YOUNGSTOWN, Ohio--(BUSINESS WIRE)--The Brilex Group of Companies recently announced the hiring of former Nucor executive Doyle Hopper as Chief Executive Officer of Brilex Industries, Inc, Brilex Technical Solutions, LLC. and Taylor-Winfield Technologies, Inc. As their CEO, Hopper will leverage nearly thirty years of steel industry and manufacturing expertise to drive strategic growth and commercial excellence across the Group’s companies.

“We are thrilled to have Doyle take the reins as CEO,” said Alex Benyo, co-founder of the Brilex Group. “Doyle’s role will drive integration and synergies between our companies, maximizing the value delivered to our customers and will lead to additional opportunities in the marketplace.”

“His values and proven leadership combined with his knowledge of the steelmaking and automated manufacturing processes align perfectly with our Group’s values, growth strategies and industries served.” said Brian Benyo, co-founder of the Brilex Group.

Before joining the Brilex Group, Hopper had spent his nearly 30-year, professional career with Nucor, the largest producer of steel in the United States. Starting with Nucor out of college as an entry level welder and fabricator, Hopper continually advanced into expanded roles, eventually reaching executive positions as the Vice President of VULCRAFT and Cold Finish in Norfolk, Nebraska, Nucor Connecticut and most recently, Nucor South Carolina.

“I am thankful for the past three decades I have spent with Nucor,” Hopper remarked. “The experiences and insights I gained into the ongoing evolution of steelmaking and manufacturing have prepared me for the exciting opportunities in the marketplace for the companies within The Brilex Group. I am honored to be joining these organizations that have earned their reputations for excellence in engineering and manufacturing innovation.”

Headquartered in Youngstown, Ohio, the Brilex Group of Companies is a tradename umbrella. It covers four distinct but commonly owned companies (Brilex Industries, Inc., Taylor-Winfield Technologies, Inc. Brilex Technical Solutions, LLC. and BBM Railway Equipment, LLC). Although each of the companies are independent – with their own unique core competencies and solutions – they share a common set of values and goals of manufacturing and industrial excellence.

Brilex Industries, Inc. is a one-stop-shop for full-service manufacturing, specializing in build-to-print services requiring fabrication, machining, assembly, rebuilds, roll forming and more. Brilex Technical Solutions, LLC. engineers heavy material handling solutions, scrap shredders, aluminum extrusion press components and upgrades, as well as turntable designs for marine cable laying, commercial vehicles, revolving restaurants and other unique applications. Taylor-Winfield Technologies, Inc. is a best-in-class custom automation & robotics solutions provider. Taylor-Winfield is world renowned for being a capital equipment manufacturer in standard and custom material joining for the steel industry including resistance welding, fiber laser welding, induction heating, ARC welding and more. BBM Railway Equipment, LLC offers cutting-edge railway maintenance and lifting equipment to transit and freight facilities across North America.

Hopper comes at a time when the Brilex Group is poised to accelerate the growth of all companies. As economic optimism in the manufacturing industry continues to inch closer to pre-COVID levels, and with possible infrastructure investments coming, the Brilex Group of Companies is well positioned for growth in 2021 and beyond.

Doyle Hopper graduated from Arkansas Northeastern College and holds his Six Sigma Black Belt Certification from North Carolina State University. Hopper has also completed the Executive Program at Harvard Business School.

To learn more about the Brilex Group of Companies, visit thebrilexgroup.com. For media inquiries, please contact Katie Denno at 330-259-8516 or This email address is being protected from spambots. You need JavaScript enabled to view it..

Katie Denno
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330-259-8516

HOUSTON--(BUSINESS WIRE)--Geospace Technologies (NASDAQ: GEOS) today announced that it will release second quarter 2021 financial results on Thursday, May 6, 2021 after the market closes. In conjunction with the release, Geospace has scheduled a conference call for Friday, May 7, 2021 at 10:00 a.m. Eastern Time (9:00 a.m. Central).

For those who cannot listen to the live call, a replay will be available for approximately 60 days and may be accessed through the Investor Relations tab of our website: www.geospace.com.

Geospace principally designs and manufactures seismic instruments and equipment. We market our seismic products to the oil and gas industry to locate, characterize and monitor hydrocarbon producing reservoirs. We also market our seismic products to other industries for vibration monitoring, border and perimeter security and various geotechnical applications. We design and manufacture other products of a non-seismic nature, including water meter products, imaging equipment and offshore cables.

Rick Wheeler
President & CEO
TEL: 713.986.4444
FAX: 713.986.4445

Settlement validates Tigo IP while reinforcing customer choice in the marketplace

CAMPBELL, Calif.--(BUSINESS WIRE)--Tigo Energy, Inc., the solar industry worldwide leader in Flex-MLPE (Module Level Power Electronics), announced that it has reached a settlement with Altenergy Power Systems (“APsystems”) over a lawsuit regarding the infringement of Tigo’s intellectual property by APsystems. As part of the settlement, APsystems obtain a license to use Tigo’s rapid shutdown technology.

“Ultimately, we believe this arrangement is a win for PV customers everywhere,” stated Zvi Alon, Chairman and CEO of Tigo. “I want to thank APsystems for recognizing our intellectual property and arriving at an outcome that works for all parties involved.”

Tigo endorses the need to provide customers alternative solutions and will cooperate with APsystems to continue the development of leading edge solutions. Tigo’s complaint included six patents related to various systems and methods used in the PV module rapid shutdown unit applicable to both the Rapid Shutdown device as well as the Rapid Shutdown transmitter. These are the same patents that Tigo disclosed to the Sunspec Alliance in 2017.

Terms of the license agreement are not disclosed and include APsystems legal entities in the US as well as in China. Inquiries are welcome and can be sent to This email address is being protected from spambots. You need JavaScript enabled to view it..

About Tigo

Tigo is the worldwide leader in flexible module level power electronics (MLPE) with innovative solutions that significantly increase energy production, decrease operating costs, and enhance safety of photovoltaic (PV) systems. Tigo’s TS4 platform maximizes the benefit of PV systems and provides customers with the most scalable, versatile, and reliable MLPE solution available. Tigo was founded in Silicon Valley in 2007 to accelerate the adoption of solar energy worldwide. Tigo systems operate on 7 continents and produce gigawatt hours of reliable, clean, affordable and safe solar energy daily. Tigo's global team is dedicated to making the best MLPE on earth so more people can enjoy the benefits of solar. Visit us at www.tigoenergy.com.

John Lerch
408.402.0802 x430
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MINNEAPOLIS--(BUSINESS WIRE)--C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended March 31, 2021.

First Quarter Key Metrics:

• Total revenues increased 26.3 percent to $4.8 billion
• Gross profits increased 23.7 percent to $697.7 million
• Adjusted gross profits⁽¹⁾ increased 23.7 percent to $702.4 million
• Income from operations increased 104.1 percent to $223.3 million
• Adjusted operating margin⁽¹⁾ increased 1,250 basis points to 31.8 percent
• Diluted earnings per share (EPS) increased 124.6 percent to $1.28
• Cash flow from operations decreased $115.2 million to $56.7 million used by operations

⁽¹⁾ Adjusted gross profits and adjusted operating margin are Non-GAAP financial measures. The same factors described in this release that impacted these Non-GAAP measures also impacted the comparable GAAP measures. Refer to page 9 for further discussion and a GAAP to Non-GAAP reconciliation.

“We are proud of our first quarter results. As global shipping markets remain disrupted, our team around the globe stayed focused on serving the needs of our customers and delivering innovative solutions to keep global supply chains moving. During the quarter, we delivered strong financial results, while continuing to deliver against many of our initiatives related to growth, productivity and the advancement of our digital strategy,” said Bob Biesterfeld, Chief Executive Officer of C.H. Robinson. “We generated 125% growth in earnings per share due to profit growth in our two largest business segments, North American Surface Transportation ('NAST') and Global Forwarding. NAST's adjusted gross profit per business day increased 15% and operating income was up 39% compared to the first quarter of 2020. These results were driven by a 23% improvement in adjusted gross profit per load in our truckload business coupled with continued strong market share gains in our less than truckload business where volume per business day increased 17% year over year. Bolstering these results were continued benefits of our technology investments, which continue to unlock productivity gains and deliver customer value in new and exciting ways. Our Global Forwarding business delivered a 118% increase in total revenues, a 67% increase in adjusted gross profits and a 658% increase in operating income. The forwarding team successfully worked with customers across the globe to navigate a difficult and disrupted market, leading to increased award sizes with current customers and thousands of new commercial relationships.”

First Quarter Results Summary

• Total revenues increased 26.3 percent to $4.8 billion, driven primarily by higher pricing and higher volume across most of our service lines.
• Gross profits increased 23.7 percent to $697.7 million. Adjusted gross profits increased 23.7 percent to $702.4 million, primarily driven by higher pricing in our truckload, ocean and air service lines, higher volume in our ocean, less than truckload ("LTL") and air service lines and contributions from the acquisition of Prime Distribution Services ("Prime").
• Operating expenses increased 4.5 percent to $479.1 million, due to higher personnel expenses. Personnel expenses increased 9.3 percent to $360.8 million, primarily due to higher incentive compensation costs. Average headcount decreased 2.9 percent, despite headcount additions from Prime that added approximately 1.0 percentage point. Selling, general and administrative (“SG&A”) expenses of $118.2 million decreased 7.9 percent, primarily due to lower travel expenses and credit losses.
• Income from operations totaled $223.3 million, up 104.1 percent due to the increase in adjusted gross profits. Adjusted operating margin of 31.8 percent increased 1,250 basis points.
• Interest and other expenses totaled $11.3 million, consisting primarily of $12.2 million of interest expense, which decreased $0.4 million versus last year due to a lower average debt balance and a lower average interest rate. The first quarter also included a $2.9 million unfavorable impact from foreign currency revaluation.
• The effective tax rate in the quarter was 18.3 percent compared to 17.1 percent in the first quarter last year. The rate increase was primarily due to higher profits.
• Net income totaled $173.3 million, up 121.8 percent from a year ago. Diluted EPS of $1.28 increased 124.6 percent.
• First quarter of 2021 had one less business day compared to the first quarter of 2020.

North American Surface Transportation Results

Summarized financial results of our NAST segment are as follows (dollars in thousands):

____________________________________________

⁽¹⁾ Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

First quarter total revenues for C.H. Robinson's NAST segment totaled $3.2 billion, an increase of 13.7 percent over the prior year, primarily driven by higher truckload pricing and an increase in LTL shipments, partially offset by a decrease in truckload volume. NAST adjusted gross profits increased 13.0 percent in the quarter to $421.1 million, with the March 2020 acquisition of Prime contributing 3.0 percentage points to NAST adjusted gross profit growth in the quarter. Adjusted gross profits in truckload increased 15.0 percent due to a 23 percent increase in adjusted gross profit per load, and LTL adjusted gross profits increased 6.9 percent versus the year-ago period. Our average truckload linehaul rate per mile charged to our customers, which excludes fuel surcharges, increased approximately 33 percent in the quarter, while truckload linehaul cost per mile, excluding fuel surcharges, increased approximately 33.5 percent. Truckload volume declined 6.5 percent in the quarter, and LTL volumes grew 15.0 percent. The first quarter of 2021 had one less business day than the first quarter of 2020. Truckload volume per business day declined 5.0 percent in the quarter, and LTL volume per business day grew 17.0 percent, resulting in overall NAST volume growth per business day of 7.0 percent. Operating expenses increased 3.7 percent primarily due to higher incentive compensation. Income from operations increased 38.8 percent to $136.8 million, and adjusted operating margin expanded 610 basis points to 32.5 percent. NAST average headcount was down 7.1 percent in the quarter, with Prime contributing 2.5 percentage points of growth.

