Investment to help to accelerate and meet increasing demands for high-quality nature-based solutions projects with strong environmental and societal co-benefits

LONDON--(BUSINESS WIRE)--Bregal Investments (“Bregal”), an international private equity platform, today announced a majority investment and strategic partnership with PUR Projet (“PUR” or the “Company”), a leading global nature-based solutions (“NbS”) project developer. Having spearheaded the development of the Science Based Targets initiative (“SBTi”) guidance for the private equity sector last year, the investment in PUR further reinforces Bregal’s overarching commitment to climate action and will focus on scaling natural climate solutions, working with nature to mitigate greenhouse gas emissions.

Founded in 2008 PUR is a certified B Corp and a pioneer in the development of “insetting” – working with clients to develop NbS projects within their supply chain which are designed to sequester and store carbon emissions whilst creating positive impacts for communities and the ecosystems they inhabit. The Company has partnered with corporates and leading brands, implementing over fifty projects to date, with a particular focus on agroforestry and regenerative agriculture within coffee, cocoa, and other commodity supply chains globally.

Designed in close partnership with local communities, PUR’s NbS projects aim to maintain and restore essential ecosystem services, improve community resilience through capacity building and income diversification activities, and support essential climate mitigation efforts. Through these projects, the Company has supported more than 50,000 farmers in rural areas across six continents; worked with communities to restore and preserve over 300,000 hectares of land; and planted over 20 million new trees.

“Making capital work for the good of people and the planet is a societal imperative,” said Alain Carrier, CEO of Bregal. “As a firm, responsible and sustainable investment practices are a core part of our investment philosophy, and we are excited to be partnering with a mission-driven company such as PUR, as the first step on our journey to launching a dedicated impact platform - Bregal Sphere.”

“Humanity is facing an unprecedented climate crisis and investing in nature is an essential part of the solution,” added Tristan Lecomte, Founder of PUR Projet. “This crisis is bigger than us. Bregal’s investment in PUR will help us scale nature-based solutions projects worldwide and further strengthen the impact that we have on the communities we partner with across the globe.”

“We are very excited to partner with Tristan and PUR’s management team to help accelerate their approach to climate action - investing in nature and communities,” said Alvar de Wolff, Head of ESG and Responsible Investing at Bregal. “Insetting offers a genuine route for companies to reach net zero - by reducing emissions within their own supply chains and helping them to meet their climate commitments.”

Bregal’s investment in PUR will aim to help scale the global development and deployment of high-quality NbS projects and support efforts to address the significant financing gap for nature and biodiversity. Going forward, the Bregal Sphere platform will look to deploy targeted capital to help address key societal and environmental challenges in a responsible and sustainable way.

About Bregal Investments

Bregal Investments (“Bregal”) is a leading private equity investment firm providing a platform for its family of direct investment and fund-of-funds teams. Bregal manages over €14 billion in assets across its strategies and has closed over 150 direct investments and invested in more than 200 funds. The Bregal family of funds focuses on long-term sustainable value creation and provides access to private equity, growth equity, credit, and fund-of-fund strategies. Headquartered in London and New York, Bregal has over 200 employees across its eight offices.

Bregal Investments was founded in 2002 and is the private equity platform of COFRA Holding, a privately held group headquartered in Switzerland, with a clear mission to be a force for good through business.

For more information about Bregal Investments, visit www.bregal.com or follow us on LinkedIn.

For more information about Bregal Sphere, visit www.bregalsphere.com.

About PUR Projet

PUR Projet (“PUR”) is a leading international developer of high-quality nature-based solutions (“NbS”) projects, with a 14-year track record of field-based project development. Headquartered in Paris, France, and employing 150 people globally, PUR have 40 projects across 30 countries, with regional offices in Canada, Colombia, Peru, Ivory Coast, Thailand, China and Indonesia. The Company’s vision is to be “One with Nature” and their strategy is particularly focused on reconciling companies with the ecosystems they depend upon through NBS insetting projects and other high integrity climate projects - utilising the latest monitoring, reporting and verification technologies.

Bregal Investments
Jillian Hazelton
Head of Marketing & Communications
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PUR Project
Joy D’souza
Global Brand Manager
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VANCOUVER, British Columbia--(BUSINESS WIRE)--EverGen Infrastructure Corp. (“EverGen” or the “Company”) (TSXV: EVGN) (OTCQX: EVGIF), is pleased to announce the appointment of Sean Hennessy as Chief Financial Officer (“CFO”), effective immediately. Prior to his appointment as CFO, Sean held the position of Vice President, Finance & Controller.

“We are excited to add Sean to our executive team,” said Chase Edgelow, CEO of EverGen. “Sean brings extensive financial and strategic experience to EverGen. He has been deeply involved with EverGen since the beginning of this year and this move is a seamless transition to bring our CFO role in-house. We would like to thank Natasha Monk, our interim CFO and partner at Affirm LLP, who will continue to work with and support EverGen as the Company’s primary accounting & tax advisor.”

Sean is a chartered accountant with over 15 years of finance and accounting experience in the clean energy and infrastructure industries, which includes ten years at a global energy infrastructure company owned by Brookfield Business Partners. Sean obtained his Chartered Accountant designation while at PwC New Zealand, where he worked in both the tax and assurance practices, before transitioning to Canada. He is experienced with financial reporting for public companies under both IFRS and US GAAP, on both the New York Stock Exchange and the Toronto Stock Exchange. Sean completed a Bachelor of Commerce and Administration (Accounting, Finance and Commercial Law) degree and a Bachelor of Science (Mathematics) degree at Victoria University of Wellington.

About EverGen Infrastructure Corp.

EverGen, Canada’s Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future. Headquartered on the West Coast of Canada, EverGen is an established independent renewable energy producer which acquires, develops, builds, owns and operates a portfolio of Renewable Natural Gas, waste to energy, and related infrastructure projects. EverGen is focused on Canada, with continued growth expected across other regions in North America and beyond.

For more information about EverGen Infrastructure Corp. and our projects, please visit www.evergeninfra.com.

EverGen Investor Contact
Victoria Rutherford
480-625-5772
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EverGen Media Contact
Katie Reiach
604-614-5283
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ROSWELL, Ga.--(BUSINESS WIRE)--#VPN--Dispersive Holdings Inc. (Dispersive), an emerging cloud security leader in the Zero Trust Network Access (ZTNA) and Secure Access Service Edge (SASE) space announced an agreement to implement secure, critical grid network infrastructure for Endeavour, an innovation platform that builds sustainable power infrastructure.

“Cybersecurity is increasingly critical as the grid adopts more renewables and relies on connected inverters for energy and electric vehicle charging. Today’s elevated threat landscape, combined with heightened competition, requires a new paradigm for offering enhanced capabilities and operational excellence within critical infrastructure sectors,” said Jakob Carnemark, Endeavour’s Founder and CEO. “In Dispersive, we’ve selected a trusted partner with unique and innovative military-grade technology and expertise across complex mission-critical environments to help us quickly scale our operation globally for diverse businesses, geographies and use cases.”

"We are truly inspired by Endeavour’s mission of sustainability,” said Rajiv Pimplaskar, Dispersive’s President and Chief Executive Officer. “Security and privacy are a prerequisite, not an afterthought, and Dispersive’s solution will provide peace of mind for Endeavour and their energy, electric vehicle charging, logistics and utility clients. Dispersive looks forward to supporting Endeavour’s business and use cases with DispersiveFabric, our highly scalable, performant, resilient and operationally flexible software platform.”

Dispersive will be implemented across Endeavour’s technology stack, including GridBlock EV charging solutions and microgrids, Pact low-carbon fuel solutions and Voltek Water stations.

About Dispersive Holdings

An emerging cybersecurity leader in the Zero Trust Network Access (ZTNA) and Secure Access Service Edge (SASE) and Multicloud Network Software (MCNS) space, Dispersive delivers a cloud-native network fabric that is ultra-secure, operationally flexible, and up to 10 times faster. Dispersive’s battlefield-inspired patented technology creates virtual active-active multipath networks with rolling encryption keys and granular access controls to connect digital businesses, products, and users across any cloud or service edge. Government, enterprises, and channel partners can implement the solution quickly with zero-touch provisioning even across multi-cloud environments to secure against new and emerging threats, including nation state actors. For more information, visit www.dispersive.io or follow Dispersive on Twitter @DispersiveHold or LinkedIn @Dispersive-holdings-inc.

About Endeavour

Endeavour is a family of sustainable infrastructure companies that weave together innovations in electronics, chemistry, thermodynamics and material science to improve resiliency at scale and make clean water and renewable energy affordable and accessible to communities worldwide. Endeavour is partnering with global cloud and logistics companies to launch a gigawatt-scale worldwide network of zero-carbon and zero-water IT facilities, energy and logistics hubs including over 300 DC fast charging stations. Additional information on Endeavour solutions can be found on the company’s website: www.endeavourii.com.

Dispersive Media Contact:
Sue Ellen Nicks
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+1.470.865.7029

Endeavor Media Contact:
Ron Kolber
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+1.917.577.6548

Demand response events executed by Uplight see a more than 40% increase in 2022

BOULDER, Colo.--(BUSINESS WIRE)--Uplight, the technology partner of energy providers transitioning to the clean energy ecosystem, today announced the results of its Summer 2022 demand response season, including a 43% increase in the number of demand response events run in 2022 compared to 2021 as the company continues to scale across its entire solution suite. In the face of climate change and increasingly extreme and frequent weather events, these outcomes reflect Uplight’s vision of best-in-class demand-side solutions that in turn enable deeper engagement and broader reach to meet this growing challenge.

Following summer heat waves that broke records across the country, utilities increasingly need solutions that can mitigate peak loads on the grid when temperatures become extreme and more people use more power to cool their buildings and homes. Uplight’s complete suite of solutions provides utilities critical tools they need to address the challenges presented by extreme weather at scale with simplified, streamlined digital experiences that get more customers enrolled in programs that both benefit them and ease demand on the grid.

