Launch FracSense; Improving Decision Making for Oil & Gas Operators

ROANOKE, Va.--(BUSINESS WIRE)--#Luna--Luna Innovations (NASDAQ: LUNA), a global leader in advanced optical technology, today announced an important partnership between its OptaSense business and Liberty Oilfield Services. The strategic partnership is introducing FracSense^TM, a diagnostic service to help engineering professionals at our oil & gas customers acquire more accurate diagnostic information, ultimately leading to optimized hydrocarbon production.

“The formation of this alliance with Liberty is an important step in capturing a significant opportunity in the oil and gas market,” said Luna Innovations CEO, Scott Graeff. “Fiber-optic sensing technology provides operators the ability to gather key data while improving their overall asset economics. We are excited to work with our partners and customers to deliver this cutting-edge technology.”

Launched in partnership with Liberty, the diagnostics service utilizes real-time fiber optic measurements to monitor the fracture treatment process in wells. Capturing high resolution, real-time data allows operators to course correct, improving fracture length and fracture-height model calibration as well as evaluating effective well spacing. Additionally, since the fiber can be deployed into new or existing wells, the technology can also be used to profile production.

James Pollard, Managing Director of OptaSense, a Luna company, stated, “The ability to optimize frac design based on reservoir and production response will deliver considerable value. OptaSense’s fiber-optic measurements, delivering real-time data and visualization, along with Liberty’s hydraulic fracturing stimulation and completion design expertise, will help operators maximize resource recovery in their reservoirs.”

“FracSense is our latest service offering, which strengthens our existing portfolio of fracture engineering technologies,” said Liberty CEO, Chris Wright. “This allows our renowned technical team to provide best-in-class fracture diagnostics and modeling to help our customers with completion design optimization and extract maximum value from their resource.”

About Luna
Luna Innovations (NASDAQ: LUNA) is a leader in optical technology, committed to serving its customers with unique capabilities in high-performance, fiber-optic-based sensing, measurement, testing and control products for the aerospace, transportation, infrastructure, security, process control, communications, silicon photonics, defense, and automotive industries, among others. Luna is organized into two business segments, which work closely together to turn ideas into products: Lightwave and Luna Labs. Enabling the future with fiber, Luna’s business model is designed to accelerate the process of bringing new and innovative technologies to market. www.lunainc.com

About OptaSense
OptaSense, a Luna company, is the world leader in Distributed Acoustic Sensing and operates in 40 countries globally across multiple industries including Oil & Gas, Defense & Security, Transport and Utilities. OptaSense (optasense.com) technology is currently being used to monitor more than 25,000 km of assets around the globe, including oil and gas pipelines, security perimeters and international borders.

About Liberty
Liberty Oilfield Services (NYSE: LBRT) is a leading North American oilfield services firm that offers one of the most innovative suites of completion services and technologies to onshore oil and natural gas exploration and production companies. Liberty was founded in 2011 with a relentless focus on developing and delivering next generation technology for the sustainable development of unconventional energy resources in partnership with our customers. Liberty is headquartered in Denver, Colorado. For more information about Liberty, please contact Investor Relations at This email address is being protected from spambots. You need JavaScript enabled to view it..

Forward-Looking Statements
The statements in this release that are not historical facts constitute “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include Luna’s expectations regarding technological capabilities and potential performance improvements, or value related to its technology and/or products. Management cautions the reader that these forward-looking statements are only predictions and are subject to a number of both known and unknown risks and uncertainties, and actual results, performance, and/or achievements of Luna may differ materially from the future results, performance, and/or achievements expressed or implied by these forward-looking statements as a result of a number of factors. These factors include, without limitation, changes in market needs and technological challenges and other risks and uncertainties set forth in Luna’s periodic reports and other filings with the Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov and on Luna’s website at www.lunainc.com. The statements made in this release are based on information available to Luna as of the date of this release and Luna undertakes no obligation to update any of the forward-looking statements after the date of this release.

Allison Woody
Phone: 540-769-8465
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• No. 1 in the global gas turbine market with a 29.0% share
• 40.8% share of heavy-duty gas turbine market

YOKOHAMA, Japan--(BUSINESS WIRE)--Mitsubishi Power, a subsidiary of Mitsubishi Heavy Industries (MHI) Group, captured the top market share by megawatts in the first quarter of 2021 with a global gas turbine market share of 29.0% according to McCoy Power Reports data.* The company also secured 40.8% share of the heavy-duty gas turbine (HDGT) market, representing single unit output of 100 megawatts (MW) and above, led by Mitsubishi Power’s latest model JAC (J-Series Air-Cooled) gas turbines.

Mitsubishi Power's high market share results from its strong project execution track record, high performance, and product reliability. Mitsubishi Power has extensive experience with large gas turbines, including the F, G and J series. The G series has surpassed 5.6 million actual operating hours (AOH) with 94 units now in commercial operation. The J series has surpassed 1.3 million AOH with 46 units now in commercial operation, and has 99.6% reliability.

In the HDGT market, which is the most popular segment for combined cycle gas turbines, the JAC is the world's leading gas turbine with an efficiency greater than 64%. It meets rigid standards for reduced carbon emissions, offering the lowest emissions in its class.

Another feature boosting Mitsubishi Power’s leading global status is that all heavy-duty gas turbines now ship with hydrogen capability for even deeper decarbonization. As delivered, the gas turbines are capable of operating on a mixture of up to 30% hydrogen and 70% natural gas, which can be increased to 100% hydrogen in the future.

A key contributor to Mitsubishi Power’s market share is the recent order for two M701JAC gas turbines for a 1,500 MW combined cycle power plant that is under construction in Sirdarya, the Republic of Uzbekistan. This is the first large-scale independent power producer project in the country, and once installed, the turbines will be the largest and most efficient in the Commonwealth of Independent States (CIS) region. The order also underscores Mitsubishi Power’s deep commitment to the CIS region.

“Mitsubishi Power continues to be recognized as both a market and industry leader, once again receiving top global market share behind the strength of the JAC,” said Ken Kawai, President and CEO of Mitsubishi Power. “We are eager to continue working with our customers and partners worldwide to lay the groundwork for a path toward a power sector that is completely carbon-neutral.”

Note

* This is based on the McCoy Power Report in the United States, which provides detailed market research. on global power generation projects.

About Mitsubishi Power, Ltd.

Mitsubishi Power, Ltd. is a leading provider and innovator of technology and solutions for the global energy sector. Headquartered in Yokohama, Japan, it is a wholly owned subsidiary of Mitsubishi Heavy Industries, Ltd., whose engineering and manufacturing businesses span energy, infrastructure, transport, aerospace and defense. With more than 18,000 employees across more than 30 countries worldwide, Mitsubishi Power designs, manufactures and maintains equipment and systems that drive decarbonization and ensure delivery of reliable power around the world. Among its solutions are a wide range of gas turbines including hydrogen-fueled gas turbines, solid-oxide fuel cells (SOFCs), and air quality control systems (AQCS). Committed to providing exemplary service and working with customers to imagine the future of energy, Mitsubishi Power is also spearheading the development of the digital power plant through its suite of AI-enabled TOMONI_TM solutions.

For more information, please visit https://power.mhi.com.

Shimon Ikeya
Communications Group
Communications & Government Relations Department
Mitsubishi Power, Ltd.
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: +81-45-200-7163

Cargo Shipping Company Signs Subscription Agreement for StowMan Vessel Pool

OAKLAND, Calif, & FLENSBURG, Germany--(BUSINESS WIRE)--Navis, the leading provider of maritime software solutions for efficient and compliant cargo, stowage planning and vessel performance, announced King Ocean Services Ltd. has signed a subscription agreement with Navis’ StowMan Vessel Pool to increase their stowage operations’ efficiency which will positively impact their bottom line.

King Ocean Services is among the market leaders in the regional niche trade lanes in which it serves - most prominent are services from South Florida to Colombia, the Dominican Republic, Aruba, Curacao and the Antillean Islands. As stowage operations are one of the most fundamental practices for ocean carriers because efficient stowage operations have a direct impact on making daily business safer and more profitable, it was a priority for King Ocean Services to find a solution to optimize its stowage operations. They selected Navis’ StowMan Vessel Pool solution to meet their needs and help them reach their business goals with the leading stowage software in the market.

“With the increasing complexity and volume of the global seaborne trade, it is highly vital to operate with innovative and futuristic solutions that will help us increase our value-added operations and remain competitive in the industry,” said Franco Da Costa Gomez, CFO at King Ocean Services Ltd. “With Vessel Pool, our planners will be able to swap ship profiles easily without being trapped in intensively time consuming administrative processes. As a result, we will not solely save a significant amount of time, but will also increase our stowage operations’ cost effectiveness.”

Vessel Pool empowers planners and stowage operations to be less dependent on third parties which particularly paves the way for replacing the antiquated methods of working and purchasing ship profiles. This helps planners save time and ocean carriers reduce operational costs. Additionally, planners gain full visibility of any ship profile that is in the Navis database - which holds 65% of the container market share - and the rich Navis StowMan database also allows planners to always work with up-to-date ship profiles. Thus giving ocean carriers best practices on increasing efficiency of their stowage operations with holistic and contemporary solutions.

“Ensuring efficient stowage operations may be far more complex and challenging than one thinks, due to antiquated methods as well as fast-growing and demanding nature of the global seaborne trade. In order to address the needs of ocean carriers, we have continuously enhanced our StowMan stowage solution,” said Jacques Marchetti, General Manager of EMEA at Navis. “As a result, we are able to leverage more efficient stowage operations with StowMan’s Vessel Pool solution/module which ultimately helps ocean carriers save operational costs.”

To learn more, visit the Navis Carrier and Vessel Solutions page.

About Navis, LLC

Navis, a part of Cargotec Corporation, is a provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the cargo supply chain. Navis combines industry best practices with innovative technology and world-class services, to enable our customers, regardless of cargo type, to maximize performance and reduce risk. Through its holistic approach to operational optimization, Navis customers benefit from improved visibility, velocity and measurable business results. Whether tracking cargo through a terminal, improving vessel safety and cargo capacity, optimizing rail network planning and asset utilization, automating equipment operations, or managing multiple terminals through an integrated, centralized solution, Navis helps all customers streamline operations. www.navis.com

About Cargotec Corporation

Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec has signed United Nations Global Compact’s Business Ambition for 1.5°C. The company’s sales in 2020 totalled approximately EUR 3.3 billion and it employs around 11,500 people. www.cargotec.com

Ekinsu Rudek
Navis, LLC
T+49 461 430 41 318
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Geena Pickering
Affect
T+1 212 398 9680
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HOUSTON--(BUSINESS WIRE)--Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”), a leading specialty construction company, today announced that its VP of Investor Relations, Francis Okoniewski, will participate in the Sidoti Virtual Microcap Investor Conference on Wednesday, May 19, 2021 at 10:45 am ET.

