DUBLIN--(BUSINESS WIRE)--The "Solid Oxide Fuel Cell Market by Type (Planar and Tubular), Application (Power Generation, Combined Heat & Power, and Military), End-Use (Data Centers, Commercial & Retail, and APU), Region (North America, Asia Pacific, and Europe) - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The global solid oxide fuel cell market size is projected to reach USD 2,881 million by 2025 from estimated revenue of USD 772 million in 2020, at a CAGR of 30.1% during the forecast period.

The key drivers for the solid oxide fuel cell market include government subsidies and increased R&D on fuel cell programs; fuel flexibility and increasing demand for energy-efficient power generation and stringent emission norms in Europe & North America leading to demand for clean energy sources.

The planar segment is expected to dominate the solid oxide fuel cell market.

The planar segment is expected to be the largest market, by type, during the forecast period. The growth is evident owing to the simple geometry and relatively easier construction process. Planar type of solid oxide fuel cells is typically designed in such a way that the ceramic fuel cell modules are arranged one above the other in a sandwich-type design with the electrolyte inserted between the electrodes

The stationary segment is expected to dominate the solid oxide fuel cell market.

The stationary segment of the market, by application, is estimated to be the largest during the forecast period. The growth of the stationary segment is driven by the increasing focus on hydrogen-powered fuel cells for back-up power.

The market for the stationary segment in the Asia Pacific is expected to grow at the highest CAGR during the forecast period due to the fact that the governments of South Korea, China, and Japan are highly focusing on utilizing renewable energy and hence opting for utility-scale SOFC power plant.

North America to lead the global solid oxide fuel cell market in terms of value.

North America is the largest solid oxide fuel cell, followed by the Asia Pacific and Europe. The region has been segmented, by country, into US and Canada. US is the largest and fastest growing market in the region. The growth in this country can be attributed to the high demand for fuel cell power generation, as well as increasing research and development for hydrogen generation. In addition, government policies and subsidies, including the Department of Energy's (DoE's) Solid State Energy Conversion Alliance (SECA) Program, are the prime driving factors for growth in the US market.

Market Dynamics

Drivers

• Government Subsidies and Increased R&D on Fuel Cell Programs
• Fuel Flexibility and Increasing Demand for Energy-Efficient Power Generation
• Stringent Emission Norms in Europe & North America Leading to Demand for Clean Energy Sources

Restraints

• High Fuel Cell Installation and Manufacturing Costs
• Development of Other Types of Fuel Cells

Opportunities

• Rising Distributed Power Generation Applications Across Regions
• Increasing Adoption by End-users in Data Centers and Military Sector

Challenges

• High Operating Temperatures and Start-Up Time of Sofcs
• Rise in Investments in Battery & Renewable Technology Integration
• Market Fluctuations due to COVID-19

Companies Mentioned

• Adaptive Energy
• Adelan
• Aisin Seiki
• AVL
• Bloom Energy
• Bosch Engineering
• Catator
• Ceres Power
• CMR Prototech
• Convion Fuel Cells
• Cummins
• Doosan Fuel Cell
• Elcogen
• Fuelcell Energy
• H2E Power
• Hitachi Zosen
• Kyocera
• Mitsubishi Power
• Posco Energy
• Solidpower
• Special Power Sources
• Sunfire
• Upstart Power
• Watt Fuel Cell
• Ztek Corporation

For more information about this report visit https://www.researchandmarkets.com/r/dvth80

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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NEW YORK & ALISO VIEJO, Calif.--(BUSINESS WIRE)--Macquarie’s Green Investment Group (GIG) today announced that it will make an investment in esVolta, a developer and owner of utility-scale energy storage projects across North America.

The investment will support the continued North American expansion of esVolta and finance its portfolio of over 600 MWh of contracted energy storage projects, primarily in California, and an additional development pipeline of more than 2 GWh.

The relationship brings together esVolta’s project origination, development and delivery capabilities with GIG’s financial, technical and structuring expertise. The investment will initially take the form of a bridge loan but will convert to equity upon receipt of regulatory approvals, including the approval of The Committee on Foreign Investment in the United States and the Federal Energy Regulatory Commission.

“esVolta is a leading storage developer with an outstanding management team and significant growth potential across new markets. GIG is perfectly positioned to accelerate that growth and help deliver esVolta’s substantial development pipeline,” said Greg Callman, Global Head of Energy Technology at GIG. “Energy storage is critical to enabling increased renewables deployment, and we’re looking forward to leveraging our capabilities with esVolta to accelerate the energy transition across California and beyond.”

This investment is being led by a purpose-built team within GIG that focuses on investing in key, emerging aspects of the energy transition, including grid scale storage, distributed energy and fleet electrification, across both infrastructure and growth equity.

With The 100 Percent Clean Energy Act, California is aiming to meet targets of 60% renewable power by 2030 and 100% by 2045. The expected addition of more solar on the system will lead to overproduction and curtailment during the day, while requiring ramping and peaking capacity in the evening when solar power is not available. GIG’s investment in esVolta and its pipeline of utility-scale energy storage projects will help add the flexibility required to achieve its renewable energy targets.

“With this agreement and support from the Green Investment Group, we are positioned to rapidly grow our energy storage business across North America,” said Randolph Mann, founder and chief executive officer of esVolta. “Demand for energy storage in our home state of California remains strong, and we see vast opportunities for geographic expansion as well as additional product and service offerings. Our relationship with GIG will further broaden our expertise and unlock additional growth opportunities.”

RBP Partners will remain a substantial shareholder in the business post transaction. “This investment from GIG is a significant endorsement of the high-quality team, portfolio and pipeline esVolta has assembled,” said Digby Beaumont, Managing Director at RBP Partners. “We are looking forward to working closely with GIG and the esVolta team in coming years to take maximum advantage of the opportunities ahead for the business.”

About the Green Investment Group

Green Investment Group (GIG) is a specialist developer, sponsor and investor with a mission to accelerate the transition to a greener global economy. GIG supports the growth of the global green economy by making new green infrastructure investments and developing new projects. Working across the full project lifecycle, including early-stage development, GIG offers clients and partners expertise in principal investment, project and portfolio management, advisory services and access to flexible capital. GIG is part of Macquarie Group, a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities.

About esVolta, LP

esVolta is a developer, owner, and operator of utility-scale energy storage projects across North America. The company’s portfolio of operational plus contracted projects totals over 600 MWh of storage capacity, and the firm is developing a large pipeline of future storage projects. Additional information about esVolta is available at www.esVolta.com.

Macquarie media inquiries
David Franecki
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esVolta media inquiries
Wendy Prabhu
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BJ’s donates a one-year supply of gas and tires to Meals on Wheels of Greater Newburgh to celebrate opening.

WESTBOROUGH, Mass. & NEWBURGH, N.Y.--(BUSINESS WIRE)--BJ’s Wholesale Club (NYSE: BJ), a leading warehouse club operator in the Eastern United States, announced today the opening of its newest BJ’s Gas location in Newburgh, N.Y. The Newburgh location will be the 150^th BJ’s Gas location for the company and will offer regular, premium and diesel fuels.

“We’re excited to open the BJ’s Gas location in Newburgh so our members can fill up their tank at an unbeatable value,” said Craig Lombardi, general manager of BJ’s Wholesale Club in Newburgh. “When our Newburgh club opens in just a few days, members will be able to save time and money on everything they need, from household essentials and fresh food to gas and tires, all in one convenient location.”

BJ’s Gas has super-low prices every day and members can fill-up their tank and shop for their weekly groceries in an easy one-stop shop. Additionally, BJ’s Gas Savings Program helps members save even more. Members can lower their gas price by picking up everyday essentials, like detergent and household cleaners, marked with the High Octane icon in-club or on BJs.com using buy online, pick up in-club and curbside pickup. For each High Octane item purchased, members save ten cents a gallon during their next fill-up at BJ’s Gas and they can stack their gas savings over multiple shopping trips. Shoppers can learn more and view a list of eligible items at BJs.com/Gas.

To celebrate the opening of its newest BJ’s Gas location, BJ’s announced a $5,000 donation from the BJ’s Charitable Foundation to Meals on Wheels of Greater Newburgh for a one-year supply of gas and tires. Founded in 1972, Meals on Wheels of Greater Newburgh prepares hot, nutritious, meals that their volunteers deliver to the elderly, ill, or disabled who are homebound and unable to provide their own meals.

“We are truly a grassroots organization and on behalf of the entire Meals on Wheels family, I'd like to welcome BJ's to our community,” said Carole McDermott, president of Meals on Wheels of Greater Newburgh. “BJ's generous donation will help us provide meals for individuals who are confined to their homes and in need."

“In addition to assisting with hot meals, BJ's gift will also help provide frozen meals and bags of shelf-stable foods for our meal recipients to keep on hand for unforeseen emergencies,” said Robin Bello, executive director of Meals on Wheels of Greater Newburgh.

The new BJ’s Gas station is located directly adjacent to BJ’s new club. BJ’s club in Newburgh will open on Jan. 22, 2021 and is located at 401 Auto Park Place.

BJ’s is offering a limited time Founding Member offer for local shoppers interested in joining the club now through Jan. 22, 2021. Local shoppers can sign up for a one-year BJ’s Inner Circle^® membership with BJ’s Easy Renewal^® for only $25. Local shoppers can sign up for a one-year BJ’s Perks Rewards^® membership with BJ’s Easy Renewal^® for only $65. Plus, BJ’s Perks Rewards members earn 2% cash back on most BJ’s purchases^*.

