manual, legacy solutions such as whiteboards or spreadsheets to manage critical marine operations, but due to increase in business at ports are now facing challenges and rise.

Technological advancements in ship manufacturing, and marine transportation are shaping the marine management software market. The major players in the marine management software market are focusing on introducing technological solutions such as Robotics, AI, machine learning, the internet of things, blockchain, drones, and augmented reality to harness and create a safer, more efficient, and more productive environment in the marine industry.

For instance, in July 2021, ABB an automation company launched a digital platform, ABB Ability Marine Fleet Intelligence (A Marine Management Software) to optimize vessel performance across fleets. The new platform integrates reporting and the power of Cloud-based analytics to provide user-friendly visualizations. Offered as a software as a service (SaaS), the platform can gather data from several vessel systems.

The countries covered in the marine management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

For more information about this report visit https://www.researchandmarkets.com/r/g0p56t

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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PASADENA, Calif.--(BUSINESS WIRE)--#consultingengineers--Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services, announced today its offer to acquire all of the outstanding shares of RPS Group through a United Kingdom (UK) court-approved scheme of arrangement has become effective and the transaction has closed. Trading in RPS Group shares on the London Stock Exchange has been suspended and the outstanding shares of RPS Group are now owned by Tetra Tech.

RPS Group employs 5,000 employees in the United Kingdom, Europe, Asia Pacific, and North America, delivering consulting and engineering solutions for complex projects across key service areas in energy transformation, water, program management, and data analytics. The acquisition will advance Tetra Tech’s market-leading positions in water, renewable energy, and sustainable infrastructure; enhanced by a combined suite of differentiated data analytics and digital technologies.

“We are very pleased to welcome RPS’s 5,000 employees to Tetra Tech,” said Dan Batrack, Tetra Tech Chairman and CEO. “The addition of RPS aligns with our strategy to be the premier global high-end consulting and engineering firm focused on water, environment, and sustainable infrastructure; and allows us to offer our combined staff even greater professional opportunities.”

About Tetra Tech

Tetra Tech is a leading provider of high-end consulting and engineering services for projects worldwide. With 27,000 associates working together, Tetra Tech provides clear solutions to complex problems in water, environment, sustainable infrastructure, renewable energy, and international development. We are Leading with Science^® to provide sustainable and resilient solutions for our clients. For more information about Tetra Tech, please visit tetratech.com or follow us on LinkedIn, Twitter, and Facebook.

Any statements made in this release that are not based on historical fact are forward-looking statements. Any forward-looking statements made in this release represent management’s best judgment as to what may occur in the future. However, Tetra Tech’s actual outcome and results are not guaranteed and are subject to certain risks, uncertainties and assumptions ("Future Factors"), and may differ materially from what is expressed. For a description of Future Factors that could cause actual results to differ materially from such forward-looking statements, see the discussion under the section "Risk Factors" included in the Company’s Form 10-K and Form 10-Q filings with the Securities and Exchange Commission.

Jim Wu, Investor Relations
Charlie MacPherson, Media & Public Relations
(626) 470-2844

• Altoona testing certification provides third-party vehicle safety, durability, performance and reliability verification
• Certification ensures Lightning ZEV3 is eligible for Federal Transit Administration Low and No Emission grants

LOVELAND, Colo.--(BUSINESS WIRE)--$ZEV #commercialevs--Lightning eMotors (NYSE: ZEV), a leading provider of zero-emission, medium-duty commercial vehicles and electric vehicle technology for fleets, announced today its Class 3 Lightning ZEV3 all-electric passenger van received Altoona testing certification. Altoona testing is the Federal Transit Administration’s (FTA) longstanding testing procedure for buses. Lightning’s ZEV3 is the first, and currently only battery-electric class 3 passenger van that has passed Altoona testing.

In addition to verifying the safety and durability of the vehicle, Altoona certification ensures that, along with the Lightning ZEV4™ shuttle bus which passed Altoona previously, Lightning’s Class 3 ZEV3 passenger van qualifies for purchase or lease with grants from federal and state governments taking part in the FTA’s Low and No Emissions Grant program. Transit vehicles must pass Altoona testing to be eligible for purchase using the over $4 billion in grant funding available over the next four years for the purchase or lease of zero or low emission transit buses. The availability of these funds will allow fleets to transition to electric vehicles more quickly, helping organizations and companies lower their carbon footprint.

“Fleet managers look to Altoona testing to ensure the vehicles they purchase are tested to meet the demands of transit usage for many years and thousands of miles,” said Nick Bettis, vice president of marketing and sales operations at Lightning eMotors. “This certification confirms our ZEV3 passenger van can withstand the harshest of punishment and will keep occupants safe.”

Transit vehicles experience rigorous daily usage, and Altoona testing verifies vehicles are up to the task. Certification involves a standardized set of procedures, designed to measure the vehicle’s maintainability, reliability, safety, performance, structural integrity, and noise. For battery-electric vehicles such as Lightning’s ZEV3, testing also involves range and efficiency assessments.

“Transit agencies are becoming more interested in micro-transit and battery-electric vehicle solutions to supplement traditional buses. This shift has created the need for smaller vehicles to complete Altoona testing and become available,” said Bettis. “Our ZEV3 platform has long been one of our most popular with commercial fleet operators. Now, with Altoona testing certification, transit fleet managers can be confident the Lightning ZEV3 provides the durability needed for transit use and is eligible for FTA grants.”