As of the end of September, Uplight has operated 122 demand response events across a myriad of device types—including thermostats, electric vehicle chargers, and water heaters—a 43% year-over-year increase in the number of events compared to this time last year. These events have resulted in an estimated 766MW of load shifted during the summer season, a 40% year-over-year increase. This load shift is equivalent to offsetting the nameplate capacity of the Warrick coal power plant in southern Indiana.

Marketplace Pre-Enrollment Translates to Bigger Demand Response Impact
Demand response programs are one of the most effective strategies to provide peak load reduction, which in turn compensate customers for providing energy savings for the utility—and ultimately help avoid worst-case scenarios like rolling blackouts. Uplight’s demand response pre-enrollment options in Uplight marketplaces drive more engagement and enrollment quickly, with Uplight’s utility clients seeing three-to-five times greater enrollments compared to programs with marketing campaigns and bring-your-own-device enrollment only. Uplight utility marketplaces are also selling an increasingly diverse mix of connected products at the grid edge, with EV charger sales increasing by 50% versus last year, with 76% of those enrolled in managed charging programs. Overall, Uplight’s programs are enrolling more than 1,500 energy customers in demand management programs every week, a rate that continues to accelerate as the year progresses.

“The need for effective demand response programs was put on display over and over again this summer. Just this past month, we saw California’s electricity grid one step away from rolling blackouts—a situation that was remedied thanks to demand response,” said Greg Gould, Chief Product Officer at Uplight. “The hallmark of our demand response solutions is an unmatched focus on customer experience, communication and comfort, which is driving more enrollments, better retention and ultimately more load shifted for our utility clients managing peak demand amid increasingly severe weather.”

Focus On Customer Experience Drives Better Utility Outcomes
Uplight’s hallmark has always been a focus on best-in-class customer experiences, from digital marketplaces to demand response and ongoing demand management. For demand response solutions, a better customer experience results in reduced event opt-outs while at the same time increasing load shift and customer satisfaction. On devices enabled to work with Uplight’s proprietary algorithms, utilities see an average opt-out rate of 2% versus the industry average of 20%, and program customer satisfaction ratings of 80% and up. In addition, Uplight can accomplish 20-40% more load shift while maintaining a comfort band shift of less than three degrees from customer set points.

To learn more about Uplight’s demand response programs, visit uplight.com/solutions/demand-management.

About Uplight
Uplight is the technology partner for energy providers and the clean energy ecosystem. Uplight’s software solutions connect energy customers to the decarbonization goals of power providers while helping customers save energy and lower costs, creating a more sustainable future for all. Using the industry’s only comprehensive customer-centric technology suite and critical energy expertise across disciplines, Uplight is streamlining the complex transition to the clean energy ecosystem for more than 80 electric and gas utilities around the world. By empowering energy providers to achieve critical outcomes through data-driven customer experiences, delivering control at the grid edge, creating new revenue streams and optimizing existing load and assets, Uplight shares a mission with its clients to make energy more sustainable for every community. Uplight is a certified B Corporation. To learn more, visit us at www.uplight.com, find us on Twitter @Uplight or on LinkedIn at Linkedin.com/company/uplightenergy.

Liam Sullivan
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NEW YORK--(BUSINESS WIRE)--Viridi Energy ("Viridi"), a renewable natural gas ("RNG") company that launched earlier this year with the backing of Warburg Pincus and Green Rock Energy Partners, has appointed Dan Crouse as Chief Executive Officer to guide the firm as it builds a leading energy platform of scale for developing RNG from landfill, dairy, and food waste feedstocks.

Crouse, with a long, successful career in renewable natural gas, heads up a veteran team with more than 75 years of combined experience developing and operating energy assets. He joins Viridi, which expects to break ground on several RNG development assets during the remainder of 2022, from Air Liquide, where he served as CEO of Air Liquide Advanced Technologies U.S. In that role, he oversaw all the firm’s RNG operations in the Americas. Crouse also brings experience from Keystone Renewable Energy, a closely held business focused on Biogas development where he was CEO.

"Viridi is in the unique position of helping to guide the transition away from higher-emission fuel by developing RNG in an environmentally and cost-friendly manner,” said Crouse. “I can’t think of a more experienced and talented team of energy leaders, with the expertise to work across all parts of the RNG value chain, than ours.”

With Crouse’s appointment, Andy Kelleher, who led Viridi in its inception, becomes executive chairman, as planned. In that role, Kelleher, who also serves as Managing Partner of Green Rock Energy Partners, will continue to help lead Viridi, along with other members of the founding management team.

Joining that management team will be Matthew Innamorati, who was appointed Viridi’s Chief Financial Officer. Innamorati comes to Viridi from Mettle Midstream Partners, where he was co-founding partner and Chief Executive Officer of the Pearl Energy and NGP-backed company that offers midstream infrastructure services to energy companies throughout North America.

Crouse and Innamorati round out Viridi’s management team, which already includes President Chet Benham, Executive Vice President (EVP) of Operations Matt Atkins EVP of Origination Jake Crouse, EVP of Development Dana Husnay, and EVP of Strategy and Marketing Bill Keller.

Viridi launched earlier this year with an approximately $320 million line of equity commitment led by Warburg Pincus, a leading global growth investor. The investment will allow Viridi to create a leading energy platform, at scale.

“Viridi is led by a management team that are pioneers in the RNG industry. With the addition of Daniel and Matthew, we are confident this talented group is exactly what’s needed to create a leading platform in the RNG space that will help facilitate the transition to a lower-emission future,” said Roy Ben-Dor, Managing Director, Warburg Pincus.

Warburg Pincus, which has indicated that it is prepared to invest significant capital to create a leading platform in the RNG space, has a strong track record of investing in companies committed to the growth of Environmental, Sustainability, and Governance ("ESG") best practices across all sectors, including low-carbon opportunities. Notable energy transition investments include ClimeCo, Eco Material Technologies, Gradiant, Monolith, Montana Renewables, Scale Microgrid Solutions, and Solar Mosaic.

Viridi is currently developing multiple projects across the food waste, agricultural waste, and landfill gas sectors.

About Viridi RNG
Viridi RNG is a full-service renewable natural gas ("RNG") platform founded by a veteran renewable natural gas management team. The company is developing a platform to build, own and operate RNG assets with landfill, dairy, and food waste feedstocks across North America. For more information, please visit www.viridirng.com.

About Warburg Pincus
Warburg Pincus LLC is a leading global growth investor. The firm has more than $85 billion in assets under management. The firm’s active portfolio of more than 250 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 21 private equity and 2 real estate funds, which have invested more than $106 billion in over 1,000 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com. Follow us on LinkedIn.

About Green Rock Energy Partners
Green Rock Energy Partners LLC is a sustainable infrastructure focused private equity firm which invests in renewable energy companies and projects. Green Rock’s investments primarily target waste-to-value energy assets within the circular economy, which play a critical role in the ongoing energy transition to a low-carbon future. The firm deploys equity capital to develop, purchase, and operate environmentally responsible and financially attractive businesses and infrastructure. The projects that Green Rock targets for investment produce renewable natural gas, renewable diesel, renewable fertilizer, and other similar products. The firm was founded by a team of commodities executives who source, structure, and negotiate opportunities to build successful businesses using their expertise as owners and operators. For more information, please visit www.greenrockep.com. Follow us on LinkedIn.

George Spencer
BackBay Communications
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ATLANTIC CITY, N.J.--(BUSINESS WIRE)--After a thorough and competitive process, Atlantic Shores Offshore Wind (Atlantic Shores), a 50:50 partnership between Shell New Energies and EDF Renewables, is proud to announce its selection of Vestas as the preferred supplier for its 1.5 GW offshore wind project in New Jersey, USA.

Vestas will provide its industry leading V236-15MW^tm offshore wind turbines, with installation expected in 2027. Once installed, the project will generate enough clean energy to power more than 700,000 U.S. homes.

This Preferred Supplier Agreement (PSA) was signed shortly after New Jersey Governor Phil Murphy issued an Executive Order increasing the state’s offshore wind target by 50 percent to achieve 11 GW by 2040.

“The Murphy Administration has set bold offshore wind development and emissions reduction goals, and we’re backing up those commitments to a more sustainable Garden State through focused action and concrete investments that address climate change while creating good family sustaining jobs,” said Jane Cohen, Executive Director of the New Jersey Governor’s Office of Climate Action and the Green Economy. “Atlantic Shores’ selection of Vestas as the preferred supplier of its New Jersey offshore wind project marks another crucial step toward our state’s transition to a green economy and realizing our clean energy future.”

“Today’s announcement by Atlantic Shores Offshore Wind and Vestas is an exciting step forward for one of New Jersey’s first offshore wind projects,” said New Jersey Board of Public Utilities President Joseph L. Fiordaliso. “This key development milestone helps keep the State on track for achieving Governor Murphy’s goal of 100% clean energy by 2050 and our nation leading goal of 11GW of offshore wind by 2040.”

With this project, New Jersey, Atlantic Shores, and Vestas are together taking a leading role in meeting the state’s clean energy goal, while also advancing the Biden Administration’s goal to support the deployment of 30 GW of offshore wind in the United States by 2030.

“We are proud to partner with Atlantic Shores Offshore Wind as the preferred supplier for its project and deploy our flagship V236-15MW^tm turbine to help New Jersey achieve its goal of rapidly developing offshore wind and creating new clean energy jobs,” said Laura Beane, President of Vestas North America. “Scaling offshore wind in the U.S.A. depends upon consistent policy and predictable, steady volume over a long period of time, and New Jersey’s newly stated 11 GW offshore target combined with stable federal policy signals this intent.”

