SANTA CRUZ, Calif.--(BUSINESS WIRE)--Joby Aviation (NYSE: JOBY), a California-based company developing all-electric aircraft for commercial passenger service, today announced its financial results for first quarter 2022. Please visit the Joby investor relations website https://ir.jobyaviation.com/ to view the first quarter 2022 shareholder letter. Today the company will host a live audio webcast of its conference call to discuss the results at 2:00 p.m. PT (5:00 p.m. ET).

Additional Call Details:

What: Joby First Quarter 2022 Earnings Conference Call

When: Thursday, May 12, 2022

Time: 2:00 p.m. PT (5:00 p.m. ET)

Webcast: Upcoming Events section of the company website (www.jobyaviation.com)

Live Call: 1-877-407-3982 or 1-201-493-6780

A replay of the call will be available until midnight, Thursday, May 26, 2022, by dialing 1-844-512-2921 or 1-412-317-6671 and entering passcode 13728914.

About Joby Aviation

Joby Aviation, Inc. (NYSE:JOBY) is a California-based transportation company developing an all-electric vertical take-off and landing aircraft which it intends to operate as part of a fast, quiet, and convenient air taxi service beginning in 2024. The aircraft, which has a maximum range of 150 miles on a single charge, can transport a pilot and four passengers at speeds of up to 200 mph. It is designed to help reduce urban congestion and accelerate the shift to sustainable modes of transit. Founded in 2009, Joby employs more than 1,000 people, with offices in Santa Cruz, San Carlos, and Marina, California, as well as Washington, D.C. and Munich, Germany. To learn more, visit www.jobyaviation.com.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the development and performance of Joby’s aircraft and its regulatory outlook, progress and timing. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially including: Joby’s ability to launch its aerial ridesharing service and the growth of the urban air mobility market generally; Joby’s ability to produce aircraft that meet its performance expectations in the volumes and on the timelines that it projects, Joby’s ability to launch a commercial passenger service beginning in 2024, as currently projected; the competitive environment in which it operates; its future capital needs; its ability to adequately protect and enforce its intellectual property rights; its ability to effectively respond to evolving regulations and standards relating to its aircraft; its reliance on a third-party suppliers and service partners; uncertainties related to Joby’s estimates of the size of the market for its service and future revenue opportunities; and other important factors discussed in the section titled “Risk Factors” in its Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 28, 2022, and in other reports it files with or furnishes to the SEC. Any such forward-looking statements represent management’s estimates and beliefs as of the date of this press release. While Joby may elect to update such forward-looking statements at some point in the future, it disclaims any obligation to do so, even if subsequent events cause its views to change.

Investors:
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Media:
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TAMPA, Fla.--(BUSINESS WIRE)--Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”) announces that its Annual Meeting of Stockholders will be held virtually on Wednesday, June 1, 2022 at 9:30 a.m. Eastern Time (“ET”). Any stockholder wishing to participate in the Annual Meeting may do so by means of remote communication. The Company determined to continue to hold its meeting virtually.

To participate in the Annual Meeting of Stockholders remotely, dial (844) 200-6205 for US/Canada callers and (929) 526-1599 for international callers and enter Access Code 885895. Please dial in ten minutes prior to the start of the call. Stockholders and other interested parties can listen to a live webcast of the Meeting from the Investor Relations section of the Company’s website at www.osg.com. Stockholders can ask questions by using the call in option. The call is hosted by Q4 with a moderator who will provide instructions on how to ask a question when the Q&A section of the meeting is set to begin. If you are having technical difficulties in joining the meeting, you should email This email address is being protected from spambots. You need JavaScript enabled to view it. and someone will be available to assist.

As noted in our Proxy Statement for the Meeting, it is possible to vote by telephone or over the Internet, and we urge you to vote as soon as possible by either of these methods. A stockholder who wishes to vote on the date of the Annual Meeting or who wishes to change his or her vote may do so by sending an email to This email address is being protected from spambots. You need JavaScript enabled to view it. and attaching either your proxy card or your voting instruction form and the legal proxy provided by your bank, broker or other nominee. This information is necessary in order for your vote to be validated and counted. Your email must be submitted by 9:35 a.m. ET on Wednesday, June 1, 2022.

An audio replay of the Annual Meeting of Stockholders will be available starting at 11:00 a.m. ET on Wednesday, June 1, 2022 until June 8, 2022 by dialing (866) 813-9403 for US/Canada callers and (929) 458-6194 for international callers and entering Access Code 849003.

About Overseas Shipholding Group, Inc.

Overseas Shipholding Group, Inc. (NYSE: OSG) is a publicly traded company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator of tankers and ATBs in the Jones Act industry. OSG’s 22 vessel US Flag active fleet consists of three crude oil tankers doing business in Alaska, two conventional ATB, two lightering ATBs, three shuttle tankers, ten MR tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program. OSG also currently owns and operates one Marshall Islands flagged MR tanker which trades internationally.

OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in Tampa, FL. More information is available at www.osg.com.

Investor Relations & Media Contact:
Susan Allan, Overseas Shipholding Group, Inc.
(813) 209-0620
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JACKSONVILLE, Fla.--(BUSINESS WIRE)--$RDW--Redwire Corporation (NYSE: RDW), a leader in mission critical space solutions and high reliability components for the next generation space economy, today announced results for its first quarter ended March 31, 2022.

Redwire will live stream a presentation with slides. Please use the link below to follow along with the live stream: https://services.choruscall.com/mediaframe/webcast.html?webcastid=UflWOSy4

Business Highlights

• Total Backlog¹, as of March 31, 2022, remained relatively consistent with year-end at $273.9 million.

• Building on the success of our Link-16 antennas, Redwire has been contracted to deliver multiple high gain antenna systems for a national security space LEO satellite constellation.

• Delivered a fourth Roll-Out Solar Array (“ROSA”) wing for the International Space Station (“ISS”) ahead of baseline schedule. This capability is also utilized for the DART NASA planetary defense mission and will be used for the planned Lunar Gateway.

• Delivered the camera controller, wireless antennas, and cable harnesses for the Artemis III Orion Camera System, an array of inspection and navigation cameras developed for NASA's Orion Spacecraft.

• Awarded a position on the $950 million indefinite delivery-indefinite quantity (“IDIQ”) contract to support U.S. Air Force Advanced Battle Management System.

• Passed the Critical Design Review (“CDR”) for the On-Orbit Servicing, Assembly and Manufacturing 2 (OSAM-2) mission. OSAM-2, also known as Archinaut One, is a $73.7 million contract aimed at demonstrating the viability of robotic manufacture and assembly of satellites in space.

2022 Financial Highlights:

• Revenue increased $1.2 million, or 3.7%, to $32.9 million for the three months ended March 31, 2022, from $31.7 million for the March 31, 2021 period.

• Net (loss) and Adjusted EBITDA¹ were $(17.3) million and $(4.7) million, respectively, for the three months ended March 31, 2022.

• Delays in contract awards, macroeconomic challenges, including inflation and supply chain delays in contractor start dates had a negative impact on performance.

• On March 25, 2022, the Adams Street Partners Senior Secured Revolving Credit Facility was upsized from $5.0 million to $25.0 million and on April 14, 2021, the Company entered into an $80 million Committed Equity Facility with B. Riley Principal Capital, LLC (“B. Riley”), providing for enhanced liquidity.

“In the first quarter, we continued to execute on our long-term strategy with some critical business and technical milestones such as the contract to deliver multiple high gain antenna systems for a national security space LEO satellite constellation and the delivery of ROSA Wings three and four for the ISS to our partners at Boeing. First quarter performance was impacted by delays in contract awards and subcontractor order fulfillment, as well as increased investment in bid and proposal ('B&P') and internal research and development ('R&D') spend. With a total backlog of $273.9 million as of March 31, 2022 and $547.3 million in bids submitted and under review as of May 9, 2022, we remain confident in the full year forecast provided in our prior earnings release. We expect revenues to grow throughout the year and create improved operational leverage.”

“We continue to make investments in facilities such as our new solar array and large deployable production facility in Goleta, CA, expansion of our antenna production facility in Longmont, CO and new office in Luxembourg to grow new business and technologies through B&P and R&D spending. We are confident in our capital position, with immediately available liquidity in excess of $30 million and access to additional resources, as needed, through our committed equity facility with B. Riley.”

