Broad partnership with Nidec includes a firm sales contract to supply 38 GWh of next-generation clean LFP Li-Ion battery cells from 2025 - 2030 combined with a Joint Venture Agreement to develop, manufacture, and sell integrated, low carbon ESS solutions to industrial and utility grade customers

• FREYR and Nidec have jointly agreed to convert and expand the previously announced 31 GWh conditional offtake agreement between the companies to a binding sales agreement under which FREYR will supply 38 GWh of cells from 2025 to 2030 with an option to upsize the volumes to 50 GWh in the period and potentially add volumes beyond 2030.
• Based on projected raw material prices subject to pass through mechanisms, the binding 38 GWh sales contract has an estimated gross value to FREYR in excess of $3 billion from 2025 to 2030, representing one of the largest ESS battery cell contracts globally to date.
• FREYR and Nidec have agreed to form a joint venture (“JV”) to combine FREYR’s clean, next-generation battery cells with modules and packs into integrated downstream ESS solutions for industrial and utility grade customers.
• Nidec is one of Japan’s largest companies and is the world’s largest manufacturer of high-efficiency electric motors, specializing in “everything that spins and moves” exemplified through the recent joint venture with Stellantis (NYSE: STLA) for EV drive trains. Nidec is also a globally leading company in the exponentially growing ESS sector with significant capacity delivered across multiple geographies. Nidec has an enterprise value of approximately $40 billion and an investment grade credit rating.
• The signing of the binding sales agreement represents a key project financing milestone for FREYR’s 29 GWh Giga Arctic development in Mo i Rana, Norway with total firm and optional volume comprising 50% of planned production volumes from Giga Arctic.

NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)--FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, and Nidec Corporation (TSE: 6594) (“Nidec”), a globally leading producer of high-efficiency electric motors and leader in the ESS space, have announced the finalization of an expanded 38 GWh battery cell sales agreement from 2025 – 2030. Additionally, the companies have agreed to form a downstream joint venture in which Nidec will hold a super-majority to provide integrated industrial scale ESS solutions to customers globally.

“We are exceptionally pleased to announce our firm sales agreement and deep commercial collaboration with Nidec Corporation, the world leader in electric motors and a globally leading engineering, procurement and construction solutions providers to the ESS market,” remarked Tom Einar Jensen, FREYR’s Chief Executive Officer. “Today’s landmark sales agreement inclusive of optional volumes represents roughly 50% of our targeted production from Giga Arctic by 2030. Combined with Nidec’s trust in FREYR as a joint venture partner for ESS solutions this represents a fundamentally important milestone to support the conclusion of our ongoing project financing efforts at competitive terms.”

Under the terms of the binding sales agreement, FREYR will supply 38 GWh of cumulative clean, next-generation battery cells to Nidec between 2025 – 2030 from FREYR’s Giga Arctic facility in Mo i Rana, Norway, which is currently under construction. Based on projected lithium prices, subject to pass through mechanisms, the contracted volumes equate to total projected revenues in excess of $3 billion for FREYR. Nidec will have the option to increase the cumulative offtake volumes to 50 GWh over the life of the contract, which would represent as much as 50% of projected production from FREYR’s Giga Arctic development.

In addition to the binding sales contract, FREYR and Nidec have signed an agreement to form a downstream joint venture in which Nidec will hold a super-majority to develop, manufacture and sell highly competitive and low CO2 battery modules and battery pack solutions for industrial and utility grade battery energy storage systems applications. The module production is expected to be integrated into FREYR’s Giga Arctic development with volumes of integrated ESS solutions aligning with the targeted ramp up of cell production in 1H 2024.

“We are thrilled by our commercial agreement and the creation of the joint venture with FREYR Battery. The JV will support the development of our fast-growing ESS Business. The combination of FREYR cell battery technology and Nidec technology will bring efficient and cost-effective solutions to the market,” said Laurent Demortier, President of Nidec’s Energy & Infrastructure Division.

“The agreement to form a downstream joint venture with Nidec, which is a global industry leader in the ESS market, is another very exciting development for FREYR,” added Jensen. “Our burgeoning partnership with Nidec underscores FREYR’s accelerating commercial momentum in the ESS space, and it is consistent with our strategic intent to expand both downstream and upstream on the battery value chain beyond cell production. Our team is looking forward to working with Nidec to deliver highly efficient, differentiated, packaged cell and module solutions.”

About FREYR Battery

FREYR Battery aims to provide industrial scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to produce green battery cells to accelerate the decarbonization of energy and transportation systems globally. FREYR has commenced building the first of its planned factories in Mo i Rana, Norway and announced potential development of industrial scale battery cell production in Vaasa, Finland, and the United States. FREYR intends to install 50 GWh of battery cell capacity by 2025 and 100 GWh annual capacity by 2028 and 200 GWh of annual capacity by 2030. To learn more about FREYR, please visit www.freyrbattery.com

About Nidec Corporation

Nidec Corporation is the world’s largest small precision motor manufacturer in the automotive, industrial, and appliance sectors. Listed in the Tokyo Stock Exchange, Nidec’s annual sales were 1.9 trillion Japanese yen in March 2022, and the company is aiming for 4 trillion Japanese yen by March 2026. Under its Corporate Slogan, “All for Dreams”, Nidec is challenging to expand the promising ESS market strategically to contribute to the realization of a carbon-neutral society. To learn more about Nidec, please visit www.nidec.com/en/

Cautionary Statement Concerning Forward-Looking Statements

All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding the estimated gross value of the 38 GWh sales contract being in excess of USD 3 billion from 2025 to 2030, based on projected raw material prices subject to pass through mechanisms; the success of a joint venture between FREYR and Nidec to combine FREYR’s clean, next-generation battery cells with modules and packs into integrated downstream ESS solutions for industrial and utility grade customers; the joint venture’s ability to develop, manufacture and sell highly competitive and low CO₂ battery modules and battery pack solutions; the integration of the module production into FREYR’s Giga Arctic development with volumes of integrated ESS solutions aligning with the targeted ramp up of cell production in 1H 2024; the development, timeline and capacity of Giga Arctic; [the total firm and optional volume of agreed offtakes to date comprising 50% of planned production volumes from Giga Arctic][; FREYR’s ability to convert any conditional agreements into definitive agreements] are forward-looking and involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.

Most of these factors are outside FREYR’s control and difficult to predict. Information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in (i) FREYR’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the "SEC") on August 9, 2021, as amended, and (ii) FREYR’s annual report on Form 10-K filed with the SEC on March 9, 2022, and available on the SEC’s website at www.sec.gov.

Except as otherwise required by applicable law, FREYR disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Should underlying assumptions prove incorrect, actual results and projections could different materially from those expressed in any forward-looking statements.

Investor contact:
Jeffrey Spittel
Vice President, Investor Relations
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Tel: (+1) 281-222-0161

Media contact:
Katrin Berntsen
Vice President, Communication and Public Affairs
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Tel: (+47) 920 54 570

PITTSBURGH--(BUSINESS WIRE)--Alcoa (NYSE: AA) announced today that it will curtail one third of its production capacity at its Lista smelter in Norway to mitigate high energy costs for the site.

The Lista smelter has three potlines with an annual nameplate capacity of 94,000 metric tons per year. The curtailment of one potline, or approximately 31,000 metric tons, will begin immediately and is expected to be complete within 14 days. The employees will remain to complete an orderly shutdown of the one potline and to be ready in the event of a restart.

The site is currently exposed to spot energy pricing, which has increased to above $600 per megawatt hour. In the fourth quarter of 2022, the energy situation for the site is expected to improve due to a favorable agreement with power utility Statkraft that will provide more predictable energy costs throughout the remainder of the year and into 2023.

Globally, approximately 65 percent of Alcoa’s global smelting portfolio is currently powered by long-term energy contracts linked to the LME aluminum pricing; approximately 30 percent has either fixed price or self-generated pricing, and the remaining percentage is exposed to short-term markets, which primarily covers consumption at the Lista smelter.

About Alcoa Corp.

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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Jim Beck
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• 400 new green tech jobs in Lower Saxony, Germany

HOLZMINDEN, Germany--(BUSINESS WIRE)--Germany wants to become independent of Russian gas: Demand for environmentally friendly electricity-based heating is booming. By the end of the year, the German medium-sized company Stiebel Eltron expects to have produced a record 80,000 heat pumps - an increase of 60 percent compared to the previous year. For the near future, the company is planning further investments of more than 600 million euros. Production capacities will be expanded, research and development financed, and new jobs created.

"We have specialized in electricity-powered heat pump systems 'Made in Germany'. With experience of almost 50 years of in-house development work, we are among the technical market leaders," says Dr. Kai Schiefelbein, Managing Director of Stiebel Eltron. "Environmentally friendly heating technology does not require oil and gas and is therefore of outstanding importance both for climate protection and for Germany's energy supply security. We will continue to expand in this market."