Given the state’s significant investment in the New Jersey Wind Port and keeping in line with the Atlantic Shores’ commitments to New Jersey as part of its selected Project 1 proposal, Vestas intends to establish a nacelle assembly facility at the New Jersey Wind Port in Salem County where the assembly and testing of the hub, cooler top, and heli-hoist modules will take place. The facility will supply Atlantic Shores’ inaugural project in its portfolio.

In addition, Vestas will deliver a comprehensive wind turbine service solution as soon as the project commences operations. These services will be executed from a state-of-the-art operations and maintenance base established by Atlantic Shores in Atlantic City, that will also provide additional local employment opportunities over the life of the project.

"Since our award in June 2021, Atlantic Shores has conducted an extensive due diligence and procurement process to find the right turbine supply partner that will enable us to deliver the best value to the state of New Jersey, including local content commitments. We are proud to have concluded that process with the selection of Vestas as our preferred supplier, and we look forward to moving forward together to successfully deliver our Project 1,” said Joris Veldhoven, CEO of Atlantic Shores Offshore Wind.

“Congratulations to Atlantic Shores on a major milestone investment decision as part of its development of one of the largest offshore wind projects in the US, which is a sign of tremendous confidence in Governor Phil Murphy’s offshore wind economic development strategy that has positioned New Jersey to be the capital of American offshore wind,” said NJ Economic Development Authority CEO Tim Sullivan.

If the agreement with Atlantic Shores is converted to a firm order for Vestas, Vestas will disclose the order in a company announcement in accordance with the company’s disclosure policy.

About Vestas

Vestas is the energy industry’s global partner on sustainable energy solutions. We design, manufacture, install, and service onshore and offshore wind turbines across the globe, and with more than 157 GW of wind turbines in 88 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled more than 137 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 28,000 employees are bringing the world sustainable energy solutions to power a bright future.

For updated Vestas photographs and videos, please visit our media images page on: https://www.vestas.com/en/media/images.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

www.twitter.com/vestas
www.linkedin.com/company/vestas
www.facebook.com/vestas
www.instagram.com/vestas
www.youtube.com/vestas

Check out the V236-15.0 MW prototype development progress and sign-up for our newsletter by visiting: https://www.vestas.com/en/products/offshore/V236-15MW/prototype

About Atlantic Shores:

Atlantic Shores is a 50:50 joint venture between EDF Renewables and Shell New Energies. Both companies come with decades of experience developing onshore and offshore projects across the globe. Atlantic Shores Offshore Wind is composed of over 100 experts dedicated to delivering its 5+GW portfolio, strategically positioned to meet the growing demands of multiple East Coast Markets.

Atlantic Shores Offshore Wind is developing a portfolio of wind farms off the coast of New Jersey and New York that will be a major source of clean, affordable energy for the state and region; this includes a 1.5 GW project off the coast of Atlantic City that will power 700,000 homes by 2027 and 2028. Atlantic Shores has three additional projects that will provide power to hundreds of thousands more.

We invite you to learn more about Atlantic Shores Offshore Wind by visiting our website at www.atlanticsshoreswind.com and following us on our social media channels.

www.linkedin.com/company/atlantic-shores-wind
www.facebook.com/atlshoreswind
www.instagram.com/atlshoreswind
www.twitter.com/ATLShoresWind

For more information:

Phil Chinitz
External Affairs Consultant, Atlantic Shores
Mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: +1 (516) 659-9369

Michelle Bardini
Marketing & Communications Specialist, Vestas
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Tel: +1 (503) 260-6754

This Is the First Project to Be Drilled by the Previously Announced Partnership Between White River and Ault Energy

The Partnership Plans to Jointly Drill Approximately 100 Oil Wells Over the Next 5 Years

LAS VEGAS & FAYETTEVILLE, Ark.--(BUSINESS WIRE)--BitNile Holdings, Inc. (“BitNile”) (NYSE American: NILE) and White River Energy Corp (“White River”) (OTC: FRTM), today announced that Ault Energy, LLC (“Ault Energy”), a wholly owned subsidiary of BitNile, and White River Operating LLC (“WR Ops”), a wholly owned subsidiary of White River, have successfully completed drilling a 9,531 foot well, the Harry O’Neal 20-9 No. 1 (the “O’Neal No. 1 Well”), on White River’s oil and gas mineral lease in Holmes County, Mississippi. The O’Neal No. 1 Well was logged on Tuesday, October 4, 2022, by an independent Fortune 500 oilfield services company and had productive oil results across multiple pay-zones in the Smackover formation.

WR Ops has commenced the completion process on the O’Neal No. 1 Well and anticipates pumping the O’Neal No. 1 Well in mid-October 2022 as an economically viable oil well. White River and BitNile will issue a subsequent press release to communicate to their investors the initial production results as well as an estimate of oil reserves within the O’Neal No. 1 Well’s reservoir.

BitNile obtained participation rights with respect to the O’Neal No. 1 Well and future oil wells when it invested $12 million in Ecoark Holdings, Inc. (“Ecoark”) (Nasdaq: ZEST) on June 8, 2022. Ecoark beneficially owns approximately eighty-three percent (83%) of White River’s capital stock. BitNile, through Ault Energy, exercised its participation right and acquired a forty percent (40%) working interest in the O’Neal No. 1 well, which is the first project in an expected long-term partnership between White River and BitNile, which was previously announced in July 2022 with the intention to drill approximately 100 oil wells over five years.

“The recent success of our development drilling strategy at Horseshoe Lake in Holmes County, MS via our vertically integrated business model is an exciting first step in our relationship with Ault Energy,” stated Randy May, Executive Chairman of White River.

BitNile Founder and Executive Chairman Milton “Todd” Ault, III, who also serves as the Manager of Ault Energy, stated, “We are pleased to announce the successful drilling of an economically viable producing oil well. My team and I conducted a site visit to the in-progress drilling project in September 2022, and we were very impressed with White River’s drilling operations, management, and geological capabilities. We look forward to participating in additional drilling projects with White River over the next several months.”

White River’s next drilling project is expected to be a 14,000’ deep vertical oil well in the Wilcox, Austin Chalk, and Tuscaloosa Marine Shale formations in the Coochie Oil Field in Concordia Parish, LA. White River also plans to drill three consecutive deep vertical drilling projects at approximately 13,000’ in the Rodessa and Hosston sand formations on the Pisgah Field Lease in Rankin County, MS.

About BitNile Holdings, Inc.

BitNile Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, BitNile owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including oil exploration, defense/aerospace, industrial, automotive, medical/biopharma, karaoke audio equipment, hotel operations and textiles. In addition, BitNile extends credit to select entrepreneurial businesses through a licensed lending subsidiary. BitNile’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.BitNile.com.

About White River Energy Corp

White River is a vertically integrated oil and gas exploration and production company. White River is engaged in oil and gas exploration, production, and drilling operations on over 30,000 cumulative acres of active mineral leases in Louisiana and Mississippi.

Cautionary Note Regarding Forward-looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the completion of the O’Neal No. 1 Well and its prospects, the plan to drill up to 100 wells and White River’s near-term drilling plans in Louisiana and Mississippi. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and neither BitNile nor White River undertakes any obligation to update any of these statements publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. In addition to risks relating to the continuation of high oil prices, enhanced federal regulation of oil and gas drilling mining and efforts led by the federal and certain state governments to favor electric vehicles and eliminate fossil fuel vehicles, investors should review risk factors, that could affect either or both of BitNile’s and White River’s respective businesses and financial results which are included in BitNile’s and Ecoark’s respective filings with the U.S. Securities and Exchange Commission, including, but not limited to, their respective Forms 10-K, 10-Q and 8-K. All such filings are available at www.sec.gov and on the companies’ websites at www.BitNile.com and https://white-river.com, respectively. Ecoark’s risk factors are limited to its former oil and gas exploration and drilling business, which White River acquired from it this past summer and not its oil and gas transportation services business, which it also disposed of recently, or other businesses.

BitNile Holdings Investor Contact: This email address is being protected from spambots. You need JavaScript enabled to view it. or 1-888-753-2235
White River Energy Investor Contact: This email address is being protected from spambots. You need JavaScript enabled to view it. or 1-800-203-5610

Validere’s platform and expert team will empower environmental and regulatory efforts.

HOUSTON & CALGARY, Alberta--(BUSINESS WIRE)--#ESG--Validere, a measurement, reporting, and verification (MRV) SaaS company, announces today that TRP Energy (“TRP”) has selected Validere to serve as its emissions measurement and reconciliation solution.

A premier, private E&P operator in the Midland Basin, TRP will leverage Validere’s Carbon Hub SaaS platform and team of industry experts to inform carbon reduction strategies, through a synthesis of emissions and operational data.

“TRP is excited to utilize Validere’s technology and work with their team to achieve our emissions reduction goals,” says Randy Dolan, Co-Chief Executive Officer at TRP. “We set out to be a case study of a responsible producer, and Validere’s deep understanding of the evolving regulatory landscape will help us improve our decision making around our greening the oilfield efforts.”

As a technology partner, Validere will transform disparate data into actionable insights and provide expert guidance that will enable TRP to achieve emissions reduction goals and chart a clear path through today’s changing regulatory environment. In particular, Validere will help TRP reconcile differences between measured emissions data and desktop emissions factors as a part of TRP’s commitment to join the Oil and Gas Methane Partnership (OGMP) 2.0. Using data and deep expertise to drive decisions, Validere seeks to address the most pressing energy challenges through an integrated, holistic approach.

“High quality data in the hands of the operators — those with agency to affect change — is the first and most critical step toward meaningful emissions reductions,” says Dr. Erin Tullos, Senior Advisor, Carbon Strategies, at Validere. “By having a solid baseline of your data and viewing emissions as part of operations, it paves the way to ensure emissions reduction capital is deployed sensibly, resulting in cost-effective emissions reduction strategies with impact.”

