BOWLING GREEN, Ohio--(BUSINESS WIRE)--A-Gas, a world leader in the supply and lifecycle management of Halon based fire suppressant gases has acquired the business of Halon.US., Inc in California. Halon.US currently recovers Halon 1301, Halon 1211, and other fire suppressant gases from the US and international partners and supplies these to customers around the world and across multiple critical industries. A-Gas is excited to add the founder and CEO Steve Newhouse to its existing Fire Suppression leadership team and Damian Marquez to the existing Fire Suppression business development team and transition the customers of Halon.US as direct customers of A-Gas.

Group Chief Executive Officer of A-Gas, Jack Govers, commented, “This is an exciting expansion of our global Fire Suppression business and demonstrates our ongoing commitment to sourcing high-quality recovered material for our customers that rely on us. We are delighted to be able to expand and offer the services we have successfully developed to new customers in the US.”

Mike Armstrong, A-Gas US Managing Director, commented, “A-Gas has been a long-term reclaimer and supplier of fire suppressant gases to the aviation and oil and gas industries in the US. This acquisition expands our capabilities, particularly on the international sourcing front, and brings some exciting new customers to A-Gas. We look forward to supporting these customers with our services on an ongoing basis. This acquisition means that our Fire Suppressant business is strategically positioned for the long term. We welcome Steve to A-Gas and look forward to continuing to work with him in the future.”

Steve Newhouse, Halon.US., Inc CEO, commented, “A-Gas is a natural home for the business I have developed, and I look forward to continuing to grow our service to all of our customers in the future.”

This is A-Gas' ninth acquisition since the investment by Private Equity firm KKR. Recent acquisitions include VEMAC Services in Singapore in 2019, H3R Clean Agents in the US, a site and reclamation facility in Italy, Salience Solutions in Australia in 2021, and Fuso.co.Ltd in Japan in January 2022.

About A-Gas:

A-Gas (US), headquartered in Bowling Green, Ohio, is a trading subsidiary of A-Gas International (headquartered in Bristol, UK) and is the World’s largest refrigerant recovery and reclamation company. The company’s core business offers environmental solutions and lifecycle management services for ozone depleting substances and global warming agents including CFCs, HCFCs, HFCs, and Halons in the HVAC/Refrigeration and Fire Suppression Industries. For more information about A-Gas, please visit www.agas.com/us

PR Contact
Jaclyn Schilkey
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419-704-4737

LITTLE RIVER, S.C.--(BUSINESS WIRE)--$PCTL #oil--PCT LTD (OTC Pink: PCTL) is excited to announce the Summary of Amott Cell Testing for Validating Heavy Oil Recovery Using High Concentration Catholyte® infused with High and Lower Concentration Nano Gas Nitrogen Spheres in Grassy Creek Warner Sandstone Core.

As hoped, the higher concentration catholyte, referred to as Super Catholyte®, infused with high concentration nitrogen (N@) nanospheres achieved a 25.5% better recovery than the catholyte alone, and a 13.35% better than lower concentration NanogasN2 spheres infused into a high concentration of Super Catholyte®. These results validate that high concentration, Nanogas N2 Sphere infused high concentration catholyte (Super Catholyte®) outperforms Super Catholyte alone, or a lower concentration Nanogas Sphere Infusion in Super Catholyte®.

It was also noted that these differences could be observed in a shorter time frame (i.e., 54 hours as opposed to 96 hours as in past testing). This will allow for shorter treatment shut in times in the field, thus allowing for optimum results to be obtained in a shorter amount of time which helps to reduce overall lease operating costs!

With these affirming results, we have committed to continue to secure financing for the drilling programming at the Grassy Creek formation. Additionally, research, development and testing will continue to move toward its final stages in the Oklahoma formation. Corporate executives will be traveling to Kansas City and other locales in the coming weeks to further the advancement of revenues for this project.

About PCT LTD:

PCT LTD ("PCTL") focuses its business on acquiring, developing, and providing sustainable, environmentally safe disinfecting, cleaning, and tracking technologies. The company acquires and holds rights to innovative products and technologies, which are commercialized through its wholly owned operating subsidiary, Paradigm Convergence Technologies Corporation (PCT Corp). The Company established entry into its target markets with commercially viable products in the United States and now continues to gain market share in the U.S. and U.K.

Forward-Looking Statements:

This press release contains "forward-looking statements" as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."

Such statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those presently anticipated. Such statements involve risks and uncertainties, including but not limited to: PCTL's ability to raise sufficient funds to satisfy its working capital requirements; the ability of PCTL to execute its business plan; the anticipated results of business contracts with regard to revenue; and any other effects resulting from the information disclosed above; risks and effects of legal and administrative proceedings and government regulation; future financial and operational results; competition; general economic conditions; and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements PCTL makes in this press release include market conditions and those set forth in reports or documents it files from time to time with the SEC. PCTL undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Tim Rieu
Chesapeake Group
410.825.3930

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www.pctl.com

Twitter: https://mobile.twitter.com/PCTL_

NORTH CHARLESTON, S.C.--(BUSINESS WIRE)--Ingevity Corporation (NYSE:NGVT) today announced an environmental product declaration (EPD) was published for its Evotherm^® M1 Warm Mix Asphalt (WMA) technology. The Evotherm M1 EPD distinguishes Ingevity as the first chemical additive supplier to be included in the National Asphalt Pavement Association’s (NAPA) Emerald Eco-Label tool that provides supply chain-specific upstream environmental data for asphalt mixtures.

The EPD for Evotherm M1 denotes Ingevity’s compliance with environmental impact assessment standards for manufacture of the warm mix additive by measuring and reporting the cradle-to-gate impacts of manufacturing and packaging, and assessing the material, energy, waste and emissions impacts of processing and transporting the raw additive materials. A prior study conducted by consulting firm ERM, London, U.K., determined that the use of Evotherm M1 warm mix asphalt additive offsets the volume of greenhouse gases (GHG) generated in its manufacture by a factor range of 18 to 23.

The Emerald Eco-Label tool is a web-based software program that allows asphalt mixture producers to develop verified plant-specific and mix-specific EPDs that quantify the environmental impacts of the asphalt mixtures, helping asphalt producers assist their customers in meeting their environmental goals. Integrating Ingevity’s EPD for Evotherm M1 into the Emerald Eco-Label tool provides upstream data for asphalt mixtures that contain Evotherm M1.

“At Ingevity, we are committed to producing products that exceed the industry’s sustainability standards,” said Andrew Crow, vice president, Pavement Technologies. “The Evotherm M1 EPD and its inclusion in NAPA’s Emerald Eco-Label tool is critical as government agencies and international organizations continue to demand more transparent and sustainable solutions in the asphalt industry. We will continue to work with sustainability experts and industry organizations on qualifying EPDs for additional products to enable our customers to enhance their products’ performance and achieve sustainability goals.”

“Ingevity’s decision to publish the EPD for Evotherm M1 demonstrates the industry’s commitment to transparency and sustainability,” said Richard Willis, NAPA’s vice president for Engineering, Research, and Technology. “Additionally, it aligns with NAPA’s The Road Forward initiative, which launched this year and challenges the asphalt pavement community to achieve net zero carbon emissions during asphalt production and construction by 2050.”

“Having Ingevity’s Evotherm M1 as the first chemical additive supplier in our Emerald Eco-Label software enhances the tool for asphalt mixture producers by filling an important data gap for upstream materials. It also charts a path that other organizations can follow to integrate supply chain-specific data into EPDs for asphalt mixtures,” said Joseph Shacat, NAPA’s director of Sustainable Pavements.

Ingevity’s Evotherm M1 WMA technology provides comprehensive benefits that surpass conventional hot mix asphalt such as lowering paving temperatures, reducing environmental emissions, creating a fume-free work environment for crews and surrounding businesses and neighborhoods, and building longer-lasting roads.

For more information on Evotherm and to access the Evotherm M1 EPD, please visit the Evotherm page on the Ingevity website.

Ingevity: Purify, Protect and Enhance

Ingevity provides products and technologies that purify, protect, and enhance the world around us. Through a team of talented and experienced people, we develop, manufacture and bring to market solutions that help customers solve complex problems and make the world more sustainable. We operate in two reporting segments: Performance Chemicals, which includes specialty chemicals and engineered polymers; and Performance Materials, which includes high-performance activated carbon. These products are used in a variety of demanding applications, including asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants, publication inks, coatings, elastomers, bioplastics and automotive components that reduce gasoline vapor emissions. Headquartered in North Charleston, South Carolina, Ingevity operates from 25 locations around the world and employs approximately 1,850 people. The company is traded on the New York Stock Exchange (NYSE:NGVT). For more information visit www.ingevity.com.

Caroline Monahan
843-740-2068
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Investors:
John Nypaver
843-740-2002
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DUBLIN--(BUSINESS WIRE)--The "Petroleum Additives Companies in China" report has been added to ResearchAndMarkets.com's offering.

This study focuses on China's Petroleum Additives industry assessments and company profiles. In the two past decades, the industry has been growing at a fast pace.

The dramatic expansions of the manufacturing capabilities and rising consumer consumption in China have transformed China's society and economy. China is one of the world's major producers of industrial and consumer products. Far outpacing other economies in the world, China is the world's fastest growing market for the consumption of goods and services.

The Chinese economy maintains a high speed growth which has been stimulated by the consecutive increases of industrial output, imports & exports, consumer consumption and capital investment for over two decades. Rapid consolidation between medium and large players is anticipated since the Chinese government has been encouraging industry consolidation in an effort to regulate the industry and to improve competitiveness in the world market.

Although China has enjoyed the benefits of an expanding market for production and distribution, the industry is suffering from minimal innovation and investment in R&D and new product development. The sector's economies of scale have yet to be achieved. Most domestic manufacturers lack the autonomic intellectual property and financial resources to develop their own brand name products.