Global Forwarding Results

Summarized financial results of our Global Forwarding segment are as follows (dollars in thousands):

____________________________________________

⁽¹⁾ Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

First quarter total revenues for the Global Forwarding segment increased 118.0 percent to $1.2 billion, primarily driven by higher pricing and higher volume in both our ocean and air service lines, reflecting the strong demand environment, market share gains and strained capacity. Adjusted gross profits increased 67.0 percent in the quarter to $214.3 million. Ocean adjusted gross profits increased 93.9 percent, driven by higher pricing and a 27.0 percent increase in volumes. Adjusted gross profits in air increased 68.3 percent driven by higher pricing and a 7.0 percent increase in shipments. Customs adjusted gross profits increased 14.3 percent, primarily driven by a 13.5 percent increase in transaction volume. Operating expenses increased 6.3 percent, primarily driven by increased incentive compensation in personnel expenses and partially offset by lower amortization and travel expenses. First quarter average headcount decreased 1.8 percent. Income from operations increased 657.5 percent to $90.6 million, and adjusted operating margin expanded 3,300 basis points to 42.3 percent in the quarter.

All Other and Corporate Results

Total revenues and adjusted gross profits for Robinson Fresh, Managed Services and Other Surface Transportation are summarized as follows (dollars in thousands):

____________________________________________

⁽¹⁾ Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

First quarter Robinson Fresh adjusted gross profits decreased 9.1 percent to $24.9 million, primarily due to a 3.0 percent volume decline and margin compression in our retail vertical. Managed Services adjusted gross profits increased 13.4 percent in the quarter, primarily due to a 30.0 percent increase in volume. Other Surface Transportation adjusted gross profits decreased 2.4 percent to $16.5 million, primarily due to a 3.0 percent decline in Europe truckload volume.

Other Income Statement Items

The first quarter effective tax rate was 18.3 percent, up from 17.1 percent last year. We expect our 2021 full-year effective tax rate to be 20 to 22 percent. The first quarter rate is typically lower than our full-year rate due to the tax benefits related to delivery of annual stock-based compensation in the quarter.

Interest and other expenses totaled $11.3 million, consisting primarily of $12.2 million of interest expense, which decreased $0.4 million versus last year due to a lower average debt balance. The first quarter also included a $2.9 million unfavorable impact from foreign currency revaluation. These expenses were partially offset by a $2.9 million local government subsidy in Asia for achieving specified performance criteria that was almost entirely offset by a reduction in foreign tax credits within the provision for income taxes.

Diluted weighted average shares outstanding in the quarter were down 0.2 percent due primarily to share repurchases over the prior six months.

Cash Flow Generation and Capital Distribution

Cash used by operations totaled $56.7 million in the first quarter, compared to $58.5 million of cash generated in the first quarter of 2020. The $115.2 million decrease in cash flow was driven by a $468 million sequential increase in accounts receivable and contract assets, partially offset by a $216 million increase in accounts payable and accrued transportation expense and a $95 million increase in net income compared to the first quarter of 2020.

In the first quarter of 2021, $220.9 million was returned to shareholders, with $150.9 million in total repurchases of common stock and $70.0 million in cash dividends.

Capital expenditures totaled $13.5 million in the quarter. We continue to expect 2021 capital expenditures to be $55 million to $65 million, with the majority dedicated to technology.

Outlook

“In the first quarter, we delivered record revenues, adjusted gross profit, net income and EPS relative to all past first quarters and demonstrated the strength and earnings power of our non-asset-based business model,” Biesterfeld stated. “Looking forward, we will stay the course with our strategy of pursuing market share gains that align with our profitability expectations and will continue to invest back into the business in order to drive innovation and improve service to our customers and carriers. Within our NAST business, we expect tight market conditions to continue through the balance of this year. Regardless of how cyclical market conditions change and evolve, we will stay focused on driving growth and expanding our business with customers across our global suite of modes and services. We're very pleased with the performance of our Global Forwarding business, where we have built sustainable competitive advantages due to structural changes that we’ve made over the last few years. Across the board, as one of the world’s largest aggregators of a highly fragmented and diverse carrier base on multiple continents, we're committed to creating better outcomes for our customers and our carriers by delivering industry-leading technology that's built by and for supply chain experts. We're also firmly committed to being a responsible corporate citizen, and we’re proud of the tools that we can now offer to advance sustainability across the logistics industry. Lastly, I’d like to thank the Robinson team members around the world for continuing to drive our company forward and for helping our company to emerge stronger.”

About C.H. Robinson

C.H. Robinson solves logistics problems for companies across the globe and across industries, from the simple to the most complex. With $21 billion in freight under management and 19 million shipments annually, we are one of the world’s largest logistics platforms. Our global suite of services accelerates trade to seamlessly deliver the products and goods that drive the world’s economy. With the combination of our multimodal transportation management system and expertise, we use our information advantage to deliver smarter solutions for our 105,000 customers and 73,000 contract carriers. Our technology is built by and for supply chain experts to bring faster, more meaningful improvements to our customers’ businesses. As a responsible global citizen, we are also proud to contribute millions of dollars to support causes that matter to our company, our Foundation and our employees. For more information, visit us at www.chrobinson.com (Nasdaq: CHRW).

Except for the historical information contained herein, the matters set forth in this release are forward-looking statements that represent our expectations, beliefs, intentions or strategies concerning future events. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience or our present expectations, including, but not limited to, such factors such as changes in economic conditions, including uncertain consumer demand; changes in market demand and pressures on the pricing for our services; competition and growth rates within the third party logistics industry; freight levels and increasing costs and availability of truck capacity or alternative means of transporting freight; changes in relationships with existing contracted truck, rail, ocean, and air carriers; changes in our customer base due to possible consolidation among our customers; our ability to successfully integrate the operations of acquired companies with our historic operations; risks associated with litigation, including contingent auto liability and insurance coverage; risks associated with operations outside of the United States; risks associated with the potential impact of changes in government regulations; risks associated with the produce industry, including food safety and contamination issues; fuel price increases or decreases, or fuel shortages; cyber-security related risks; the impact of war on the economy; changes to our capital structure; risks related to the elimination of LIBOR; changes due to catastrophic events including pandemics such as COVID-19; and other risks and uncertainties detailed in our Annual and Quarterly Reports.

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update such statement to reflect events or circumstances arising after such date. All remarks made during our financial results conference call will be current at the time of the call, and we undertake no obligation to update the replay.

Conference Call Information:
C.H. Robinson Worldwide First Quarter 2021 Earnings Conference Call
Tuesday, April 27, 2021; 5:00 p.m. Eastern Time
Presentation slides and a simultaneous live audio webcast of the conference call may be accessed through the Investor Relations link on C.H. Robinson’s website at www.chrobinson.com.
To participate in the conference call by telephone, please call ten minutes early by dialing: 877-269-7756
International callers dial +1-201-689-7817

Adjusted Gross Profit by Service Line
(in thousands)

This table of summary results presents our service line adjusted gross profits on an enterprise basis. The service line adjusted gross profits in the table differ from the service line adjusted gross profits discussed within the segments as our segments have revenues from multiple service lines.

____________________________________________

⁽¹⁾ Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

GAAP to Non-GAAP Reconciliation
(unaudited, in thousands)

Our adjusted gross profit is a non-GAAP financial measure. Adjusted gross profit is calculated as gross profit excluding amortization of internally developed software utilized to directly serve our customers and contracted carriers. We believe adjusted gross profit is a useful measure of our ability to source, add value, and sell services and products that are provided by third parties, and we consider adjusted gross profit to be a primary performance measurement. Accordingly, the discussion of our results of operations often focuses on the changes in our adjusted gross profit. The reconciliation of gross profit to adjusted gross profit is presented below (in thousands):

Our adjusted operating margin is a non-GAAP financial measure calculated as operating income divided by adjusted gross profit. We believe adjusted operating margin is a useful measure of our profitability in comparison to our adjusted gross profit which we consider a primary performance metric as discussed above. The comparison of operating margin to adjusted operating margin is presented below:

____________________________________________

⁽¹⁾ Adjusted gross profits is a non-GAAP financial measure explained above. The difference between adjusted gross profits and gross profits is not material.

⁽²⁾ All cash and cash equivalents are included in All Other and Corporate.

Chuck Ives, Director of Investor Relations
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) releases research which examines and contrasts sustainability moves by Royal Dutch Shell and BP, two of the largest European oil companies, against two of the largest in the U.S., Exxon Mobil and Chevron.

As global investors increasingly align their investments with environmental, social, and governance (ESG) considerations, oil and gas majors are facing increasing pressure to demonstrate the ability to pivot their business models toward a low carbon future. Globally, oil and gas operations account for about 9% of greenhouse gas (GHG) emissions and the fuel the industry produces accounts for another 33%. Importantly, although renewable energy is quickly scaling up and prices continue to drop, the fossil fuel industry will be a key component of the global low carbon transition as clean energy technology continues to develop. Key stakeholders including global investors, regulators, and consumers, are pressing major oil and gas companies to disclose relevant metrics and set emissions reduction goals, invest in low carbon technologies, and make net-zero emissions pledges, among other sustainable initiatives.

Click here to view the report.

Related Publications

• Proposed ESG Global Rating Methodology
• Carbon Pricing and Its Potential Credit Impact
• Midstream Energy ESG Management Questionnaire
• Midstream Energy Companies and ESG Risk Management

About KBRA

KBRA is a full-service credit rating agency registered in the U.S., the EU and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.

Emilie Nadler, Associate Director
+1 (646) 731-3386
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Andrea Torres Villanueva, Associate
+1 (646) 731-1238
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Andrew Giudici, Senior Managing Director, Project Finance, Infrastructure, and Corporates
+1 (646) 731-2372
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Business Development Contact

Jason Lilien, Managing Director
+1 (646) 731-2442
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CANONSBURG, Pa.--(BUSINESS WIRE)--#ETRN--Equitrans Midstream Corporation (NYSE: ETRN) today declared quarterly cash dividends of $0.15 per common share and $0.4873 per share of Series A Perpetual Convertible Preferred Stock for the first quarter 2021. The dividends will be paid on May 14, 2021 to all applicable ETRN shareholders of record at the close of business on May 5, 2021.

About Equitrans Midstream Corporation:

Equitrans Midstream Corporation (ETRN) has a premier asset footprint in the Appalachian Basin and, as the parent company of EQM Midstream Partners, is one of the largest natural gas gatherers in the United States. Through its strategically located assets in the Marcellus and Utica regions, ETRN has an operational focus on gas transmission and storage systems, gas gathering systems, and water services that support natural gas development and production across the Basin. With a rich 135-year history in the energy industry, ETRN was launched as a standalone company in 2018 with the vision to be the premier midstream services provider in North America. ETRN is helping to meet America’s growing need for clean-burning energy, while also providing a rewarding workplace and enriching the communities where its employees live and work.

