Software-centric architecture to democratize data and enable innovation

AUSTIN, Texas--(BUSINESS WIRE)--Building on a deep legacy of industry-leading digital automation expertise through its Plantweb™ digital ecosystem, global technology and software company Emerson (NYSE: EMR) today shared its vision of a new software-defined automation architecture designed to catalyze the future of modern manufacturing.

This next-generation architecture will empower companies through “boundless automation” to manage, connect and deliver operational technology (OT) and information technology (IT) data seamlessly and easily across the enterprise. Moving data freely and securely across OT and IT domains – from the intelligent field to the edge and cloud – will enable operational and business performance optimization across the enterprise.

Emerson, drawing upon decades of automation leadership through its preeminent Plantweb digital ecosystem, shared this vision to accelerate manufacturing today at its Emerson Exchange convening nearly 3,000 industrial experts to discuss emerging ways to optimize business and sustainability performance through advanced automation. This vision follows Emerson’s latest expansion of Plantweb with the Aspen Tech industrial software portfolio.

“The industrial sector is facing a pivotal moment, with the intersecting priorities of safety, productivity and sustainability forcing a crossroads between ‘the way things have always been done’ and the tech-powered vision of tomorrow,” said Mark Bulanda, executive president of Emerson’s Automation Solutions business. “As an automation leader with expanding software capabilities through our AspenTech addition, Emerson is well-positioned to help the industries we serve navigate a path to a digital future.”

The automation architecture currently used across the world’s most essential industries was purpose-built with operational data isolated from hardware and software systems. This siloed approach presents a barrier to meaningful data use because separate layers of automation – including sensors and software, cloud-based applications and artificial intelligence – block data access from one layer to the next.

Leveraging automation to its fullest potential requires secure OT data access to put data to work across layers to optimize process, reliability, safety and sustainability simultaneously. New technologies and applications combined with market needs – including “born digital” companies, decentralized operating models and the move toward self-optimized plants – have created demand for a new automation paradigm where a unified software environment streams data across the enterprise effortlessly, when and where it’s needed.

This software-defined, data-centric and app-enabled architecture Emerson outlined at its conference will more easily “democratize” critical data. The automation architecture will easily gather data from devices and modern edge-based technology control systems and securely move it to today’s cloud-based enterprise for analysis, trending and forecasting – enabling tight collaboration between information technology and OT.

“Emerson has been at the forefront of industrial automation innovation breakthroughs for the past four decades, and our commitment continues,” said Peter Zornio, chief technology officer for Emerson’s Automation Solutions business. “The shift to a software-defined architecture across the cloud, edge and intelligent field will eliminate functional and architectural silos, creating a ‘boundless automation’ platform. Such a platform is required to truly enable all the benefits promised by digital transformation applications and programs.”

About Emerson

Emerson (NYSE: EMR), headquartered in St. Louis, Missouri (USA), is a global technology and software company providing innovative solutions for customers in industrial, commercial and residential markets. A leader in industrial automation, Emerson helps process, hybrid and discrete manufacturers optimize operations, protect personnel, reduce emissions and achieve their sustainability goals through its Automation Solutions and AspenTech businesses. Emerson’s Commercial & Residential Solutions business helps ensure human comfort and health, protect food quality and safety, advance energy efficiency and create sustainable infrastructure. For more information, visit Emerson.com.

For Emerson
Denise Clarke
512.587.5879
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New identity focuses on energy innovation and decarbonization to address the world's energy needs today and to forge the road ahead for the energy transition

HOUSTON--(BUSINESS WIRE)--Schlumberger (NYSE: SLB) today announced its new name—SLB—underscoring the company’s vision for a decarbonized energy future and affirming its transformation from the world’s largest oilfield services company to a global technology company focused on driving energy innovation for a balanced planet. Beginning today, the legacy Schlumberger brand and nearly all of its affiliated brands will become one under the new SLB brand, which introduces a refreshed visual identity, including a new logo for the company—a symbol of where it is today and where it is heading.

“Today we face the world’s greatest balancing act—providing reliable, accessible and affordable energy to meet growing demand, while rapidly decarbonizing for a sustainable future,” said Olivier Le Peuch, chief executive officer, SLB. “This dual challenge requires a balance of energy affordability, energy security and sustainability. It requires a balance of innovation and decarbonization in the oil and gas industry as well as clean energy solutions. It requires a balanced energy mix for a balanced planet. Our new identity symbolizes SLB's commitment to moving farther and faster in facilitating the world's energy needs today and forging the road ahead for the energy transition. It’s a bold challenge. But the legacy of our people, technology and performance are unmatched, and we are ready to answer this challenge.”

Brand evolution

The SLB brand builds on nearly a century of technology innovation and industrialization expertise in the energy services industry. The company has spent the last three years laying the groundwork for its increasing focus on low- and zero-carbon energy technology solutions while continuing to drive innovation, decarbonization and performance for the oil and gas industry:

• In 2020, SLB launched its New Energy business to explore partnerships and opportunities in low-carbon and carbon-neutral technologies. This set in motion a years-long journey for the company to expand its role in the new energy future through the development of new technologies and partnerships.
• In 2021, SLB became the first company in the energy services industry to commit to a net-zero target inclusive of total Scope 3 emissions from the use of its technologies.
• In tandem with this commitment, SLB introduced a portfolio of Transition Technologies™ with a quantifiable, science-based emissions reduction benefit. One example is SLB’s Zero-Flaring Well Test and Cleanup technique, which has been used by customers to reduce up to 80,000 tons of CO₂ emissions—the equivalent of taking nearly 18,000 cars off the road for a year.
• Earlier this year, the company announced SLB End-to-end Emissions Solutions (SEES), a dedicated business for eliminating methane emissions from oil and gas operations. Methane is an important industry target because its warming effect is 84 times greater than CO₂ over a 20-year period and 28 times over a century. SLB recently joined the Oil and Gas Climate Initiative’s “Aiming for Zero Methane Emissions Initiative” to support energy companies’ efforts to curb the warming impact of their operational methane emissions.

SLB today

Leveraging this progress and guided by its brand promise to drive energy innovation for a balanced planet, SLB will focus on delivering results-driven solutions for its customers in four areas:

• New energy systems—SLB is focusing on creating and scaling the new energy systems of tomorrow. With its New Energy business evolving to a strategic driver for the company, SLB will continue forging partnerships across various industries to develop technologies across five areas: carbon solutions, hydrogen, geothermal and geoenergy, energy storage and critical minerals. This includes the company’s Celsius Energy business, which reduces the carbon footprint of buildings by making energy accessible from the earth, as well as Genvia, a clean hydrogen technology company formed as a public/private partnership with France’s renewables research agency, CEA, and other partners.

• Industrial decarbonization—Reducing emissions, particularly from hard-to-abate industries, is critical to achieving net zero targets. SLB is already working to make an impact in this area. Last month, it announced plans to develop a digital sustainability platform that will provide sustainability solutions for hard-to-abate industrial sectors. SLB is also focused on expanding technologies and opportunities for carbon capture, utilization and sequestration (CCUS), which is one of the most significant levers for decarbonizing multiple industries.

• Digital at scale—Digital capabilities continue to grow throughout the energy industry and have become a key performance and efficiency driver. SLB’s customers will be able to use the company’s digital products and services to help meet their sustainability goals by driving transparency, better measurement, more effective planning and much more impactful outcomes with integrity. SLB recently announced the commercial release of its Enterprise Data Solution, which helps accelerate advanced workflows. This latest innovation was built in alignment with the emerging requirements of the OSDU™ Technical Standard, the open industry standard for energy data.

• Oil and gas innovation—Building on its decades of technology advancement, SLB will continue innovating new products, services and technologies that make the exploration and development of oil and gas assets cleaner, more resilient and more efficient, with lower carbon and less impact on the environment. The company will continue to build on its fit-for-basin approach, developing bespoke and custom technologies tailored for the regions and environments in which they operate. Through the continued growth of digitally enabled technologies that improve efficiency and performance, its Transition Technologies portfolio and its SEES methane elimination business, SLB will provide solutions that enable its customers to increase production from their reserves at a competitive cost and low carbon intensity per barrel equivalent.

“Our new identity boldly symbolizes our ambition to accelerate the energy transition with sustainability at the center of everything we do,” said Dr. Katharina Beumelburg, chief strategy and sustainability officer, SLB. “Our new brand and strategy are built for this moment in our history. A moment that demands the need for a balanced energy system for our planet and the need to achieve and go beyond net zero to address the climate challenge. Everything we have chosen, from the shape of the logo to our new, bright blue color, symbolizes the boldness of our ambitions and ingenuity of our team to make the new energy future a reality. ’For a balanced planet’ is more than just our new tagline. It’s central to our purpose and our culture. It takes the incredible history of this world-class company, enhances it and moves it forward toward a more sustainable and net zero future.”

About SLB

SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day to decarbonize oil and gas and develop scalable new energy technologies to accelerate the energy transition. Find out more at slb.com.

Access the SLB Media Kit here.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as “expect,” “may,” “can,” “estimate,” “intend,” “anticipate,” “will,” “potential,” “projected" and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as statements about our financial and performance targets and other forecasts or expectations regarding, or dependent on, our business outlook; growth for SLB as a whole and for each of its Divisions (and for specified business lines, geographic areas, or technologies within each Division); oil and natural gas demand and production growth; oil and natural gas prices; forecasts or expectations regarding energy transition and global climate change; improvements in operating procedures and technology; and our business strategies, including digital and “fit for basin,” as well as the strategies of our customers. These statements are subject to risks and uncertainties, including, but not limited to, the inability to achieve financial and performance targets and other forecasts and expectations; the inability to achieve net-negative carbon emissions goals; the inability to recognize intended benefits of our partnerships; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; and other risks and uncertainties detailed in SLB’s most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. The forward-looking statements speak only as of the date of this press release, SLB disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

Media
Josh Byerly, Vice President of Communications
Moira Duff, Director of External Communications
Tel: +1 (713) 375-3407
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Investors
Ndubuisi Maduemezia, Vice President of Investor Relations
Joy V. Domingo, Director of Investor Relations
Tel: +1 (713) 375-3535
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HOUSTON--(BUSINESS WIRE)--Helix Energy Solutions Group, Inc. ("Helix") (NYSE: HLX) reported a net loss¹ of $18.8 million, or $(0.12) per diluted share, for the third quarter 2022 compared to net losses of $29.7 million, or $(0.20) per diluted share, for the second quarter 2022 and $19.0 million, or $(0.13) per diluted share, for the third quarter 2021. Helix reported adjusted EBITDA² of $52.6 million for the third quarter 2022 compared to $16.8 million for the second quarter 2022 and $26.5 million for the third quarter 2021.

For the nine months ended September 30, 2022, Helix reported a net loss of $90.5 million, or $(0.60) per diluted share, compared to a net loss of $35.6 million, or $(0.24) per diluted share, for the nine months ended September 30, 2021. Adjusted EBITDA for the nine months ended September 30, 2022 was $71.9 million compared to $87.5 million for the nine months ended September 30, 2021. The table below summarizes our results of operations:

Owen Kratz, President and Chief Executive Officer of Helix, stated, “We have been forecasting a stronger second half of 2022 and as evidenced by our strong results, we are off to a very good start. Our third quarter 2022 results improved significantly over the prior quarter, a combination of a stronger oil and gas market, seasonally high offshore activity, and the inclusion of Helix Alliance in our operating results for the quarter. Our bottom line was negatively impacted by the strengthening of the U.S. dollar affecting our foreign operating results and generating unrealized non-cash foreign currency losses during the quarter. We expect to continue the positive momentum in our operating results into the fourth quarter with continued strong performance in the Gulf of Mexico and North Sea. Additionally, with our recent contract extension for the Siem Helix 2 and the planned commencement of the Siem Helix 1 on a two-year P&A campaign, further improvements are expected in Brazil towards the end of the fourth quarter and beyond. As we maximize production for our customers and our late life properties, with our focused growth in the renewables market and the expansion of our decommissioning capabilities, we continue to execute our strategy to position Helix as a preeminent offshore Energy Transition company.”

Segment Results

Well Intervention

Well Intervention revenues increased $37.6 million, or 35%, in the third quarter 2022 compared to the prior quarter. Our third quarter 2022 revenues increased due primarily to higher vessel utilization and an improvement in rates, offset in part by lower 15K IRS utilization and the impact of weaker foreign currency exchange rates compared to the prior quarter. Utilization in West Africa increased during the third quarter as the Q7000 recommenced operations following scheduled maintenance in Namibia during the prior quarter. Utilization in the North Sea continued to improve during the third quarter following a late commencement of seasonal activity during the second quarter. North Sea operating rate improvements were offset in part by a weaker British pound during the third quarter. Gulf of Mexico vessel utilization and rates improved during the quarter following scheduled regulatory inspections during the prior quarter, although utilization on our 15K IRS system decreased compared to the prior quarter. Overall Well Intervention vessel utilization increased to 87% during the third quarter 2022 compared to 67% during the prior quarter. Well Intervention net loss from operations improved $21.2 million compared to the prior quarter primarily due to higher revenues, offset in part by higher operating costs on increased activity during the third quarter.