Mr. Okoniewski will be available for one-on-one meetings all day. To schedule a meeting please contact your Sidoti institutional sales representative or Fred Buonocore at This email address is being protected from spambots. You need JavaScript enabled to view it..

A live webcast of the presentation will be available in the Investors section of the Company's website, and at https://sidoti.zoom.us/webinar/register/WN_LS-Hr05gQqKllujJ9XQVcA. An archived recording of this will also be available following the live webcast in the investor relations section of the company's website at www.oriongroupholdingsinc.com.

About Orion Group Holdings

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental United States, Alaska, Canada and the Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas.

Orion Group Holdings Inc.
Francis Okoniewski, Vice President Investor Relations
(346) 616-4138
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www.oriongroupholdingsinc.com

Robert Tabb, Executive Vice President & CFO
(713) 852-6500
www.oriongroupholdingsinc.com

The plant has the capacity to produce 2,300 MMBtu/day of pipeline-quality RNG from local landfill and wellfield

CANONSBURG, Pa.--(BUSINESS WIRE)--#decarbonize--Archaea Energy (“Archaea” or “the Company”), an emerging leader in the development of renewable natural gas (RNG), announced today that its Boyd County Sanitary Landfill gas (LFG)-to-RNG project in partnership with Rumpke Waste & Recycling (“Rumpke”) is fully operational. Located in Ashland, Kentucky, the plant now has the capacity to produce 2,300 MMBtu/day of pipeline-quality RNG, providing a predictable source of feedstock in perpetuity and transforming the site into a renewable energy center.

Archaea’s experienced technical and operational team enabled this LFG-to-RNG energy project to become operational in just four months after acquiring the project from another developer. Until now, the plant was unable to upgrade its LFG to meet pipeline specifications.

“Our mission was multi-faceted: to ensure that the Boyd County biogas project is fully compliant, operational, and profitable and that it benefits the tri-state communities in Kentucky, Ohio and West Virginia,” said Nick Stork, Archaea Energy Co-Founder and CEO. “Our experienced team helps landfills and off-take partners harness the power of RNG, guided by the Company’s values and a strong commitment to sustainability and decarbonization.”

Rumpke Area President Andrew Rumpke added: “We are deeply committed to the communities where we operate facilities and service customers. Partnering with Archaea on an RNG project at the Boyd County Sanitary Landfill aligns with our mission to ensure environmental compliance and safety as a responsible neighbor to the local community.”

Producing pipeline-quality RNG

The landfill currently processes about 1,400 tons of trash a day from the tri-state area within a 75-mile radius. Previous attempts by other RNG developers to increase the landfill’s methane recovery levels by implementing a nitrogen-rejection process were unsuccessful in meeting the specifications for pipeline-quality RNG without heavy blending with natural gas. Archaea has worked diligently with the Rumpke team to improve landfill gas collection, significantly reduce emissions and increase renewable gas production.

The Archaea team applied its unique knowledge of gas separation and nitrogen rejection to repair and optimize the plant to remove inert components and convert the raw LFG to RNG with high levels of methane recovery. In addition, by better managing the wellfield, Archaea is able to produce RNG without any blending of fossil natural gas.

Charlie Anderson, Archaea Energy’s Co-Founder and Director of Gas Processing said: “Leveraging the combined experience of our technical and operational teams across over 30 biogas projects, we turned a very challenging RNG plant into a revenue-producing renewable energy project in a short timeframe. We achieved this by carefully analyzing each step of the landfill gas upgrade process to identify opportunities for the most impactful improvements and then implemented changes to re-commission the plant successfully. In particular, our expertise in separating nitrogen from RNG was key to producing RNG without blending.”

Archaea combines effective and compliant wellfield management with the technical expertise to purify raw LFG and produce pipeline-quality RNG. Boyd County Sanitary Landfill now provides a predictable source of feedstock in perpetuity and is equipped to reach its decarbonization goals, increase efficiency, and tap into new sources of revenue, all while improving the quality of life in the surrounding community.

###

About Archaea Energy

Archaea Energy is an emerging leader in developing renewable natural gas from high-carbon emission processes and industries by capturing recurring emissions from food waste, wastewater, agricultural waste and landfill gas. Archaea builds, operates and manages RNG projects throughout the entire energy life cycle and offers off-take partners the opportunity to purchase RNG from Archaea’s portfolio of projects under long-term agreements. We deliver pipeline-quality RNG from coast to coast using the existing natural gas infrastructure.

About Rumpke Waste & Recycling

Rumpke Waste & Recycling has been committed to keeping neighborhoods and businesses clean and green since 1932 by providing environmentally friendly waste disposal and recycling solutions. Headquartered in Colerain Township, Ohio, Rumpke is one of the nation’s largest privately-owned residential and commercial waste and recycling firms.

Katarina Matic
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917-853-1105

DUBLIN--(BUSINESS WIRE)--The "Flow Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.

The global flow meter market reached a value of US$ 7.6 Billion in 2020. Looking forward, the publisher expects the global flow meter market to exhibit moderate growth during the next five years.

A flow meter is defined as an instrument used for measuring the linear, nonlinear, mass and volumetric flow rate of a gas or liquid. The applications of this device are varied, owing to which it is designed according to the specific engineering requirements of end users. Presently, flow meters are majorly categorized as mass, velocity and positive displacement meters. Mass meters include Coriolis and thermal mass flow meters. Velocity flow meters consist of ultrasonic, paddle wheel, target, orifice plate, turbine, vortex, variable area, and venturi tube flow meters. Whereas, positive displacement meters mainly include oscillating piston, gear flow, piston, reciprocating piston, and oval-gear meters. The demand for improved flow meters has been escalating across the globe on account of rapid urbanization and the rising need for better water and wastewater management systems.

Over the last few years, the flow meter industry has been witnessing significant growth, primarily on account of innovative product developments and expansion in application areas. Market players have substantially increased their spending on research and development (R&D) focused on the modernization of flow measurement instruments and sensor devices. Owing to this, there have been several technical improvements in the functioning of flow meters.

Some of these advancements include online diagnosis and troubleshooting, remote calibration and configuration, wireless communication, improved installation management and application effects, multiple measurement formats, and embedded digital signals. These developments have made flow meters highly versatile, functional and reliable, owing to which they find applications across various end use sectors including the medical, automotive, HVAC, and process industries.

Key Players:

• ABB Group
• Emerson Electric Co.
• Siemens AG
• Schneider Electric SE
• Saison Information Systems Co., Ltd.

Key Questions Answered in This Report:

• How has the global flow meter market performed so far and how will it perform in the coming years?
• What are the key regions in the global flow meter market?
• What has been the impact of COVID-19 on the global flow meter market?
• Which are the popular product types in the global flow meter market?
• What are the major application segments in the global flow meter market?
• What are the various stages in the value chain of the global flow meter market?
• What are the key driving factors and challenges in the global flow meter market?
• What are the import and export trends of the global flow meter market?
• What is the structure of the global flow meter market and who are the key players?
• What is the degree of competition in the global flow meter market?
• How are flow meters manufactured?

Key Topics Covered:

1 Preface

2 Scope and Methodology

2.1 Objectives of the Study

2.2 Stakeholders

2.3 Data Sources

2.3.1 Primary Sources

2.3.2 Secondary Sources

2.4 Market Estimation

2.4.1 Bottom-Up Approach

2.4.2 Top-Down Approach

2.5 Forecasting Methodology

3 Executive Summary

4 Introduction

4.1 Overview

4.2 Key Industry Trends

5 Global Flow Meter Market

5.1 Market Overview

5.2 Market Performance

5.3 Impact of COVID-19

5.4 Market Breakup by Product Type

5.5 Market Breakup by Application

5.6 Market Breakup by Region

5.7 Market Forecast

5.8 SWOT Analysis

5.8.1 Overview

5.8.2 Strengths

5.8.3 Weaknesses

5.8.4 Opportunities

5.8.5 Threats

5.9 Value Chain Analysis

5.9.1 Overview

5.9.2 Research and Development

5.9.3 Raw Material Procurement

5.9.4 Manufacturing

5.9.5 Marketing

5.9.6 Distribution

5.9.7 End-Use

5.10 Porters Five Forces Analysis

5.10.1 Overview

5.10.2 Bargaining Power of Buyers

5.10.3 Bargaining Power of Suppliers

5.10.4 Degree of Competition

5.10.5 Threat of New Entrants

5.10.6 Threat of Substitutes

6 Market Breakup by Product Type

6.1 Analog Flow Meter

6.1.1 Market Trends

6.1.2 Market Forecast

6.2 Smart Flow Meter

6.2.1 Market Trends

6.2.2 Market Forecast

7 Market Breakup by Application

7.1 Residential

7.1.1 Market Trends

7.1.2 Market Forecast

7.2 Industrial

7.2.1 Market Trends

7.2.2 Market Forecast

7.3 Commercial

7.3.1 Market Trends

7.3.2 Market Forecast

8 Market Breakup by Region

8.1 North America

8.2 Europe

8.3 Asia Pacific

8.4 Middle East and Africa

8.5 Latin America

9 Imports and Exports

9.1 Imports by Major Countries

9.2 Exports by Major Countries

10 Flow Meter Manufacturing Process

10.1 Product Overview

10.2 Raw Material Requirements

10.3 Manufacturing Process

10.4 Key Success and Risk Factors

11 Competitive Landscape

11.1 Market Structure

11.2 Key Players

11.3 Profiles of Key Players

For more information about this report visit https://www.researchandmarkets.com/r/z9qdr0

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Leading PACE Provider closes their 11^th ABS Transaction

PETALUMA, Calif.--(BUSINESS WIRE)--Ygrene, the nation’s leading issuer of green bonds backed by Property Assessed Clean Energy (PACE) assets, announced today the closing of its GoodGreen 2021-1 securitization with the issuance of $343 million of investment-grade debt securities. Since inception, Ygrene has completed 11 securitization transactions totaling approximately $2.6 billion, solidifying its leadership in innovative financing products by providing equitable access to affordable financing for home and business owners to improve their property’s energy efficiency and resiliency.