For more information on Equitrans Midstream Corporation, visit www.equitransmidstream.com; and to learn more about our environmental, social, and governance practices visit ETRN Sustainability Reporting.

Source: Equitrans Midstream Corporation

Analyst inquiries:
Nate Tetlow – Vice President, Corporate Development and Investor Relations
412.553.5834
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Media inquiries:
Natalie A. Cox – Communications and Corporate Affairs
412.395.3941
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Technology integration will lead to savings, convenience, and sustainability

CHANDLER, Ariz.--(BUSINESS WIRE)--Elevation Home Energy Solutions and SmartRent announced today a new partnership to integrate Elevation's home energy savings technology into SmartRent's broad slate of home automation technology for rental properties. Elevation’s proprietary algorithm, which automatically reduces energy consumption during peak electricity pricing times in SmartRent-equipped homes, aims to increase energy efficiency and lower energy costs for renters.

“Elevation's technology combined with our ecosystem of smart home solutions delivers a seamless energy control experience to our renters,” said Lucas Haldeman, SmartRent Founder and CEO. “This innovative technology is great to help residents save on energy bills. Additionally, rental property owners and managers now have more visibility into utility usage in vacant homes, presenting the opportunity to find significant savings with better controls in place. We are thrilled about this collaboration and the opportunities it presents.”

Based on a successful pilot program, property owners using the SmartRent platform and their residents can save up to 15% on energy bills with this technology, both by using less energy and by shifting load.

“Many utilities have introduced pricing models where the cost of energy changes hourly, daily and seasonally. This cost variability can make it difficult for residents to keep track of when to run appliances or their A/C,” said Erik Norwood, Chief Technology Officer of Elevation. “Our technology helps residents automatically use less energy when prices are high and shifts that usage to when prices are low.”

When deployed at scale in partnership with local utility providers, this smart energy savings technology has the ability to offset the demand for carbon-producing peaker plants.

The companies share a commitment to Environmental, Social and Governance (ESG) principles as well, and a key element of this partnership is the environmental benefit it offers. According to a 2020 study of the National Academy of Sciences, residential energy use makes up about 20% of greenhouse gas emissions in the United States. Automated energy management maximizes energy efficiency and also uses energy smarter, reducing demand during high-consumption times and limiting the need for gas-powered peaker plants. By delivering on the environmental value proposition, SmartRent and Elevation are positioned to help enterprise customers, such as single-family residential operators, advance their own ESG goals.

About SmartRent: Founded in 2017, SmartRent is an enterprise smart home automation platform company for property managers and renters. The SmartRent solution is designed to provide property managers with seamless visibility and control over all their assets while delivering additional revenue opportunities through all-in-one home control offerings for residents.

About Elevation Home Energy Solutions: Headquartered in Arizona, with offices in Dallas, Austin, and Las Vegas, Elevation is a fully integrated residential energy solutions company providing solar, energy efficiency, and smart energy management technology. A 2019, 2020, and 2021 Contractor of the Year award recipient by the U.S. Department of Energy, Elevation has served thousands of families looking to make their homes more efficient and comfortable.

Megan Schmitz
Horizon Strategies
602-598-1524
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Supports Alliance’s Call to Modernize U.S. Electric Power Transmission and Distribution Systems

LIBERTY LAKE, Wash.--(BUSINESS WIRE)--#gridmodernization--Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, announced that GridWise Alliance (GWA) Chair, Gil C. Quiniones has appointed Itron CEO Tom Deitrich to join the GWA’s new Grid Infrastructure Advisory Council (GIAC), which was announced today. The 29-member GIAC supports the Alliance’s call to modernize the U.S. electric power transmission and distribution systems. GIAC and GWA will work with the Biden Administration to address areas where grid modernization benefits the economy and community. The Alliance’s support includes at least $50 billion in U.S. federal spending toward grid modernization.

The council includes leaders from the electric utility industry, environmental groups, labor unions and other interested parties in the public and private sectors. Each member of GIAC brings a diverse background and shares a common goal to address the critical need for electric grid investments. Deitrich joins the GIAC with more than 20 years of experience in global operations and will play a key role on the council in forming a voice on the need for U.S. grid investments.

“I’m honored to be among the distinguished group of industry leaders on the Grid Infrastructure Advisory Council. The important work we will do together is vital to the future of our nation’s critical infrastructure,” said Deitrich. “From the rise of renewables and impacts to grid management to navigating increasingly connected, smarter cities and addressing aging infrastructure, utilities and cities are facing tremendous challenges. Now, more than ever, we need to invest in the grid to ensure our energy future.”

“Member companies like Itron are critical to the Alliance as we shine a spotlight on the electric grid for Congress and the Administration to see how investments in transmission and distribution networks will support a resilient and reliable grid, create good paying jobs and equitable access to affordable electricity,” said Karen Wayland, GridWise Alliance CEO.

Itron has been a member of the GWA since its founding in 2003. The GWA represents the broad and diverse stakeholders that design, build and operate the electric grid. Since 2003, the GWA has been at the forefront of educating key industry stakeholders on the critical need to modernize our nation's electricity system. For more information about the GridWise Alliance, visit: www.gridwise.org.

About Itron

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

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

Itron, Inc.
Alison Mallahan
Senior Manager, Corporate Communications
509-891-3802
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SEATTLE--(BUSINESS WIRE)--Convoy, the nation’s most efficient digital freight network, was named to FourKites’ Premier Carrier List (PCL) for the first quarter of 2021, the 8th consecutive quarter the digital freight network has been recognized since the award was introduced.

For the first time, the list highlights organizations that are registered as partners in the US Environmental Protection Agency’s SmartWay® program. SmartWay helps companies advance supply chain sustainability by measuring, benchmarking and improving freight transportation efficiencies. Convoy has been a proud partner of SmartWay since 2017, with a shared vision to help businesses move freight more sustainably.

“Convoy is honored to be named to the FourKites’ Premier Carrier List for the 8th consecutive quarter,” said Brooks McMahon, Vice President of Partnerships at Convoy. “For Convoy’s dedication and commitment to visibility, customer satisfaction, and innovation to be recognized by FourKites consistently since this award was first introduced is a testament to our high quality service and our longstanding partnership.”

FourKites’ latest PCL showcases 366 carriers, brokers and 3PLs that have achieved the highest standards of visibility-related operational excellence, as demonstrated by their ability to provide high-quality, consistent, accurate data on the vast majority of their loads. These best practices provide shippers and the broader supply chain ecosystem with data and insights to streamline operations, increase shipping dock turn times, reduce inventory levels and better manage labor costs. Carriers included on FourKites’ Q1 PCL experienced an average 10% annual load volume growth compared to the prior year, clocking 2.5 million loads in Q1 alone.

To learn more about Convoy’s partner ecosystem visit: https://convoy.com/partners/

About Convoy
Convoy is the nation’s most efficient digital freight network. We move thousands of truckloads around the country each day through our optimized, connected network of carriers, saving money for shippers, increasing earnings for drivers, and eliminating carbon waste for our planet. We use technology and data to solve problems of waste and inefficiency in the $800B trucking industry, which generates over 72 million metric tons of wasted CO2 emissions from empty trucks. Fortune 500 shippers like Anheuser-Busch, P&G, Niagara, and Unilever trust Convoy to lower costs, increase logistics efficiency, and achieve environmental sustainability targets.

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• Strong financial performance in both Subsea and Surface Technologies
• Cash flow from continuing operations $182 million, free cash flow $137 million
• Subsea inbound orders more than doubled sequentially to $1.5 billion
• New partnerships leverage subsea expertise for integrated wind, wave energy

LONDON & PARIS & HOUSTON--(BUSINESS WIRE)--Regulatory News:

TechnipFMC plc (NYSE: FTI) (Paris: FTI) today reported first quarter 2021 results.

Summary Financial Results from Continuing Operations

Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules.

Total Company revenue in the first quarter was $1,632 million. Income from continuing operations attributable to TechnipFMC plc was $430.3 million, or $0.95 per diluted share. These results included income from the Company’s equity investment in Technip Energies of $470.1 million primarily related to a favorable change in fair market value. After-tax charges and credits totaled $444.8 million of credit, or $0.99 per diluted share. Adjusted loss from continuing operations was $14.5 million, or $0.03 per diluted share (Exhibit 6).

Adjusted EBITDA, which excludes pre-tax charges and credits, was $165.2 million; adjusted EBITDA margin was 10.1 percent (Exhibit 7). Included in adjusted EBITDA was a foreign exchange gain of $28.1 million.

As previously announced, on February 16, 2021, the Company completed the partial spin-off of Technip Energies to its shareholders. Financial results for Technip Energies are reported as discontinued operations.

Doug Pferdehirt, Chairman and CEO of TechnipFMC, stated, “Our first quarter as a leading pure play, technology and services provider to both traditional and new energy industries was an exceptional start. Total Company adjusted EBITDA from continuing operations was $165 million, with free cash flow of $137 million. We delivered solid financial results in both Subsea and Surface Technologies, largely driven by strong operational execution. We also announced new strategic partnerships that will further progress the development of material opportunities for TechnipFMC in the energy transition.”

Pferdehirt added, “In Subsea, inbound orders more than doubled sequentially to $1.5 billion, with increased adoption of Subsea 2.0™ technologies. Integrated projects comprised nearly 40 percent of segment orders and included an award for Petronas’ first deepwater project, Limbayong, which will benefit from the seamless integration of both iEPCI™ and Subsea 2.0™. We also received a contract for manifolds for the Petrobras Marlim and Voador fields, which will utilize our all-electric robotic technology. Using digital automation and control, we can replace traditional subsea hydraulics, allowing for a more autonomous system that enables a significantly reduced carbon footprint.”

“In Surface Technologies, our international revenue mix continued to expand and represented nearly 70 percent of the segment in the quarter, driven by strength in the Middle East, North Sea and Asia Pacific. These markets demand higher specification equipment, global services and local capabilities, which are areas where we continue to further differentiate our offering. We believe our unique capabilities will allow us to extend our leadership positions in these more resilient markets.”

Pferdehirt continued, “Client conversations remain constructive, suggesting a further increase in activity. We see potential for a global recovery that is more sustainable than previous cycles, giving us confidence in our 2021 Subsea outlook of more than $4 billion in inbound orders and for continued growth in 2022. We believe that integrated project awards have the potential to more than double versus the prior year, and the combination of direct project and service-related orders could represent 50 percent of total inbound for the current year.”

Pferdehirt added, “We announced two strategic partnerships focused on the generation of renewable energy. There is strong market momentum towards offshore wind, with governments increasingly focused on opening new areas for development. Our new partnership with Magnora is pursuing offshore wind development opportunities, and we are working separately with Bombora to convert both wind and wave energy into renewable power. It is estimated that nearly 80 percent of the world’s offshore wind resources will come from deepwater where we will benefit from our significant installed base, domain expertise and history of subsea innovation.”

Pferdehirt concluded, “Our first quarter results provide us with a very strong start to the year in support of our 2021 commitments. Looking ahead, we expect robust and sustained activity across our businesses, supported by improving market fundamentals and our competitive differentiation. Importantly, we continue to leverage our unique capabilities and technologies to strategically position TechnipFMC for the development of new energy sources, using the very same playbook that led to the successful transformation of our Subsea business.”

Operational and Financial Highlights

Subsea

Financial Highlights

Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules.