Well Intervention revenues increased $12.6 million, or 10%, in the third quarter 2022 compared to the third quarter 2021. The increase was primarily due to higher utilization and rates in the Gulf of Mexico and the North Sea, offset in part by lower utilization in West Africa, lower rates in Brazil and the impact of weaker foreign currency exchange rates during the third quarter 2022 compared to the third quarter 2021. Utilization in the Gulf of Mexico improved year over year with fewer idle days in the third quarter 2022, and the North Sea maintained strong utilization during the quarter compared to the prior year, which saw an early seasonal slowdown during the third quarter 2021. West Africa utilization was lower during the third quarter 2022 as the Q7000 recommenced operations mid-quarter following scheduled maintenance whereas the vessel was fully utilized during the third quarter 2021. Revenues in Brazil declined year over year primarily due to the Siem Helix 2 under its existing contract at lower rates during the third quarter 2022, whereas the vessel was operating at higher rates during the third quarter 2021. Overall Well Intervention vessel utilization increased from 72% during the third quarter 2021 to 87% during the third quarter 2022. Well Intervention net loss from operations improved by $12.0 million in the third quarter 2022 compared to the third quarter 2021 primarily due to higher revenues.

Robotics

Robotics revenues increased $6.3 million, or 13%, in the third quarter 2022 compared to the prior quarter. The increase in revenues was due to higher vessel, ROV and trenching activities. Chartered vessel days increased to 376 days compared to 370 days, and vessel utilization increased to 98% compared to 94%, during the third quarter 2022 compared the prior quarter. Vessel days included 100 spot vessel days during the third quarter 2022 compared to 116 spot vessel days during the prior quarter. ROV and trencher utilization increased from 53% during the prior quarter to 66% in the third quarter 2022, which included utilization of our boulder grab for seabed clearance operations on the U.S. east coast following its deployment during the quarter. Trenching days increased to 176 days during the third quarter 2022 on the Grand Canyon III and the Horizon Enabler on both renewable energy and oil and gas trenching projects, compared to 81 days during the prior quarter. Robotics operating income increased $2.0 million during the third quarter 2022 compared to the prior quarter due to higher revenues, offset in part by higher costs on increased activity during the quarter.

Robotics revenues increased $13.6 million, or 32%, during the third quarter 2022 compared to the third quarter 2021. The increase in revenues was due to higher vessel, ROV and trenching activities year over year. Chartered vessel days increased to 376 days during the third quarter 2022 compared to 358 days during the third quarter 2021, and third quarter 2022 vessel utilization remained relatively flat, at 98% compared to 99% during the third quarter 2021. Vessel days during the third quarter 2022 included 100 spot vessel days compared to 176 spot vessel days during the third quarter 2021. ROV and trencher utilization increased to 66% in the third quarter 2022 from 43% in the third quarter 2021, and trenching days increased to 176 days during the third quarter 2022 compared to 90 days during the third quarter 2021. Robotics operating income increased $6.8 million during the third quarter 2022 compared to the third quarter 2021 due to higher revenues, offset in part by higher costs on increased activity year over year.

Shallow Water Abandonment

In the third quarter 2022, Shallow Water Abandonment generated revenues of $67.4 million and income from operations of $16.3 million, which reflected the operating results of Helix Alliance since its acquisition on July 1, 2022. Overall segment vessel utilization was 80% across 21 vessels and 1,077 days, or 59% of utilization across marketable plug and abandonment (P&A) and coiled tubing systems during the quarter.

Production Facilities

Production Facilities revenues increased $0.8 million, or 4%, in the third quarter 2022 compared to the prior quarter due primarily to oil and gas production from our interest in the Thunder Hawk Field following its acquisition on August 25, 2022. Production Facilities revenues decreased $0.1 million, or 1%, compared to the third quarter 2021 primarily due to lower oil and gas production. The Helix Producer I completed its scheduled five-year regulatory dry docking during the third quarter 2022.

Selling, General and Administrative and Other

Selling, General and Administrative

Selling, general and administrative expenses were $23.6 million, or 8.6% of revenue, in the third quarter 2022 compared to $16.0 million, or 9.9% of revenue, in the prior quarter. The increase during the third quarter was primarily due to higher employee incentive compensation costs and general and administrative costs in our Shallow Water Abandonment segment following the closing of our Alliance acquisition on July 1, 2022.

Acquisition and Integration Costs

Acquisition and integration costs are related to our acquisition of Alliance, which closed on July 1, 2022 and included primarily legal and professional fees as well as costs incurred to integrate Alliance’s operations and systems and to align its financial processes and procedures with those of Helix.

Other Income and Expenses

Other expense, net was $20.3 million in the third quarter 2022 compared to $13.5 million in the prior quarter and is comprised almost entirely of unrealized non-cash foreign currency losses of $19.7 million related to the approximate 8% weakening of the British pound during the third quarter 2022 on U.S. dollar denominated intercompany debt in our U.K. entities.

Cash Flows

Operating cash flows were $24.7 million during the third quarter 2022 compared to $(5.8) million during the prior quarter and $28.7 million during the third quarter 2021. The improvement in operating cash flows quarter over quarter was primarily due to improvements in operating income during the third quarter 2022 compared to the prior quarter. The reduction in operating cash flows year over year was primarily due to higher regulatory recertification costs for our vessels and systems and negative changes in working capital during the third quarter 2022 and tax refunds of $12.4 million related to the CARES Act received during the third quarter 2021, offset in part by higher operating income during the third quarter 2022. Regulatory recertification costs for our vessels and systems, which are included in operating cash flows, were $10.7 million and included the dry docking for the Helix Producer I during the third quarter 2022 compared to $9.3 million during the prior quarter and $0.9 million during the third quarter 2021.

Capital expenditures, which are included in investing cash flows, totaled $2.8 million during the third quarter 2022 compared to $1.6 million during the prior quarter and $0.6 million during the third quarter 2021. Our net cash flow from investing activities included a cash outflow of $112.6 million (net of acquired cash) for our acquisition of Alliance on July 1, 2022.

Free Cash Flow was $21.8 million in the third quarter 2022 compared to $(7.4) million during the prior quarter and $28.1 million during the third quarter 2021. The increase in Free Cash Flow quarter over quarter was due primarily to higher operating cash flow, and the decrease in Free Cash Flow year over year was due primarily to lower operating cash flow during the third quarter 2022. (Free Cash Flow is a non-GAAP measure. See reconciliation below.)

Financial Condition and Liquidity

Cash and cash equivalents were $162.3 million at September 30, 2022, excluding $2.5 million of restricted cash. On July 1, 2022, we amended our ABL facility to, among other things, increase the size of the facility from $80 million to $100 million. Available capacity under our ABL facility at September 30, 2022 was $81.8 million, resulting in total liquidity of $244.1 million. At September 30, 2022 we had $263.6 million of long-term debt and net debt of $98.8 million.

Conference Call Information

Further details are provided in the presentation for Helix’s quarterly teleconference to review its third quarter 2022 results (see the "For the Investor" page of Helix's website, www.helixesg.com). The teleconference, scheduled for Tuesday, October 25, 2022, at 9:00 a.m. Central Time, will be audio webcast live from the "For the Investor" page of Helix’s website. Investors and other interested parties wishing to participate in the teleconference may join by dialing 1-877-243-4912 for participants in the United States and 1-303-223-0113 for international participants. The passcode is "Staffeldt." A replay of the webcast will be available on the "For the Investor" page of Helix's website by selecting the "Audio Archives" link beginning approximately two hours after the completion of the event.

About Helix

Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. Our services are centered toward and well positioned to facilitate global energy transition by maximizing production of remaining oil and gas reserves, decommissioning end-of-life oil and gas fields, and supporting renewable energy developments. For more information about Helix, please visit our website at www.helixesg.com.

Non-GAAP Financial Measures

Management evaluates performance and financial condition using certain non-GAAP measures, primarily EBITDA, Adjusted EBITDA, net debt, net debt to book capitalization and Free Cash Flow. We define EBITDA as earnings before income taxes, net interest expense, gains or losses on extinguishment of long-term debt, gains and losses on equity investments, net other income or expense, and depreciation and amortization expense. Non-cash impairment losses on goodwill and other long-lived assets are also added back if applicable. To arrive at our measure of Adjusted EBITDA, we exclude the gain or loss on disposition of assets, acquisition and integration costs, the change in fair value of the contingent consideration and the general provision (release) for current expected credit losses, if any. Net debt is calculated as long-term debt including current maturities of long-term debt less cash and cash equivalents and restricted cash. Net debt to book capitalization is calculated by dividing net debt by the sum of net debt and shareholders’ equity. We define Free Cash Flow as cash flows from operating activities less capital expenditures, net of proceeds from sale of assets.

We use EBITDA, Adjusted EBITDA and Free Cash Flow to monitor and facilitate internal evaluation of the performance of our business operations, to facilitate external comparison of our business results to those of others in our industry, to analyze and evaluate financial and strategic planning decisions regarding future investments and acquisitions, to plan and evaluate operating budgets, and in certain cases, to report our results to the holders of our debt as required by our debt covenants. We believe that our measures of EBITDA, Adjusted EBITDA and Free Cash Flow provide useful information to the public regarding our operating performance and ability to service debt and fund capital expenditures and may help our investors understand and compare our results to other companies that have different financing, capital and tax structures. Other companies may calculate their measures of EBITDA, Adjusted EBITDA and Free Cash Flow differently from the way we do, which may limit their usefulness as comparative measures. EBITDA, Adjusted EBITDA and Free Cash Flow should not be considered in isolation or as a substitute for, but instead are supplemental to, income from operations, net income, cash flows from operating activities, or other income or cash flow data prepared in accordance with GAAP. Users of this financial information should consider the types of events and transactions that are excluded from these measures. See reconciliation of the non-GAAP financial information presented in this press release to the most directly comparable financial information presented in accordance with GAAP.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any statements regarding the COVID-19 pandemic and oil price volatility and their respective effects and results, our protocols and plans, our current work continuing, the spot market, our ability to identify, effect and integrate acquisitions, joint ventures or other transactions, including the integration of the Alliance acquisition; our spending and cost reduction plans and our ability to manage changes; our strategy; any statements regarding visibility and future utilization; any projections of financial items including projections as to guidance and other outlook information; any statements regarding future operations expenditures; any statements regarding our plans, strategies and objectives for future operations; any statements regarding our ability to enter into, renew and/or perform commercial contracts; any statements concerning developments; any statements regarding our environmental, social and governance (“ESG”) initiatives; any statements regarding future economic conditions or performance; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors that could cause results to differ materially from those in the forward-looking statements, including but not limited to the results and effects of the COVID-19 pandemic and actions by governments, customers, suppliers and partners with respect thereto; market conditions; results from acquired properties; demand for our services; the performance of contracts by suppliers, customers and partners; actions by governmental and regulatory authorities; operating hazards and delays, which include delays in delivery, chartering or customer acceptance of assets or terms of their acceptance; our ability to secure and realize backlog; the effectiveness of our ESG initiatives and disclosures; human capital management issues; complexities of global political and economic developments; geologic risks; volatility of oil and gas prices and other risks described from time to time in our reports filed with the Securities and Exchange Commission ("SEC"), including our most recently filed Annual Report on Form 10-K and in our other filings with the SEC, which are available free of charge on the SEC's website at www.sec.gov. We assume no obligation and do not intend to update these forward-looking statements, which speak only as of their respective dates, except as required by law.

Erik Staffeldt, Executive Vice President and CFO
email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Ph: 281-618-0465

New identity focuses on energy innovation and decarbonization to address the world's energy needs today and to forge the road ahead for the energy transition

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

Schlumberger (NYSE: SLB) today announced its new name—SLB—underscoring the company’s vision for a decarbonized energy future and affirming its transformation from the world’s largest oilfield services company to a global technology company focused on driving energy innovation for a balanced planet. Beginning today, the legacy Schlumberger brand and nearly all of its affiliated brands will become one under the new SLB brand, which introduces a refreshed visual identity, including a new logo for the company—a symbol of where it is today and where it is heading.

“Today we face the world’s greatest balancing act—providing reliable, accessible and affordable energy to meet growing demand, while rapidly decarbonizing for a sustainable future,” said Olivier Le Peuch, chief executive officer, SLB. “This dual challenge requires a balance of energy affordability, energy security and sustainability. It requires a balance of innovation and decarbonization in the oil and gas industry as well as clean energy solutions. It requires a balanced energy mix for a balanced planet. Our new identity symbolizes SLB's commitment to moving farther and faster in facilitating the world's energy needs today and forging the road ahead for the energy transition. It’s a bold challenge. But the legacy of our people, technology and performance are unmatched, and we are ready to answer this challenge.”