Financial Results Investor Call

On May 12, 2022 at 5:30 P.M. ET, the Company will hold a conference call to report financial results for the first quarter ended March 31, 2022. The dial in number for the live call is 877-485-3108 (toll-free) or 201-689-8264 (toll) and the conference ID is 13730032.

For those who are unable to listen to the live event, a replay will be available for two weeks following the event by dialing 877-660-6853 (toll-free) or 201-612-7415 (toll) and entering the access code 13730032. To access the webcast replay, visit https://ir.redwirespace.com/.

Redwire will live stream a presentation with slides. Please use the link below to follow along with the live stream: https://services.choruscall.com/mediaframe/webcast.html?webcastid=UflWOSy4

Any replay, rebroadcast, transcript or other reproduction of this conference call, other than the replay accessible by calling the number and website above, has not been authorized by Redwire Corporation and is strictly prohibited. Investors should be aware that any unauthorized reproduction of this conference call may not be an accurate reflection of its contents.

About Redwire Corporation

Redwire Corporation (NYSE: RDW) is a leader in mission critical space solutions and high reliability components for the next generation space economy, with valuable intellectual property for solar power generation and in-space 3D printing and manufacturing. With decades of flight heritage combined with the agile and innovative culture of a commercial space platform, Redwire is uniquely positioned to assist its customers in solving the complex challenges of future space missions. For more information, please visit www.redwirespace.com.

Cautionary Statement Regarding Forward-Looking Statements

Readers are cautioned that the statements contained in this press release regarding expectations of our performance or other matters that may affect our business, results of operations, or financial condition are “forward looking statements” as defined by the “safe harbor” provisions in the Private Securities Litigation Reform Act of 1995. Such statements are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included or incorporated in this press release, including statements regarding our strategy, financial position, guidance, funding for continued operations, cash reserves, liquidity, projected costs, plans, projects, awards and contracts, and objectives of management, are forward looking statements. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “continued,” “project,” “plan,” “goals,” “opportunity,” “appeal,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall,” “possible,” “would,” “approximately,” “likely,” “schedule,” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements are not guarantees of future performance, conditions or results. Forward looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control.

These factors and circumstances include, but are not limited to: (1) the company’s limited operating history; (2) the development and continued refinement of many of the company’s proprietary technologies, produces and service offerings; (3) the possibility that the company’s assumptions relating to future results may prove incorrect; (4) the inability to successfully integrate recently completed and future acquisitions; (5) unsatisfactory performance of our products; (6) the emerging nature of the market for in-space infrastructure services; (7) inability to realize benefits from new offerings or the application of our technologies; (8) the inability to convert orders in backlog into revenue; (9) early termination, audits, investigations, sanctions and penalties with respect to government contracts; (10) data breaches or incidents involving the company’s technology; (11) the company’s dependence on senior management and other highly skilled personnel; (12) significant fluctuation of our operating results; (13) incurrence of significant expenses and capital expenditures to execute our business plan; (14) the need for substantial additional funding to finance our operations, which may not be available when we need it, on acceptable terms or at all; (15) the impacts of COVID-19 on the company’s business, including as a result of current supply chain constraints, labor shortage and inflationary pressures; (16) adverse publicity stemming from any incident involving the Company or its competitors; (17) inability to report our financial condition or results of operations accurately or timely as a result of identified material weaknesses; (18) inability to meet stock exchange listing standards; (19) the ability to recognize the anticipated benefits of the business combination Genesis Park Acquisition Corp., which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (20) costs related to the business combination with Genesis Park Acquisition Corp.; (21) changes in applicable laws or regulations; (22) the possibility that the company may be adversely affected by other economic, business, and/or competitive factors; and (23) other risks and uncertainties described in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and those indicated from time to time in other documents filed or to be filed with the SEC by the Company.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. If underlying assumptions to forward looking statements prove inaccurate, or if known or unknown risks or uncertainties materialize, actual results could vary materially from those anticipated, estimated, or projected. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company disclaims any intention or obligation, other than imposed by law, to update or revise any forward looking statements, whether as a result of new information, future events, or otherwise. Persons reading this press release are cautioned not to place undue reliance on forward looking statements.

Non-GAAP Financial Information

This press release contains financial measures that have not been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). These financial measures include Total backlog, Adjusted EBITDA, and Pro Forma Adjusted EBITDA.

We use certain financial measures to evaluate our operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources which are not calculated in accordance with U.S. GAAP and are considered to be Non-GAAP financial performance measures. These Non-GAAP financial performance measures are used to supplement the financial information presented on a U.S. GAAP basis and should not be considered in isolation or as a substitute for the relevant U.S. GAAP measures and should be read in conjunction with information presented on a U.S. GAAP basis. Because not all companies use identical calculations, our presentation of Non-GAAP measures may not be comparable to other similarly titled measures of other companies.

Adjusted EBITDA is defined as net loss adjusted for interest expense, income tax expense (benefit), depreciation and amortization, acquisition deal costs, acquisition integration costs, acquisition earnout costs, purchase accounting fair value adjustment related to deferred revenue, capital market and advisory fees, write-off of long-lived assets, equity-based compensation and warrant liability change in fair value adjustment. Pro Forma Adjusted EBITDA is computed in accordance with Article 8 of Regulation S-X and is computed to give effect to the business combinations as if they occurred on January 1 of the year in which they occurred.

REDWIRE CORPORATION

TOTAL BACKLOG

(Unaudited)

We view growth in backlog as a key measure of our business growth. Contracted backlog represents the estimated dollar value of firm funded executed contracts for which work has not been performed (also known as the remaining performance obligations on a contract). Our contracted backlog includes $29.6 million and $10.7 million in remaining contract value from time and materials contracts as of March 31, 2022 and as of December 31, 2021, respectively.

Organic contracted backlog change excludes backlog activity from acquisitions for the first four full quarters since the entities’ acquisition date. Contracted backlog activity for the first four full quarters since the entities’ acquisition date is included in acquisition-related contracted backlog change. After the completion of four fiscal quarters, acquired entities are treated as organic for current and comparable historical periods.

Organic contract value includes the remaining contract value as of January 1 not yet recognized as revenue and additional orders awarded during the period for those entities treated as organic. Acquisition-related contract value includes remaining contract value as of the acquisition date not yet recognized as revenue and additional orders awarded during the period for entities not treated as organic. Similarly, organic revenue includes revenue earned during the period presented for those entities treated as organic, while acquisition-related revenue includes the same for all other entities, excluding any pre-acquisition revenue earned during the period.

Our total backlog as of March 31, 2022, which includes both contracted and uncontracted backlog, was $273.9 million. Uncontracted backlog represents the anticipated contract value, or portion thereof, of goods and services to be delivered under existing contracts which have not been appropriated or otherwise authorized. Our uncontracted backlog as of March 31, 2022 was $136.6 million. Uncontracted backlog includes $74.6 million of contract extensions under negotiation that are priced, fully scoped, verbally awarded, and expected to be executed shortly.

Investor Relations Contact: Michael Shannon
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Bidgely will utilize their first-of-its-kind load management technology to assist in the large scale EV adoption in Connecticut

ORANGE, Conn.--(BUSINESS WIRE)--The United Illuminating Company (UI) – a subsidiary of AVANGRID, Inc. (NYSE: AGR) – is partnering with Bidgely to help implement the first electric vehicle (EV) managed charging program in Connecticut. The program, established by the Connecticut Public Utilities Regulatory Authority (PURA), leverages both behavioral and managed charging strategies designed to shift customers’ EV loads to off-peak periods.

This effort is part of a larger collaboration between UI, the PURA and other stakeholders to develop statewide electric vehicle (EV) charging infrastructure, which will support the state’s goal of having 125,000 to 150,000 electric vehicles on roads by 2025. The Connecticut Electric Vehicle Managed Charging Program launched on January 1, 2022, with managed charging set to begin this June.

“I am excited that Bidgely is bringing their cutting-edge technology to the EV charging program in Connecticut,” added Frank Reynolds, President & CEO of UI. “Together, we can continue to put this state on the map as a leader in a clean energy future for the region.”