Subsea reported first quarter revenue of $1,386.5 million, an increase of 10.6 percent from the prior year largely driven by higher project and services activity.

Subsea reported an operating profit of $37 million that included impairment, restructuring and other charges totaling $19.7 million. Operating results improved versus the prior-year quarter primarily due to the significant reduction in non-cash impairment charges as well as cost reduction initiatives and increased installation activity.

Adjusted EBITDA increased year-over-year due to cost reduction initiatives and increased installation activity; adjusted EBITDA margin improved 130 basis points to 9.7 percent.

Sequentially, Subsea revenue increased 3.6 percent, benefiting from strong project execution from backlog. The geographic mix of projects also mitigated the seasonal decline in services activity.

Operating results improved sequentially driven by increased manufacturing productivity which more than offset the impact of the services activity decline.

Subsea inbound orders were $1,518.8 million for the quarter, resulting in a book-to-bill of 1.1. The following awards were included in the period:

• North El Amriya and North Idku iEPCI™ Project (Egypt)
  Significant* integrated engineering, procurement, construction and installation (iEPCI™) contract from NIpetco and PetroAmriya, two Joint Ventures between Energean and Egyptian Natural Gas Holding Company (EGAS) and Egyptian General Petroleum Corporation (EGPC) for a subsea tieback located offshore Egypt on the North El Amriya and North Idku concession. TechnipFMC will design, manufacture, deliver and install subsea equipment including the subsea production system, subsea trees, production manifolds, umbilicals, flexible pipelines, jumpers and associated subsea and topside controls.
  *A “significant” award ranges between $75 million and $250 million.

• PETRONAS Carigali Limbayong Deepwater Development Project (Malaysia)
  Substantial* contract for front-end engineering design, and integrated engineering, procurement, construction, installation and commissioning of subsea production system, umbilicals, risers and flowlines (iEPCI™) by PETRONAS Carigali, a subsidiary of PETRONAS, for the Limbayong Deepwater Development Project. This contract covers the development of 10 deepwater wells and their tieback to the Limbayong Floating Production Storage and Offloading (FPSO) unit in Malaysia. TechnipFMC will design, manufacture, deliver and install subsea equipment including subsea trees, manifolds, umbilicals, flexible riser, flowlines, jumpers and other associated subsea hardware for the project. The iEPCI™ contract combines our integrated subsea solution with our Subsea 2.0™ products, demonstrating the added value of our unique and complete integrated offering.
  *A “substantial” award ranges between $250 million and $500 million.

• Energean Karish North Development iEPCI™ Project (Israel)
  Letter of Award (LOA) from Energean Israel Limited for the development of the Karish North field, located offshore Israel. TechnipFMC will design, manufacture, deliver and install subsea equipment including the subsea production system, rigid flowlines and umbilicals as a tieback to the ‘Energean Power’ FPSO as well as the second gas export riser.

• Petrobras Marlim and Voador Project (Brazil)
  Significant* contract from Petrobras for the Marlim and Voador fields offshore Brazil. TechnipFMC will supply up to eight manifolds for production and injection, utilizing the all-electric Robotic Valve Controller (RVC). The contract also includes associated tools, spares and services. The RVC is a unique robotic technology that replaces traditional subsea hydraulics, as well as thousands of mechanical parts, while providing real-time data and analysis on system performance. This results in a manifold that is smaller, less complex and less costly with a significantly reduced carbon footprint.
  *A “significant” award ranges between $75 million and $250 million.

• Santos Barossa Project (Australia)
  Significant* Notice to Proceed for a subsea production system contract from Santos Ltd. for the Barossa project, located 300 kilometers north of Darwin, Australia. The contract scope covers the supply of subsea trees and associated control systems, manifolds and wellheads, as well as installation and commissioning support, which will help to extend the life of the existing Darwin LNG facility.
  *A “significant” award ranges between $75 million and $250 million.

Partnership and Alliance Highlights

• TechnipFMC and Magnora to Develop Floating Offshore Wind Projects
  Formed a partnership with Magnora ASA (Magnora) to jointly pursue floating offshore wind project development opportunities under the name Magnora Offshore Wind. Magnora holds a strategic position within the renewable energy sector as an owner in offshore wind, onshore wind, and solar development projects. When combined with TechnipFMC’s unique technologies, experience delivering integrated EPCI (iEPCI™) projects and its novel Deep Purple™ initiative to integrate wind and wave energy with offshore green hydrogen, this partnership will enable Magnora Offshore Wind to realize significant opportunities in the growing offshore floating wind market.

• TechnipFMC and Bombora to Develop Floating Wave, Wind Power Project
  Formed a strategic partnership with Bombora to develop a floating wave and wind power project in support of a more sustainable future. The relationship brings together TechnipFMC’s unique technologies and experience delivering complex integrated engineering, procurement, construction and installation (iEPCI™) projects offshore with Bombora’s patented multi-megawatt mWave™ technology that converts wave energy into electricity. The partnership will initially focus on TechnipFMC and Bombora’s InSPIRE project. With engineering work initiated in November 2020, the partnership is developing a hybrid system utilizing Bombora’s mWave™ technology.

Surface Technologies

Financial Highlights

Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules.

Surface Technologies reported first quarter revenue of $245.5 million, a decrease of 25.5 percent from the prior-year quarter. The decline was primarily driven by the sharp reduction in operator activity in North America while international revenue was resilient, declining low-single digits.

Surface Technologies reported operating profit of $8.2 million that included restructuring, impairment and other charges totaling $2.8 million. Operating results improved versus the prior-year quarter primarily due to the significant reduction in non-cash impairment charges as well as improved operational performance, benefits from prior-year cost reduction initiatives and ongoing cost control measures.

Adjusted EBITDA increased year-over-year due to improved operational performance, benefits from prior-year cost reduction initiatives and ongoing cost control measures; adjusted EBITDA margin improved 360 basis points to 11 percent.

Sequentially, revenue decreased 6.4 percent largely due to seasonal declines in customer activity and timing of backlog conversion in international markets. International markets accounted for nearly 70 percent of total segment revenue in the quarter. Revenue in North America declined due in part to the Company’s exit from certain underperforming markets, partially offset by growth in the U.S. which benefited from further adoption of the iComplete™ ecosystem.

Operating profit decreased sequentially primarily due to lower volumes, partially offset by continued improvement in operational performance and a lower cost structure.

Inbound orders for the quarter were $203.3 million, a decrease of 44.5 percent versus the prior-year quarter primarily due to a shift in timing of international orders to future periods. Backlog ended the period at $364.3 million. Given the short-cycle nature of the business, orders are generally converted into revenue within twelve months.

Corporate and Other Items

Corporate expense in the quarter was $28.8 million. Excluding charges and credits totaling $3 million of expense, corporate expense was $25.8 million.

Foreign exchange gain in the quarter was $28.1 million.

The Company recognized income of $470.1 million from its equity ownership in Technip Energies. The income was related to the change in fair market value of the investment, which reflected the difference between the book value at the time of separation and the market value at the end of the period, as well as the discount associated with shares sold during the quarter.

Net interest expense was $34.5 million in the quarter. The Company also recorded a loss on the early extinguishment of debt of $23.5 million.

The Company recorded a tax provision in the quarter of $24.5 million.

Total depreciation and amortization for the quarter was $95.2 million.

Cash flow from continuing operations in the quarter was $181.5 million.

Capital expenditures in the quarter were $44.2 million.

Free cash flow from continuing operations was $137.3 million in the quarter (Exhibit 9).

The Company ended the period with cash and cash equivalents of $752.8 million; net debt was $1,778.3 million.

During the quarter, the Company completed the transaction contemplated by the Share Purchase Agreement with Bpifrance Participations SA (“Bpifrance”) where Bpifrance purchased $100 million in Technip Energies shares from the Company’s retained stake in Technip Energies. At the end of the period, the Company held 82.3 million ordinary shares of Technip Energies.

Bpifrance had previously provided funding of $200 million for the purchase of Technip Energies’ shares from TechnipFMC. As a result of the revised level of investment, the Company refunded $100 million to Bpifrance in the second quarter.

Also in the second quarter, the Company announced the sale of 26.8 million shares from its retained stake in Technip Energies for proceeds of approximately $360 million. The sale further reduced the Company’s ownership stake to 55.5 million shares, or approximately 31 percent of Technip Energies’ outstanding shares.

Discontinued operations

During the quarter, the Company completed the partial spin-off of Technip Energies. Financial results for Technip Energies are reported as discontinued operations.

For the three months ended March 31, 2021, the results of discontinued operations on the Consolidated Statement of Income include the historical results of Technip Energies prior to its spin-off on February 16, 2021 as well as all separation-related costs incurred for the transaction. The Company has accounted for its investment in Technip Energies using the fair value method with changes in the fair value recorded in its Consolidated Statement of Income.

On February 16, 2021, all assets and liabilities of Technip Energies were spun-off. There were no assets or liabilities classified as discontinued operations on the Condensed Consolidated Balance Sheet at the end of the period. The Company’s investment in Technip Energies is reflected in current assets at market value as of March 31, 2021.

2021 Full-Year Financial Guidance¹

The Company’s full-year guidance for 2021 can be found in the table below.

Guidance is based on continuing operations and thus excludes the impact of Technip Energies, which is reported as discontinued operations.

Updates to the Company’s full-year guidance for 2021 are as follows:

• Tax provision, as reported, of $70 - 80 million; decreased from the previous guidance of $110 - 120 million.
• Free cash flow of $120 - 220 million; increased from the previous guidance of $50 - 150 million.

The guidance updates reflect a change to separation-related tax items and costs, previously estimated to be $40 million and $30 million, respectively. The actual separation-related expenses incurred were in-line with previous expectations and were reported as part of discontinued operations in the first quarter.

All segment guidance assumes no further material degradation from COVID-19-related impacts.

¹ Our guidance measures adjusted EBITDA margin, corporate expense, net, net interest expense and free cash flow are non-GAAP financial measures. We are unable to provide a reconciliation to comparable GAAP financial measures on a forward-looking basis without unreasonable effort because of the unpredictability of the individual components of the most directly comparable GAAP financial measure and the variability of items excluded from each such measure. Such information may have a significant, and potentially unpredictable, impact on our future financial results.

Teleconference

The Company will host a teleconference on Wednesday, April 28, 2021 to discuss the first quarter 2021 financial results. The call will begin at 1 p.m. London time (8 a.m. New York time). Dial-in information and an accompanying presentation can be found at www.TechnipFMC.com.

Webcast access will also be available on our website prior to the start of the call. An archived audio replay will be available after the event at the same website address. In the event of a disruption of service or technical difficulty during the call, information will be posted on our website.

###

About TechnipFMC

TechnipFMC is a leading technology provider to the traditional and new energy industries; delivering fully integrated projects, products, and services.

With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.

Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.

Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.

TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.