Local shoppers interested in learning more about BJ’s Wholesale Club and signing up for membership can visit BJs.com/Newburgh.

BJ’s Wholesale Club is bringing Newburgh a fresh take on a wholesale club:

• 25% off grocery store prices^‡: BJ’s beats supermarket prices on national brands every day so members can stock up for less.
• Coupon-friendly: BJ’s is the only warehouse club that accepts all manufacturers’ coupons, plus members get exclusive BJ’s coupons they can add to their membership card from the BJ’s app or on BJs.com.
• Fresh choices: BJ’s assortment offers more fresh food than other warehouse clubs, with delicious produce, meats, deli and bakery items for weekly shopping.
• Big gas savings: BJ’s Gas has super-low gas prices every day, plus save even more with BJ’s Gas Savings Program.
• Shop Your Way: Members can shop however they want with convenient options like BJs.com, buy online, pick up in-club, curbside pickup, and same-day grocery delivery.

All BJ’s Memberships are subject to BJ’s current Membership Terms, ask in-Club or go to BJs.com/terms.

*BJ’s Perks Rewards Members earn 2% cash back on most BJ’s purchases. Awards are issued in $10 increments, are used at checkout at BJ’s and expire 6 months from the date issued. Cash back can be requested in the form of a check prior to Awards expiring by contacting Member Care at 800-BJS-CLUB. My BJ’s Perks® Program is provided by BJ’s Wholesale Club, Inc. and its terms may change from time to time. Some exclusions may apply. Visit BJs.com/terms for Program Terms.

^‡25% savings is based on Member pricing on a basket of 100 national brand household staples, on an unpromoted unit-price basis, when compared to four leading grocery chains in our trade areas. Learn more at www.bjs.com/25percentterms.

About BJ's Wholesale Club Holdings, Inc.

Headquartered in Westborough, Massachusetts, BJ's Wholesale Club is a leading operator of membership warehouse clubs in the Eastern United States. The company currently operates 219 clubs and 150 BJ's Gas® locations in 17 states.

The Company’s common stock is traded on the New York Stock Exchange (NYSE: BJ).

Whitney Anderson
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Jennie Hardin
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HOUSTON--(BUSINESS WIRE)--Magnolia Oil & Gas Corporation (NYSE: MGY) will host a conference call and webcast to discuss operational and financial results for the fourth quarter and full year 2020 on Tuesday, February 23 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time).

Join the webcast by visiting Magnolia’s website at www.magnoliaoilgas.com/investors/events-and-presentations and clicking on the webcast link or by dialing 1-844-701-1059. Materials related to Magnolia’s fourth quarter and full year 2020 financial results to be discussed during the webcast will be made available in the Investors section of the website prior to the call. The company will post a replay of the webcast on its website following the call.

About Magnolia Oil & Gas

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

Brian Corales
713-842-9036
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TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE: NGL) (“the “Partnership” or “NGL”) is providing certain information regarding its global settlement with Extraction Oil and Gas, Inc. (“Extraction”) following its expected emergence from bankruptcy, including Adjusted EBITDA guidance for the fiscal year ending March 31, 2021 (“Fiscal 2021”) and the fiscal year ending March 21, 2022 (“Fiscal 2022”).

Extraction, in its Chapter 11 bankruptcy proceeding, rejected its two transportation service agreements (“TSAs”) with Grand Mesa Pipeline, LLC (“Grand Mesa”), a subsidiary of the Partnership. Grand Mesa disputed the rejection and appealed the bankruptcy court’s approval of the rejection of the TSAs. The parties reached a global settlement of the dispute which, among other consideration, provided for the following:

• A new, long-term supply agreement between NGL Crude Logistics LLC (“NGL Crude”) and Extraction (the “Supply Agreement”), which includes a significant acreage dedication in the DJ Basin and retains Extraction’s crude oil volumes for shipping on the Grand Mesa Pipeline;
• A new rate structure under the Supply Agreement which is based on calendar month average NYMEX prices with an agreed upon differential plus an increase in the rate when those NYMEX prices exceed $50.00 per barrel; and
• The Partnership will receive $35 million as a liquidated payment for Grand Mesa’s remaining claim on the effective date of Extraction’s plan of reorganization.

“We are pleased to be able to complete the new Supply Agreement with Extraction and look forward to working with their management team as they develop their significant DJ Basin position and execute their business strategy,” stated Mike Krimbill, NGL’s CEO. “This new contract positions NGL to retain and transport significant crude oil volumes for Extraction and aligns the two companies for future success.”

Based on actual year-to-date results and estimated results for the remainder of Fiscal 2021, including the impact of the Extraction bankruptcy, the Partnership is re-instating Fiscal 2021 Adjusted EBITDA guidance at $500 million. Fiscal 2021 Adjusted EBITDA includes an estimated reduction of $45 million associated with lower crude oil volumes delivered by Extraction plus the litigation costs associated with the bankruptcy. Additionally, the Partnership expects to recognize a non-cash impairment charge that could be in the range of $380 million to $400 million in the quarter ending December 31, 2020 associated with certain intangible assets and goodwill which had a net book value of approximately $768 million at September 30, 2020 in its Crude Oil Logistics segment because of the Extraction bankruptcy and settlement. Management does not expect to recognize any impairment of tangible assets in this segment related to this matter.

The Partnership is also initiating Adjusted EBITDA guidance for Fiscal 2022 with a range of $570 million to $600 million. Capital expenditures are expected to be between $100 million and $125 million for Fiscal 2022, including both growth and maintenance expenditures. Additional details regarding Adjusted EBITDA and capital expenditures guidance will be provided when the Partnership announces its operating results for the quarter ending December 31, 2020.

NGL plans to issue its fiscal third quarter-ended December 31, 2020 earnings press release post-market close on Tuesday February 9, 2021. Members of NGL’s management team intend to host an earnings call following this release on Tuesday February 9, 2021 at 4:00 pm CT to discuss its financial results. Analysts, investors, and other interested parties may access the conference call by dialing (800) 291-4083 and providing access code 5176744. An archived audio replay of the call will be available for 7 days beginning at 1:00 pm CT on February 10, 2021, which can be accessed by dialing (855) 859-2056 and providing access code 5176744.

Forward-Looking Statements

This press release includes “forward-looking statements.” The forward-looking expectations for Fiscal 2021 and Fiscal 2022 are based on the most recent volume, price and cost assumptions available and represent management’s best estimate as of the date of this release. There is can be no assurance that these volume, price and cost assumptions will be realized or that other factors will not impact our actual results of operations. All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. While NGL believes such forward-looking statements are reasonable, NGL cannot assure they will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings with the Securities and Exchange Commission. Other factors that could impact any forward-looking statements are those risks described in NGL’s annual report on Form 10-K, quarterly reports on Form 10-Q, and other public filings. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading “Risk Factors.” NGL undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.

Non-GAAP Financial Measures

NGL defines EBITDA as net income (loss) attributable to NGL Energy Partners LP, plus interest expense, income tax expense (benefit), and depreciation and amortization expense. NGL defines Adjusted EBITDA as EBITDA excluding net unrealized gains and losses on derivatives, lower of cost or market adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, equity-based compensation expense, acquisition expense, revaluation of liabilities, certain legal settlements and other. NGL also includes in Adjusted EBITDA certain inventory valuation adjustments related to certain refined products businesses with NGL’s Liquids and Refined Products segment, as discussed below. EBITDA and Adjusted EBITDA should not be considered as alternatives to net income (loss), income (loss) from continuing operations before income taxes, cash flows from operating activities, or any other measure of financial performance calculated in accordance with GAAP, as those items are used to measure operating performance, liquidity or the ability to service debt obligations. NGL believes that EBITDA provides additional information to investors for evaluating NGL’s ability to make quarterly distributions to NGL’s unitholders and is presented solely as a supplemental measure. NGL believes that Adjusted EBITDA provides additional information to investors for evaluating NGL’s financial performance without regard to NGL’s financing methods, capital structure and historical cost basis. Further, EBITDA and Adjusted EBITDA, as NGL defines them, may not be comparable to EBITDA, Adjusted EBITDA, or similarly titled measures used by other entities.

Other than for certain refined products businesses with NGL’s Liquids and Refined Products segment, for purposes of the Adjusted EBITDA calculation, NGL makes a distinction between realized and unrealized gains and losses on derivatives. During the period when a derivative contract is open, NGL records changes in the fair value of the derivative as an unrealized gain or loss. When a derivative contract matures or is settled, NGL reverses the previously recorded unrealized gain or loss and records a realized gain or loss. NGL does not draw such a distinction between realized and unrealized gains and losses on derivatives of certain refined products businesses with NGL’s Liquids and Refined Products segment. The primary hedging strategy of NGL’s Refined Products and Renewables segment is to hedge against the risk of declines in the value of inventory over the course of the contract cycle, and many of the hedges are six months to one year in duration at inception. The “inventory valuation adjustment” row in the reconciliation table reflects the difference between the market value of the inventory of these businesses at the balance sheet date and its cost, adjusted for the impact of seasonal market movements related to our base inventory and the related hedge. NGL includes this in Adjusted EBITDA because the unrealized gains and losses associated with derivative contracts associated with the inventory of these businesses, which are intended primarily to hedge inventory holding risk and are included in net income, also affect Adjusted EBITDA.