This new study analyzes the industry structure, capacities and output. Major producers' production locations, market shares and profiles are presented. The primary and secondary research is done in China in order to access up-to-date government regulations, market information and industry data. Data were collected from the Chinese government publications, Chinese language newspapers and magazines, industry associations, local governments' industry bureaus, industry publications, and in-house databases.

The author is one of the leading sources for up-to-date market information and research on the fastest-growing Chinese markets. They have published over 2,000 reports focusing on the Chinese markets, industry forecasts and company profiles. The report provides hard-to-find market data and analyses. The publications are intended to help international marketers identify business opportunities and promote their product sales in the Chinese markets.

Key Topics Covered:

I. INTRODUCTION

• Report Scope and Methodology
• Executive Summary

II. PETROLEUM ADDITIVES INDUSTRY ASSESSMENTS

• Petroleum Additives Industry Structure
• Petroleum Additives Industry Capacity
• Major Producer Facility Locations, Output and Capacity
• Market Share of Key Producers
• Potential Entrants
• Major End-Users
• Major Foreign Investment
• Technology Development

III. PETROLEUM ADDITIVES PRODUCER DIRECTORY

• Petroleum Additives Producer Profiles
• Distributors and Trading Companies
• Research Institutions and Associations
• Major End-Users

Companies Mentioned

• Daqing Hualongxiang Chemical Co., Ltd
• Jiangnan Chemical Industry Plant

For more information about this report visit https://www.researchandmarkets.com/r/y5lkis

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Products Company, a division of Chevron U.S.A. Inc., announced the release of a new package design for its full line of Chevron Delo^® heavy duty diesel engine oils – including the new Delo 400 XSP SAE 15W-40 full synthetic, high-performance engine oil for diesel pick-up trucks. The 1-gallon jug will feature a two-handle system for improved handling and a smoother “no-glug” pour. Both the 1- and 2.5-gallon jugs include new label designs for easier product selection and will feature a QR code for immediate access to comprehensive product details. The transition to the new packaging will take place beginning this month.

“We’re excited to announce the launch of the new ergonomically-improved 1-gallon and 2.5-gallon jugs across our Chevron Delo^® product line,” said Jason Gerig, Chevron commercial sector manager. “After extensive packaging research and gathering of customer feedback, we landed on a design that improves product handling, decreases any glug that can lead to spills, and provides an overall better user experience.”

Better performance inside and out

The new Delo^® product line package design includes:

• Two-handle 1-gallon jug to accommodate customers’ requests for a more confident pour, a better grasp and easier carrying
• Air-scoop opening that decreases risk of spilling or glugging
• Updated product shape for better storage, better fit on the shelf, and less space needed
• Updated label design for easier selection of the right product
• QR code on front label to provide customer with quick access to proof of performance, application and use data points.

About Chevron Products Company

Chevron Products Company is a division of an indirect, wholly owned subsidiary of Chevron Corporation (NYSE: CVX) headquartered in San Ramon, CA. A full line of lubrication and coolant products are marketed through this organization. Select brands include Havoline^®, Delo^® and Havoline Xpress Lube^®. Chevron Intellectual Property LLC owns patented technology in advanced lubricants products, new generation base oil technology and coolants.

Bobbi Hochberg, BCW on behalf of Chevron Lubricants
(347) – 525 – 5161 | This email address is being protected from spambots. You need JavaScript enabled to view it.

HOLYOKE, Mass.--(BUSINESS WIRE)--ESG Clean Energy, LLC, developers of Net Zero Carbon Footprints and clean energy solutions for distributed power generation, announced today that its 3.9 MW Holyoke power generation plant (H1) meets the transmission reliability standards established by ISO New England, the independent organization responsible for keeping electric energy flowing across the Northeast region.

ISO-NE Reliability Committee recently conducted an extensive review of the transmission systems connected to ESG’s patented H1 project. In a letter to ESG, ISO-NE verified that the project meets its reliability standards for power transmission and “did not identify a significant adverse effect on the reliability or operating characteristics of its transmission facilities” or on others facilities producing power for the grid.

“Having this approval accelerates the final stage of the process that’s underway for getting our first power generation system on line,” said Nick Scuderi, president of ESG Clean Energy. “This is a testament to our team of engineers and partners who have been working very hard to make this happen.”

Once live, the ESG power generation system will enable HG&E to provide low-cost energy to its residence while preventing over 15,000 tons of carbon dioxide from entering the atmosphere every year. It will also help boost the reliability of the area electric grid during peak usage times throughout the year.

The ESG Clean Energy power generation system is designed to utilize waste heat from a conventional, natural gas, internal combustion engine to drive its carbon dioxide capture technology without loss of efficiency.

Exhaust gas contains a significant amount of water vapor and CO2 as naturally occurring byproducts of the combustion process. By separating those two elements, the ESG system is designed to produce distilled water - and other commodities such as urea, methanol, and recycled plastics - while capturing close to 100% of the CO2.

As a result, Net Zero Carbon Footprint power production can be achieved.

For more information about ESG Clean Energy, please visit www.ESGcleanEnergy.com.

About ESG Clean Energy, LLC
ESG Clean Energy, LLC (ESG) develops Net Zero Carbon Footprints and clean energy solutions for businesses and power providers using natural gas. The ESG system is designed to utilize patented, off-the-shelf technology to efficiently produce electricity while capturing and converting 100% of the carbon dioxide and water vapor, which can be used in the production of various commodities, such as distilled water, ethanol, and urea. More information about ESG Clean Energy, its technology, and its current projects can be found at www.ESGcleanEnergy.com.

Bill Wrinn
978-559-1970

Leading mobility and logistics company wins FICO® Decisions Award for ESG Champion

MEXICO CITY--(BUSINESS WIRE)--FICO (NYSE: FICO):

Highlights:

• Traxión reduced deadhead trips by 2.9 million kilometers
• Traxión expects to reduce costs by USD$2.5M, cut emissions and minimize fleet wear and tear using FICO route optimization
• The company will decrease empty trips for its vehicles by 20 percent
• Traxión won a 2022 FICO® Decisions Award for ESG (Environmental, Social, and Governance) Champion

Traxión, the leading mobility and logistics company in Mexico, has used FICO route optimization technology to help it use fewer vehicles, save on fuel costs, cut emissions and reduce fleet wear and tear. The company has already saved 2.9 million kilometers in travel, USD$725,000 in costs and 458 metric tons of emissions after implementing just 11% of the optimal solution. Traxión is on track to reduce empty trips by 20 percent which will save it over 10 million kilometers, USD$2.5M in costs and an impressive 1,580 metric tons of emissions once its operations are fully optimized.

Traxión was able to see a rapid return on investment by implementing the optimization capability within FICO® Platform, a cloud-based decisioning platform that allows companies to centralize and operationalize advanced analytics at speed.

More information: https://www.fico.com/en/products/fico-xpress-optimization

“Designing our logistics planning based on an algorithm was a turning point in the way the company operates,” said Vicente Quiroga Garcia, director of operational excellence at Traxión. “Our team now has all the tools and techniques needed to conduct a large amount of analysis using various scenarios and generate the best route — one that is transparent, fair, and much more efficient in the allocation of units, operators, and kilometers.”

Prior to the implementation, Traxión ’s business leaders knew that the spreadsheet-based program they were using to develop routes and schedules was falling short, as shown by the large number of “deadhead” kilometers; travel by trucks and buses without a cargo or passenger load.

In addition, the spreadsheet macros were often difficult to use, and did not allow for easy integration of new rules and constraints. This was a significant disadvantage during the COVID-19 pandemic, as protocols regarding vehicle disinfection plus physical distancing among employee groups frequently changed the number of routes required.

The optimization of transportation logistics at Traxión was a complex undertaking. An accurate and efficient schedule was needed to fairly distribute workloads for drivers and comply with labor agreements regarding shift length and workdays per week. The solution also needed to meet specific customer requirements, such as driver experience, vehicle features such as air conditioning, and the possibility of applying the customer logo or branding to the bus.

Optimization also needed to account for unforeseeable complications, such as vehicle breakdowns and traffic delays, that impact routing and need to be resolved quickly. At the heart of all these factors is the “Rubik’s Cube” of the routes themselves.

“In the initial phase of the FICO solution integration, Traxión deployed 700 buses from two depots in a municipality to cover 3,300 service routes,” said Garcia. “The second phase was more complex, expanding to 21 municipalities.”

Importantly, when it came to implementation at Traxión the route changes needed to be gradual. Just because an optimization solution can be modelled, does not mean that it can be deployed 100% overnight.

“Drivers pick up passengers, not packages, so passengers need to know the driver and they need to know where to go every week,” added Garcia. “To accommodate this very real human aspect we created a threshold parameter that business users applied to avoid dramatic schedule changes. Schedules were optimized by say, five percent a week, until they reached a point where the solution was 100% optimal.”

So far, Traxión has deployed eleven percent of the optimization solution to 16 out of 19 units. This includes 5,953 buses and 176,109 total services. The largest unit has 19,000 services. At this level of optimization, the Traxión team has already saved 2.9 million kilometers.

The advances in optimization are also contributing significantly to Traxión’s emissions reductions, with 458 metric tons of emissions saved after implementing just 11% of the optimal solution and 1,580 metric tons of emissions expected once its operations are fully optimized. Every kilometer driven by a bus takes 30 cars out of operation, so with a fleet of 6,200 efficiently routed buses, 186,000 cars are kept off the roads saving 1.6 million metric tons of emissions.

“In less than a year, Traxión has improved analytic efficiency and speed to insights by 80 percent,” said Nikhil Behl chief marketing officer at FICO. “This has enabled them to make remarkable improvements while responding to pandemic conditions, which is quite a feat. Their work with optimization shows the potential of FICO’s prescriptive analytics to help firms meet ESG goals and make the world healthier.”

For its achievements, Traxión won a 2022 FICO® Decisions Award for ESG Champion.

“The problem that Traxión was trying to solve was very complex,” said Sheila Leverone, chief marketing officer at eDriving and one of the FICO Decisions Awards judges. “There are a multitude of factors that go into a transportation network optimization such as this. It was obvious that there was some careful thinking by Traxión around the operational considerations and the incremental approach needed to move towards the optimal solution.”