This communication contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Words such as “guidance,” “confident,” “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “will,” “likely,” “predicated,” “estimate,” “outlook” and similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections, including the following known material factors:

Risks related to Our Business and Industry

• demand for our products and services, which depends on oil and gas industry activity and expenditure levels that are directly affected by trends in demand for and price of crude oil and natural gas;
• unanticipated changes relating to competitive factors in our industry, including ongoing industry consolidation;
• our ability to develop, implement, and protect new technologies and services, as well as our ability to protect and maintain critical intellectual property assets;
• the cumulative loss of major contracts, customers, or alliances;
• risks associated with the COVID-19 pandemic, the United Kingdom’s withdrawal from the European Union, disruptions in the political, regulatory, economic, and social conditions of the countries in which we conduct business;
• risks associated with The Depository Trust Company and Euroclear for clearance services for shares traded on the New York Stock Exchange (the “NYSE”) and the Eu

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DUBLIN--(BUSINESS WIRE)--The "Nigeria Oil & Gas Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The Nigeria oil and gas market is expected to grow at a CAGR of more than 2 % during the forecast period of 2021 - 2026.

In addition to the country-wide economic impact of COVID-19, crude producers are faced with a decline in both price and demand for crude, resulting in an oil glut. In its industry circular as of 30 March 2020, the Department of Petroleum Resources (DPR), stated that it considers the situation occasioned by the COVID-19 pandemic a force majeure, and has directed all operators to limit the number of personnel at project sites.

This has the potential of leading to a breach of specific contract terms. However, some of the major factors driving the market include increasing investments in the upstream sector, development of large-scale and modular refineries in the country. Oil and gas production had been hampered in Nigeria in the past few years, due to the attack on oil and gas infrastructure by militants.

Further, oil theft has been one of the major issues faced by the oil & gas market in Nigeria, which resulted in huge losses to operating companies in the country. Such factors are expected to have a negative impact on the market growth during the forecast period.

Nigeria's offshore oil and gas industry continues to expand, albeit not very fast, opening more market opportunities. The growth of Nigeria's offshore exploration and production activities has been mainly driven by the efforts of the government to improve the country's hydrocarbon industry.

Lack of infrastructure, uncertainties in regulations, and security concerns have led Nigeria to underutilize its refining capacities, thereby pushing the country to become a net importer of refined petroleum products. However, Nigeria is on the edge of altering refined products' supply dynamics in the region with the help of the upcoming Dangote Refinery and is expected to become the regional refining hub in the coming years. Once completed, the country is planning to be come the refinery hub in Africa. This, in turn, is expected to attract foreign players to tap into the country's downstream market in the near future.

Given the country's huge gas reserves and its advantage as a clean fuel, gas has already witnessed a massive surge in its domestic consumption in the recent years. Further, the country is steadily moving away from oil and exploring different ways to replace the oil consumption with gas in power as well as the transportation sector.

The shift to gas is also supported by the fact that major oil reserves are likely to get dry in coming three to four decades. Hence, the oil market is considered to be one of the most vulnerable markets where natural gas has the highest potential to penetrate. Moreover, gas production has become a major focus for the oil & gas companies, in response to strong investment in gas-to-power projects, across the region.

Key Market Trends

Offshore Oil & Gas Segment to Witness Significant Growth

• Nigeria's offshore oil and gas industry continues to expand, albeit not very fast, opening up more market opportunities. The growth of Nigeria's offshore exploration and production activities has been mainly driven by the efforts of governments in their region, such as providing key incentives and supporting policies to unlock the investment opportunity, as well as a growing list of international oil and gas companies interested in exploring alternative fields to replace the maturing offshore producing sites.
• The China National Offshore Oil Corporation has mobilized a USD 3 billion investment, in addition to the USD 14 billion already spent on its existing oil and gas operations in the West African country. A large share of this investment goes into the operations in Nigeria. One of the most ambitious ultra-deep offshore projects is the Egina oil field in water depths of between 1,400 and 1,700 meters. Total projected that the oil field is expected to peak at 200,000 barrels/day.
• Therefore, due to above mentioned factors the offshore segment is expected to be the fastest growing segment.
• Some of the major players operating in the market include Nigerian National Petroleum Corporation (NNPC), Royal Dutch Shell PLC, Total SA, Chevron Corporation, and Exxon Mobil Corporation.

Key Topics Covered:

1 INTRODUCTION

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY

4 MARKET OVERVIEW

4.1 Introduction

4.2 Oil and Gas Reserves, 2010-2019

4.3 Oil & Gas Upstream Spending in USD billion, till 2026

4.4 Crude Oil Production Forecast in billion barrels per day, till 2026

4.5 Natural Gas Production Forecast in billion cubic feet per day, till 2026

4.6 Oil Breakeven Prices in USD/bbl for Key Unsanctioned Projects

4.7 Active Rig Count in Nigeria, till January 2021

4.8 Recent Trends and Developments

4.9 Government Policies and Regulations

4.10 Market Dynamics

4.11 Supply Chain Analysis

4.12 PESTLE ANALYSIS

5 MARKET SEGMENTATION - BY SECTOR

5.1 Upstream

5.2 Midstream

5.3 Downstream

6 COMPETITIVE LANDSCAPE

6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Strategies Adopted by Leading Players

6.3 Company Profiles

6.3.1 Nigerian National Petroleum Corporation (NNPC)

6.3.2 Royal Dutch Shell PLC

6.3.3 Total SA

6.3.4 Chevron Corporation

6.3.5 Exxon Mobil Corporation

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/v0jqsc

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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SAN JOSE, Calif.--(BUSINESS WIRE)--Bloom Energy, a leading provider of distributed energy solutions, today announced the appointment of Adam Bacon to its international leadership team to strengthen the company’s expansion efforts, enhance competitive positioning and support deployment of its fuel-flexible, clean energy technology in Australia.

An experienced executive, with extensive background in growing successful businesses and multi-disciplinary teams in industrial sectors, Mr. Bacon has held a number of leadership positions in the energy and transportation industries including General Electric, UGL Rail and Australian Industrial Energy.

Mr. Bacon will report to Bloom Energy’s executive vice president, international business, Azeez Mohammed.

“We are thrilled to welcome Adam to Bloom,” said Azeez Mohammed. “He brings vast experience as well as valuable perspectives and relationships that will help Australian organizations reduce carbon emissions, enhance resiliency and chart a path toward a net-zero carbon future.”

Bloom Energy’s technology is the most advanced thermal electric generation technology on the market today. Bloom Energy’s fuel-flexible, non-combustion fuel cells use biogas and hydrogen, in addition to natural gas, to create electricity at significantly higher efficiencies than traditional, combustion-based resources. In addition, Bloom Energy’s technology can be used to create hydrogen, which is increasingly recognized as a critically important tool necessary for the full decarbonization of the energy economy.

About Bloom Energy

Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. The company’s product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications. Bloom’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries. For more information, visit www.bloomenergy.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. federal securities laws that involve risks and uncertainties. These statements should not be taken as guarantees of results and should not be considered an indication of future activity or future performance. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties as detailed in Bloom’s periodic SEC filings. Bloom undertakes no obligation to revise or publicly update any forward-looking statements unless if and as required by law.

Media:
Jennifer Duffourg
Bloom Energy
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INDIANAPOLIS--(BUSINESS WIRE)--Hoosier Solar Holdings, LLC is developing solar power facilities in economically distressed, rural communities across Indiana that have been designated as Qualified Opportunity Zones.

Several solar and battery storage projects that collectively have the potential to generate over 1,600 megawatts, enough to power 285,000 homes, are currently in active development. Many of these projects are expected to be operational by 2023, boosting Indiana’s standing as a clean energy and technology hub.

“Indiana has a unique opportunity to take advantage of solar power and battery storage technology to deliver reliable, low-cost power to serve the needs of residential and industrial customers,” said Paul Mitchell, Chief Executive Officer of Energy Systems Network, an Indianapolis-based partner of Hoosier Solar. “Importantly, we can attract investment capital to support development in economically distressed rural communities that have been designated as Opportunity Zones by Governor Eric Holcomb.”

Indiana’s 156 Opportunity Zones, in 58 counties across the state, provide federal capital gains tax advantages in order to attract investments in economically distressed urban and rural communities.

Hoosier Solar is an Indiana-based solar development company whose partners have decades of experience in energy development, financing, and economic development. Hoosier Solar will help meet the increasing demand for renewable energy by Indiana’s municipal and regulated utilities, as well as Indiana’s unique access to wholesale energy buyers across Midcontinent Independent System Operator (MISO) as well as the Mid-Atlantic region through the PJM regional interconnection organization.

Hoosier Solar selected South Bend, Indiana-based Inovateus Solar as the provider of engineering, procurement, and construction services, and Inovateus is leading Hoosier Solar’s engagement with landowners across Indiana. “As multi-generational Hoosiers, we are thrilled to bring our deep experience in Indiana to this exciting initiative,” said T.J. Kanczuzewski, Chief Executive Officer of Inovateus Solar. “Hoosiers have deep ties to the land and we look forward to working with community leaders to encourage rural economic development while delivering competitively priced, reliable power.”

Hoosier Solar intends to use an Indiana-based workforce comprised of Hoosier businesses, utilizing Indiana’s strong manufacturing sector by purchasing finished equipment and raw materials from Indiana-based suppliers. Hoosier Solar also plans to involve local school groups and universities to provide job training and research opportunities for Indiana students.

“Indiana has remarkable resources for solar power,” said Carl Weatherley-White, Chief Executive Officer of Hoosier Solar, and Managing Director of Advantage Capital. “With deep agricultural roots, Hoosiers want to preserve productive land for multiple generations, and solar projects provide farmers with long-term, steady income that is neither seasonal nor dependent on weather or crop pricing. During the period that the land is not actively farmed, it can regenerate for future generations.”

ABOUT HOOSIER SOLAR^TM
Hoosier Solar is an Indiana-based solar energy development company, led by Indiana companies with the financial support of Advantage Capital, an investment firm with a 28-year history of participating in public-private partnerships focused on local and community investment and clean energy financing, as well as Indiana’s Brilliant Capital, a South Bend-based project finance firm focused on solar project financing.

ABOUT INOVATEUS SOLAR
Headquartered in South Bend, Indiana, Inovateus Solar is a leading solar and energy storage development, EPC (engineering, procurement, and construction), and supply company in the Midwest. Inovateus Solar has built over 500 MW of utility, commercial, industrial, and education sector solar projects. With deep roots in the communities it serves, Inovateus has invested millions of dollars in the Indiana economy in support of its commitment to invest in the energy future of its clients and the state.

ABOUT ENERGY SYSTEMS NETWORK
Energy Systems Network (ESN) was founded in 2009, as a non-profit organization, to accelerate the pace of energy and transportation technology development and commercialization in Indiana and beyond. ESN works with companies throughout the world to advance new technologies and solutions through industry research, pilot projects, collaborative convening and the development and deployment of innovation models.

Advantage Capital is an investment adviser registered under the Investment Advisers Act of 1940. Registration does not imply a certain level of skill or training. The information in this document is not intended to be an advertisement concerning investment advisory services or an offer to sell or a solicitation of an offer to purchase an interest in any security. Any such offer or solicitation will be made in compliance with applicable state and federal securities laws pursuant to a confidential private offering memorandum and related documentation. Prospective investors should carefully review such documentation, including any disclosures and risks factors contained therein, and conduct such investigations as the prospective investor deems necessary and consulting the investor’s own investment, legal, accounting, and tax advisors in order to make an independent determination of the suitability and consequences of an investment in the fund. Advantage Capital is an equal opportunity provider.

Any reference to third parties in this document is not intended to imply these entities are endorsing Advantage Capital, nor is Advantage Capital making a representation or warranty as to the level of satisfaction regarding any prior or existing relationship that a third party has had with Advantage Capital.

