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

Technip Energies (PARIS:TE) (ISIN:NL0014559478) as leader of a consortium with Dialog E&C Sdn. Bhd., has been awarded a significant⁽¹⁾ Engineering, Procurement, Construction and Commissioning (EPCC) contract by PETRONAS Chemicals Fertiliser Kedah Sdn. Bhd., (PC FK), a wholly-owned subsidiary of PETRONAS Chemicals Group Berhad (PCG) for a new melamine plant to be integrated into their existing complex in Gurun, Kedah, Malaysia.

This EPCC contract follows the successful completion of the Front-End Engineering Design (FEED) by Technip Energies. The project includes a 60,000 ton per annum greenfield melamine plant, utilizing CASALE Low Energy Melamine (LEM™) technology, and associated interconnections with the existing urea plant where the CO₂ generated in the melamine production process will be recycled. This serves to minimize the CO₂ footprint of this new asset.

Technip Energies is responsible for overall project management, engineering, procurement and commissioning, whereas Dialog E&C is in charge of construction and pre-commissioning. This is a very strong combination leveraging decades of experience of delivering projects in Malaysia.

Marco Villa, COO of Technip Energies, stated: “We are honored to be entrusted by PCG to build their first melamine plant, participating in the diversification of their product portfolio. Technip Energies is committed to deliver a high performing, energy efficient and low carbon emission asset making this project another key milestone in our longstanding and successful history in Malaysia and with PETRONAS.”

About Technip Energies

Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO₂ management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.

Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.

Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”) traded over-the-counter in the United States.

For further information: www.technipenergies.com.

Important Information for Investors and Securityholders

Forward-Looking Statement

This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies’ operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook,” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies’ current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on Technip Energies. While Technip Energies believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Technip Energies will be those that Technip Energies anticipates.

All of Technip Energies’ forward-looking statements involve risks and uncertainties (some of which are significant or beyond Technip Energies’ control) and assumptions that could cause actual results to differ materially from Technip Energies’ historical experience and Technip Energies’ present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements.

For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies’ risk factors set forth in Technip Energies’ filings with the U.S. Securities and Exchange Commission, which include amendment no. 4 to Technip Energies’ registration statement on Form F-1 filed on February 11, 2021.

Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Technip Energies undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.

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DUBLIN--(BUSINESS WIRE)--The "Global Seismic Survey Market Outlook 2020: Global Opportunity and Demand Analysis, Market Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The Seismic Survey market is anticipated to grow with a CAGR of 4.6% over the forecast period of 2019-2028. Seismic survey is a low impact, non-invasive method of gathering information about the situation and characteristics of geological structures beneath the Earth's surface. This information is employed to supply maps of structures identifying areas where gas deposits could also be found.

Company Profiles

• Companies General de Geophysique
• Fugro N.V.
• Petroleum Geo-Services (PGS)
• Tomlinson Geophysical Services (TGS)
• SeaBird Exploration
• PLC
• Ion Geophysical Corporation
• Pulse Seismic, Inc.
• Schlumberger Limited
• Global Geophysical Services, Inc
• Kuwait Oil Company

The seismic testing is administered by a specially configured truck that lowers a plate onto the surface. This plate generates an acoustic sound signal that's transmitted into the Earth's surface, which then reflects off the varied geological layers. The returning sounds waves are recorded by small microphones strung together that are laid along a predetermined and ready path called a seismic line. The increase in the new gas exploration and application of seismic survey in brownfield projects is expected to drive the market in the future.

Top Driver:

Increasing New Gas Exploration to Drive the Market

The rising incidences across the globe for new gas exploration is expected to drive the market immensely. The increasing demand for gas for various purposes for the rising population has lead to various exploration projects. Furthermore, for the process of mapping and locating prospective reserves of oil and gas is expected to anticipate the market growth immensely. The crisis of crude oil depletion is a major factor that demands seismic survey and hence is driving the market immensely.

3-D Imaging Segment to Drive the Market Widely

Based on the service the market is segmented into data processing, data acquisition and data interpretation. Based on technology, the market is segmented into 2-D imaging, 3-D imaging, 4-D imaging. The 3-D imaging is expected to drive the segment owing to the clear optimization and imaging. These images provide a clear idea about the area that has been explored. Therefore, this segment is expected to witness a high growth in the forecast period.

Advancement of Technology in North America is Driving the Market

North America accounted for the largest share in the market owing to the growing technological advancements in the region and presence of major market players. The North American region is expected to have huge untapped resources that may provide lucrative opportunities to market players. The Middle East is the largest source of oil and gas and hence this region is continuing to grow in the forecast period. Regions such as UAE, Kuwait, Oman etc. have known have abundant resources and are majorly driving the market.

Players to Focus on Mergers and Acquisitions to Maximize Profits

The global Seismic Survey market is expected to grow with a significant CAGR due to presence of various companies including, Companies General de Geophysique, Fugro N.V., Petroleum Geo-Services (PGS), Tomlinson Geophysical Services (TGS), SeaBird Exploration, PLC, Ion Geophysical Corporation, Pulse Seismic, Inc., Schlumberger Limited-WesternGeco, Global Geophysical Services, Inc., Kuwait Oil Company, and others which are developing new products to drive the market growth. The rising need to discover new shale explorations to fufill the demand of gas and oil across the globe is driving the key players to increase exploration projects.

Key Reasons to Purchase this Report

1. It provides a technological development map over time to understand the growth rate of the industry.

2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.

3. It renders definite analysis for changing competitive dynamics.

4. It builds a seven-year estimate based on how the market is predicted to grow.

For more information about this report visit https://www.researchandmarkets.com/r/xo1h5s

ResearchAndMarkets.com
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DUBLIN--(BUSINESS WIRE)--The "Technology Trends and Advances in Building Integrated Photovoltaics" report has been added to ResearchAndMarkets.com's offering.

BIPV innovation aims to identify new materials for cost-effective and efficient BIPV systems. Researchers also focus on developing optimized manufacturing processes to reduce the manufacturing costs of BIPVs.

Building Integrated Photovoltaics (BIPV) integrates photovoltaics (PV) and building architecture. BIPVs serve as on-site power generators for buildings, resulting in energy costs saving and reducing the building's carbon footprint. Also, if the BIPV system interfaces with the power grid, the unused electricity may be exported to the utility for grid support purposes.

This research analyzes BIPV development in terms of materials used for manufacturing, technological advancements increasing operational efficiency, and developments in BIPV adhesive systems. Most technological developments focus on identifying or synthesizing novel materials for BIPV construction to improve the operational efficiency and cost effectiveness of BIPVs. Researchers are also developing BIPVs that can convert sunlight to electricity efficiently, even in low-light conditions.

For BIPV, buildings provide enough area for PV systems without requiring the use of additional ground and avoid electric transmission costs. In addition to the cost and energy-saving benefits, BIPVs provide an aesthetic edge to the building facade, making it look more appealing.