Due to the impracticality of predicting certain amounts required by GAAP such as unrealized gains and losses on derivatives marked to market and potential changes in estimates for certain contingent liabilities, NGL does not calculate budgeted Net Income, the GAAP financial measure most directly comparable to the non-GAAP financial measure of Adjusted EBITDA.

About NGL Energy Partners LP

NGL Energy Partners LP, a Delaware limited partnership, is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of produced water generated as part of the oil and natural gas production process. For further information, visit the Partnership’s website at www.nglenergypartners.com.

This release is a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100% of NGL Energy Partner LP’s distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Therefore, distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate.

NGL Energy Partners LP
Trey Karlovich, 918.481.1119
Executive Vice President and Chief Financial Officer
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or
Linda Bridges, 918.481.1119
Senior Vice President – Finance and Treasurer
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DUBLIN--(BUSINESS WIRE)--The "Global Crude Oil Refinery Maintenance Review, 2020 - Asia and North America Witness the Highest Maintenance in the Year" report has been added to ResearchAndMarkets.com's offering.

In 2020, Asia had the highest refining capacity under maintenance (both planned and unplanned) globally with 11,524 mbd. In terms of highest capacity under planned maintenance, Asia led among the regions again with 11,319 mbd, while North America had the highest capacity under unplanned maintenance with 5,520 mbd.

Among countries, the US, South Korea, and China were the top three countries globally in terms of refining capacity under maintenance (both planned and unplanned) for 2020. Ulsan refinery in South Korea, Ruwais in United Arab Emirates, and Yeosu in South Korea were the top three refineries in terms of refining capacity under maintenance (both planned and unplanned) in 2020.

Scope

• Analysis of capacity under maintenance for crude distillation, coking, fluid catalytic cracking, hydrocracker, hydrotreater, and reformer units globally for 2020
• Comparison of select refinery units under maintenance (planned, unplanned and both) by major regions for 2020 and 2019
• Comparison of select refinery units under maintenance (planned, unplanned and both) by PADD regions in the US for both the years
• Comparison of select refinery units under maintenance (planned, unplanned and both) by operators for both the years
• Comparison of factors responsible for unplanned maintenance globally by region for 2020 and 2019

Reasons to Buy

• Keep abreast of major refinery units (crude distillation, coking, fluid catalytic cracking, hydrocracker, hydrotreater and reformer) undergoing maintenance globally
• Obtain information on region-wise maintenance globally for 2020 in comparison with 2019
• Identify and compare PADD regions and operators with highest maintenance in both the quarters
• Facilitate decision making on the basis of strong refinery maintenance data
• Assess your competitor's refinery maintenance data

Key Topics Covered:

1. Global Refinery Maintenance Review, 2020

1.1 Key Highlights

1.2 Major Outages in 2020 vis-a-vis 2019

1.3 Regional Maintenance Briefs

1.4 Factors Responsible for Unplanned Maintenance by Region, 2020 vis-a-vis 2019

2. Global Upcoming Planned Maintenance, 2021

3. Global Refinery Maintenance by Region

3.1 Global Refining Capacity under Maintenance by Region, 2020 vis-a-vis 2019

3.2 Global Coking Capacity under Maintenance by Region, 2020 vis-a-vis 2019

3.3 Global Fluid Catalytic Cracking (FCC) Capacity under Maintenance by Region, 2020 vis-a-vis 2019

3.4 Global Hydrocracker Capacity under Maintenance by Region, 2020 vis-a-vis 2019

3.5 Global Hydrotreater Capacity under Maintenance by Region, 2020 vis-a-vis 2019

3.6 Global Reformer Capacity under Maintenance by Region, 2020 vis-a-vis 2019

4. Refinery Maintenance by Petroleum Administration for Defense Districts (PADD) Regions in the US

4.1 Refining Capacity under Maintenance by PADD Regions in the US, 2020 vis-a-vis 2019

4.2 Coking Capacity under Maintenance by PADD Regions in the US, 2020 vis-a-vis 2019

4.3 FCC Capacity under Maintenance by PADD Regions in the US, 2020 vis-a-vis 2019

4.4 Hydrocracker Capacity under Maintenance by PADD Regions in the US, 2020 vis-a-vis 2019

4.5 Hydrotreater Capacity under Maintenance by PADD Regions in the US, 2020 vis-a-vis 2019

4.6 Reformer Capacity under Maintenance by PADD Regions in the US, 2020 vis-a-vis 2019

5. Global Refinery Maintenance by Operator

5.1 Global Refining Capacity under Maintenance by Operator, 2020 vis-a-vis 2019

5.2 Global Coking Capacity under Maintenance by Operator, 2020 vis-a-vis 2019

5.3 Global FCC Capacity under Maintenance by Operator, 2020 vis-a-vis 2019

5.4 Global Hydrocracker Capacity under Maintenance by Operator, 2020 vis-a-vis 2019

5.5 Global Hydrotreater Capacity under Maintenance by Operator, 2020 vis-a-vis 2019

5.6 Global Reformer Capacity under Maintenance by Operator, 2020 vis-a-vis 2019

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

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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AKRON, Ohio--(BUSINESS WIRE)--$BW #CarbonBlack--Babcock & Wilcox (B&W) (NYSE: BW) announced today that its B&W Environmental segment will design and supply environmental technologies to reduce sulfur oxides emissions for Cabot Corporation’s carbon black manufacturing facility in Ville Platte, La. The contract is valued at more than $10 million.

The project scope includes the design and supply of a wet flue gas desulfurization (FGD) system, including an advanced, proprietary gas distribution tray for the new spray tower. Additionally, B&W Environmental will provide site advisory services for installation and commissioning.

“Carbon black is a pigment created from a unique heating process and used in many products from batteries to UV protection. Carbon black producers face unique environmental challenges, and B&W Environmental has many decades of experience in pioneering emissions control technologies for industrial applications,” said Jimmy Morgan, B&W Chief Operating Officer. “We’re well-experienced in providing creative and effective solutions to help our customers protect the environment and meet strict air quality regulations.”

“Cabot has installed B&W Environmental technologies in the past, and we appreciate the confidence they’ve shown in us and the opportunity to again meet their plants’ environmental needs,” Morgan said.

B&W Environmental provides a comprehensive suite of air quality and emissions control solutions which are ideally suited for carbon black manufacturers needing to reduce emissions of nitrogen oxides (NOx), sulfur oxides (SOx) and particulate matter. B&W’s well-proven technologies are innovative, reliable, and can be customized to fit most applications.

About B&W

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc., is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow us on Twitter @BabcockWilcox and learn more at www.babcock.com.

About B&W Environmental

Babcock & Wilcox Environmental offers a full suite of best-in-class emissions control products and solutions for utility and industrial steam generation applications around the world. The segment’s broad experience includes systems for ash handling, particulate control, nitrogen oxides and sulfur dioxides removal, chemical looping for carbon control, and mercury control, along with cooling solutions.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the execution and completion of a contract for the design and supply of emissions reduction technologies for a U.S. manufacturing facility. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

Investor:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox
704.625.4944 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Media:
Ryan Cornell
Public Relations
Babcock & Wilcox
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KANSAS CITY, Mo.--(BUSINESS WIRE)--Kansas City Southern (KCS) (NYSE: KSU) announced that it has submitted a commitment letter to the Science Based Targets Initiative (SBTi) pledging to set a science-based greenhouse gas emissions reduction target. KCS’ science-based target will align with what climate scientists say is needed to meet the Paris Agreement goal of limiting global warming to well below 2°C above pre-industrial levels.

Railroads are already one of the most efficient modes of transportation. Moving freight by rail instead of truck reduces greenhouse gas emissions by up to 75 percent. By committing to the SBTi, KCS is building on steps already taken to lower its greenhouse gas emissions, including actions taken during its Precision Scheduled Railroading implementation to improve fuel efficiency and investments in fuel-saving technologies.

“Kansas City Southern has long recognized the important role that rail plays in lowering overall transportation emissions,” stated president and chief executive officer Patrick J. Ottensmeyer. “Our pledge to issue a science-based target reinforces our commitment to further improving fuel efficiency and lowering emissions in support of a more sustainable North American supply chain.”