Strong Demand

Demand for heat pump systems is huge: 154,000 units were installed in Germany in 2021 – these are 34,000 more than the year before. For the current year, an even greater leap to 250,000 heat pumps is now expected, and perhaps even the 300,000 mark could be reached. Naturally, this also has an impact on the manufacturers: Stiebel Eltron is aiming for another sales record this year - even revenues of 1 billion euros are possible.

New Jobs

The German government has set ambitious targets: from 2024, 500,000 heat pumps systems are to be installed in Germany every year. All participants in the recent heat pump summit with German economy minister Robert Habeck, and Federal Minister of Construction Klara Geywitz, also declared their support for this goal: "Together, we will create the conditions for the 500,000 heat pumps to be newly installed from 2024", says Dr. Kai Schiefelbein.

About Stiebel Eltron

Stiebel Eltron, founded in 1924, is one of the world’s market leading suppliers of technology products for building green tech and services. The internationally operating group is in family ownership with approximately 4,000 employeees worldwide - three national and four international production facilities. STIEBEL ELTRON Group (stiebel-eltron.com)

econNEWSnetwork
Carsten Heer
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SAN JOSE, Calif.--(BUSINESS WIRE)--Power Integrations (NASDAQ: POWI), the leader in high-voltage integrated circuits for energy-efficient power conversion, will host its Analyst Day 2022 event for the investment community on Thursday, September 8, 2022. The event will be held at the Convene Event Center at 530 Fifth Avenue in New York City from 9:00 am to 12:30 pm Eastern time. Ahead of the event, Power Integrations will ring the NASDAQ Opening Bell on September 7, 2022 to commemorate its 25^th year as a public company.

At the Analyst Day event, members of Power Integrations’ senior management team will detail the company’s strategy for continued growth and technology leadership in the high-voltage power semiconductor market. Key topics of discussion will include the company’s industry leading gallium-nitride (GaN) technology, its expanding opportunity in areas such as EVs, renewable energy and motor drives, and its role as an enabler of a lower-carbon future.

Analysts and investors who wish to attend in-person or via webcast are required to pre-register at the following link: Power Integrations Analyst Day 2022. The live webcast and the associated slide deck, as well as the audio-video replay, will be available in the Investor Relations section of the Company’s website.

About Power Integrations

Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power-conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information please visit www.power.com.

Power Integrations and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc.

Joe Shiffler
Power Integrations, Inc.
(408) 414-8528
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HOUSTON--(BUSINESS WIRE)--Titan Division of Hunting Energy Services, a subsidiary of Hunting PLC, the international energy services company, today introduced the ControlFire Perf+ Panel™ and Perf+ Logger™ software.

This new generation of ControlFire^® software and hardware improves on the ControlFire shooting panel technology for perforating operations in oil and gas wells.

The ControlFire Perf+ Panel™ combines the shooting power supply, data acquisition and Hunting’s ControlFire^® controls into a single rack-mount panel that conveniently integrates multiple surface systems into a single, compact package. The new system also introduces design improvements and new features.

The Perf+ Panel system increases communication speed and reads detonator resistance downhole when used with ControlFire Recon™ products. It also introduces new automation capabilities during ControlFire operations that reduce human error and expedite the “on-the-fly” perforating process. This allows the user to focus on winch control, line tension and other critical parameters while the perforating processes are automatic.

The Perf+ system’s new companion, Perf+ Logger software, seamlessly interfaces with existing depth systems to generate a user-friendly log record for perforating operations. By incorporating the shooting panel and data processing into a single unit, the Perf+ Logger software can automatically plot shot indications on the perforating log, providing real-time perforation depth records required for well data analytics.

Hunting’s perforating technology is available through Hunting’s network of distribution centers strategically located in all the world’s oil-producing regions.

About Hunting

Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a premium-listed public company traded on the London Stock Exchange. The company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the company has operations in Canada, China, Indonesia, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, United Arab Emirates and the United States of America.

The company’s Hunting Energy Services Titan Division engineers and manufactures perforating systems, wireline selective firing systems, cased hole logging instruments, nuclear detectors, energetics, and associated wireline hardware and accessories.

Business Contact:
John Feuerstein, Hunting, 281-442-7382, This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Recreational Boat Market - Global Outlook and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

Global boat monitoring market report, the boat tracking market crossed USD 425.18 million in 2021 and is expected to witness shipments of 1.08 million units in 2027.

The established markets of Europe and North America will witness high demand for recreational boats during the forecast period since the commercial adoption of boats has increased in these regions. This offers vendors many opportunities during the forecast period. In addition, the demand for marine infrastructure arises due to the changing market dynamics, such as a higher number of recreational boat users.

TECHNOLOGICAL ADVANCEMENTS

Boats with Inbuilt Tracking Devices: This technology uses GPS to track a boat. The boat monitoring systems are beneficial in emergency cases, where emergency services can reach the desired spot in less time as the exact location is known through GPS.

Joystick Steering: This technology aims to attract the younger generation as they can relate this experience to playing a game. This system centralizes the helm controls of the boat in a single location and allows to tilt and twist the controller to move the boat in water whenever necessary.

Self-sailing boats are the future of sailing where boaters can enjoy their time with family while the sailboat drives itself on a pre-defined route. For instance, MIT and the Amsterdam Institute for Advanced Metropolitan Solutions have demonstrated a self-sailing boat named Roboat.

Automatic Positioning Systems: This system acts as a virtual anchor for the boat. This boat technology uses GPS satellites to maintain the current position of a boat. This system helps boaters explore the surrounding areas without worrying much about leaving their boat unattended.

Digital Dashboard and Touch-Enabled Devices: The introduction of digital dashboards with touchscreen displays enable users to control the boat by just touching the screens. The fly-by-wire technology introduced in digital throttles and shifts is more reliable than moving mechanical parts.

MARKET TRENDS

With several technological advancements, the market for electric boats has witnessed significant growth over the past years. Electric boats, particularly hybrid ones where the electric motor doubles as a mechanically spun generator, are now experiencing more uptake in the leisure sector. Electric propulsion for boats has grown in popularity, inspired by a desire to reduce emissions and noise and because it is cheaper to operate and easier to maintain.

MARKET DRIVERS

The demand for boating and consumer interest is increasing as people seek boating as an outdoor activity, particularly as other leisure activities, travel, and sports continue to be impacted by COVID-19. According to National Marine Manufacturers Association (NMMA), the retail unit sales of new powerboats surpassed 300,000 units in 2021, for the second consecutive year, and a% increased in the five-year average sales.

SEGMENT ANALYSIS

Outboard boats are one of the largest selling boats in the North American region. In addition, with technological improvement, the demand for outboard boats has been mostly driven based on the performance of boats. Outboard boats cater to various advantages, including versatile nature, improved performance, ease of use, and diversified options.

Due to growing coastal tourism worldwide, commercial applications of engine-powered boats are likely to witness significant growth in the demand for outboard engines. Developing high-powered motors will further promote the use of these engines in tourist boats. Engine-powered boats are among the most used boats in the global recreational boating market.

Developing regions such as the APAC have emerged as one the key regions witnessing a significant increase in passenger base. For instance, Mainland China dominates the Asian market, accounting for around 50% of the Asian passenger volume in 2021. Several factors are driving the cruise industry's growth across the globe, including strong economic recovery and growth of cruise ship capacity.

30-50 feet size boats have more storage space, leading to more amenities and larger tank sizes. The tanks in these boats are sufficient for long-term cruising and allow for additional extra tanks required. Several boats come under this category: cabin cruisers, express cruisers, and performance boats.

Currently, internal combustion engines (ICEs) are the leading technology in marine propulsion. An internal combustion engine (ICE) is a heat engine where fuel is ignited to produce heat, producing motion and mechanical energy. The system includes micro-explosions of a compressed mixture of air and fuel, high-pressured fuel, and friction among metal parts.

GEOGRAPHICAL ANALYSIS

There has been a noticeable new sales demand in established markets such as Europe and North America. However, there is still significant rental demand for boating services. On the other hand, emerging markets such as APAC, Middle East and Africa, and Latin America are still developing markets.

Over the last two years, these markets have gained a significant share in the global market. North America was the largest market for recreational boats in 2021, with a revenue share of 46.24%. In the US, the demand for recreational boats accounted for a revenue share of 91.72% in 2021.

In APAC, Japan is one of the developed markets for recreational boats, whereas countries such as China, India, and South Korea are still developing their markets in terms of demand. Moreover, the global market has been witnessing intense competition in recent years regarding new product launches and product pricing.

COMPETITIVE LANDSCAPE

The global recreational boat market is fragmented, and the degree of fragmentation is expected to accelerate during the forecast period. There are a significant number of global and domestic vendors across the geographies.

The competition among these key players has intensified in recent years. The market concentration in developed countries such as the US and other Western European countries is high, while the market is growing in developing economies such as China and India because of the entry of several international brands in these countries.

The competition among vendors is based on product offerings and pricing. Vendors are using new business models and focusing on developing the portfolio of their established products to drive growth. The focus on yachts is heavily shifting towards luxury products, which will likely provide vast opportunities to the vendors during the forecast period.