“Our fleet of Lightning ZEV3 passenger vans have performed great within our micro transit service model,” said Richard Tree, executive director of the Tulare County Regional Transit Agency. “Now with Altoona certification, we are excited to be able to leverage FTA funds to potentially expand our fleet.”

In use with fleets across North America for micro-transit and shuttle services, the two-battery Lightning ZEV3 passenger van is equipped with a state-of-the-art electric drivetrain that delivers the best efficiency of any vehicle in its weight class, in addition to providing a quiet, smooth and familiar driving experience. The van is powered by thermally managed batteries, offering the best range, efficiency and lifetime of any batteries in the market. Lightning’s ZEV3 boasts up to 200 miles of range (depending on configuration) and comes standard with both Level 2 AC charging and DC Fast Charge capabilities. Lightning has fielded over 300 Lightning ZEV3 vans to date and those vehicles have accumulated over 3.3 million real world miles.

About Lightning eMotors

Lightning eMotors (NYSE: ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle (ZEV) solutions for commercial fleets since 2018 – including Class 3 cargo and passenger vans, ambulances, Class 4 and 5 cargo vans and shuttle buses, Class 4 Type A school buses, Class 6 work trucks, Class 7 city buses, and motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at https://lightningemotors.com.

Forward-Looking Statements

Except for historical information herein, matters set forth in this press release are forward-looking within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements about the commercial and technology progress and future financial performance of Lightning eMotors, Inc. These forward-looking statements are identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “expand,” “enable,” “might,” “potential,” “should,” “would” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the company’s business that could cause actual results or outcomes to vary, including, but not limited to, risks related to Lightning eMotors’ operations and business and financial performance; the ability of Lightning eMotors to execute on its business strategy and grow demand for its products and revenue; potential increases in costs or shortage of raw materials; market acceptance of new product offerings; and other risks more fully described in Lightning eMotors’ filings with the Securities and Exchange Commission from time to time. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Lightning eMotors undertakes no obligation to update any forward-looking statements, except as required by law.

Lightning eMotors’ News Media Contact:
Nick Bettis
(800) 223-0740
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Lightning eMotors’ Investor Relations:
Brian Smith
(800) 223-0740
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Gridmatic Retail leverages AI to offer the most advanced time matched renewables contracts in the industry

CUPERTINO, Calif.--(BUSINESS WIRE)--Gridmatic, the industry-leading AI-enabled power marketer, announced today the launch of Gridmatic Retail to optimize clean energy purchasing and provide predictability and automation for commercial and industrial customers. Gridmatic has hired industry veterans Michael Osowski and Amy Van Gelder to head up the new business unit.

Power marketers play a critical role in the energy industry to fulfill the needs of energy suppliers and consumers. Traditional power marketers, however, are increasingly challenged in serving customers’ goals of transitioning to carbon-free energy, due to the increasing complexity and volatility of the rising penetration of renewable energy, and lack of innovation.

Leveraging its market-proven AI, Gridmatic Retail enables businesses to meet carbon reduction targets with clean energy contracts that drive down costs and provide predictability and stability. The company offers next-generation retail energy products including Time-Matched Renewables, which matches clean energy to consumer consumption on a 24/7 hourly basis, and custom products for customers with variable and complex needs.

“There is strong and growing demand for time-matched renewables but a lack of viable solutions due to the complexity of the challenge,” said Matt Wytock, CEO and Founder of Gridmatic. “Gridmatic is applying Silicon Valley AI to solve this problem and has four years of market success with its algorithms for industry-leading electricity market predictions.”

“I’m thrilled to join Gridmatic and excited to combine my decades of experience building energy retail businesses with clean energy solutions that go beyond the traditional approach of procuring Renewable Energy Credits,” said Mike Osowski, President of Gridmatic Retail.

As part of the launch, Gridmatic announced a customer agreement with EdgeConneX, the pioneer in global Hyperlocal to Hyperscale Data Center Solutions. Gridmatic will provide time-matched carbon-free energy for a data center in Texas, within the Electric Reliability Council of Texas’ (ERCOT) territory.

“We’re excited to have found a partner aligned to our goals and forward thinking,” said Anand Ramesh, Senior Vice President of Advanced Technology for EdgeConneX. “Gridmatic will assemble a portfolio of contracted CFE generation and storage assets to provide carbon-free energy that is time-matched on an hourly basis.”

About Gridmatic
Unlike traditional power marketers, Gridmatic uses AI to optimize renewable energy participation in wholesale markets by forecasting energy supply, demand and pricing. Leveraging market-proven algorithms, Gridmatic is able to provide stability, predictability and automation for energy buyers, sellers, and storage owners amid increasing volatility. With Gridmatic Retail, the company offers advanced solutions for businesses with complex energy needs to hit carbon reduction goals, including time matched, variable load and carbon-free energy products. With its industry-leading AI, Gridmatic is working to accelerate the transition to net zero and balance the renewable-powered grid. For more, visit https://www.gridmatic.com.

Media

For Gridmatic:
Leo Traub
646-883-3562
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