Headquartered in Kansas City, Mo., KCS is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS' North American rail holdings and strategic alliances with other North American rail partners are primary components of a unique railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada. More information about KCS can be found at www.kcsouthern.com

Forward-Looking Information

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. In addition, management may make forward-looking statements orally or in other writing, including, but not limited to, in press releases, quarterly earnings calls, executive presentations, in the annual report to stockholders and in other filings with the Securities and Exchange Commission. Readers can usually identify these forward-looking statements by the use of such words as "may," "will," "should," "likely," "plans," "projects," "expects," "anticipates," "believes" or similar words. These statements involve a number of risks and uncertainties. Actual results could materially differ from those anticipated by such forward-looking statements as a result of a number of factors or combination of factors including, but not limited: public health threats or outbreaks of communicable diseases, such as the ongoing COVID-19 pandemic and its impact on KCS’s business, suppliers, consumers, customers, employees and supply chains; rail accidents or other incidents or accidents on KCS’s rail network or at KCS’s facilities or customer facilities involving the release of hazardous materials, including toxic inhalation hazards; legislative and regulatory developments and disputes, including environmental regulations; loss of the rail concession of Kansas City Southern’s subsidiary, Kansas City Southern de México, S.A. de C.V.; domestic and international economic, political and social conditions; disruptions to the Company’s technology infrastructure, including its computer systems; increased demand and traffic congestion; the level of trade between the United States and Asia or Mexico; fluctuations in the peso-dollar exchange rate; natural events such as severe weather, hurricanes and floods; the outcome of claims and litigation involving the Company or its subsidiaries; competition and consolidation within the transportation industry; the business environment in industries that produce and use items shipped by rail; the termination of, or failure to renew, agreements with customers, other railroads and third parties; fluctuation in prices or availability of key materials, in particular diesel fuel; access to capital; climate change and the market and regulatory responses to climate change; dependency on certain key suppliers of core rail equipment; changes in securities and capital markets; unavailability of qualified personnel; labor difficulties, including strikes and work stoppages; acts of terrorism or risk of terrorist activities, war or other acts of violence; and other factors affecting the operation of the business; and other risks identified in this news release, in KCS's Annual Report on Form 10-K for the year ended December 31, 2019, and in other reports filed by KCS with the Securities and Exchange Commission.

Forward-looking statements reflect the information only as of the date on which they are made. KCS does not undertake any obligation to update any forward-looking statements to reflect future events, developments, or other information.

Ashley Thorne, 816-983-1530, This email address is being protected from spambots. You need JavaScript enabled to view it.

• Reported net loss of $0.27 per diluted share
• Adjusted net income of $0.18 per diluted share, excluding impairments and other charges
• Cash flow from operating activities of $638 million and free cash flow of $420 million

HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) announced today a net loss of $235 million, or $0.27 per diluted share, for the fourth quarter of 2020. This compares to a net loss for the third quarter of 2020 of $17 million, or $0.02 per diluted share. Adjusted net income for the fourth quarter of 2020, excluding impairments and other charges, was $160 million, or $0.18 per diluted share. This compares to adjusted net income for the third quarter of 2020, excluding severance and other charges, of $100 million, or $0.11 per diluted share. Halliburton's total revenue in the fourth quarter of 2020 was $3.2 billion, a 9% increase from revenue of $3.0 billion in the third quarter of 2020. Reported operating loss was $96 million in the fourth quarter of 2020 compared to reported operating income of $142 million in the third quarter of 2020. Excluding impairments and other charges, adjusted operating income was $350 million in the fourth quarter of 2020, a 27% increase from adjusted operating income of $275 million in the third quarter of 2020.

Total revenue for the full year of 2020 was $14.4 billion, a decrease of $8.0 billion, or 36% from 2019. Reported operating loss for 2020 was $2.4 billion, compared to reported operating loss of $448 million for 2019. Excluding impairments and other charges, adjusted operating income for 2020 was $1.4 billion, compared to adjusted operating income of $2.1 billion for 2019.

“I am pleased with our solid execution in the fourth quarter and for the full year. Our swift and decisive cost actions and service delivery improvements reset our earnings power, delivering strong margins and cash flow. We also achieved historic bests in safety and service quality,” commented Jeff Miller, Chairman, President and CEO.

“I am optimistic about the activity momentum I see in North America, and expect international activity to bottom in the first quarter of this year. I am also encouraged by the growing pipeline of international customer opportunities and the unfolding global activity recovery.

“I believe our strategic priorities will allow us to continue generating industry-leading returns and strong free cash flow and solidify Halliburton’s role in the unfolding energy market recovery,” concluded Miller.

Operating Segments

Completion and Production

Completion and Production revenue in the fourth quarter of 2020 was $1.8 billion, an increase of $236 million, or 15%, when compared to the third quarter of 2020, while operating income was $282 million, an increase of $70 million, or 33%. These increases were driven by higher activity across multiple product lines in North America, increased stimulation activity in Argentina and Kuwait, higher completion tools sales in Africa, Southeast Asia, and Norway, and increased well intervention services internationally. These increases were partially offset by lower pressure pumping activity in Saudi Arabia and lower completion tools sales in Eurasia and Australia.

Drilling and Evaluation

Drilling and Evaluation revenue in the fourth quarter of 2020 was $1.4 billion, an increase of $26 million, or 2%, when compared to the third quarter of 2020, while operating income was $117 million, an increase of $12 million, or 11%. These increases were primarily due to higher drilling-related services in North America and Brazil, increased wireline activity in North America and Latin America, higher fluids sales in Asia Pacific and Guyana, and increased software sales across all regions. Partially offsetting these increases were lower drilling-related services and project management activity across Europe/Africa/CIS, the Middle East, and Mexico, as well as reduced wireline activity in Asia Pacific and Saudi Arabia.

Geographic Regions

North America

North America revenue in the fourth quarter of 2020 was $1.2 billion, a 26% increase when compared to the third quarter of 2020. This increase was driven by higher activity in stimulation and artificial lift in U.S. land, as well as higher well construction and wireline services activity, and year-end completion tools and software sales.

International

International revenue in the fourth quarter of 2020 was $2.0 billion, essentially flat when compared to the third quarter of 2020. Higher pressure pumping and wireline activity in Argentina, increased fluids sales in Asia Pacific and Guyana, higher completion tools sales in Norway, Africa, and Southeast Asia, and increased software sales across multiple regions were offset by lower activity across multiple product service lines in Saudi Arabia, Mexico, Norway, and Russia.

Latin America revenue in the fourth quarter of 2020 was $426 million, a 12% increase sequentially, resulting primarily from increased pressure pumping and wireline activity in Argentina, and activity increases in multiple product service lines in Colombia and Ecuador, as well as higher fluids sales in Guyana and drilling services in Brazil. These increases were partially offset by reduced activity across multiple product service lines in Mexico.

Europe/Africa/CIS revenue in the fourth quarter of 2020 was $642 million, a 1% decrease sequentially, resulting primarily from reduced drilling-related services and completion tools sales in Eurasia, coupled with lower drilling-related activity in Norway. These decreases were partially offset by higher completion tools sales in Africa, Norway, and Continental Europe, as well as increased stimulation and well intervention services in Algeria and Continental Europe.

Middle East/Asia revenue in the fourth quarter of 2020 was $931 million, a 3% decrease sequentially, largely resulting from lower activity across multiple product service lines in Saudi Arabia, reduced drilling activity in the United Arab Emirates, and decreased project management activity in India. These decreases were partially offset by higher drilling-related services in China, Australia and Malaysia, increased stimulation activity in Kuwait, and higher software sales across the region.

Other Financial Items

Halliburton recognized $446 million of pre-tax impairments and other charges in the fourth quarter of 2020, primarily related to a contemplated structured transaction for its North American real estate assets.

Selective Technology & Highlights

• Halliburton announced its commitment to set science-based targets to reduce greenhouse gas (GHG) emissions. The Company submitted its commitment letter to the Science Based Targets initiative (SBTi), a collaboration between CDP, the United Nations Global Compact, World Resources Institute, and the World Wide Fund for Nature. With this commitment, Halliburton will submit targets in 2021, and SBTi validation is expected in 2022.

• Halliburton successfully deployed the industry’s first electric-powered fracturing operation for Cimarex Energy Co. in the Permian basin. To date, Halliburton has completed over 300 stages across multiple wells using utility-powered electric frac pumps that demonstrated consistent superior performance. Halliburton’s electric-powered equipment is engineered to utilize the maximum power potential from the grid, allowing the customer to achieve pump rates of 30% to 40% higher than with conventional equipment.

• Halliburton and Accenture have teamed up to accelerate Halliburton’s digital supply chain transformation and support digitalization within the Company’s manufacturing and supply chain functions. This new delivery platform will apply advanced analytics and enhanced business intelligence tools for its support teams to improve service levels and unlock operational benefits. This transformation further supports Halliburton’s strategic priority to accelerate digital deployment and integration across the value chain.

• Halliburton introduced Digital Well Operations, a DecisionSpace® 365 cloud solution. Digital Well Operations is the industry’s first open and integrated well operations software that seamlessly connects the entire value chain – operators, service providers, logistics providers and rig providers – to deliver more efficient and safe wells.

• OMV Petrom S.A. will adopt Halliburton’s DecisionSpace 365 application to consolidate asset and production data in an integrated environment as part of OMV Petrom’s DigitUp digitalization program. The solution will integrate the operator’s asset information to assist engineers in monitoring and optimizing production, while enhancing operational efficiency and decision making. This scalable solution will expand over further assets and functional use cases as collaboration between OMV Petrom S.A. and Halliburton continues.

• Halliburton introduced Crush & Shear™ Hybrid Drill Bit, a new technology that combines the efficiency of traditional polycrystalline diamond compact (PDC) cutters with the torque-reducing capabilities of rolling elements to increase drilling efficiency and maximize bit stability through changing formations.

• Halliburton established a Halliburton Business and Engineering Scholarship Fund at Prairie View A&M University (PVAMU). To be administered by PVAMU, scholarships will go to eligible junior and/or senior students majoring in Accounting, Management Information Systems, Finance and Engineering.

About Halliburton

Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With more than 40,000 employees, representing 140 nationalities in more than 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the Company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.