Brand evolution

The SLB brand builds on nearly a century of technology innovation and industrialization expertise in the energy services industry. The company has spent the last three years laying the groundwork for its increasing focus on low- and zero-carbon energy technology solutions while continuing to drive innovation, decarbonization and performance for the oil and gas industry:

• In 2020, SLB launched its New Energy business to explore partnerships and opportunities in low-carbon and carbon-neutral technologies. This set in motion a years-long journey for the company to expand its role in the new energy future through the development of new technologies and partnerships.
• In 2021, SLB became the first company in the energy services industry to commit to a net-zero target inclusive of total Scope 3 emissions from the use of its technologies.
• In tandem with this commitment, SLB introduced a portfolio of Transition Technologies™ with a quantifiable, science-based emissions reduction benefit. One example is SLB’s Zero-Flaring Well Test and Cleanup technique, which has been used by customers to reduce up to 80,000 tons of CO₂ emissions—the equivalent of taking nearly 18,000 cars off the road for a year.
• Earlier this year, the company announced SLB End-to-end Emissions Solutions (SEES), a dedicated business for eliminating methane emissions from oil and gas operations. Methane is an important industry target because its warming effect is 84 times greater than CO₂ over a 20-year period and 28 times over a century. SLB recently joined the Oil and Gas Climate Initiative’s “Aiming for Zero Methane Emissions Initiative” to support energy companies’ efforts to curb the warming impact of their operational methane emissions.

SLB today

Leveraging this progress and guided by its brand promise to drive energy innovation for a balanced planet, SLB will focus on delivering results-driven solutions for its customers in four areas:

• New energy systems—SLB is focusing on creating and scaling the new energy systems of tomorrow. With its New Energy business evolving to a strategic driver for the company, SLB will continue forging partnerships across various industries to develop technologies across five areas: carbon solutions, hydrogen, geothermal and geoenergy, energy storage and critical minerals. This includes the company’s Celsius Energy business, which reduces the carbon footprint of buildings by making energy accessible from the earth, as well as Genvia, a clean hydrogen technology company formed as a public/private partnership with France’s renewables research agency, CEA, and other partners.

• Industrial decarbonization—Reducing emissions, particularly from hard-to-abate industries, is critical to achieving net zero targets. SLB is already working to make an impact in this area. Last month, it announced plans to develop a digital sustainability platform that will provide sustainability solutions for hard-to-abate industrial sectors. SLB is also focused on expanding technologies and opportunities for carbon capture, utilization and sequestration (CCUS), which is one of the most significant levers for decarbonizing multiple industries.

• Digital at scale—Digital capabilities continue to grow throughout the energy industry and have become a key performance and efficiency driver. SLB’s customers will be able to use the company’s digital products and services to help meet their sustainability goals by driving transparency, better measurement, more effective planning and much more impactful outcomes with integrity. SLB recently announced the commercial release of its Enterprise Data Solution, which helps accelerate advanced workflows. This latest innovation was built in alignment with the emerging requirements of the OSDU™ Technical Standard, the open industry standard for energy data.

• Oil and gas innovation—Building on its decades of technology advancement, SLB will continue innovating new products, services and technologies that make the exploration and development of oil and gas assets cleaner, more resilient and more efficient, with lower carbon and less impact on the environment. The company will continue to build on its fit-for-basin approach, developing bespoke and custom technologies tailored for the regions and environments in which they operate. Through the continued growth of digitally enabled technologies that improve efficiency and performance, its Transition Technologies portfolio and its SEES methane elimination business, SLB will provide solutions that enable its customers to increase production from their reserves at a competitive cost and low carbon intensity per barrel equivalent.

“Our new identity boldly symbolizes our ambition to accelerate the energy transition with sustainability at the center of everything we do,” said Dr. Katharina Beumelburg, chief strategy and sustainability officer, SLB. “Our new brand and strategy are built for this moment in our history. A moment that demands the need for a balanced energy system for our planet and the need to achieve and go beyond net zero to address the climate challenge. Everything we have chosen, from the shape of the logo to our new, bright blue color, symbolizes the boldness of our ambitions and ingenuity of our team to make the new energy future a reality. ’For a balanced planet’ is more than just our new tagline. It’s central to our purpose and our culture. It takes the incredible history of this world-class company, enhances it and moves it forward toward a more sustainable and net zero future.”

About SLB

SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day to decarbonize oil and gas and develop scalable new energy technologies to accelerate the energy transition. Find out more at slb.com.

Access the SLB Media Kit here.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as “expect,” “may,” “can,” “estimate,” “intend,” “anticipate,” “will,” “potential,” “projected" and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as statements about our financial and performance targets and other forecasts or expectations regarding, or dependent on, our business outlook; growth for SLB as a whole and for each of its Divisions (and for specified business lines, geographic areas, or technologies within each Division); oil and natural gas demand and production growth; oil and natural gas prices; forecasts or expectations regarding energy transition and global climate change; improvements in operating procedures and technology; and our business strategies, including digital and “fit for basin,” as well as the strategies of our customers. These statements are subject to risks and uncertainties, including, but not limited to, the inability to achieve financial and performance targets and other forecasts and expectations; the inability to achieve net-negative carbon emissions goals; the inability to recognize intended benefits of our partnerships; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; and other risks and uncertainties detailed in SLB’s most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. The forward-looking statements speak only as of the date of this press release, SLB disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

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• Critical Metals will own European Lithium’s Wolfsberg Lithium Project located in Wolfsberg, Austria, 270 kilometers south of Vienna, which is expected to be the first licensed lithium mine in Europe
• Based on pre-feasibility study, mine expected to supply approximately 10,500 metric tons of lithium concentrate annually starting in 2025, enough material to power approximately 200,000 EVs per year; results of definitive feasibility study expected in early 2023
• Key strategic customer offtake MOU with global automotive powerhouse, BMW AG, expected to create one of the largest ever direct OEM pre-pays in the lithium mining industry
• Project has completed pilot test work through independent consultants, which has demonstrated its expected ability to supply battery-grade lithium concentrate at commercial scale
• Proceeds of the transaction, including the non-redeemed portion of the approximately $159 million¹ cash-in-trust of Sizzle Acquisition Corp., are expected to be used for construction and commissioning of the Project

PERTH, Australia & WASHINGTON--(BUSINESS WIRE)--European Lithium AT (Investments) Limited, a wholly owned subsidiary of European Lithium Ltd (ASX: EUR) (“European Lithium”), and Sizzle Acquisition Corp, (Nasdaq: SZZL) (“Sizzle”), a publicly traded special purpose acquisition company, today announced that they have entered into a definitive agreement for a business combination that will result in the formation of Critical Metals Corp. (“Critical Metals”), which is expected to be a leading lithium mining company. Upon closing, subject to approval by European Lithium and Sizzle stockholders and other customary requirements, Critical Metals intends to be listed on Nasdaq under the symbol “CRML,” which is expected to occur in the first half of 2023.

Upon closing of the business combination, Critical Metals will own European Lithium’s Wolfsberg Lithium Project (the “Project”), which is currently owned by European Lithium’s wholly owned subsidiary, European Lithium AT (Investments) Limited, as well as a 20% interest in additional Austrian projects currently held by European Lithium. European Lithium will be the largest shareholder of Critical Metals and is expected to continue to trade on the Australian Securities Exchange (“ASX”). The board of Critical Metals is expected to comprise a total of 5 members, 4 of whom will be nominees of European Lithium and 1 of whom will be a nominee of Sizzle. Critical Metals will be led by Executive Chairman, Tony Sage, and Chief Executive Officer, Dietrich Wanke.

In order to support the rapidly growing EV supply chain in Europe, the Project is expected to become the region’s first major source of battery-grade lithium concentrate, filling a critical gap in the European EV battery supply chain. Located in Wolfsberg, Austria, in the heart of this supply chain, the Project is expected to be uniquely positioned to capitalize on three key competitive differentiators:

- The First Licensed Lithium Mine in Europe –the Project holds an exclusive license to repurpose a former Austrian government constructed lithium mine that contains a substantial amount of battery-grade lithium, minimizing the overall environmental impact of the discovery and processes.

- Key Strategic Offtake MOU – European Lithium has entered into a MOU for a key customer arrangement with BMW AG, which upon execution of definitive agreements would create one of the largest direct pre-pays from an OEM in Europe in the lithium mining industry of $15 million.

- Definitive Feasibility Study (DFS) Expected in Early 2023 – the Project is aiming to supply lithium concentrate at commercial scale and be economically viable, as per its completed pre-feasibility study (PFS), with the results of DRA Global’s final definitive feasibility study (DFS) expected in Q1 2023.

Backed by considerable legislative support worldwide for cleaner transportation, automakers and battery manufacturers continue to ramp up production of electric vehicles (EVs) to meet overwhelming consumer demand, creating a critical need for additional sources of battery-grade lithium – an essential material for EV batteries.

Through its pilot plant constructed by independent consultants Dorfner Anzaplan in Austria, European Lithium previously demonstrated the Project’s expected ability to supply battery-grade lithium concentrate through the processing of spodumene. The results from the pilot plant demonstrated that the Project can supply battery-grade lithium at 99.6% of lithium carbonate grade.

Management Commentary

“We are enthusiastic to partner with the Sizzle team to become a publicly traded company on Nasdaq and are thrilled to have Carolyn Trabuco, Sizzle’s lead independent director, join our board,” said Critical Metals Executive Chairman, Tony Sage. “The need for additional battery-grade lithium in Europe will only continue to accelerate as demand for EVs continues to outstrip supply. The Project is poised to become the first major source of battery-grade lithium concentrate in Europe, the world’s leading EV market, capable of supporting the production of approximately 200,000 EVs per year. The funds raised though this transaction will provide us with the resources anticipated to be required to advance construction and commissioning of the Project. With the capital raised, in addition to the increased access to the public capital markets by listing on Nasdaq by means of the business combination, we believe we will be able to achieve our commercial goals by 2025.”

“Critical Metals is poised to capitalize on significant macroeconomic tailwinds as Europe’s first source of battery-grade lithium,” commented Steve Salis, CEO of Sizzle. “Backed by accelerating demand for establishing additional capacity for lithium supply in Europe, strategic global partners, and a seasoned management team with deep expertise in the mining space, we believe that the Project provides a compelling and unique opportunity for U.S. investors to have exposure to the European EV supply chain.”

“The team at Critical Metals has made significant progress advancing Europe’s first licensed lithium mine and is well positioned to be the largest supplier of battery-grade lithium in the region,” added Vice Chairman of Sizzle, Jamie Karson. “We are pleased to partner with Tony, Dietrich and the rest of the excellent management team as Critical Metals becomes a publicly traded company in the U.S. As reinforced by Critical Metals’ expected strategic arrangement with BMW AG, we believe the Project will play a key role in further accelerating EV adoption in Europe.”

Key Investment Highlights:

• Large and Growing Demand for Lithium-ion Batteries – while lacking domestic supply sources for battery raw materials, Europe has proven to be an early adopter of EVs, and a global leader in the EV revolution. The Project is expected to provide Europe with the supply it does not currently have.
• Europe’s First Licensed Lithium Spodumene Mine – mine initially built by the Austrian government successfully demonstrated its capability to supply high purity lithium (99.6% lithium carbonate equivalent) at pilot plant.
• Economic Viability with PFS Completed and DFS Underway – Project is expected to be well positioned to supply approximately 10,500 metric tons of battery-grade lithium concentrate per year starting in 2025 from Zone 1. Positive drilling results confirm Zone 2, an exploration target, could mirror Zone 1, doubling the Project’s resource.
• Leverages Existing Infrastructure – existing exploration mine in central Europe, 270km SW of Vienna, close to Graz and Klagenfurt airport, as well as railway and highway access, which is expected to reduce capital requirements to complete development of the Project.
• Leading Domestic Offtake MOU with BMW AG – key strategic off-take arrangement with BMW AG to supply 100% of the Project’s Zone 1 lithium product, including a $15 million pre-payment; binding agreement expected to be finalized in Q4 2022.
• Advanced Project Mine Life – Project expected to supply battery-grade lithium concentrate for more than 20 years, establishing a critical fully integrated lithium supplier for the European EV industry.

Transaction Overview

The Proposed Transaction values the combined entity at an implied pro forma enterprise value of approximately $838 million, and at an implied pro forma market capitalization of approximately $972 million. The implied pre-money equity value is $750 million. The transaction is expected to provide approximately $159 million in capital before transaction expenses and the impact of redemptions by the public stockholders of Sizzle. European Lithium will roll 100% of its existing equity in European Lithium AT (Investments) Limited into the combined entity, retaining approximately 80% of the combined company’s pro forma equity before the impact of redemptions or any additional capital raised.

The Boards of Directors of each of European Lithium and Sizzle have unanimously approved the transaction. The transaction will require the approval of European Lithium and Sizzle stockholders and is subject to other customary closing conditions. It is currently expected that the transaction will close in the first half of 2023.

Additional information about the proposed transaction consisting of, among other things, a newly released video of the Project will be available on the Critical Metals website at https://criticalmetalscorp.com/.

Advisors

Jett Capital Advisors, LLC is acting as exclusive financial advisor to European Lithium; White & Case LLP is acting as U.S. legal advisor to European Lithium. Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, is acting as exclusive financial advisor and exclusive capital markets advisor to Sizzle; Ellenoff, Grossman & Schole LLP is acting as legal advisor to Sizzle.

About Critical Metals Corp.

At the closing of the proposed business combination announced on October 24, 2022 between European Lithium AT (Investments) Limited, a wholly owned subsidiary of European Lithium Ltd (ASX: EUR) and Sizzle Acquisition Corp. (Nasdaq: SZZL), Critical Metals is expected to be a leading lithium mining company. Critical Metals is expected to own the Wolfsberg Lithium Project, as well as a 20% interest in additional Austrian projects currently held by European Lithium Ltd. For more information, please visit https://criticalmetalscorp.com/.