About Traxión

Traxión is the leading mobility and logistics company in Mexico. Traxión integrates highly recognised brands: Muebles y Mudanzas (MYM); Transportadora Egoba; Grupo SID; Auto Express Frontera Norte (AFN); LIPU, Redpack and Autotransportes El Bisonte, Traxión Logitics and Traxporta. It has the broadest portfolio through which it offers a unique and integral solution of cargo and logistics, and personnel and student transportation, consolidating as a one-stop solution.

Traxión is the first ground transportation company on the Mexican Stock Exchange, consolidating as the link between the financial sector and the logistics industry of the country.

About the FICO® Decisions Awards

The FICO Decisions Awards recognize organizations that are achieving remarkable success using FICO solutions. A panel of independent judges with deep industry expertise evaluates nominations based upon measurable improvement in key metrics; demonstrated use of best practices; project scale, depth and breadth; and innovative uses of technology. The 2022 judges are:

• Sidhartha Dash, research director at Chartis
• Paul Deall, head of risk, mortgages at Westpac (previous winner)
• Senthil Erulappan, director, product engineering for merchant, risk and collections at FIS
• Armando Junior, general manager, risk and compliance at Dock (previous winner)
• Sheila Leverone, chief marketing officer at eDriving (previous winner)
• Sibulelo Ncamani, head of operational risk and governance at Absa Bank (previous winner)
• Graham Rand, operational researcher and editor of Impact
• Dinesh Suresh, head, digital builds for consumer secured lending at OCBC Bank (previous winner)

The winners of the FICO Decisions Awards will be spotlighted at and win tickets to FICO® World 2022, the Decisions Conference, May 2022 in Orlando, Florida.

About FICO

FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, manufacturing, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 120 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.

Learn more at www.fico.com.

FICO is a registered trademark of Fair Isaac Corporation in the US and other countries.

Public Relations – FICO
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Press contacts
Olivia Castañón
Porter Novelli for FICO
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Marcela Garfias
Porter Novelli for FICO
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ANNAPOLIS, Md.--(BUSINESS WIRE)--The California Air Resources Board (CARB) released its new Draft 2022 Scoping Plan Update, which illustrates a path to carbon neutrality by 2045. The Draft Scoping Plan is the first of its kind to name nitrous oxide (N₂O) emissions as a serious climate threat and signals an important shift toward developing broader and more effective strategies to fight climate change.

“To meet our climate goals, reduction of all greenhouse gas emissions, including N₂O, are of paramount importance,” said Thomas Spangler, CleanBay Renewables Executive Chairman. “CARB’s attention to often overlooked N₂O emissions in the new Scoping Plan, in addition to their significant emphasis on Natural and Working Lands, sets a global precedent to increase focus on N₂O emissions in climate plans and policies moving forward.”

N₂O emissions are 300 times more potent than carbon dioxide, destroy the ozone layer, and can remain in the atmosphere for 100 years. Since 1980, human N₂O emissions have increased by 30%, largely coming from sources including fuel combustion, industrial processes, wastewater management, and agriculture.

“CleanBay Renewables has long been an advocate for climate plans to include N₂O emissions and we strive to provide immediate solutions to address this major climate threat,” said Donal Buckley, CEO of CleanBay Renewables. “We can only meet our climate goals with a concerted effort on all fronts and California’s Draft Scoping Plan serves as a catalyst for informed action against climate change worldwide.”

CleanBay Renewable’s California subsidiary, AgLand Renewables, is helping resolve pressing environmental and energy challenges facing California food and agricultural producers. By converting poultry litter into renewable fuel and controlled-release fertilizer, AgLand’s bioconversion facilities will help significantly (1) reduce greenhouse gas emissions, focusing on N₂O emissions, (2) improve soil health, (3) mitigate water quality impacts, and (4) generate full-time, living-wage jobs in communities throughout the Central Valley.

The Scoping Plan Update is now open for a 45-day public review and will be presented to CARB at their June 23^rd Board meeting. After review, CARB staff intend to bring the Scoping Plan to the Board for final approval in November 2022.

About CleanBay Renewables Inc.

CleanBay is an enviro-tech company founded in 2013 and focused on the sustainable management of waste through anaerobic digestion and nutrient recovery technologies which produce renewable natural gas and natural, controlled-release fertilizer. The company’s first bioconversion facility will be located in Maryland, and the company is actively developing sites for future facilities on the Delmarva Peninsula, the Southeast, and California. CleanBay’s powerful solution to reduce air, soil, and water pollution is sustained by a robust economic model that provides businesses with an opportunity to offset their CO₂ emissions, local farmers with an alternative use for their poultry litter, and a controlled-release fertilizer to increase food production and support healthy soils.

For more information, visit https://cleanbayrenewables.com.

Andy Hallmark
Director of Corporate Communications
CleanBay Renewables
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Veolia North America is one of only 26 Distinguished Award recipients across Intel’s global supply chain

BOSTON--(BUSINESS WIRE)--Veolia North America is proud to announce that it has earned Intel’s EPIC Distinguished Supplier Award. Through its dedication to excellence, partnership, inclusion, and continuous quality improvement, Veolia North America has achieved a level of performance that consistently exceeds Intel’s expectations.

“As one of only 26 Distinguished Supplier Award recipients across the Intel global supply chain, Veolia North America has been crucial to Intel’s success while offering agility and flexibility during the ongoing volatile supply chain environment,” said Keyvan Esfarjani, EVP and Chief Global Operations Officer at Intel. “They have provided exceptional collaboration and commitment toward safety, quality, diversity and inclusion, and exceeded our expectations in support of Intel’s supply chain operational excellence. Earning this award speaks to their dedication to Intel values and their partnership.”

The Intel EPIC Distinguished Supplier Award recognizes a consistent level of strong performance across all performance criteria. Of the thousands of Intel suppliers around the world, only a few hundred qualify to participate in the EPIC Supplier Program. The EPIC Distinguished Award is the second-highest honor a supplier can achieve. In 2022, only 26 suppliers in the Intel supply chain network earned this award.

To qualify for an Intel EPIC Distinguished Supplier Award, suppliers must exceed expectations, meet aggressive performance goals and score 80 percent or higher in performance assessments throughout the year. Suppliers must also meet 80 percent or more of their improvement plan deliverables and demonstrate formidable quality and business systems.

Get more information about the Intel EPIC Supplier Awards
Find the latest at the Intel Newsroom
Visit the Intel EPIC Supplier Awards page

About Veolia Group

Veolia Group aims to be the benchmark company for ecological transformation. With nearly 179,000 employees worldwide, the Group designs and provides game-changing solutions that are both useful and practical for water, waste and energy management. Through its three complementary business activities, Veolia helps to develop access to resources, preserve available resources and replenish them. In 2020, the Veolia Group supplied 95 million people with drinking water and 62 million people with wastewater services, produced nearly 42 million megawatt hours of energy and treated 47 million metric tons of waste. Veolia Environnement (listed on Paris Euronext: VIE) recorded consolidated revenue of €26.010 billion in 2020 (USD 29.7 billion). www.veolia.com

About Veolia North America

A subsidiary of Veolia Group, Veolia North America (VNA) offers a full spectrum of water, waste and energy management services, including water and wastewater treatment, commercial and hazardous waste collection and disposal, energy consulting and resource recovery. VNA helps commercial, industrial, healthcare, higher education and municipality customers throughout North America. Headquartered in Boston, Mass., Veolia North America has more than 7,000 employees working at more than 250 locations across the continent. www.veolianorthamerica.com

Veolia North America
Matt Burgard
(203) 859-4168
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www.veolianorthamerica.com

WASHINGTON--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX), through its subsidiary Chevron New Ventures Pte. Ltd. (Chevron), and Indonesia’s PT Pertamina (Persero) today announced a partnership to explore potential lower carbon business opportunities in Indonesia.

Aimed at serving local and potentially regional customers, Chevron and Pertamina plan to consider novel geothermal technologies; carbon offsets through nature-based solutions; carbon capture, utilization, and storage (CCUS); as well as lower carbon hydrogen development, production, storage, and transport.

The partnership follows the signing of a Memorandum of Understanding (MoU) in Washington, DC, attended by Jay Pryor, Vice President of Corporate Business Development for Chevron, Nicke Widyawati, President Director & CEO of PT Pertamina (Persero), Luhut B. Pandjaitan, Coordinating Minister for Maritime and Investment Affairs of the Republic of Indonesia, and Bahlil Lahadalia, Minister of Investment/Head of BKPM.

“We are excited to build upon Chevron’s nearly 100-year history in Indonesia. This MoU demonstrates Chevron and Pertamina’s commitment to continue identifying lower carbon opportunities through collaboration and partnership between Chevron, national energy companies, and governments, all of which have a shared interest in advancing national energy transition,” said Jeff Gustavson, President of Chevron New Energies. “Through our potential work in Indonesia, and the entire Asia Pacific region, we hope to provide affordable, reliable, ever-cleaner energy, and help the industries and customers who use our products advance their lower carbon goals.”

The partnership between Chevron and Pertamina is part of efforts from both companies to support the Government of Indonesia’s net zero emission target in 2060. Pertamina is committed to increasing its renewable energy mix from 9.2 percent in 2019 to 17.7 percent in 2030.

“Pertamina, as the largest state-owned energy company in Indonesia, remains committed to accelerating energy transition in accordance with the government's targets. This partnership is a strategic step for Pertamina and Chevron to complement each other’s strengths and develop lower carbon energy projects and solutions to promote energy independence and domestic energy security," said President Director & CEO of Pertamina Nicke Widyawati.