Forward-looking Statements

The statements in this press release that are not historical statements, including statements regarding future financial performance, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: the severity and duration of the COVID-19 pandemic, related economic repercussions and the resulting negative impact on demand for oil and gas; the current significant surplus in the supply of oil and the ability of the OPEC+ countries to agree on and comply with supply limitations; the duration and magnitude of the unprecedented disruption in the oil and gas industry currently resulting from the impact of the foregoing factors, which is negatively impacting our business; operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of our employees, remote work arrangements, performance of contracts and supply chain disruptions; the continuation or suspension of our stock repurchase program, the amount, the timing and the trading prices of Halliburton common stock, and the availability and alternative uses of cash; changes in the demand for or price of oil and/or natural gas; potential catastrophic events related to our operations, and related indemnification and insurance matters; protection of intellectual property rights and against cyber-attacks; compliance with environmental laws; changes in government regulations and regulatory requirements, particularly those related to oil and natural gas exploration, radioactive sources, explosives, chemicals, hydraulic fracturing services, and climate-related initiatives; compliance with laws related to income taxes and assumptions regarding the generation of future taxable income; risks of international operations, including risks relating to unsettled political conditions, war, the effects of terrorism, foreign exchange rates and controls, international trade and regulatory controls and sanctions, and doing business with national oil companies; weather-related issues, including the effects of hurricanes and tropical storms; changes in capital spending by customers, delays or failures by customers to make payments owed to us and the resulting impact on our liquidity; execution of long-term, fixed-price contracts; structural changes and infrastructure issues in the oil and natural gas industry; maintaining a highly skilled workforce; availability and cost of raw materials; agreement with respect to and completion of potential dispositions, acquisitions and integration and success of acquired businesses and operations of joint ventures. Halliburton's Form 10-K for the year ended December 31, 2019, Form 10-Q for the quarter ended September 30, 2020, recent Current Reports on Form 8-K and other Securities and Exchange Commission filings discuss some of the important risk factors identified that may affect Halliburton's business, results of operations, and financial condition. Halliburton undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

For Investors:
Abu Zeya
Halliburton, Investor Relations
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281-871-2688

For Media:
Emily Mir
Halliburton, Public Relations
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281-871-2601

LOS ANGELES--(BUSINESS WIRE)--Motorcar Parts of America, Inc. (Nasdaq: MPAA) today announced its wholly owned subsidiary D&V Electronics, based in Woodbridge, Ontario, has established a non-exclusive strategic distribution partnership with Singapore-based TME Systems Pte Ltd. Terms were not disclosed.

“The partnership enhances our presence within Southeast Asia and leverages D&V’s reputation for leading-edge testing and diagnostic equipment utilized in the development and production of electric vehicles,” said Selwyn Joffe, chairman, president and chief executive officer.

“Expanding our global presence through commercial distribution partnerships complements our ongoing strategic growth initiatives and provides strong local support for our products and services. We look forward to working with TME systems to take advantage of the exciting opportunities in Southeast Asia,” said Bill Hardy, chief executive officer of D&V Electronics.

“With the ongoing transformation of the automotive industry, we are extremely excited to establish a partnership with DV Electronics. DV Electronics and TME Systems Pte Ltd share the same vision to expand our presence in Southeast Asia. With the rapid adoption of electric and autonomous vehicles in this region, we see immense growth opportunities for both companies,” said Ronald Soo, managing director of TME Systems Pte Ltd.

About TME Systems

Based in Singapore with a 30-year history and branches and affiliated offices in The Philippines, Thailand, Vietnam, Malaysia, and Indonesia, TME Systems is an ISO 9001-certified premier high-tech solutions and service provider -- including digital solutions for car connectivity applications, hardware in-the-loop simulation, automotive acoustic testing and vibration and sound sensor applications. Additional information is available at www.tmesystems.net.

Motorcar Parts of America, Inc. is a remanufacturer, manufacturer, and distributor of automotive aftermarket parts -- including alternators, starters, wheel bearing and hub assemblies, brake calipers, brake master cylinders, brake power boosters, rotors, brake pads and turbochargers utilized in imported and domestic passenger vehicles, light trucks, and heavy-duty applications. In addition, the company designs and manufactures test solutions for performance, endurance and production testing of electric motors, inverters, alternators, starters, and belt starter generators for the OE, aerospace, and aftermarket. Motorcar Parts of America’s products are sold to automotive retail outlets and the professional repair market throughout the United States and Canada, with facilities located in New York, California, Mexico, Malaysia, China and India, and administrative offices located in California, Tennessee, Mexico, Singapore, Malaysia, and Canada. Additional information is available at www.motorcarparts.com.

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company’s current expectations and beliefs concerning future developments and their potential effects on the company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors. Reference is also made to the Risk Factors set forth in the company’s Form 10-K Annual Report filed with the Securities and Exchange Commission (SEC) in June 2020 and in its Forms 10-Q filed with the SEC for additional risks and uncertainties facing the company. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.

Gary S. Maier
(310) 972-5124

HOUSTON--(BUSINESS WIRE)--NOV Inc. (NYSE: NOV) announced today that it expects fourth quarter 2020 revenue and earnings to be below prior guidance. On a consolidated basis, the Company expects to report revenues of $1.33 billion, a GAAP operating loss of $327 million and Adjusted EBITDA of $17 million.

“While rising North American activity levels drove higher revenues in the U.S. for our shorter-cycle businesses, international markets and demand for capital equipment remained soft through year-end, which led to fourth quarter results that were below our expectations for our three segments,” commented Clay Williams, Chairman, President, and CEO. “The resurgence of COVID-19 caused customers to defer orders and resulted in a slower pace of bookings in the second half of the quarter; however, we still achieved a sequential increase in orders of 27 percent for our Completion & Production Solutions segment and a 105 percent book-to-bill for our Rig Technologies segment.”

“Despite the challenging operating environment for our later-cycle business and our ongoing investments in developing new products and technologies, free cash flow remained healthy and in-line with prior guidance. While we expect continued softness in our first quarter 2021 results, we are optimistic that improving commodity prices, rising activity, and the actions we are taking to position NOV for the future will result in improved profitability over the course of 2021.”

The Company is finalizing its financial close process for the fourth quarter and full year 2020 and will provide complete results in a press release issued after market close on Thursday, February 4, 2021. NOV will conduct its fourth quarter 2020 conference call on Friday, February 5, 2021 at 10 a.m. (Central Time). The call will be webcast live on www.nov.com/investors.

About NOV

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

Visit www.nov.com for more information.

Adjusted EBITDA is operating loss of approximately $327 million, plus depreciation and amortization of $82 million and other items of $262 million. The Company discloses Adjusted EBITDA in its periodic earnings press releases and other public disclosures to provide investors additional information about the results of ongoing operations and uses it internally to evaluate and manage the business. Adjusted EBITDA is not intended to replace GAAP financial measures.

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

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

Blake McCarthy
Vice President, Corporate Development and Investor Relations
(713) 815-3535
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VantageCare Provides Continuous Intersection Monitoring and Optimization to Transportation Agencies

• Iteris’ VantageCare augments transportation agencies’ existing traffic management and maintenance operations to improve intersection performance and safety

• By virtualizing certain agency processes, VantageCare provides a highly scalable approach to proactively optimize all intersections that are equipped with Iteris detection systems

• Launch marks the expansion of Iteris’ software-enabled managed services portfolio, a key component of its ClearMobility Platform

SANTA ANA, Calif.--(BUSINESS WIRE)--$ITI #IoT--Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today announced that it has launched VantageCare™, a new managed service for smart mobility infrastructures operated by state and local transportation agencies.

VantageCare is a software-enabled smart mobility infrastructure managed service that utilizes process virtualization to continuously and proactively monitor intersections and arterials that are equipped with Iteris’ advanced detection sensor systems.

Transportation agencies using Iteris' VantageCare to augment their existing traffic management operations will receive data-driven analysis and management reports to improve performance at key signalized intersections equipped with Iteris detection technology. The solution helps agencies proactively identify and address a variety of opportunities to optimize detection.

VantageCare is a key component of Iteris’ ClearMobility™ Platform, the most complete solution for continuously monitoring, visualizing and optimizing mobility infrastructure around the world to help ensure that roads are safe, travel is efficient, and communities thrive. The ClearMobility Platform applies cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to achieve safe, efficient and sustainable mobility.

“We are thrilled to announce the launch of VantageCare, a software-enabled managed service that utilizes process virtualization to enable transportation agencies nationwide to proactively optimize and maintain the health of their Iteris detection systems,” said Todd Kreter, senior vice president and general manager, Roadway Sensors at Iteris. “With the addition of VantageCare, transportation agencies can augment their existing traffic management operations, giving them peace of mind and the ability to focus on other priorities, as performance and safety are improved throughout their transportation network.”

About Iteris, Inc.

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

Iteris Forward-Looking Statements

This release may contain forward-looking statements, which speak only as of the date hereof and are based upon our current expectations and the information available to us at this time. Words such as "believes," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "may," “should,” “will,” "can," and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the capabilities and benefits of our VantageCare solution. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict, and actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.

Important factors that may cause such a difference include, but are not limited to, our ability to provide our services in a cost-efficient manner; our ability to introduce, market and gain broad acceptance of our new and existing product and service offerings in the transportation industry; the potential impact of product and service offerings from competitors and other competitive pressures; challenges in the development of software-based solutions generally; and the impact of general economic, political and other conditions in the markets we address. Further information on Iteris, Inc., including additional risk factors that may affect our forward-looking statements, is contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and our other SEC filings that are available through the SEC’s website (www.sec.gov).