Key Topics Covered:

1. Strategic Imperatives
1.1 Why Is It Increasingly Difficult to Grow? The Strategic Imperative: Factors Creating Pressure on Growth
1.2 The Strategic Imperative 
1.3 The Impact of the Top Three Strategic Imperatives on the Building Integrated Photovoltaics Industry
1.4 About the Growth Pipeline Engine
1.5 Growth Opportunities Fuel the Growth Pipeline Engine

2. Research Context and Summary of Findings
2.1 Research Context
2.2 Research Scope
2.3 Research Methodology
2.4 Key Findings in BIPV Technology Advancements

3. Technology Snapshot
3.1 BIPV Gaining Traction as a Versatile Energy Harvesting Tool with Evolving Aesthetical, Economical, and Technical Benefits
3.2 While Crystalline Silicon Dominates the BIPV Market, Thin Film or Organic Material-based PV Solutions are Emerging Options
3.3 Widespread Applicability of BIPV Enhancing Commercial Deployment
3.4 Researchers Aim to Expand BIPV by Discovering Promising New Raw Materials and Developing Processes to Boost its Efficiency
3.5 Drivers Influencing the Widespread Adoption of BIPVs
3.6 Factors Limiting the Widespread Adoption of BIPVs

4. BIPV Landscape: Key Innovations
4.1 Technologies Enabling Efficient and Reliable BIPV Applications
4.2 CIGS Technology Enables Superior Low-light Efficiency Compared to c-Si
4.3 Organic PV Glass Coating Technology to Fabricate Energy-producing Solar Windows
4.4 Inkjet-printed, Ultra-thin, and Flexible Solar Cells Based on Perovskites
4.5 Spherical Solar Cells Capture Sunlight from All Directions for Energy Generation
4.6 Organic PV Technology Enabling Greater Efficiencies and Cost Reduction
4.7 CdTe PV Solar Modules Demonstrate High Efficiency
4.8 A-Si PVs Provide a Cost-effective Alternative to c-Si PVs
4.9 Silicone-based Sealants and Adhesives for BIPV Panels, Solar Modules, and Solar Arrays

5. Regulatory Landscape and IP Analysis
5.1 United States Leads in BIPV R&D Activity

6. Growth Opportunity Universe
6.1 Growth Opportunity 1: Identification of Novel Materials for BIPV Manufacturing
6.2 Growth Opportunity 2: Technological Advancements to Improve Solar Energy Conversion Efficiency under Low Light Conditions
6.3 Growth Opportunity 3: Partnership Ecosystem to Fast-track BIPV Development and Deployment

7. Key Industry Influencers
7.1 Industry Interactions

8. Next Steps

For more information about this report visit https://www.researchandmarkets.com/r/o5xqx3

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DUBLIN--(BUSINESS WIRE)--The "Oil & Gas Start-Up Tracker - Issue 22" report has been added to ResearchAndMarkets.com's offering.

This study, the 22nd issue of the Oil & Gas Start-up Tracker, looks specifically at 5 dynamic firms that are making a significant impact on the innovation agenda for digitalization and automation in the oil and gas industry.

The market outlook for the forecast period is encouraging. The oil and gas automation market will register a CAGR of 7.47% between 2020 and 2025 and reach $24.63 billion by 2025.

Technological and digital trends are transforming the oil and gas industry. Main players commonly choose operational technologies (OTs) to carry out the automation of their oil and gas processes; however, newer technologies, such as AI, IoT, and robotics are starting to gain more relevance in the industry.

Oil and gas companies adopted automation technologies for their upstream activities, especially for offshore sites. The most common technologies include sensors, transmitters, and controllers, with SCADA systems, PLCs, and DCSs being the most common automation applications.

Several digitalization trends influenced the oil and gas automation market during the past few years. However, pressing concerns emerged in the oil and gas industry, such as its need to increase safety in the workplace and boost efficiency to recover from the pandemic's consequences.

Digital technologies offer a solution to these problems in the form of automation technologies. The market is undergoing a digital transformation, and the industry's activities will evolve to become more autonomous.

Globally, the oil and gas industry's digital transformation is noticeable. However, some regions are embracing these technological changes faster than others because of their preparedness and technological capabilities. Europe and APAC have prepared the most to face the industry's transformation.

Key Topics Covered:

1. Strategic Imperatives

2. Growth Environment

• Growth Environment for Oil and Gas Automation

3. Companies to Action - Digitalization Market

• Innovation Target
• 3YOURMIND - Company Profile
• 3YOURMIND - Analyst Viewpoint
• mIQrotech - Company Profile
• mIQrotech - Analyst Viewpoint
• Urbint - Company Profile
• Urbint - Analyst Viewpoint
• Emitwise - Company Profile
• Emitwise - Analyst Viewpoint
• Aoms - Company Profile
• Aoms - Analyst Viewpoint
• The Last Word
• Scoring Methodology

4. Growth Opportunity Universe - Digitalization Market

• Growth Opportunity 1: AI as a Tool to Achieve Sustainability
• Growth Opportunity 2: Robotics for the Upstream Sector
• Growth Opportunity 3: IoT for Boosting Efficiency

For more information about this report visit https://www.researchandmarkets.com/r/6i00z9

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DUBLIN--(BUSINESS WIRE)--The "Global Electric Cargo Bikes Market Report and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

The global electric cargo bikes market attained a value of nearly USD 1,455.8 million in 2021. Aided by the rising demand for cleaner modes of transportation, the market is projected to further grow at a CAGR of 34.8% between 2022 and 2027 to reach a value of almost USD 8,800.2 million by 2027.

Electric cargo bikes are driven and operated on portable batteries, such as lithium-ion and nickel-based batteries. Favourable properties of electric cargo bikes include high versatility, smoothness in riding, and lightweight composition. These bikes serve as an efficient method of transport for carrying packages, cargo, and food, among others. Electric cargo bikes are majorly available in two wheels, three-wheeled, and four-wheeled formats and find extensive applications in commercial and residential uses. They are ideal for urban deliveries owing to their cost-effectiveness and ease of usage. Such benefits of electric cargo bikes are driving the growth of the market.

The global electric cargo bikes market is being driven by the rising air and noise pollution from conventional modes of transportation. The growing investments in sustainable means of transportation to reduce environmental impact and reduce road congestion are fuelling the growth of the market.

In addition to this, electric cargo bikes are being widely used by logistics companies in last-mile delivery services, especially in urban regions, owing to their ability to traverse large distances with high bulk carrying capacities at low running costs, which is another factor propelling the growth of the market.

Furthermore, electric bikes are increasingly replacing paddle-assist bicycles due to their lightweight structures and sleek designs, which enable smooth and stable rides. Apart from this, Europe is expected to be a significant region augmenting the overall market growth of electric cargo bikes owing to the implementation of stringent government initiatives to adopt clean transport.

The market report analyses the market based on segmentations such as product type, battery type, end use, and major regions.

Market Division by Product Type

• Two Wheeled
• Three Wheeled
• Four Wheeled

Market Segmentation by Battery Type

• Lithium Ion
• Others

Market Classification by End Use

• Residential
• Commercial
• Courier and Parcel Service Provider
• Service Delivery
• Retail Supplier
• Others

Market Breakup by Region

• North America
• Asia Pacific
• Europe
• Middle East and Africa
• Latin America

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the key players in the industry. Some of the major players in the market explored in the report are:

• Rad Power Bikes Inc.
• Yuba Bicycles LLC
• Worksman Cycles Company Inc.
• DOUZE Factory SAS
• Amsterdam Bicycle Company BV
• Babboe BV

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

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

ResearchAndMarkets.com
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DUBLIN--(BUSINESS WIRE)--The "Renewable Naphtha Market Forecast, Trend Analysis & Opportunity Assessment 2021-2031" report has been added to ResearchAndMarkets.com's offering.

A recent market study by this publisher on the renewable naphtha market includes global industry analysis for 2016-2020 & opportunity assessment for 2021-2031 and delivers a comprehensive assessment of the most important market dynamics.

After conducting thorough research on the historical and current growth parameters of the renewable naphtha market, the growth prospects of the market are obtained with maximum precision.

Companies Mentioned

• Neste
• ENI
• Darling Ingredients Inc.
• CNPC
• Diamond Green Diesel
• Renewable Energy Group, Inc.
• Marathon Petroleum Corp.
• Preem
• Phillips 66
• UPM Biofuels

Renewable Naphtha Market: Taxonomy

The global Renewable Naphtha Market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.