By applying Bidgely’s UtilityAI™ Platform to UI’s existing Advanced Metering Infrastructure (AMI) data, UI will be able to detect EV ownership throughout its service territory and drive participation in UI’s managed charging programs.

“As more of our customers become EV owners, we need to develop strategies that manage the impacts of wide-scale charging on the grid while giving customers choice and control. This program incentivizes customers to charge during off-peak hours through behaviorally focused messages that encourage load shifting and direct managed charging via cutting-edge telematic technology,” said Rick Rosa, AVANGRID’s EV manager. “Bidgely provides a scalable, cost-effective solution that works for all customers while minimizing impacts to the grid from the inevitable wide-scale adoption of EVs.”

UI and Bidgely were able to effectively design a customized solution for a two-tiered approach that includes behavioral and managed charging. Bidgely’s patented technology allows UI to identify current EV owners based on usage and target them with information about how they can manage their usage and minimize costs. Customers who opt-in will receive email notifications for on-peak charging, monthly summary reports, and access to web-based activity. Equipped with this information, customers can make charging decisions best suited to their needs. For customers who opt-in to managed charging, UI will remotely manage vehicle charging for optimal grid flexibility, which will help minimize customer costs and ensure energy supply is balanced during peak periods. Both charging groups are structured with monetary incentives for enrollment and off-peak charging.

“We applaud UI, Connecticut and their industry partners for their leadership in developing a landmark EV charging program,” said Gautam Aggarwal, chief revenue officer for Bidgely. “We are proud to be part of a collaboration that strongly demonstrates how utilities, regulators and technology providers can together drive customer value while preparing for distribution system management approaches that can support significant EV growth.”

This new partnership with Bidgely is one of the many ways UI and AVANGRID are accelerating the adoption of EVs. AVANGRID’s EV Roadmap identifies the company’s path to becoming an industry leader in developing and integrating EV infrastructure and technology to support growth of the EV market while reducing emissions associated with transportation for the communities they serve. The AVANGRID family of companies are also members of the Electric Highway Coalition, a partnership of utilities working together to build a network of rapid EV charging stations across the country.

Visit The Connecticut Electric Vehicle Managed Charging Program from United Illuminating (UI) for detailed information or enrollment. To learn how Bidgely helps utilities implement load shifting and grid management solutions, download Bidgely’s Electric Vehicle Playbook.

About UI: The United Illuminating Company (UI) is a subsidiary of AVANGRID, Inc. Established in 1899, UI operates approximately 3,600 miles of electric distribution lines and 138 miles of transmission lines. It serves approximately 341,000 customers in the greater New Haven and Bridgeport areas of Connecticut. UI received the Edison Electric Institute’s Emergency Response Award in 2019 and 2021. For more information, visit www.uinet.com.

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

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 US states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the UN’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.

Media Contacts:
Gage Frank
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Christine Bennett
Bidgely
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Guidance Unchanged as Market Dynamics Point to Improving Award Environment

ATLANTA--(BUSINESS WIRE)--Williams Industrial Services Group Inc. (NYSE American: WLMS) (“Williams” or the “Company”), an energy and industrial infrastructure services company, today reported its financial results for the fiscal first quarter ended March 31, 2022.

Recent Highlights

• Williams posted revenue of $69.6 million in the first quarter of 2022 compared with $60.9 million in the prior-year period
• The Company reported a net loss from continuing operations of $2.0 million, or $(0.08) per diluted share, in the first quarter of 2022 compared with a net loss from continuing operations of $1.6 million, or $(0.06) per diluted share, in the first quarter of 2021
• Adjusted EBITDA¹ was $0.1 million for the first quarter of 2022 compared with $0.6 million in the prior-year period
• As of March 31, 2022, the Company’s backlog was $257.0 million, compared to $270.7 million as of December 31, 2021 (excluding approximately $361 million of decommissioning work subsequently transferred to a competitor, as previously announced); approximately $139 million of the March 31, 2022 backlog is expected to be converted to revenue over the following twelve months
• The Company announced its financial guidance for fiscal 2022 remains unchanged

“As anticipated, the first quarter of 2022 was negatively impacted by downward pressure on margins related to residual operating challenges in our Florida water business as well as start-up costs associated with expanding service to the energy delivery end market,” said Tracy Pagliara, President and CEO of Williams. “However, we saw a decline in general and administrative expenses both year-over-year and sequentially, even as we recognized $0.7 million of one-time expenses for litigation against a former employee and competitor during the first quarter of 2022. We are squarely focused on reducing expenses and improving bottom line results going forward.

“We added $38 million in new orders during the quarter and believe this is just the beginning of robust opportunities ahead. The prospects for nuclear power are being enhanced by the clean energy mandate, national security concerns and federal and state-level subsidies, including $6 billion of Infrastructure Investment and Jobs Act ('IIJA') funding designed to extend the life of existing nuclear facilities. Moreover, the capital budgets of our utility and municipality customers are substantial, and the IIJA will also add more than $45 billion of supplemental investments to enhance water and power grid infrastructure in the coming years. Overall, we are experiencing increased demand for our services, with strengthening market dynamics expected to benefit Williams for the foreseeable future. Accordingly, we are reiterating our 2022 financial guidance.”

First Quarter 2022 Financial Results Compared to First Quarter 2021

Revenue in the first quarter, typically the lightest period of the fiscal year due to seasonal work factors, was $69.6 million compared with $60.9 million in the first quarter of 2021, largely reflecting an increase in nuclear and water work. Gross profit was $5.7 million, or 8.2% of revenue, compared with $6.1 million, or 10.0% of revenue, in the prior-year period, with the lower margin primarily due to changes in project mix, including the ongoing impact of certain contracts in Florida, as previously announced, which will reach completion in the fourth quarter of 2022, and start-up costs tied to the Company’s further expansion into the energy delivery market. Excluding the aforementioned business start-up expenses and negative impact from the Company’s Florida water projects, adjusted gross margin would have been 10.5% of revenue.

Operating expenses were $6.5 million compared with $6.6 million in the first quarter of 2021, reflecting lower general and administrative expenses, inclusive of $0.7 million in professional fees relating to an ongoing legal matter. The Company reported an operating loss of $0.8 million versus $0.5 million in the prior-year period. Interest expense was $1.2 million in the first quarter of 2022 versus $1.3 million in 2021.

The Company reported a net loss from continuing operations of $2.0 million, or $(0.08) per diluted share, in the first quarter of 2022 compared with a net loss from continuing operations of $1.6 million, or $(0.06) per diluted share, in the prior-year period.

Balance Sheet

The Company’s total liquidity (the sum of unrestricted cash and availability under the Company’s revolving credit facility) was $26.1 million as of March 31, 2022, versus $27.7 million at the beginning of 2022. As of March 31, 2022, the Company had $4.3 million of unrestricted cash and cash equivalents, $0.5 million of restricted cash, and $31.3 million of bank debt compared with $2.5 million of unrestricted cash and cash equivalents, $0.5 million of restricted cash, and $32.1 million of bank debt as of December 31, 2021.

Backlog

Total backlog as of March 31, 2022 was $257.0 million compared with $270.7 million on December 31, 2021, after deducting approximately $361 million of decommissioning work through 2029 which was subsequently transferred to a competitor, as previously announced. During the first quarter of 2022, the Company recognized revenue of $69.6 million, booked new awards of $38.3 million, and (inclusive of the aforementioned contracts) saw net adjustments and cancellations of $343.5 million.

Williams estimates that approximately $139 million of its quarter-end backlog will be converted to revenue within the next twelve months, compared with an adjusted $157.2 million of backlog (after the loss of the aforementioned decommissioning contracts) as of December 31, 2021 that the Company anticipated would be converted to revenue over the succeeding twelve-month period.

Outlook

The Company confirmed that guidance previously provided January 28, 2022 for the current fiscal year remains unchanged.

*See Note 1 — Non-GAAP Financial Measures for information regarding the use of Adjusted EBITDA and forward-looking non-GAAP financial measures.