Indonesia, as the second largest country with geothermal installed capacity, has developed geothermal since 1974. Currently, Pertamina through its Subholding Power & NRE, has a total installed geothermal capacity of 1,877 megawatts (MW) originating from 13 geothermal work areas, of which 672 MW come from work areas that are operated independently and 1,205 are joint operation contracts (JOC). The independently operated work area with a total capacity of 672 MW includes Sibayak Area at 12 MW, Lumut Balai Area at 55 MW, Ulubelu Area at 220 MW, Kamojang Area at 235 MW, Karaha Area at 30 MW, and Lahendong Area at 120 MW.

In addition, Pertamina is also diversifying geothermal development; an ongoing green hydrogen pilot project, among others, is being developed in the Ulubelu Area with a production target of 100 kg per day, and brines to power which is being developed in the Lahendong Area and has a potential capacity of 200 MW out of several other work areas.

Nicke added, in collaboration with various parties, Pertamina is also developing the implementation of Carbon Capture and Storage (CCS) and Carbon Capture, Utilization, and Storage (CCUS) as one of the company's strategies to reduce carbon emissions in two oil and gas fields namely Gundih and Sukowati. Pertamina is also reviewing the commercialization of the application of CCUS technology in the Sumatra region.

The Indonesian government currently has an energy transition roadmap as part of the Grand National Energy Strategy. In the roadmap, the use of renewable energy is targeted to reach 23% by 2025¹.

Meanwhile, the government has also acknowledged the importance of a collaborative approach to achieve lower carbon goals.

“Without a doubt, efforts to boost lower carbon energy projects cannot be done alone. In the future, we hope that world-class oil and gas companies, such as Pertamina and Chevron, can partner to further reduce carbon emissions and advance energy transition as mandated by the Government of Indonesia," concluded Luhut B. Pandjaitan.

About Chevron

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.

About PT Pertamina (Persero)

PT. Pertamina (Persero) is a state-owned enterprise that manages the oil and gas exploration in Indonesia since 1957. As a Holding in the Energy sector which was inaugurated by the Indonesian Ministry of SOEs on June 12, 2020, Pertamina now plays a strategic role in leading its six Subholdings which includes Upstream Subholding, Gas Subholding, Refining & Petrochemical Subholding, Power & New Renewable Energy Subholding, Commercial & Trading Subholding, as well as International Marine & Logistics Subholding. More information about Pertamina is available at www.pertamina.com.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “toward,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 25 of the company's 2021 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

¹ Harnessing renewable energy investment sector in Indonesia | BKPM

Chevron Indonesia
Ferita Damayanti
Corporate Affairs Manager
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PT. Pertamina (Persero)
Heppy Wulansari
Act VP Corporate Communication
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Chevron Asia-Pacific
Cameron Van Ast
External Affairs Advisor
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DUBLIN--(BUSINESS WIRE)--The "Electric Ships Market to 2028 - COVID-19 Impact and Global Analysis - by Type, Power, Range and Ship Type" report has been added to ResearchAndMarkets.com's offering.

According to this report the market is expected to grow from US$ 3.82 billion in 2021 to US$ 7.76 billion by 2028; it is estimated to grow at a CAGR of 10.3% from 2021 to 2028.

Increasing Regulatory Support from Government Authorities and Industry Associations to Favor Market Growth

Several marine industry associations are focusing on reducing the gas emission from the shipping industry. As per a report published by the Norwegian Ministry of Climate and Environment, in April 2018, International Maritime Organization (IMO) adopted a plan to reduce greenhouse gas emissions from international shipping by ~50% compared with the level in 2008 by the end of 2050.

Additionally, the IMO strategy aims to improve the energy efficiency of each ship and to reduce the carbon intensity of the whole marine industry by reducing emissions per unit of transport work done by ~40% by 2030, and further toward 70% by 2050, according to a report published by the Norwegian Ministry of Climate and Environment. Further, several governments are focusing on reducing the gas emission from the shipping industry.

For instance, according to a report published by the Norwegian Ministry of Climate and Environment, in 2019, the Norway government's focus is on reducing greenhouse gas emissions from domestic shipping and fishing ships by half by 2030 and promoting the development of zero- and low-emission solutions for all vessel categories. For this, the government had allocated NOK 7 million (US$ 0.77 million) to the Green Shipping Programme in the 2019 budget. Therefore, the increasing regulatory support from government authorities and industry associations for reducing greenhouse gas emissions in the shipping industry supports the growth of electric ships by adopting electric or hybrid propulsion systems.

North America has the highest adoption rate of advanced technologies due to governments' favorable policies to boost innovation and strengthen infrastructure capabilities. The COVID-19 pandemic forced the US government to impose several limitations on industrial, commercial, and public activities in the initial phases to control the spread of COVID-19. The record-long US economic expansion came to an end as a result of the COVID-19 pandemic, with effect of a deep recession in 2020. The outlook remains highly uncertain, as it is difficult to determine the social and economic impact of the COVID-19 pandemic, which will depend on the success of containing the outbreak and the measures to restart economic activities.

In 2020, the COVID-19 pandemic adversely affected the growth of the global electric ship market due to the shutdown of manufacturing facilities and trade restrictions. Ship manufacturers had faced short-term operational issues due to supply chain disruption caused by several government initiatives to slow the spread of COVID-19. The shipping industry had become a significant part of several countries' supply chains; it was significantly affected by the COVID-19 pandemic.

The shipping industry depends on production, which was discontinued to prevent people from being affected by SARS-CoV-2, resulting in significant challenges. A South Florida-based cruise ship was affected for the third time, as Florida recorded its highest number of COVID-19 cases. SARS-CoV-2 infected an undisclosed number of passengers and crew of the Carnival Freedom cruise, so the ship was denied entry to Bonaire and Aruba.

The growing maritime tourism industry helps in supporting the electric ships market growth. Thus, during 2021 and 2022, the COVID-19 pandemic will positively impact the market growth. This is expected to normalize the electric ships market growth over the forecast period of 2021-2028.

Reasons to Buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the electric ships market
• Highlights key business priorities in order to assist companies to realign their business strategies
• The key findings and recommendations highlight crucial progressive industry trends in the electric ships market thereby allowing players across the value chain to develop effective long-term strategies
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution

Market Dynamics

Drivers

• Rise in Adoption of Hybrid and Electric Propulsion Systems for Retrofitting Ships
• Increasing Regulatory Support from Government Authorities and Industry Associations

Restraints

• Limited Range and Capacity of Fully Electric Ships

Opportunities

• Surge in the adoption of Hybrid-Electric Propulsion Technology for Large Ships

Future Trends

• Technological Advancements in Energy Storage Devices

Companies Mentioned

• BAE Systems
• Duffy Electric Boat Company
• Fjellstrand As
• X Shore
• General Dynamic Electric Boat
• Hurtigruten
• Man Energy Solutions
• Portliner
• Siemens Energy
• VARD As

For more information about this report visit https://www.researchandmarkets.com/r/7gjnni

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator, today announced its intent to redeem $45,000,000 aggregate principal amount of its 6.500% senior notes due 2024 (the “Notes”). A notice of redemption will be sent to the holders of the Notes in accordance with the requirements of the indenture governing the Notes (the “Indenture”). Pursuant to the terms of the Indenture, the Notes will be redeemed at a redemption price equal to 103.250% of the principal amount of the Notes redeemed, plus accrued and unpaid interest and additional amounts (if any) to, but excluding, the redemption date.

The anticipated redemption date is May 26, 2022.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security nor a notice of redemption under the Indenture and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

NOTICE

Additional information about GeoPark can be found in the “Investor Support” section on the website at www.geo-park.com.

Certain amounts and percentages included in this press release have been rounded for ease of presentation.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often are preceded by words such as “believes,” “expects,” “may,” “anticipates,” “plans,” “intends,” “assumes,” “will” or similar expressions. The forward-looking statements contained herein include statements about the partial redemption of the Notes. These expectations may or may not be realized. Some of these expectations may be based upon assumptions or judgments that prove to be incorrect. In addition, GeoPark’s business and operations involve numerous risks and uncertainties, many of which are beyond the control of GeoPark, which could result in GeoPark’s expectations not being realized or otherwise materially affect the financial condition, results of operations and cash flows of GeoPark. Some of the factors that could cause future results to materially differ from recent results or those projected in forward-looking statements are described in GeoPark’s filings with the United States Securities and Exchange Commission.

The forward-looking statements are made only as of the date hereof, and GeoPark does not undertake any obligation to (and expressly disclaims any obligation to) update any forward-looking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated events. In light of the risks and uncertainties described above, and the potential for variation of actual results from the assumptions on which certain of such forward-looking statements are based, investors should keep in mind that the results, events or developments disclosed in any forward-looking statement made in this document may not occur, and that actual results may vary materially from those described herein, including those described as anticipated, expected, targeted, projected or otherwise.

INVESTORS:
Stacy Steimel
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Shareholder Value Director
T: +562 2242 9600

Miguel Bello
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Market Access Director
T: +562 2242 9600

Diego Gully
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Investor Relations Director
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NEW YORK--(BUSINESS WIRE)--Empire Offshore Wind, a joint venture between Equinor and bp, has awarded a long-term service operations vessel charter agreement to US marine transportation provider, Edison Chouest Offshore (ECO). The plug-in hybrid service operations vessel (SOV) will be the first in the US offshore wind sector capable of sailing partly on battery power.

The vessel will accommodate up to 60 wind turbine technicians and will be utilized for the safe and efficient operations and maintenance of the Empire Wind 1 and Empire Wind 2 offshore wind farms. The charter agreement has a fixed period of 10 years, with commencement in the mid-2020s.

The US-flagged vessel will be Jones Act compliant and have its home port at the South Brooklyn Marine Terminal (SBMT) in New York. The SOV will be constructed with components from ECO’s extensive supplier base across 34 US states. The supplier estimates that this will generate over 250 high-skilled US jobs during vessel construction. Edison Chouest Offshore is also dedicating considerable effort and resources to recruiting and training vessel crew from the New York region. ECO will operate the vessel from their New York office.