By Product Type

• Light Naphtha
• Heavy Naphtha

By End-Use

• Fuel Blending
• Feed for H2 Production
• Feed for Plastic Production
• Ethylene
• Propylene
• Butadiene
• Others

By Region

• North America
• Latin America
• East Asia
• Europe
• South Asia & Pacific
• Middle East
• Africa

Key Topics Covered:

1. Executive Summary

2. Market Overview

3. Key Market Trends

3.1. Key Trends Impacting the Market

3.2. Product Innovation/Development Trends

4. Key Success Factors

4.1. Product Adoption/Usage Analysis

4.2. Product Usps/Features

4.3. Strategic Promotional Strategies

5. Global Renewable Naphtha Market Demand Analysis 2016-2020 and Forecast, 2021-2031

5.1. Historical Market Volume (Kilo Tons) Analysis, 2016-2020

5.2. Current and Future Market Volume (Kilo Tons) Projections, 2021-2031

5.3. Y-O-Y Growth Trend Analysis

6. Global Renewable Naphtha Market - Pricing Analysis

6.1. Regional Pricing Analysis by Product Type

6.2. Pricing Break-Up

6.2.1. Manufacturer Level Pricing

6.2.2. Distributor Level Pricing

6.3. Global Average Pricing Analysis Benchmark

7. Global Renewable Naphtha Market Demand (In Value or Size in US Mn) Analysis 2016-2020 and Forecast, 2021-2031

7.1. Historical Market Value (Us$ Mn) Analysis, 2016-2020

7.2. Current and Future Market Value (Us$ Mn) Projections, 2021-2031

7.2.1. Y-O-Y Growth Trend Analysis

7.2.2. Absolute $ Opportunity Analysis

8. Market Background

9. Global Renewable Naphtha Market Analysis 2016-2020 and Forecast 2021-2031, by Product Type

10. Global Renewable Naphtha Market Analysis 2016-2020 and Forecast 2021-2031, by Application

11. Global Renewable Naphtha Market Analysis 2016-2020 and Forecast 2021-2031, by Region

12. North America Renewable Naphtha Market Analysis 2016-2020 and Forecast 2021-2031

13. Latin America Renewable Naphtha Market Analysis 2016-2020 and Forecast 2021-2031

14. East Asia Renewable Naphtha Market Analysis 2016-2020 and Forecast 2021-2031

15. Europe Renewable Naphtha Market Analysis 2016-2020 and Forecast 2021-2031

16. Sap Renewable Naphtha Market Analysis 2016-2020 and Forecast 2021-2031

17. MEA Renewable Naphtha Market Analysis 2016-2020 and Forecast 2021-2031

18. Key and Emerging Countries Renewable Naphtha Market Analysis

19. Market Structure Analysis

20. Competition Analysis

21. Assumptions and Acronyms Used

22. Research Methodology

For more information about this report visit https://www.researchandmarkets.com/r/cvdkk1.

ResearchAndMarkets.com
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DUBLIN--(BUSINESS WIRE)--The "Buildings Construction Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

The global building construction market is expected to grow from $6529.74 billion in 2021 to $ 7361.37 billion in 2022 at a compound annual growth rate of 12.7%. The market is expected to reach $ 11475.81 billion in 2026 at a CAGR of 11.7%.

Asia Pacific was the largest region in the building construction market in 2021. North America was the second-largest region in the building construction market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The population profile of most countries is becoming older, increasing the demand for elderly friendly infrastructure. According to the United Nations, in 2019, the world's population of people aged 65 and up totalled 703 million. In 2050, the number of elderly people is expected to increase to 1.5 billion. So, the demand for infrastructural improvements which is 'elderly' friendly will increase during the forecast period. Houses and the wider surroundings had to be adapted to be made safer and more inclusive. Better residential as well nonresidential buildings had to be made more accessible to the elderly. This resulted in increased buildings construction activity.

Building construction companies are increasingly using green construction techniques to build energy efficient buildings and reduce construction costs. Green construction refers to the practice of using sustainable building materials and construction processes to create energy-efficient buildings with minimal environmental impact. In UK, certifications such as Leadership in Energy and Environmental Design (LEED) help construction companies to develop high-performance, sustainable residential and commercial buildings, and also offer a variety of benefits, from tax deductions to marketing opportunities. Sustainable construction materials such as natural paints and steel beams made from recycled material are being widely used in the UK. Other green construction techniques such as cross-ventilation for more natural environment, green construction software such as Construction Suite to ensure green compliance, and Green Globes management tool are also being used in the construction industry. For instance, some, major companies using green construction techniques include Turner Construction Co, Clark Group, AECOM, Hensel Phelps and Holder Construction.

Building construction costs are increasing steadily due to rising material costs. Companies in the industry experienced subdued growth in their profits with rising prices of materials such as crude oil, a key component of asphalt increased by 58% in 2021 from the year 2020 . According to the latest Producer Price Index (PPI) released by the Bureau of Labor Statistics, in the US, prices paid for items used in residential construction jumped 1.7% in April 2021 and have increased by 12.4% over the last 12 months. According to the National Association of Home Builders (NAHB), softwood lumber prices jumped 6.5 percent in April 2021, marking a new high for the third month in a row. Since November 2020, lumber prices have risen by 52.0 percent. High material prices will adversely affect the buildings construction market during forecast period.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider buildings construction market, and compares it with other markets.

• The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID-19 virus and forecasting its recovery.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
• The buildings construction market section of the report gives context. It compares the buildings construction market with other segments of the construction market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, buildings construction indicators comparison.

Companies Mentioned

• China State Construction Engineering Corporation Ltd.
• China Evergrande Group
• Country Garden Holdings Co. Ltd.
• Sunac China Holdings Ltd.
• Greenland Holding Group
• Daiwa House Group
• Lennar Corporation
• D.R. Horton Inc.
• Bouygues SA
• The Metallurgical Corp of China

For more information about this report visit https://www.researchandmarkets.com/r/o0oo3l

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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Ilene Colina Announced Director of Board

ALBUQUERQUE, N.M.--(BUSINESS WIRE)--Wilson & Company, Inc., Engineers & Architects announces new addition to the Board of Directors, Ilene Colina, SHRM-SCP. Ilene was elected to serve a three-year term as an external director. She has more than 35 years of experience in the consulting industry as a human resource professional and will provide great support during this crucial time of growth for Wilson & Company.

“We are equally excited about the strategic benefit we receive from Ilene’s expertise, leadership qualities and experience as we are about her alignment with our culture and vision for the company,” said Jim Brady, PE, Wilson & Company’s President and Chief Executive Officer.

Colina’s role as part of the Board comes during a significant time of planning and forecasting for growth within the company. Her vast experience in human resources aligns with the company’s goals to enhance employee engagement, support diversity and inclusion, and successfully take on the need to attract, develop, and encourage people to support our growth vision. Wilson & Company employees and Board of Directors are lucky to have her on the team as a leader.

Meet Wilson & Company’s Board of Directors and learn more about the leadership of Wilson & Company.

About Wilson & Company, Inc., Engineers & Architects

Wilson & Company is a comprehensive solution for multi-disciplinary engineering, architecture, surveying and mapping, planning, and construction management needs. Founded in 1932, the company has provided a variety of services to a diverse client base including federal and municipal governments, public transportation agencies, railroad companies, industrial and commercial corporations, and private developers. Wilson & Company employs a staff of over 600 and is located in 15 offices in 9 states. The distinguishing characteristic that defines Wilson & Company’s culture is Higher Relationships. This is a genuine offer made to every employee and to every client and community we serve to build exceptional relationships with discipline, intensity, collaboration, shared ownership, and solutions.

More at wilsonco.com | LinkedIn | Facebook | Twitter

Todd Riddle
Communications and Creative Services Manager
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COLUMBUS, Ind.--(BUSINESS WIRE)--Today, Cummins Inc. (NYSE: CMI) announced Jennifer Rumsey, its President and Chief Operating Officer, has been elected to the company’s Board of Directors.