Media Contact – Hoosier Solar/Advantage Capital
Donya Hengehold
Director of Communications
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Media Contact – Inovateus Solar
Nathan Vogel
Senior Vice President, Market Development and Customer Engagement
574-485-1405
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NORTH CHARLESTON, S.C.--(BUSINESS WIRE)--Ingevity Corporation (NYSE:NGVT) has announced a strategic partnership with and investment in GreenGasUSA Holdings, LLC (GreenGas), an integrated renewable natural gas (RNG) solutions provider helping customers reduce their environmental impact. Charleston, South Carolina-based GreenGas contracts with agricultural farms, landfills and industrial and municipal wastewater treatment facilities to collect and treat biogas from the organic waste of their operations that it then sells as pipeline-quality, low-carbon RNG. GreenGas also provides compression, transportation and delivery of natural gas directly to customers through its wholly owned pipeline injection point or as part of its virtual pipeline services. With this investment, Ingevity now holds a less than 50% ownership in GreenGas.

Initially, Ingevity’s funding will enable GreenGas to further develop biogas capture and cleanup systems at facilities where harmful methane-producing organic waste can be converted to RNG instead of being flared off or escaping into the atmosphere. GreenGas founder Marc Fetten will continue as GreenGas CEO, overseeing growth strategy and business development efforts.

Ingevity will now play an active role in exploring and accelerating the application of its activated carbon-based, low-pressure adsorbed natural gas (ANG) technology for the storage and transport of natural gas as part of the GreenGas model. The collaboration will also be integral in facilitating RNG use within Ingevity’s ANG vehicle platform by offering fleet customers broader access to the benefits of RNG as a transportation fuel, which Natural Gas Vehicles of America notes reduces greenhouse gas (GHG) emissions by up to 125%. Looking to the future, Ingevity is uniquely positioned to leverage its expertise as an operating and technology partner for GreenGas, while the investment also helps Ingevity gain a foothold in the rapidly expanding RNG industry.

“Our partnership with GreenGas is yet another step forward as we advance ‘Ingevity 2.0’ and explore value-added applications for our activated carbon in growing markets like RNG,” said John Fortson, president and CEO at Ingevity. “We are excited to work with Marc and his team to understand where our technology and expertise can help broaden the reach of RNG as an environmentally and economically viable energy solution and enhance the innovative offerings of GreenGas.”

“Ingevity stood out as the perfect strategic partner as we continue to provide customers with a growing variety of decarbonization and waste-to-value solutions,” said Marc Fetten, GreenGas founder. “Ingevity’s strong commitment to executing strategies that create measurable environmental impacts will serve as a strong foundation for our partnership. The company’s proven track record as a collaborative partner with operational experience in leveraging its activated carbon technology to drive the commercialization of its market-leading ANG platform will help to accelerate our mission to reduce GHG emissions. We look forward to continuing to scale our product and service offerings with Ingevity.”

About GreenGasUSA Holdings, LLC:

Formed in 2019 by Marc Fetten, GreenGas provides low- and zero-emitting energy solutions to industrial, commercial and residential users committed to reducing their environmental footprint. This includes supplying compressed natural gas (CNG) as an alternative to higher-cost and higher-emitting fuels such as oil or propane; operation of a virtual pipeline fleet for CNG and RNG across the U.S.; production of RNG from a variety of waste sources; as well as pipeline injection services. GreenGas currently owns a natural gas injection point in Georgetown, South Carolina that serves as a primary renewable energy aggregation hub enabling farmers to participate in the renewable gas industry and providing income to an important sector in the U.S. economy.

Ingevity: Purify, Protect and Enhance

Ingevity provides products and technologies that purify, protect, and enhance the world around us. Through a team of talented and experienced people, we develop, manufacture and bring to market solutions that help customers solve complex problems and make the world more sustainable. We operate in two reporting segments: Performance Chemicals, which includes specialty chemicals and engineered polymers; and Performance Materials, which includes high-performance activated carbon. These products are used in a variety of demanding applications, including asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants, publication inks, coatings, elastomers, bioplastics and automotive components that reduce gasoline vapor emissions. Headquartered in North Charleston, South Carolina, Ingevity operates from 25 locations around the world and employs approximately 1,750 people. The company is traded on the New York Stock Exchange (NYSE: NGVT). For more information visit www.ingevity.com.

Cautionary Statements About Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements generally include the words “will,” “plans,” “intends,” “targets,” “expects,” “outlook,” or similar expressions. Forward-looking statements may include, without limitation, the potential benefits of the GreenGas investment, expected financial positions, results of operations and cash flows; financing plans; business strategies and expectations; operating plans; and the impact of COVID-19. Actual results could differ materially from the views expressed. Factors that could cause actual results to materially differ from those contained in the forward-looking statements, or that could cause other forward-looking statements to prove incorrect, include, without limitation, risks that the expected benefits from the GreenGas investment will not be realized or will not be realized within the expected time period, adverse effects from the COVID-19 pandemic; adverse effects of general economic and financial conditions; risks related to international sales and operations; and the other factors detailed from time to time in the reports we file with the SEC, including those described under "Risk Factors" in our Annual Report on Form 10-K and other periodic filings. These forward-looking statements speak only as of the date of this press release. Ingevity assumes no obligation to provide any revisions to, or update, any projections and forward-looking statements contained in this press release.

Amy Chiconas
843-746-8197
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Investors:
Bill Hamilton
843-740-2138
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SAN DIEGO--(BUSINESS WIRE)--$DFCO #DFCO--Dalrada Financial Corp. (OTCQB: DFCO, “Dalrada”) is pleased to announce to its shareholders and the public that its subsidiary Prakat Solutions, Inc. (“Prakat”) and Dragonchain, Inc. - creators of “the most secure and flexible blockchain platform” - have partnered to increase business workflow efficiencies. Focused on accountability, supply chain transparency, and secure, real-time data access for global industries, Prakat’s Dragonchain solutions will address sectors including clean energy, financial, healthcare, education, and manufacturing.

Dragonchain’s patented, quantum-resistant, multi-currency blockchain technology provides the secure platform for Prakat to design a simplified workflow for today’s demanding business environments. Infinitely scalable, Dragonchain is proven to securely process hundreds of millions of business transactions within 24 hours. Partnering with Dragonchain provides Prakat the flexibility and security to build its blockchain applications in containerized smart contracts.

Anuradha Biswas, CEO of Prakat states, “Dalrada and Prakat are excited to partner with Dragonchain. This unique ‘blockchain for business’ solution began as the ‘Disney Private Blockchain Platform’. Today, Dragonchain provides Prakat with the industry’s most secure, scalable, and affordable blockchain-as-a-service platform to empower our clients’ continued success.”

Dragonchain is based in the U.S. and holds patents in interoperability between all other blockchain platforms, quantum-resistant time-based security, and editable smart contracts that can be written in any programming language.

In a public/private hybrid architecture, Prakat’s clients maintain control over sensitive business logic. At the same time, Dragonchain’s patented Interchain technology enables interoperability with other blockchains, such as a private Ethereum network, providing Prakat’s developers the flexibility to keep sensitive data private while making public data available.

Created by Joe Roets, Founder of Dragonchain, at The Walt Disney Company in 2014, the project was internally known as the “Disney Private Blockchain Platform”. In 2016, the Company approved the release of the original code demonstrating that it actively contributes robust code to the world and enabled developers to explore more use cases. This remains Dragonchain’s philosophy.

Prakat serves businesses of all sizes – from Fortune 50-ranked to small-to-medium clients – from its offices in India and the U.S. Working closely with some of its clients, Prakat has begun to create niche blockchain-based solutions in healthcare, fintech, and manufacturing.

For additional information, visit https://prakat.com

About Prakat Solutions

Prakat Solutions Inc. is a technology solutions company specializing in test engineering, accessibility engineering, product engineering, and application modernization. The company partners with clients to create transparent, value-based relationships by leveraging the extensive experience of its team and by providing innovative solutions in a wide range of technology domains that ultimately enable customers to successfully attain their business goals. The Prakat work culture is based on the belief that, "we believe in what we do; we do what we love." Prakat is an ISO 9001-certified company with several Fortune-ranked customers. With its main engineering center in Bangalore, India, the company also has offices in Dallas, TX, Denver, CO, and San Diego, CA. The Prakat team provides end-to-end product engineering services across various domains including banking and financial services, telecom, retail, healthcare, manufacturing, legal, and IT infrastructure. For more information, please visit www.prakat.com.

About Dalrada (DFCO)

Dalrada Financial Corp. (OTCQB: DFCO, “Dalrada”) solves real-world problems by producing innovation-focused and technologically centered solutions on a global level. Delivering next-generation manufacturing, engineering, and healthcare products and services designed to propel growth, Dalrada is a team of industry experts and an organization built upon a strong foundation of financial capital. The Company and its subsidiaries are positioned for stable long-term growth through intelligent market research, sound business acumen, and established operational infrastructure.

For more information, visit www.dalrada.com or call 1-858-283-1253.

Disclaimer

​Statements in this press release that are not historical facts are forward-looking statements, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions, and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.

Denise Mahaffey
858.283.1253
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NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB) announced today that its wholly-owned subsidiary, Superior Plus LP (“Superior LP”) has entered into an underwriting agreement with a syndicate of underwriters to issue and sell on a private placement basis CDN$500 million aggregate principal amount of 4.25% senior unsecured notes due May 18, 2028 (the “Notes”), which will be issued at par (the “Offering”). The Notes will be guaranteed by Superior and certain of its subsidiaries. Interest on the Notes will be payable semi-annually in arrears on May 18 and November 18 of each year, commencing on November 18, 2021. The Notes will be issued under a new trust indenture, a copy of which will be available on SEDAR following closing of the Offering. Closing of the Offering is expected to occur on or about May 18, 2021, subject to customary closing conditions.

The Offering is being underwritten by National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc. as joint bookrunners, and a syndicate of underwriters, including, ATB Capital Markets Inc., Canaccord Genuity Corp., Desjardins Securities Inc., J.P. Morgan Securities Canada Inc., Wells Fargo Securities Canada, Ltd., Casgrain & Company Ltd., Cormark Securities Inc., iA Private Wealth Inc. and Raymond James Ltd.

The Notes are being offered on a private placement basis to certain accredited investors in the provinces of Canada. The Notes have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and are being offered and sold in the United States only to qualified institutional buyers in reliance on the exemption from such registration requirement contained in Rule 144A under the U.S. Securities Act and comparable exemptions under applicable state securities laws. The Notes have not been and will not be qualified under the securities laws of any province or territory of Canada for distribution to the public and may not be offered or sold directly or indirectly in Canada or to or for the benefit of any resident of Canada except pursuant to applicable prospectus exemptions.

Superior LP intends to use the net proceeds of the Offering, together with borrowings under its credit facilities and cash on hand, to redeem all of its outstanding: (i) CDN$400 million principal amount of 5.25% senior unsecured notes due February 27, 2024 (the “2024 Notes”) in accordance with the indenture governing the 2024 Notes; and (ii) CDN$370 million principal amount of 5.125% senior unsecured notes due August 27, 2025 (the “2025 Notes”) in accordance with the indenture governing the 2025 Notes and, in each case, at the applicable redemption price and date noted below.