“Investors are looking for strategies to acquire high-quality, income-producing investments that actually make a difference for society - and provide diversification. As it relates to PACE assets, investors love the fact that PACE financing provides an affordable way for property owners to lessen their carbon footprint, and to make their properties more resilient to the increasing severity of hurricanes and wildfires,” said Greg Saunders, Ygrene Chief Financial Officer.

This marks Ygrene’s third transaction rated by DBRS Morningstar, a global rating agency with significant experience in the ABS, CMBS, MBS and other capital market sectors. Natixis was the lead structuring agent and bookrunner, along with Deutsche Bank serving as co-bookrunner, and ING serving as co-manager.

“We are particularly proud that this transaction was yet another to be rated as a Green Bond by Sustainalytics, a leading independent ESG ratings firm. This designation represents a balanced combination of factors including strong governance, transparency, and impact in mitigating the effects of climate change.” said Michael McCormick, Ygrene Director of Capital Markets.

Through public-private partnerships, PACE stands out as a trusted source of private capital for spurring local economies, enhancing property values, and helping to meet resiliency and environmental goals while offering a reliable method for lawmakers to grow their tax base at no cost to local government. To date, Ygrene has financed approximately 100,000 projects nationally, and has emerged as the PACE market leader because of its leading consumer protections and exceptional customer satisfaction - which consistently rank among the highest within the financial services industry.

About Ygrene Energy Fund

Ygrene's award-winning PACE program, with built-in consumer protections is delivering greater choice for home and business owners by providing accessible and affordable financing for energy efficiency, property protection, renewable energy, and water conservation projects. PACE has proven to be a successful tool for supporting public policy initiatives, all without the use of public tax dollars or credits. By providing over $2.6 billion of private capital to more than 550 local communities, Ygrene has created tens of thousands of jobs and invested millions into local economies across the U.S. Ygrene is not a government program. Learn more at ygrene.com.

ROB O’DONNELL
301-275-9091
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Global power business expanding U.S. decarbonization expertise through appointment of advisor to Department of Commerce’s Renewable Energy and Energy Efficiency Advisory Committee

OVERLAND PARK, Kan.--(BUSINESS WIRE)--Black & Veatch has further expanded its contribution to global decarbonization, and the export of U.S. renewable energy expertise, through the appointment of Sean Tilley to the Renewable Energy and Energy Efficiency Advisory Committee (REEEAC).

Tilley is the company’s Global Technology Portfolio Manager for Renewable Energy within Black & Veatch’s Power Business. REEEAC is the U.S. Department of Commerce committee advising Secretary of Commerce Gina M. Raimondon on the development and administration of programs and policies to expand the export competitiveness of U.S. renewable energy and energy efficiency products and services.

“Decarbonization is highly skilled and technology led; a move away from the commoditization of power engineering seen in recent years. This makes it an arena in which the U.S. can have a strong presence,” said Mario Azar, president of Black & Veatch’s global power business. “As a global provider of decarbonization solutions; with expertise in established technologies including wind and solar – as well as nascent decarbonization pathways like energy storage, hydrogen and ammonia – we feel ideally placed to support REEEAC’s goal of extending U.S. renewable energy skills and technology to markets around the world.”

The committee’s advice and recommendations function at the strategic level, encompassing areas including:

• Trade policy development impacting the competitiveness of U.S. renewable energy and energy efficiency exports
• U.S. Government policies and programs that directly impact the competitiveness of renewable energy and energy efficiency exports
• Priority export markets for the renewable energy and energy efficiency industries

In January 2021 Black & Veatch joined the Hydrogen Council – a global initiative of leading energy, transport and industry organizations with a vision for hydrogen’s ability to foster the energy transition; in April this year the company joined the Low-Carbon Resources Initiative.

“Technology is at the leading edge of the energy transition towards net-zero. We are joining an increasingly wide network of groups and organizations, such as REEEAC, to apply our global experience as we share the goal of proliferating technologies which enable this,” added Tilley.

Black & Veatch brings insights and experience to REEAC from projects including:

• Working with Long Ridge Energy Generation to retrofit a 485-megawatt (MW) combined-cycle power plant making it the nation’s first large gas turbine plant to transition operations to hydrogen fuel and the Intermountain Power Renewal Project, an 840-MW combined-cycle gas facility in Utah.
• Helping Rocky Mountain Power integrate renewable energy and electricity storage onto the grid; by executing a 650-kilowatt solar power generation and 1-MW, 5 MW-hour battery storage system engineering, procurement and construction (EPC) project.
• Delivering the Cardinal Point EPC Wind Project to create a new 150-MW onshore wind facility for Capital Power.

About Black & Veatch

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

Media Contact Information:
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SANTA CLARITA, Calif.--(BUSINESS WIRE)--California Resources Corporation (NYSE: CRC), an independent oil and natural gas exploration and production company, today reported first quarter 2021 operational and financial results.

“CRC delivered on its strategy with strong first quarter results while maintaining solid environmental and safety records,” said Mac McFarland, President and Chief Executive Officer. "Given the positive first quarter results, supported by the previously announced capital structure simplification through a senior debt offering and the recent amendment to our Revolving Credit Facility, CRC’s Board of Directors authorized a $150 million Share Repurchase Program. This promising step underpins our robust financial fundamentals which are further strengthened by CRC's 2021 projected free cash flow¹. As CRC is tracking to the high end of 2021 free cash flow¹ guidance, we will look for additional ways to return capital to our shareholders as the year progresses.”

First Quarter 2021 Highlights

Financial

• Reported a net loss attributable to common stock of $94 million, or $1.13 per diluted share. Adjusted net income¹ was $102 million, or $1.22 per diluted share
• Generated adjusted EBITDAX¹ of $189 million and free cash flow¹ of $120 million
• Reaffirmed 2021 free cash flow¹ guidance and optimized CRC investment dollars by shifting $15 million from drilling and completions to downhole maintenance projects which provide efficiencies and faster payouts
• Closed the quarter with $130 million of cash on hand, an undrawn credit facility and $545 million of liquidity²
• Simplified CRC's capital structure with a senior unsecured $600 million debt offering
• Subsequent to quarter end, signed an amendment to its Revolving Credit Facility which provides CRC with additional strategic flexibility with regard to returning capital to shareholders and to future hedging levels, and completed the borrowing base review which set the borrowing base at $1.2 billion
• Quarterly operating costs were $164 million and general and administrative (G&A) expenses were $48 million, a reduction of 15% and 20%, respectively, as compared to 1Q20
• Generated net cash provided by operating activities of $147 million with quarterly capital expenditures of $27 million

Operational

• Produced an average of 99,000 net barrels of oil equivalent (BOE) per day, including 60,000 barrels per day of oil
• Maintained industry leading HSE standards
• Operated one drilling rig in the San Joaquin Basin; operated 30 maintenance rigs; drilled 17 wells (15 online in 1Q21, final two online in 2Q21); and completed 40 capital workovers

2021 Guidance

Given the strength of the first quarter results, CRC reaffirmed previously issued 2021 free cash flow¹ guidance of $250 to $350 million and it sees 2021 free cash flow¹ trending towards the high end of the stated guidance range. Recognizing capital efficiency improvements and faster payouts on downhole maintenance projects, CRC revised its operating and capital guidance by shifting $15 million of drilling and completions capital to these opportunities. CRC made $27 million of capital investments in the first quarter of 2021. The current capital program anticipates CRC to gradually increase quarterly investment throughout the year if the commodity environment continues to strengthen. If commodity prices decline significantly from current levels, CRC may need to adjust its capital program in response to market conditions. The Company's capital program will be dynamic in response to oil market volatility while focusing on maintaining its oil production, strong liquidity and maximizing its free cash flow.

Initiating a Share Repurchase Program

In May 2021, CRC's Board of Directors authorized a Share Repurchase Program (SRP) to acquire up to $150 million of CRC's common stock through March 31, 2022. The repurchases may be affected from time-to-time through open market purchases, privately negotiated transactions, Rule 10b5-1 plans, accelerated stock repurchases, derivative contracts or otherwise in compliance with Rule 10b-18, subject to market conditions. The SRP does not obligate CRC to repurchase any dollar amount or number of shares and CRC's Board of Directors may modify, suspend, or discontinue authorization of the program at any time. The Share Repurchase Program expires on March 31, 2022.

Sustainability Update

CRC remains dedicated to environmental stewardship and will continue to deliver on its 2030 Sustainability Goals. Given significant progress on CRC's Water and Methane goals, management and the Board are reviewing the current ESG initiatives to enhance them with a strengthened decarbonization strategy. This review will focus particularly on actionable energy transition opportunities including carbon capture, utilization and storage (CCUS), solar power and other renewable projects. The Company expects to provide additional details about this approach next quarter.

Underscoring CRC’s commitment to safe and responsible production, the Company’s ESG performance and progress on its 2030 Sustainability Goals, which align with California’s climate goals toward carbon neutrality in accordance with the Paris Climate Accord, are directly tied to the performance-based compensation of its executives, senior managers and employees. The Board, through its Operations and Sustainability Committee, will continue to highlight, monitor and provide guidance to CRC's efforts to serve as a responsible steward of California’s natural resources, safeguard people and the environment, and advance California’s long-term goals.

Fresh Start Accounting and Predecessor and Successor Periods

Upon emergence from Chapter 11 bankruptcy proceedings on October 27, 2020, CRC adopted and applied fresh start accounting at which point we became a new entity for financial reporting purposes. We adopted an accounting convenience date of October 31, 2020 for the application of fresh start accounting. As a result of the application of fresh start accounting and the effects of the implementation of the plan of reorganization, the financial statements after October 31, 2020 may not be comparable to the financial statements prior to that date. References to "Predecessor” refer to the Company for periods ended on or prior to October 31, 2020 and references to “Successor” refer to the Company for periods subsequent to October 31, 2020.

First Quarter 2021 Results

Review of Operating and Financial Results

Total daily net production volumes decreased 18% from 121,000 BOE per day for the first quarter of 2020 to 99,000 BOE per day for the first quarter of 2021. The decrease from the same period in 2020 was primarily due to limited drilling activity and capital investment during the prior twelve months. Production was also negatively impacted by approximately 1,000 BOE per day in the first quarter of 2021 due to downtime at one of CRC's gas processing plants. Production sharing type contracts (PSC-type) at CRC's Long Beach assets negatively impacted oil production by approximately 2,600 BOE per day in the first quarter of 2021 compared to the same prior-year period. CRC's total daily production decreased by approximately 15% compared to the same period in 2020 after excluding the impact of PSC-type contracts and unscheduled downtime at one of its gas processing plants. See Attachment 3 for further information on production.