“I am thrilled Jennifer Rumsey will join the Cummins Board of Directors,” said Tom Linebarger, Chairman and CEO, Cummins Inc. “Jen brings the skills and perspectives we need to address the biggest challenges of our time. Decarbonization is a growth opportunity for Cummins and essential to our planet and we will need Jen’s deep technical knowledge along with her customer and market knowledge to evolve our technologies and our business. She has played a key role in the development of products that bring our brand promise to life and further our aggressive sustainability commitments. Her 25-year career has focused on advancing technology and bringing products to market that make a positive difference in the world.”

Rumsey began her Cummins career working on the first products where Cummins introduced emissions aftertreatment systems. Since then, Rumsey has worked across the product lifecycle and in various parts of the business - from advanced research to product quality - and has been deeply engaged with some of the company’s most important OEM partners.

While serving as Chief Technical Officer, Rumsey led Cummins’ efforts to reduce criteria pollutants from its products. Rumsey was critical in the decisions to make strategic investments in key technologies and markets to transition to lower carbon emissions products, laying the foundation for what has resulted in the New Power Business and for Destination Zero, Cummins’ path to zero emissions strategy.

As the President of Components, Rumsey oversaw a global portfolio of business units. While in that role, COVID-19 forced Rumsey to navigate some of the most complex business conditions in the company’s history while simultaneously resetting the strategic aim for Components to maximize future growth opportunities. Under Rumsey’s leadership, Components launched National Standard VI (NSVI) products in China and Bharat Stage VI (BSVI) products in India designed to reduce emissions while offering industry leading performance.

Linebarger added, “When faced with COVID-19 and supply chain challenges, we quickly saw Jen’s agility in action, a reflection of how she understands that our ability to adapt and be flexible is critical to operating in a changing environment.”

While President of the Components business, Rumsey was also a member of the Eaton Cummins joint venture Board of Directors and played a key role in launching the Endurant transmission in China. In 2021, the Components business revenues in China and India combined approached two billion dollars, reflecting the success of the new products launched with our customers and partners.

In March 2021, Rumsey was promoted to President and Chief Operating Officer, overseeing Cummins’ global operations. Rumsey also has maintained a relentless focus on our customers, working collaboratively to address global supply constraints. The company recently reported record revenues for 2021, and Rumsey’s leadership during this period was instrumental in delivering those results.

Rumsey is a member of the Society of Women Engineers, Society of Automotive Engineers, the Purdue Engineering Advisory Committee and Women in Trucking Association. She holds a Bachelor of Science in Mechanical Engineering from Purdue University and a Master of Science in Mechanical Engineering from Massachusetts Institute of Technology. Throughout her career, she has been an advocate for diversity, equity and inclusion and women in STEM fields.

About Cummins Inc.

Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 59,900 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $2.1 billion on sales of $24.0 billion in 2021. See how Cummins is powering a world that’s always on by accessing news releases and more information at https://www.cummins.com/always-on.

Forward-looking disclosure statement

Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues and EBITDA. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: any adverse results of our internal review into our emissions certification process and compliance with emission standards; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emission standards around the world; changes in international, national and regional trade laws, regulations and policies; any adverse effects of the U.S. government's COVID-19 vaccine mandates; changes in taxation; global legal and ethical compliance costs and risks; increasingly stringent environmental laws and regulations; future bans or limitations on the use of diesel-powered products; raw material, transportation and labor price fluctuations and supply shortages; aligning our capacity and production with our demand; the actions of, and income from, joint ventures and other investees that we do not directly control; large truck manufacturers' and original equipment manufacturers' customers discontinuing outsourcing their engine supply needs or experiencing financial distress, bankruptcy or change in control; product recalls; variability in material and commodity costs; the development of new technologies that reduce demand for our current products and services; lower than expected acceptance of new or existing products or services; product liability claims; our sales mix of products; failure to complete, adverse results from or failure to realize the expected benefits of the separation of our filtration business; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions and divestitures and related uncertainties of entering such transactions; challenging markets for talent and ability to attract, develop and retain key personnel; climate change and global warming; exposure to potential security breaches or other disruptions to our information technology environment and data security; political, economic and other risks from operations in numerous countries including political, economic and social uncertainty and the evolving globalization of our business; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; labor relations or work stoppages; foreign currency exchange rate changes; the performance of our pension plan assets and volatility of discount rates; the price and availability of energy; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2021 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available at http://www.sec.gov or at http://www.cummins.com in the Investor Relations section of our website.

Jon Mills, Director, External Communications
317-658-4540
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Shattuck will step down on April 26, 2022, after decade of service on Exelon's board and with Exelon’s historic spin-off of Constellation now successfully complete

CHICAGO--(BUSINESS WIRE)--$EXC--Exelon Corp. (Nasdaq: EXC) today announced the retirement of Mayo A. Shattuck III, chair of the company's board of directors since 2012. Following the successful separation of Exelon’s regulated and unregulated businesses earlier this month, Shattuck has decided to retire from Exelon’s Board at the end of his current term and not to stand for reelection at the annual shareholder meeting to be held on April 26, 2022. The Board has launched a process to select a new Board chair from its existing independent members and expects to announce its selection in the 2022 proxy statement to be filed with the SEC next month.

"On behalf of Exelon's board, our executive team, and our 18,000 dedicated colleagues across the company, I extend our deepest gratitude to Mayo for his decade of visionary leadership and steady guidance, which were instrumental in making Exelon the premier energy company in the nation," said Christopher M. Crane, president and CEO of Exelon. "This strong foundation he helped build resulted in two world-class energy companies, and now enables Exelon to pursue strategic investments in a safer, cleaner, more reliable and more secure grid for our customers across our six utilities. At the same time, we continue to strengthen our industry-leading ESG commitments to address increasingly complex environmental and social challenges in our communities."

Prior to joining Exelon, Shattuck was the chairman, president and CEO of Constellation Energy, a position he held from 2001 until the merger with Exelon in 2012. He served as Exelon's executive chairman after the merger close until 2013 when he became the independent Board chair. Earlier this month, Exelon completed the successful separation of its regulated utility business (remains Exelon) and former power generation and competitive energy business (Constellation).

"It has been an honor to serve as Exelon board chair during a period of extraordinary growth for our company," said Shattuck. “I’m so proud of the tireless pursuit of excellence across Exelon’s utilities and former power generation and competitive energy business. I’m excited for the passion and expertise new leadership will bring to the Board, further positioning Exelon to deliver even more value to its customers and communities, and to lead our industry on a path to clean.”

Shattuck was previously at Deutsche Bank, where he served as chairman of the board and CEO of Deutsche Banc Alex. Brown and, during his tenure, served as global head of investment banking and global head of private banking. From 1997 to 1999, he was vice chairman of Bankers Trust Corporation, which merged with Deutsche Bank in June 1999. From 1991 until 1997, Shattuck was president and COO and a director of Alex. Brown Inc., which merged with Bankers Trust in September 1997.

Shattuck's board service outside of Exelon has been extensive. He currently serves on the boards of directors of Gap Inc. (GPS, since 2002) and Capital One Financial Corporation (COF, since 2003). Shattuck is also currently a trustee of Johns Hopkins University and chairman of Johns Hopkins Hospital. He served as chairman of the board of the Institute of Nuclear Power Operations (INPO) and was a member of the executive committee of the board of Edison Electric Institute (EEI), as well as the Nuclear Energy Institute (NEI). He also was co-chairman of the Center for Strategic & International Studies (CSIS) Commission on Nuclear Policy in the United States and executive committee member of the Council on Competitiveness.

All members of the Exelon board, except the president and CEO, are independent directors under applicable law and the listing standards of The Nasdaq Global Select Market, which are incorporated into the Exelon Corporate Governance Principles.