Webcast and Teleconference

The Company will host a conference call tomorrow, May 13, 2022, at 10:00 a.m. Eastern time. A webcast of the call and an accompanying slide presentation will be available at www.wisgrp.com. To access the conference call by telephone, listeners should dial 201-493-6780.

An audio replay of the call will be available later that day by dialing 412-317-6671 and entering conference ID number 13728732; alternatively, a webcast replay can be found at http://ir.wisgrp.com/, where a transcript will be posted once available.

About Williams

Williams Industrial Services Group has been safely helping plant owners and operators enhance asset value for more than 50 years. The Company is a leading provider of infrastructure related services to blue-chip customers in energy and industrial end markets, including a broad range of construction maintenance, modification, and support services. Williams’ mission is to be the preferred provider of construction, maintenance, and specialty services through commitment to superior safety performance, focus on innovation, and dedication to delivering unsurpassed value to its customers.

Additional information about Williams can be found on its website: www.wisgrp.com.

Forward-looking Statement Disclaimer

This press release contains “forward-looking statements” within the meaning of the term set forth in the Private Securities Litigation Reform Act of 1995. The forward-looking statements include statements or expectations regarding the Company’s ability to perform in accordance with guidance, build and diversify its backlog and convert backlog to revenue, realize opportunities, including receiving contract awards on outstanding bids and successfully pursuing future opportunities, benefit from potential growth in the Company’s end markets, including from increased infrastructure spending by the U.S. federal government, and successfully achieve its growth, strategic and business development initiatives, including decreasing the Company’s outstanding indebtedness, future demand for the Company’s services, and expectations regarding future revenues, cash flow, and other related matters. These statements reflect the Company’s current views of future events and financial performance and are subject to a number of risks and uncertainties, including the Company’s level of indebtedness and ability to make payments on, and satisfy the financial and other covenants contained in, its debt facilities, as well as its ability to engage in certain transactions and activities due to limitations and covenants contained in such facilities; its ability to generate sufficient cash resources to continue funding operations, including investments in working capital required to support growth-related commitments that it makes to customers, and the possibility that it may be unable to obtain any additional funding as needed or incur losses from operations in the future; exposure to market risks from changes in interest rates; the Company’s ability to obtain adequate surety bonding and letters of credit; the Company’s ability to maintain effective internal control over financial reporting and disclosure controls and procedures; the Company’s ability to attract and retain qualified personnel, skilled workers, and key officers; failure to successfully implement or realize its business strategies, plans and objectives of management, and liquidity, operating and growth initiatives and opportunities, including any expansion into new markets and its ability to identify potential candidates for, and consummate, acquisition, disposition, or investment transactions; the loss of one or more of its significant customers; its competitive position; market outlook and trends in the Company’s industry, including the possibility of reduced investment in, or increased regulation of, nuclear power plants, declines in public infrastructure construction, and reductions in government funding; costs exceeding estimates the Company uses to set fixed-price contracts; harm to the Company’s reputation or profitability due to, among other things, internal operational issues, poor subcontractor performances or subcontractor insolvency; potential insolvency or financial distress of third parties, including customers and suppliers; the Company’s contract backlog and related amounts to be recognized as revenue; its ability to maintain its safety record, the risks of potential liability and adequacy of insurance; adverse changes in the Company’s relationships with suppliers, vendors, and subcontractors, including increases in cost, disruption of supply or shortage of labor, freight, equipment or supplies, including as a result of the COVID-19 pandemic; compliance with environmental, health, safety and other related laws and regulations, including those related to climate change; limitations or modifications to indemnification regulations of the U.S.; the Company’s expected financial condition, future cash flows, results of operations and future capital and other expenditures; the impact of general economic conditions, including inflation, ongoing economic disruption, including the effects of the Ukraine-Russia conflict, and any recession resulting from the COVID-19 pandemic; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, and cash flows, including global supply chain disruptions and the potential for additional COVID-19 cases to occur at the Company’s active or future job sites, which potentially could impact cost and labor availability; information technology vulnerabilities and cyberattacks on the Company’s networks; the Company’s failure to comply with applicable laws and regulations, including, but not limited to, those relating to privacy and anti-bribery; the Company’s ability to successfully implement its new enterprise resource planning (ERP) system; the Company’s participation in multiemployer pension plans; the impact of any disruptions resulting from the expiration of collective bargaining agreements; the impact of natural disasters, which may worsen or increase due to the effects of climate change, and other severe catastrophic events (such as the ongoing COVID-19 pandemic); the impact of corporate citizenship and environmental, social and governance matters; the impact of changes in tax regulations and laws, including future income tax payments and utilization of net operating loss and foreign tax credit carryforwards; volatility of the market price for the Company’s common stock; the Company’s ability to maintain its stock exchange listing; the effects of anti-takeover provisions in the Company’s organizational documents and Delaware law; the impact of future offerings or sales of the Company’s common stock on the market price of such stock; expected outcomes of legal or regulatory proceedings and their anticipated effects on the Company’s results of operations; and any other statements regarding future growth, future cash needs, future operations, business plans and future financial results.

Other important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including the section of the Annual Report on Form 10-K for its 2021 fiscal year titled “Risk Factors.” Any forward-looking statement speaks only as of the date of this press release. Except as may be required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and you are cautioned not to rely upon them unduly.

Financial Tables Follow

*Numbers may not sum due to rounding

NOTE 1 — Non-GAAP Financial Measures

Adjusted EBITDA-Continuing Operations

Adjusted EBITDA is not calculated through the application of GAAP and is not the required form of disclosure by the U.S. Securities and Exchange Commission. Adjusted EBITDA is the sum of the Company’s income (loss) from continuing operations before interest expense, net, and income tax (benefit) expense and unusual gains or charges. It also excludes non-cash charges such as depreciation and amortization and stock-based compensation. The Company’s management believes adjusted EBITDA is an important measure of operating performance because it allows management, investors and others to evaluate and compare the performance of its core operations from period to period by removing the impact of the capital structure (interest), tangible and intangible asset base (depreciation and amortization), taxes and certain non-cash expenses and unusual gains or charges (such as stock-based compensation, severance costs, other professional fees, and foreign currency (gain) loss) which are not always commensurate with the reporting period in which such items are included. Williams’ credit facilities also contain ratios based on EBITDA. Adjusted EBITDA should not be considered an alternative to net income or income from continuing operations or as a better measure of liquidity than net cash flows from operating activities, as determined by GAAP, and, therefore, should not be used in isolation from, but in conjunction with, the GAAP measures. The use of any non-GAAP measure may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.

Note Regarding Forward-Looking Non-GAAP Financial Measures

The Company does not provide a reconciliation of forward-looking non-GAAP financial measures to their comparable GAAP financial measures because it could not do so without unreasonable effort due to the unavailability of the information needed to calculate reconciling items and due to the variability, complexity and limited visibility of the adjusting items that would be excluded from the non-GAAP financial measures in future periods.

Investor Contact:
Chris Witty
Darrow Associates
646-345-0998
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CHONGQING, China--(BUSINESS WIRE)--On 13 May, the 26th Iran Oil, Gas, Refining and Petrochemicals Show was held at the Tehran International Exhibition and Convention Centre in Iran.

Organized by the Iranian Ministry of Petroleum, the show brought together many of the best international equipment suppliers and professional buyers, attracting over 2,000 companies from 35 countries and over 170,000 visitors. Many internationally renowned companies attended the show, including Shell, BP, Total, and ENI.

Iran Oil Show is not only huge in scale and number of participants but also extremely professional, diverse, and influential in the market. It is the largest and most influential oil, gas, and petrochemical show in Iran and the Middle East. Besides, it is one of the most important oil and gas shows in the world.

At this year's show, the petrochemical intelligent explosion-proof inspection robot made a shining appearance and received strong interest and extensive attention from visitors and demand companies. It is the focus of attention at this show.

The robot, exhibited by Chinese robot company Chongqing Sevnce Technology Co., Ltd, is equipped with Ex d IIB T4 Gb China explosion-proof certification as well as IP65 waterproof and dustproof certification. It is equipped with various intelligent sensing devices, which can accurately identify and collect data for analysis of various meters, liquids, and gases. Not only does it reduce human cost investment, but it also effectively avoids high risks in production.