Key Vendors

• Azimut-Benetti Group
• Bombardier Recreational Products (BRP)
• Brunswick Corporation
• Ferretti
• Groupe Beneteau

Other Prominent Vendors

• Albemarle Boats
• Baja Marine
• Bavaria Yachts
• Bertram Yachts
• Princess Yachts
• Boston Whaler Boats
• Catalina Yachts
• Correct Craft
• Custom Weld Boats
• Duckworth Boats
• Explorer Industries
• Fountain Powerboats
• Godfrey
• Grady-White Boats
• Grand Banks Yachts
• HanseYachts
• High Caliber
• Hobie
• Lund
• Malibu
• Marine Products Corporation
• Marlow Hunter
• Maverick Boat Group
• MCBC Holdings
• Pacific Asian Enterprises
• Porter
• Sunseeker
• Thunder Jet
• Viking Yacht
• White River Marine Group
• Yamaha
• Zodiac Marine & Pool

Key Topics Covered:

1 Research Methodology

2 Research Objectives

3 Research Process

4 Scope & Coverage

4.1 Market Definition

4.2 Base Year

4.3 Scope of the Study

4.4 Market Segments

5 Report Assumptions & Caveats

5.1 Key Caveats

5.2 Currency Conversion

5.3 Market Derivation

6 Market at a Glance

7 Premium Insights

7.1 Market Overview

7.2 Technological Advances

7.3 Market Dynamics: Key Trends, Drivers, and Restraints

7.4 Segment Analysis

7.5 Geographical Analysis

7.6 Competitive Landscape

7.7 About the Report

8 Introduction

8.1 Overview

8.2 Overview of Recreational Boat

8.3 Technological Advances in Recreational Boating

8.4 Dawn of Electric and Hybrid Engines

8.5 Luxury Market

8.6 Impact of Covid-19

9 Market Opportunities & Trends

9.1 Advances in Marine Technology

9.2 Expected Growth in Consumer Confidence

9.3 Growing Opportunities in the Electric Boat Industry

9.4 Growth in the Marine Tourism Industry

10 Market Growth Enablers

10.1 Rising Demand for Outboard Power Boats

10.2 Increasing Participation in Leisure Boating Activities in Europe

10.3 Rising Expenditure on Luxury Products and Services

10.4 Growing Boat Market

11 Market Restraints

11.1 Environmental Pollution Caused by Boating

11.2 Concept of Rental and Used Boat Services

11.3 Failure to Attract Millennials

12 Value Chain Analysis

12.1 Value Chain Overview

13 Market Landscape

13.1 Market Overview

13.2 Market Size & Forecast

13.3 Key Factors Impacting Recreational Boat Market

13.4 Superyacht Order Book

13.5 Five Forces Analysis

For more information about this report visit https://www.researchandmarkets.com/r/p2rh44

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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• Yotta was awarded a grant from the California Energy Commission for a pilot system on an 11-story multifamily housing complex in Santa Ana.
• The project has potential to decarbonize existing technologies, decrease the demand on the grid, and increase at-home/at-business electric vehicle charging adoption rates.
• The installation will demonstrate replicability options for other underserved areas throughout California.

SANTA ANA, Calif.--(BUSINESS WIRE)--With more than 30 percent of American households experiencing some form of energy insecurity, Yotta Energy, a leader in modular energy storage technology, was awarded $1.23 million from the California Energy Commission (CEC) to develop a solar and storage system to address energy inequality in lower-income areas. The project will include battery backup for a multifamily property located in Santa Ana, California, and will show how Yotta’s scalable technology can increase energy reliability and provide cost savings in underserved communities throughout California. In addition to economic benefits, the project will also examine reduction in greenhouse gas emissions, improvements to the surrounding environment, and implications to the existing utility grid by adding solar + storage in a low-income community.

"Our state has long been dedicated to introducing and integrating renewable energy, but as lower-income areas lagged behind in adoption due to a lack of resources, these communities have experienced elevated air pollution levels," said CEC Chair David Hochschild. “We look forward to working with Yotta Energy on this project to demonstrate the viability of these installations and how we can replicate similar types across the state.”

Yotta will work with Electric Power Research Institute (EPRI), the preeminent independent, non-profit energy research and development organization, and Promise Energy, a leading solar developer.

The initiative will also demonstrate how solar and storage solutions can provide economic benefit for the city of Santa Ana. At scale, this can become a cost-effective solution that drives higher solar plus storage adoption rates, providing a pathway to an affordable, distributed energy resource solution for the residential market in California. Further, it decreases the existing fragility of the grid by offering alternative, local, and decarbonized power.

Through replication and scaling, Yotta hopes to expand its solutions to other similar locations throughout the country, providing sustainable initiatives to make solar energy storage and usage more accessible.

"This is a significant step for the city of Santa Ana as the state looks to adopt and implement greener technologies into its buildings," said Omeed Badkoobeh, CEO of Yotta Energy. "Not only will this project lead to a cleaner, healthier local environment, but it will also open the door for economic prosperity and growth in Santa Ana. As we expect to continue growing and implementing our solution in communities nationwide, we look forward to ensuring that everyone has access to a reliable energy supply.”

The project is scheduled to kick off in August 2022. Ahead of installing the solar + storage system, Yotta will also perform data collection at SolarTAC’s Colorado facility, which is the largest testing facility for solar technologies.

Yotta's technology features a unique PV-coupled architecture that provides efficient energy storage at a lower total installed cost. This technology incorporates lithium-iron-phosphate batteries designed with advanced thermal management. The integrated software plus hardware solution enables Yotta to address grid outages by enhancing grid resilience and reliability. In April, the Department of Defense’s Environmental Security Technology Certification Program awarded Yotta $1.97 million for a new solar and storage microgrid project at Nellis Air Force Base in Las Vegas, Nevada.

About Yotta Energy

Yotta Energy is a renewable energy storage company headquartered in Austin, Texas. Yotta has developed unique PV-Coupled™ architecture, a smart energy storage solution designed to scale with rooftop solar PV projects effortlessly. At about the size of a briefcase, Yotta's patented panel-level energy storage solution can fit under any industry standard solar module, neatly integrating with the solar racking array. Yotta's technology features advanced thermal management to maintain an optimal working temperature even under extreme outdoor conditions. As an integrated software plus hardware solution, Yotta also helps address grid outages by enhancing grid resilience and reliability. Yotta’s technology allows for a much lower total installation cost for rooftop solar-plus-storage than any other current energy storage system available today. Learn more at www.yottaenergy.com.

About The California Energy Commission

The California Energy Commission is leading the state to a 100 percent clean energy future for all. As the state's primary energy policy and planning agency, the Energy Commission plays a critical role in creating the energy system of the future - one that is clean, is modern, and ensures the fifth largest economy in the world continues to thrive. www.energy.ca.gov

Technica Communications for Yotta Energy
Jake Wengroff
408-806-9626 ext. 6816
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Integrated control software and solutions for Taiyuan Heavy Industry wind turbines to provide reliable, clean energy for 35 million people

PITTSBURGH--(BUSINESS WIRE)--Emerson (NYSE: EMR), a global technology and software company, will provide integrated wind automation solutions and services to Taiyuan Heavy Industry Co., Ltd. (TYHI) for three greenfield wind farms located in Shanxi Province, China, a region experiencing high growth in its renewable generation base. Emerson’s wind turbine control software and expertise combined with TYHI wind turbines will deliver green energy to over 35 million residents located in Beijing and other Northern China cities.

Decreasing the global carbon footprint to address climate change is critical for a more sustainable world. China is accelerating its use of renewable energy sources to reduce dependency on fossil fuels to less than 20% by 2060. To help address this goal, the China wind market is expected to grow with a cumulative grid-connected wind capacity of 689 gigawatts by the end of 2030, accounting for 67% of the global share.

“Wind energy is an essential component of making a net zero future a reality. Our innovative wind expertise and comprehensive portfolio of wind solutions are backed by five decades of delivering value to global wind turbine owners, operators and manufacturers,” said Bob Yeager, president of Emerson’s power and water business. “The result is our ability to help our customers provide the lowest-cost source of clean energy, taking an important step toward a more sustainable world.”

Emerson’s wind turbine controls and SCADA software will enable the reliable and efficient operation of three greenfield wind farms capable of generating 300 megawatts of clean energy from over 40 wind turbines supplied by TYHI. Emerson’s expanded renewable capabilities and expertise were amplified by the acquisition of Mita-Teknik, a global leader in wind generation solutions with expertise in control design of over 750 wind turbine models and an install base of more than 60,000 systems worldwide.

The collaboration with TYHI to deliver clean wind energy to local communities is one step in advancing China’s sustainability journey. This project is an example of Emerson’s “Greening By” environmental sustainability strategy that is described in Emerson’s 2021 ESG report as helping critical industries leverage the power of automation and novel solutions to deliver the low-carbon energy system transition.