More information about Exelon's board is available at exeloncorp.com.

About Exelon

Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest utility company, serving more than 10 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 18,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter @Exelon.

Andrew Plenge
Investor Relations
312-394-2345

Nick Alexopulos
Corporate Communications
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DALLAS--(BUSINESS WIRE)--Generational Capital Markets, Member FINRA/SIPC and a leading mergers and acquisitions advisor for privately-held businesses, is pleased to announce the sale of its client, Cloud 9 Services, Inc. to Canopy Capital Partners LLC. The acquisition closed January 31, 2022. Generational Capital also advised the same owners on the December 2021 ESOP transaction of Fender Marine Construction, Inc.

Located in Orlando, Florida, Cloud 9 Services, founded in 2001, is an underground utilities contractor offering a full suite of commercial and utility cleaning, inspection and repair services to government entities, contractors, property owners and property managers. Fender Marine Construction (FMC) is a marine construction contractor performing all types of commercial and industrial marine construction for contractors, property managers, local government, and homeowners.

Investing since 2015, Canopy Capital Partners (CCP) is a private equity firm with offices in Tampa, Florida. CCP partners with management teams and companies experiencing generational ownership transfers in lower-middle market management buyouts, recapitalizations and growth equity investments. With a focus on businesses based in Florida and the Southeast, CCP invests in companies with at least $10 million of revenue and $2 million of EBITDA.

Generational Capital Markets’ Senior Managing Director of Mergers & Acquisitions, Tom Staszak, with support from Vice President Mergers & Acquisitions, Andre Farahmandi successfully closed the deal and assisted in the creation of the ESOP. Executive Managing Director - North America, Edward Weber established the initial relationship with Cloud 9.

“After an exhaustive marketing process, Scott Long and Canopy Capital Partners were the clear choice as the right buyer for Cloud 9. They were intent on partnering with Cloud 9’s key management and growing the business aggressively,” said Staszak.

About Generational Capital, LLC

Generational Capital, LLC, is a Dallas, Texas-based merger and acquisition advisory firm. Generational Capital wholly owns Generational Capital Markets, Inc., Member FINRA/SIPC. More information can be found at https://www.gencm.com/.

Generational Capital and Generational Capital Markets are part of the Generational Group and are affiliated with Generational Equity, LLC, which The M&A Advisor named Investment Banking Firm of the Year in 2016, 2017, and 2018 and Valuation Firm of the Year in 2020.

GCM's most recent awards include The M&A Advisor's 2020 Information Technology Deal of the Year ($10MM-$25MM) and 2020 Private Equity Deal of the Year ($25MM-$50MM).

Carl Doerksen
972-342-0968
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Second Quarter 2022 Revenue Increased 19% to $7.7 Million Representing 14th Consecutive Quarter of Year-Over-Year Revenue Growth

Received $19.8 Million in New Purchase Orders During Second Quarter with Customer Order Backlog at Record $31.4 Million

Initiated New Strategic Initiatives to Mitigate Global Supply Chain Disruptions & Increase Profitability Across the Portfolio

Management to Host Conference Call Today at 4:30 p.m. Eastern Time

VISTA, Calif.--(BUSINESS WIRE)--Flux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion energy storage solutions for electrification of industrial and commercial sectors, has reported its financial and operational results for the fiscal second quarter ended December 31, 2021.

Key Financial & Operational Highlights for the Second Quarter Fiscal Year 2022

• Revenue increased 19% to $7.7 million in Q2’22 compared to Q2’21 revenue of $6.5 million.
• Achieved 14th consecutive quarter of year-over-year revenue growth.
• Received $19.8 million in customer purchase orders from both existing and new customers. Utilized $14 million capital raised in September 2021 to pre-purchase inventory to protect growing deliveries to key customers.
• Customer order backlog increased to $31.4 million as of December 31, 2021.
• Initiated Strategic Supply Chain & Profitability Improvement Initiatives to accelerate the path to cash flow breakeven, including:
  • Commenced production process improvements to increase capacity, and added an additional production line;
  • Introduced new product design features expected to reduce cost, simplify the bill of materials, and improve serviceability;
  • Transitioned product lines to a new cell technology, resulting in lower cost and improved supplier reliability;
  • Implemented price increases on certain product lines to mitigate the impact of rising input costs;
  • Increased inventory to $19.6 million at December 31, 2021 to mitigate the impact of supply chain disruptions and to support timely deliveries.
• Cash and cash equivalents were $7.9 million at December 31, 2021. The working capital line of credit outstanding balance was $3.5 million at December 31, 2021.

CEO Commentary

“While the second quarter of fiscal 2022 was a challenging one for the company in light of continued global supply chain disruptions, we experienced record customer demand as evidenced by $19.8 million in purchase orders received from new and existing customers,” said Ron Dutt, Chief Executive Officer of Flux Power. “The Company also commenced strategic initiatives to mitigate the impact of ongoing global supply chain disruptions and to increase profitability. Our near-term goal is the timely shipment of our record backlog of $31.4 million.

“Our strategic initiatives encompass new product designs, production process improvements and better supply chain management. Moreover, improvements made to our product portfolio and to our processes should enable us to increase our production capacity, weather the current and future supply chain disruptions and to build a stronger company.

“Looking ahead, in addition to expanding sales of our energy storage solutions to new and existing customers, we are providing stationary energy storage solutions to Beam Global for their solar-powered EV charging stations. Also, we are continuing deployment of our SkyBMS Telematics product for remote fleet management and monitoring. I am happy to report that customer feedback for both of these initiatives has been positive.

“In summary, we believe Flux Power is well-positioned to participate in the growing demand for lithium-ion energy storage solutions among both small and large companies alike as they appreciate and respond to the negative consequences of carbon emissions and the benefits that lithium-ion technology and electrification can provide as a cost effective and environmentally friendly alternative. I look forward to sharing more on our achievements in the upcoming investor and analyst conferences and facility tours at our HQ in Vista, California,” stated Dutt.

Second Quarter Fiscal Year 2022 Financial Results

• Revenue for the fiscal second quarter of 2022 increased by 19% to $7.7 million compared to $6.5 million in the fiscal second quarter of 2021, driven by sales of energy storage solutions with higher selling prices although lower unit volume of products sold.
• Gross profit for the fiscal second quarter of 2022 decreased to $1.0 million compared to a gross profit of $1.5 million in the fiscal second quarter of 2021, primarily attributable to higher costs for steel, electronic components, and other parts during the quarter and partially offset by increased gross profit from higher sales of energy storage solutions. Gross margin was 13.6% in the fiscal second quarter of 2022 as compared to 23.0% in the fiscal second quarter of 2021.
• Selling & Administrative expenses increased to $4.0 million in the fiscal second quarter of 2022 from $3.1 million in the same fiscal period of 2021, reflecting increases in outbound shipping costs, personnel related expenses, insurance premiums, and sales & marketing expenses.
• Research & Development expenses increased to $2.1 million in the fiscal second quarter of 2022, compared to $1.6 million in the fiscal second quarter of 2021, primarily due to new product development activities.
• Net Loss for the fiscal second quarter of 2022 increased to $5.1 million from a net loss of $3.4 million in the fiscal second quarter of 2021, principally reflecting increased operating expenses and decreased gross profit, partially offset by a decrease in interest expense.
• Cash was $7.9 million at December 31, 2021, as compared to $4.7 million at June 30, 2021. Our working capital line of credit outstanding balance was $3.5 million at December 31, 2021. Cash requirements during the quarter were high to support pre-purchasing of increasing sales orders.