The head of Sevnce international business explained the robot’s product information technology advantages and practical application cases to the audience in detail. Many customers were very interested in the products, so they asked about the product details, performance, price, delivery date and talked about their specific needs before the booth. They hoped to take this opportunity to have in-depth cooperation.

Through the communication at this year's Iran Oil Show, the explosion-proof intelligent inspection robots of Sevnce Petrochemical are expected to penetrate the production and applications of oil, gas, and chemical enterprises in Iran and even worldwide, realizing digitization, intelligent, and safe industrial development.

Chongqing Sevnce Technology Co., Ltd
Jake Lu
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https://www.sevnce.com/en/
0086+13618393131

NORTH BETHESDA, Md.--(BUSINESS WIRE)--$ESAB #Dividend--ESAB Corporation (“ESAB” or the “Company”) (NYSE: ESAB), a world leader in fabrication and specialty gas control technology, announced today that its Board of Directors has declared a quarterly cash dividend of $0.05 per share of the Company’s common stock. The dividend is payable on July 18, 2022 to shareholders of record as of July 1, 2022.

About ESAB Corporation

ESAB Corporation (NYSE: ESAB) is a world leader in fabrication and specialty gas control technology, providing our partners with advanced equipment, consumables, specialty gas control, robotics, and digital solutions which enable the everyday and extraordinary work that shapes our world. To learn more, visit www.ESABcorporation.com.

Investor Relations:
Mark Barbalato
Vice President, Investor Relations
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Phone: 1-301-323-9098

Media:
Tilea Coleman
Vice President, Corporate Communications
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Phone: 1-301-323-9092

First U.S. Stream and First in Biochar Carbon Removals Technology

TORONTO--(BUSINESS WIRE)--$NETZ #NETZ--Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) is pleased to announce that it has entered into a carbon credit streaming agreement (the “Stream Agreement”) with a subsidiary of Restoration Bioproducts LLC (“Restoration Bioproducts”) to support construction of a biochar production facility in Virginia (the “Project”).

Biochar, short for biological charcoal, is produced by heating organic feedstocks in a limited oxygen atmosphere, resulting in a very stable form of carbon that prevents the release of greenhouse gases into the atmosphere for centuries, making it valuable for sequestration purposes. CO2 Removal Certificates (“CORCs”) are expected to be verified under independent standard Puro.earth, the leading standard for Biochar projects.

Investment Highlights:

• This is the Company’s first carbon stream on a biochar carbon removals project, providing diversification across a new project type.
• This is the Company’s first carbon stream located in the United States, furthering geographic diversification.
• Carbon Streaming will receive and sell 100% of the CORCs generated by the Project, with ongoing payments to Restoration Bioproducts for each CORC sold under the Stream Agreement.
• The Project is expected to remove over 161,000 tonnes of CO2 equivalent emissions (“tCO2e”) over the 25-year project life and generate an equivalent number of CORCs.
• CORCs from other Puro.earth projects are currently selling above US$125/CORC as of April 2022.
• With the signing of the Stream Agreement, Carbon Streaming is making an initial upfront cash investment of US$0.6 million, with additional milestone payments of US$0.75 million to be paid over the term of the Stream Agreement.

Impact Highlights:

• The Project is expected to reduce biomass waste and prevent the associated release of carbon dioxide and methane emissions into the atmosphere equivalent to an estimated 6,500 tCO2e per year.
• It is anticipated that the majority of biochar generated by the Project will be used in agricultural applications to deliver soil enhancement through increased water and nutrient retention and ammonia reduction.
• The production process generates clean energy that reduces reliance on traditional lower efficiency sources and offers cost savings that contribute to increased community employment.
• The Project is expected to be a significant employer in the local community.

“It’s with great excitement that we announce our first carbon stream in a carbon removals project in America,” said Justin Cochrane, Carbon Streaming Founder and CEO. “Biochar projects can sequester and store carbon for centuries and will play a vital role in the efforts to offset global emissions. We are delighted to be partnering with Restoration Bioproducts to scale this carbon removals innovation and provide significant community and environmental benefits.”

Jeff Waldon, Restoration Bioproducts Managing Partner, commented, “We are very pleased and excited to enter this new relationship with Carbon Streaming. We believe biochar and renewable energy are important strategies for addressing climate change, and carbon finance through Carbon Streaming will help enable company expansion into Virginia. Our model fits well with rural community development both in the US and internationally, and the international reach that Carbon Streaming provides will enable us to grow well beyond Virginia in the future.”

Closing of the Stream Agreement is subject to customary conditions with closing anticipated to occur within a week.

About Carbon Streaming

Carbon Streaming is a unique ESG principled company offering investors exposure to carbon credits, a key instrument used by both governments and corporations to achieve their carbon neutral and net-zero climate goals. Our business model is focused on acquiring, managing and growing a high-quality and diversified portfolio of investments in projects and/or companies that generate or are actively involved, directly or indirectly, with voluntary and/or compliance carbon credits.

The Company invests capital through carbon credit streaming arrangements with project developers and owners to accelerate the creation of carbon offset projects by bringing capital to projects that might not otherwise be developed. Many of these projects will have significant social and economic co-benefits in addition to their carbon reduction or removal potential.

To receive corporate updates via e-mail as soon as they are published, please subscribe here.

About Restoration Bioproducts

Restoration Bioproducts LLC is a sustainability company that develops pyrolysis-based projects to refine biomass into higher value products. Those products include biochar, bio-oil, wood vinegar, heat and/or power. Carbon finance is a part of the equation. Each project is a stand-alone entity with its own unique feedstock and product mix. The scale of the projects fits well within small rural communities where jobs and economic development are needed. The products help address climate change, reduce the use of toxic substances in the environment, increase farm profitability, and improve water quality.

Restoration Bioproducts LLC is a partnership between FDC Enterprises, a biomass production and logistics firm based in Ohio, USA, and Langseth Engineering PLLC, an engineering firm focused on biomass energy applications. More information about Restoration Bioproducts can be found here.

Advisories

The references to third party websites and sources contained in this news release (including information with regards to Restoration Bioproducts) are provided for informational purposes and are not to be considered statements of the Company.

Cautionary Statement Regarding Forward-Looking Information

This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including, without limitation, statements and figures related to future CORC generation and tCO2e emissions reductions from the Project; the ability for the Project to be independently verified by the Puro.earth standard; timing to meet additional payment milestones; quality of the CORCs generated by the Project; expected benefits of reducing biomass waste; use of biochar generated by the Project; timing of closing; and the generation of local community benefits and employment.

When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking statements. This forward-looking information is based on the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. They should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. Factors that could cause actual results or events to differ materially from current expectations include, among other things: dependence on key management; limited operating history for the Company’s current strategy; concentration risk; inaccurate estimates of growth strategy, including the ability of the Company to source appropriate opportunities/investments; volatility in prices of carbon credits and demand for carbon credits; general economic, market and business conditions; failure or timing delays for projects to be validated and ultimately developed or greenhouse gases emissions reductions and removals to be verified and carbon credits issued; uncertainties and ongoing market developments surrounding the regulatory framework applied to the verification, and cancellation of carbon credits and the Company’s ability to be, and remain, in compliance; actions by governmental authorities, including changes in or to government regulation, taxation and carbon pricing initiatives; uncertainties surrounding the ongoing impact of the COVID-19 pandemic; foreign operations and political risks; risks arising from competition and future acquisition activities; due diligence risks, including failure of third parties’ reviews, reports and projections to be accurate; global financial conditions, including fluctuations in interest rates, foreign exchange rates and stock market volatility; dependence on project developers, operators and owners, including failure by such counterparties to make payments or perform their operational or other obligations to the Company in compliance with the terms of contractual arrangements between the Company and such counterparties; failure of projects to generate carbon credits, or natural disasters such as flood or fire which could have a material adverse effect on the ability of any project to generate carbon credits; change in social or political views towards climate change and subsequent changes in corporate or government policies or regulations; operating and capital costs; potential conflicts of interest; unforeseen title defects; the Company’s ability to complete proposed acquisitions and the impact of such acquisitions on the Company’s business; anticipated future sources of funds to meet working capital requirements; future capital expenditures and contractual commitments; expectations regarding the Company’s growth and results of operations; the Company’s dividend policy; volatility in the market price of the Company’s common shares or warrants; the effect that the issuance of additional securities by the Company could have on the market price of the Company’s common shares or warrants; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s Annual Information Form dated as of September 27, 2021 filed on SEDAR at www.sedar.com. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should exercise caution in relying upon forward-looking statements and the Company undertakes no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by law.