Emerson’s wind experts will work with TYHI on the development and execution of automation projects to reduce project risk and maintain the schedule. The team will also provide services to support startup and commissioning, as well as surveillance, alarm management and diagnostic reporting services when the sites are in operation.

The wind farms are scheduled for commercial operation in 2023.

Additional resources:

• Join the Emerson Exchange 365 Community
• Connect with Emerson’s Automation Solutions business via Twitter Facebook LinkedIn YouTube

About Emerson

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

For Emerson
Denise Clarke
512.587.5879
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HOUSTON & CALGARY, Alberta--(BUSINESS WIRE)--Civeo Corporation (NYSE:CVEO) announced today that its Board of Directors has renewed its share repurchase authorization for the Company to repurchase up to 5% of its total common shares outstanding through the facilities of the New York Stock Exchange over the next twelve months.

Civeo intends to fund repurchases through cash on hand and cash generated from operations. In the last twelve months, the Company repurchased approximately 715,000 common shares and will use this renewed share repurchase authorization to continue opportunistically acquiring Civeo common shares.

This share repurchase authorization is made in reliance on the “other published markets” exemption from the formal issuer bid requirements under Canadian securities laws for normal course issuer bids and represents the maximum annual share repurchase authorization permitted under the exemption.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements herein include the statements regarding Civeo’s future plans and outlook, are based on then current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Such risks and uncertainties include, among other things, risks associated with global health concerns and pandemics, including the COVID-19 pandemic, any increases in or severity of COVID-19 cases (including due to existing or new variants) and the risk that room occupancy may decline if our customers are limited or restricted in the availability of personnel who may become ill or be subjected to quarantine, risks associated with the general nature of the accommodations industry, risks associated with the level of supply and demand for oil, coal, iron ore and other minerals, including the level of activity, spending and developments in the Canadian oil sands, the level of demand for coal and other natural resources from, and investments and opportunities in, Australia, and fluctuations or sharp declines in the current and future prices of oil, natural gas, coal, iron ore and other minerals, risks associated with failure by our customers to reach positive final investment decisions on, or otherwise not complete, projects with respect to which we have been awarded contracts, which may cause those customers to terminate or postpone contracts, risks associated with currency exchange rates, risks associated with the company’s ability to integrate acquisitions, risks associated with labor shortages, risks associated with the development of new projects, including whether such projects will continue in the future, risks associated with the trading price of the company’s common shares, availability and cost of capital, risks associated with general global economic conditions, global weather conditions, natural disasters and security threats and changes to government and environmental regulations, including climate change, and other factors discussed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Civeo’s most recent annual report on Form 10-K and other reports the company may file from time to time with the U.S. Securities and Exchange Commission. Each forward-looking statement contained herein speaks only as of the date of this release. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.

Carolyn J. Stone
Civeo Corporation
Senior Vice President & Chief Financial Officer
713-510-2400

World’s Largest Mechanical Tire Recycler Selects Ndustrial – Saves Hundreds of Thousands in Energy Costs in Less than Four Months

Extension Aligns with Strategy to Enter Key Vertical Markets and Accelerate the Optimization of Energy Intensity in Industrial Facilities

RALEIGH, N.C.--(BUSINESS WIRE)--#4CP--Ndustrial, the only production-first Energy Intensity company, today announced it is expanding its market reach to serve the recycling market and has already enabled Genan to save hundreds of thousands in energy costs by automating their response to electricity price spikes.

“Recycling operations need a warning system, and ideally an automated system, that will shift your energy load as prices go up,” said Michael Agerkilde, COO at Genan. “I would never do anything else. Although energy prices at Genan’s Houston plant are generally lower in the US than in Europe, the fluctuations are much higher.”

Recycling facilities like Materials Recovery Facilities (MRFs) and shredding operations are excellent candidates for cutting energy costs. Not only are they large energy users, but their operations are generally flexible enough to avoid price spikes. Moreover, it’s common that recyclers have a sustainable mission, backed by carbon reduction or ESG goals. Managing energy effectively allows them to further their mission.

“We’ve seen electricity prices spike by a factor of 100 during extreme weather events,” reports Jason Massey, CEO at Ndustrial. “When we help Genan avoid high energy rate periods, we’re helping them improve production efficiency and lower costs – while simultaneously creating grid stability.”

As energy price inflation eats into operating margins, the companies that can successfully manage their Energy Intensity will see higher profits and improved competitiveness. This success often extends to improved stakeholder relations including with customers, investors, and regulators.

“Energy efficiency is a major opportunity for companies serious about putting sustainability in action,” says Jason Massey at Ndustrial. “Recycling and energy management go hand-in-hand.”

About Ndustrial

Ndustrial delivers the industry’s only production-first Energy Intensity platform – enabling companies to minimize energy spend and achieve the highest production efficiency possible. Together with our IoT and Energy Service offerings, we provide a holistic view across all facilities and deliver new levels of insight to optimize and transform operations for a sustained competitive edge. To learn more, visit www.ndustrial.io.

Gena Fiegel, Director of Marketing
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561-308-3580

DUBLIN--(BUSINESS WIRE)--The "Autonomous Underwater Vehicles Market Intelligence Report - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The Global Autonomous Underwater Vehicles Market is projected to reach USD 4,072.91 million by 2027 from USD 1,425.27 million in 2021, at a CAGR 19.12% during the forecast period.

In this report, the years 2019 and 2020 are considered as historical years, 2021 as the base year, 2022 as the estimated year, and years from 2023 to 2027 are considered as the forecast period.

The report on autonomous underwater vehicles identifies key attributes about the customer to define the potential market and identify different needs across the industry.

Understanding the potential customer group's economies and geographies can help gain business acumen for better strategic decision-making. This market coverage across different industry verticals reveals the hidden truth about the players' strategies in different verticals and helps the organization decide target audience.

This report gives you the composite view of sub-markets coupled with comprehensive industry coverage and provides you with the right way of accounting factors such as norms & regulations, culture, to make right coverage strategy for your market plan.

Key Findings

• The Americas Autonomous Underwater Vehicles Market size was estimated at USD 455.16 million in 2021, is expected to reach USD 526.22 million in 2022, and is projected to grow at a CAGR of 18.85% to reach USD 1,283.12 million by 2027.
• The Asia-Pacific Autonomous Underwater Vehicles Market size was estimated at USD 413.97 million in 2021, is expected to reach USD 483.15 million in 2022, and is projected to grow at a CAGR of 19.32% to reach USD 1,194.94 million by 2027.
• The Europe, Middle East & Africa Autonomous Underwater Vehicles Market size was estimated at USD 556.14 million in 2021, is expected to reach USD 647.37 million in 2022, and is projected to grow at a CAGR of 19.19% to reach USD 1,594.85 million by 2027.

Company Usability Profiles:

• Atlas Elektronik GmbH by ThyssenKrupp AG
• BAE Systems PLC
• Boeing Company
• Boston Engineering Corporation
• Deep Trekker Inc.
• ECA Group
• General Dynamics Mission Systems by General Dynamics Corporation
• Graal Tech S.r.l.
• Hydromea SA
• International Submarine Engineering (ISE) Ltd.
• Kongsberg Maritime ASA by Kongsberg Gruppen ASA
• L3Harris OceanServer by L3 Harris Technologies, Inc.
• Lockheed Martin Corporation
• Rovotics
• RTSYS
• Saab AB
• Teledyne Technologies Incorporated

Market Segmentation & Coverage:

Technology:

• Collision Avoidance
• Communication
• Imaging
• Navigation
• Propulsion

Depth of Operation:

• Deep-water
• Shallow-water

Payload:

• Acoustic Doppler Current Profilers
• Cameras
• Echo Sounders
• Synthetic Aperture Sonars

Application:

• Archeological and Exploration
• Environmental Protection and Monitoring
• Military & Defense
• Oceanography
• Offshore Renewable Energy
• Oil & Gas
• Search and Salvage Operation

Region:

• Americas
  • Argentina
  • Brazil
  • Canada
  • Mexico
  • United States
    • California
    • Florida
    • Illinois
    • New York
    • Ohio
    • Pennsylvania
    • Texas
• Asia-Pacific
  • Australia
  • China
  • India
  • Indonesia
  • Japan
  • Malaysia
  • Philippines
  • Singapore
  • South Korea
  • Taiwan
  • Thailand
• Europe, Middle East & Africa
  • France
  • Germany
  • Italy
  • Netherlands
  • Qatar
  • Russia
  • Saudi Arabia
  • South Africa
  • Spain
  • United Arab Emirates
  • United Kingdom

For more information about this report visit https://www.researchandmarkets.com/r/u8la4q

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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GaN Pioneer Exploring Next Generation Power Conversion Where One Transphorm FQS Can Replace Multiple Silicon Devices

GOLETA, Calif.--(BUSINESS WIRE)--$TGAN #5G--Transphorm, Inc. (Nasdaq: TGAN)—a pioneer in and a global supplier of high reliability, high performance gallium nitride (GaN) power conversion products—announced today that it has been awarded a contract by the Advanced Research Projects Agency-Energy (ARPA-E). Part of the ARPA-E CIRCUITS program and through a sub-contract from Illinois Institute of Technology, the project covers the supply of GaN-based four-quadrant switches (FQSes) for use in various power conversion applications including novel ones like current source inverters, cyclo-converters for drives and microinverters, matrix switching, and solid-state circuit breakers. The initiative is the result of Transphorm’s deep GaN engineering expertise (specifically its bidirectional GaN) along with industry and university interest in further exploring the possibilities of lateral GaN switches.