Management Commentary

“Although customer demand was strong during the second quarter, our profitability was negatively impacted by continued disruption in our supply chain. We experienced higher costs to obtain key components of our energy solutions and delays in the receipt of such parts which led to manufacturing and shipping delays. To address the unprecedented level of supply chain uncertainty, we elected to build inventory levels of key component parts. This combination of factors increased our operating expenses and reduced gross profit.

“Cash usage in the second quarter of 2022 was also elevated due to global supply chain disruptions leading to high levels of inventory as well as new strategic initiatives that include new product designs, production facility improvements and better supply chain management. We ended the second quarter with $7.9 million in cash, and $19.6 million in product inventory. Our goal is to monetize our existing backlog of $31.4 million in the months ahead and improve our working capital and cash flow needs,” concluded Dutt.

Second Quarter Fiscal Year 2022 Results Conference Call

Flux Power CEO Ron Dutt and CFO Chuck Scheiwe will host the conference call, followed by a question-and-answer session. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.

To access the call, please use the following information:

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.

The conference call will be broadcast live and available for replay at https://viavid.webcasts.com/starthere.jsp?ei=1523649&tp_key=a303c51997 and via the investor relations section of the Company's website.

A replay of the webcast will be available after 7:30 p.m. Eastern Time through May 10, 2022.

About Flux Power Holdings, Inc.

Flux Power (NASDAQ: FLUX) designs, manufactures, and sells advanced lithium-ion energy storage electrification solutions for a range of industrial and commercial sectors including material handling, airport ground support equipment (GSE), and stationary energy storage. Flux Power’s lithium-ion battery packs, including the proprietary battery management system (BMS) and telemetry, provide customers with a better performing, lower cost of ownership, and more environmentally friendly alternative, in many instances, to traditional lead acid and propane-based solutions. Lithium-ion battery packs reduce CO2 emissions and help improve sustainability and ESG metrics for fleets. For more information, please visit www.fluxpower.com.

Forward-Looking Statements

This release contains projections and other "forward-looking statements" relating to Flux Power’s business, that are often identified using "believes," "expects" or similar expressions. Forward-looking statements involve several estimates, assumptions, risks, and other uncertainties that may cause actual results to be materially different from those anticipated, believed, estimated, expected, etc. Such forward-looking statements include impact of COVID-19 on Flux Power’s business, results and financial condition; Flux Power’s ability to obtain raw materials and other supplies for its products at competitive prices and on a timely basis, particularly in light of the potential impact of the COVID-19 pandemic on its suppliers and supply chain; the development and success of new products, projected sales, deferral of shipments, Flux Power’s ability to fulfill backlog orders or realize profit from the contracts reflected in backlog sale; Flux Power’s ability to fulfill backlog orders due to changes in orders reflected in backlog sales, Flux Power’s ability to timely obtain UL Listing for its products, Flux Power’s ability to fund its operations, distribution partnerships and business opportunities and the uncertainties of customer acceptance and purchase of current and new products. Actual results could differ from those projected due to numerous factors and uncertainties. Although Flux Power believes that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, they can give no assurance that such statements will prove to be correct, and that the Flux Power’s actual results of ‎operations, financial condition and performance will not differ materially from the ‎results of operations, financial condition and performance reflected or implied by these forward-‎looking statements. Undue reliance should not be placed on the forward-looking statements and Investors should refer to the risk factors outlined in our Form 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov/edgar. These forward-looking statements are made as of the date of this news release, and Flux Power assumes no obligation to update these statements or the reasons why actual results could differ from those projected.

Flux, Flux Power, and associated logos are trademarks of Flux Power Holdings, Inc. All other third-party brands, products, trademarks, or registered marks are the property of and used to identify the products or services of their respective owners.

Follow us at:

Blog: Flux Power Blog
News: Flux Power News
Twitter: @FLUXpwr
LinkedIn: Flux Power

Media & Investor Relations:
Justin Forbes
877-505-3589
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External Investor Relations:
Chris Tyson, Executive Vice President
MZ Group - MZ North America
949-491-8235
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www.mzgroup.us

AUSTIN, Texas--(BUSINESS WIRE)--$ASTC #earnings--Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) reported its financial results for the second quarter of fiscal year 2022, which ended December 31, 2021.

Astrotech had its best quarter since sales of 1^st Detect’s TRACER 1000™ began, with revenue related to the TRACER 1000 up 332% compared to the same period one year ago. After garnering initial traction in the cargo security market due to the TRACER 1000’s near-zero false alarm rate, in the second quarter, 1^st Detect completed a major milestone by fulfilling its first purchase order for airport security checkpoint and passenger screening. The TRACER 1000 is now deployed in 13 countries worldwide.

AgLAB has reached an important milestone with the completion of its cannabis field trials for the AgLAB-1000-D2™ mass spectrometer. The field trials successfully demonstrated that the AgLAB-1000-D2 can be used in the distillation process to significantly boost the potency and weight yields of THC and CBD oil manufacturing. This is a significant accomplishment as it fulfills our long-term vision to start a family of “process control” instruments, methods, and solutions.

BreathTech has completed the agreements required to begin the COVID-19 pre-clinical breath trials with Cleveland Clinic. We have also completed the development of the BreathTest-1000™ mass spectrometer, including the development of the InBreath-1000™ prototype sample collection system needed to safely transfer the infected patient breath to the mass spectrometer for testing. Progress was delayed due to COVID-related materials shortages and shipping delays, but we are optimistic that we will be able to begin and complete the human trials within the first half of this year. In preparation for the trials, we announced on February 2, 2022 that Dr. Karim Sirgi, MD, MBA and FCAP has joined BreathTech Corporation as its Chief Science Officer. Dr. Sirgi will help lead our research and development and regulatory efforts as BreathTech looks to commercialize the BreathTest-1000.

Finally, in November 2021, Astrotech announced its plans to actively pursue strategic and accretive acquisition opportunities with the appointment of its board member, Tom Wilkinson, to Lead Independent Director. Mr. Wilkinson will identify ideal acquisition candidates for Astrotech that will complement or improve the Company’s core technology, accelerate revenue growth, and/or reduce time to market, while being accretive to earnings and therefore shareholder value.

“This is an exciting period for Astrotech as we are transitioning our mass spectrometer technology from government to commercial applications. The first commercial market we have entered is the hemp and cannabis distillation market with our AgLAB-1000-D2 solution. The AgLAB-1000-D2 will be used in high throughput biomass-to-oil applications designed to substantially increase THC and CBD yields, which we believe will have a directly proportional impact on customer revenues. The BreathTest-1000, which has been designed to rapidly screen for COVID-19 or related indicators within 60 seconds, is also soon to follow. Even with 15-minute tests available in the market, we believe they are still too slow for many real-world applications, including commercial facilities, airlines, hospitals, military ships and aircrafts, cruise liners, schools, and many more. Like many companies, we have had some supply chain challenges, but our clinical trials at Cleveland Clinic are soon to begin. To lead this complex effort, we have assembled a great team to be overseen by our Chief Science Officer, Dr. Karim Sirgi, a highly regarded pathologist and program manager. Dr. Sirgi will be working closely with Dr. Raed Dweik, the Chairman of the Respiratory Institute at Cleveland Clinic, and his team throughout the trials. We are also thrilled to see 1^st Detect winning passenger checkpoint opportunities. We expect this to lead to more sales in the security sector as our markets continue to expand. Finally, we are excited about completing our move from our Houston facility to our new Austin facility while also completing our transition from in-house manufacturing to contract manufacturing with Sanmina Corporation. As we open new markets, we are now well positioned with scalable manufacturing,” stated Thomas B. Pickens III, Chairman and Chief Executive Officer of Astrotech.

Second Quarter Fiscal Year 2022 Highlights

Management continues efforts to accelerate growth and optimize resources.