Realized oil prices, including the effect of settled hedges, decreased by $1.77 per barrel from $55.50 per barrel in the first quarter of 2020 to $53.73 per barrel in the first quarter of 2021. Realized oil prices were lower in the first quarter of 2021 compared to the same prior-year period primarily due to settlement payments on commodity contracts, compared to receipts from commodity contracts in the first quarter of 2020, despite an increase in benchmark prices between comparative periods. See Attachment 4 for further information on prices.

Adjusted EBITDAX¹ for the first quarter of 2021 was $189 million and net cash provided by operating activities was $147 million. Internally funded capital invested during the first quarter of 2021 was $27 million. Free cash flow¹ was $120 million. CRC’s adjusted EBITDAX¹ is not reduced by the one-time restructuring charge of $14 million related to its workforce reductions during the three months ended March 31, 2021.

Operating costs for the first quarter of 2021 were $164 million, compared to $192 million for the first quarter of 2020. The decrease was primarily attributable to efficiencies and streamlining of CRC's operations, including headcount reductions in the second half of 2020 and in the first quarter of 2021. Operating costs per BOE are presented below:

G&A expenses were $48 million for the first quarter of 2021, compared to $60 million in the same prior-year period. The decrease in G&A expenses resulted from efficiencies and streamlining of CRC's operations, including a $7 million decrease in employee related expenses as a result of workforce reductions. We expect CRC's quarterly G&A expenses to modestly trend down throughout the year from current levels.

CRC reported taxes other than on income of $40 million for the first quarter of 2021, compared to $41 million for the same prior-year period. Exploration expense was $2 million for the first quarter of 2021 and $5 million in the first quarter of 2020.

Balance Sheet and Liquidity Update

In January 2021, CRC further simplified its balance sheet by completing an offering of $600 million in aggregate principal amount of its 7.125% senior unsecured notes due 2026. The net proceeds of $588 million, after $12 million of debt issuance costs, were used to repay in full CRC's Second Lien Term Loan and EHP Notes. The remaining proceeds were used to pay down substantially all of CRC's then outstanding Revolving Credit Facility.

CRC's aggregate commitment of $540 million as of March 31, 2021 was automatically reduced to $492 million in April 2021 pursuant to the terms of CRC's Revolving Credit Facility. The borrowing base for the Revolving Credit Facility is redetermined around April and October of each year and was most recently set at $1.2 billion in May 2021. The amount CRC is able to borrow under the Revolving Credit Facility is limited to the amount of the commitment described above.

In May 2021, CRC amended its Revolving Credit Facility to provide further strategic flexibility with respect to CRC's minimum and maximum hedging restrictions and to increase CRC's capacity to make certain restricted payments, including paying dividends on its common stock and repurchasing its common stock.

Based on the timing of anticipated cash distributions to Benefit Street Partners (BSP) at current commodity prices, CRC believes the preferred interest held by BSP in its development joint venture could be automatically redeemed early in the fourth quarter of 2021.

Operational Update

During the first quarter of 2021, CRC operated one drilling rig in the San Joaquin Basin, drilled 17 net wells, 15 of which were brought online, and completed 40 capital workovers. Subsequent to the end of the first quarter, CRC added a second drilling rig and increased its maintenance rigs to 38. The San Joaquin basin produced 73,000 net BOE per day. The Los Angeles basin produced 20,000 net BOE per day, the Ventura basin produced 3,000 net BOE per day and the Sacramento basin produced 3,000 net BOE per day.

Organization Changes

In connection with CRC's emergence from bankruptcy, its Board of Directors was reconstituted in October 2020. On December 31, 2020, CRC's former President, Chief Executive Officer and director Todd A. Stevens departed and Mark A. (Mac) McFarland was appointed as interim Chief Executive Officer in addition to his role as Chair of CRC's Board of Directors. On March 22, 2021, the Board of Directors appointed Mr. McFarland as President and Chief Executive Officer on a permanent basis. On April 15, 2021, Tiffany (TJ) Thom Cepak replaced Mr. McFarland as the Chair of CRC's Board of Directors. Mr. McFarland will continue to serve as a director.

On April 30, 2021, Noelle M. Repetti was appointed Principal Accounting Officer. Mrs. Repetti joined CRC in 2014 as Vice President – Tax, and she assumed additional duties and was appointed Vice President and Controller in August 2017. On May 1, 2021, Jay Bys was appointed Chief Commercial Officer responsible for CRC's marketing and trading operations. Mr. Bys has nearly 30 years of experience across various segments of the energy industry in senior management roles. He will oversee the integration of CRC's renewable energy efforts.

Conference Call Details

To participate in the conference call scheduled for later today at 11:00 a.m. Eastern Time, please dial (877) 328-5505 (International calls please dial +1 (412) 317-5421) or access via webcast at www.crc.com 15 minutes prior to the scheduled start time to register. Participants may also pre-register for the conference call at https://dpregister.com/sreg/10153648/e58af1b180. A digital replay of the conference call will be archived for approximately 90 days and supplemental slides for the conference call will be available online in the Investor Relations section of www.crc.com.

¹ See Attachment 2 for the non-GAAP financial measures of adjusted EBITDAX, operating costs per BOE (excluding effects of PSC-type contracts), adjusted net income (loss) and free cash flow, including reconciliations to their most directly comparable GAAP measure, where applicable.
² Calculated as $130 million of cash plus $540 million of capacity on CRC's Revolving Credit Facility less $125 million in letters of credit.

About California Resources Corporation

California Resources Corporation (CRC) is an independent oil and natural gas exploration and production company, applying complementary and integrated infrastructure to gather, process and market its production. Using advanced technology, CRC focuses on safely and responsibly supplying affordable energy.

Forward-Looking Statements

The information included herein contains forward-looking statements that involve risks and uncertainties that could materially affect CRC's expected results of operations, liquidity, cash flows and business prospects. Such statements include those regarding CRC's expectations as to its future:

• financial position, liquidity, cash flows and results of operations
• business prospects
• transactions and projects
• operating costs and general and administrative expenses
• operations and operational results including production, hedging and capital investment
• budgets and maintenance capital requirements
• reserves
• type curves
• expected synergies from acquisitions and joint ventures

Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. While CRC believes assumptions or bases underlying its expectations are reasonable and make them in good faith, they almost always vary from actual results, sometimes materially. CRC also believes third-party statements it cites are accurate but have not independently verified them and do not warrant their accuracy or completeness. Factors (but not necessarily all the factors) that could cause results to differ include:

• CRC's ability to execute its business plan post-emergence
• the volatility of commodity prices and the potential for sustained low oil, natural gas and natural gas liquids prices
• impact of CRC's recent emergence from bankruptcy on its business and relationships
• debt limitations on CRC's financial flexibility
• insufficient cash flow to fund planned investments, interest payments on CRC's debt, debt repurchases or changes to CRC's capital plan
• insufficient capital or liquidity, including as a result of lender restrictions, unavailability of capital markets or inability to attract potential investors
• limitations on transportation or storage capacity and the need to shut-in wells
• inability to enter into desirable transactions including acquisitions, asset sales and joint ventures
• CRC's ability to utilize its net operating loss carryforwards to reduce its income tax obligations
• legislative or regulatory changes, including those related to drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases (GHGs) or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of CRC products
• joint ventures and acquisitions and CRC's ability to achieve expected synergies
• the recoverability of resources and unexpected geologic conditions
• incorrect estimates of reserves and related future cash flows and the inability to replace reserves
• changes in business strategy
• production-sharing contracts' effects on production and unit operating costs
• the effect of CRC's stock price on costs associated with incentive compensation
• effects of hedging transactions
• equipment, service or labor price inflation or unavailability
• availability or timing of, or conditions imposed on, permits and approvals
• lower-than-expected production, reserves or resources from development projects, joint ventures or acquisitions, or higher-than-expected decline rates
• disruptions due to accidents, mechanical failures, power outages, transportation or storage constraints, natural disasters, labor difficulties, cyber attacks or other catastrophic events
• pandemics, epidemics, outbreaks, or other public health events, such as the COVID-19
• factors discussed in Item 1A, Risk Factors in CRC's Annual Report on Form 10-K available at www.crc.com.

Words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "goal," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "target, "will" or "would" and similar words that reflect the prospective nature of events or outcomes typically identify forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

Joanna Park (Investor Relations)
818-661-3731
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Richard Venn (Media)
818-661-6014
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LOS ANGELES--(BUSINESS WIRE)--BYD announced Tuesday that buyers of its line of American-made battery-electric transit buses, motor coaches, and heavy-duty trucks are eligible for $165 million in funds through the California Air Resources Board (CARB) Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP).

HVIP will open to new voucher requests at 10 a.m. on Tuesday, June 8. A total of approximately $165 million will be available; however, only half of the funds will be released to the public when the program opens. The other half will be made available two months later, at 10 a.m. on August 10.

Class 8 trucks performing drayage operations as well as any vehicles purchased by a public government entity are exempt from the two-month pause.

Vehicles in the voucher program include BYD’s entire battery electric transit bus line and most coaches as well as Class 8 and Class 6 electric trucks.

The voucher program includes BYD’s complete transit bus line, with the 30-foot K7M eligible for $85,000 in incentives, and the 30-foot K7M-ER, 35-foot K8M, 40-foot K9M, and 60-foot K11M eligible for $120,000.

BYD’s 35-foot C8M, 35-foot Double Decker C8MS, 40-foot C9M, 45-foot C10M, and 45-foot Double Decker C10MS motor coaches are eligible for $120,000 vouchers.

For electric truck customers, BYD’s Class 6 models 6F and 6R are eligible for $85,000 while the Class 8 models 8R and 8TT are eligible for $120,000 (or $150,000 in drayage operations).

Voucher amounts can be increased by an additional 10% if the vehicles are domiciled in a disadvantaged community. Voucher amounts can be increased by an additional 15% if the vehicles are procured by a public transit agency.

The chassis of any vehicle receiving an HVIP voucher must be titled and licensed in California, and the vehicle must be California-registered.

BYD is the industry leader in zero-emission electric buses with over 500 vehicles delivered to customers. More than 50 customers across the United States are operating U.S.-made BYD electric buses in communities from Martha’s Vineyard and Indianapolis to Palo Alto and Los Angeles.

BYD trucks are hard at work across America moving freight at ports, railyards, and warehouse distribution centers; making deliveries; and collecting refuse. BYD trucks lower the total cost of ownership with lower fuel and maintenance costs than their internal combustion engine counterparts.