Transphorm will prototype the FQS platform using its 650 V GaN technology that continues to offer the industry’s highest threshold voltage (4 V) in a 4-pin TO-247 package. The project is expected to be completed in less than a year.

The Importance of True Bidirectional GaN Switch Innovation

Transphorm’s standard lateral GaN FETs inherently provide bidirectional current flow. However, certain applications such as current source inverters for motor drives, cyclo-converters and matrix converters also require bidirectional voltage control to effectively manage power flow. This capability is traditionally achieved by placing two FETs in series using the devices’ body diode to steer and control current flow or via two IGBTs and two diodes, thus requiring four devices.

Also called a true bidirectional switch, the FQS replaces the two FET or the two IGBT+two diode approaches with a single device capable of realizing bidirectional voltage control and bidirectional current flow. The FQS uses two gates to block voltage of either polarity or pass current in either direction. And, as a single device, it reduces parts required to achieve the desired result thereby enabling higher power density, increased reliability, and overall system cost reduction.

“It is exciting to see the day approaching when GaN-based bidirectional switches will be ready for commercial production,” says Emeritus Professor Tom Jahns, FIEEE, NAE, at the University of Wisconsin - Madison. “Power electronics engineers have been anxiously anticipating the day when MOS-gated bidirectional switches will become available because they are the key to implementing promising power converter topologies that offer exciting opportunities for improving efficiency, power density, and fault tolerance in many applications. They hold the potential to dramatically improve the commercial viability of new products including solid-state circuit breakers and integrated motor drives by making them significantly more compact and efficient than what is achievable using today's silicon-based switches.”

“GaN adoption is at a point today when bringing an FQS bidirectional device to market makes sense,” said Dr. Rakesh Lal, Technical Fellow at Transphorm. “Lateral GaN technology enables compact FQS dies to be fabricated because the voltage blocking region can be shared. This configuration cannot be realized with vertical power device technologies, such as with silicon or silicon carbide, which gives GaN FQSes a clear edge in performance and cost. With our FQS, one gets true bidirectionality in a fast low-loss switch, which we believe will inspire next generation power conversion products through the CIRCUITS program driven partnerships.”

About Transphorm

Transphorm, Inc., a global leader in the GaN revolution, designs and manufactures high performance and high reliability GaN semiconductors for high voltage power conversion applications. Having one of the largest Power GaN IP portfolios of more than 1,000 owned or licensed patents, Transphorm produces the industry’s first JEDEC and AEC-Q101 qualified high voltage GaN semiconductor devices. The Company’s vertically integrated device business model allows for innovation at every development stage: design, fabrication, device, and application support. Transphorm’s innovations are moving power electronics beyond the limitations of silicon to achieve over 99% efficiency, 40% more power density and 20% lower system cost. Transphorm is headquartered in Goleta, California and has manufacturing operations in Goleta and Aizu, Japan. For more information, please visit www.transphormusa.com. Follow us on Twitter @transphormusa and WeChat @ Transphorm_GaN.

Heather Ailara
211 Communications
+1.973.567.6040
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DAYTON, Ohio--(BUSINESS WIRE)--REX American Resources Corporation (NYSE: REX) (“REX” or “the Company”) today reported financial results for its fiscal 2022 second quarter (“Q2 ‘22”) ended July 31, 2022. REX management will host a conference call and webcast today at 11:00 a.m. ET.

REX American Resources’ Q2 ‘22 results principally reflect its interests in six ethanol production facilities. The One Earth Energy, LLC (“One Earth”) and NuGen Energy, LLC (“NuGen”) ethanol production facilities are consolidated, while the four other ethanol plants are reported as equity in income of unconsolidated ethanol affiliates. The Company reports results for its ethanol and by-products component as continuing operations and beginning in the third quarter of fiscal 2021 its refined coal component as discontinued operations as operations have now ceased.

REX’s Q2 ‘22 net sales and revenue were $240.3 million, compared with $195.7 million in Q2 ‘21. The year-over-year net sales and revenue increase was primarily due to higher pricing of ethanol, dried distillers grains, non-food grade corn oil and modified distillers grains. These factors were partially offset by increases in corn and natural gas prices. As a result, Q2 ‘22 gross profit for the Company’s continuing operations increased to $16.6 million, compared with $14.2 million in Q2 ‘21. During the second quarter of fiscal 2022, the Company’s two consolidated plants received COVID-19 relief grants from the U.S. Department of Agriculture totaling approximately $7.8 million based on reduced production in 2020. Additionally, the Company recognized approximately $1.6 million in income related to its equity share of relief grants received by its unconsolidated affiliates. As a result, the Company reported Q2 ‘22 income before income taxes and non-controlling interests of $19.2 million, compared with income before income taxes and non-controlling interests of $9.8 million in the comparable year ago period.

Net income attributable to REX shareholders from continuing operations in Q2 ‘22 was $11.2 million, compared to net income of $5.7 million in Q2 ‘21. Q2 ‘22 basic and diluted net income per share attributable to REX common shareholders was $0.63, compared to net income per share of $0.44 in Q2 ‘21. Per share results for Q2 ‘22 and Q2 ‘21 are based on 17,772,000 and 18,034,000 diluted weighted average shares outstanding, respectively, reflecting the Company’s recent 3-for-1 common stock split.

REX American Resources’ Chief Executive Officer, Zafar Rizvi, commented, “I am pleased with the results for the second quarter of fiscal 2022, including a 23% increase in net sales and a 43% increase in net income per share. These results reflect the continued success of our strategy, the effectiveness of our plants and the tireless efforts of our teams to manage through a challenging operating environment, including higher pricing across our two largest input costs and logistic constraints."

“We currently remain confident in our ability to further leverage our resources and strong balance sheet to take advantage of opportunities ahead of us, including our carbon capture initiative, and create additional value for our employees, partners and shareholders.”

Balance Sheet
At July 31, 2022, REX had cash and cash equivalents and short-term investments of $245.1 million, $36.3 million of which was at the parent company, and $208.8 million of which was at its consolidated production facilities. This compares with cash, cash equivalents and short-term investments at January 31, 2022, of $255.7 million, $42.9 million of which was at the parent company, and $212.8 million of which was at its consolidated ethanol production facilities.

During the fiscal second quarter ended July 31, 2022, and reflecting the 3-for-1 stock split effected August 5, 2022, the Company repurchased 221,883 shares of its common stock at a cost of $6.2 million. On a pre-split basis, the Company repurchased 73,961 shares of its common stock in the fiscal 2022 second quarter. The Company is currently authorized to repurchase up to an additional 1,126,356 shares of common stock and has approximately 17,640,042 shares of common stock outstanding (both figures adjusted for the August 5, 2022 3-for-1 stock split).

Second Quarter Conference Call
REX will host a conference call at 11:00 a.m. ET today. Senior management will discuss the quarterly financial results and host a question and answer session. The dial in number for the audio conference call is 212/231-2925 (domestic and international callers). Participants can also listen to a live webcast of the call on the Company’s website, www.rexamerican.com. A webcast replay will be available for 30 days following the live event.

About REX American Resources Corporation
REX American Resources has interests in six ethanol production facilities, which in aggregate shipped approximately 704 million gallons of ethanol over the twelve-month period ended July 31, 2022. REX’s effective ownership of the trailing twelve-month gallons shipped (for the twelve months ended July 31, 2022) by the ethanol production facilities in which it has ownership interests was approximately 280 million gallons. Further information about REX is available at www.rexamerican.com.

This news announcement contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by use of forward-looking terminology such as “may,” “expect,” “believe,” “estimate,” “anticipate” or “continue” or the negative thereof or other variations thereon or comparable terminology. Readers are cautioned that there are risks and uncertainties that could cause actual events or results to differ materially from those referred to in such forward-looking statements. These risks and uncertainties include the risk factors set forth from time to time in the Company’s filings with the Securities and Exchange Commission and include among other things: the effect of pandemics such as COVID-19 on the Company’s business operations, including impacts on supplies, demand, personnel and other factors, the impact of legislative and regulatory changes, the price volatility and availability of corn, distillers grains, ethanol, non-food grade corn oil, commodity market risk, gasoline and natural gas, ethanol plants operating efficiently and according to forecasts and projections, logistical interruptions, changes in the international, national or regional economies, the impact of inflation, the ability to attract employees, weather, results of income tax audits, changes in income tax laws or regulations, the impact of U.S. foreign trade policy, changes in foreign currency exchange rates and the effects of terrorism or acts of war. The Company does not intend to update publicly any forward-looking statements except as required by law.