About Validere

Validere is a measurement, reporting, and verification (MRV) SaaS company that helps energy organizations transform disconnected, incomplete data into clear and immediately actionable pathways to financial and environmental value. Over 50 of North America’s leading energy companies rely on Validere’s technology and multidisciplinary experts to understand their physical and environmental commodities and navigate an increasingly complex environment with clarity and ease. Validere is on a mission to better human prosperity by making the energy supply chain efficient and sustainable. The company has offices in Houston, Calgary, and Toronto.

About TRP Energy

TRP is a private operating company focused on investing in upstream assets across premier onshore U.S. basins that offer attractive risk-adjusted returns. As a responsible operator, we are dedicated to advancing environmental initiatives that will lead to a greener oil patch. Please visit trpenergy.com for more information.

Media:
Nicole Yager
Validere
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Matthew Juul
Validere
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VANCOUVER, British Columbia--(BUSINESS WIRE)--$LPEN--Loop Energy™ (TSX: LPEN), a developer and manufacturer of hydrogen fuel cells for commercial mobility, today announces two new customers, each developing medium-duty hydrogen-electric trucks.

Opex, a Colombian systems integrator of batteries and hydrogen fuel cells, and Avia Ingeniería, a Spanish electric powertrain provider and systems integrator, are both looking to trial hydrogen-electric vehicles in 2023.

Loop Energy enters the Pilot Phase of the Customer Adoption Cycle with both companies, expanding its presence in the dynamic European market and establishing its first relationship in the emerging South American market. The news comes after Loop Energy recently upgraded its purchase order guidance for the next 18 months.

Having supplied components and infrastructure for battery-electric vehicles for more than a decade, Opex identified fuel cells as a solution for commercial vehicles in Latin America two years ago. Starting with a prototype, Opex aims to develop a logistics truck using Loop Energy's S300 (30 kW) fuel cell as a range extender. Once built, the truck is expected to be trialed by a local fleet operator to evaluate how the technology can be deployed in larger truck applications.

Avia Ingeniería plans to also apply Loop Energy's 30 kW fuel cell as a range extender in a tractor-trailer transport truck. The truck is a part of the ShineFleet project, which features various Spanish technology and engineering companies including Técnicas Reunidas. The aim of the pilot is to demonstrate the feasibility of hydrogen technology and educate fleet operators on how to scale a fleet. A logistics fleet operator is expected to integrate the truck into its service routes once it is operational in 2023.

"We've seen positive growth when it comes to using fuel cells in medium-duty electric trucks," said Loop Energy Chief Commercial Officer, George Rubin. "Our team continues to identify manufacturers and fleet operators committed to the deployment of hydrogen-electric fleets worldwide. It is great to see Opex and Avia Ingeniería setting a positive example in their respective markets."

Climate Change mitigation, regulatory pressure and energy security concerns are compelling manufacturers and fleet operators to invest in and operate hydrogen-electric trucks instead of traditional diesel combustion engine vehicles. Benefits such as extended range, lighter weight and fast refuelling are key contributors to lower total cost of ownership, making fuel cell-powered vehicles an appealing zero-emissions solution.

About Opex S.A.S.

Opex S.A.S. is a colombian based company with 10 years of experience in the market. Among its main market activities are selling and renting of products as acid lead batteries, Li-Ion batteries, and Hydrogen fuel cells. The company also provides products as forklift trucks and batteries for warehouses, including installations and maintenance of the products. During the last two years, Opex has been involved in several research projects related to clean energies and hydrogen use. We have installed the first hydrogen refueling station in the entire South America region. To learn more visit: www.opex.com.co

About Avia Ingeniería

Avia is an independent company specializing in the design, manufacture of prototypes and small series of special vehicles. The philosophy of the company as engineering is to offer its capacity to develop advanced technology projects and to be present in research projects in the fields of new energies and materials. It offers its clients solutions from the simplest execution of manufacturing drawings to the most advanced integral projects, contributing, with its knowledge, technology and computer resources. Avia brings vast experience in the fields of aeronautics, automotive, agricultural equipment and public works.

About Loop Energy Inc.

Loop Energy is a leading designer and manufacturer of fuel cell systems targeted for the electrification of commercial vehicles, including light commercial vehicles, transit buses and medium and heavy-duty trucks. Loop's products feature the company's proprietary eFlow™ technology in the fuel cell stack's bipolar plates. eFlow™ is designed to enable commercial customers to achieve performance maximization and cost minimization. Loop works with OEMs and major vehicle sub-system suppliers to enable the production of hydrogen fuel cell electric vehicles. For more information about how Loop is driving towards a zero-emissions future, visit www.loopenergy.com.

Forward Looking Warning

This press release contains forward looking information within the meaning of applicable securities legislation, which reflect management’s current expectations and projections regarding future events. Particularly, statements regarding the Company’s or Customer’s expectations of future sales and deployment, performance, achievements, prospects or opportunities or the markets in which we operate is forward looking information, including without limitation statements regarding the trials and deployment of Opex’s and Avia’s hydrogen-electric truck, future purchase orders and projected benefits of fuel cell technology in commercial vehicles.

Forward looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control and could cause actual results and events to vary materially from those that are disclosed, or implied, by such forward looking information. Such risks and uncertainties include, but are not limited to, the ability to scale hydrogen technology into larger applications or fleets, if vehicle OEMs and fleet operators choose not to invest and operate zero-emissions vehicles over diesel vehicles, if the benefits of fuel cell technology in commercials does not contribute to lower total cost of ownership and the factors discussed under “Risk Factors” in the Company’s Annual Information Form dated March 23, 2022. Loop disclaims any obligation to update these forward looking statements.

Investor Inquiries:
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Business Inquiries:
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DALLAS--(BUSINESS WIRE)--Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, announced today the release of the new Flowserve FLEX™ Isobaric Energy Recovery Device – the next-generation compact pressure exchanger for reverse osmosis plants.

“Desalination is a critical process in providing people around the world with access to fresh drinking water and it is more important now than ever before as the global demand for clean water continues to accelerate,” said Scott Rowe, Flowserve president and chief executive officer. “With our Diversification, Decarbonization and Digitization strategy as the blueprint for our path forward, the Flowserve FLEX represents a significant step in further expanding our reach in the desalination market and advancing our sustainable solutions.”

The Flowserve FLEX pressure exchanger is designed to be one of the most efficient and compact energy recovery devices on the market. With its ability to recover more than 98% of hydraulic energy and offer the highest unit capacity available, while being notably smaller than competitor products, the FLEX pressure exchanger can substantially reduce the cost of desalination by lowering operating and capital expenditures.

Additionally, the Flowserve FLEX offers a simple design with only four major internal components and is enabled for remote monitoring through Flowserve’s RedRaven IOT platform – helping provide high reliability and ensure uptime for end users. With successful pilots in multiple desalination plants occurring for more than a year, customers have already seen the tangible benefits Flowserve FLEX can provide.

“While Flowserve has long supported the desalination market – with Flowserve equipment installed in a majority of the world’s desalination plants – we expect to further add value to our customers through our enhanced portfolio of energy recovery equipment,” said Tamara Morytko, president, Flowserve pumps division. “We are excited about the benefits this innovation will provide our customers and we are proud of the role it will play in delivering clean water to those in need and making the world better for everyone.”

To learn more about Flowserve FLEX and its capabilities, visit https://www.flowserve.com/en/products/products-catalog/energy-recovery-devices/isobaric-devices/flowserve-flextm-isobaric-energy-recovery-device/.

About Flowserve: Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.

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

The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: the impact of the global outbreak of COVID-19 on our business and operations; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from our strategic transformation and realignment initiatives, our business could be adversely affected; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics or changes to tariffs or trade agreements that could affect customer markets, particularly North African, Russian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela and Argentina; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.

All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.

Flowserve Contacts
Investor Contacts:
Jay Roueche, Vice President, Investor Relations & Treasurer, (972) 443-6560
Mike Mullin, Director, Investor Relations, (214) 697-8568

Media Contact:
Morgan Contreras, Director, Corporate Communications, (214) 476-0084

This Is the First Project to Be Drilled by the Previously Announced Partnership Between White River and Ault Energy

The Partnership Plans to Jointly Drill Approximately 100 Oil Wells Over the Next 5 Years

LAS VEGAS & FAYETTEVILLE, Ark.--(BUSINESS WIRE)--$AP #100_oil_wells--BitNile Holdings, Inc. (“BitNile”) (NYSE American: NILE) and White River Energy Corp (“White River”) (OTC: FRTM), today announced that Ault Energy, LLC (“Ault Energy”), a wholly owned subsidiary of BitNile, and White River Operating LLC (“WR Ops”), a wholly owned subsidiary of White River, have successfully completed drilling a 9,531 foot well, the Harry O’Neal 20-9 No. 1 (the “O’Neal No. 1 Well”), on White River’s oil and gas mineral lease in Holmes County, Mississippi. The O’Neal No. 1 Well was logged on Tuesday, October 4, 2022, by an independent Fortune 500 oilfield services company and had productive oil results across multiple pay-zones in the Smackover formation.

WR Ops has commenced the completion process on the O’Neal No. 1 Well and anticipates pumping the O’Neal No. 1 Well in mid-October 2022 as an economically viable oil well. White River and BitNile will issue a subsequent press release to communicate to their investors the initial production results as well as an estimate of oil reserves within the O’Neal No. 1 Well’s reservoir.

BitNile obtained participation rights with respect to the O’Neal No. 1 Well and future oil wells when it invested $12 million in Ecoark Holdings, Inc. (“Ecoark”) (Nasdaq: ZEST) on June 8, 2022. Ecoark beneficially owns approximately eighty-three percent (83%) of White River’s capital stock. BitNile, through Ault Energy, exercised its participation right and acquired a forty percent (40%) working interest in the O’Neal No. 1 well, which is the first project in an expected long-term partnership between White River and BitNile, which was previously announced in July 2022 with the intention to drill approximately 100 oil wells over five years.