BYD’s Lancaster, California manufacturing facility employs hundreds of men and women including members of the Sheet Metal, Air, Rail and Transportation Workers Union (SMART), Local 105. Our Community Benefits Agreement includes a commitment to hire veterans, single parents and the formerly incarcerated.

ABOUT BYD

The Official Sponsor of Mother Nature™, BYD, the world’s leading electric vehicle company, is dedicated to creating a “total solution.” Globally, BYD has committed to corporate social responsibility, deeply monitoring our supply chain in terms of human rights, environmental safety, hazardous substance control and intellectual property rights. We only select suppliers who share our commitment to just labor practices, human rights standards and the environment.

For more information, please visit https://en.byd.com/ or follow BYD on LinkedIn, Twitter, Facebook and YouTube.

Jim Skeen, media relations specialist
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661-436-0513

Elevating sustainability to drive the corporate strategy

HOUSTON--(BUSINESS WIRE)--Schlumberger announced today the appointment of Dr. Katharina Beumelburg to the position of Chief Strategy and Sustainability Officer, Schlumberger Limited, reporting to Olivier Le Peuch, Chief Executive Officer. The appointment is effective Monday, May 17.

As a member of the executive team, Dr. Beumelburg will oversee corporate strategy, sustainability, marketing and communications activities across the Company.

Dr. Beumelburg joins Schlumberger from a global technology company, Siemens, where she has held various leadership positions including strategy development incorporating sustainability; management consulting; business excellence; and operations management. In her most recent position, she led the global Transmission Services business.

“I am delighted to welcome Katharina to the Schlumberger team at a pivotal time for the company, the energy industry and our planet. Sustainability is increasingly core to our performance strategy, through which we will realize our vision,” said Olivier Le Peuch, Chief Executive Officer. “Katharina’s impressive experience and expertise acquired over more than 20 years will help us elevate our sustainability agenda and fully integrate it into our corporate strategy, ensuring we enable our customers’ success.”

About Schlumberger

Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, we collaborate to create technology that unlocks access to energy for the benefit of all.

Find out more at www.slb.com.

Media
Giles Powell – Director of Corporate Communication, Schlumberger Limited
Tel: +1 (713) 375-3494
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Investors
Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Tel: +1 (713) 375-3535
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HOUSTON--(BUSINESS WIRE)--DXP Enterprises, Inc. (NASDAQ: DXPE) today announced that its Board of Directors authorized a stock repurchase program (the “program”) under which up to $85.0 million or 1.5 million shares of its outstanding common stock may be acquired in the open market over the next 24 months at the discretion of management.

The shares may be purchased from time to time at prevailing market prices, through open market or unsolicited negotiated transactions, depending upon market conditions. Under the program, the purchases would be funded from available working capital. There is no guarantee as to the exact number of shares that will be repurchased, and DXP may discontinue the program at any time management determines additional purchases are not warranted. As of March 31, 2021, DXP had approximately 20 million shares outstanding.

David R. Little, Chairman and CEO commented, "The Board’s approval of this program reflects confidence in DXP’s future and puts us in a position to create additional shareholder value when the opportunities arise. Repurchasing stock is one means of underscoring our commitment to enhancing shareholder value and ensuring we have all the tools available to us as senior management. DXP’s board and management believe that the most accretive and beneficial use of cash at times is the repurchase of our shares."

Kent Yee, CFO commented, “DXP has historically opportunistically bought back shares from time to time to offset dilution primarily from our restricted stock plan but never as a part of a formal program that includes multiple factors and explicitly as a part of our capital allocation and price versus value creation. Our share repurchase program demonstrates the confidence we have in our future, ability to grow free cash flow and our ongoing commitment to create shareholder and stakeholder value. Share repurchases is an important tool that DXP should have in place. We have averaged $47.6 million in cash on the balance sheet over the last 15 quarters, since the third quarter of 2017."

About DXP Enterprises, Inc.

DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout the United States, Canada, and Dubai. DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production ("MROP") services that emphasize and utilize DXP’s vast product knowledge and technical expertise in rotating equipment, bearings, power transmission, metal working, industrial supplies and safety products and services. DXP's breadth of MROP products and service solutions allows DXP to be flexible and customer-driven, creating competitive advantages for our customers. DXP’s business segments include Service Centers, Innovative Pumping Solutions and Supply Chain Services. For more information, go to www.dxpe.com.

The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. These forward-looking statements include without limitation those about the Company’s expectations regarding the impact of the COVID-19 pandemic and the impact of low commodity prices of oil and gas; the Company’s business, the Company’s future profitability, cash flow, liquidity, and growth. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to; decreases in oil and natural gas prices; decreases in oil and natural gas industry expenditure levels, which may result from decreased oil and natural gas prices or other factors; ability to obtain needed capital, dependence on existing management, leverage and debt service, domestic or global economic conditions, economic risks related to the impact of COVID-19, ability to manage changes and the continued health or availability of management personnel and changes in customer preferences and attitudes. In some cases, you can identify forward-looking statements by terminology such as, but not limited to, “may,” “will,” “should,” “intend,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “goal,” or “continue” or the negative of such terms or other comparable terminology. For more information, review the Company’s filings with the Securities and Exchange Commission. More information on these risks and other potential factors that could affect the Company’s business and financial results is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

Kent Yee (713) 996-4700
Senior Vice President, CFO
www.dxpe.com

EUGENE, Ore.--(BUSINESS WIRE)--Arcimoto, Inc.® (NASDAQ: FUV), makers of fun, affordable, and ultra-efficient electric vehicles for everyday drivers and fleets, today announced its participation in the virtual Benzinga Global Small Cap Conference being held May 13-14, 2021.

Arcimoto Founder and CEO Mark Frohnmayer will present at 2:45 p.m. ET on Friday, May 14, in Track 1: Disruptive Innovation. Investors may register for the conference at the event website and Mr. Frohnmayer’s presentation may be viewed live on the Benzinga YouTube channel.

Mr. Frohnmayer commented, “We believe Arcimoto’s EV platform will unite emergent vehicle technologies that together will yield a truly sustainable transportation system: ultra-efficient, pure-electric, rightsized, autonomous vehicles that will revitalize our urban centers by eliminating congestion, carbon emissions and our reliance on imported fossil fuels. I look forward to sharing our latest updates on our incredibly fun lineup of vehicles with investors on May 14.”

About Arcimoto, Inc.

Arcimoto (NASDAQ: FUV) develops and manufactures ultra-efficient and affordable electric vehicles to help the world shift to a sustainable transportation system. Now available to preorder customers in California, Oregon, Washington, and Florida, the Arcimoto FUV® is purpose-built for everyday driving, transforming ordinary trips into pure-electric joyrides. Available for preorder, the Deliverator® and Rapid Responder™ provide last-mile delivery and emergency response functionality, respectively, at a fraction of the cost and environmental impact of traditional gas-powered vehicles. Two additional concept prototypes built on the versatile Arcimoto platform are currently in development: the Cameo™, aimed at the film and influencer industry; and the Roadster, designed to be the ultimate on-road fun machine. Every Arcimoto vehicle is built at the Arcimoto Manufacturing Plant in Eugene, Oregon. For more information, please visit Arcimoto.com.

Public Relations Contact:
Megan Kathman
(651) 785-3212
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Investor Relations Contact:
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Powerley is helping energy customers maximize energy savings and cut carbon footprints with greater understanding and control of advanced rates

ROYAL OAK, Mich.--(BUSINESS WIRE)--Powerley, the leader in home energy management, has announced a new solution that empowers energy customers with greater awareness and control of advanced rates, such as those that vary by time or season. The solution is a global-first – combining customer-specific energy pricing, direct from the energy company, with household energy data to provide just-in-time rate advice. With a greater understanding of how different rates affect bills along with personalized coaching, customers can make the right energy decisions to maximize savings. By making complex rates easy to understand and manage, energy companies benefit from higher enrollment and deeper engagement – shifting peak demand and driving decarbonization while also increasing customer satisfaction.

Rate Advice, the Moment it Matters

Powerley’s new rate engine can provide detail on advanced, time-variant rates – such as time-of-use, demand and real-time pricing. In addition, the solution integrates the full spectrum of traditional rate types offered by utilities – including simple flat/fixed, seasonal, and tiered pricing. Using existing Meter Data Management (MDM) system data, integration can be completed in less than two months. The app is released with the energy company’s branding and is downloadable via the Apple App Store and the Google Play Store.

Combining rate schedules, behavioral intelligence, customer preferences and energy usage data, the app coaches customers and helps them optimize savings through a host of in-app features, including:

• Rate Visualizations – Seeing energy usage within the context of the applicable rate at the moment it was used, with interactive breakdowns by minute, hour, day, week, month, and bill cycle.
• Real-Time Rate Advice – Connecting to the home’s smart meter, the Powerley Energy Bridge enables a real-time rate management experience, providing insight in the moment to make the right energy decisions.
• Budget Management – Managing an energy budget based on actual energy pricing and getting alerts when costs are trending over budget.
• Usage Breakdowns – Seeing exactly where energy costs are going - before a bill arrives - by attributing costs to specific rate periods.
• Personalized Rate Coaching – Getting personalized advice - based on usage and rate schedules - to lower costs by shifting or curtailing usage.
• Rate Notifications – Staying informed of upcoming changes with push notifications and in-app alerts.

DTE Insight Adds Time-of-Use Rate Management

This month, DTE Energy launched a new Time-of-Use (TOU) pilot using Powerley’s technology to drive enrollment, educating participants about energy efficiency to help customers optimize their usage and save money on their bills. Following the pilot, this new TOU experience will be available to DTE customers through the DTE Insight app – adding to the existing set of energy management features that has helped more than 250,000 DTE customers save energy and reduce carbon footprints. Through the new TOU features, pilot participants will be able to see energy usage and costs relative to TOU rates; track and manage energy budgets; receive alerts when higher bills are expected; and access appliance-level usage breakdowns with rate information.

“We are proud to offer a personalized and predictive mobile experience to help our customers get the most out of time-of-use rates,” said Angie Pizzuti, vice president of customer experience, DTE Energy. “Together with Powerley, we have created an innovative and engaging energy management experience to shift energy and help households save more.”

To learn more about Powerley’s advanced rate solutions, visit powerley.com.

About Powerley

Powerley is the global leader in home energy management. We help households lower their energy costs and cut their carbon footprints as we continue our transition to a clean energy future. We do this by giving utility customers the power to see where they are wasting energy and control it from their smartphones, the web or even by using their voice. This experience is all possible because we partner with utilities - giving their customers instant access to the data and insights they need to make the right energy decisions to reduce their bills and make the world greener. To learn more about Powerley, visit powerley.com.