- balance sheets follow - 

- statements of cash flows follow - 

Douglas Bruggeman
Chief Financial Officer
(937) 276‑3931

Joseph Jaffoni, Norberto Aja
JCIR
(212) 835-8500 / This email address is being protected from spambots. You need JavaScript enabled to view it.

ARLINGTON, Va.--(BUSINESS WIRE)--Leonardo DRS, Inc. (“DRS”) announced today that it has successfully completed factory acceptance testing and shipment of the first production unit of the main propulsion motor for the U.S. Navy’s new COLUMBIA Class submarine. The motor was recently shipped to General Dynamics Electric Boat (EB) for integration into the lead ship of the class.

DRS was chosen by EB and the U.S. Navy to design and manufacture the major Columbia Electric Drive Propulsion system components including the main propulsion electric motor. All prototype components of this system successfully completed full power endurance and other testing at the Navy’s land-based test facility in 2020, where operational testing continues. In addition to the main propulsion motor, other lead ship components are being manufactured and are also preparing to ship to Electric Boat.

The Columbia class program goal is to design and build a class of 12 new ballistic missile submarines (SSBNs) to replace the U.S. Navy’s current force of Ohio class SSBNs. The Navy has identified the Columbia class program as its top priority program. The Columbia class submarines will be larger than the current class in terms of submerged displacement and will become the largest submarine ever built by the United States.

The DRS Naval Power Systems business was awarded contracts for the electric propulsion system components which included design, test, qualification, and production of the full-scale components for both a land-based test facility and first two ships of the class. Over the past several years, the Navy has completed successful land-based tests of DRS’ electric propulsion components. With significant testing completed, the program is transitioning to production with DRS presently manufacturing the components for the first two ships of the Columbia Class.

“We are proud to play a key role in developing and providing this capability for the U.S. Navy on this critical national defense asset,” said Jon Miller, senior vice president and general manager of the DRS Naval Power business. “Our long history of providing innovative technology to the U.S. Navy and continuing this work for Electric Boat ensures our sailors will be defending this country with the most advanced submarine in the world,” Miller said.

Several businesses in the DRS Naval Power business contributed to this effort including its facilities in Fitchburg, Massachusetts, Milwaukee, Wisconsin and Danbury, Connecticut.

The DRS Naval Power business unit is a trusted provider of innovative naval power and control technology delivering high-quality, customer-focused products and support solutions for the U.S. Navy.

About Leonardo DRS

Leonardo DRS is a leading mid-tier provider of defense products and technologies for the U.S. military and its allies with core capabilities in advanced sensing, force protection, network computing and electric power and propulsion. Through its two segments, Advanced Sensing and Computing, and Integrated Mission Systems, the company is shaping the future of the battlefield. Headquartered in Arlington, Virginia, Leonardo DRS is a wholly owned subsidiary of Leonardo S.p.A. See the full range of capabilities at www.LeonardoDRS.com.

On June 21, 2022 Leonardo DRS and RADA Electronic Industries Ltd. (NASDAQ & TASE: RADA) announced an all-stock merger to create a publicly-traded leader in advanced sensing and force protection. Upon completion of the transaction, the combined company expects to be listed on the Nasdaq and on the TASE under the ticker symbol “DRS”.

Forward-Looking Statements

This communication contains statements that constitute “forward-looking statements,” including with respect to the proposed merger of DRS and RADA and its impact, if completed, on the combined company’s business. Forward-looking statements are subject to numerous conditions, many of which are beyond our control. Neither RADA nor DRS undertake any obligation to update these statements, except as required by law.

No Offer or Solicitation

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to appropriate registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. This communication does not constitute an offer of securities pursuant to the Israeli Securities Law, 1968, or a recommendation regarding the purchase of securities of RADA or DRS.

ADDITIONAL INFORMATION ABOUT THE TRANSACTION AND WHERE TO FIND IT

DRS will file with the U.S. Securities and Exchange Commission (SEC) a registration statement on Form S-4, which will include a prospectus of DRS, and certain other documents in connection with the transaction. SHAREHOLDERS OF RADA ARE URGED TO READ THE PROSPECTUS AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT DRS, RADA, THE TRANSACTION AND RELATED MATTERS. The registration statement and prospectus and other documents filed or furnished by DRS and RADA with the SEC, when filed, will be available free of charge at the SEC’s website at www.sec.gov. Alternatively, shareholders will be able to obtain free copies of the registration statement, prospectus and other documents which will be filed or furnished with the SEC by DRS by contacting DRS at +1 877-538-0912 or 2345 Crystal Drive Suite 1000 Arlington, Virginia 22202.

RADA Investor Relations Contact
Ehud Helft
EK Global Investor Relations
+1 212 378 8040
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DRS Investor Relations Contact
Cody Slach or Jeff Grampp, CFA
Gateway Group
+1 949 574 3860
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DRS Media Contact
Michael Mount
Vice President, Communications and Public Affairs
+1 571 447 4624
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DUBLIN--(BUSINESS WIRE)--The "Marine Hybrid Propulsion Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

The global marine hybrid propulsion market is expected to grow from $3.12 billion in 2021 to $3.5 billion in 2022 at a compound annual growth rate (CAGR) of 12.2%. The market is expected to grow to $5.42 billion in 2026 at a compound annual growth rate (CAGR) of 11.6%.

Major players in the marine hybrid propulsion market are BAE Systems, Schottel, MAN Energy Solutions, Siemens, ABB Ltd, General Electric Company, Steyr Motors, Mitsubishi Heavy Industries, Torqeedo, and Wartsila Corporation.

The marine hybrid propulsion market consists of sales of marine hybrid propulsion systems by entities (organizations, sole traders, and partnerships) that manufacture marine hybrid propulsion systems. Hybrid propulsion is a propulsion system for a vehicle that involves two or more sources of propulsion in one design usually that can be used collectively or alternately. Hybrid propulsion improves the fuel efficiency of vessels with variable power demand such as tug boats, fishing vessels, and others.

The main propulsion types of marine hybrid propulsion are diesel-electric, parallel hybrid, serial hybrid, full electric, gas turbine, and fuel cell. A diesel-electric propulsion system can employ a single engine to drive several propellers or several engines to power one or more propellers.

The different types of ships include anchor handling tug supply vessels, platform supply vessels, yachts, motor ferry, cruise liner, and other ship types and operates in various power ranges such as 0-300 KW, 301-500KW, and 501KW-800KW. It is used in commercial, logistics, offshore drilling and naval, and other applications.

Europe was the largest region in the marine hybrid propulsion market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. An increase in international trade is contributing to the growth of the marine hybrid propulsion market. Most of the internationally traded goods are transported using cargo vessels and ships.

Hybrid propulsion improves the fuel efficiency of vessels with variable power demands. According to the International Chamber of Shipping, in 2019, the total value of the annual world shipping trade had reached more than $14 trillion. Moreover, nearly 2 billion tons of crude oil, 1 billion tons of iron ore, 350 million tons of grains, and 11 billion tons of goods are transported by ship each year and about 90% of the world trade is carried by the shipping industry. Thus, the surge in international trade boosts the number of cargo vessels and ships fleet and which in turn, drives the market for marine hybrid propulsion.

The launch of integrated propulsion systems has emerged as a key trend in the marine hybrid propulsion market. Major players operating in the marine hybrid propulsion field are focusing on introducing new hybrid propulsion systems to improve performance, environmental compatibility, and propulsion system versatility.

Key Topics Covered:

1. Executive Summary

2. Marine Hybrid Propulsion Market Characteristics

3. Marine Hybrid Propulsion Market Trends And Strategies

4. Impact Of COVID-19 On Marine Hybrid Propulsion

5. Marine Hybrid Propulsion Market Size And Growth

5.1. Global Marine Hybrid Propulsion Historic Market, 2016-2021, $ Billion

5.1.1. Drivers Of The Market

5.1.2. Restraints On The Market

5.2. Global Marine Hybrid Propulsion Forecast Market, 2021-2026F, 2031F, $ Billion

5.2.1. Drivers Of The Market

5.2.2. Restraints On the Market

6. Marine Hybrid Propulsion Market Segmentation

6.1. Global Marine Hybrid Propulsion Market, Segmentation By Propulsion Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Diesel-Electric
• Parallel Hybrid
• Serial Hybrid
• Full Electric
• Gas Turbine
• Fuel Cell

6.2. Global Marine Hybrid Propulsion Market, Segmentation By Ship Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Anchor Handling Tug Supply Vessels
• Platform Supply Vessels
• Yachts
• Motor Ferry
• Cruise Liner
• Other Ship Types

6.3. Global Marine Hybrid Propulsion Market, Segmentation By Power Rating, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

0-300 KW

301-500KW

501KW-800KW

6.4. Global Marine Hybrid Propulsion Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Commercial
• Logistics
• Offshore Drilling
• Naval
• Other Applications

7. Marine Hybrid Propulsion Market Regional And Country Analysis

7.1. Global Marine Hybrid Propulsion Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

7.2. Global Marine Hybrid Propulsion Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

Companies Mentioned

• BAE Systems
• Schottel
• MAN Energy Solutions
• Siemens
• ABB Ltd.
• General Electric Company
• Steyr Motors
• Mitsubishi Heavy Industries
• Torqeedo
• Wartsila Corporation
• Yanmar
• Cummins
• Volvo Penta
• Beta Marine
• Oceanvolt
• TRANSFLUID
• Nanni Diesel

For more information about this report visit https://www.researchandmarkets.com/r/38xlwn

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DUBLIN--(BUSINESS WIRE)--The "Bio-Based Lubricants Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

Bio-based lubricants are natural organic chemicals formulated with organic materials such as vegetable oil (sunflower oil, rapeseed oil, castor oil, and palm oil), animal fats, natural esters, and special additives. These components are environment-friendly, thus release no harmful chemicals on the environment, and are capable of meeting stringent government standards, specifically related to carbon emission, while maintaining high performance.