About European Lithium Ltd

European Lithium is a mineral exploration and development company which owns the Wolfsberg Lithium Project located in Carinthia, 270 km south of Vienna, Austria, via its wholly owned Austrian subsidiary, ECM Lithium AT GmbH . European Lithium’s primary listing is on the Australian Securities Exchange (ASX: EUR) and it is also listed in Frankfurt (FRA: PF8) and USA (OTC-QB: EULIF). The Wolfsberg Lithium Project is strategically located in Central Europe with access to established road and rail infrastructure to distribute lithium products to the major lithium consuming countries of Europe. For more information, please visit https://europeanlithium.com/.

About Sizzle Acquisition Corp.

Sizzle is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. Sizzle is led by Chairman and CEO Steve Salis and Vice Chairman Jamie Karson. In addition, Sizzle’s management team is comprised of: Nestor Nova and Daniel Lee; board directors, comprised of: Steve Salis, Jamie Karson, Carolyn Trabuco, Karen Kelley, David Perlin and Warren Thompson; and board advisors, comprised of: Rick Camac and Geovannie Concepcion. For more information, please visit https://sizzlespac.com/home/default.aspx.

Additional Information and Where to Find It

This press release is provided for informational purposes only and contains information with respect to a proposed business combination (the “Proposed Business Combination”) among Sizzle, European Lithium, European Lithium AT (Investments) Limited (the “Company”), a company formed in the British Virgin Islands which is wholly owned by European Lithium, and certain other parties formed in connection with the transactions contemplated by the merger agreement (the “Merger Agreement”), including Critical Metals and Project Wolf Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of Critical Metals. Subject to its terms and conditions, the Merger Agreement provides that Sizzle and the Company will become wholly owned subsidiaries of Critical Metals.

In connection with the Proposed Business Combination, Critical Metals intends to file a registration statement on Form F-4 with the Securities and Exchange Commission (“SEC”), which will include a proxy statement to be sent to Sizzle shareholders and a prospectus for the registration of Critical Metals securities in connection with the Proposed Business Combination (as amended from time to time, the “Registration Statement”). If and when the Registration Statement is declared effective by the SEC, the definitive proxy statement/prospectus and other relevant documents will be mailed to the shareholders of Sizzle as of the record date to be established for voting on the Proposed Business Combination and will contain important information about the Proposed Business Combination and related matters. Shareholders of Sizzle and other interested persons are advised to read, when available, these materials (including any amendments or supplements thereto) and any other relevant documents, because they will contain important information about Sizzle, Critical Metals, European Lithium and the Company and the Proposed Business Combination. Shareholders and other interested persons will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, and other relevant materials in connection with the Proposed Business Combination, without charge, once available, at the SEC’s website at www.sec.gov or by directing a request to: Sizzle Acquisition Corp., 4201 Georgia Avenue, NW, Washington, D.C. 20011, Attn: Steve Salis, Chief Executive Officer. The information contained on, or that may be accessed through, the websites referenced in this press release in each case is not incorporated by reference into, and is not a part of, this press release.

Participants in the Solicitation

This press release is not a solicitation of a proxy from any investor or securityholder. Sizzle, European Lithium, Critical Metals and the Company and their respective directors and executive officers may be deemed participants in the solicitation of proxies from Sizzle’s shareholders in connection with the Proposed Business Combination. Sizzle’s shareholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of Sizzle in Sizzle’s Form 10-K, as amended, filed with the SEC on June 13, 2022. To the extent that holdings of Sizzle’s securities have changed since the amounts included in Sizzle’s Form 10-K, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Sizzle’s shareholders in connection with the Proposed Business Combination will be set forth in the proxy statement/prospectus for the Proposed Business Combination, accompanying the Registration Statement that Sizzle intends to file with the SEC. Additional information regarding the interests of participants in the solicitation of proxies in connection with the Proposed Business Combination will likewise be included in that Registration Statement. You may obtain free copies of these documents as described above.

No Offer or Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Proposed Business Combination and shall not constitute an offer to sell or a solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom.

Cautionary Note Regarding 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. Sizzle’s, Critical Metals’, European Lithium’s and/or the Company’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. No representations or warranties, express or implied are given in, or in respect of, this press release. When we use words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements.

These forward-looking statements and factors that may cause actual results to differ materially from current expectations include, but are not limited to: the ability of the parties to complete the transactions contemplated by the Proposed Business Combination in a timely manner or at all; the risk that the Proposed Business Combination or other business combination may not be completed by Sizzle’s business combination deadline and the potential failure to obtain an extension of the business combination deadline; the outcome of any legal proceedings or government or regulatory action on inquiry that may be instituted against Sizzle, European Lithium, Critical Metals or the Company or others following the announcement of the Proposed Business Combination and any definitive agreements with respect thereto; the inability to satisfy the conditions to the consummation of the Proposed Business Combination, including the approval of the Proposed Business Combination by the shareholders of Sizzle; the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement relating to the Proposed Business Combination; the ability to meet stock exchange listing standards following the consummation of the Proposed Business Combination; the effect of the announcement or pendency of the Proposed Business Combination on European Lithium’s, Sizzle’s and the Company’s business relationships, operating results, current plans and operations of European Lithium and the Company; the ability to recognize the anticipated benefits of the Proposed Business Combination, which may be affected by, among other things, competition, the ability of Critical Metals to grow and manage growth profitably; the possibility that Critical Metals, European Lithium, Sizzle and the Company may be adversely affected by other economic, business, and/or competitive factors; Critical Metals’, European Lithium’s and the Company’s estimates of expenses and profitability; expectations with respect to future operating and financial performance and growth, including the timing of the completion of the Proposed Business Combination; European Lithium’s, Sizzle’s and Critical Metals’ ability to execute on their business plans and strategy; those factors discussed in Sizzle’s Annual Report on Form 10-K for the year ended December 31, 2021 under the heading “Risk Factors,” and other documents Sizzle has filed, or that Sizzle or Critical Metals will file, with the SEC; and other risks and uncertainties described from time to time in filings with the SEC.

The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Registration Statement referenced above and other documents filed by Sizzle and Critical Metals from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. There may be additional risks that neither Sizzle, Critical Metals, European Lithium and/or the Company presently know, or that Sizzle, Critical Metals, European Lithium and/or the Company currently believe are immaterial, that could cause actual results to differ from those contained in the forward-looking statements. For these reasons, among others, investors and other interested persons are cautioned not to place undue reliance upon any forward-looking statements in this press release. Neither Sizzle, European Lithium, Critical Metals nor the Company undertakes any obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date of this press release, except as required by applicable law.

¹ The balance in Sizzle Acquisition Corp’s trust account was $159,213,132.71 as of October 11, 2022.

Critical Metals:
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Company will highlight scalable sustainability solutions, including a net-zero street vendor cooling cart and science-based Gigaton Playbook, at Silicon Valley’s premier climate tech event

SWORDS, Ireland--(BUSINESS WIRE)--Trane Technologies (NYSE: TT), a global climate innovator, will be at VERGE22 to debut a net-zero cooling cart designed to provide sustainable and affordable cooling for street vendors, while combating food loss, reducing emissions and improving their livelihoods.

On Wednesday, October 26 at 8 a.m. PT (11 a.m. ET), Trane Technologies’ innovation team will share live from VERGE22 how the company harnessed the collective talents and expertise of employees to design a prototype cart and will invite partners to help scale the solution in developing regions around the world.

“More than 25 million street vendors sell fruits and vegetables in developing economies, and they are often the most vulnerable part of informal food systems,” said Rasha Hasaneen, vice president of Innovation for Trane Technologies. “Nearly 10 percent of global greenhouse gas emissions come from food waste, and each year, over 30 percent of the food produced is lost or wasted. This employee-inspired solution uses passive cooling technology to extend the life of food at the point of distribution, which can help dramatically reduce emissions, improve quality of life and support resilient food systems around the world.”

In 2021, Trane Technologies and Hasaneen launched Operation Possible, an employee-powered social innovation program helping to solve for some of the world’s most daunting challenges – such as the coexistence of food loss and hunger in low-income communities. The cooling cart is one of the first social innovations to be released.

The Gigaton Playbook: a roadmap for reducing emissions

Another 15% of the world’s emissions come from heating, cooling and ventilating buildings. Trane Technologies has set bold 2030 Sustainability Commitments and is taking deliberate action to decarbonize homes, buildings and refrigerated transport with clean, energy-efficient solutions.

At VERGE22, Scott Tew, Trane Technologies’ vice president of Sustainability, will provide insight into pathways for decarbonizing buildings, including the methodology Trane Technologies is using to identify the strongest levers for decarbonization. Leveraging Trane Technologies’ science-based approach and Gigaton Playbook to calculate and measure absolute and avoided product-related emissions, companies at all stages of their sustainability journeys are encouraged to follow a similar model – creating an inclusive, all-hands-on deck movement towards addressing Scope 3 GHGs in the process.

“Creating pathways for calculating and setting ambitious, science-based carbon reduction goals, with clear governance, are critical components of an impactful sustainability strategy,” said Tew. “It’s important to have both near-term and long-term goals, and track action along the way. We’re proud to be at VERGE22 to share our learnings with other companies and organizations and accelerate climate change solutions.”

Trane Technologies’ Gigaton Challenge is the largest validated science-based climate commitment related to product use emissions, and pledges to reduce one billion metric tons (one gigaton) of greenhouse gas (GHG) emissions from customers’ carbon footprints by 2030.

Trane Technologies will participate in the following sessions at VERGE22.

Tuesday, October 25
9 a.m. PT
How to Calculate Your Scope 3 Emissions

Wednesday, October 26
7:50 a.m. PT
Purpose-Driven Innovation: Reducing Food Loss While Uplifting Low-Income Communities

9 a.m. PT
How the First Movers Coalition Raises the Bar for Corporate Action on Next-Gen Climate Tech

1:30 p.m. PT
Pathways to Net-Zero Carbon Commercial Buildings

The Cooling Cart will also be on display in the VERGE22 Microgrid.

This news release includes “forward-looking statements” which are statements that are not historical facts, including statements that relate to our environmental sustainability commitments and the impact of these commitments. These forward-looking statements are based on our current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from our current expectations. Such factors include, but are not limited to, changes in laws and regulation, global economic conditions, the outcome of any litigation, our ability to develop new products and services and the acceptance of these products in the markets that we serve. Additional factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2021, as well as our subsequent reports on Form 10-Q and other SEC filings. We assume no obligation to update these forward-looking statements.

About Trane Technologies

Trane Technologies is a global climate innovator. Through our strategic brands Trane® and Thermo King®, and our portfolio of environmentally responsible products and services, we bring efficient and sustainable climate solutions to buildings, homes, and transportation. Learn more at tranetechologies.com.

Media:
Shelby Hansen
+1 704-990-3835
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TORONTO--(BUSINESS WIRE)--$DMJ #carbonemissions--dynaCERT Inc. (TSX: DYA) (OTCQX: DYFSF) (FRA: DMJ) ("dynaCERT" or the "Company") is pleased to announce that it has been invited to exhibit at the Canadian Utility Fleet Forum (“CUFF”) hosted by the Canadian Utility Fleet Council from October 24, 2022, to October 26, 2022, in Toronto (Canada).

dynaCERT will be exhibiting at CUFF its proprietary patented HydraGEN™ Technology which is designed to reduce fuel consumption and reduce Carbon Emissions for utilities that desire to reduce their Carbon Footprint and GHG emissions.

CUFF is the only trade show that brings together fleet decision makers from across Canada driving safety and reliability with utility equipment manufacturers in North America. Fleet representatives and suppliers exchange ideas, best practices, as well as discussions on shared challenges to find solutions that benefit the safety of the Canadian Utility Workers.

Chris Walsh, President of the Canadian Utilities Fleet Council and Fleet Engineer at Hydro One indicates that the Canadian Utility Fleet Council promotes the interests of the "Utility Fleet Sector" by providing a united voice to Government, Standards Bodies and Regulators. The Council acted to develop and administer the Utility Fleet Equipment Mechanic certification which has and will continue to elevate trades person competency to the highest in the world.

Annually, the Council presents the "Utility Fleet Forum" bringing together fleet decision makers from across Canada to plot the future course of industry. In the past, the Council has been responsible for sending a representative to ISO meetings to contribute in the development of International standards for vehicle mounted aerial devices.

The participation of the Canadian Utility Fleet Council has led substantial progress in improving what had originally been a European dominated standard with potentially serious negative consequences for North American fleets. The Canadian Utility Fleet Council also recently met with representatives of Natural Resources Canada to lobby to the Federal government for funding and their participation in the development of environmentally friendly hybrid trucks.

Ed Cordeiro, Director of Sales, Americas, of dynaCERT stated, “dynaCERT is very pleased to participate at the Canadian Utility Fleet Forum where our HydraGEN™ Technology is welcomed because it was designed to provide a global solution to reduce pollution. dynaCERT has received the Smart Sustainable Company Rating Seal. This honourable distinction of dynaCERT and its HydraGEN™ Technology as it applies to the United Nations Sustainable Development Goals and United Nations Global Compact Principles, has been evaluated as “high”, the highest global ranking in its category.”