ON BEHALF OF THE COMPANY:
Justin Cochrane, Chief Executive Officer
Tel: 647.846.7765
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www.carbonstreaming.com

And Participation in the Energy Infrastructure Council and J.P. Morgan Conferences

HOUSTON--(BUSINESS WIRE)--Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced that after the market close on Friday, May 13, 2022, it will make available on its website at www.westernmidstream.com a post-earnings interview with Kristen Shults, Senior Vice President and Chief Financial Officer and Craig Collins, Senior Vice President and Chief Operating Officer, to provide additional insights related to first-quarter results.

On May 16 and 17, 2022, Michael Ure, President and Chief Executive Officer, and Daniel Jenkins, Director of Investor Relations, will participate in one-on-one and group sessions at the 2022 Energy Infrastructure Council Investor Conference.

On June 22, 2022, Ms. Shults and Mr. Jenkins will participate in one-on-one and group sessions at the 2022 J.P. Morgan Energy, Power, and Renewables Conference.

ABOUT WESTERN MIDSTREAM

Western Midstream Partners, LP (“WES”) is a Delaware master limited partnership formed to acquire, own, develop, and operate midstream assets. With midstream assets located in the Rocky Mountains, North-central Pennsylvania, Texas, and New Mexico, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, NGLs, and crude oil; and gathering and disposing of produced water for its customers. In addition, in its capacity as a processor of natural gas, WES also buys and sells natural gas, NGLs, and condensate on behalf of itself and as an agent for its customers under certain of its contracts.

For more information about Western Midstream Partners, LP and Western Midstream Flash Feed updates, please visit www.westernmidstream.com.

Daniel Jenkins
Director, Investor Relations
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832.636.1009

Shelby Keltner
Manager, Investor Relations
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832.636.1009

Supply is intended to support Ameresco’s plans to buildout customer projects requiring BESS

PORTLAND, Ore. & FRAMINGHAM, Mass.--(BUSINESS WIRE)--#batteryenergystorage--Ameresco Inc. (NYSE:AMRC), a leading cleantech integrator, and Powin LLC (Powin), a global leader in the design and manufacture of safe and scalable battery energy storage solutions, today announced that they have signed a long term non-exclusive purchasing framework agreement for Powin to supply Ameresco with 2,500 MWh of its modular BESS Stack750 product as part of its Centipede hardware platform.

The long-term purchase agreement is intended to supply a portion of Ameresco’s BESS needs through mid-2025 and be utilized in Ameresco’s project and asset installations for a wide array of customers ranging from small municipal utilities to large Federal projects. Ameresco chose Powin’s system because the modular design of the Stack750 product is well suited for a variety of Ameresco’s customer needs and requires decreased lead time to deploy, reduced space on-site, and a lower overall capital cost.

“Building on our experience with BESS projects across the globe, we are excited to agree to this supply to help meet our growing demand for battery energy storage technologies as a part of our comprehensive customer solution set,” said Doran Hole, EVP and Chief Financial Officer, Ameresco. “As costs have declined and the technology matured, battery storage has rapidly become a go to clean energy technology. Whether as a standalone system or as part of an integrated solar or microgrid solution, BESS have become an integral technology for customers looking to increase energy resiliency and reliability. This agreement is designed to bolster our BESS availability with a high quality, flexible product and offer advantageous equipment delivery timelines to support our growing base of customers throughout our various vertical markets.”

Earlier this year, Powin announced that it will produce its Centipede platform in North America, further supporting Powin’s ability to navigate supply chain challenges and ensure its customers have the products needed to execute projects. Powin is uniquely positioned to nearshore Stack750 manufacturing due to the company's vertically integrated business model, diversified supply chain and control over the product design. By owning the product design and manufacturing from the Energy Management System (StackOS) down to the Powin battery module, Powin has become an industry leader in BESS safety, product quality, deployment agility and project reliability, passing extraordinary value on to Powin customers like Ameresco.

Geoff Brown, CEO of Powin, stated, “Ameresco has built a reputation as a trusted partner of the U.S. government, major corporations, and utilities in deploying renewable energy projects and battery energy storage systems. We are pleased that the Ameresco has selected Powin as one of their partners as they expand their energy storage business. With our new North American production facility, we plan to provide Ameresco with both the advanced, modular and energy-dense hardware required for their use cases as well as the experience needed to navigate supply chain constraints.”

Over the past decade, Powin has worked to advance its patented battery management technology and develop market-leading product offerings. Headquartered in Oregon, Powin has built over 2,000 MWh of systems in 12 states and 8 countries. Powin has a contracted pipeline to supply over 5,800 MWh of energy storage systems globally over the next three years. To learn more about the use case examples and BESS solutions developed by Ameresco, visit: https://www.ameresco.com/batteries-and-energy-storage/.

About Powin, LLC (Powin):

Powin is a global leader in the design and manufacture of safe and scalable battery energy storage solutions. Our innovative and cost-effective hardware and software are revolutionizing the way energy is generated, transmitted, and distributed, helping the world achieve decarbonization objectives. To learn more, please visit www.powin.com.

About Ameresco Inc.:

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

Media:
Ally Copple: This email address is being protected from spambots. You need JavaScript enabled to view it., 713.201.8800
Leila Dillon: This email address is being protected from spambots. You need JavaScript enabled to view it., 508-661-2264

Ameresco Investor Relations:
Eric Prouty, AdvisIRy Partners, 212.750.5800, This email address is being protected from spambots. You need JavaScript enabled to view it.
Lynn Morgen, AdvisIRy Partners, 212.750.5800, This email address is being protected from spambots. You need JavaScript enabled to view it.

First Quarter of 2022 Highlights

• Closed business combination with Ivanhoe Capital Acquisition Corporation in early February. Quarter ending cash position of $426 million expected to provide sufficient liquidity to reach commercialization
• Announced an “A-sample” joint development agreement (JDA) with Honda to develop Li-Metal batteries as part of Honda’s next generation battery strategy. This is our third JDA and follows agreements with General Motors and Hyundai
• Formed SES Korea with plans to build a pre-production facility in South Korea to support our planned growth
• Completed Phase 1 of our Pilot Facility in Shanghai, providing 0.2GWh of capacity to produce the Li-Metal cells ranging in size from 50Ah to more than 100Ah

BOSTON--(BUSINESS WIRE)--SES AI Corporation (NYSE: SES), a global leader in the development and manufacturing of high-performance lithium-metal (Li-Metal) rechargeable batteries for electric vehicles (EVs) and other applications announced today its financial results for the first quarter ended March 31, 2022.

“It’s been a very busy and exciting time for our company,” said Dr. Qichao Hu, Chairman and Chief Executive Officer of SES. “In early February we completed the merger with Ivanhoe Capital Acquisition Corporation and started trading on the New York Stock Exchange. This was the culmination of a 10‑year journey, and I believe the best is yet to come. I cannot say thank you enough to the employees at our Boston headquarters, Shanghai Giga manufacturing facility, and at SES Korea. I’d also like to thank our OEM partners that have been working along-side us for many years and have supported our practical approach to developing Li-Metal batteries.”

Financial Highlights:

SES reported an operating loss for the quarter of $19.2 million, primarily driven by general and administrative expenses of $15.1 million and research and development expenses of $4.1 million. Net loss attributable to common stockholders was $27.0 million or a loss of $0.12 per share.

SES ended the quarter with cash and cash equivalents of $426 million, which it expects to use to support the continued development of Li-Metal battery technology.

Outlook:

SES is targeting the following milestones over the next 12‑months:

• Deliver and optimize A-samples for our 3 JDA partners
• Begin to transition from A-samples to B-samples
• Continue to establish supply chains for key materials

To execute on this plan, SES estimates that in 2022, capital expenditures will range from $25 million to $35 million, and cash used in operations will be between $70 million and $80 million. As a result, our use of cash for the year is expected to range between $95 million and $115 million.