Bio-based lubricants also offer performance benefits such as prolonging the equipment life and reducing maintenance costs, friction, and energy consumption. Bio-based lubricants are highly preferred in sensitive environments such as forest, mining, marine, wind power, and construction equipment where there is a high chance of oil spill and oil mist which can potentially harm aquatic life and human health.

Key Industry Insights

• The increasing price of petrochemicals, the depletion of crude oil reserves, and the rising awareness among consumers towards protecting the environment from greenhouse gas emissions are stimulating the demand for the bio-based lubricants market.
• The stringent regulatory standards of the EU Ecolabel, VGP, IMO, and other regulations (such as Blue Angel and Swedish Standard) to limit the CO2 and other harmful emissions are shaping the demand in the global bio-based lubricants market.
• Under VGP regulation, the U.S. Environmental Protection Agency mandates the regulation regarding oil discharge during the usual operation of commercial vessels in the U.S. territorial waters and the Great Lakes.
• The regulatory landscape is a significant hindrance for small and medium enterprises scaling up operations. But at the same time, it is driving the industry because these standards and regulations ensure the product's safety, quality, and low toxicity.
• "The greatest impact in accelerating the growth of biodegradable lubricants has been the development of high-performance synthetic hydrocarbon base oils. This technology is both readily biodegradable and more oxidatively and hydrolytically stable than the ester technology that was used in the past", says Dr. Larry Beaver, Vice President, Research & Development for RSC Bio Solutions.

Competitive Landscape

The competitive scenario in the global bio-based lubricants market is currently intensifying. The rapidly changing technological environment, the trend to reduce carbon footprint, and sustainability scenario can adversely affect vendors as customers expect continual innovations and upgrades. The market is moderately fragmented, with players providing bio-based lubricant products that are readily biodegradable, environmentally friendly, and highly functional.

Key Questions Answered

1. How Big is the Bio-Based Lubricants Market?

2. What is the Growth Rate of the Bio-Based Lubricants Market?

3. Who Are the Key Vendors in the Global Bio-Based Lubricants Market?

4. What Are the Latest Trends in the Global Bio-Based Lubricants Market?

5. Which Region Holds the Largest Global Bio-Based Lubricants Market Share?

Market Dynamics

Opportunities & Trends

• Initiatives to Preserve Energy and Natural Resources
• Accelerating Demand for Lubricants from Mining Industry
• Increasing Importance of Bio-Based Lubricants in Automotive Industry

Growth Enablers

• Rising Focus on Environmental Sustanability
• Stringent Regulations to Promote Environmentally Acceptable Lubricants
• Rise in Frequency of New Product Launches

Restraints

• High Competition from Petroleum-Based Lubricants
• High Cost & Poor Lubrication Properties of Bio-Based Lubricants

Market Segmentation

By Product Type

• Plant-Based
• Biodegradable Synthetic

By Application

• Hydraulic Fluid
• Gear Oil
• Chain Oil
• Metalworking Fluid
• Others

By End-Users

• Marine
• Mining
• Agriculture & Forestry
• Automotive
• Others

By Geography

• APAC
• China
• Malaysia
• India
• Indonesia
• Japan
• Rest of APAC
• North America
• US
• Canada
• Europe
• Germany
• UK
• France
• Italy
• Spain
• Rest of Europe
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
• Saudi Arabia
• UAE
• Iran
• Rest of MEA

Key Vendors

• Castrol
• FUCHS
• Renewable lubricants
• TotalEnergies

Other Prominent Vendors

• Addinol
• Cortec Corporation
• Condat
• DuBois Chemicals
• Exxon Mobil Corporation
• Environmental Lubricants Manufacturing
• Haynes Lubricants
• Kluber Lubrication
• Lubriplate Lubricants Company
• Metalube
• Panolin AG
• Repsol
• Vickers Oil

For more information about this report visit https://www.researchandmarkets.com/r/61tqd0

ResearchAndMarkets.com
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ZincFive® participates in specifications development for data center power infrastructure with safe, sustainable battery technology.

PORTLAND, Ore.--(BUSINESS WIRE)--Today ZincFive, the world leader in nickel-zinc battery-based solutions, announced it has joined the Open Compute Project Foundation (OCP) as a Community Member. Through its membership, ZincFive will support the goals of the OCP Community by contributing to the further development of specifications for power infrastructure using safe, sustainable battery technology.

The OCP is a rapidly growing, global community focused on sharing designs of data center and networking solutions. OCP encourages collaboration of ideas, specifications, and other contributions to server and networking solutions that optimize the software and hardware solutions ecosystem.

“ZincFive embodies the power of good chemistry not only in our products but also in our people,” said ZincFive CEO and Co-Founder Tim Hysell. “The Open Compute Project is the place to join forces and collaborate with industry leaders to bring safe, sustainable battery technology to the data center market.”

Membership in the initiative is the latest development in ZincFive’s commitment to advance energy storage innovations in mission critical applications. Participating through OCP in the specification of open hardware and open-source solutions provides a forum for innovation that benefits the global data center industry.

About ZincFive, Inc.

ZincFive is the world leader in innovation and delivery of nickel-zinc batteries and power solutions. With more than 90 patents awarded, ZincFive technology harnesses The Power of Good Chemistry to propel the world forward. ZincFive technology leverages the safety and sustainability of nickel-zinc chemistry to provide high power density and performance to mission critical applications. ZincFive is a privately held company based in Tualatin, Oregon. For more information, visit www.zincfive.com.

ZincFive is a registered trademark and the ZincFive logo and The Power of Good Chemistry are trademarks of ZincFive, Inc.

About the Open Compute Project Foundation

The Open Compute Project Foundation (OCP) was initiated in 2011 with a mission to apply the benefits of open source and open collaboration to hardware and rapidly increase the pace of innovation in, near and around the data center’s networking equipment, general purpose and GPU servers, storage devices and appliances, and scalable rack designs. OCP’s collaboration model is being applied beyond the data center, helping to advance the telecom industry & EDGE infrastructure. Learn more at www.opencompute.org.

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DUBLIN--(BUSINESS WIRE)--The "Today's U.S. Electric Power Industry, ISO Markets, Power Transactions, and Renewable Energy Resources" training has been added to ResearchAndMarkets.com's offering.

If you want to truly understand the U.S. electric power industry, this course is for you.

This in-depth program provides a comprehensive and clear explanation of the structure, function, and current status of today's U.S. electric power industry; the many industry topics listed below; and how PPAs and other power transactions are done.

Each part of this complex industry will be explained piece-by-piece, and then the pieces will be integrated so that you will leave the seminar with an understanding of "how it all fits together."

What You Will Learn

• The structure and function of the electric service system, its terminology and units, and the properties of electricity.
• How the North American power grid is structured, how it operates and what the different types of electric generation are.
• How control areas, balancing authorities, spinning reserves, AGC and security constrained environmental economic dispatch work.
• Who the key players in the industry are, and why the industry is so difficult to restructure.
• How cost-of-service utility ratemaking and open access deregulated markets work, and why open access retail electricity markets are finally developing in states that permit them.
• What ISOs, RTOs, ITCs and merchant transmission companies are, and how they operate.
• What the smart grid, demand side management ("DSM"), distributed energy resources ("DER") and demand response ("DR") are, and how these forms of "virtual generation" and renewable energy resources are disrupting the U.S. power industry.
• The opportunities and challenges associated with wind, solar and other renewables.
• How ISO Day-Ahead energy auction markets operate in PJM, New York, Texas, California, MISO and other ISO areas.
• What locational marginal pricing (LMP) is and why it is important; how Day-Ahead and Real Time LMP is applied in the ISO markets, and why FTRs, TCCs, CRRs, TCRs, virtual bids ("Incs & Decs") and convergence bidding are important to understand.
• What capacity markets and resource adequacy are, and how this important issue relates to demand response, DER, and demand side management and affects the integration of wind, solar and other renewables into the existing power grid.
• An overview of Utility scale solar, rooftop solar, and net metering, and wind and other renewable energy resources.
• What the Western Grid "Energy Imbalance Market" is, and why it is important to understand Community Choice Aggregators, the California "Duck Curve" and "FRAC-MOO."