The plug-in hybrid vessel will be the first in the US capable of sailing on battery power for portions of the route. The SOV will sail into the port of SBMT on battery power, recharge the battery using shore power and sail out of New York Harbor. The hybrid vessel is certified to “tier 4 emissions standards”, reaching the highest standard for marine applications.

“Equinor and bp’s agreement with Edison Chouest will generate ripple effects throughout the supply chain, creating jobs in numerous states across the country. With the first of its kind, plug-in hybrid service operations vessel, Empire Wind will reduce potential emissions from our operations in the New York City area. This is another critical step forward in the development of the offshore wind industry, while helping achieve critical state and federal climate goals,” says Teddy Muhlfelder, vice president, Empire Wind and Beacon Wind, Equinor.

“Edison Chouest Offshore will provide a state-of-the-art vessel fit for Empire Wind. We selected Edison Chouest in part for its extensive experience and expertise as a shipbuilder and we look forward to a collaboration beginning with construction and continuing through operations for the next decade or more. This is an important step in our efforts to develop a domestic supply chain in the US for offshore wind,” says Mette H. Ottøy, chief procurement officer, Equinor.

ABOUT EMPIRE WIND

• Empire Wind is being developed by Equinor and bp through their 50-50 strategic partnership in the US.
• Empire Wind is located 15-30 miles southeast of Long Island and spans 80,000 acres, with water depths of between approximately 75 and 135 feet. The lease was acquired in 2017. The projects two phases, Empire Wind 1 and 2, have a total installed capacity of more than 2 GW (816 + 1,260 MW).The project will be a major contributor to meeting New York State’s ambitious clean energy and climate goals. When completed, Empire Wind 1 and 2 will power more than 1 million New York homes.
• For more information on Empire Wind, please visit www.EmpireWind.com.

ABOUT SOUTH BROOKLYN MARINE TERMINAL

• Equinor and bp are investing in port upgrades to help transform the South Brooklyn Marine Terminal (SBMT) into a world-class offshore wind staging and assembling facility and to become the operations and maintenance (O&M) base both for Equinor and other project developers going forward.
• SBMT will become one of the largest dedicated offshore wind port facilities in the United States at approximately 73 acres, with the capacity to accommodate wind turbine generator staging and assembly activities at the scale required by component manufacturers.
• SBMT is being redeveloped together with New York City Economic Development Corporation (NYCEDC) and terminal owner Sustainable South Brooklyn Marine Terminal (SSBMT). SSBMT is a joint venture of Red Hook Terminals and Industry City.

Lauren Shane
Tel. 917 392 4252
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Company Builds Diversification Momentum and Enters Credit Facility

HOUSTON--(BUSINESS WIRE)--Geospace Technologies (NASDAQ: GEOS) today announced results for the second quarter and six-month period ended March 31, 2022. During the three-month period ended March 31, 2022, Geospace Technologies (the “Company”) reported revenue of $24.7 million versus $23.9 million for the comparable year-ago quarter. Net loss for the three-month period ended March 31, 2022 narrowed to $1.5 million, or $(0.11) per diluted share, compared to a net loss of $7.2 million, or ($0.53) per diluted share for the quarter ended March 31, 2021.

For the six-months ended March 31, 2022, the Company recorded revenue of $42.7 million compared to revenue of $52.4 million during the prior year period. The Company reported a net loss of $8.2 million, or $(0.64) per diluted share compared to a net loss of $8.2 million, or $(0.61) per diluted share for the prior year period.

Walter R. (“Rick”) Wheeler, President and CEO of the Company said, “We are pleased that revenue reached $24.7 million in our second fiscal quarter, which ended March 31, 2022. This figure represents the second highest quarterly result in the last two years. Moreover, the quarter reflects other positive momentum building at Geospace. In March, we recorded our first significant sale of deep-water OBX ocean bottom nodes when a longstanding customer exercised a purchase option in an ongoing rental contract. This sale and our recent announcement of additional OBX rental contracts confirm Geospace’s leadership in the ocean bottom nodal market. Based on current inquiries, I believe we will see higher utilization of our OBX rental fleet in the second half of fiscal year 2022 and beyond. Although challenges remain for our oil and gas market segment, new OBX inquiries and our highly engaged discussions with oil and gas companies for permanent reservoir monitoring (PRM) systems are encouraging.”

Wheeler continued, “The rewards of our channeled business diversification strategy were resoundingly demonstrated in the second quarter performance of our Adjacent Markets segment. Revenue for the segment increased 21% over last year’s second quarter, topping $9.2 million. This is the second highest quarterly amount ever recorded for these products. And for the six-months ended March 31, 2022, this segment produced $17.4 million in revenue, setting a new company record for the segment’s fiscal mid-year results. This was notably achieved despite the effects of ubiquitous supply chain problems broadly exhibited throughout the industry. Although this has introduced some delay in the roll out of our Aquana smart water valves, the debut of these products is on the near horizon. We expect our Industrial Internet of Things (IIoT) enabled smart water valves and cloud management platform developed through our acquisition of Aquana, LLC last summer will add yet another vehicle of growth to our already expanding Adjacent Markets segment.”

“Diversification efforts are also evident in our Emerging Markets segment. Building on the technologies originally invented for advanced border and perimeter security, the verification testing performed through our Joint Industry Partnership with Carbon Management Canada has proven Quantum Technology Sciences’ SADAR® product as a highly effective tool for precise microseismic monitoring of subsurface reservoirs. This has opened new discussions on how this information can uniquely facilitate high confidence decision making in critical applications that include carbon storage, hydraulic fracking, and steam assisted gravity drainage.”

Wheeler continued, “In other events, we are pleased to announce the completion of a new credit facility with Amerisource Funding, Inc. and Woodforest Bank. This facility provides Geospace with up to $10 million in additional liquidity. While we don’t have an anticipated need to use this facility, we believe this proactive step gives us additional financial flexibility. As fiscal year 2022 progresses, we will continue to exercise the conservative approach to financial management that has been a hallmark of Geospace leadership. Our available cash balance at the end of the first half of fiscal year 2022 is essentially neutral in comparison to the prior quarter. This minimal reduction of cash reflects strict cash management activities across all aspects of the organization.”

Adjacent Markets Segment

Revenue for the three-month period ended March 31, 2022 was $9.2 million, an increase of 21.2% when compared to the same three-month period of the prior fiscal year. The six-month revenue for the period ended March 31, 2022 was $17.4 million, an increase of 19.9% from the same prior year period. The increase in revenue for both periods is due to higher demand for our water meter connector and cable products, industrial sensor products, thermal imaging equipment, and consumable film products.

Oil and Gas Markets Segment

The Oil and Gas Markets segment produced revenue of $15.1 million for the three-months ended March 31, 2022. This compares with revenue of $16.1 million for the same period of the prior fiscal year, a decrease of 6.1%. For the six-month period ended March 31, 2022, the segment contributed revenue of $24.8 million, a decrease of 14.2%. The decrease in revenue for both periods is due to lower wireless product sales partially offset by higher utilization of the Company’s OBX rental fleet. The Company’s OBX rental fleet has been experiencing higher levels of quoting activities as well as additional contracts as mentioned in our recent press release.

Emerging Markets

For the three- and six-month periods ended March 31, 2022, the Company’s Emerging Market’s segment generated revenue of $0.3 million and $0.4 million respectively. For the similar periods from fiscal year 2021, the Emerging Market’s segment produced revenue of $0.2 million and $9.0 million. The increase in revenue for the three months ended March 31, 2022 was primarily due to higher service revenue. In the second fiscal quarter, Quantum began a one-year contract option with U.S. Customs and Border Protection for maintenance and service associated with the border security systems installed in 2021.

Balance Sheet and Liquidity

On March 31, 2022, Geospace had $11.9 million in cash, cash equivalents, and short-term investments. Subsequent to March 31, 2022, the Company entered into a credit facility with Amerisource Funding, Inc. and Woodforest Bank that will provide up to $10.0 million in available borrowing. The Company additionally owns unencumbered property and real estate in both domestic and international locations. The Company used $5.9 million of cash during the six-month period ended March 31, 2022. Notable sources of cash included (i) $5.7 million in net proceeds from the sale of short-term investments and (ii) $3.0 million from the sale of used rental equipment. Notable uses of cash included (i) $10.3 million used in operating activities, (ii) $2.4 million of investments for additions to our equipment rental fleet, (iii) $0.8 million earn-out payments to the former shareholders of Quantum, and (iv) $0.7 million for the purchase of treasury stock pursuant to a stock buy-back program authorized by our board of directors. The stock buy-back program authorized the Company to repurchase up to $7.5 million of our common stock in open market transactions. The program was completed in November 2021.

Conference Call Information

Geospace Technologies will host a conference call to review its second quarter fiscal year 2022 financial results on May 12, 2022, at 10:00 a.m. Eastern Time (9 a.m. Central). Participants can access the call at (800) 894-5910 (US) or (785) 424-1052 (International). Please reference the conference ID: GEOSQ222 prior to the start of the conference call. A replay will be available for approximately 60 days and may be accessed through the Investor Relations tab of our website at www.geospace.com.

About Geospace Technologies

Geospace principally designs and manufactures seismic instruments and equipment. We market our seismic products to the oil and gas industry to locate, characterize and monitor hydrocarbon-producing reservoirs. We also market our seismic products to other industries for vibration monitoring, border and perimeter security and various geotechnical applications. We design and manufacture other products of a non-seismic nature, including water meter products, imaging equipment, offshore cables, remote shutoff water valves and Internet of Things (IoT) platform and provide contract manufacturing services.