Webcast and Conference Call

SES will host a conference call at 5:00 p.m. EDT today, May 12, 2022. Participating on the call will be Qichao Hu, Chief Executive Officer, and Jing Nealis, Chief Financial Officer.

Interested investors and other parties can listen to a webcast of the live conference call through SES’s Investor Relations website by clicking here: SES AI Corporation 1Q22 Earnings (on24.com)

The conference call can be accessed live over the phone by dialing +1‑844‑200‑6205 (domestic) or +1‑929‑526‑1599 (international).

A recording of the conference call will be available shortly after the completion of the call at investors.ses.ai

About SES

SES is a global leader in development and production of high-performance Li-Metal rechargeable batteries for electric vehicles (EVs) and other applications. Founded in 2012, SES is an integrated Li-Metal battery manufacturer with strong capabilities in material, cell, module, AI-powered safety algorithms and recycling. Formerly known as Solid Energy Systems, SES is headquartered in Boston and has operations in Singapore, Shanghai, and Seoul. To learn more about SES, please visit: ses.ai/investors/

SES may use its website as a distribution channel of material company information. Financial and other important information regarding SES is routinely posted on and accessible through the Company’s website at www.ses.ai. Accordingly, investors should monitor this channel, in addition to following SES’s press releases, Securities and Exchange Commission filings and public conference calls and webcasts.

Forward-looking statements

All statements other than statements of historical facts contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements relating to expectations for future financial performance, business strategies or expectations for our business. These statements are based on the beliefs and assumptions of the management of SES. Although SES believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot assure you that it will achieve or realize these plans, intentions or expectations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “anticipate”, “believe”, “can”, “continue”, “could”, “estimate”, “expect”, “forecast”, “intend”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “seek”, “should”, “strive”, “target”, “will”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

You should not place undue reliance on these forward-looking statements. Should one or more of a number of known and unknown risks and uncertainties materialize, or should any of our assumptions prove incorrect, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include, but are not limited to the following risks: changes in domestic and foreign business, market, financial, political and legal conditions, including but not limited to the ongoing conflict between Russia and Ukraine; risks relating to the uncertainty of the projected financial information with respect to SES; risks related to the development and commercialization of SES’s battery technology and the timing and achievement of expected business milestones; the effects of competition on SES’s business; the ability of SES to issue equity or equity-linked securities or obtain debt financing in the future; the ability of SES to integrate its products into electric vehicles (“EVs”); the risk that delays in the pre-manufacturing development of SES’s battery cells could adversely affect SES’s business and prospects; potential supply chain difficulties; risks resulting from SES’s joint development agreements and other strategic alliances, if such alliances are unsuccessful; the quickly evolving battery market; SES’s ability to accurately estimate future supply and demand for its batteries; SES’s ability to develop new products on an ongoing basis in a timely manner; product liability and other potential litigation, regulation and legal compliance; SES’s ability to effectively manage its growth; SES’s ability to attract, train and retain highly skilled employees and key personnel; the willingness of vehicle operators and consumers to adopt EVs; developments in alternative technology or other fossil fuel alternatives; SES’s ability to meet certain motor vehicle standards; a potential shortage of metals required for manufacturing batteries; risks related to SES’s intellectual property; the uncertainty in global economic conditions and risks relating to health epidemics, including the COVID‑19 pandemic and any operational interruptions; risks related to SES’s business operations outside the United States, including in China; SES has identified material weaknesses in its internal control over financial reporting and may identify material weaknesses in the future or otherwise fail to maintain an effective system of internal controls; compliance with certain health and safety laws; changes in U.S. and foreign tax laws; and the other risks described in “Part I, Item 1A. Risk Factors” in our annual report on Form 10‑K for the fiscal year ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”) on March 31, 2022 and other documents filed from time to time with the SEC. There may be additional risks that SES presently knows and/or believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect SES’s expectations, plans or forecasts of future events and views only as of the date of this press release. SES anticipates that subsequent events and developments will cause its assessments to change. However, while SES may elect to update these forward-looking statements at some point in the future, SES specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing SES’s assessments as of any date subsequent to the date of this press release.

^{(1) The business combination between SES AI Corporation’s (“SES”) predecessor, SES Holdings Pte. Ltd. (“Old SES”), and Ivanhoe Capital Acquisition Corp. (“Ivanhoe”), which closed on February 3, 2022 (the “Closing”), is accounted for as a reverse recapitalization under U.S. GAAP. Under this method of accounting, Ivanhoe has been treated as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the financial statements of SES represent a continuation of the financial statements of Old SES with the business combination being treated as the equivalent of Old SES issuing shares for the net assets of Ivanhoe, accompanied by a recapitalization. The net assets of Ivanhoe are stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Closing are those of Old SES. As a result, the unaudited condensed consolidated financial statements reflect (i) the historical operating results of Old SES prior to the Closing; (ii) the combined results of SES and Old SES following the Closing; (iii) the assets and liabilities of Old SES at their historical cost; and (iv) share and per share amounts prior to the Closing have been retroactively converted using the exchange ratio for the business combination. See our Form 10-Q for the three months ended March 31, 2022 for additional information.}

Investors:
Eric Goldstein
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Media:
Irene Lam
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MUNICH & HOUSTON--(BUSINESS WIRE)--The market for battery electric vehicles (BEVs) and stationary battery storage systems is growing rapidly. An integrated approach is vital to ensure the underlying technologies meet the ever-growing sustainability demands. TÜV SÜD, a leading global provider of Testing, Inspection and Certification (TIC) services, has developed a sustainability assessment program for battery production, which is currently being implemented for the first time in a pilot project with Microvast Holdings, Inc. (NASDAQ:MVST), a leading supplier of battery technology for next-generation commercial and special-purpose vehicles.

When developing its sustainability assessment program, TÜV SÜD was guided by the holistic sustainable development goals (SDGs) of the United Nations and took these goals as a basis to define specific criteria and indicators that allowed its technical inspection experts to assess and quantify sustainability.

TÜV SÜD even considered the requirements of the future EU Battery Directive. The TÜV SÜD sustainability assessment program is designed to support manufacturers in developing more sustainable battery production operations which will ultimately encompass not only ecological, but also social and economic aspects.

In a pilot project for the first stage of the sustainability assessment, TÜV SÜD reviewed the current status of corporate sustainability at several of Microvast’s facilities. The pilot project marked the debut of a newly developed SDG assessment tool which enables impartial, holistic, and transparent recording and assessment of the underlying data to be performed. The results of the first stage of the sustainability assessment were summarized in a status report, which Microvast will use as a baseline for advancing its sustainability initiatives.

“Sustainability, sustainable production, and sustainable supply chains are turning into a critical characteristic that delivers competitive edge for companies across all industries,” says Ferdinand Neuwieser, CEO of TÜV SÜD Industrie Service GmbH. “We are honored to carry out this sustainability assessment pilot project. Microvast is highly dedicated to its goal of improving the sustainability of its battery production and this project is an important step toward achieving those goals.”

“Our strategic goal is to establish fully sustainable battery production operations and supply chains on the basis of the United Nations’ sustainable development goals (SDGs),” says Sascha Kelterborn, President & Chief Revenue Officer of Microvast Holdings, Inc. “We are aware of the challenges that await us. The sustainability assessment and the status reports from TÜV SÜD will support us in overcoming these challenges and document our progress on the road to securing a leadership position in the sustainable battery production sector.”

The project will now enter the second stage, which is expected to involve recommendations to further improve the sustainability of Microvast’s production processes.

Note for editorial staff: The press release and high-resolution photo are available on the Internet at www.tuvsud.com/newsroom.