• Astrotech’s balance sheet remains strong with $57 million in cash and liquid investments which is anticipated to support our expected organic growth and acquisition opportunities.
• For the second quarter, revenue for the TRACER 1000 is up 332% compared to the same period one year ago, and 177% year-to-date compared to fiscal year 2021.
• We delivered our first TRACER-1000 units to be deployed at an airport security checkpoint.
• The AgLAB-1000-D2 has completed its cannabis oil processing field trials with excellent results.
• The BreathTest-1000 pre-clinical trials are being held at Cleveland Clinic and they will soon be underway with an experienced team assembled to lead the effort.
• The transition to contract manufacturing by Sanmina is now complete.

About Astrotech Corporation

Astrotech (NASDAQ: ASTC) is a mass spectrometry company that launches, manages, and commercializes scalable companies based on its innovative core technology through its wholly-owned subsidiaries. 1^st Detect develops, manufactures, and sells trace detectors for use in the security and detection market. AgLAB is developing chemical analyzers for use in the agriculture market. BreathTech is developing a breath analysis tool to provide early detection of lung diseases. Astrotech is headquartered in Austin, Texas. For information, please visit www.astrotechcorp.com.

About the AgLAB-1000™ and the BreathTest-1000™

This press release contains information about our new products under development, AgLAB-1000 and BreathTest-1000. Product development involves a high degree of risk and uncertainty, and there can be no assurance that our new products will be successfully developed, achieve their intended benefits, receive full market authorization, or be commercially successful. In addition, FDA approval will be required to market BreathTest-1000 in the United States. Obtaining FDA approval is a complex and lengthy process, and there can be no assurance that FDA approval for BreathTest-1000 will be granted on a timely basis or at all.

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, trends, and uncertainties that could cause actual results to be materially different from the forward-looking statement. These factors include, but are not limited to, the severity and duration of the COVID-19 pandemic and its impact on the U.S. and worldwide economy, the timing, scope and effect of further U.S. and international governmental, regulatory, fiscal, monetary and public health responses to the COVID-19 pandemic, the Company’s use of proceeds from the common stock offerings, whether we can successfully complete the development of our new products and proprietary technologies, whether we can obtain the FDA and other regulatory approvals required to market our products under development in the United States or abroad, whether the market will accept our products and services and whether we are successful in identifying, completing and integrating acquisitions, as well as other risk factors and business considerations described in the Company’s Securities and Exchange Commission filings including the Company’s most recent Annual Report on Form 10-K. Any forward-looking statements in this document should be evaluated in light of these important risk factors. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of its publication and should not be relied upon as representing its views as of any subsequent date. The Company assumes no obligation to correct or update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Tables follow

Note: The balance sheet at June 30, 2021, has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by the United States generally accepted accounting principles for complete financial statements.

Eric Stober, Chief Financial Officer, Astrotech Corporation, (512) 485-9530

SAN JOSE, Calif.--(BUSINESS WIRE)--$BE #earnings--Bloom Energy Corporation (NYSE: BE) today announced financial results for its fourth quarter ended December 31, 2021.

Fourth Quarter Highlights

• Revenue of $342.5 million in the fourth quarter of 2021, an increase of 37.3% compared to $249.4 million in the fourth quarter of 2020.
• Record acceptances of 735 systems in the fourth quarter of 2021, an increase of 63.3% compared to the fourth quarter of 2020.
• Cash flows from operating activities of $47.2 million, compared to ($18.7) million in the fourth quarter of 2020.
• Ending cash balance of $615.1 million in the fourth quarter of 2021, compared to $416.7 million in the fourth quarter of 2020.

Total Year Highlights

• Record ending backlog of 6,549 systems in the fourth quarter of 2021, compared to 1,994 in 2020.
• Revenue of $972.2 million in 2021, an increase of 22.4% compared to $794.2 million in 2020.
• Record acceptances of 1,879 systems in 2021, an increase of 41.8% compared to 2020.
• GAAP gross margin of 20.3% in 2021, a decline of 0.6 percentage points compared to a gross margin of 20.9% in 2020.
• Non-GAAP gross margin of 21.7% in 2021, a decline of 1.3 percentage points compared to gross margin of 23.1% in 2020.
• Launched commercial availability of Bloom Electrolyzer and Hydrogen Energy Server starting in 2022 to establish leadership position in unlocking a net zero emissions future.
• In the fourth quarter of 2021, announced an expansion of the strategic partnership with SK ecoplant Co., Ltd. to accelerate hydrogen commercialization resulting in 450 MW of equipment backlog to be recognized over the next three years.

Commenting on the fourth quarter and full year earnings, KR Sridhar, founder, chairman, and CEO of Bloom Energy said, “This was a record quarter and year for Bloom Energy. With nearly $1 billion in revenue, we are now at an inflection point. In many ways, as the energy industry transforms, we are in a category of our own with growing revenue, margin expansion, strong backlog and the best, most innovative solutions for customers who want low-carbon and resilient power today and a zero-emissions energy tomorrow. We are poised to capitalize on demand for clean energy, decarbonization, and the growth of the hydrogen and renewable fuels economy.”

Greg Cameron, executive vice president and CFO of Bloom Energy added, “This year was about execution, and we are in an excellent position both operationally and financially. We had another record year for revenue and acceptances. Our backlog is up nearly 100% year-on-year, our pipeline is stronger than it has ever been, and our balance sheet is sound. We have the products, team, strategy, and track-record to execute on our growth plans.”

Summary of Key Financial Metrics

Preliminary Summary GAAP Profit and Loss Statements

Preliminary Summary Non-GAAP Financial Information¹

Outlook

• Bloom increases long-term revenue growth outlook five points to 30-35% over next 10 years.

• Bloom provides the following outlook for the full-year 2022:
  • Revenue: $1.1 - $1.15 billion
  • Product & Service Revenue: ~27%
  • Non-GAAP Gross Margin*: ~24%
  • Non-GAAP Operating Margin*: ~1%
  • Cash Flow from Operations: Positive

*Non-GAAP gross margin and non-GAAP operating margin only exclude stock-based compensation.

Acceptances

We use acceptances as a key operating metric to measure the volume of our completed Energy Server installation activity from period to period. Acceptance typically occurs upon transfer of control to our customers, which, depending on the contract terms, is when the system is: shipped and delivered to our customers; when the system is shipped and delivered and is physically ready for startup and commissioning; or when the system is shipped and delivered and is turned on and producing power.

Balance Sheet Highlights

Bloom Energy’s cash position, including restricted cash, as of December 31, 2021 was $615.1 million, compared to $416.7 million as of December 31, 2020. Unrestricted cash as of December 31, 2021 was $396.0 million, compared to $246.9 million as of December 31, 2020. Bloom ended the fourth quarter of 2021 with $539.7 million of total debt, an increase of $23.7 million from the third quarter of 2021. Recourse debt as of December 31, 2021 was $300.0 million, unchanged from September 30, 2021.

Conference Call Details

Bloom will host a conference call today, February 10, 2022, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its financial results. To participate in the live call, analysts and investors may call +1 (844) 200-6205 and enter the passcode: 689359. Those calling from outside the United States may dial +1 (833) 950-0062 and enter the same passcode: 689359. A simultaneous live webcast will also be available under the Investor Relations section on our website at https://investor.bloomenergy.com/. Following the webcast, an archived version will be available on Bloom’s website for one year. A telephonic replay of the conference call will be available for one week following the call, by dialing +1 (866) 813-9403 or + 1 (226) 621-4642 entering passcode 219118.

Use of Non-GAAP Financial Measures

This release includes certain non-GAAP financial measures as defined by the rules and regulations of the Securities and Exchange Commission (SEC). These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Bloom urges you to review the reconciliations of its non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release, and not to rely on any single financial measure to evaluate our business. With respect to Bloom’s expectations regarding its 2022 Outlook, Bloom is not able to provide a quantitative reconciliation of non-GAAP gross margin and non-GAAP operating margin measures to the corresponding GAAP measures without unreasonable efforts.