“The recent success of our development drilling strategy at Horseshoe Lake in Holmes County, MS via our vertically integrated business model is an exciting first step in our relationship with Ault Energy,” stated Randy May, Executive Chairman of White River.

BitNile Founder and Executive Chairman Milton “Todd” Ault, III, who also serves as the Manager of Ault Energy, stated, “We are pleased to announce the successful drilling of an economically viable producing oil well. My team and I conducted a site visit to the in-progress drilling project in September 2022, and we were very impressed with White River’s drilling operations, management, and geological capabilities. We look forward to participating in additional drilling projects with White River over the next several months.”

White River’s next drilling project is expected to be a 14,000’ deep vertical oil well in the Wilcox, Austin Chalk, and Tuscaloosa Marine Shale formations in the Coochie Oil Field in Concordia Parish, LA. White River also plans to drill three consecutive deep vertical drilling projects at approximately 13,000’ in the Rodessa and Hosston sand formations on the Pisgah Field Lease in Rankin County, MS.

About BitNile Holdings, Inc.

BitNile Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, BitNile owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including oil exploration, defense/aerospace, industrial, automotive, medical/biopharma, karaoke audio equipment, hotel operations and textiles. In addition, BitNile extends credit to select entrepreneurial businesses through a licensed lending subsidiary. BitNile’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.BitNile.com.

About White River Energy Corp

White River is a vertically integrated oil and gas exploration and production company. White River is engaged in oil and gas exploration, production, and drilling operations on over 30,000 cumulative acres of active mineral leases in Louisiana and Mississippi.

Cautionary Note Regarding Forward-looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the completion of the O’Neal No. 1 Well and its prospects, the plan to drill up to 100 wells and White River’s near-term drilling plans in Louisiana and Mississippi. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and neither BitNile nor White River undertakes any obligation to update any of these statements publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. In addition to risks relating to the continuation of high oil prices, enhanced federal regulation of oil and gas drilling mining and efforts led by the federal and certain state governments to favor electric vehicles and eliminate fossil fuel vehicles, investors should review risk factors, that could affect either or both of BitNile’s and White River’s respective businesses and financial results which are included in BitNile’s and Ecoark’s respective filings with the U.S. Securities and Exchange Commission, including, but not limited to, their respective Forms 10-K, 10-Q and 8-K. All such filings are available at www.sec.gov and on the companies’ websites at www.BitNile.com and https://white-river.com, respectively. Ecoark’s risk factors are limited to its former oil and gas exploration and drilling business, which White River acquired from it this past summer and not its oil and gas transportation services business, which it also disposed of recently, or other businesses.

BitNile Holdings Investor Contact:
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White River Investor Contact:
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PITTSBURGH--(BUSINESS WIRE)--Alcoa Corporation (NYSE: AA) today announced an additional power purchase agreement to support the future restart of the San Ciprián aluminum smelter in Spain.

This latest agreement is with Endesa, a leading company in the Spanish electricity sector that is a subsidiary of the Enel Group. The agreement will provide power balancing services for the smelter load from 2024 to at least 2030.

Balancing services provide electricity to the smelter’s consumption point, either from baseload volumes from a power purchase agreement with Endesa, via other third-party agreements, or from the market directly.

The agreement with Endesa would include up to 131 megawatts beginning in the second half of 2025 and through 2033, representing slightly more than 30 percent of the smelter’s energy requirements at maximum capacity. The final volume and start of the baseload power deliveries can be adapted as the process to develop windfarms evolves. The pricing terms are confidential.

“This agreement demonstrates Alcoa’s efforts to find a viable solution for the San Ciprián smelter,” said Álvaro Dorado Baselga, Vice President Global Energy in Alcoa and President of Alcoa in Spain. “While the energy agreements represent important progress, the success of the smelter will depend on the development of a long-term competitive power framework in Spain and getting the permitting process approved for these windfarms.”

The agreement with Endesa will supplement the terms of a separate agreement reached earlier this year with Greenalia for up to 183 megawatts. That agreement, which is subject to windfarm permitting process, would represent approximately 45 percent of the energy required to meet the smelter’s maximum capacity.

Together, the agreements with Endesa and Greenalia could provide up to approximately 75 percent of the smelter base load power. Alcoa is continuing to pursue options for the remaining 25 percent of the smelter’s electricity requirements.

Due to exorbitant energy prices, Alcoa announced in December 2021 a two-year curtailment of aluminum smelting at the San Ciprián smelter. During the curtailment, Alcoa is working to secure power purchase agreements and make improvements to prepare for the future restart.

About Alcoa Corporation

Alcoa (NYSE: AA) is a global industry leader in bauxite, alumina and aluminum products with a vision to reinvent the aluminum industry for a sustainable future. With a values-based approach that encompasses integrity, operating excellence, care for people and courageous leadership, our purpose is to Turn Raw Potential into Real Progress. Since developing the process that made aluminum an affordable and vital part of modern life, our talented Alcoans have developed breakthrough innovations and best practices that have led to greater efficiency, safety, sustainability and stronger communities wherever we operate.

Forward-Looking Statements

This press release contains statements that relate to future events and expectations, and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “aim,” “ambition,” “anticipates,” “believes,” “could,” “develop,” “endeavors,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “outlook,” “plans,” “potential,” “projects,” “reach,” “seeks,” “sees,” “should,” “targets,” “will,” “working,” “would,” or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in Alcoa Corporation’s filings with the Securities and Exchange Commission. Alcoa Corporation disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law.

Investor Contact:
James Dwyer
412-992-5450
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Media Contact:
Jim Beck
412-315-2909
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• ECV is the only VC firm committed to investing in startups focused on ESG imperatives and digital transformation of the natural gas industry
  
  
• LPs include several publicly traded utility companies including new investors Eversource Energy (NYSE: ES) and National Fuel Gas Co. (NYSE: NFG), who join existing strategic LPs Avista Corp. (NYSE: AVA), Black Hills Energy (NYSE: BKH), NiSource (NYSE: NI), Southwest Gas Holdings (NYSE: SWX) and Spire (NYSE: SR)
  
  
• ECV champions for innovation in “green molecules™” — the term it developed to encapsulate technologies spanning decarbonization, sustainability and digitization of natural gas industry

CHICAGO--(BUSINESS WIRE)--Energy Capital Ventures (ECV), the only early-stage venture capital firm dedicated to the environmental, social and governance (ESG) imperatives and digital transformation of the natural gas industry, today announced its two final limited partners investing in its $61 million debut Fund I.

Eversource Energy (NYSE: ES) and National Fuel Gas Co. (NYSE: NFG) are the latest prominent publicly traded utility companies to invest in ECV’s innovation in “green molecules™.” ECV will accelerate its deployment of capital at the Seed-plus and Series A stage in game-changing companies with exceptional leaders that address the natural gas industry’s ESG imperatives, and enable its digital transformation.

ECV coined the phrase, green molecules™, to define technologies encompassing the decarbonization, sustainability and digitization of the natural gas industry. As they relate to the natural-gas value stream, those technologies affect the use of hydrogen, renewable natural gas, carbon-capture utilization and sequestration, climate-tech, decarbonization, ESG modeling and accounting, workforce and customer safety, methane detection and leak prevention, business process optimization, customer experience and robotics. Many other venture capital firms focus on green-electron solutions particular to electrification, or are broad generalist funds. Consequently, they do not realize the full potential of a diverse energy portfolio and holistic customer energy needs.

“Adding Eversource and National Fuel Gas Company to our platform categorically demonstrates the strategic importance and market validation of the work we are doing to advance innovation in green molecules™,” said Vic Pascucci, ECV co-founder and managing general partner. “We could not be more excited about the future of our fund and its mission to accelerate clean innovation in the natural gas industry.”

ECV portfolio company Cemvita, which uses synthetic biology to decarbonize heavy industry, is emblematic of the firm’s green-molecule™ investment thesis. Cemvita is currently developing bio ethylene with Oxy and sustainable aviation fuel with United Airlines. The company is also enabling “gold hydrogen” with Chart Industries and other corporate partners in addition to numerous other exciting decarbonization efforts in biomining and biomanufacturing.

“Innovation is key to providing safe, reliable and sustainable energy to the neighborhoods we serve,” said Bill Akley, Eversource Energy’s gas business president. “Energy Capital Ventures’ advocacy for green-molecule™ innovation helps us evolve our business to provide a better tomorrow for the communities we serve. Achieving greenhouse-gas reductions for our state mandates will require innovation and new solutions that don't exist today across our entire energy sector. ECV is enabling the investments in our industry that advance these emissions reductions by bringing needed innovations to market.”

“ECV’s green-molecule™ revolution and natural gas industry digital transformation represent a total addressable market worth trillions of dollars worldwide,” Pascucci said. “That market continues to grow as the natural-gas infrastructure enables not just today’s sources of clean, safe, reliable cost-effective energy, but tomorrow’s sources as well.”

“Innovation is a core guiding principle at National Fuel,” said David Bauer, National Fuel Gas Co. president and CEO. “Energy Capital Ventures enables us to access an entire ecosystem of new and emerging technologies that will help us better serve our communities, steward the environment and deliver safe energy. Our team is a proud supporter of ECV and their mission.”

Eversource and National Fuel join existing ECV strategic LPs: Avista Corp. (NYSE: AVA), Black Hills Energy (NYSE: BKH), NiSource (NYSE: NI), Southwest Gas Holdings (NYSE: SWX) and Spire (NYSE: SR).

“These additional partners will better enable us to drive breakthrough innovations through the Energy Capital Ventures platform. Together, we can transform how energy is delivered to customers and truly advance our industry,” said Suzanne Sitherwood, Spire CEO and founding ECV limited partner. “The more ECV grows, the more we can push the boundaries of what’s possible in delivering the affordable, reliable, clean natural gas that customers depend on.”