Media Contact
David Sadeghi
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Investor Relations
MKR Investor Relations, Inc.
Todd Kehrli
Tel: (213) 277-5550
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CANONSBURG, Pa.--(BUSINESS WIRE)--#ETRN--Equitrans Midstream Corporation (NYSE: ETRN) today announced the early tender results of its wholly owned subsidiary, EQM Midstream Partners, LP’s (the Partnership) previously announced tender offers (each, an Offer and, collectively, the Offers) to purchase up to $500 million in aggregate principal amount (as such amount may be increased or eliminated by the Partnership pursuant to the terms of the Offers, the Aggregate Maximum Principal Amount) of its outstanding notes listed in the table below.

The terms and conditions of the Offers are set forth in the Partnership’s Offer to Purchase, dated January 4, 2021, as amended by ETRN’s news release, dated January 4, 2021 (as amended, the Offer to Purchase). The Offer to Purchase relates to two separate Offers, one for each series of notes (each series, a Series of Notes, and such notes, collectively, the Notes).

As of 5:00 p.m., New York City time, on January 15, 2021 (such time and date, the Early Tender Deadline), according to information provided by D.F. King & Co., Inc., the tender and information agent for the Offers, an aggregate principal amount of $754,693,000 of 4.750% notes due 2023 (the 2023 Notes) had been validly tendered and not validly withdrawn in the Offer for such Notes. Withdrawal rights for the Notes expired at 5:00 p.m., New York City time, on January 15, 2021.

The Aggregate Maximum Principal Amount has been fully subscribed by the 2023 Notes tendered as of the Early Tender Deadline. In accordance with the Aggregate Maximum Principal Amount set forth above, the 2023 Notes validly tendered and not validly withdrawn prior to the Early Tender Deadline will be subject to proration as further described in the Offer to Purchase, and no 4.000% notes due 2024 will be accepted for purchase. The Partnership expects to accept for purchase in the Offers an aggregate principal amount of $500 million of 2023 Notes using a proration rate of ~66%. The Partnership does not anticipate accepting for purchase any Notes validly tendered after the Early Tender Deadline.

The applicable Total Consideration (as defined in the Offer to Purchase) for each $1,000 of principal amount of the 2023 Notes validly tendered and not validly withdrawn and accepted for purchase is set forth in the table above. Only holders of the 2023 Notes who validly tendered and did not validly withdraw their 2023 Notes at or prior to the Early Tender Deadline are eligible to receive the applicable Total Consideration, which includes the Early Tender Premium for the 2023 Notes of $30 per $1,000 principal amount of 2023 Notes tendered. In addition, such Holders will also be entitled to receive accrued and unpaid interest, if any, from the last interest payment date for the 2023 Notes up to, but not including, the Early Settlement Date (as defined below).

It is anticipated that the settlement date for the 2023 Notes validly tendered and accepted for purchase will be January 20, 2021 (the Early Settlement Date).

Barclays Capital Inc. is acting as Dealer Manager and D.F. King & Co., Inc. is acting as the Tender Agent and Information Agent for the Offers. Requests for documents may be directed to D.F. King & Co., Inc. at (866) 751-6313 or This email address is being protected from spambots. You need JavaScript enabled to view it.. Questions regarding the Offers may be directed to Barclays Capital Inc. collect at (212) 528-7581 or toll-free at (800) 438-3242.

This announcement is for informational purposes only and is not an offer to purchase or sell or a solicitation of an offer to purchase or sell, with respect to any securities, including in connection with the Offers. The Offers to purchase the Notes are only being made pursuant to the terms of the Offer to Purchase. The Offers are not being made in any state or jurisdiction in which such Offers would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. None of the Partnership, the Dealer Manager, or the Tender Agent and Information Agent is making any recommendation as to whether or not Holders should tender their Notes in connection with the Offers.

Cautionary Statement Regarding Forward-Looking Information
Disclosures in this news release contain certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Words such as “could,” “will,” “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” or “continue,” and similar expressions are used to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this news release specifically include statements relating to the tender offers, including the expected timing thereof. These statements involve risks and uncertainties that could cause actual results to differ materially from projected results.

Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. ETRN and the Partnership have based these forward-looking statements on current expectations and assumptions about future events. While ETRN and the Partnership consider these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond ETRN’s and the Partnership’s control. The risks and uncertainties that may affect the operations, performance and results of ETRN’s and the Partnership’s business and forward-looking statements include, but are not limited to, those set forth in ETRN’s and the Partnership’s respective publicly filed reports with the Securities and Exchange Commission (the SEC), including those set forth under Item 1A, “Risk Factors” of ETRN’s Annual Report on Form 10-K for the year ended December 31, 2019, as updated by Part II, Item 1A, "Risk Factors," of ETRN’s subsequent Quarterly Reports on Form 10-Q filed with the SEC, and those set forth under Item 1A, “Risk Factors” of the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2019 and under Part II, Item 1A, "Risk Factors," of EQM’s Quarterly Report on Form 10-Q for the three months ended March 31, 2020 filed with the SEC on May 14, 2020.

All forward-looking statements speak only as of the date they are made and are based on information available at that time. ETRN and the Partnership assume no obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

Source: Equitrans Midstream Corporation

Analyst/Investor inquiries:
Nate Tetlow — Vice President, Corporate Development and Investor Relations
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Media inquiries:
Natalie A. Cox — Communications and Corporate Affairs
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WATSONVILLE, Calif.--(BUSINESS WIRE)--#SafetyByChoice--The joint venture team comprised of Granite (NYSE: GVA) and Healy Tibbitts Builders, Inc. is one of five contractors selected to participate in a $750 million Waterfront Multiple Award Construction Contract (MACC) by the Naval Facilities Engineering Command, Southwest (NAVFAC SW). The indefinite delivery/indefinite quantity (IDIQ) competitive MACC is comprised of task orders ranging from $50,000 to $100 million, for two base years plus three option years through 2025.

Task order proposals will be submitted for new construction, repair, and renovation of waterfront facilities by design-build or design-bid-build to support Navy vessels and port operations in California, Arizona, Nevada, Utah, Colorado, and New Mexico.

“We look forward to expanding our relationship with NAVFAC SW to construct critical waterfront infrastructure for the U.S. Navy through our joint venture partnership with Healy Tibbitts Builders, Inc. and design partnership with Moffatt and Nichol,” said Matt Tyler, vice president of Granite’s federal operations. “Our firms have a long history of collaboration to deliver the Department of Defense projects and we are pleased to continue this tradition.”

About Granite

Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite provider in the transportation, water infrastructure, and mineral exploration markets. Granite’s Code of Conduct and strong Core Values guide the company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook, and Instagram.

Media
Erin Kuhlman 831-768-4111
Investors
Lisa Curtis 831-728-7532

Order for 60 LionC buses is the largest order for all-electric school buses yet from a North American operator

SAINT-JÉRÔME, Québec--(BUSINESS WIRE)--Northern Genesis Acquisition Corp. (NYSE: NGA) announces that its proposed business combination partner, Lion Electric (Lion), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, and Autobus Groupe Séguin (Autobus Séguin), a transportation operator headquartered in Laval, Quebec, announced the signing of an order for the acquisition of 60 zero-emission LionC electric school buses over a five-year period. Autobus Séguin will integrate the all-electric buses into the company's current fleet of vehicles, one of the largest in Quebec. This milestone order is the single largest to date in the electric school bus industry in North America. The first 10 buses will be delivered throughout the 2021 calendar year, and will be used from the start of the 2021-2022 school year, through the seven service centers operated by Autobus Séguin. Subject to continued satisfaction of certain conditions, the remaining 50 buses will be delivered through 2026.

"We are happy to continue the pioneering tradition established at Autobus Séguin by participating in this current wind of change, and by making this important shift towards the electrification of school transportation. Lion Electric, which will assist us in the transition and integration of these new buses, is an ideal partner for the success of this project. Ultimately, our ambition is to electrify our entire fleet of more than 310 school buses by 2030," said Stéphane Boisvert, President at Autobus Groupe Séguin.

“Autobus Séguin is showing its clear leadership in migrating to electrification, and this initiative serves as proof that it is possible for fleet operators to electrify a large number of vehicles. We are happy to support the Autobus Séguin team, thus optimizing the success of the transition to emission-free school transportation, for the benefit of children's health and safety,” said Marc Bédard, CEO and Founder of Lion Electric.

A school bus emits 23 tons of greenhouse gases (GHG) per year on average. With this initiative, 1,380 tons of GHG per year will be eliminated by Autobus Séguin.

About Lion Electric

Lion Electric is an innovative manufacturer of zero-emission vehicles. The company creates, designs and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric buses and minibuses for the school, paratransit and mass transit segments. Lion is a North American leader in electric transportation and designs, builds and assembles all its vehicles’ components, including chassis, battery packs, truck cabins and bus bodies.

Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life.

About Northern Genesis Acquisition Corp.

Northern Genesis Acquisition Corp. (NYSE: NGA) is a special purpose acquisition company formed for the purpose of effecting a merger, stock exchange, acquisition, reorganization or similar business combination with one or more businesses. The Northern Genesis management team brings a unique entrepreneurial owner-operator mindset and a proven history of creating shareholder value across the sustainable power and energy value chain. Northern Genesis is committed to helping the next great public company find its path to success; a path which will most certainly recognize the growing sensitivity of customers, employees and investors to alignment with the principles underlying sustainability.