About CUFF

For registration at CUFF please see: https://www.cufconline.com/

About dynaCERT Inc.

dynaCERT Inc. manufactures and distributes Carbon Emission Reduction Technology along with its proprietary HydraLytica™ Telematics, a means of monitoring fuel consumption and calculating GHG emissions savings designed for the tracking of possible future Carbon Credits for use with internal combustion engines. As part of the growing global hydrogen economy, our patented technology creates hydrogen and oxygen on-demand through a unique electrolysis system and supplies these gases through the air intake to enhance combustion, which has shown to lower carbon emissions and improve fuel efficiency. Our technology is designed for use with many types and sizes of diesel engines used in on-road vehicles, reefer trailers, off-road construction, power generation, mining and forestry equipment. Website: www.dynaCERT.com.

READER ADVISORY

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, information relating to the Canadian Utility Fleet Forum and the Canadian Utility Fleet Council cannot be independently verified. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance of achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; the uncertainty of the emerging hydrogen economy; including the hydrogen economy moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of the release.

On Behalf of the Board
Murray James Payne, CEO

Jim Payne, CEO & President
dynaCERT Inc.
#101 – 501 Alliance Avenue
Toronto, Ontario M6N 2J1
+1 (416) 766-9691 x 2
jpayne@dynaCERT.com

Investor Relations
dynaCERT Inc.
Nancy Massicotte
+1 (416) 766-9691 x 1
nmassicotte@dynaCERT.com

DALLAS--(BUSINESS WIRE)--Matador Resources Company (NYSE: MTDR) (“Matador”) today announced that its Board of Directors declared a quarterly cash dividend of $0.10 per share of common stock payable on December 1, 2022 to shareholders of record as of November 10, 2022.

About Matador Resources Company

Matador is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. Its current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. Matador also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, Matador conducts midstream operations in support of its exploration, development and production operations and provides natural gas processing, oil transportation services, natural gas, oil and produced water gathering services and produced water disposal services to third parties.

For more information, visit Matador Resources Company at www.matadorresources.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. “Forward-looking statements” are statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “could,” “believe,” “would,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “should,” “continue,” “plan,” “predict,” “potential,” “project,” “hypothetical,” “forecasted” and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements include, but are not limited to, statements about guidance, projected or forecasted financial and operating results, future liquidity, the payment of dividends, results in certain basins, objectives, project timing, expectations and intentions, regulatory and governmental actions and other statements that are not historical facts. Actual results and future events could differ materially from those anticipated in such statements, and such forward-looking statements may not prove to be accurate. These forward-looking statements involve certain risks and uncertainties, including, but not limited to, the following risks related to financial and operational performance: general economic conditions; the Company’s ability to execute its business plan, including whether its drilling program is successful; changes in oil, natural gas and natural gas liquids prices and the demand for oil, natural gas and natural gas liquids; its ability to replace reserves and efficiently develop current reserves; costs of operations; delays and other difficulties related to producing oil, natural gas and natural gas liquids; delays and other difficulties related to regulatory and governmental approvals and restrictions; impact on the Company’s operations due to seismic events; availability of sufficient capital to execute its business plan, available borrowing capacity under its revolving credit facilities and otherwise; its ability to make acquisitions on economically acceptable terms; its ability to integrate acquisitions; weather and environmental conditions; the impact of the worldwide spread of the novel coronavirus, or COVID-19, on oil and natural gas demand, oil and natural gas prices and its business; the operating results of the Company’s midstream joint venture’s oil, natural gas and water gathering and transportation systems, pipelines and facilities, the acquiring of third-party business and the drilling of any additional salt water disposal wells; and the other factors which could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. For further discussions of risks and uncertainties, you should refer to Matador’s filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of Matador’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Matador undertakes no obligation to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

Mac Schmitz
Vice President – Investor Relations
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(972) 371-5225

Blockchain-backed carbon removal marketplace expands its carbon assets by collaborating with one of the world’s largest agricultural companies

SEATTLE--(BUSINESS WIRE)--#carbonremoval--Nori today announced a collaboration with Bayer’s ForGround platform to scale Nori’s unique carbon removal offset marketplace.

“With this partnership, Nori looks forward to adding hundreds of thousands of Bayer-owned carbon removal offsets,” said Paul Gambill, CEO and cofounder of Nori. “Bayer’s recent announcement of its ForGround by Bayer platform makes our collaboration an ideal way to grow our marketplace and enhance our impact.”

ForGround by Bayer, through its first-of-its-kind platform, is designed to support farmers in their journey through the consideration, adoption, expansion of, and compensation for regenerative agriculture practices through a suite of different programs. In addition, Bayer is also looking to collaborate with companies like Nori that help mitigate climate change by turning farmers’ carbon friendly practices into carbon removal offsets.

“Key to Bayer’s vision is collaborating with innovative companies that are committed to advancing the carbon removal marketplace,” said Leo Bastos, Head of Global Commercial Ecosystems at Bayer. “Through working with groups like Nori, we’re able to enhance the offering within our ForGround platform to potentially enable even more growers to benefit from their environmentally sustainable farming practices.”

About Nori

Nori’s mission is to reverse climate change by developing market-driven solutions to remove the 1.5 trillion metric tonnes of legacy carbon dioxide from the atmosphere.

Since its founding in 2017, Nori has raised $4 million in seed financing led by Placeholder and a $7 million Series A led by M13. Nori’s strategic investors include Toyota Ventures, Cargill, and The Nature Conservancy. For more information, go to www.nori.com.

About Bayer

Bayer is a global enterprise with core competencies in the life science fields of healthcare and nutrition. Its products and services are designed to help people and the planet thrive by supporting efforts to master the major challenges presented by a growing and aging global population. Bayer is committed to driving sustainable development and generating a positive impact with its businesses. At the same time, the Group aims to increase its earning power and create value through innovation and growth. The Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2021, the Group employed around 100,000 people and had sales of 44.1 billion euros. R&D expenses before special items amounted to 5.3 billion euros. For more information, go to www.bayer.com.

The Bayer ForGround platform supports farmers in their journey through the consideration, adoption, expansion of, and compensation for regenerative agriculture practices through a suite of different programs.

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DUBLIN--(BUSINESS WIRE)--The "Oil Drilling Automation Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.

The oil drilling automation market is evaluated at US$350.683 million for the year 2020, growing at a CAGR of 10.14% reaching a market size of US$689.301 million by the year 2027.

Oil drilling automation refers to the automation of sub-processes of operational as well as downhole activities that are necessary for the drilling of oil. In other words, it refers to the integration of surface and downhole measurements with the help of modernized machinery, and systems as well as predictive models to improve operational efficiency in a cost-efficient and effective manner. There are growing requirements for safety as well as efficiency during the drilling process.

Therefore, these tools and equipment further offer enhanced safety and efficiency with the help of predictive tools and models. Automation of drilling is being increasingly adopted due to the fact that it also helps to optimize surface activities. For this, a combined system is required with a comprehensive understanding of the subsurface and its interactions with the drilling systems that operate under surface drilling.

The market for oil drilling automation is primarily driven by the fact that there has been a significant increase in exploration activities owing to increased demand.

Furthermore, the increasing focus on the development of new oil fields with reduced risks and enhanced safety and efficiency is a major factor that is playing a significant role in shaping the market growth throughout the course of the next five years. Additionally, the up-gradation of the existing infrastructure in the oil fields coupled with the growing penetration of automation processes across several industry verticals is further bolstering the oil drilling automation market growth throughout the forecast period.

However, the market may be restrained by the fact that the initial upfront costs of these solutions are further leading to a reluctance in the adoption of these solutions. Also, security risks coupled with the volatile nature of the oil industry are some of the additional factors that are projected to inhibit the market growth.

High Upfront Costs

The initial requirements and the time consumed for the installation of both hardware and software solutions are comparatively high. This makes the firm reluctant to adopt these solutions since they have been operating without them for many years. Also, the maintenance, as well as running costs, are also added up to keep them working constantly.

Moreover, costs associated with the software used also add up to the cost burden of the end-user who uses them, thus restraining the market growth. Though these solutions often offer operational efficiency, they also add to the operating costs as workers with special skill sets are also required to read and analyze the predictive models and data which are generated. Maintenance costs might exceed the revenue generated, hampering the growth of the market.

Onshore to account for a sizable share by application.

The oil drilling automation market has been segmented as onshore and offshore. The onshore segment is projected to hold a considerable share in the market owing to the fact that onshore oil production dominates offshore drilling and accounts for a larger share of oil production at the global level. Also, the increased spending on onshore oil exploration is a key factor supporting the onshore oil drilling automation market growth in the coming five years. For example, the Oil and Natural Gas Corporation of India announced an investment worth 3,500 crores in an onshore oil exploration project in Assam in December 2020. However, the offshore segment is expected to witness promising growth in the near future.

Market Segmentation:

By Application

• Offshore
• Onshore

By Offering

• Hardware
• Software

By Geography

• Americas
• USA
• Canada
• Europe Middle East and Africa
• Russia
• Saudi Arabia
• Norway
• Asia Pacific
• China

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Dynamics

5. Oil Drilling Automation Market Analysis, by Application

6. Oil Drilling Automation Market Analysis, by Offering

7. Oil Drilling Automation Market Analysis, by Geography

8. Competitive Environment and Analysis

9. Company Profiles

Companies Mentioned

• Huisman Equipment B.V.
• Sekal AS
• Drillform Technical Services Ltd.
• NOV Inc.
• Rigarm Inc.
• Automated Rig Technologies Ltd.
• Nabors Industries Ltd.
• ABB
• Emerson Electric Co.
• Honeywell International Inc.

For more information about this report visit https://www.researchandmarkets.com/r/i6lya5

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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BISMARCK, N.D.--(BUSINESS WIRE)--Bakken Energy, an innovative developer of affordable clean hydrogen supply, announced today the signing of a Memorandum of Understanding with each of Cummins Inc. and Schneider National Carriers Inc., to work together on the design of the Heartland Hydrogen Hub to serve the needs of long-haul trucking.

In conjunction with the States of North Dakota, Minnesota, Wisconsin and Montana, Bakken Energy is working on the design of the Heartland Hydrogen Hub, a regional clean hydrogen hub recently announced by North Dakota Governor Doug Burgum. The Heartland Hydrogen Hub is solidly positioned to obtain federal funding through the Department of Energy’s $7 billion Regional Clean Hydrogen Hubs program announced on September 22, 2022, as part of the larger $8 billion hydrogen hub program funded through the Bipartisan Infrastructure Law.

The industry-led Hub will include Bakken Energy’s large scale affordable clean hydrogen production. Bakken Energy has been working with leaders in long-haul trucking on the infrastructure needed to cost effectively distribute clean hydrogen and accelerate the decarbonization of long-haul trucking. The shared vision led to an alliance with Cummins and Schneider.

“We are honored to have Cummins and Schneider join us in our work to develop a hydrogen hub in the Upper Midwest,” said Bakken Energy Founder and Chairman Steve Lebow. “The decarbonization benefits of getting long-haul trucks off diesel and onto hydrogen are tremendous, and Cummins and Schneider are leaders we wanted at the table with us.”

Long-haul trucking provides for scale to accelerate clean hydrogen adoption and CO2 emissions reduction. The impact of converting one diesel-fueled, Class 8 heavy duty truck to clean hydrogen fuel is equivalent to eliminating the CO2 emissions of thirty-one gasoline fueled passenger vehicles.

Bakken Energy is committed to the development of world class, large scale, affordable, clean hydrogen production facilities in North Dakota, including the transformation of the Great Plains Synfuels Plant using natural gas from the Mandan, Hidatsa and Arikara Nation that would otherwise be flared, including carbon capture and sequestration.

“Our focus in developing clean hydrogen production is scale and affordability,” said Bakken Energy CEO Mike Hopkins. “We want to make a difference in advancing the US hydrogen economy. In our region, the Upper Midwest, the clear market is long-haul trucking. Trucking-industry leaders have decided hydrogen will be a replacement for diesel and we want to make sure clean hydrogen supply meets their needs by partnering with them on the design of the Hub and in particular the distribution infrastructure.”

Cummins is a global power leader, helping customers navigate the energy transition with a broad portfolio of market-leading zero-emissions technologies. This includes hydrogen-producing electrolyzers, hydrogen fuel cells for mobility and stationary applications, and battery-electric powertrains and components. Cummins has a long history of advanced technology and engineering capabilities and has been part of many of the world’s hydrogen “firsts,” including powering the world's largest PEM electrolyzer system in operation at 20MW and the world’s first 100% hydrogen-powered passenger train fleet.

“Hydrogen hubs will be important to scaling the hydrogen economy in the United States and decarbonizing the trucking industry. We’re excited to join Bakken and Schneider in this effort,” said Amy Adams, Vice President of Fuel Cell and Hydrogen Technologies at Cummins. “The DOE’s investment in the development of clean hydrogen production, in addition to the tax credits available in the Inflation Reduction Act, have made these commercial partnerships possible sooner, representing the best of public-private innovation initiatives.”

Schneider, a premier multimodal provider of transportation, intermodal and logistics services headquartered in Green Bay, WI, is leading the industry with their sustainability efforts to reduce carbon emissions. “We see great potential with clean hydrogen to help deliver on our goals to reduce carbon emissions as well as play a key role in helping our customers meet their goals,” said Schneider Executive Vice President and Chief Administrative Officer Rob Reich. “Schneider is looking forward to this collaboration with Bakken Energy to lead the industry in clean hydrogen adoption.”