Media:
Matthew Mowat
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(248) 537-9440

Elevating sustainability to drive the corporate strategy

HOUSTON--(BUSINESS WIRE)--Regulatory News:

Schlumberger announced today the appointment of Dr. Katharina Beumelburg to the position of Chief Strategy and Sustainability Officer, Schlumberger Limited, reporting to Olivier Le Peuch, Chief Executive Officer. The appointment is effective Monday, May 17.

As a member of the executive team, Dr. Beumelburg will oversee corporate strategy, sustainability, marketing and communications activities across the Company.

Dr. Beumelburg joins Schlumberger from a global technology company, Siemens, where she has held various leadership positions including strategy development incorporating sustainability; management consulting; business excellence; and operations management. In her most recent position, she led the global Transmission Services business.

“I am delighted to welcome Katharina to the Schlumberger team at a pivotal time for the company, the energy industry and our planet. Sustainability is increasingly core to our performance strategy, through which we will realize our vision,” said Olivier Le Peuch, Chief Executive Officer. “Katharina’s impressive experience and expertise acquired over more than 20 years will help us elevate our sustainability agenda and fully integrate it into our corporate strategy, ensuring we enable our customers’ success.”

About Schlumberger

Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, we collaborate to create technology that unlocks access to energy for the benefit of all.

Find out more at www.slb.com.

Media
Giles Powell – Director of Corporate Communication, Schlumberger Limited
Tel: +1 (713) 375-3494
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Investors
Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Tel: +1 (713) 375-3535
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The Methanol Institute and Element 1 to hold a webinar focused on “The Methanol Pathway to Hydrogen” for fuel cell mobility

BEND, Ore.--(BUSINESS WIRE)--Element 1 Corp., (e1), a leading developer of hydrogen generation technology supporting clean fuel cell power technology, and the Methanol Institute (MI) are jointly organizing a webinar entitled “The Methanol Pathway to Hydrogen” to be held on May 26, 2021, 8.00 a.m. (PDT). The webinar will feature presenters who will discuss methanol’s role as a superior hydrogen carrier supporting the global transition towards cleaner fuels. It will also mark the launch of e1’s latest white paper, “The Renewable Methanol Pathway to Green Methanol.”

Methanol is widely traded as one of the basic building blocks for petrochemicals and materials used in manufacturing everyday products. Recently, methanol has risen to prominence as a clean-burning and sustainable fuel for road and marine transport with a pathway to carbon neutrality. Methanol is also gaining traction as a dense hydrogen carrier that can support future hydrogen energy-related applications.

Methanol’s emergence as a viable energy product is centered on its physical characteristic of being liquid at ambient temperature and pressure enabling ease of storage and transportation without the need for intensive capital investments in infrastructure. After more than a century of being commercially produced and traded, there is a global availability of infrastructure that will support the logistics of utilizing methanol as a fuel and hydrogen carrier. This is especially crucial in the transition towards a hydrogen economy. The lack of efficient storage and transport methods is one of the most significant obstacles to overcome before hydrogen can be widely adopted as an energy product.

Generators that produce hydrogen from methanol can deliver on-demand hydrogen at the point of use, eliminating the need to transport compressed hydrogen gas. This significantly reduces the cost of using hydrogen as an energy product. In addition, this process can be carbon-neutral, and in some cases carbon-negative, when methanol is produced from renewable feedstocks such as captured carbon dioxide or municipal solid waste.

For more information about how methanol offers a pathway to hydrogen utilization, register for the webinar here.

About MI

The Methanol Institute (MI) serves as the global trade association for the methanol industry, representing the world’s leading producers, distributors, and technology companies. Founded in 1989 in Washington DC, MI now represents its members from five offices worldwide in Washington DC, Beijing, Brussels, Delhi, and Singapore. www.methanol.org

Element 1 Corp:

e1 designs and develops advanced hydrogen generation systems used to power fuel cells with broad use in mobile applications such as marine, trucking, off-road vehicles, rail, warehousing, and backup power supply sectors. e1’s proprietary technology produces hydrogen on-demand at the point of consumption, eliminating the logistical challenges and costs inherent in distributing compressed hydrogen. For more information about e1, please visit www.e1na.com.

Tim Chan
Manager, Government and Public Affairs (Asia/Middle East)
Methanol Institute
This email address is being protected from spambots. You need JavaScript enabled to view it.

David Lim
Vice President, Asia
Element1
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Projects to Expand Access to Clean Energy for Starbucks stores and up to 24,000 Households, Small Businesses, Churches, Non-Profits and Universities

SAN FRANCISCO--(BUSINESS WIRE)--Generate, a leading provider of sustainable infrastructure, announced today that it has put the first six of up to 23 New York State community solar projects into service under an innovative multi-year facility with Starbucks Coffee Company. The projects are expected to supply solar energy for local Starbucks stores and up to 24,000 households, small businesses, nonprofits, churches, universities and stores in multiple geographies, including those designated as under-served communities. In addition to clean energy, program participants will receive a discount to their current electricity rates under New York State’s Community Distributed Generation program, making clean energy access more affordable.

The solar projects will provide more than 119,885 MWhs of clean energy to Starbucks New York stores and the surrounding community annually, supporting Starbucks’ multi-decade commitment to becoming a resource-positive company by storing more carbon than it emits and reducing carbon by 50% by 2030. Starbucks has committed $97 million of tax equity to the community solar projects, in an innovative collaboration with Generate and Churchill Stateside Group.

“At Starbucks, our vision is to become resource positive, to give more than we take from the planet. People is what this climate crisis is all about and so we must focus on the people who are disproportionally impacted by climate change,” said Michael Kobori, chief sustainability officer, Starbucks. “That is why we go beyond simply powering our stores with green energy; we’re committed to supporting and strengthening underserved communities and using our scale for good to bring more clean power onto the grid.”

The projects represent some of the first community solar and storage projects in New York State’s fast-growing community solar market. Generate is a leading owner and operator of community solar and storage projects in New York State, with more than 182 MW of New York community solar projects owned or in construction. 38 Degrees North collaborated with Generate on the projects and financings.

Starbucks made the investment through a fund established by financial services company Churchill Stateside Group. Additionally, Starbucks is receiving renewable energy credits from the projects, which are expected to offset over 70% of Starbucks electricity usage within the state.

"Generate is thrilled to partner with Starbucks and Churchill on this unique multi-year financing facility that enables the continued deployment of distributed, affordable clean energy for New Yorkers,” said Peggy Flannery, Principal at Generate. “Community solar is a critical opportunity to democratize access to clean energy, and we are excited to work with such an innovative corporate partner, with our trusted developers and with our New York customers to bring this entire 90 MW portfolio into service.”

About 24 MW of the Starbucks-backed projects are now in service.

About Generate

Generate Capital, Inc. is a leading sustainable infrastructure company driving the infrastructure revolution. Generate builds, owns, operates and finances solutions for clean energy, water, waste and transportation. Founded in 2014, Generate partners with over 35 technology and project developers and owns and operates more than 2,000 assets globally. Generate is the one-stop shop offering pioneers of the infrastructure revolution tailored funding and support needed to get projects built. Our Infrastructure-as-a-Service model delivers affordable, reliable and sustainable resources to over 1,000 customers, companies, communities, school districts and universities. Together, we are rebuilding the world. For more information, please visit www.generatecapital.com.

About Starbucks

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 32,000 stores around the globe, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at www.starbucks.com.

About Churchill Stateside Group

Churchill Stateside Group and its wholly owned affiliates (CSG) serve the affordable housing and renewable energy industries. CSG sponsors tax equity investment funds for institutional investors and provides a variety of construction and permanent financing solutions. CSG has long-standing and successful investment relationships with numerous Fortune 500 corporate investors, pension funds, and insurance companies. The company’s investor and developer clients benefit from our experienced staff, prominent and proactive senior leadership, and attractive debt and equity platforms. The company, through its subsidiary Churchill Mortgage Investment LLC, is an approved USDA Rural Development and HUD/FHA MAP and LEAN lender and Ginnie Mae Issuer. For more information, please visit www.CSGfirst.com.

About 38 Degrees North

38 Degrees North is an investment manager specializing in contracted renewable energy infrastructure with a primary focus on solar energy and battery storage. The managing partners have a track record of over 3GW of successful renewable energy project financings across a variety of asset classes. For more information, please visit www.38degreesn.com.

Emily Chasan
(415) 480-2914
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~Company delivers 3rd consecutive record revenue quarter with growth of over 300% in Q1 2021 over same period last year and 2nd consecutive quarter of positive Adjusted EBITDA~

VANCOUVER, British Columbia--(BUSINESS WIRE)--$GRN #GRN--Greenlane Renewables Inc. (“Greenlane'' or the “Company”) (TSX: GRN / FSE: 52G / OTC: GRNWF), today announced financial results for the first quarter ended March 31, 2021. For further information on these results please see the Company’s Condensed Consolidated Interim Financial Statements and Management’s Discussion and Analysis filed on SEDAR at www.sedar.com. All amounts are in Canadian dollars unless otherwise stated and in accordance with IFRS.

First Quarter Highlights Include:

• Record revenue of $12.2 million, an increase of 317% over the $2.9 million reported in the first quarter of 2020.
• Gross margin¹ of $3.3 million (27% of revenue).
• Adjusted EBITDA of $0.6 million².
• Net loss of $0.2 million (or $0.00 per share).
• Sales order backlog³ of $37.7 million as at March 31, 2021.
• Sales pipeline⁴, valued at over $715 million as at March 31, 2021.
• The Company increased its cash balance with a $26.5 million bought deal offering.
• The Company further strengthened its balance sheet through the early repayment in full, including principal and interest, of its outstanding promissory note in the amount of $6.0 million using funds received from the exercise of warrants.
• The Company successfully graduated to the TSX Exchange from the TSX Venture Exchange.
• The Company was recognized as the top performing TSX Venture Exchange listed company during calendar year 2020 in the Clean Technology and Life Sciences sector.
• The Company announced new contract wins totalling $3.6 million in the quarter including supply of a membrane separation biogas upgrading system for a project in the Midwest United States to produce renewable natural gas (“RNG”) from dairy operations, and a pressure swing adsorption biogas upgrading system for a project in Brazil, the fifth contract win in the country for Greenlane.