About Energy Capital Ventures

Energy Capital Ventures (ECV) is the only early-stage venture capital firm dedicated to the ESG imperatives and digital transformation of the natural gas industry. In addition to this unique focus that champions innovation in green molecules™, ECV further differentiates itself with a customized engagement and deep integration with its strategic limited partners. This model empowers Energy Capital Ventures to provide a platform for innovation so that the startup ecosystem and natural gas utilities can collaborate on technologies that enable clean, safe, reliable, cost-effective energy. Learn more at www.energycapitalventures.com.

Media Contact
Treble
Ethan Parker
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Amendment to Add up to $22 Million to Base Multi-Year Contract

Upgrade to Precision-Guided Anti-Ship Missile System

TAMPA, Fla.--(BUSINESS WIRE)--Sypris Electronics, LLC, a subsidiary of Sypris Solutions, Inc. (Nasdaq/GM: SYPR), announced today that it has entered into an amendment to an existing multi-year supply agreement to include the production of electronic power logic assemblies for a large, mission-critical Navy program.

The amended contract, including options, now provides for the purchase of up to $77.0 million of assemblies from Sypris over the term of the agreement, representing a 39.5% increase in potential volume when compared to the original base contract announced earlier this year. In conjunction with the amendment, Sypris also received releases for the first year of production, with shipments scheduled to begin in 2023. Additional terms of the contract were not disclosed.

The modules to be produced by Sypris will be integrated into an electronic warfare improvement program for the U.S. Navy. According to news sources, the upgrade will provide the capability to actively jam incoming missiles that threaten a warship, cue decoys, and adapt quickly to evolving threats. The improvements to the electronic attack portion will provide integrated countermeasures against radio frequency-guided threats, according to the Navy.

The U.S. Naval Institute reported that the system’s capability for non-kinetic electronic attack options can be further deployed in additional critical areas. From advanced communications to multi-role waveforms, the multi-function applications of the system will provide enhanced mission capabilities to the U.S. Navy Fleet while presenting opportunities for future reductions in cost, size, weight, and power.

“We are pleased to expand our long-term partnership on and support of this important program,” said Mark R. Kane, Vice President & General Manager of Sypris Electronics. “Our engineering expertise, production capabilities and proven performance were essential to this win. We are certainly proud to increase our support for this strategic long-term upgrade program for the U.S. Navy that we believe to be critical to our National Defense.”

Sypris Electronics is a trusted provider of engineering and manufacturing services for complex, mission-critical electronic solutions for customers in the Defense, Space, Deep Sea Communications, and Industrial markets. Backed by over 50 years of experience, the Company specializes in producing electronics for high-cost-of-failure applications. For more information, please visit www.sypriselectronics.com.

Forward-Looking Statements

This press release contains “forward-looking” statements within the meaning of the federal securities laws. Forward-looking statements include our plans and expectations of future financial and operational performance. Each forward-looking statement herein is subject to risks and uncertainties, as detailed in our most recent Form 10-K and Form 10-Q and other SEC filings. Briefly, we currently believe that such risks also include the following: our failure to achieve and maintain profitability on a timely basis by steadily increasing our revenues from profitable contracts with a diversified group of customers, which would cause us to continue to use existing cash resources to fund operating losses; our failure to successfully complete final contract negotiations with regard to our announced contract “orders”, “wins” or “awards”; dependence on, retention or recruitment of key employees and highly skilled personnel and distribution of our human capital; cost, quality and availability or lead times of raw materials such as component parts or utilities including increased cost relating to inflation; our failure to successfully win new business or develop new or improved products or new markets for our products; volatility of our customers’ forecasts, which may negatively impact our operational capacity and our effectiveness to integrate new customers or suppliers, and in turn cause increases in our inventory and working capital levels; the impact of COVID-19 and economic conditions on our future operations; possible public policy response to the pandemic, including U. S or foreign government legislation or restrictions that may impact our operations or supply chain; the cost, quality, timeliness, efficiency and yield of our operations and capital investments, including the impact of inflation, tariffs, product recalls or related liabilities, employee training, working capital, production schedules, cycle times, scrap rates, injuries, wages, overtime costs, freight or expediting costs; the termination or non-renewal of existing contracts by customers; inaccurate data about markets, customers or business conditions; disputes or litigation involving governmental, supplier, customer, employee, creditor, product liability or warranty; our reliance on a few key customers, third party vendors and sub-suppliers; inventory valuation risks including excessive or obsolescent valuations or price erosions of raw materials or component parts on hand or other potential impairments, non-recoverability or write-offs of assets or deferred costs; failure to adequately insure or to identify product liability, environmental or other insurable risks; unanticipated or uninsured product liability claims, disasters, public health crises, losses or business risks; the costs of compliance with our regulatory or contractual obligations; health care or other benefit costs; our inability to patent or otherwise protect our inventions or other intellectual property from potential competitors; adverse impacts of new technologies or other competitive pressures which increase our costs or erode our margins; U.S. government spending on products and services, including the timing of budgetary decisions; changes in licenses, security clearances, or other legal rights to operate, manage our work force or import and export as needed; risks of foreign operations; currency exchange rates; inflation; war, geopolitical conflict, terrorism, or political uncertainty, including disruptions resulting from the conflict between Russia and Ukraine arising out of international sanctions; cyber security threats and disruptions, including ransomware attacks on our systems and the systems of third-party vendors and other parties with which we conduct business, all of which may become more pronounced in the event of geopolitical conflicts and other uncertainties, such as the conflict in Ukraine; or unknown risks and uncertainties. We undertake no obligation to update our forward-looking statements, except as may be required by law.

Lawrence J. Bernicky
Vice President of Finance
(813) 972-6040

HIGHLIGHTS

• NOG closed its previously announced $110 million acquisition of non-operated Midland Basin properties on October 3, 2022
• Management will recommend that the Board of Directors approve a 20% increase to NOG’s quarterly common stock dividend, to $0.30 per share, for the fourth quarter of 2022

MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (the “Company” or “NOG”) today announced the closing of a previously announced acquisition and provided a shareholder return update.

MIDLAND BASIN ACQUISITION

On October 3, 2022, NOG closed its previously announced acquisition of non-operated properties in the Midland Basin. The closing settlement was $110.1 million in cash, which includes a $11.0 million deposit paid at signing in August 2022. The closing cash settlement is net of preliminary and customary purchase price adjustments and remains subject to final post-closing settlement between NOG and the seller. Additional information regarding this acquisition can be found in NOG’s August 2022 prior press release announcing the transaction, which is available here.

SHAREHOLDER RETURN UPDATE

Management intends to submit a request to the Board of Directors for a 20% increase to NOG’s quarterly common stock dividend, to $0.30 per share, for the fourth quarter of 2022. Under Delaware law, the Board may not approve dividends more than 60 days before the record date.

NOG repurchased and retired an additional $10.0 million of its 8.125% Senior Unsecured Notes due 2028 at 94.8% of par during the third quarter of 2022. NOG has $726.6 million of par value of the 8.125% Notes currently outstanding. The Company also repurchased approximately 359,000 shares of common stock during the third quarter of 2022 at an average price of $24.22 per share.

MANAGEMENT COMMENTS

“NOG continues to execute, with both the closing of this acquisition and the recent announcement of another,” commented Nick O’Grady, NOG’s Chief Executive Officer. “We remain focused on our mission to allocate capital efficiently, grow our enterprise to bolster long-term returns on capital employed, and ultimately increase shareholder returns.”

ABOUT NORTHERN OIL AND GAS

NOG is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States. More information about NOG can be found at www.northernoil.com.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this release regarding NOG’s dividend plans and practices (including timing and amounts), financial position, business strategy, plans and objectives of management for future operations, and other matters are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “guidance,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond NOG’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in crude oil and natural gas prices, the pace of drilling and completions activity on NOG's properties and properties pending acquisition, the effects of the COVID-19 pandemic and related economic slowdown, NOG's ability to acquire additional development opportunities, integration and benefits of property acquisitions, or the effects of such acquisitions on Northern’s cash position and levels of indebtedness, changes in NOG's reserves estimates or the value thereof, general economic or industry conditions, nationally and/or in the communities in which NOG conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, NOG's ability to consummate any pending acquisition transactions (including the transactions described herein), other risks and uncertainties related to the closing of pending acquisition transactions (including the transactions described herein), NOG's ability to raise or access capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting NOG's operations, products, services and prices.

NOG has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond NOG's control. NOG does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.

Investor Relations
(952) 476-9800
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ST. PAUL, Minn.--(BUSINESS WIRE)--Ecolab, Inc., and Siemens today announced a strategic partnership that will help customers accelerate their progress toward sustainability and productivity goals. Together, the companies are launching Climate Intelligence, powered by ECOLAB3D™ and Siemens gPROMS, which is a new innovative solution that allows customers to virtually model different scenarios across their water and energy systems to identify opportunities to conserve water and power while also lowering their greenhouse gas emissions.

Climate Intelligence leverages the unique strengths of Ecolab, the global leader in water, hygiene and infection prevention solutions and services, and Siemens, the global leader in digital twin technology, automation and digitalization. Together, Siemens’ innovative digital twin technology and Ecolab’s ECOLAB3D analytics platform and global portfolio of solutions and expertise can help industrial businesses take concrete steps toward decarbonization through more efficient, less energy-intensive operations.

Traditional utility systems are a source of significant greenhouse gas emissions, as water requires substantial energy to heat, cool, move and treat. By improving water efficiency using new dynamic insights from Climate Intelligence, companies can drive emission reductions and preserve system reliability all at the same time.