About Bakken Energy
Bakken Energy is an innovative clean hydrogen company working to become the largest producer of affordable clean hydrogen in the U.S. Its mission is to decarbonize the hard to decarbonize sectors of the economy with affordable clean hydrogen and to develop the future hydrogen economy that leads toward a low-carbon future.

Mike Waterman
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(202) 530-4707

THOUSAND OAKS, Calif.--(BUSINESS WIRE)--Kolibri Global Energy Inc. (the “Company” or “KEI”) (TSX: KEI, OTCQX: KGEIF) is pleased to announce that it has finished drilling the Brock 9-3H and Emery 17-2H wells and it is currently drilling the Glenn 16-3H well in the Company’s Tishomingo field in Oklahoma.

OPERATIONS

The Emery 17-2H and Brock 9-3H wells were drilled safely and without incident to their intended target depth, and the drilling operations for the Glenn 16-3H are progressing as expected. We have encountered good oil and gas shows in both wells comparable to our previously drilled corridor wells in the field and expect similar results from the Glenn 16-3H well. The completion operations for all three wells originally planned to start at the end of October are delayed to mid-November when our contractor expects to be finished with their prior job. All materials and other services have already been sourced and are awaiting the frack equipment to arrive on location.

The Emery 17-2H well will be fracture stimulated first, followed by the fracture stimulations for the Brock 9-3H and Glenn 16-3H wells, which are scheduled to be done concurrently. Production from the Emery 17-2H well is now anticipated to begin in early December, with production from the Brock 9-3H and Glenn 16-3H expected to commence in late December.

UPDATED FORECAST

While our forecasted year-end exit production rate remains the same at 2,700 boepd, we are revising our previously announced forecast to factor in a lower oil price for the remainder of the year and to reflect the later than expected completion of the wells.

Wolf Regener, President, and CEO commented, “We are pleased that the drilling of the wells is progressing smoothly. Even though we, along with much of our industry, are experiencing tightness in materials and equipment availability, we still expect production to commence from all three wells by the end of 2022. By putting these wells on production in 2022, it allows these wells to be included in our year-end reserve report.”

NON-GAAP MEASURES

Adjusted funds flow is not a measure recognized under Canadian generally accepted accounting principles ("GAAP") and does not have any standardized meaning prescribed by IFRS. Management of the Company believes that adjusted funds flow is relevant for evaluating returns on the Company's project as well as the performance of the enterprise as a whole. Adjusted funds flow may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar non-GAAP measures as reported by such organizations. Adjusted funds flow should not be construed as an alternative to net income, cash flows related to operating activities, working capital or other financial measures determined in accordance with IFRS, as an indicator of the Company's performance.

An explanation of how adjusted funds flow provides useful information to an investor and the purposes for which the Company’s management uses adjusted funds flow is set out in the management's discussion and analysis under the heading “Non-GAAP Measures” which is available under the Company's profile at www.sedar.com and is incorporated by reference into this news release.

Adjusted funds flow is calculated as cash from operating activities excluding changes in non-cash operating working capital and interest expense. The Company considers this a key measure as it demonstrates its ability to generate funds from operations necessary for future growth excluding the impact from short-term fluctuations in the collection of accounts receivable and the payment of accounts payable and financing costs.

The following is the reconciliation of adjusted funds flow to the comparable financial measures disclosed in the Company’s financial statements:

About Kolibri Global Energy Inc.

Kolibri Global Energy Inc. is a North American energy company focused on finding and exploiting energy projects in oil, gas, and clean and sustainable energy. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the OTCQX under the stock symbol KGEIF.

Cautionary Statements

In this news release and the Company’s other public disclosure:

1. The Company's natural gas production is reported in thousands of cubic feet ("Mcfs"). The Company also uses references to barrels ("Bbls") and barrels of oil equivalent ("Boes") to reflect natural gas liquids and oil production and sales. Boes may be misleading, particularly if used in isolation. A Boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
2. Discounted and undiscounted net present value of future net revenues attributable to reserves do not represent fair market value.
3. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.
4. The Company discloses peak and 30-day initial production rates and other short-term production rates. Readers are cautioned that such production rates are preliminary in nature and are not necessarily indicative of long-term performance or of ultimate recovery.

Caution Regarding Forward-Looking Information

Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws and “forward-looking statements” within the meaning of United States securities laws (collectively, “forward looking information”), including statements regarding the timing and expected funding sources of, and expected results from, planned wells development, projected total capital program budget for all five of the Company’s 2022 wells, and forecasted results of the Company’s operations with respect to production, revenue, adjusted funds flow.

Forward-looking information is based on plans and estimates of management and interpretations of data by the Company's technical team at the date the data is provided and is subject to several factors and assumptions of management, including $85 a barrel oil price, $6 Henry Hub and NGL pricing of $34 bbl cost inflation of over 20% for the three remaining wells planned for 2022, work and operations in the Company’s 2022 drill program being completed on schedule, future operating costs, forecast prices and costs, estimated production, capital and other expenditures, plans for expected results of drilling activity, that anticipated results and estimated costs will be consistent with management’s expectations, that required regulatory approvals will be available when required, that no unforeseen delays, unexpected geological or other effects, including flooding and extended interruptions due to inclement or hazardous weather conditions, equipment failures, permitting delays or labor or contract disputes are encountered, that the necessary labor and equipment will be obtained, that the development plans of the Company and its co-venturers will not change, that the offset operator’s operations will proceed as expected by management, that the demand for oil and gas will be sustained, that the price of oil will be sustained or increase, that the Company will continue to be able to access sufficient capital through cash flow, debt, financings, farm-ins or other participation arrangements to maintain its projects, and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business, its ability to advance its business strategy and the industry as a whole.

Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that equipment failures, permitting delays, labor or contract disputes or shortages of equipment or labor or materials are encountered, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks, including flooding and extended interruptions due to inclement or hazardous weather conditions), the risk of commodity price and foreign exchange rate fluctuations, that the offset operator’s operations have unexpected adverse effects on the Company’s operations, that completion techniques require further optimization, that production rates do not match the Company’s assumptions, that very low or no production rates are achieved, that the price of oil will decline, that the Company is unable to access required capital, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve, and the other risks and uncertainties applicable to exploration and development activities and the Company's business as set forth in the Company's management discussion and analysis and its annual information form, both of which are available for viewing under the Company's profile at www.sedar.com, any of which could result in delays, cessation in planned work or loss of one or more concessions and have an adverse effect on the Company and its financial condition. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

Caution Regarding Future-Oriented Financial Information and Financial Outlook

This news release may contain information deemed to be “future-oriented financial information” or a “financial outlook” (collectively, “FOFI”) within the meaning of applicable securities laws. The FOFI has been prepared by management to provide an outlook of the Company’s activities and results and may not be appropriate for other purposes. The FOFI has been prepared based on a number of assumptions including the assumptions discussed above under “Caution Regarding Forward-Looking Information”. The actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein, and such variations may be material. The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments. FOFI contained in this news release was made as of the date of this news release and the Company disclaims any intention or obligations to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law.

For further information, contact:
Wolf E. Regener +1 (805) 484-3613
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.kolibrienergy.com

LONDON--(BUSINESS WIRE)--Lodbrok Capital LLP recently sent the letter below to the Board of REC Silicon ASA, requesting they summon an EGM for the purpose of electing an additional board member.

REC Silicon ASA (“REC” or “the Company”)
Fornebuveien 84
PO Box 63
1324 Lysaker
Norway

Attn: The Directors of the Board

EXTRAORDINARY GENERAL MEETING AND NOMINATION OF A NEW DIRECTOR

24 October 2022

Dear directors,

Funds managed by Lodbrok Capital LLP (“Lodbrok”) and Water Street Capital, Inc. (“Water Street”) at the time of this letter together own more than 6% of the shares in REC. Lodbrok has been an investor in the Company since its inception in 2017, and Water Street first got involved with REC more than a decade ago. Both Lodbrok and Water Street share a belief that REC is significantly undervalued considering the strategic importance of its assets.

Lodbrok and Water Street are requesting the Board of Directors to summon an extraordinary general meeting (“EGM”) for the purpose of electing an additional board member, who will bring relevant industry knowledge and strong governance pedigree that can hopefully serve as a great asset to the Company. More details on the proposed candidate will be provided well in advance of the EGM.

In recent weeks, Lodbrok has been contacted by a wide array of investors in REC, ranging from large international institutions to a grassroot movement of passionate retail shareholders with a deep understanding of the value potential in REC, as well as the risks and challenges to unlocking this potential. Uniformly these investors have echoed Lodbrok’s view that there is scope to improve the governance dynamics in REC, which in the opinion of Lodbrok and Water Street is most easily addressed by the election of an experienced incremental director at the Board.

In the coming weeks, Lodbrok looks forward to providing more details and engaging in a dialogue with other investors about the EGM, and all material shareholders are welcome to reach out at This email address is being protected from spambots. You need JavaScript enabled to view it..

Sincerely,

Mikael Brantberg
Chief Investment Officer
Lodbrok Capital LLP

Joachim Bale
Partner
Lodbrok Capital LLP

Lodbrok Media Contacts
Nepean
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Plans advance for Atlantic Lithium’s flagship Ewoyaa project in Ghana, which is expected to be a primary source of spodumene concentrate for Piedmont’s Tennessee Lithium project

BELMONT, N.C.--(BUSINESS WIRE)--Piedmont Lithium (“Piedmont” or “Company”) (Nasdaq:PLL; ASX:PLL), a leading global developer of lithium resources critical to the U.S. electric vehicle (“EV”) supply chain, today announced that Atlantic Lithium (AIM:ALL; ASX:A11) has completed infill and exploration drilling for their flagship Ewoyaa project in Ghana. The assay results confirm high-grade mineralization, providing further confidence in resource conversion and possible mine life extension.

Piedmont is earning a 50% interest in Atlantic Lithium’s spodumene projects in Ghana. This agreement includes an offtake agreement for 50% of annual production at market prices on a life-of-mine basis. Piedmont also owns a 9.4% equity interest in Atlantic Lithium.

Piedmont President and Chief Executive Officer Keith Phillips commented, “The drill results at Ewoyaa continue to be very impressive with high lithium grades over broad widths and near surface. We are working closely with our partners at Atlantic Lithium to publish a definitive feasibility study for the Ewoyaa project in the first half of 2023, and these final drill results are expected to lead to an extended mine life and even stronger economics for this world-class project. When fully operational, the Ewoyaa project will be a primary supplier of spodumene concentrate for lithium hydroxide conversion in Tennessee, and it is promising to see both projects progressing so favorably.”

The statements in the link below were prepared by, and made by, Atlantic Lithium. The following disclosures are not statements of Piedmont and have not been independently verified by Piedmont. Atlantic Lithium is not subject to U.S. reporting requirements or obligations, and investors are cautioned not to put undue reliance on these statements. Atlantic Lithium’s original announcement can be found here.

About Piedmont Lithium

Piedmont Lithium (Nasdaq:PLL; ASX:PLL) is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in North America. Our goal is to become one of the largest lithium hydroxide producers in North America by processing spodumene concentrate produced from assets where we hold an economic interest. Our projects include our Carolina Lithium and Tennessee Lithium projects in the United States and partnerships in Quebec with Sayona Mining (ASX:SYA) and in Ghana with Atlantic Lithium (AIM:ALL; ASX:A11). These geographically diversified operations will enable us to play a pivotal role in supporting America’s move toward energy independence and the electrification of transportation and energy storage. For more information, visit www.piedmontlithium.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of or as described in securities legislation in the United States and Australia, including statements regarding exploration, development, and construction activities of Atlantic Lithium and Piedmont; current plans for Piedmont’s mineral and chemical processing projects; strategy; and strategy. Such forward-looking statements involve substantial and known and unknown risks, uncertainties, and other risk factors, many of which are beyond our control, and which may cause actual timing of events, results, performance or achievements and other factors to be materially different from the future timing of events, results, performance, or achievements expressed or implied by the forward-looking statements. Such risk factors include, among others: (i) that Piedmont or Atlantic Lithium will be unable to commercially extract mineral deposits, (ii) that Piedmont’s or Atlantic Lithium’s properties may not contain expected reserves, (iii) risks and hazards inherent in the mining business (including risks inherent in exploring, developing, constructing and operating mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), (iv) uncertainty about Piedmont’s ability to obtain required capital to execute its business plan, (v) Piedmont’s ability to hire and retain required personnel, (vi) changes in the market prices of lithium and lithium products, (vii) changes in technology or the development of substitute products, (viii) the uncertainties inherent in exploratory, developmental and production activities, including risks relating to permitting, zoning and regulatory delays related to our projects as well as the projects of our partners in Quebec and Ghana, (ix) uncertainties inherent in the estimation of lithium resources, (x) risks related to competition, (xi) risks related to the information, data and projections related to Atlantic Lithium, (xii) occurrences and outcomes of claims, litigation and regulatory actions, investigations and proceedings, (xiii) risks regarding our ability to achieve profitability, enter into and deliver product under supply agreements on favorable terms, our ability to obtain sufficient financing to develop and construct our projects, our ability to comply with governmental regulations and our ability to obtain necessary permits, and (xiv) other uncertainties and risk factors set out in filings made from time to time with the U.S. Securities and Exchange Commission (“SEC”) and the Australian Securities Exchange, including Piedmont’s most recent filings with the SEC. The forward-looking statements, projections and estimates are given only as of the date of this press release and actual events, results, performance, and achievements could vary significantly from the forward-looking statements, projections and estimates presented in this press release. Readers are cautioned not to put undue reliance on forward-looking statements. Piedmont disclaims any intent or obligation to update publicly such forward-looking statements, projections, and estimates, whether as a result of new information, future events or otherwise. Additionally, Piedmont, except as required by applicable law, undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Piedmont, its financial or operating results or its securities.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources and Proved and Probable Ore Reserves

The terms "mineral resource," "measured mineral resource," "indicated mineral resource," "inferred mineral resource," “ore reserves,” “proved ore reserves” and “probable ore reserves” are terms defined by the U.S. Securities and Exchange Commission (“SEC”) in Regulation S-K, Item 1300 (“S-K 1300”) or the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). In Atlantic Lithium’s announcement, it indicates that it has prepared resources information in accordance with the standards set forth in the 2012 Edition of the JORC Code. Such standards differ from the requirements of U.S. securities laws that would apply if Atlantic were a reporting company in the United States. Therefore, the mineral resources and ore reserves reported by Atlantic Lithium are not comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder. U.S. investors are urged to consider closely the context and nature of Atlantic Lithium’s disclosures in its public communications, as well as the disclosure in Piedmont’s Form 10-KT, a copy of which may be obtained from Piedmont or from the EDGAR system on the SEC’s website at http://www.sec.gov/.