“The first quarter record results set another milestone for Greenlane as we continue to rapidly scale up to meet the fast growing demand for RNG. The company delivered its third consecutive quarter of record revenue and second consecutive quarter of positive Adjusted EBITDA,” said Brad Douville, President and CEO of Greenlane. “Since the first quarter of 2020, Greenlane has increased quarterly revenue on average by over 40%, which is indicative of the strength of our sales pipeline, our ability to convert more prospects into signed contracts then deliver against them, and the overall growth of the global RNG market.”

“In 2020, our revenues grew 100% over 2019. To maintain this level of annual growth trajectory, we will focus on adding further contract wins from our sales pipeline to our sales order backlog. Year to date in 2021, we’ve been winning contracts across multiple geographies and technologies, have announced $6.2 million in new contracts in the first month of Q2, and see the potential for further near term conversion of sales pipeline opportunities.”

“Greenlane is in an enviable financial position as we exited the first quarter with over $37 million in cash on our balance sheet and no debt. Our strong liquidity provides us with the opportunity to develop and invest in new RNG projects, pursue strategic growth initiatives, and further invest in product enhancements. On a strategic front related to our build, own and operate model, in Europe we continue to pursue upgrading-as-a-service opportunities whereas in North America our focus is to address a scarcity of project development capital in the market. The company intends to deploy specialized development capital in the North American market where it can be helpful to accelerate projects to the ready-for-construction phase.”

Greenlane continually updates its pipeline of active system sales opportunities, which at March 31, 2021 was approximately $715 million. The sales pipeline represents visibility to a significant number of opportunities that will funnel down, through our sales process, and move into our sales order backlog once successfully converted into contract wins. The Company’s sales order backlog³ of $37.7 million as at March 31, 2021 is a snapshot in time which varies from quarter end to quarter end. The sales order backlog increases by the value of new system sales contracts and is drawn down over time as projects progress towards completion with amounts recognized in revenue. The Company’s gross margin in the quarter was 27% ($3.3 million). Going forward, gross margin is expected to continue to be in the range of 25% to 30% on an annual basis.

The Market Outlook

Earth Day was celebrated on April 22, which saw leaders across the globe declare commitments to curb greenhouse gas emissions. The Biden administration in the U.S. vowed to reduce emissions in that country by at least 50% by 2030, while Canada announced an emissions reduction target of 40 to 45% by 2030. In the U.K., a 78 percent reduction in greenhouse gas emissions by 2035 will be set into law this year. Every quarter we continue to see the decarbonization movement gain momentum, and RNG will play an ever more meaningful role as its impact on reducing net carbon emissions is proven and available today.

Southern California Gas Company (“SoCalGas”), the largest gas distribution utility in the United States, set a bold net zero emissions commitment to achieving net zero greenhouse gas (GHG) emissions by 2045. This commitment aligns with the Paris Climate Agreement and demonstrates the foundational role of gas infrastructure in advancing California's carbon neutral economy. SoCalGas has long been an advocate of RNG, and this recent announcement by the utility incorporates the delivery of increasing amounts of carbon-negative RNG. Recently, Enbridge, one of the leading energy infrastructure companies in North America and the largest natural gas utility in North America by volume, announced a partnership focused on developing RNG projects across Canada targeting the tremendous potential of converting landfill waste gas into clean RNG for direct injection into local gas networks. As a geography, Canada has over 10,000 landfill sites that account for 20 percent of our country’s methane emissions - today only one third of those emissions are captured.

Conference Call

The public is invited to listen to the conference call in real time by telephone at 2 pm PT (5 pm ET) today, May 12th. To access the conference call by telephone, please dial: 1-800-319-4610 (Canada & USA toll-free) or 604-638-5340. Callers should dial in 5-10 minutes prior to the scheduled start time and ask to join the Greenlane Renewables conference call.

Shortly after the conference call, the replay will be archived on the Greenlane Renewables website and replay will be available in streaming audio and a downloadable MP3 file.

NON-IFRS FINANCIAL MEASURES

Management evaluates the Company’s performance using a variety of measures, including “Adjusted EBITDA”, “gross margin (excluding amortization)”, “sales pipeline” and “sales order backlog”. The non-IFRS measures should not be considered as an alternative to or more meaningful than revenue or net loss. These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS. The Company believes these non-GAAP financial measures provide useful information to both management and investors in measuring the financial performance and financial condition of the Company. Management uses these and other non-IFRS financial measures to exclude the impact of certain expenses and income that must be recognized under IFRS when analyzing consolidated underlying operating performance, as the excluded items are not necessarily reflective of the Company’s underlying operating performance and make comparisons of underlying financial performance between periods difficult. From time to time, the Company may exclude additional items if it believes doing so would result in a more effective analysis of underlying operating performance. The exclusion of certain items does not imply that they are non-recurring.

Note 1 - Gross margin does not include amortization

Note 2 - Reconciliation of net loss to Adjusted EBITDA:

Note 3 - Sales order backlog refers to the balance of unrecognized revenue from contracted projects. The sales order backlog increases by the value of new system sales contracts and is drawn down over time as projects progress towards completion with amounts recognized in revenue (by reference to the stage of completion of each contract).

Note 4 - Greenlane maintains a sales pipeline of prospective projects that it updates regularly based on quote activity to ensure that it is reflective of sales opportunities that can convert into orders within approximately a rolling 24 month time horizon. Not all of these potential projects will proceed or proceed within the expected timeframe and not all of the projects that do proceed will be awarded to Greenlane. Additions to the amount in the sales pipeline come from situations where the Company provides a quote on a prospective project and reductions to the sales pipeline arise when the Company loses a prospective project to a competitor, a project does not proceed or, where a quote in the pipeline is converted to Greenlane’s sales order backlog.

All filings related to the first quarter ended March 31, 2021 are available on SEDAR at www.sedar.com.

About Greenlane Renewables

Greenlane Renewables is a leading global provider of biogas upgrading systems that are helping decarbonize natural gas. Our systems produce clean, low-carbon and carbon-negative renewable natural gas from organic waste sources including landfills, wastewater treatment plants, dairy farms, and food waste, suitable for either injection into the natural gas grid or for direct use as vehicle fuel. Greenlane is the only biogas upgrading company offering the three main technologies: waterwash, pressure swing adsorption, and membrane separation. With over 30 years industry experience, patented proprietary technology, and over 125 biogas upgrading systems sold into 19 countries worldwide, including the world’s largest biogas upgrading facility, Greenlane is inspired by a commitment to helping waste producers, gas utilities or project developers turn a low-value product into a high-value low-carbon renewable resource. For further information, please visit www.greenlanerenewables.com.

Forward Looking Information Advisory – This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as “may”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen. The forward-looking information contained in this press release, includes, but is not limited to: Greenlane’s increased quarterly revenue in the first quarter of 2021 being indicative of the strength of its sales pipeline, its ability to convert more prospects into signed contracts, then deliver against them, and the overall growth of the global RNG market; adding further contract wins from the sales order pipeline to the sales order backlog to maintain an annual growth trajectory of 100% revenue growth year over year; the potential for further near term conversion of sales pipeline opportunities; the opportunity to develop and invest in new RNG projects, pursue strategic growth initiates and further invest in product enhancements; deploy specialized development capital to accelerate projects to the ready-for-construction phase; management’s belief that the sales pipeline represents visibility to a significant number of opportunities that will funnel down, through the sales process, and move into the sales order backlog; successful conversion of the sales order backlog into contract wins; management’s anticipation that the going forward gross margin will be in the range of 25-30% on an annual basis; emissions reductions in the U.S. of at least 50% by 2030, in Canada, a target of 40-45% by 2030, and in the UK change in the law to require a 78% reduction by 2035; the momentum in the decarbonization movement; the role RNG will play in reducing net carbon emissions; the net zero emissions targets set by Southern California Gas Company and their advocacy of RNG; Enbridge’s intention to develop RNG projects across Canada; the number of landfill sites in Canada that account for 20% of Canada’s methane emissions and the amount of methane currently being captured. The forward-looking information contained herein is made as of the date of this press release and is based on assumptions management believes to be reasonable at the time such statements were made, including management's perceptions of future growth, results of operations, operational matters, historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While management considers these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond Greenlane’s control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation: risks relating to Greenlane’s financial performance in 2021, Greenlane having a role in economies working towards combating climate change, large oil and gas producers not investing in the RNG industry as expected, RNG not impacting the transportation sector and gas grid as expected, Greenlane’s market outlook, Greenlane’s market share of the RNG value chain, Greenlane’s role as a leading biogas upgrading and project development solutions provider, US RNG production facilities not having the strong capacity growth expected; the transportation sector not focusing on low carbon fuel sources as anticipated, large oil and gas producers not aiming to reduce their net carbon intensity as anticipated, Greenlane’s order backlog not being recognized in revenue and Greenlane’s sales pipeline not resulting in orders. Additional risk factors can also be found in the Company's Management Discussion and Analysis and in its Annual Information Form, which have been filed under the Company's SEDAR profile at www.sedar.com. Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

FINANCIAL OUTLOOK INFORMATION – This news release contains “financial outlook information” regarding Greenlane’s prospective revenue and results, which is subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above. Revenue and other estimates contained in this news release were made by Greenlane management as of the date of this news release and are provided for the purpose of describing anticipated changes, and are not an estimate of profitability or any other measure of financial performance. Investors are cautioned that the financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein. The Company’s revenues are largely derived from a relatively small number of biogas upgrader orders accounted for on a stage of completion basis over typically a nine to eighteen-month period. Timing of new contract awards varies due to customer-related factors such as finalizing technical specifications and securing project funding, permits and RNG off-take and feedstock agreements. Some contracts contain termination provisions that allow the customer to terminate with no penalty or with minimum prescribed threshold payments based on the length of time since the contract was entered into. Some projects have built-in pause periods to allow customers to complete concurrent activities such as civil work. As a result, the Company’s revenue varies from month to month and quarter-to-quarter. THE COMPANY QUALIFIES ALL THE FORWARD LOOKING STATEMENTS AND FINANCIAL OUTLOOK INFORMATION CONTAINED IN THIS NEWS RELEASE BY THE FOREGOING CAUTIONARY STATEMENTS.

Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this news release.

Incite Capital Markets
Eric Negraeff / Darren Seed
Greenlane Renewables Inc.
Brad Douville, President & CEO
Ph: 604.493.2004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Executives of Major Energy Companies Point to Public Sector Support to Bolster Millions in Private Sector Investment

SACRAMENTO, Calif.--(BUSINESS WIRE)--#ClimateAction--In a letter to Governor Gavin Newsom, executives of 25 multi-national companies today called for major new investments in hydrogen infrastructure in the Golden State.