Forward Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “intend”, “expect”, “plan”, “budget”, “forecast”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, “evaluating” or similar words. Statements that contain these words should be read carefully because they discuss future expectations, contain projections of our future results of operations or of our financial position or state other forward-looking information. Examples of forward-looking statements include, statements regarding our expected operating results, the timing, adoption, results and success of our rollout of Aquana smart water valves and cloud based control platform, future demand for Quantum security solutions the adoption and sale of products in various geographic regions, potential tenders for PRM systems, future demand for OBX systems, the adoption of Quantum’s SADAR® product monitoring of subsurface reservoirs, the completion of new orders for channels of our GCL system, the fulfillment of customer payment obligations, the impact of and the recovery from the impact of the coronavirus (COVID-19) pandemic, our ability to manage changes and the continued health or availability of management personnel, the impact of the current armed conflict between Russia and Ukraine, volatility and direction of oil prices, anticipated levels of capital expenditures and the sources of funding therefor, and our strategy for growth, product development, market position, financial results and the provision of accounting reserves. These forward-looking statements reflect our current judgment about future events and trends based on currently available information. However, there will likely be events in the future that we aren’t able to predict or control. The factors listed under the caption “Risk Factors” in our most recent Annual Report on Form 10-K which is on file with the Securities and Exchange Commission, as well as other cautionary language in such Annual Report, any subsequent Quarterly Report on Form 10-Q, or in our other periodic reports, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Such examples include, but are not limited to, the failure of the Quantum or OptoSeis^® or Aquana technology transactions to yield positive operating results, decreases in commodity price levels and continued adverse impact of COVID-19, which could reduce demand for our products, the failure of our products to achieve market acceptance (despite substantial investment by us), our sensitivity to short term backlog, delayed or cancelled customer orders, product obsolescence resulting from poor industry conditions or new technologies, bad debt write-offs associated with customer accounts, inability to collect on promissory notes, lack of further orders for our OBX systems, failure of our Quantum products to be adopted by the border and security perimeter market or a decrease in such market due to governmental changes, and infringement or failure to protect intellectual property. The occurrence of the events described in these risk factors and elsewhere in our most recent Annual Report on Form 10-K or in our other periodic reports could have a material adverse effect on our business, results of operations and financial position, and actual events and results of operations may vary materially from our current expectations. We assume no obligation to revise or update any forward-looking statement, whether written or oral, that we may make from time to time, whether as a result of new information, future developments or otherwise, except as required by applicable securities laws and regulations.

GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)

Caroline Kempf, This email address is being protected from spambots. You need JavaScript enabled to view it., 321.341.9305

LONDON--(BUSINESS WIRE)--Arthur D. Little (ADL) has published its annual flagship energy report for 2022. In recognition of the turbulent conditions that the industry is currently experiencing, plus the ongoing drive towards net zero, the report is titled Disruption Is Now.

As well as highlighting the key trends that are shaping the energy market, the report contains insightful commentary throughout from ADL’s energy, resources and cleantech experts, based on both their own research and engagement with clients over the past 12 months.

The report identifies three key trends that are accelerating the energy transition from hydrocarbon-based fuels to greener alternatives:

• Decarbonization is the overarching trend having a fundamental impact on the strategic thinking and future investment decisions of companies in all sectors.

• Digitalization of operations is another major trend across sectors, meeting the needs of marketplaces increasingly driven by transparency, seamlessness, and speed of delivery.

• Decentralization is also particularly relevant to the energy and utilities sectors, with the delivery of services becoming ever more based on localized solutions – wind farms, solar panels etc – rather than a national/regional infrastructure.

In addition, the report identifies that convergence is now one of the biggest drivers of marketplace change. As the boundaries between different sectors dissolve, new technologies allow disruptive “incomers” to jump more easily between them, creating new revenue streams and threatening established players.

The report reviews in detail the investments being made by traditional companies across different sectors, including both upstream and downstream oil and gas, power generation, networks and infrastructure, customer services and solutions, waste, water, and metals and mining.

Michael Kruse, Global Leader of ADL’s Energy & Utilities practice, comments: “It’s clear that most companies in the energy and resources sector will need to go through a period of unprecedented change if they are to be fit-for-purpose in an increasingly decarbonized, decentralized, and digitalized world. They need to start thinking differently and in ways that are often at odds with their traditional working methods – in particular, they need to make an overarching commitment to circularity in their operations.”

To download the report, visit: https://tinyurl.com/2p9cz7jh

About Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We navigate our clients through changing business ecosystems to uncover new growth opportunities. We enable our clients to build innovation capabilities and transform their organizations.

Our consultants have strong practical industry experience combined with excellent knowledge of key trends and dynamics. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations.

For further information, please visit www.adlittle.com or www.adl.com.

Cate Bonthuys
Catalyst Comms
+44 7746 546773
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NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

TORONTO--(BUSINESS WIRE)--Sherritt International Corporation (“Sherritt”, the “Corporation”, the “Company”) (TSX: S), a world leader in the mining and hydrometallurgical refining of nickel and cobalt from lateritic ores, today reported its financial results for the three months ended March 31, 2022. All amounts are in Canadian currency unless otherwise noted.

“The combination of high realized prices for each of the commodities we produce, strong production at the Moa JV, and the recovery of the Power business in the first quarter generated some of Sherritt’s best financial metrics since 2014,” said Leon Binedell, President and CEO of Sherritt International Corporation. “Most notably, we grew Adjusted EBITDA by 94% to $58.5 million, lowered NDCC at the Moa JV by 11% to US$3.42 per pound, and received $24.2 million in distributions from the Moa JV.”

Mr. Binedell added, “We expect to sustain this momentum through the second quarter and beyond given prevailing nickel, cobalt and fertilizer prices. Anticipated cash flow from operations and distributions from the Moa JV in 2022 underpin the balanced approach we are taking to fund growth opportunities while exploring ways to de-leverage our balance sheet. This direction provides us with a clear path to building shareholder value. Already, we have made considerable progress towards our goals based on the amount of work on our expansion and debottlenecking projects completed in the first quarter at Moa and the Fort Site.”

SELECTED Q1 2022 DEVELOPMENTS

• Advanced with project scoping, development of timelines and capital cost requirements for Sherritt’s growth strategy aimed at increasing finished nickel and cobalt production by 15 to 20% over production in 2021, which should result in an increase in annual nickel production of approximately 4,700 to 6,200 tonnes (100% basis) once all projects are completed in 2024. Progress in Q1 2022 included continued construction of the slurry preparation plant, near completion of a feasibility study for a leach plant sixth train at Moa, and the start of basic engineering on de-bottlenecking projects at the Fort Site and the basic engineering on upgrading of the acid plant at Moa.
• Net earnings from continuing operations were $16.4 million, or $0.04 per share, compared to a net loss of $1.9 million, or $nil per share, in Q1 2021.
• Adjusted EBITDA⁽¹⁾ was $58.5 million, Sherritt’s highest since Q3 2014. The improved Adjusted EBITDA was driven by higher nickel, cobalt, and fertilizer market prices, improved operating performance, and ongoing efforts to reduce costs, partly offset by $26.6 million of share-based compensation expense due to the impact of Sherritt’s 103% rise in the value of its shares.
• Sherritt’s share of finished nickel and cobalt production at the Moa Joint Venture (Moa JV) were 3,875 tonnes and 446 tonnes, respectively. Despite a 5% increase in mixed sulphides production at Moa compared to the same period last year, finished production was impacted by delays and disruptions in railway transportation services from Halifax to the refinery in Fort Saskatchewan, Alberta.
• Benefitting from increased by-product credits from higher cobalt and fertilizer prices, net direct cash cost (NDCC)⁽¹⁾ at the Moa JV was US$3.42/lb, the lowest since Q4 2018. In spite of significantly higher input costs, including a 181% increase in sulphur prices, 47% increase in natural gas prices and 35% increase in fuel oil prices, Sherritt’s Q1 2022 NDCC ranked it in the lowest cost quartile of all nickel producers according to annualized information tracked by Wood Mackenzie.
• Received $24.2 million of its share of Moa JV distributions in Q1, including $8.1 million deferred from Q4 2021. Given prevailing nickel and cobalt prices, planned spending on capital, including growth capital, working capital needs, and other expected liquidity requirements, Sherritt anticipates distributions for FY2022 to be greater than the $35.9 million (excluding re-directions from its Cuban partner, General Nickel Company S.A.) received in FY2021, and higher distributions in the second half of 2022 compared to the first half of the year.
• The Power business produced 137 GWh of electricity, up 44% from the same period last year, and generated $8.2 million in free cash flow⁽¹⁾, up 193%. The improved performance was driven by the completion of maintenance activities in 2021.
• Consistent with its commitment to environmental, social and governance (ESG) matters and to ongoing Board renewal named Maryse Bélanger as Deputy Chair and appointed Chih-Ting Lo, a decarbonization expert with extensive mining experience, as a Director.

^{(1) Non-GAAP financial measures. For additional information see the Non-GAAP and other financial measures section of this press release.}

DEVELOPMENTS SUBSEQUENT TO QUARTER END

• An assessment of the expansion capital costs indicated that costs are estimated to be at the upper end of the US$20,000 to US$25,000 per tonne range of new nickel capacity disclosed previously. In light of a number of uncertainties relating to geopolitical developments, supply chain disruptions, the spread of COVID-19, and inflationary price pressures on construction materials, equipment, and labour costs, Sherritt will further evaluate its growth capital spend estimates once greater certainty on global supply chains and consequential pricing is available and additional engineering and design work is completed. In tandem with this review, Sherritt and its Cuban partner will continue to advance construction of the US$27 million (100% basis) slurry preparation plant, proceed with US$6 million (100% basis) of engineering work and plant capacity testing needed to finalize the cost of the expansion project, and develop a new life of mine plan for Moa. Sherritt expects to provide an update on the rollout and spending on capital related to the expansion strategy with each of its quarterly results with full project approval expected in the second half of 2022.
• On May 2, Sherritt paid interest of $14.9 million on the 8.50% second lien secured notes and did not make any mandatory redemptions as conditions pursuant to the provisions of the indenture agreement were not met.

Q1 2022 FINANCIAL HIGHLIGHTS

^{(1) Non-GAAP financial measures. For additional information see the Non-GAAP and other financial measures section of this press release.}

Cash and cash equivalents at March 31, 2022 were $145.5 million, unchanged from December 31, 2021.