For further information:

Erin Sanders
VP, Corporate Communications
T: +1 704 575 2549
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Christian Healy/Jeff Siegel
Media Inquiries
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WINDSOR, Conn.--(BUSINESS WIRE)--#Electricity--Infinity Fuel Cell and Hydrogen, Inc. announces its pursuit of new markets for its XStorra-II^® green hydrogen regenerative fuel cell mobile microgrid in 2023.

The system development was originally funded by the US Navy from 2008 to 2012 for deployed marine expeditionary forces on foreign shores. As the world looks to accelerate global decarbonization, the system will see an increasing range of potential uses, including emergency power deployment and a wide variety of remote, off-grid applications supporting the emerging hydrogen economy.

“Infinity is receiving considerable interest from domestic and global sources regarding the use of this system as a renewable, self-contained microgrid fore emergency management applications,” said Rick Mullins, Infinity’s director of business development.

The system employs a solar panel array that provides electricity generation during daylight hours, as well as powering electrolysis of water to create and store green hydrogen. The hydrogen then powers a fuel cell to generate electricity at night or during cloudy daylight conditions.

“We believe the rugged, mobile XStorra-II, with its ability to generate and store green hydrogen directly at pressure, is a fundamental advance in deployable energy storage and use.” said William F. Smith, Infinity CEO and founder, “Clearly the time has come to expand its usage to a wide range of applications.”

Founded in 2002, Infinity Fuel Cell and Hydrogen, Inc. is a market leader in the design and manufacture of air-independent, zero-gravity electrochemical systems including fuel cell systems for space and underwater applications. Infinity is also developing electrolysis technologies that can generate hydrogen and oxygen directly at 2000 psi and above.

Mark Sackler
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+1 860 882 4503

• SquareOne Energy, LLC announces the engagement of CTCI Americas, Inc. to serve as EPC lead for its Paulsboro, NJ used oil recycling facility
• CTCIA, a global leader in engineering, procurement and construction services, has extensive experience in advanced technologies, environmental, and hydrocarbon processes across the globe
• The Company’s initial facility will be constructed in the Philadelphia region at PBF’s active refined products terminal location in Paulsboro, NJ; the PBF site will provide substantial benefits namely through existing infrastructure and multi-modal access, positioning SquareOne to be operational in the first half of 2024

PHILADEPHIA--(BUSINESS WIRE)--SquareOne Energy, LLC (“SquareOne” or the “Company”) announced today the continued advancement of its initial discarded and used oil recycling facility in the Philadelphia region through its engagement of CTCI Americas, Inc. (“CTCIA”) to serve as lead engineering, procurement, and construction (“EPC”) partner for SquareOne’s initial facility in Paulsboro, NJ. With extensive knowledge and experience in global EPC, CTCIA provides comprehensive engineering and construction services for advanced technology facilities.

CTCIA is working to finalize SquareOne’s FEL-2 engineering process for the Paulsboro facility and will serve as the Company’s EPC lead through the initiation of turnkey operations, providing both a fixed price and performance guarantee. The Company has also partnered with the Axens Group (“Axens”), a worldwide leader in refining, renewables, recycling and petrochemical technologies, to license its existing designs for the front-end pre-treatment facility and hydrocracker unit. The combination of the Company’s innovative approach to used-oils, Axens’ proven technology, and CTCIA’s world-leading EPC experience uniquely positions SquareOne to provide an environmentally focused solution in the first facility for processing discarded and used oils into clean on-road fuels.

Steve Herzog, Chief Operating Officer of SquareOne, stated, “We are very excited to partner with CTCIA as the EPC lead for our initial facility. CTCIA’s extensive experience at the forefront of advanced, large-scale industrial development is the ideal partner to ensure execution excellence. Our agreement with CTCIA is a meaningful step on our path to commence operations, which remains on track for early 2024.”

Patrick Jameson, Chief Executive Officer and President of CTCIA, stated, “CTCIA brings an experienced EPC team of engineers, designers, supply chain, and project management to the SquareOne Energy sustainable ULSD and Group III base oil plant. As part of our strategic focus, CTCIA has engaged in several sustainable and renewable fuel/lubricant projects and is excited that SquareOne Energy has selected CTCIA to help bring this project to successful operation.”

SquareOne’s Innovative Process and Initial Recycling Facility

SquareOne is a Philadelphia-based independent enterprise formed to create a progressive solution to address the critical issue of used oil disposal and processing in the U.S. The Company recognizes the existing used oil re-refining industry needs an innovative approach to a) broaden the waste streams that are recycled and b) advance the products created from these feedstock materials. According to government studies, as much as one-third of used oil is either burned or illegally disposed, causing significant environmental harm to the ground and waterways. As such, significant energy potential from these previously refined hydrocarbons is wasted. As the country aggressively pursues steps towards energy transition to a cleaner future, so must the used oil re-refining space, which SquareOne is addressing through its advanced recycling process and move beyond existing, less complex technologies in the industry.

The Company’s facility design will have a sophisticated front end and pre-treatment stage, which will enable the facility to accept and process numerous types of recyclable feedstocks, many of which are currently being improperly disposed. SquareOne’s wider array of recyclable feedstocks differentiate it from the existing re-refiners that traditionally only process used motor oil. Acceptable feedstock materials, in addition to used motor oil, will also include residual marine oils and more unmarketable material (unusable distillates combined with gasoline) as well as various other off-spec and distressed hydrocarbons.

SquareOne will also license proven technology for its facility, delivering the cleanest set of product yields in the U.S. re-refining industry. The Company’s primary product will be Colonial Pipeline specification ULSD, with associated products including low sulfur naphtha and high viscosity Group III base oil blendstock.

SquareOne’s facility will be constructed on an active refined products terminal site in the Philadelphia region owned and operated by PBF Logistics LP (NYSE: PBFX) and PBF Energy Inc. (NYSE: PBF) (collectively, “PBF”). PBF’s terminal, located in Paulsboro, NJ, provides the Company strong benefits from its existing infrastructure, multiple modes of transport access and comprehensive utilities, substantially reducing the development cost of the Company’s new recycling facility. By leveraging the significant advantages of the existing infrastructure, the Company expects the facility to be operational in the first half of 2024.

King & Spalding is serving as project and engineering legal counsel to SquareOne.

About SquareOne Energy
SquareOne is an independent enterprise founded in the Philadelphia area, committed to creating and growing a holistically sustainable blueprint for re-energizing waste oil. SquareOne is currently developing an innovative used oil recycling process, which will be the first in the U.S. to recycle used oil materials into clean on-road fuel products. For more information, please visit www.sq1energy.com or contact the Company at This email address is being protected from spambots. You need JavaScript enabled to view it..

About CTCI Americas
CTCI Americas is a subsidiary of CTCI Corp., a global engineering, procurement and construction (EPC) firm, with $2.3 billion in revenue and extensive technology and energy industry EPC project experience and is recognized as being a reliable contractor by many of its clients. With a globally dynamic team of over 7,000 employees in around 40 affiliates spanning across more than 15 countries—including 40 years of experience in the industry—CTCIA is working to solve some of the world's most technically challenging problems.

About Axens
Axens (www.axens.net) is a group providing a complete range of solutions for the conversion of oil and biomass to cleaner fuels, the production and purification of major petrochemical intermediates, the chemical recycling of plastics and all natural gas treatment and conversion options. The offer includes technologies, equipment, furnaces, modular units, catalysts, adsorbents and related services. Axens is ideally positioned to cover the entire value chain, from feasibility study to unit start-up and follow-up throughout the entire unit cycle life. This unique position ensures the highest level of performance with a reduced environmental footprint. Axens global offer is based on highly trained human resources, modern production facilities and an extended global network for industrial, technical supports & commercial services. Axens is an IFP Group company.

SquareOne Energy, LLC
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ZAPI GROUP companies Delta-Q Technologies Corp and Zivan srl showcase the design of new charger platforms at the bauma Construction Trade Fair

POVIGLIO, Italy--(BUSINESS WIRE)--ZAPI GROUP, a global leader in electrification, today announced a new comprehensive charging platform with the launch of Zivan srl (Zivan)’s new charger, CT3.3 Compact Titan. The first model of Zivan’s charger is a 3.3 kilowatt (kW) solution that builds on the success of the first generation of the charger adopted by leading original equipment manufacturers (OEMs) in Europe. The new charger is also the result of a design partnership with Delta-Q Technologies Corp (Delta-Q) leveraging its XV3300 charger announced last year.

The ZAPI GROUP charger platform contains both Zivan’s CT3.3 Compact Titan and Delta-Q’s XV3300 product models, offering OEMs around the world flexible and robust charging options. Zivan and Delta-Q’s collaboration aims to provide a power electronics platform that both brands can tailor to suit different markets and customer requirements. As charging experts within ZAPI GROUP, Zivan and Delta-Q designed the charger’s hardware, software and mechanical durability for use on traditional and emerging electrification markets, such as construction and industrial OEMs transitioning their products to electric drive.

“We made a significant leap forward in power density with this new platform,” said Steve Blaine Co-CEO & Executive VP, Engineering & Quality with Delta-Q. “Our solutions will make homologating into OEM designs much easier.”

The first 3.3 kW chargers as part of ZAPI GROUP’s charging platform meet customers’ needs for electrified applications across global markets. The new products maintain Zivan and Delta-Q’s leadership standards for high-quality ruggedized chargers, purpose-built for the most demanding applications.

“We are excited to bring together key charger hardware and software design capabilities from our engineering teams in Delta-Q and Zivan,” said Simone Paterlini, General Manager with Zivan. “This collaboration demonstrates ZAPI GROUP’s commitment to innovation, electrification and driving results for customers.”

Both products will be displayed at the bauma trade fair this October in the ZAPI GROUP booth (Hall A4, Booth 115). This event is known as the largest tradeshow in the world for construction equipment technology. It’s held every 3 years and sees over half a million attendees. ZAPI GROUP will exhibit samples and provide demos of how the chargers can be personalized with different housing designs, embedded software, integrated features, together with manufacturing and logistics options.

“We are pleased with the growth we are seeing from our charger businesses and will continue to invest in Delta-Q and Zivan to pace the accelerating electrification demands from the construction and industrial equipment sectors,” said Mr. Federico Gatti, Managing Director of the ZAPI GROUP.

About ZAPI GROUP

ZAPI GROUP is engineering the transition to an all-electric future with a highly integrated product portfolio including motion controllers, electric motors, and high-frequency battery chargers for application in electric and hybrid vehicles. As a global electrification leader with deep systems experience, leading innovations, and an obsession with driving customers' success, ZAPI GROUP now counts more than 1500 employees worldwide with total annual revenue of over 600 million US dollars. For more information, visit www.zapigroup.com.

AnnMarie Carson, Communiqué PR
Phone: (206) 282-4923
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$4.1 million award granted to Heliogen for R&D into pathway for commercial implementation of solar thermal calciner

PASADENA, Calif.--(BUSINESS WIRE)--$HLGN--Heliogen, Inc. (Heliogen) (NYSE: HLGN), a renewable energy technology company utilizing concentrated sunlight and thermal storage to decarbonize industry, today announced that it has been selected to receive a $4,100,000 award from the U.S. Department of Energy Solar Energy Technologies Office (SETO) to accelerate the large-scale development and deployment of concentrating solar-thermal power (CSP) technology for industrial decarbonization and electrical power generation and storage. This project will aim to demonstrate a first-of-its-kind concentrating solar-thermal power (CSP) process for decarbonizing the heating of limestone to 950°C, which could reduce the carbon emissions associated with cement manufacturing.