“At this still early stage in market development, the signal California sends on hydrogen will impact private investment decisions. But in the medium- to long-run, hydrogen must and will stand on its own legs and be viable without external support,” wrote the executives in their letter to the governor.

They noted, “The early stages of any technology curve must have some support, much as was seen in the early days of wind and solar power.”

“This is the dawn of an entirely new, clean and domestic power source made to serve the energy and transportation markets. We look forward to partnering with you and your Administration on its development and look forward to working together to achieve our shared goals,” they wrote.

Specifically, the companies called on Governor Newsom to boost funding in the state’s Clean Transportation Program reauthorization. They asked the Governor to direct the California Energy Commission to dedicate $500 million of the $1 billion to hydrogen fuel infrastructure to serve the light-duty, transit and heavy-duty vehicle markets.

Signing the letter were officials from Toyota, Hyundai, BMW, Shell, Chevron, American Air Liquide Holdings, Ballard, Bayo Tech, Faurecia, Hexagon Purus, Nel-Americas, Nikola Motor, Plug Power, PowerTap Hydrogen Fueling Company, True Zero, Cellcentric, Cummins, Linde, 122 West, Black and Veatch, Mann + Hummel, Chart, Iwatani, Toyota Tsusho, and Ways 2 H.

Through the Clean Transportation Program, California is on track to provide $240 million for the development of hydrogen fueling infrastructure. That figure represents just 7 percent of total zero emission infrastructure spending, according to the California Hydrogen Coalition.

To become mainstream, the hydrogen economy cannot be based on subsidies, note the executives, and sustainable markets must be created. They cited a recent study by the California Air Resources Board that noted “self-sufficiency [for the light-duty market] can be achieved by 2030 with state support of up to $300 million.”

With at-scale adoption across sectors, the U.S. hydrogen industry has the potential to create revenues of roughly $140 billion per year and support about 700,000 jobs by 2030 in hydrogen production, infrastructure, and equipment. By 2050, hydrogen could enable a market of $750 billion per year with 3.4 million new jobs.

Steven Maviglio, 916-607-8340

WARRENVILLE, Ill.--(BUSINESS WIRE)--Fuel Tech, Inc. (NASDAQ: FTEK), a technology company providing advanced engineering solutions for the optimization of combustion systems, emissions control, and water treatment in utility and industrial applications, today reported financial results for the first quarter ended March 31, 2021 (“Q1 2021”).

“Our first quarter 2021 results reflected a nearly 60% increase in net sales at our FUEL CHEM^® business segment, driven primarily by the installation of our TIFI^® Targeted In-Furnace Injection technology on new domestic coal-fired unit accounts, higher demand for power, and early recovery from the COVID-19 pandemic,” said Vincent J. Arnone, President and CEO. “We are continuing to pursue multiple opportunities both domestically and internationally and are optimistic about the performance for FUEL CHEM in 2021. Offsetting the improvement at FUEL CHEM was sluggish performance at our Air Pollution Control (APC) business, where we are continuing to experience pandemic-driven project delays and cancellations that have resulted in a lack of new orders. We are hopeful that APC will recover in conjunction with the resumption of global economic activity in 2021 which, in turn, would allow us to capture opportunities associated with our current global sales pipeline of $40-50 million.

“We are addressing multiple growth pathways at our Dissolved Gas Infusion (DGI™) business, including the development of a large-scale DGI delivery system, in-depth market assessment and research, and the pursuit of commercial opportunities that will likely take place in the second half of 2021 following two successful demonstrations of the technology, one in support of our licensor and the other in support of an internally-generated opportunity.”

Mr. Arnone concluded, “We ended the first quarter with $36.1 million in total cash following the closing of our financing in February 2021 and have no debt. We will deploy this capital as required to support our internal growth initiatives while exploring strategic opportunities that advance our mission of providing advanced engineering solutions that support environmental remediation, while delivering long-term value to our shareholders. In that regard, we are monitoring opportunities associated with proposed federal infrastructure spending, a component of which is a continuing reduction in harmful emissions as the nation transitions from fossil fuels.”

Q1 2021 Consolidated Results Overview

Consolidated revenues increased 33.2% to $5.0 million from $3.8 million in Q1 2020, reflecting higher revenues at FUEL CHEM offset by revenue declines at APC.

Gross margin for Q1 2021 was 46.9% of revenues compared to 40.4% of revenues in Q1 2020, reflecting a higher concentration of FUEL CHEM segment revenues as a percentage of the total versus the prior period.

SG&A expenses declined by 20.2% to $3.1 million from $3.9 million in Q1 2020, reflecting lower administrative and professional services costs, including costs related to the previously announced closure of the Company’s APC business in China.

Operating loss narrowed to $(1.2) million from an operating loss of $(2.7) million in Q1 2020.

Other income in Q1 2021 was $1.6 million, reflecting full forgiveness of the loan proceeds from the Paycheck Protection Program, established pursuant to the CARES Act. Other income in Q1 2020 was $0.2 million.

Net income was $0.4 million, or $0.01 per share, compared to a net loss of $(2.6) million, or $(0.10) per share, in Q1 2020.

Consolidated APC segment backlog at March 31, 2021 was $5.2 million compared to $5.3 million at December 31, 2020. Backlog at March 31, 2021 included $4.7 million of domestic backlog as compared to $4.9 million of domestic backlog at December 31, 2020.

APC segment revenues declined to $0.9 million in Q1 2021 from $1.2 million in Q1 2020, primarily the result of delayed projects related to the COVID-19 pandemic. APC gross margin was $0.4 million, or 41.5% of revenue, in Q1 2021, as compared to gross margin of $0.4 million, or 36% of revenue, in Q1 2020.

FUEL CHEM segment revenues rose to $4.1 million from $2.6 million in Q1 2020 primarily reflecting higher power demand and recovery from the initial emergence of the COVID-19 pandemic, which impacted results in the prior year period. Segment gross margin improved to 48% in Q1 2021 compared to 42.4% in Q1 2020.

Adjusted EBITDA loss was $(0.9) million in Q1 2021 compared to an Adjusted EBITDA loss of $(2.2) million in Q1 2020.

Financial Condition

At March 31, 2021, cash and cash equivalents were $35.7 million and restricted cash was $0.4 million. Stockholders’ Equity at March 31, 2021 was $46.5 million, or $1.68 per share and the Company had no debt.

Conference Call

Management will host a conference call on Thursday, May 13, 2021 at 10:00 am EDT / 9:00 am CDT to discuss the results and business activities. Interested parties may participate in the call by dialing:

• (877) 423-9820 (Domestic) or
• (201) 493-6749 (International)

The conference call will also be accessible via the Upcoming Events section of the Company’s web site at www.ftek.com. Following management’s opening remarks, there will be a question-and-answer session. Questions may be asked during the live call, or alternatively, you may e-mail questions in advance to This email address is being protected from spambots. You need JavaScript enabled to view it.. For those who cannot listen to the live broadcast, an online replay will be available at www.ftek.com.

About Fuel Tech

Fuel Tech develops and commercializes state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment, and advanced engineering services. These technologies enable customers to operate in a cost-effective and environmentally sustainable manner. Fuel Tech is a leader in nitrogen oxide (NO_x) reduction and particulate control technologies and its solutions have been in installed on over 1,200 utility, industrial and municipal units worldwide. The Company’s FUEL CHEM^® technology improves the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling slagging, fouling, corrosion and opacity. Water treatment technologies include DGI™ Dissolved Gas Infusion Systems which utilize a patented nozzle to deliver supersaturated oxygen solutions and other gas-water combinations to target process applications or environmental issues. This infusion process has a variety of applications in the water and wastewater industries, including remediation, aeration, biological treatment and wastewater odor management. Many of Fuel Tech’s products and services rely heavily on the Company’s exceptional Computational Fluid Dynamics modeling capabilities, which are enhanced by internally developed, high-end visualization software. For more information, visit Fuel Tech’s web site at www.ftek.com.

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” as defined in Section 21E of the Securities Exchange Act of 1934, as amended, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and reflect Fuel Tech’s current expectations regarding future growth, results of operations, cash flows, performance and business prospects, and opportunities, as well as assumptions made by, and information currently available to, our management. Fuel Tech has tried to identify forward-looking statements by using words such as “anticipate,” “believe,” “plan,” “expect,” “estimate,” “intend,” “will,” and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on information currently available to Fuel Tech and are subject to various risks, uncertainties, and other factors, including, but not limited to, those discussed in Fuel Tech’s Annual Report on Form 10-K in Item 1A under the caption “Risk Factors,” and subsequent filings under the Securities Exchange Act of 1934, as amended, which could cause Fuel Tech’s actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Fuel Tech undertakes no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances or for any other reason. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those detailed in Fuel Tech’s filings with the Securities and Exchange Commission.

FUEL TECH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)(in thousands, except share and per share data)

FUEL TECH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except share and per-share data)

FUEL TECH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(in thousands)

FUEL TECH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)

FUEL TECH, INC.
BUSINESS SEGMENT FINANCIAL DATA
(Unaudited)
(in thousands)

FUEL TECH, INC.
GEOGRAPHIC INFORMATION
(in thousands)

Information concerning Fuel Tech’s operations by geographic area is provided below. Revenues are attributed to countries based on the location of the customer. Assets are those directly associated with operations of the geographic area.

FUEL TECH, INC.
RECONCILIATION OF GAAP NET LOSS TO EBITDA AND ADJUSTED EBITDA
(Unaudited)
(in thousands)

Adjusted EBITDA

To supplement the Company's consolidated financial statements presented in accordance with generally accepted accounting principles in the United States (GAAP), the Company has provided an Adjusted EBITDA disclosure as a measure of financial performance. Adjusted EBITDA is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation expense, amortization expense, stock compensation expense, and intangible assets abandonment and building impairment. The Company's reference to these non-GAAP measures should be considered in addition to results prepared in accordance with GAAP standards, but are not a substitute for, or superior to, GAAP results.

Adjusted EBITDA is provided to enhance investors' overall understanding of the Company's current financial performance and ability to generate cash flow, which we believe is a meaningful measure for our investor and analyst communities. In many cases non-GAAP financial measures are utilized by these individuals to evaluate Company performance and ultimately determine a reasonable valuation for our common stock. A reconciliation of Adjusted EBITDA to the nearest GAAP measure of net income (loss) has been included in the above financial table.

Vince Arnone
President and CEO
(630) 845-4500

Devin Sullivan
Senior Vice President
The Equity Group Inc.
(212) 836-9608