Superior LP has issued conditional redemption notices to redeem in full the 2024 Notes and the 2025 Notes. Subject to completion of the Offering: (a) the 2024 Notes will be redeemed (the “2024 Redemption”) on May 27, 2021 (the “2024 Redemption Date”) at the redemption price set forth in the indenture of CDN$1,026.25 per CDN$1,000 principal amount of 2024 Notes, together with accrued and unpaid interest thereon of CDN$12.80 per CDN$1,000 principal amount of 2024 Notes up to but excluding the 2024 Redemption Date, for a total amount payable on redemption of CDN$1,039.05 per CDN$1,000 principal amount of 2024 Notes; and (b) the 2025 Notes will be redeemed (the “2025 Redemption”) on May 19, 2021 at the redemption price set forth in the indenture of CDN$1,038.44 per CDN$1,000 principal amount of 2025 Notes, together with accrued and unpaid interest thereon of CDN$11.37 per CDN$1,000 principal amount of 2025 Notes up to but excluding the 2025 Redemption Date, for a total amount payable on redemption of CDN$1,049.81 per CDN$1,000 principal amount of 2025 Notes. The 2024 Notes and the 2025 Notes that are redeemed will cease to bear interest from and after their applicable redemption date.

Each of the 2024 Redemption and 2025 Redemption are subject to the condition precedent that the Offering is successfully completed. Superior LP reserves the right to waive this condition, wholly or partially, in its sole discretion. Superior LP further reserves the right to delay either or both of the 2024 Redemption Date and 2025 Redemption Date until such time as the condition is satisfied or waived in Superior LP’s sole discretion. In the event the condition has not been satisfied or waived in Superior LP’s sole discretion prior to the 2024 Redemption Date or 2025 Redemption Date, as the case may be, and as the same may be delayed, Superior LP may rescind the notices of redemption.

This press release does not constitute an offer to sell or an offer to purchase, or a solicitation of an offer to sell or an offer to purchase, the Notes. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful.

About Superior Plus Corp.

Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing over 780,000 customer locations in the U.S. and Canada.

For further information about Superior, please visit Superior’s website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll Free: 1-866-490-PLUS (7587).

Forward Looking Information

Certain information included herein is forward-looking, within the meaning of applicable Canadian securities laws. Such information is typically identified by words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “plan”, “intend”, “forecast”, “future”, “guidance”, “may”, “predict”, “project”, “should”, “strategy”, “target”, “will” or similar expressions suggesting future outcomes. Forward-looking information in this news release includes forward looking information relating to the proposed Offering, the use of proceeds therefrom, the timing and successful completion of the Offering and the redemption of the 2024 Notes and 2025 Notes. Superior believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such information should not be unduly relied upon.

Forward-looking information is not a guarantee of future performance. By its very nature, forward-looking information involves inherent assumptions, risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information will not be achieved, including risks and assumptions relating to Canadian and U.S. market conditions and satisfaction of conditions to, and completion of, the Offering and redemption of the 2024 Notes and 2025 Notes. Forward-looking information herein is based on information currently available to Superior. No assurance can be given that these assumptions and expectations will prove to be correct. Should one or more of these risks and uncertainties materialize, or should assumptions described above prove incorrect, Superior’s actual performance and results in future periods may differ materially from any projections of future performance or results expressed or implied by such forward-looking information. Superior cautions readers not to place undue reliance on this information as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.

Forward-looking information contained in this news release is provided for the purpose of providing information about management’s goals, plans and range of expectations for the future and may not be appropriate for other purposes. Any forward-looking information is made as of the date hereof and, except as required by law, Superior does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.

Beth Summers
Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015

Rob Dorran
Vice President, Investor Relations and Treasurer
Tel: (416) 340-6003
Toll Free: 1-866-490-PLUS (7587)
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WOODSIDE, Calif.--(BUSINESS WIRE)--Second paragraph, third sentence of release should read: The Company’s original Form-10K was timely filed according to Nasdaq rules, and both filings have or will have received the approval of Marcum with respect to the then-current SEC guidance.

The updated release reads:

RODGERS SILICON VALLEY ACQUISITION CORPORATION: NEW SEC GUIDANCE RELATING TO SPAC WARRANTS, ITS EFFECT ON THE COMPANY’S PERIODIC FILINGS AND COMPLIANCE WITH NASDAQ RULES

Rodgers Silicon Valley Acquisition Corporation (the “Company”) announced today that, as the result of the U.S. Securities and Exchange Commission’s (“SEC’s”) recent Staff Statement, released on April 12, 2021 relating to the accounting treatment of certain warrants issued by special purpose acquisition companies (“SPACs”), the Company has completed an analysis of the effect of the SEC’s guidance on the accounting treatment of its warrants.

The Company’s conclusion based upon the SEC’s recent guidance has resulted in a corrective disclosure, approved by its auditor, Marcum LLP (“Marcum”). This disclosure is described on Form-8K (“the Filing”) filed today, and will result in a restatement of the Company’s Form-10K for the fiscal year ended 2020. The Company’s original Form-10K was timely filed according to Nasdaq rules, and both filings have or will have received the approval of Marcum with respect to the then-current SEC guidance.

For a full description of the Company’s Warrants, please refer to the Company’s final prospectus filed in connection with its initial public offering (“IPO”) on December 1, 2020 (“Final Prospectus”).

The closing of the Company’s Initial Business Combination with Enovix Corporation remains planned for the second quarter of 2021. Upon closing, the company will be named Enovix Corporation and is expected to remain listed on the Nasdaq Stock Market under the new ticker symbol, “ENVX.”

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

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties, including statements related to the Initial Business Combination. Forward looking statements are not historical facts and are based on the Company’s current expectations. Such forward- looking statements are subject to risks and uncertainties, including those risks described in more detail in the Company’s most recent Annual Report on Form 10-K and other documents on file with the SEC and available at the SEC’s website at www.sec.gov, which could cause actual results to differ materially from those anticipated in such forward looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law.

About Rodgers Silicon Valley Acquisition Corp.

Rodgers Silicon Valley Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. RSVAC's mission is to provide fundamental public technology investors with early access to an excellent Silicon Valley technology company with a focus on green energy, electrification, storage, Smart Industry (IoT), Artificial Intelligence and the new automated-manufacturing wave. On February 22, 2021, RSVAC announced its Initial Business Combination with Enovix Corporation. For more information, go to www.rodgerscap.com.

The Blueshirt Group
Gary Dvorchak, CFA
Phone: (323) 240-5796
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FORT WORTH, Texas--(BUSINESS WIRE)--Basic Energy Services, Inc. (OTCQX: BASX) (“Basic” or the “Company”) today announced it has entered into a purchase and sale agreement for the sale of certain non-core assets for a purchase price of $6.6 million, not including the assumption of certain capital leases with a remaining balance of approximately $0.7 million and earn-out payment of up to $1.0 million payable one year after closing. The closing date is anticipated to occur approximately thirty days after the execution of the purchase and sale agreement. The sale includes heavy duty trucks, light duty vehicles, fracturing tanks and certain non-core salt water disposal wells.

About Basic Energy Services

Basic Energy Services provides wellsite services essential to maintaining production from the oil and gas wells within its operating areas. The Company’s operations are managed regionally and are concentrated in major United States onshore oil-producing regions located in Texas, California, New Mexico, Oklahoma, Arkansas, Louisiana, Wyoming, North Dakota, Colorado and Montana. Our operations are focused in prolific basins that have historically exhibited strong drilling and production economics in recent years as well as natural gas-focused shale plays characterized by prolific reserves. Specifically, the Company has a significant presence in the Permian Basin, Bakken, Los Angeles and San Joaquin Basins, Eagle Ford, Haynesville and Powder River Basin. We provide our services to a diverse group of over 2,000 oil and gas companies. Additional information on Basic Energy Services is available on the Company’s website at www.basices.com.

Safe Harbor Statement

This release includes “forward-looking statements” within the meaning of the federal and securities laws. Forward-looking statements are not statements of historical fact and reflect Basic’s current views about future events. The words “believe,” “estimate,” “expect,” “anticipate,” “project,” “intend,” “seek,” “could,” “should,” “may,” “potential” and similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Although Basic believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions and estimates, certain risks and uncertainties could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release. These risks and uncertainties include without limitation, risks associated with a future closing of the purchase and sale agreement described therein and the satisfaction of the conditions thereto. Additional important risk factors that could cause actual results to differ materially from expectations are disclosed in Item 1A of the Company’s most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. While Basic makes these statements and projections in good faith, neither Basic nor its management can guarantee that the transactions will be consummated or that anticipated future results will be achieved. Any forward-looking statement speaks only as of the date on which such statement is made and Basic assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by Basic, whether as a result of new information, future events, or otherwise, except as required by applicable law.

Trey Stolz
Director of Financial Planning & Analysis
Basic Energy Services, Inc.
817-334-4100

New hydrogen pilot with SK Engineering & Construction generates carbon-free power, paving the way for South Korea to reach carbon neutrality by 2050

SAN JOSE, Calif.--(BUSINESS WIRE)--$BE #cleanenergy--Bloom Energy (NYSE: BE) today announced that, in collaboration with its Korean partner, SK Engineering & Construction Co., Ltd., an affiliate of SK Group, it has successfully deployed 100 kilowatts of solid-oxide fuel cells (SOFC) powered solely by hydrogen in Ulsan, South Korea, generating zero-carbon onsite electricity.

Hydrogen fuel cells, which convert hydrogen into electricity through a non-combustion electrochemical process, are increasingly recognized by climate experts and governments across the globe as an essential tool for full decarbonization. Bloom Energy first announced its initial plans to enter the commercial hydrogen market in July 2020, which includes an intended 1 megawatt hydrogen-powered Energy Server installation with SK E&C by 2022.

“This deployment marks a significant milestone not only for Bloom, but for the future of hydrogen-based power generation,” said KR Sridhar, founder, chairman and CEO of Bloom Energy. “While Bloom’s hydrogen story started more than two decades ago, it’s now the right market timing to introduce hydrogen-powered solutions and help countries meet their net-zero emissions goals. We’re proud of our partnership with SK E&C. Together, we are well-positioned to play an important role in the global hydrogen economy.”

The SOFCs use hydrogen byproduct generated by SK Advanced to create power without CO₂ emissions. The hydrogen-powered fuel cells are supplied, operated and maintained by Bloom Energy. Upon completion of the pilot project, Bloom Energy’s hydrogen SOFCs will support South Korea’s Changwon RE100 initiative, as well as many other projects. The RE100 is a global renewable energy initiative led by the Climate Group to accelerate the move toward zero-carbon electricity grids. As reported in November 2020, Bloom Energy and SK E&C won a competitive bid for the Changwon RE100 to supply Bloom Energy’s hydrogen-powered SOFCs and hydrogen electrolyzers to an industrial complex there.

“Bloom’s state-of-the-art hydrogen fuel cell, which represents the pinnacle of power generation efficiency and safety, will allow us to provide clean electricity that will help Korea reach carbon neutrality by 2050,” said Jason Ahn, CEO of SK E&C. “We look forward to playing a leading role in the SK Group’s eco-friendly business expansion, as well as the Korean government’s Green New Deal and carbon neutrality policy.”