Heliogen, in collaboration with the Colorado School of Mines, the University of Michigan, Martin Marietta and CTP Advanced Composites, aims to demonstrate a solar-driven calciner utilizing the Heliogen concentrated solar thermal system to heat up the feedstock and drive endothermic chemical decarbonation up to 950^oC. This demonstration aims to provide a foundation for developing a commercial solar calcination system enabling CO₂ capture and heat recovery, including solar calciner design and modeling tools, prototype fabrications and testing, and technoeconomic analysis for future scale-up in industrial applications. When applied to a multi-acre field, Heliogen’s AI/computer-vision based control system can achieve the high temperatures required for solar thermal calcination research.

Energy-intensive cement production contributes approximately 7% of global CO₂ emissions, while over 80% of the energy used in cement production is consumed by calcination. The receiver-reactor and associated technologies developed for this project will aim to eliminate the majority of CO₂ emissions to significantly decarbonize cement production.

“We are very pleased to have been selected for this award, which will accelerate our R&D efforts and enable us to further demonstrate the impact of Heliogen’s CSP technology,” said Paul Gauche, Executive Vice President for Engineering, Heliogen, Inc. “This project is an important step in our mission to enable the decarbonization of heavy industries like cement production, essential to meeting global greenhouse gas emissions targets.”

Heliogen was selected as a part of the SETO Fiscal Year 2022 CSP Research, Development, and Demonstration funding program, an effort to lower the cost of CSP technologies and create new market opportunities for the industry, with the goal of enabling substantial deployment of CSP to decarbonize the electricity grid and energy system. Heliogen’s solar-driven calciner design is one of several projects that will enable concentrating solar-thermal technologies with thermal energy storage to be integrated with high-temperature industrial processes to produce economically important products, like cement, fuels, and other chemicals.

About Heliogen

Heliogen is a renewable energy technology company focused on decarbonizing industry and empowering a sustainable civilization. The company’s concentrating solar energy and thermal storage systems aim to deliver carbon-free heat, steam, power, or green hydrogen at scale to support round-the-clock industrial operations. Powered by AI, computer vision and robotics, Heliogen is focused on providing robust clean energy solutions that accelerate the transition to renewable energy, without compromising reliability, availability, or cost. For more information about Heliogen, please visit heliogen.com.

About the Solar Energy Technologies Office

The U.S. Department of Energy Solar Energy Technologies Office supports research and development across the solar energy spectrum to drive innovation, lower costs, and support an equitable transition to a decarbonized economy. Learn more at energy.gov/solar-office.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the development of a commercial solar-driven calciner system and expected impacts to carbon emissions associated with cement manufacturing. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our financial and business performance, including risk of uncertainty in our financial projections and business metrics and any underlying assumptions thereunder; (ii) our ability to execute our business model, including market acceptance of our planned products and services and achieving sufficient production volumes at acceptable quality levels and prices; (iii) our ability to access sources of capital to finance operations, growth and future capital requirements; (iv) our ability to maintain and enhance our products and brand, and to attract and retain customers; (v) our ability to scale in a cost effective manner; (vi) changes in applicable laws or regulations; (vii) the ongoing impacts of the COVID-19 pandemic and the potential impacts of Russia’s invasion of Ukraine on our business; (viii) developments and projections relating to our competitors and industry; (ix) our ability to access sources of capital to finance operations, growth and future capital requirements; and (x) our ability to protect our intellectual property. You should carefully consider the foregoing factors and the other risks and uncertainties disclosed in the “Risk Factors” section in Part I, Item 1A in our Annual Report on Form 10-K/A for the annual period ended December 31, 2021 and other documents filed by Heliogen from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Heliogen assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Heliogen Media:
Cory Ziskind
ICR, Inc.
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Heliogen Investors:
Louis Baltimore
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LONDON--(BUSINESS WIRE)--IHS Holding Limited (NYSE: IHS) (“IHS Towers”), one of the largest independent owners, operators, and developers of shared communications infrastructure in the world by tower count, has today announced its Carbon Reduction Roadmap.

The Carbon Reduction Roadmap provides a comprehensive strategy for decreasing IHS Towers’ emissions, including a goal to reduce the Scope 1 and Scope 2 kilowatt-hour emissions intensity of its tower portfolio by 50% by 2030, using 2021 emissions data as the baseline¹.

Under Project Green, the next significant step of its Carbon Reduction Roadmap, the company expects to spend $214 million in capex towards these efforts between 2022 and 2024, and to deliver annual Recurring Levered Free Cash Flow (RLFCF) savings of $77 million in 2025. This, in turn, is expected to generate an implied return on investment of 30%.

As a result, and as previously mentioned in second quarter results, IHS Towers is raising its 2022 capex guidance. The company now expects to spend $645-685 million (previously $545-585 million), including $110 million of the $214 million spent for Project Green, as it is also taking this opportunity to narrow its former range based on actual spend year-to-date.

Savings will be achieved by connecting more sites to the electricity grid and via the deployment and integration of battery storage and solar panel solutions. In scope for Project Green are IHS Towers’ operations in Cameroon, Côte d’Ivoire, Kuwait, Nigeria, Rwanda, and Zambia where reliance on diesel generators has been traditionally greater.

Sam Darwish, IHS Towers Chairman & CEO, commented “We believe that our business model is inherently sustainable in that we deliver shared infrastructure solutions in emerging markets that promote digital connectivity and inclusion and improve the lives of the communities we serve. However, I believe that the true benefits of mobile connectivity can only be realized if we and our sector continue to develop in a socially and environmentally responsible manner. Our Carbon Reduction Roadmap is the next step in our journey to reduce our carbon footprint by setting tangible emissions targets.”

IHS Towers has also taken this opportunity to revise its corporate values and incorporate a new fifth Sustainability value that focuses on health and safety, security, and the environment, to ensure that these topics are further embedded throughout the business. These values are our guiding principles that help foster teamwork and ensure we achieve our shared business goals.

Carbon Reduction Roadmap Webcast

Additionally, a conference call and webcast to discuss the Carbon Reduction Roadmap will take place today, October 24, at 10.00am ET (3pm UK time).

The conference call dial-in numbers are +1 (646) 307-1963 (US) or +44 20 3481 4247 (UK/International). The call ID is 4777557.

To register for the webcast please click here.

The Carbon Reduction Roadmap is available to download via the IHS Towers website here.

Cautionary statement regarding forward-looking Information

This press release contains forward-looking statements. We intend such forward-looking statements to be covered by relevant safe harbor provisions for forward-looking statements (or their equivalent) of any applicable jurisdiction, including those contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates," “believes,” “estimates,” “forecast,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements contained in this press release include, but are not limited to statements regarding our future results of operations and financial position, including our anticipated results for the fiscal year 2022, industry and business trends, business strategy, plans, market growth and our objectives for future operations.

We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to:

• non-performance under or termination, non-renewal or material modification of our customer agreements;
• volatility in terms of timing for settlement of invoices or our inability to collect amounts due under invoices;
• a reduction in the creditworthiness and financial strength of our customers;
• the business, legal and political risks in the countries in which we operate;
• general macroeconomic conditions in the countries in which we operate;
• changes to existing or new tax laws, rates or fees;
• foreign exchange risks and/or ability to access U.S. Dollars in our markets;
• regional or global health pandemics, including COVID 19, and geopolitical conflicts and wars, including the current situation between Russia and Ukraine;
• our inability to successfully execute our business strategy and operating plans, including our ability to increase the number of Colocations and Lease Amendments on our Towers and construct New Sites or develop business related to adjacent telecommunications verticals (including, for example, relating to our anticipated fiber businesses in Latin America and elsewhere) or deliver on our sustainability or environmental, social and governance (ESG) strategy and initiatives, such as our Carbon Reduction Roadmap (Project Green), including plans to reduce diesel consumption, integrate solar panel and battery storage solutions on tower sites and connect more sites to the electricity grid;;
• reliance on third-party contractors or suppliers, including failure or underperformance or inability to provide products or services to us (in a timely manner or at all) due to sanctions regulations, due to supply chain issues or other reasons;
• increases in operating expenses, including increased costs for diesel;
• failure to renew or extend our ground leases, or protect our rights to access and operate our Towers or other telecommunications infrastructure assets;
• loss of customers;
• changes to the network deployment plans of mobile operators in the countries in which we operate;
• a reduction in demand for our services;
• the introduction of new technology reducing the need for tower infrastructure and/or adjacent telecommunication verticals;
• an increase in competition in the telecommunications tower infrastructure industry and/or adjacent telecommunication verticals;
• our failure to integrate recent or future acquisitions;
• reliance on our senior management team and/or key employees;
• failure to obtain required approvals and licenses for some of our sites or businesses or comply with applicable regulations;
• environmental liability;
• inadequate insurance coverage, property loss and unforeseen business interruption;
• compliance with or violations (or alleged violations) of laws, regulations and sanctions, including but not limited to those relating to telecommunications regulatory systems, tax, labor, employment (including new minimum wage regulations), unions, health and safety, antitrust and competition, environmental protection, consumer protection, data privacy and protection, import/export, foreign exchange or currency, and of anti-bribery, anti-corruption and/or money laundering laws, sanctions and regulations;
• fluctuations in global prices for diesel or other materials;
• disruptions in our supply of diesel or other materials;
• legal and arbitration proceedings;
• reliance on shareholder support (including to invest in growth opportunities) and related party transaction risks;
• risks related to the markets in which we operate;
• injury, illness or death of employees, contractors or third parties arising from health and safety incidents;
• loss or damage of assets due to security issues or civil commotion;
• loss or damage resulting from attacks on any information technology system or software;
• loss or damage of assets due to extreme weather events whether or not due to climate change;
• failure to meet the requirements of accurate and timely financial reporting and/or meet the standards of internal control over financial reporting that support a clean certification under the Sarbanes Oxley Act;
• risks related to our status as a foreign private issuer; and
• the important factors discussed in the section titled “Risk Factors” in our Annual Report on Form 20-F/A for the fiscal year ended December 31, 2021 (filed on August 16, 2022).

The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. You should read this press release and the documents that we reference in this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

About IHS Towers: IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world by tower count and is the largest independent multinational towerco solely focused on the emerging markets. The Company has nearly 40,000 towers across its 11 markets, including Brazil, Cameroon, Colombia, Côte d’Ivoire, Egypt, Kuwait, Nigeria, Peru, Rwanda, South Africa and Zambia. For more information, please email: This email address is being protected from spambots. You need JavaScript enabled to view it. or visit: www.ihstowers.com

¹ IHS will review the baseline for this target as we expand into new markets, or encompass growth, or as needed to reflect significant changes in our organization.

Giles Bethule/ Akash Lodh
FGS Global
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Telephone: +44 207 251 38 01

• HEP scored in the top 10 percent of all private companies and was named Most Improved in Infrastructure
• HEP achieved the highest Performance Score of any infrastructure company

SAN ANTONIO, Texas--(BUSINESS WIRE)--Howard Energy Partners (HEP) today announced that GRESB has awarded the company a five-star ESG rating, a top-tier classification which is based on HEP’s overall score relative to the other 648 companies participating in the assessment. HEP also scored in the top 10 percent of all private companies who participated in the GRESB assessment and was named the 2022 Most Improved in Infrastructure. Additionally, the company achieved the highest Performance Score in the infrastructure assessment, which is based on HEP’s energy use, emissions data, environmental record, and health and safety of employees, the environment and the public.

“We are proud to receive a five-star rating from GRESB, which reflects our commitment to our core values and our mission to deliver positive energy,” said Brandon Burch, Executive Vice President and Chief Operating Officer. “ESG is not new to us at HEP. We have been implementing best practices into our jobs and projects since the formation of the company. As we continue to grow, our commitment will remain the same – to provide energy in the most responsible way possible.”

Earlier this year, HEP issued its inaugural ESG report, which further outlines the company’s sustainability initiatives, as well as corporate governance practices, community and industry partnerships, employee and customer engagement programs, vendor requirements, and other vital operating statistics and performance metrics.

HEP has participated in the GRESB assessment for seven consecutive years. GRESB data is used by hundreds of capital providers and thousands of asset managers to benchmark investments across portfolios and to better understand the opportunities, risks and choices that need to be made as the industry transitions to a more sustainable future. The GRESB ESG benchmark grew this year to cover more than $8.6 trillion of assets under management, up from $6.4 trillion the year before.

About Howard Energy Partners

San Antonio-based Howard Midstream Energy Partners, LLC d/b/a Howard Energy Partners is a diversified, growth-oriented energy company focused on providing innovative midstream solutions to its customers. Howard Energy Partners owns and operates natural gas and crude oil pipelines, natural gas processing plants, refined products storage terminals, deep-water dock and rail facilities, fractionation facilities, hydrogen production facilities, renewable diesel logistics facilities, and other related midstream assets in Texas, New Mexico, Oklahoma, Pennsylvania and Mexico. The company has corporate offices in San Antonio and Houston, Texas and Monterrey, Mexico. For more information on Howard Energy Partners and our mission to deliver positive energy, please visit our website at www.howardenergypartners.com.

About GRESB

GRESB is a mission-driven and industry-led organization providing standardized and validated Environmental, Social, and Governance (ESG) data to financial markets. Established in 2009, GRESB has become the leading ESG benchmark for real estate and infrastructure investments across the world, used by more than 170 institutional and financial investors to inform decision-making. For more information, visit GRESB.com.

Meggan Morrison
Redbird Communications Group
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