“Water carries a significant amount of production plant energy—typically 33% up to 75%—so the opportunity to reduce emissions through more efficient operations is critical,” said Darrell Brown, president and chief operating officer for Ecolab. “As climate and energy challenges unfold around the world, there’s never been a greater need to conserve energy. Ecolab’s and Siemens’ combined expertise in Climate Intelligence can be a path for customers to meet their demanding cost, energy and sustainability goals.”

“Siemens is excited to be partnering with Ecolab on this major initiative to make sustainability more accessible and affordable across the entire spectrum of the process industries,” said Costas Pantelides, CEO of Siemens Process Systems Engineering, a Siemens Digital Industries business. “Using high-fidelity process models coupled with real-time plant data, our technology has been proven to reduce annual CO₂ emissions by tens of thousands of tonnes for a typical plant while achieving significant savings in energy costs with no additional capital expenditure. Combining this advanced capability with Ecolab’s substantial presence within the process industry worldwide, we aim to make a major contribution towards the industry’s global sustainability goals.”

Demonstrating early results

Early trials of Climate Intelligence have demonstrated significant results. In one example with a Latin American refinery, Siemens and Ecolab’s Nalco Water business worked to help reduce the carbon footprint associated with each barrel of product produced. Climate Intelligence helped the refinery identify opportunities to maintain or increase production while reducing water use by up to 1,000,000 cubic meters and CO₂ emissions by up to 38,000 metric tons annually.

Climate Intelligence is a part of Ecolab’s and Siemens’ overall strategies to help businesses around the world accelerate progress toward ambitious climate goals.

In 2021, Ecolab helped customers conserve 45 trillion British thermal units of energy and avoid 3.6 million metric tons of greenhouse gas emissions. By 2030, Ecolab aims to help customers become entirely carbon neutral by reducing greenhouse gas emissions by 6 million metric tons annually.

Six years ago, Siemens was one of the world’s first large industrial corporations to commit to becoming climate-neutral by 2030. Since then, Siemens has cut its CO₂ emissions by more than half. Additionally, Siemens has helped its customers reduce their CO₂ emissions by 87.5 million metric tons in fiscal 2021.

About Ecolab

A trusted partner at nearly three million customer locations, Ecolab (NYSE:ECL) is the global leader in water, hygiene and infection prevention solutions and services that help protect people, planet and business health. With annual sales of $13 billion and more than 47,000 associates, Ecolab delivers comprehensive science-based solutions, data-driven insights and world-class service to advance food safety, help maintain clean and safe environments, optimize water and energy use, and improve operational efficiencies and sustainability for customers in the food, healthcare, hospitality and industrial markets in more than 170 countries around the world. www.ecolab.com

Follow us on LinkedIn @Ecolab,Twitter @Ecolab, Instagram @Ecolab_Inc and Facebook @Ecolab.

About Siemens Digital Industries (DI)

Siemens Digital Industries (DI) is an innovation leader in automation and digitalization. Closely collaborating with partners and customers, DI drives the digital transformation in the process and discrete industries. With its Digital Enterprise portfolio, DI provides companies of all sizes with an end-to-end set of products, solutions and services to integrate and digitalize the entire value chain. Optimized for the specific needs of each industry, DI’s unique portfolio supports customers to achieve greater productivity and flexibility. DI is constantly adding innovations to its portfolio to integrate cutting-edge future technologies. Siemens Digital Industries has its global headquarters in Nuremberg, Germany, and has around 72,000 employees internationally.

For Ecolab
Kyle Kapustka
Ecolab Media Relations
612-708-4304
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For Siemens
Charlie DiPasquale
240-481-6632
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Fermata Energy Bringing Vehicle-to-Everything Solutions at Scale for Commercial Fleets

CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--Fermata Energy, the leader in vehicle-to-everything (V2X) charging systems, today announced the upcoming release of its newest V2X bidirectional charger, the FE-20. With multiple commercial projects already successfully deployed with its FE-15 bidirectional charger, Fermata Energy is adding a second commercial charger option with the FE-20 to meet the increasing demand for V2X installations. V2X includes vehicle-to-grid (V2G) and vehicle-to-building (V2B) projects.

“We are on the edge of a paradigm shift in how fleet vehicles are procured and valued by companies. Companies are facing increasing pressure to electrify their fleets. Yet, at the same time they are looking for ways to manage costs. V2X bidirectional charging actually allows them to both electrify their fleet and earn revenue while their EVs are parked,” said David Slutzky, CEO and founder of Fermata Energy. “Fermata Energy has pioneered bidirectional charging and now, along with our proprietary, cloud-based software platform, we are introducing our second, commercial bidirectional charger - the FE-20.”

The FE-20 is made exclusively for Fermata Energy by Heliox, a market leader in fast-charging systems.

Fermata Energy will unveil the FE-20 at a private event on October 6 in New York City, immediately following the conclusion of the EV Charging Infrastructure US conference. To request a pass to the unveiling event, contact This email address is being protected from spambots. You need JavaScript enabled to view it.

FE-20 and Bidirectional Charging

“Traditional” charging only sends power one way - from the grid to the EV. The FE-20 is a DC fast charger that both charges and discharges the battery of bidirectionally-enabled EVs, creating opportunities for fleet owners to earn revenue, while supporting grid resilience.

Depending upon available local utility programs, fleet operators with EVs, such as the Nissan LEAF, potentially can earn money in a couple of ways. They can be paid by their utility to send the energy stored in their EV fleet batteries to the grid or they are able to avoid peak demand charges by sending power to their building, which reduces the company’s electricity bill.

Fleet operators always control utilization of their vehicles. The FE-20 pairs with Fermata Energy’s proprietary V2X software platform, which sends fleet operators advance notice about opportunities to earn revenue.

The FE-20 bidirectional charger is a profit center that is comparable in cost to quality, commercial “traditional” chargers, which are cost centers to organizations with EV fleets.

Sample technical details of the FE-20 include:

- 20 kW for both charging and discharging

- ADA-compliant pedestal or wall mount

- UL certification pending

Fermata Energy is taking pre-orders for the FE-20 from fleet owners and operators for Q1 2023 delivery online at https://www.fermataenergy.com/solutions

Platform of success

The launch of the FE-20 builds upon the success of Fermata Energy’s FE-15 bidirectional charger, which has been earning customers thousands of dollars per EV per year since its release in 2020. Commercial and public sector fleet operators, such as the City of Boulder, Alliance Center in Denver, and Revel in Brooklyn, have deployed the Fermata Energy vehicle-to-everything platform to earn revenue or reduce building electricity costs through bidirectional charging.

The FE-15 is the first bidirectional charger to receive UL certification and the only one approved for use in the U.S. by Nissan as not impacting the Nissan LEAF battery warranty.

ABOUT FERMATA ENERGY

Park it. Plug it. Profit.^TM Fermata Energy’s proprietary vehicle-to-everything (V2X) software platform and bidirectional chargers turn EVs into mobile energy storage assets, making it possible for EVs owners to combat climate change, increase grid resilience, and earn revenue. Learn more at www.fermataenergy.com, and follow us on Twitter (@FermataEnergy) and LinkedIn.

MEDIA
Daniel Cherrin, (313) 300-0932, This email address is being protected from spambots. You need JavaScript enabled to view it.

SAN RAMON, Calif. & VISALIA, Calif.--(BUSINESS WIRE)--Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX), and California Bioenergy LLC (CalBio) announced a joint investment in their second holding company to produce and market dairy biomethane as a renewable natural gas (RNG) transportation fuel in California. At signing, the holding company, CalBioGas Hilmar LLC, secured initial funding from Chevron to build infrastructure for dairy biomethane projects in California’s Merced County.

Manure storage on dairy farms results in the release of methane, a highly potent greenhouse gas. CalBio brings technology and operational experience to help dairy farmers build digesters and methane capture projects to convert this methane to a beneficial use as renewable natural gas, which is considered carbon negative on a lifecycle basis under California’s Low Carbon Fuel Standard. Per the agreement, Chevron will provide additional funding for as many as seven digesters and one central upgrading facility across a cluster of dairy farms in Merced County.

The cluster of digesters has been awarded California Department of Food and Agriculture grants, which must be augmented with additional capital to complete the projects. When complete – expected in 2023 – Chevron will take 100 percent of the renewable natural gas produced to market in the California vehicle fuels market.

“This project brings together support from many groups, including seven California Dairy farmers, who are national leaders in milk and cheese production; Chevron, one of California’s largest energy companies; and grant funding from the California Department of Food and Agriculture. The strong support from these partners will help California with its emission reduction targets,” said Neil Black, president of CalBio. “These projects are also benefiting the local community through job creation and protecting local air and water quality.”

As part of its lower carbon objectives, Chevron is complementing the strength of its traditional products business with new offerings that help customers support a lower carbon future. Carbon negative renewable natural gas produced from dairy biomethane is an essential part of its portfolio of solutions.

“We are excited to continue our partnership with CalBio and work with local communities and farmers to develop lower carbon fuel solutions,” said Andy Walz, president of Americas Fuels & Lubricants for Chevron. “The investment underscores our commitment to produce 40,000 MMBTU/D of RNG by 2030 and grow the lower carbon businesses that we believe will be a bigger part of the future.”

ABOUT CALIFORNIA BIOENEGY

CalBio is a leading developer of dairy digesters for generating renewable electricity and vehicle fuel in California. Founded in 2006, CalBio has worked closely with the dairy industry and state agencies to develop programs to help the state achieve its methane reduction goals while delivering a new revenue source to California dairies. For more information, visit: www.calbioenergy.com

ABOUT CHEVRON

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

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

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

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

CalBio
Ty Korenwinder 
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t. (559) 623-5824

Chevron
Tyler Kruzich
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t. (925) 549-8686

Bill Gates-founded Breakthrough Energy Ventures, Amazon, BHP Ventures, Temasek, S2G Ventures, Capricorn Investment Group, Lowercarbon Capital, Valor Equity Partners, Baruch Future Ventures and others back the company

BOULDER, Colo.--(BUSINESS WIRE)--Electra, a green iron company, has raised $85 million to produce Low-Temperature Iron (LTI) from commercial and low-grade ores using zero-carbon intermittent electricity. Electra’s process emits zero carbon dioxide emissions and carries zero green premium, meaning it will cost the same or less than existing production methods powered by fossil fuels.