Transaction with Northern Genesis

On December 31, 2020, Lion filed with the U.S. Securities and Exchange Commission (“SEC”) a preliminary registration statement on Form F-4 (the “Registration Statement”), which includes a preliminary proxy statement of Northern Genesis, in connection with their proposed business combination.

Upon closing of the proposed business combination, a wholly-owned subsidiary of Lion Electric will merge with and into Northern Genesis, and Lion is expected to be listed on the New York Stock Exchange (NYSE) under the new ticker symbol “LEV”.

The business combination has been unanimously approved by the Boards of Directors of both Northern Genesis and Lion Electric and is expected to close in the first quarter of 2021, subject to the Registration Statement being declared effective by the SEC, approval by Northern Genesis stockholders as well as other customary closing conditions.

Important Information and Where to Find It

The Registration Statement filed by Lion Electric with the SEC includes a preliminary prospectus relating to the registration of the securities to be issued by Lion Electric to Northern Genesis’ stockholders in connection with the transaction, and a preliminary proxy statement of Northern Genesis in connection with Northern Genesis’ solicitation of proxies for the vote by its stockholders with respect to the transaction and other matters as described in the Registration Statement. After the Registration Statement has been cleared by the SEC and declared effective, Northern Genesis will mail a definitive proxy statement to its stockholders. Investors and security holders of Northern Genesis and other interested parties are urged to read the Registration Statement, the preliminary proxy statement/prospectus and amendments thereto and the definitive proxy statement/prospectus (the “Joint Proxy Statement/Prospectus”), any amendments to the foregoing, and any other documents filed with the SEC, when available, because they will contain important information about Lion Electric, Northern Genesis and the proposed business combination. Investors and security holders of Northern Genesis may obtain free copies of the Joint Proxy Statement/Prospectus (when available) and other documents filed with the SEC by Northern Genesis and Lion Electric through the website maintained by the SEC at http://sec.report or by directing a request to: Northern Genesis Acquisition Corp., 4801 Main Street, Suite 1000, Kansas City, MO 64112 or (816) 514-0324. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.

Participants in the Solicitation

Northern Genesis and its directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from Northern Genesis’ stockholders in respect of the proposed business combination. Lion Electric and its officers and directors may also be deemed participants in such solicitation. Information regarding Northern Genesis’ directors and executive officers is available under the heading “Management” in its final prospectus dated August 17, 2020 filed with the SEC on August 18, 2020 (the “IPO Prospectus”). Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, which may, in some cases, be different than those of their stockholders generally, are contained in the Joint Proxy Statement/Prospectus and will be contained in other relevant materials to be filed with the SEC in connection with the proposed business combination when they become available. Stockholders, potential investors and other interested persons should read the Joint Proxy Statement/Prospectus carefully when it becomes available before making any voting or investment decisions. When available, these documents can be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval. No offer of securities, other than with respect to the concurrent private placement of Lion shares as described in the Registration Statement, shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

Forward-Looking Statements

All statements other than statements of historical facts contained in this press release constitute “forward-looking statements” (which shall include forward-looking information within the meaning of Canadian securities laws) within the meaning of Section 27A of the Securities Act. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “could,” “plan,” “project,” “potential,” “seem,” “seek,” “future,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These forward-looking statements include, but are not limited to, statements regarding the transaction, including with respect to timing and closing thereof and the ability to consummate the transaction. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Lion Electric’s and Northern Genesis’ management and are not predictions of actual performance. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Lion Electric and Northern Genesis, and are based on a number of assumptions, as well as other factors that Lion Electric and Northern Genesis believe are appropriate and reasonable in the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct or that the Lion Electric’s vision, business, objectives, plans and strategies will be achieved. Many risks and uncertainties could cause Lion Electric’s actual results, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including those factors discussed in the Registration Statement and Northern Genesis’ IPO Prospectus, as well as other documents filed or to be filed by Lion Electric or Northern Genesis in accordance with applicable securities laws. These factors are not intended to represent a complete list of the factors that could affect Northern Genesis or Lion Electric, and there may be additional risks that neither Northern Genesis nor Lion Electric presently know or that Northern Genesis and Lion Electric currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Northern Genesis’ and Lion Electric’s expectations, plans or forecasts of future events and views as of the date of this press release. Northern Genesis and Lion Electric anticipate that subsequent events and developments will cause their respective assessments to change. However, while Northern Genesis and Lion Electric may elect to update these forward-looking statements at some point in the future, Northern Genesis and Lion Electric have no intention and undertake no obligation to do so except as required by applicable law. These forward-looking statements should not be relied upon as representing Northern Genesis’ and Lion Electric’s assessments as of any date subsequent to the date of this press release.

Lion Electric:

Patrick Gervais
Vice President of Marketing and Communications
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514-992-1060

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Northern Genesis:
Investor Relations
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816-514-0324

WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) announced today that the Board of Directors of its general partner, Global GP LLC, has declared a quarterly cash distribution of $0.609375 per unit ($2.4375 per unit on an annualized basis) on the Partnership’s Series A preferred units for the period from November 15, 2020 through February 14, 2021. This distribution will be payable on February 16, 2021 to Series A preferred unitholders of record as of the opening of business on February 1, 2021.

Non-U.S. Withholding Information

This press release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100%) of GLP’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, GLP’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.

About Global Partners LP

With approximately 1,550 locations primarily in the Northeast, Global Partners is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.

Forward-looking Statements

Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on Global Partners’ current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) including, without limitation, the impact and duration of the COVID-19 pandemic, uncertainty around the timing of an economic recovery in the United States which will impact the demand for the products we sell and the services we provide, uncertainty around the impact of the COVID-19 pandemic to our counterparties and our customers and their corresponding ability to perform their obligations and/or utilize the products we sell and/or services we provide, uncertainty around the impact and duration of federal, state and municipal regulations related to the COVID-19 pandemic, and assumptions that could cause actual results to differ materially from the Partnership’s historical experience and present expectations or projections.

For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global Partners’ filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Partnership undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

Daphne H. Foster
Chief Financial Officer
Global Partners LP
(781) 894-8800

Edward J. Faneuil
Executive Vice President,
General Counsel and Secretary
Global Partners LP
(781) 894-8800

Colleen Calhoun Named VP & General Manager of XL Grid After 25 Years as a Leader in GE’s Energy, Power and Finance Businesses

Jim Berklas Appointed General Counsel & VP of Corporate Development After 11 Years of Public Company Leadership and Closing Over 200 Acquisition and Financing Transactions

BOSTON--(BUSINESS WIRE)--XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leader in vehicle electrification solutions for commercial and municipal fleets, today announced two additions to its executive leadership team designed to support the Company’s rapid expansion plans in 2021 and beyond.

Colleen Calhoun, a clean energy executive who spent over two decades at GE in senior leadership roles across its energy, power and finance businesses, has joined XL Fleet as Vice President and General Manager of the Company’s XL Grid division. In this role, Colleen will be responsible for leading and growing the XL Grid business, which provides commercial and municipal fleet customers with charging infrastructure, energy storage and power solutions for fleets, and advances XL Fleet’s Electrification as a Service Offering.

During her tenure at GE, Colleen held key leadership positions across several successful business units. She served as the head of GE Energy Ventures, leader of Marketing & Strategy for GE’s Power & Water business and head of the Global Growth Markets platform for Energy Financial Services. Colleen was also a senior member of the GE team that launched Current, a leading provider of energy efficiency and digital productivity solutions for commercial buildings and cities. Colleen served as Chief Marketing Officer and head of Business Development and was instrumental in the divesture of the business from GE in 2019. Most recently, Colleen has been a strategic advisor to Commonwealth Fusion, Quaise Inc. and several other corporations, helping them grow and scale their energy-focused businesses. She is a member of the Board of Directors for Quaise, Inc. and the Clean Energy Trust.

XL Fleet also announced it has appointed Jim Berklas, a senior legal and M&A executive, as the Company’s General Counsel & Vice President of Corporate Development. In this role, Jim will oversee the Company’s legal and compliance functions and help execute upon its corporate development initiatives, including strategic M&A investments. Prior to joining XL Fleet, Jim founded a boutique investment bank representing smaller domestic manufacturers and served as the Chief Growth Officer, head of M&A and general counsel of medical device and packaging manufacturer Westfall Technik, where he led the acquisition of 17 companies and improved profitability by over 40%. Jim brings 25 years of legal experience with 11 years of public company leadership and has closed over 200 acquisition and financing transactions.

“One of XL Fleet’s earliest post-merger priorities is to add the key leadership talent needed to help the Company execute on its rapid growth plans,” said Dimitri Kazarinoff, Chief Executive Officer of XL Fleet. “Colleen and Jim bring a wealth of new experience and leadership capabilities to XL Fleet, and we are excited to bring them on board as we begin scaling the organization in 2021.”

About XL Fleet Corp.