Founded in 1866 as a steam boiler inspection association, the TÜV SÜD Group has evolved into a global enterprise. More than 25,000 employees work at over 1.000 locations in about 50 countries to continually improve technology, systems and expertise. They contribute significantly to making technical innovations such as Industry 4.0, autonomous driving and renewable energy safe and reliable. www.tuvsud.com

Microvast is a technology innovator that designs, develops and manufactures lithium-ion battery solutions. Microvast is renowned for its cutting-edge cell technology and its vertical integration capabilities which extend from core battery chemistry (cathode, anode, electrolyte, and separator) to modules and packs. By integrating the process from raw material to system assembly, Microvast has developed a family of products covering a breadth of market applications, including electric vehicles, energy storage and battery components. Microvast’s strategic ambition is to become a fully sustainable battery company. Microvast was founded in 2006 and is headquartered near Houston, Texas. For more information, please visit www.microvast.com

Dr Thomas Oberst
TÜV SÜD AG
Corporate Communications
Westendstr. 199, 80686 Munich
Tel. +49 (0) 89 / 57 91 – 23 72
Fax +49 (0) 89 / 57 91 – 22 69
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Internet www.tuvsud.com/de

Sarah Alexander
Microvast
Investor Relations
Tel. +1 (346) 309-2562
Email This email address is being protected from spambots. You need JavaScript enabled to view it.
Internet www.microvast.com

KILGORE, Texas--(BUSINESS WIRE)--Martin Midstream Partners L.P. (NASDAQ: MMLP) (“MMLP” or the “Partnership”) announced today that members of executive management will participate in the 2022 Energy Infrastructure Council Investor Conference taking place May 16-18, 2022 in West Palm Beach, Florida. A copy of the Partnership’s presentation will be available by visiting the Partnership’s website at www.MMLP.com.

About Martin Midstream Partners

Martin Midstream Partners L.P. is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region. The Partnership's primary business lines include: (1) terminalling, processing, storage, and packaging services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) natural gas liquids marketing, distribution, and transportation services.

Additional information concerning Martin Midstream is available on its website at www.MMLP.com.

MMLP-E

Sharon Taylor – Chief Financial Officer
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(877) 256-6644

Announces First CO₂ Project

KANSAS CITY, Mo.--(BUSINESS WIRE)--CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) ("CorEnergy" or the "Company") today announced financial results for the first quarter, ended March 31, 2022.

First Quarter 2022 and Recent Highlights

• Reported consolidated revenue of $32.9 million for the three months ended March 31, 2022.

• Generated Net Income of $4.4 million and Adjusted EBITDA of $12.0 million.

• Published CorEnergy's inaugural ESG report, accessible at corenergy.reit, indicating a lower emission profile than average oil and gas pipelines on a CO2e per MMBTU-mile basis.

• Signed our first non-binding memorandum of understanding to provide the transportation solution for a carbon sequestration project in California.

• Declared a first quarter 2022 Common Stock dividend of $0.05 per share and a 7.375% Series A Cumulative Redeemable Preferred Stock dividend of $0.4609375 per depositary share. Both dividends will be paid on May 31, 2022, to stockholders of record on May 17, 2022.

Management Commentary

“Our first quarter results demonstrate the benefit of our reorganized operations and reduced costs, leading to better dividend coverage. Looking to the rest of the year, we see a number of opportunities to positively impact transportation volumes, including the return of volumes on the Amplify pipeline and potential resolution of the permitting case in California,” said Dave Schulte, Chief Executive Officer.

“On the strategic front, we have spoken about our potential for engaging with project developers and have begun working on specific mandates to enable the transportation of CO2. We are pleased to announce that we signed our first non-binding memorandum of understanding to provide the transportation solution for a carbon sequestration project in California. We believe that carbon sequestration projects could enable us to maximize utilization of our pipeline assets and rights of ways.”

First Quarter Performance Summary

First quarter 2022 reflects full impact of the activity from Crimson. First quarter financial highlights are as follows:

Business Development Activities

CorEnergy has identified multiple opportunities for negotiated transactions that could expand the Company's market reach or REIT qualifying revenue sources, including both traditional infrastructure and potential-alternative uses for its rights of way. The Company closely evaluates potential opportunities to ensure alignment with REIT qualifying business activities, and will continue to prudently advance these opportunities.

Outlook

CorEnergy updated its outlook for 2022 to the following, reflecting changes in the timing expectations around the return of Amplify offshore volumes to CorEnergy's systems and a softer volume outlook primarily due to the delayed court proceedings around drilling permits:

• Expected adjusted EBITDA of $42.0-$44.0 million,

• Maintenance capital expenditures expected to be in the range of $8.0 million to $9.0 million in 2022; quarterly maintenance costs are not expected to be uniform throughout the year due to project timing,

• Maintain $0.20/share annual run rate common dividend subject to Board approval on a quarterly basis.

Dividend and Distribution Declarations

The Company currently expects to characterize at least some portion of its 2022 Common Stock and Preferred Stock dividends as Return of Capital for tax purposes.

Common Stock: A first quarter 2022 dividend of $0.05 per share was declared for CorEnergy's common stock. The dividend will be paid on May 31, 2022, to stockholders of record on May 17, 2022.

Preferred Stock: For the Company's 7.375% Series A Cumulative Redeemable Preferred Stock, a cash dividend of $0.4609375 per depositary share was declared. The preferred stock dividend, which equates to an annual dividend payment of $1.84375 per depositary share, will be paid on May 31, 2022, to stockholders of record on May 17, 2022.

Class A-1 Units: Pursuant to the terms of the Crimson transaction, the holders of Crimson Class A-1 Units received a cash distribution of $0.4609375 per unit based on the Company’s declared Series A Preferred dividend.

Class A-2 and Class A-3 Units: Pursuant to the terms of the Crimson transaction, the holders of Crimson Class A-2 and Class A-3 Units did not receive a cash distribution this quarter, since no dividend was declared on the underlying Class B Common Stock.

First Quarter Results Call

CorEnergy will host a conference call on Thursday, May 12, 2022 at 10:00 a.m. Central Time to discuss its financial results. To join the call, dial +1-973-528-0002 at least five minutes prior to the scheduled start time. The call will also be webcast in a listen-only format. A link to the webcast will be accessible at corenergy.reit.

A replay of the call will be available until 10:00 a.m. Central Time on June 12, 2022, by dialing +1-919-882-2331. The Conference ID is 45298. A webcast replay of the conference call will also be available on the Company’s website, corenergy.reit.

About CorEnergy Infrastructure Trust, Inc.

CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) is a real estate investment trust that owns and operates or leases regulated natural gas transmission and distribution lines and crude oil gathering, storage and transmission pipelines and associated rights-of-way. For more information, please visit corenergy.reit.

Forward-Looking Statements

This press release contains certain statements that may include "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. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although CorEnergy believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including, among others, failure to realize the anticipated benefits of the Crimson transaction; the risk that CPUC approval is not obtained, is delayed or is subject to unanticipated conditions that could adversely affect CorEnergy or the expected benefits of the Crimson transaction; risks related to the uncertainty of the projected financial information with respect to Crimson, and those factors discussed in CorEnergy’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, CorEnergy does not assume a duty to update any forward-looking statement. In particular, any distribution paid in the future to our stockholders will depend on the actual performance of CorEnergy, its costs of leverage and other operating expenses and will be subject to the approval of CorEnergy’s Board of Directors and compliance with leverage covenants.

Notes

¹ Management uses CAD as a measure of long-term sustainable performance. Adjusted Net Income and CAD are non-GAAP measures. Adjusted Net Income represents net income (loss) adjusted for gain on sale of equipment and transaction-related costs. CAD represents Adjusted Net Income adjusted for depreciation, amortization and ARO accretion (cash flows) and deferred tax expense (benefit) less transaction costs; maintenance capital expenditures; preferred dividend requirements and mandatory debt amortization. Reconciliations of Adjusted Net Income and CAD to Net Income (Loss) and Net Cash Provided By Operating Activities are included in the additional financial information attached to this press release.

² Management uses Adjusted EBITDA as a measure of operating performance. Adjusted EBITDA represents net income (loss) adjusted for items such as loss on impairment of leased property; loss on impairment and disposal of leased property; loss on termination of lease; loss (gain) on extinguishment of debt; and transaction-related costs. Adjusted EBITDA is further adjusted for depreciation, amortization and ARO accretion expense; income tax expense (benefit) and interest expense. The reconciliation of Adjusted EBITDA to Net Income (Loss) is included in the additional financial information attached to this press release.