Electra, founded by entrepreneurs with decades of experience developing complex electrochemical systems, has created a novel process to electrochemically refine iron ore into pure iron at 60 degrees Celsius (140 degrees Fahrenheit) using renewable electricity and then convert the iron to steel using the existing infrastructure of electricity-powered arc furnaces. By comparison, 69% of steel today is made at approximately 1,600 degrees Celsius (2,912 degrees Fahrenheit) using coal, emitting about two tons of carbon dioxide for every ton of steel produced.

Electra's Oxygen-Decoupled Electrolysis (ODE) process overcomes two interconnected challenges for the steel industry:

1. Decarbonizing Steelmaking: The steel industry produces 1.9 billion metric tons of crude steel and causes 3.7 gigatons of direct and indirect carbon dioxide emissions annually, or 10% of the global total. If the steel industry were a country, its carbon emissions would rank third in the world behind China and the United States. Conversion of iron ore into iron accounts for 90% of steelmaking emissions that may be eliminated using Electra’s process.
   
   
2. The "Iron Ore Challenge": Commercial iron ores with iron content of 62% or higher are projected to be in short supply by the early 2030s. Hydrogen or natural gas-based steelmaking requires ores with the highest iron content at 67% or above, making the cost and ore supply challenge even more acute for these processes. Electra's process intakes lower-grade ores with iron content as low as 35% without the additional cost of grinding, beneficiation, and pelletization, enabling zero green premium and a more diverse iron ore supply chain.

"Electra's iron is the fulcrum to decarbonize steelmaking and to de-risk the iron ore challenge," said Electra CEO Sandeep Nijhawan. "Our team, starting with a clean sheet, developed an electrochemical process to refine iron ore to high purity iron by radically lowering the process temperature from 1,600 to 60 degrees Celsius, replacing coal energy with intermittent renewable energy, and displacing commercial ores with lower-grade ores that are not being used or are currently treated as waste today. We also have a historic opportunity to decentralize the global iron and steel supply chain and re-shore manufacturing and mining jobs."

Electra leverages proven electrochemical and hydrometallurgical methods to reach industrial scale with low technical and scaling risks. Electra will complete the build-out of a green-iron refining pilot plant in 2023 at its headquarters in Boulder, CO, and plans to have a commercial-scale demonstration plant qualified by the second half of this decade. The 50-person company recently opened a new office in Boston, MA to help expand its roster of engineers, scientists, and professional support staff.

"Decarbonizing ironmaking is essential for a zero carbon future and an unparalleled trillion-dollar market opportunity," said Carmichael Roberts of Breakthrough Energy Ventures. "Electrifying cost-effective ironmaking without carbon emissions is a paradigm shift in how steel has been made for centuries by burning fossil fuels. We're proud to have supported Electra in this critical mission from its founding."

“Steel is required to make everything from automobiles to buildings, and is one of the hardest sectors to decarbonize,” said Matt Peterson, Director of the Climate Pledge Fund at Amazon. “Amazon is proud to invest in Electra’s green iron technology, which is an important step toward making steel more sustainable, and toward Amazon’s broader goal to reach net zero carbon by 2040.”

“Similar to the shortage of high quality steel scrap, there is a likely shortfall of very low impurity iron ore in forms suitable to feed a transitioning, decarbonizing iron and steel sector,” said Simon C. Wandke an iron ore industry expert and an advisor to Electra. “The potential to use iron ore inputs with high impurity levels including phosphorous, silica, and alumina without any beneficiation, reduces the overall cost of steelmaking, reduces the upstream carbon and ESG footprint and creates new sources of economic value for the iron ore producers."

Electra plans to forge additional partnerships across the entire steel value chain. Iron ore companies, steel companies, and any company that relies on steel are invited to collaborate with Electra to accelerate the transition to green steel.

"While our mission is inspiring, our work is urgent, fast-paced, and challenging," concluded Electra CTO Quoc Pham. "To accelerate our mission, we have built a unique culture that fosters collaboration, patience at pace, and a disciplined approach to solving seemingly impossible problems. We continue to expand our magnetic team with a passion for making a gigaton-scale decarbonization impact.”

To learn more and join our mission, visit: www.electra.earth.

ABOUT ELECTRA

Electra, a green iron company, is bending the trajectory of climate change by electrifying iron refining with no green premium. Our products — pure green iron and other green feedstocks — remove gigatons of carbon dioxide emissions from steel production and other hard-to-abate industries, accelerating a return to a healthy carbon balance on earth. The company is headquartered in Boulder, CO with a development facility in Boston, MA.

Molly Hendriksen
BerlinRosen
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(510) 418-2511

Simon Lomax
Electra Corporate Affairs Advisor
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ALBUQUERQUE, N.M.--(BUSINESS WIRE)--Unirac, Inc. (“Unirac” or the “Company”), a leading designer and manufacturer of solar photovoltaic (PV) mounting solutions for the residential and commercial & industrial (C&I) markets, announced today a majority recapitalization investment led by Greenbelt Capital Partners (“Greenbelt”). Investors in the transaction included Greenbelt Capital Partners Unirac L.P. and Trilantic Energy Partners II (North America) L.P. and its parallel fund. The existing sponsor, Tenex Capital Management, along with key members of Unirac’s management team, will continue to own a significant stake in the business.

Founded in 1999 in Albuquerque, NM, and with over 1,500,000 of distributed generation installations, Unirac is a pioneer in the North American solar industry. Since its acquisition by Tenex in 2016, Unirac has built a market-leading, fully integrated, one-stop-shop solar mounting solutions platform. Unirac’s commitment to product innovation, installation efficiency and a superior customer experience has helped solidify its position as the leading provider of solar racking and mounting solutions to the U.S. residential and C&I market.

Peter Lorenz, CEO of Unirac, said, “We are incredibly proud of the business we have built and the meaningful product and service innovations the Unirac team has brought to our customers. In 2019, we implemented a program called ‘Better Solar Starts Here.’ This program puts our customers’ success at the center of everything we do at Unirac.”

This investment will support Unirac’s continued pursuit of new product development and supply chain resiliency, further bolstering the Company’s broad and innovative product portfolio. Unirac products offer solutions for every environment, roof material, project design and installation type, and have outsized impacts on ease of installation relative to cost.

Chris Murphy, Partner at Greenbelt, said, “We are excited to partner with Unirac’s executive team and Tenex to combine our significant experience in the solar and broader distributed energy sectors and support the continued growth of Unirac, which has consistently differentiated itself from the competition to become a leader in the space.”

The adoption of residential and C&I solar has been underpinned by strong secular tailwinds, including changing consumer preferences, the decreasing cost of solar, and recent legislation that provides a 10-year Investment Tax Credit (ITC) extension at 30%. The U.S. residential and C&I markets are significant but remain underpenetrated with solar installed in only ~5% of viable homes and even fewer C&I sites. Unirac products provide customers with faster and easier installations, resulting in savings on monthly energy bills while also reducing carbon footprints and reliance on the grid.

Sam Graham, Principal at Greenbelt, added, “The energy landscape is rapidly evolving as residential and C&I property owners rethink patterns of consumption and strive to gain energy resilience and independence. Following the Inflation Reduction Act’s extension of the ITC, we expect to see accelerated adoption of rooftop solar, which will help further bolster Unirac’s market position.”

Gabe Wood, Managing Director of Tenex Capital Management, said, “Tenex is excited to partner with Greenbelt and Trilantic for this next chapter of growth. We believe our experience with and knowledge of both Unirac and the solar racking industry will continue to provide valuable insights and further enhance Unirac’s market leadership position.”

Kirkland & Ellis LLP served as legal counsel to Greenbelt and Trilantic in relation to the transaction. Cowen and Lazard served as financial advisors to Unirac in relation to the transaction and Koley Jessen PC, LLO acted as legal counsel.

About Unirac

A pioneer in solar racking, Unirac has been North America’s leading manufacturer of solar PV mounting systems for over two decades. The premier U.S. solar racking manufacturer with products that outlive their warranties, Unirac has more than 10GW of experience and over 1,500,000 installations that back up their engineering service and supply-chain excellence. Unirac is committed to being a partner throughout the full project lifecycle. At Unirac, Better Solar Starts Here. Learn more at www.unirac.com.

About Greenbelt Capital Partners

Greenbelt Capital Partners is a growth-oriented middle-market private equity firm focused on control and significant minority investments ranging from late-stage growth equity to private equity to infrastructure development across the energy sector. The Greenbelt investment team recently spun out of Trilantic North America and continues to serve as advisors to Trilantic North America and its managed funds. The senior team at Greenbelt has committed approximately $4.6 billion of equity capital to multiple portfolio companies and consummated more than $58 billion of M&A and financings in over 210 transactions across the portfolio. For more information, visit www.greenbeltcapital.com.

About Trilantic North America

Trilantic Capital Management L.P. (“Trilantic North America”) is a growth-focused middle market private equity firm focused on control and significant minority investments in North America. Trilantic North America focuses on investments in the business services and consumer sectors. Trilantic North America has managed six private equity fund families with aggregate capital commitments of $9.7 billion. For more information visit www.Trilantic.com.

About Tenex Capital Management

Tenex Capital Management is a private equity firm that invests in middle-market companies. Tenex uses an in-house team of hybrid investment professionals skilled in operational leadership, investing and capital markets structuring to maximize long-term value creation. Tenex’s deep operating experience allows the firm to collaborate with management teams to capitalize on business and market opportunities. For more information, visit www.tenexcm.com.

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