XL Fleet is a leading provider of vehicle electrification solutions for commercial and municipal fleets in North America, with more than 140 million miles driven by customers such as The Coca-Cola Company, Verizon, Yale University and the City of Boston. XL Fleet’s hybrid and plug-in hybrid electric drive systems can increase fuel economy up to 25-50 percent and reduce carbon dioxide emissions up to 20-33 percent, decreasing operating costs and meeting sustainability goals while enhancing fleet operations. XL Fleet’s plug-in hybrid electric drive system was named one of TIME magazine's best inventions of 2019. For additional information, please visit www.xlfleet.com.

Media Contact:
Eric Foellmer, Director of Marketing
(617) 648-8555
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Investor Contact:
Marc Silverberg, Partner (ICR)
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Itron’s Multi-Purpose IoT Solution to Lay the Foundation for Smart Grid Program

LIBERTY LAKE, Wash.--(BUSINESS WIRE)--Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, today announced that Versant Power, an electric transmission and distribution utility serving nearly 160,000 customers in northern and eastern Maine, will deploy Itron’s multi-purpose solution, including an IoT network and more than 160,000 distributed intelligence-enabled meters, to modernize its electricity grid. Versant Power plans to initiate some project activities in 2021 and meter installations are scheduled to begin in 2022.

Versant Power will deploy Itron’s Advanced Metering Infrastructure (AMI) solution across its service territory for data management, analytics, grid performance, increased operational efficiency and a better customer experience. With Itron’s intelligently connected network and high-performance endpoints, the utility will be equipped with better outage management capability and the foundation for future customer programs.

“At Versant Power, we are committed to being a progressive energy leader in our region by advancing solutions that improve the lives of our customers and communities,” said John Flynn, president of Versant Power. “With Itron’s solution, we will be able to continue to ensure that electricity is more acceptable, available and affordable to more people than before.”

“Itron is delivering smarter solutions to revolutionize energy services around the world by connecting critical infrastructure for enhanced visibility and control,” said John Marcolini, senior vice president of Networked Solutions at Itron. “With our globally proven, multi-purpose platform and smart meters, Versant Power will be able to lay the groundwork for the utility’s smart grid program and deliver more efficient, reliable and resilient services.”

About Itron

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

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

Itron, Inc.
Alison Mallahan
Senior Manager, Corporate Communications
509-891-3802
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DUBLIN--(BUSINESS WIRE)--The "Global Offshore Oil and Gas Upstream Development Outlook, 2020-2024" report has been added to ResearchAndMarkets.com's offering.

Globally, during the outlook period 2020-2024, a total of 316 key crude and natural gas offshore projects are expected to start operations in 46 countries.

Among these, 131 represent the number of planned offshore projects with identified development plans (post-FID) and 185 represent the number of early-stage announced offshore projects that are undergoing conceptual studies and that are yet to be approved for development (pre-FID). The key offshore projects across the globe are expected to contribute about 26.6 million barrels of oil per day (mmbd) of global crude and condensate production and about 133.2 billion cubic feet per day (bcfd) of global gas production in 2024.

Scope

• Global offshore oil and gas production outlook by region, key countries, and key companies
• Global new offshore projects capital expenditure outlook by region, key countries, key companies, field terrain and facility type
• Key economic metrics of major upcoming oil and gas offshore projects globally
• Project Economics of offshore oil and gas projects by key countries
• Major projects starts by region, and project count by key countries, field terrain, and facility type
• Latest offshore project updates and details of key planned crude and natural gas projects

Reasons to Buy

• Understand global offshore oil and gas production outlook during the period 2020-2024
• Keep abreast of global offshore key planned production projects during the outlook period
• Facilitate decision making on the basis of strong oil and gas offshore production data
• Develop business strategies with the help of specific insights on global offshore upstream industry
• Assess your competitor's planed offshore oil and gas production projects

Key Topics Covered:

1. Overview

2. Key Highlights

3. Global Development Trends

3.1 Production outlook

3.2 Capex Outlook

3.3 Development Outlook

3.4 Project Starts by Region

3.5 Major Project Count by Country

3.6 Major Project Count by Terrain

3.7 Major Projects by Facility Type

3.8 Latest Project Updates

4. Oil Development Focus

4.1 Crude & Condensate Production Outlook by Region

4.2 Crude & Condensate Production Outlook by Country

4.3 Crude & Condensate Production Outlook by Company

4.4 Upcoming Oil Projects

4.5 Key Economic Metrics of Major Upcoming Oil Projects

5. Gas Development Focus

5.1 Natural Gas Outlook by Region

5.2 Natural Gas Outlook by Country

5.3 Natural Gas Outlook by Company

5.4 Upcoming Gas Projects

5.5 Key Economic Metrics of Major Upcoming Gas Projects

6. Expenditure Outlook

6.1 New Project Expenditure Outlook by Region

6.2 New Project Expenditure Outlook by Country

6.3 New Project Expenditure Outlook by Company

6.4 New Project Expenditure Outlook by Field Terrain

6.5 New Project Expenditure Outlook by Facility Type

7. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/p4f2gl

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Broad based weakness pulls construction starts lower in December

HAMILTON, N.J.--(BUSINESS WIRE)--Total construction starts lost 5% in December, falling to a seasonally adjusted annual rate of $784.3 billion. Nonresidential building starts fell 11% during the month, while nonbuilding starts were 5% lower. Residential starts were essentially flat over the month. Starts were lower in three of the four regions in December; the South Central was the only region to post an increase.

For the full year, total construction starts fell 10% to $766.3 billion. Nonresidential building starts saw the steepest drop, losing 24%, while nonbuilding starts fell 14%. Residential construction starts ended 2020 up 4% thanks to strong single-family activity. In December, the Dodge Index fell 5% to 166 (2000=100) from the 174 reading in November. For the full year, the Dodge Index averaged 163, a 10% decline from 2019’s average.

“The roller coaster year of 2020 is over, but not forgotten,” stated Richard Branch, Chief Economist for Dodge Data & Analytics. “The scars from the pandemic and recession will be long-lasting and resulted in significant declines across most construction sectors. Single family housing, warehouse, and highway and bridge starts were bright spots that cannot be understated for their gains. There will be difficult months ahead for the economy and for construction starts as COVID-19 cases mount. However, the continued rollout of vaccines means 2021 will be a better year.”

Nonbuilding construction fell 5% in December to a seasonally adjusted annual rate of $185.3 billion. Declines were broad based across the sector, with highways & bridges, environmental public works and miscellaneous nonbuilding starts all falling in December. The utility/gas plant category rose 70% in the month due to the start of two large power generation facilities.

The largest nonbuilding project to break ground in December was the $1.2 billion Traverse Wind Energy Center, a 999 MW wind facility spread across Blaine, Custer, and Kingfisher counties, OK. Also starting during the month was the $1.0 billion Three Rivers Natural Gas Power Generating Energy Center in Morris, IL and the $555 million West Lake Corridor Project, which is an 8-mile extension of the Northern Indiana Commuter District’s South Shore rail line in Dyer, IL.

For the full year, nonbuilding starts fell 14% from 2019 to $181.5 billion. Significant pullbacks in starts were seen in the utility/gas plant category as well as in miscellaneous nonbuilding. Environmental public works starts dropped 5% in 2020, while the highway and bridge category saw an 8% increase in starts.

Nonresidential building moved 11% lower in December to a seasonally adjusted annual rate of $225.3 billion following a sizeable increase in the previous month. Commercial starts fell 23% over the month as office, hotel, and warehouse starts all posted double-digit declines. Institutional starts fell 5%, while manufacturing starts rose 59%, thanks to the largest nonresidential building project to get started in December, the $600 million Gulf Coast Ammonia Plant in Texas City, TX. Also starting in December were the $341 million Orlando Health Jewett Orthopedic Hospital in Orlando, FL and the $325 million University of Massachusetts Education and Research Building in Worcester, MA.

In 2020, nonresidential building starts lost 24% to $239.9 billion — the lowest level since 2015. Commercial starts tumbled 26% over the year, with warehouse construction eking out a 1% gain in 2020. Institutional starts fell 13% last year, while manufacturing starts dropped 59%.

Residential building starts fell by less than one percentage point in December to a seasonally adjusted annual rate of $373.7 billion. Multifamily starts posted a solid 24% increase for the month, while single family dropped 7%.

The largest multifamily structure to break ground in December was the $400 million second phase of the Veyoel Moshe Gardens Residential building in Kiryas Joel, NY. Also starting were the $200 million 300M NE Street mixed-use building in Washington, D.C. and the $167 million AVA Arts District Live/Work Complex in Los Angeles, CA.

For the full year, residential starts were 4% higher than in 2019 at $344.8 billion. Single family starts were up 11%, while multifamily starts were 11% lower.

About Dodge Data & Analytics: Dodge Data & Analytics is North America’s leading provider of analytics and software-based workflow integration solutions for the construction industry. Building product manufacturers, architects, engineers, contractors, and service providers leverage Dodge to identify and pursue unseen growth opportunities and execute on those opportunities for enhanced business performance. Whether it’s on a local, regional or national level, Dodge makes the hidden obvious, empowering its clients to better understand their markets, uncover key relationships, size growth opportunities, and pursue those opportunities with success. The company’s construction project information is the most comprehensive and verified in the industry. Dodge is leveraging its 100-year-old legacy of continuous innovation to help the industry meet the building challenges of the future. To learn more, visit www.construction.com.

Media Contact: Nicole Sullivan | AFFECT Public Relations & Social Media | +1-212-398-9680, This email address is being protected from spambots. You need JavaScript enabled to view it.