In addition, Bloom Energy intends to supply its solid-oxide electrolyzer cells (SOEC), which are designed to produce green hydrogen via solar and battery, to South Korea in 2022 as part of the RE100 project. The green hydrogen produced by the SOEC, which is created through electrolysis by converting water and renewable electricity into hydrogen without carbon emissions, will be used to power the hydrogen SOFC.

About Bloom Energy

Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. Bloom Energy’s product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications. Bloom Energy’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries. For more information, visit www.bloomenergy.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Words such as “anticipates,” “could,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” “can,” “may,” “will,” “would” and similar expressions identify such forward-looking statements. These statements include, but are not limited to, Bloom Energy’s expectations regarding the hydrogen fuel cell market in South Korea, Bloom Energy’s expectations regarding its hydrogen-powered fuel cells and electrolyzers, Bloom Energy’s expectations that hydrogen-powered fuel cells will serve as an essential tool for full decarbonization, and Bloom Energy’s ability to successfully deliver these new hydrogen applications. These statements should not be taken as guarantees of results and should not be considered an indication of future activity or future performance. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including those included in the risk factors section of Bloom Energy’s Annual Report on Form 10-K for the year ended December 31, 2020 and other risks detailed in Bloom Energy’s SEC filings from time to time. Bloom Energy undertakes no obligation to revise or publicly update any forward-looking statements unless if and as required by law.

Media Relations:
Jennifer Duffourg
Bloom Energy
+1 (480) 341-5464
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Investor Relations:
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HOUSTON--(BUSINESS WIRE)--NOV Inc. (NYSE: NOV) today reported first quarter 2021 revenues of $1.25 billion, a decrease of six percent compared to the fourth quarter of 2020 and a decrease of 34 percent compared to the first quarter of 2020. Net loss for the first quarter of 2021 was $115 million, or 9.2 percent of sales, which included non-cash, pre-tax charges (“other items”, see Other Corporate Items for additional detail) of $9 million. Adjusted EBITDA (operating profit excluding depreciation, amortization, and other items) decreased $17 million sequentially to $0.

“We are encouraged by signs of an emerging global recovery for our industry,” stated Clay Williams, Chairman, President and CEO. “However, NOV’s weak first quarter results reflect the extreme austerity that descended on the oilfield following the economic shutdown of 2020, as our oilfield service customers preserved cash by cannibalizing idle equipment rather than buying new. Severe winter weather in Texas and Oklahoma, additional COVID lockdown measures in Asia, and supply chain disruptions further impacted first quarter results.

“Higher rig activity in North America and certain international markets, resulting from stronger oil prices, is leading to tangible improvements. We are seeing better volume and pricing for our products and services tied to activity, including drill bits, downhole tools, oilfield pipe inspection and wellsite services. Additionally, improving tendering activity is expected to drive additional capital equipment orders in the second half of 2021.

“NOV has undertaken extraordinary cost reduction measures over the past several quarters while continuing to invest in its next generation of products, leaving the Company well-positioned for a recovery. Global economic growth, shrinking crude inventories, stronger oil and gas prices, and recovering oilfield activity are expected to provide the foundation for a meaningful improvement in financial results as the year progresses,” concluded Williams.

Wellbore Technologies

Wellbore Technologies generated revenues of $413 million in the first quarter of 2021, an increase of 11 percent from the fourth quarter of 2020 and a decrease of 40 percent from the first quarter of 2020. The sequential increase in revenue was driven by improving drilling activity in the Western Hemisphere, partially offset by seasonality in the Eastern Hemisphere. Operating loss improved $64 million sequentially to $14 million, or 3.4 percent of sales, and included $6 million of other items. Adjusted EBITDA increased $22 million sequentially to $34 million, or 8.2 percent of sales.

Completion & Production Solutions

Completion & Production Solutions generated revenues of $439 million in the first quarter of 2021, a decrease of 20 percent from the fourth quarter of 2020 and a decrease of 35 percent from the first quarter of 2020. The sharp sequential decline in revenue was primarily the result of severe weather disruptions, certain project delays, COVID-19 shutdowns in Southeast Asia, and raw material shortages for the segment’s Fiberglass business unit. Operating loss improved $14 million sequentially to $17 million, or 3.9 percent of sales, and included -$2 million in other items. Adjusted EBITDA decreased $32 million sequentially to -$4 million, or -0.9 percent of sales.

New orders booked during the quarter totaled $338 million, representing a book-to-bill of 127 percent when compared to the $267 million of orders shipped from backlog. For 2021, the segment began including Denali brand underground fiberglass tanks in its capital equipment backlog, increasing the January 1, 2021 backlog balance by $57 million. Book-to-bill for the quarter was 115 percent excluding Denali. At March 31, 2021, backlog for capital equipment orders for Completion & Production Solutions was $810 million.

Rig Technologies

Rig Technologies generated revenues of $431 million in the first quarter of 2021, a decrease of one percent from the fourth quarter of 2020 and a decrease of 23 percent from the first quarter of 2020. Revenue declined due to soft orders and lower backlog in the segment’s rig equipment business, partially offset by growing demand for offshore wind related equipment and the initial progress on the first two rigs to be built at the Company’s new manufacturing facility in Saudi Arabia. Operating loss improved $124 million to $8 million, or 1.9 percent of sales, and included $3 million of other items. Adjusted EBITDA decreased $6 million sequentially to $13 million, or 3.0 percent of sales. Profitability was negatively impacted by the decline in revenue, a less favorable product mix and costs associated with severe weather disruptions.

New orders booked during the quarter totaled $112 million, representing a book-to-bill of 59 percent when compared to the $190 million of orders shipped from backlog. At March 31, 2021, backlog for capital equipment orders for Rig Technologies was $2.59 billion.

Other Corporate Items

During the first quarter, the Company recognized $9 million in net restructuring charges, primarily due to severance costs and facility closures. See reconciliation of Adjusted EBITDA to Net Income.

As of March 31, 2021, the Company had total debt of $1.85 billion, with $2.00 billion available on its revolving credit facility, and $1.61 billion in cash and cash equivalents. Subsequent to quarter end, the Company repaid the entire outstanding balance ($183 million) of its 2.60% unsecured Senior Notes due December 2022 using available cash balances. Following the repayment, the Company’s earliest bond maturity is in 2029.

Significant Achievements

NOV received work orders for the first two rigs to be built at its state-of-the-art manufacturing facility in Saudi Arabia. The plant has a commitment from Saudi Aramco Nabors Drilling Company to build 50 drilling rigs that are designed for the rugged conditions of the GCC region and incorporate NOV’s most cutting-edge technology suite.

NOV introduced a new design of its IntelliServ wired drill pipe technology that simplifies the process of embedding the coil and data cables, shortening the manufacturing process from 20 hours to only 20 minutes. In addition to the significant reduction in upfront manufacturing costs, the new design also enables field installation and simplifies repair and maintenance processes, resulting in a significantly lower total cost of ownership over the life-cycle of the pipe. The new IntelliServ offering provides the same instantaneous and bi-directional transmission of downhole data during the drilling process that enables operators to achieve greater downhole transparency and better overall well performance, at a fraction of the cost.

NOV won a large contract to supply Viper™, XLW, and XLW-GT large-diameter casing for the Gulf of Mexico North Platte 20,000-psi project, the first of its kind. Ideal for critical deepwater applications, XLW and XLW-GT casings combine the integrity of integral connectors with the strength of weld-on connectors. Viper technology’s proven performance in deepwater brings exceptional sealing properties, fatigue performance, and full pipe body strength to differentiate it from the competition.

NOV technology continues to drive efficiency improvements in harsh-environment drilling applications for geothermal development projects. NOV’s FluidHammer drilling tool, combined with a Vector™ Series 36i Drilling Motor, will be used by a customer in Switzerland to drill through 3,200 meters of extremely challenging granite. The Series 36i motor incorporates NOV’s Impulse technology that creates an axial impulse at the bit without restricting flow to the bit, increasing drilling efficiency in the most demanding applications.

NOV continued to grow its presence in the burgeoning offshore wind energy market with an order to order for the design, jacking systems, and heavy lift crane equipment for a wind turbine installation vessel for a European contractor.

NOV brought measurement-while-drilling (MWD) technologies to several new markets during the quarter. A geothermal contractor used the Tolteq™ MWD platform to drill a directional well in Japan for the first time. In another first, a customer in Namibia leveraged NOV’s Teledrift™ survey-on-connection tools to monitor the well trajectory in an operator’s first exploration well in a frontier play.

NOV’s ReedHycalog™ Fuego™ drill bit series, developed specifically for the challenging and diverse drilling applications of Latin America, continued to drive exceptional results across the region. In Mexico, a large service contractor achieved its best drilling performance ever in the country with the Fuego™ bit, reducing drilling time in every hole section to save more than 52 hours. On another project in Mexico, NOV provided a 14½-in. Fuego™ drill bit with Sabertooth^TM cutter configuration to enhance the durability and rate of penetration (ROP) while drilling through multiple formations in a high-pressure/high-temperature operation. The bit beat the ROP benchmark by 80% and saved approximately 90 hours in drilling time for the operator. Similarly, in Colombia, NOV supplied a 12¼-in. Fuego™ drill bit equipped with ION™ cutters, which was run with a downhole motor-powered rotary steerable assembly. The bit drove a 145% improvement in ROP and reduced drilling time by more than 19 hours.

NOV won a contract to provide Tuboscope’s TK-70™ internal coating for 43,000 ft of SCH80 10-in. line pipe and 1,400 Thru-Kote™ connections for a gathering system in South Texas. When used together, TK coated line pipe and the Thru-Kote welded connection system provide a seamless coated pipeline with improved flow efficiency and superior corrosion protection.

NOV continued its long history of providing emergency services during critical situations when its Portable Power team assisted numerous new and existing customers in Texas and Louisiana with emergency power generators during the freezing weather event in February. The Shreveport, Houston, Corpus Christi, and Odessa NOV field offices provided emergency power to an array of customers, including Texas government entities, local municipalities, and hospitals.

NOV was awarded a contract for an MPowerD™ managed-pressure-drilling (MPD) drilling campaign in West Africa starting later this year. NOV will provide critical engineering and field operations services, as the application requires a high-profile system to meet challenging well conditions with narrow drilling parameters.

NOV’s M/D Totco™ Downhole Broadband Solutions product line continued to expand the capabilities of the eVolve™ optimization and automation services. Customers saw the benefits of real-time, high-frequency along-string measurements in new applications of the eVolve service. A coring operator utilized the eVolve service to optimize parameters and prevent premature breaking of the core, as well as jamming in the core barrel. Additionally, IntelliServ™ Wired Drill Pipe (WDP) was used on subsea operations alongside a new third-party tool designed to eliminate the umbilical during well completions. The operator remotely controls the tool topside through a WDP interface, allowing them to eliminate significant amounts of equipment from the rig and reduce complex mechanical and hydraulic interfaces.

First Quarter Earnings Conference Call

NOV will hold a conference call to discuss its first quarter 2021 results on April 28, 2021 at 10:00 AM Central Time (11:00 AM Eastern Time). The call will be broadcast simultaneously at www.nov.com/investors. A replay will be available on the website for 30 days.

About NOV

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

Visit www.nov.com for more information.

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

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

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

Blake McCarthy
Vice President, Corporate Development and Investor Relations
(713) 815-3535
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