About Bloom Energy

Bloom Energy empowers businesses and communities to responsibly take charge of their energy. The company’s leading solid oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies around the world turn to Bloom Energy as a trusted partner to deliver lower carbon energy today and a net-zero future. For more information, visit www.bloomenergy.com.

Forward-Looking Statements

This press release contains certain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or the negative of these words or similar terms or expressions that concern Bloom’s expectations, strategy, priorities, plans or intentions. These forward-looking statements include, but are not limited to, Bloom’s expectations regarding revenue growth, margin expansion and its innovative solutions; Bloom’s expectations regarding its growth plans; and Bloom’s financial outlook for 2022. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors including, but not limited to, Bloom’s limited operating history; the emerging nature of the distributed generation market and rapidly evolving market trends; the significant losses Bloom has incurred in the past; the significant upfront costs of Bloom’s Energy Servers and Bloom’s ability to secure financing for its products; Bloom’s ability to drive cost reductions and to successfully mitigate against potential price increases; Bloom’s ability to service its existing debt obligations; Bloom’s ability to be successful in new markets; the ability of the Bloom Energy Server to operate on the fuel source a customer will want; the success of the strategic partnership with SK ecoplant in the United States and international markets; timing and development of an ecosystem for the hydrogen market, including in the South Korean market; continued incentives in the South Korean market; the timing and pace of adoption of hydrogen for stationary power; the risk of manufacturing defects; the accuracy of Bloom’s estimates regarding the useful life of its Energy Servers; delays in the development and introduction of new products or updates to existing products; Bloom’s ability to secure partners in order to commercialize its electrolyzer and carbon capture products; the impact of the COVID-19 pandemic on the global economy and its potential impact on Bloom’s business; the availability of rebates, tax credits and other tax benefits; changes in the regulatory landscape; Bloom’s reliance on tax equity financing arrangements; Bloom’s reliance upon a limited number of customers; Bloom’s lengthy sales and installation cycle, construction, utility interconnection and other delays and cost overruns related to the installation of its Energy Servers; business and economic conditions and growth trends in commercial and industrial energy markets; global economic conditions and uncertainties in the geopolitical environment; overall electricity generation market; Bloom’s ability to protect its intellectual property; and other risks and uncertainties detailed in Bloom’s SEC filings from time to time. More information on potential factors that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including our Quarterly Report on Form 10-Q for the quarter ended on September 30, 2021 as filed with the SEC on November 5, 2021, as well as subsequent reports filed with or furnished to the SEC from time to time. These reports are available on Bloom’s website at www.bloomenergy.com and the SEC’s website at www.sec.gov. Bloom assumes no obligation to, and does not currently intend to, update any such forward-looking statements.

The Investor Relations section of Bloom’s website at investor.bloomenergy.com contains a significant amount of information about Bloom Energy, including financial and other information for investors. Bloom encourages investors to visit this website from time to time, as information is updated and new information is posted.

Reconciliation of GAAP to Non-GAAP Financial Measures (preliminary & unaudited) (in thousands)

Gross Profit and Gross Margin to Gross Profit Excluding Stock-Based Compensation and Gross Margin Excluding Stock-Based Compensation

Gross profit and gross margin excluding stock-based compensation (SBC) are supplemental measures of operating performance that do not represent and should not be considered alternatives to gross profit or gross margin, as determined under GAAP. These measures remove the impact of stock-based compensation. We believe that gross profit and gross margin excluding stock-based compensation supplement the GAAP measures and enable us to more effectively evaluate our performance period-over-period. A reconciliation of gross profit and gross margin excluding stock-based compensation to gross profit and gross margin, the most directly comparable GAAP measures, and the computation of gross margin excluding stock-based compensation are as follows:

Cost of Revenue and Operating Expenses to Cost of Revenue and Operating Expenses Excluding Stock-Based Compensation

Cost of revenue and operating expenses excluding stock-based compensation are a supplemental measure of operating performance that does not represent and should not be considered an alternative to cost of revenue and operating expenses, as determined under GAAP. This measure removes the impact of stock-based compensation. We believe that cost of revenue and operating expenses excluding stock-based compensation supplements the GAAP measure and enables us to more effectively evaluate our performance period-over-period. A reconciliation of cost of revenue and operating expenses excluding stock-based compensation to cost of revenue and operating expenses, the most directly comparable GAAP measure, are as follows:

Investor Relations:
Ed Vallejo
Bloom Energy
+1 (267) 370-9717
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Media:
Jennifer Duffourg
Bloom Energy
+1 (480) 341-5464
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NEW YORK--(BUSINESS WIRE)--Goldman Sachs MLP and Energy Renaissance Fund (the “Fund”) (NYSE: GER) is announcing its quarterly distribution of $0.175 per common share. The distribution is payable on the date noted below.

“Similar to our previous dividend increase, we believe this increased payout to be representative of both the market’s improving fundamentals as well as the Fund’s cash flow generation. We appreciate our investors’ continued ownership in the Fund and as always continue to evaluate all ways to best maximize shareholder value going forward,” remarked Portfolio Manager Kyri Loupis.

The distribution schedule is as follows:

It is currently anticipated that a portion of this distribution will be treated for tax purposes as a return of capital, however, the final characterization of such distribution will be made in early 2022 when the Fund can determine its earnings and profits for the full year. The final tax status of the distribution may differ substantially from this preliminary information.

In addition, portfolio holdings as of December 31, 2021, as well as additional information regarding the Fund, can be accessed through the Goldman Sachs Asset Management Closed-End Fund landing page at www.GSAMFUNDS.com/cef.

Goldman Sachs MLP and Energy Renaissance Fund

Goldman Sachs MLP and Energy Renaissance Fund is a non-diversified, closed-end management investment company managed by Goldman Sachs Asset Management’s Energy & Infrastructure Team, which is among the industry’s largest MLP investment groups.

The Fund began trading on the NYSE on September 26, 2014. The reorganization of the Goldman Sachs MLP Income Opportunities Fund with and into the Fund was completed on September 28, 2020. The investment objective, strategies and restrictions of the Fund remain unchanged. The Fund seeks a high level of total return with an emphasis on current distributions to shareholders. The Fund invests primarily in master limited partnerships (“MLPs”) and other energy investments. The Fund currently expects to concentrate its investments in the energy sector, with an emphasis on midstream MLP investments. The Fund invests across the energy value chain, including upstream, midstream and downstream investments.

About Goldman Sachs Asset Management, L.P.

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market – overseeing more than $2 trillion in assets under supervision worldwide as of December 31, 2021¹. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Follow us on LinkedIn.

Disclosures

Shares of closed-end investment companies frequently trade at a discount from their net asset value (“NAV”), which may increase investors’ risk of loss. At the time of sale, an investor’s shares may have a market price that is above or below NAV, and may be worth more or less than the original investment. There is no assurance that the Fund will meet its investment objective. Past performance does not guarantee future results. Investments in securities of MLPs involve risks that differ from investments in common stock, including among others risks related to limited control and limited rights to vote on matters affecting MLPs, potential conflicts of interest risk, cash flow risks, dilution risks and trading risks.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security. The Fund has completed its initial public offering. Investors should consider their investment goals, time horizons and risk tolerance before investing in the Fund. An investment in the Fund is not appropriate for all investors, and the Fund is not intended to be a complete investment program. Investors should carefully review and consider the Fund’s investment objective, risks, charges and expenses before investing.

Compliance Code: 267902-OTU

Date of First Use: February 11, 2022

Media Contact:
Avery Reed, Tel: 212-357-0125

Investor Contact:
Charles Sturges, Tel: 212-902-7996