During the quarter, Sherritt received $24.2 million in distributions from the Moa JV, including $8.1 million that was deferred from Q4 2021. Distributions from the Moa JV are determined based on available cash in excess of liquidity requirements, including anticipated nickel and cobalt prices, planned capital spend, working capital needs, and other expected liquidity requirements.

Sherritt also received US$4.2 million ($5.3 million) in Cuban energy payments in Q1 2022. Total cash receipts were offset by $18.6 million of cash used by continuing operations for operating activities, which included $5.7 million of share-based compensation payments, and by capital expenditures totaling $4.9 million.

Total overdue scheduled receivables at March 31, 2022 were US$153.5 million, down from US$156 million as at December 31, 2021. Collections on overdue amounts from Sherritt’s Cuban energy partners continue to be adversely impacted by Cuba’s reduced access to foreign currency as a result of ongoing U.S. sanctions and the global pandemic’s impact on tourism. While Sherritt anticipates economic conditions in Cuba to improve in the remainder of 2022, it continues to anticipate variability in the timing and the amount of energy payments in the near term, and continues to work with its Cuban partners to ensure timely receipt of energy payments.

Of the $145.5 million of cash and cash equivalents, $50.4 million was held in Canada, down from $64.2 million as at December 31, 2021, and $81 million was held at Energas, up from $78.9 million as at December 31, 2021. The remaining amounts were held in Cuba and other countries.

Adjusted net earnings (loss) from continuing operations⁽¹⁾

^{(1) A non-GAAP financial measure. For additional information see the Non-GAAP and other financial measures section of this press release.
(2) Other items primarily relate to losses (gains) in net finance expense.}

METALS MARKET

Nickel

Nickel prices experienced extreme volatility in the first quarter of 2022, culminating in the unprecedented one-day price spike by more than 250% to almost US$46/lb on March 8 that resulted in the suspension of trading on the London Metal Exchange (LME), cancellation of all trades that day, and the deferral of all settled contracts. The price climb and trading suspension were triggered by concerns over the disruption of nickel supply in the wake of Russia’s invasion of Ukraine and speculation of a short squeeze against a major market participant.

When trading resumed on March 16, the LME imposed new trading limits but was unable to curb trading volatility. Through March 25, trading was suspended regularly as price limits were breached. By March 31, trading had stabilized, and nickel prices closed at US$15.15/lb, up 60% from the start of the quarter.

Since the start of Q2 2022, trading on the LME has been consistent and prices have averaged at US$14.70/lb through May 10. It is anticipated that nickel prices will maintain their robustness through the end of 2022 based on forecasts provided by industry analysts. The favourable price outlook is due to expected demand from European consumers seeking non-Russian nickel supply because of its invasion of Ukraine.

Strong prices in Q1 were driven by strong consumer demand as reflected by the continued decrease in inventory levels. In Q1, nickel inventory levels on the LME fell by 29% from 101,886 tonnes at the start of the period to 72,570 tonnes on March 31. Although inventory levels on the Shanghai Futures Exchange rose to 6,097 tonnes from 2,406 tonnes at the start of the quarter, the closing amounts suggest a tight market.

Industry analysts, including Wood Mackenzie and S&P Global, have forecast continued strong demand and market tightness through to the end of 2022. LME nickel inventories have continued to decline in Q2, reaching 73,122 tonnes on May 10.

Near-term visibility of market fundamentals, including inventory levels, beyond 2022 is limited given the uncertainty caused by a number of recent geopolitical and macroeconomic developments relating to Russia’s invasion of Ukraine and ongoing effects of supply chain disruptions caused by COVID-19.

The long-term outlook for nickel remains bullish on account of the strong demand expected from the stainless steel sector, the largest market for nickel, and the rapidly growing electric vehicle battery market. Some market observers, such as Wood Mackenzie, have forecast a prolonged nickel supply deficit beginning in 2026 due to strong demand from the electric vehicle market and insufficient nickel production coming on stream in the near term.

Over the past year, multiple automakers and governments have announced plans for significant investments to expand electric vehicle production capacity to meet growing demand as well as more aggressive timelines to phase out the sale of internal combustion engines. In 2021, more than 6.5 million plug-in electric vehicles were sold despite the global pandemic. Industry observers estimate that the number of electric vehicles sold in 2022 will grow to 8.6 million units. CRU has forecast that electric vehicles sales will grow to 17.4 million units by 2025, driving significant demand for finished nickel and cobalt.

As a result of its unique properties, high-nickel cathode formulations remain the dominant choice for long-range and high performance electric vehicles manufactured by automakers with high purity, Class 1 nickel being an essential feedstock in the battery supply chain. Sherritt is particularly well positioned given its Class 1 production capabilities and the fact that Cuba possesses the world’s fourth largest nickel reserves. The adoption of lithium iron phosphate (LFP) cathode battery chemistry, which is less expensive than nickel-manganese-cobalt (NMC) cathode chemistry, but with lower energy density and less vehicle range, may soften nickel demand from this segment of the market.

Cobalt

Sustaining an upward trend started in Q2 2021, cobalt prices continued their steady rise in Q1 2022, closing on March 31 at US$39.35/lb, up 16% from US$33.78/lb at the start of the quarter, according to data collected by Fastmarkets MB.

Higher cobalt prices in Q1 2022 were driven mostly by increased buying from electric vehicle battery manufacturers and increased stockpiling by consumers as a result of concerns over supply disruptions caused by Russia’s invasion of Ukraine. Russia was the world’s fifth largest cobalt producer in 2021. In addition, logistics concerns relating the transportation of cobalt hydroxide from the Democratic Republic of Congo (DRC), the world’s largest supply market, continued to cause market disruptions.

The visibility for cobalt prices in the near term is limited due to recent geopolitical and economic developments, including Russia’s invasion of Ukraine, the impact of economic sanctions against Russia on the world’s economy, and the impact of logistics disruptions in South Africa on the delivery of cobalt from the DRC.

Over the long term, the outlook for cobalt is particularly encouraging given the accelerated adoption of electric vehicles expected in the coming years. Cobalt is a key component of rechargeable batteries providing energy stability. Similar to developments in the nickel market, the adoption of LFP cathode battery chemistry, a less expensive but inferior alternative to NMC cathode chemistry, may soften cobalt demand.

CRU forecasts that demand for cobalt will grow by 12.7% annually and reach 317,000 tonnes by 2026 with the EV sector accounting for 50% of all cobalt demand.

REVIEW OF OPERATIONS

Moa Joint Venture (50% interest) and Fort Site (100%)

Mixed sulphides production at the Moa JV in Q1 2022 was 4,126 tonnes, up 5% from the 3,931 tonnes produced in Q1 2021. The variance was largely due to the impact of heavy rainfall on mining operations in Q1 2021 that resulted in lower ore quality when compared to Q1 2022.

Sherritt’s share of finished nickel production in Q1 2022 totaled 3,875 tonnes, down 7% from the 4,188 tonnes produced in Q1 2021 while finished cobalt production for Q1 2022 was 446 tonnes, down 6% from the 477 tonnes produced in the same period last year. Finished metals production in Q1 2022 was impacted by delays in receiving mixed sulphides from Moa to the refinery due to railway transportation disruptions from Halifax to the refinery in Fort Saskatchewan, Alberta.

Second quarter production will be impacted by the planned annual maintenance shutdown of the refinery in Fort Saskatchewan. This year’s shutdown is smaller in scale when compared to the prior year, which was a full-facility shutdown completed once every six years. The 2022 shutdown is expected to last up to seven days, consistent in duration to prior years.

Revenue in Q1 2022 increased by 47% to $185.6 million from $126.3 million last year. The revenue increase was largely attributable to higher average-realized nickel, cobalt, and fertilizer prices⁽¹⁾, which were up 49%, 90%, and 110%, respectively, from Q1 2021. Fertilizer sales volumes grew by 16% to 31,439 tonnes due to consumer stockpiling in advance of 2022 planting season.

Mining, processing and refining (MPR) costs per pound of nickel sold in Q1 2022 were up 29% from Q1 2021. Consistent since the start of the global pandemic in the first quarter of 2020, higher MPR costs in Q1 2022 were driven by the significant rise in input costs, further compounded by Russia’s invasion of Ukraine. Most notably, input costs were marked by a 181% increase in sulphur prices, 47% increase in natural gas prices and 35% increase in fuel oil prices when compared the same period last year. Increased input costs were partly offset by lower purchased sulphuric acid consumption. Purchased sulphuric acid consumption was required in the prior year to offset lower sulphuric acid production at Moa ahead of the planned sulphuric acid plant shutdown in the second quarter of 2021.

Net direct cash cost (NDCC)⁽¹⁾ per pound of nickel sold decreased by 11% to US$3.42/lb in Q1 2022 from US$3.83/lb for Q1 2021. The improvement was principally due to higher cobalt and fertilizer by-product credits generated by higher average-realized prices and the 16% increase in fertilizer sales volumes. NDCC for Q1 2022, which was the lowest since the fourth quarter of 2018, ranked Sherritt in the lowest cost quartile of all nickel producers according to annualized information tracked by Wood Mackenzie.

Sustaining spending on capital in Q1 2022 was $15.7 million, up 241% from $4.6 million in Q1 2021. The year-over-year increase was due primarily to higher planned spending, including the receipt of mining equipment at Moa.

With support from Sherritt Technologies, the Moa JV advanced with its expansion strategy aimed at growing annual nickel and cobalt production by 15 to 20% from the combined 34,710 tonnes produced in FY2021, which should result in an increase in annual nickel production by approximately 4,700 to 6,200 tonnes (100% basis), once all projects are completed in 2024, and extending the life of mine at Moa beyond 2040.

Progress in Q1 2022 included:

• Continued to advance construction of the slurry preparation plant at Moa, which included substantial completion of a raw ore rheological study and pipeline design, and commencement of civil works.
  
  The project cost and schedule remain on track at an estimated cost of US$27 million (100% basis) with expected completion in early 2024. In 2022, US$9 million (100% basis) in growth capital spend, of which US$5.2 million (100% basis) has been committed, is expected for ordering of long lead materials and equipment, and civil and mechanical construction. The project is expected to deliver a number of benefits, including reduced ore haulage, lower carbon intensity from mining, and increased annual production of nickel and cobalt contained in mixed sulphides of approximately 1,700 tonnes commencing in mid-2024.

• Near completion of a feasibility study for a leach plant sixth train at Moa.
• The start of engineering related to de-bottlenecking projects at the Fort Site and basic engineering for upgrading the acid plant at Moa.
• Approval of US$6 million (100% basis) for basic engineering and plant capacity testing needed for the remaining expansion projects prior to full project approval in the second half of the year. As part of this work, Sherritt will review additional ESG considerations into the expansion plans as engineering advances.
• The engagement of external consultants to develop a new life of mine (LOM) plan based on economic cut-off grade methodology and conduct a Quality Assurance/Quality Control review at Moa. A site visit was successfully completed in February 2022 and detail work has commenced.

For further investor information contact:
Joe Racanelli, Director of Investor Relations
Telephone: (416) 935-2457
Toll-free: 1 (800) 704-6698
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Sherritt International Corporation
Bay Adelaide Centre, East Tower
22 Adelaide St. West, Suite 4220
Toronto, ON M5H 4E3
www.sherritt.com

--Facilities will maintain grid reliability as Company moves forward with clean energy vision--

HOUSTON--(BUSINESS WIRE)--JERA Americas, the Houston-based subsidiary of global energy leader JERA, has entered into an agreement to acquire a 1,633 megawatt (MW) thermal power portfolio in New England from Stonepeak.

The portfolio consists of four thermal power generating facilities--Canal 1 (566 MW), Canal 2 (559 MW) and Canal 3 (333 MW) in Sandwich, Massachusetts on Cape Cod and Bucksport (176 MW) in Bucksport, Maine. The financial terms of the transaction were not disclosed. Stonepeak was advised by J.P. Morgan Securities LLC.

“The transition to net zero CO2 emissions energy is a multi-step process demanding emission reductions on many fronts with several different technologies. Securing these assets will allow us to reduce CO2 emissions from the existing facilities, and use these locations as a foothold for supporting largescale renewable energy facilities and technologies,” said Steven Winn, JERA Americas Chief Executive Officer. “These facilities remain critical to ensuring grid stability and providing power to the New England market during high demand periods. We plan to use these units to supply needed energy with a view toward reducing emissions as we expand renewable energy and other CO2 emission reducing technologies.”

JERA Americas is committed to transitioning the existing units to greener forms of energy as well as employing the attributes of the sites to enable renewable energy development in New England. The Company is pursuing commercially viable decarbonization paths including low carbon biofuels in place of traditional fuels, as well as large scale renewable projects, blending hydrogen in gas turbines, and energy storage solutions.

“In the past, these assets would be valued purely on their ability to provide electricity to the market,” continued Winn. “JERA Americas takes a broader view – one of taking traditional thermal energy sites and implementing constructive changes that support net zero CO2 emissions goals.”

JERA Americas, and its parent company JERA, plan to achieve net zero CO₂ emission electricity by 2050, and have accelerated progress toward that goal. In the past nine months, JERA Americas has announced construction of a 300 MW wind power project in TX and hydrogen blending projects at two natural gas generation facilities in the northeastern US. Last September, JERA Americas took an ownership interest in Hydrogenious LOHC Technologies, a company focused on providing safe hydrogen storage and transportation solutions, to help spur the growth of hydrogen as a zero carbon fuel to reduce carbon emissions at fossil fuel plants globally.

ABOUT JERA AMERICAS
JERA Americas is supporting an energy transition in an environmentally and socially responsible manner. The Company is a subsidiary of Tokyo-based JERA, which stands for Japan’s Energy for a New Era, and produces about 30% of all electricity in Japan. JERA is committed to achieving net zero CO2 emissions from its domestic and overseas businesses by 2050 and is contributing to the development of a sustainable society. https://www.jera.co.jp/english/. For more information contact This email address is being protected from spambots. You need JavaScript enabled to view it..

ABOUT STONEPEAK
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $46 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, and to have a positive impact on the communities in which it operates. Stonepeak sponsors investment vehicles focused on private equity and credit. The firm provides capital, operational support, and committed partnership to sustainably grow investments in its target sectors, which include communications, energy transition, transport and logistics, and social infrastructure. For more information, please visit www.stonepeak.com or contact This email address is being protected from spambots. You need JavaScript enabled to view it..

JERA Americas
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WILLISTON, Vt.--(BUSINESS WIRE)--$isun #benzinga--iSun, Inc. (NASDAQ: ISUN) (the “Company”, or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of construction experience in solar, electrical and data services, today announced that it will issue first quarter 2022 results after the market closes on Monday, May 16^th 2022. A conference call will be held on Tuesday, May 17^th at 8:30 AM EDT to review the Company’s financial results, discuss recent events and conduct a question-and-answer session.

A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of iSun’s website at investors.isunenergy.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.

To participate in the live teleconference:

To listen to a replay of the teleconference, which will be available through May 31, 2022:

About iSun Inc.

Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted electrical contractor to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 400 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.

Forward Looking Statements

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

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

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

IR Contact:
Tyler Barnes
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802-289-8141

Introduces Co-Digestion at Wastewater Treatment Plant in Canada

BURLINGTON, Ontario--(BUSINESS WIRE)--Anaergia Inc. (“Anaergia” or the “Company”) (TSX: ANRG) announced that it signed a design-build agreement with the Town of Petawawa, Ontario. Under the terms of the agreement, Anaergia will upgrade the existing anaerobic digesters located at Petawawa’s Water Pollution Control Plant (WPCP).

Anaergia’s Omnivore™ system will be used to upgrade the WPCP digesters to process biosolids from the wastewater treatment operations along with organics from the municipal solid waste stream. The digesters will then produce biogas that will be used to fuel a combined heat and power engine, reducing WPCP’s dependence on fossil energy supplied by utilities, and reducing its operating costs.

“This is the first wastewater plant in Canada that will benefit from Anaergia’s unique suite of technologies for upgrading existing wastewater infrastructure into a facility that will produce renewable energy. The technologies used here have already been proven in the US, most recently at a facility belonging to the Victor Valley (California) Wastewater Reclamation Authority. The Petawawa WPCP will serve as an important reference site for Canada. We expect to convert many more facilities in Canada and elsewhere as such conversions make economic and environmental sense. Furthermore, it makes wastewater plants resilient to power interruptions,” said Andrew Benedek, Chairman and CEO of Anaergia.

The project is designed to achieve net zero carbon emissions for the WPCP and to convert the existing facility into a resource recovery centre for organic waste. In this way, it will contribute to creating a circular economy in the region while contributing to Ontario’s efforts to divert waste from landfills.

In addition to providing the digester technology and ancillary equipment, process integration and overall project execution, the contract also calls for Anaergia to provide technical services to the WPCP for a period of 10 years.

According to the Government of Canada, there are approximately 2,000 Municipal Wastewater Systems in the country serving close to 86% of the total population (source: Environment and Climate Change Canada).

About Anaergia

Anaergia was created to eliminate a major source of greenhouse gases by cost effectively turning organic waste into renewable natural gas (“RNG”), fertilizer and water, using proprietary technologies. With a proven track record from delivering world-leading projects on four continents, Anaergia is uniquely positioned to provide end-to-end solutions for extracting organics from waste, implementing high efficiency anaerobic digestion, upgrading biogas, producing fertilizer and cleaning water. Our customers are in the municipal solid waste, municipal wastewater, agriculture, and food processing industries. In each of these markets Anaergia has built many successful plants including some of the largest in the world. Anaergia owns and operates some of the plants it builds, and it also operates plants that are owned by its customers.

For further information please see: www.anaergia.com

Source: Anaergia Inc.

For media relations please contact: Melissa Bailey, Director, Marketing & Corporate Communications, This email address is being protected from spambots. You need JavaScript enabled to view it.

For investor relations please contact: This email address is being protected from spambots. You need JavaScript enabled to view it.

MINNEAPOLIS--(BUSINESS WIRE)--Xcel Energy Inc. (NASDAQ: XEL) will hold its 2022 Annual Meeting of Shareholders virtually at 11:00 a.m. central time on May 18, 2022. Shareholders of record at the close of business on the record date, March 21, 2022, are invited to participate. Shareholders of record can attend the meeting online at www.virtualshareholdermeeting.com/XEL2022 and can vote during the meeting using the control number found on their proxy card or Notice of Internet Availability of Proxy Materials. Shareholders of record can also vote online prior to the meeting at www.proxyvote.com by entering the control number found on their proxy card or Notice of Internet Availability of Proxy Materials.

The virtual meeting website will contain instructions for accessing technical support to assist you in the event you have difficulties accessing the virtual meeting. The technical support number will be posted on the virtual meeting platform log-in page 15 minutes before the meeting begins.

If you do not have internet access or a control number, please call 1-888-317-6016 (toll free in the United States), 1-855-669-9657 (toll free in Canada), or 1-412-317-6016 (international) to listen to the meeting proceedings.

For additional information, please refer to Xcel Energy Inc.’s 2022 Notice of Annual Meeting of Shareholders and Proxy Statement, filed with the Securities and Exchange Commission on April 5, 2022 and available to view on our website at www.xcelenergy.com.

Xcel Energy is a major U.S. electricity and natural gas company, with operations in 8 Western and Midwestern states. Xcel Energy provides a comprehensive portfolio of energy-related products and services to 3.7 million electricity customers and 2.1 million natural gas customers through its regulated operating companies. Company headquarters are located in Minneapolis. More information is available at www.xcelenergy.com.

This information is not given in connection with any sale or offer for sale or offer to buy any securities.

Paul Johnson, Vice President – Treasurer & Investor Relations (612) 215-4535
or
Xcel Energy Media Relations Representatives (612) 215-5300