Who Should Attend:

Among those who will benefit from this seminar include energy and electric power executives; attorneys; government regulators; traders & trading support staff; marketing, sales, purchasing & risk management personnel; accountants & auditors; plant operators; engineers; and corporate planners.

Types of companies that typically attend this program include energy producers and marketers; utilities; banks & financial houses; industrial companies; accounting, consulting & law firms; municipal utilities; government regulators and electric generators.

Key Topics Covered:

DAY 1

• The properties and terminology of electricity - current, power, var, voltage, etc.
• An overview of the electric service system, and how it works.
• The structure and function of the North American power grid.
• How control areas & balancing authorities operate, what spinning reserves are, and how the lights are kept on.
• The pros and cons of different sources of electric generation (coal, natural gas, nuclear, renewables), and how they work.
• How cost-of-service ratemaking and retail open access markets work.
• Why open access retail electricity markets are finally developing in states that permit them.
• Who the various industry participants are and their roles.
• Why restructuring today's power markets is such a complicated task.
• The difference between ISOs, RTOs, ITCs and merchant transmission companies.
• Why it is so difficult to build new high voltage power lines.
• How ISO Day-Ahead energy auction markets operate in PJM, New York, Texas, California, MISO and other ISO areas.
• What locational marginal pricing (LMP) is, and why it is important.
• How Day-Ahead and Real Time LMP applied and managed in the ISO markets.
• Virtual bids ("Incs & Decs") and convergence bidding and what their purpose is.
• Financial transmission rights ("FTRs"), congestion revenue rights ("CRRs"), TCCs, TCRs and TRs.
• Forward capacity markets, resource adequacy and generation reserve margins.

DAY 2

• Wind, utility scale solar, rooftop solar, community solar, and the net metering debate.
• The opportunities, challenges and risks associated with wind, solar and other renewables.
• The smart grid, demand side management ("DSM"), distributed energy resources ("DER") and demand response ("DR"), and why these assets are forms of "virtual" electric generation.
• How wind, solar, DER, DSM, demand response and conservation are disrupting the U.S. power industry.
• The Western Grid "Energy Imbalance Market," The California "Duck Curve" and California's "FRAC-MOO."
• The fundamentals of bilateral power transaction-units, concepts and terminology.
• Common contract language used for bilateral power transactions.
• Point-to-Point Firm, Network Firm, and Non-Firm transmission service, and how to buy transmission contracts on OASIS.
• How to transport physical power using purchased transmission service and the purpose of NERC tags.
• What "seller's choice" and "buyer's choice" are, and how forward "daisy chains" form at virtual trading hubs.
• The difference between physical, scheduled and contract path power flows, and why power transactions have nothing to do with the flow of electrons.
• How trading floors and futures exchanges help commercial players manage risk.
• How and why physical power transactions are often "booked-out" and settled in cash.
• How any why companies often move physical power financially causing it to 'jump' between regions.
• An introduction to electricity cash settled futures, swaps, and CFDs, and how these products relate to ISO administered financial transmission rights (FTRs), congestion revenue rights (CRRs) and TCCs.
• Detailed examples of how to execute wholesale and retail power marketing transactions both within and outside of an ISO area-- including commonly used contract language & NERC tags; how to manage price, LMP, basis, delivery, volumetric, intermittency and operational risks; and the importance of including NITS, TAC, UCAP, resource adequacy and ancillary service charges.
• The difference between operating, economic, market and negotiated heat rates, and what the terms spark spread, dark spread and bark spread mean.
• What "tolling deals" are, and how the powerful technique of heat-rate-linked power transactions can be used.
• How a natural gas-fired generating plant is a call option on the spark spread, what "optionality" means, and a simple rule to use to optimize the economics of a natural gas or coal-fired merchant generating

For more information about this training visit https://www.researchandmarkets.com/r/3zht5k

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Company expected to be public in the first half of 2023

PALO ALTO, Calif. & WATERTOWN, N.Y.--(BUSINESS WIRE)--$GIW #SPAC--GigInternational1, Inc. (Nasdaq: GIW), a publicly traded special purpose acquisition company, and Convalt Energy, Inc. (“Convalt”) announced today that they have entered into a non-binding term sheet, with the goal of completing a business combination resulting in Convalt becoming a publicly traded renewable, manufacturing and power generating company.

Convalt is a vertically integrated renewable energy company in the business of manufacturing solar panels, generating renewable power at company-owned power generation facilities, and providing engineering & construction services including solar panel recycling for renewable energy projects. In 2021, Convalt purchased the manufacturing assets of SunPower Corporation and relocated the automated assembly lines from Hillsboro, Oregon to Watertown, New York, where a new factory capable of producing up to 900 MW of solar panels is expected to be operational in the third quarter of 2023. With significant local community and political and financial support from Jefferson County and the State of New York and now with the Inflation Reduction Act bill, Convalt has invested in power generation projects in upstate New York and Maine and expects these assets to provide clean, renewable power to the local communities and the electric grid by year end 2023. Convalt’s engineering and construction division currently engages in build-outs of power generation facilities for corporate and utility customers. Convalt expects to employ about 400 people including former military personnel especially from the nearby Fort Drum Army Reserve.

Hari Achuthan, Founder, Chairman and Chief Executive Officer of Convalt, commented: “Our core mission is to deliver clean and affordable energy to consumers, responsibly and innovatively, as we also create jobs in New York State and Maine. Convalt is dedicated to bringing the manufacturing of the critical components of the solar supply chain back to American soil prior to December 2024. This combination and partnership with GigInternational1 will allow us to further deliver on our mission, accelerate our growth, and provide significant shareholder value as a public company.”

Dr. Raluca Dinu, Founding Managing Partner of GigCapital Global and CEO of GigInternational1, commented: “We incepted GigCapital Global in 2017 as a lead sponsor of technology Private-to-Public Equity (PPE) TMT companies, also known as special purpose acquisition companies (SPAC), driven by the purpose of bettering our world and making our planet cleaner and sustainable for generations to come. We are delighted to partner with Convalt on its journey to the public market, as it represents a timely investment opportunity in the development of clean energy in the United States. Hari and the Convalt team have established a business with strong fundamentals and with the ability to scale manufacturing, power generation and a construction business into a fully-integrated renewable energy company, with strong support and incentives from local, state governments in New York and Maine and from the federal government via the Inflation Reduction Act. We are incredibly excited about Convalt’s purpose and mission, proven track record and global growth opportunity and becoming a top tier vertically integrated renewable power company. We look forward to supporting their transition to a public company and beyond.”

About GigCapital Global and GigInternational1, Inc.

GigCapital Global (“GigCapital”) is a Private-to-Public Equity (PPE) technology, media, and telecommunications (TMT) focused investment group led by an affiliated team of technology industry corporate executives and entrepreneurs, and TMT operational and strategic experts in the private and public markets, including substantial, success-proven M&A and IPO activities. The group deploys a unique Mentor-Investor™ methodology to partner with exceptional TMT companies, managed by dedicated and experienced entrepreneurs. The GigCapital Private-to-Public Equity (PPE) companies (also known as blank check companies or Special Purpose Acquisition Companies (SPACs)) offer financial, operational and executive mentoring to U.S. and overseas private, and non-U.S. public companies, in order to accelerate their path from inception and as a privately-held entity into the growth-stage as a publicly traded company in the U.S. The partnership of GigCapital with these companies continues through an organic and roll-up strategy growth post the transition to a public company. GigCapital was launched in 2017 with the vision of becoming the lead franchise in incepting and developing TMT Private-to-Public Equity (PPE) companies. For more information, visit www.gigcapitalglobal.com or https://www.GigInternational1.com/

GigInternational1, Inc. (Nasdaq: GIW, GIW.U, and GIW.WS), is one of GigCapital’s Private-to-Public Equity (PPE) companies.

“Private-to-Public Equity (PPE)” and “Mentor-Investor” are trademarks of GigFounders, LLC, used pursuant to agreement.

About Convalt Energy, Inc.

Convalt, through the purchase of SunPower manufacturing assets, plans to produce 900MW of panels in Watertown, New York at scale, which the company will sell to utility, commercial and residential solar customers in the U.S. and abroad. The company is also setting up a solar panel recycling facility in East Millinocket, Maine while developing community and utility scale projects in Maine and New York. Convalt via its engineering and construction division, contracts with commercial and utility customers to build solar power generation projects in the U.S. For more information about Convalt, please visit www.convalt.com.

Additional Information and Where to Find It

If a definitive agreement is entered into in connection with the proposed business combination, GigInternational1 will prepare a proxy statement/prospectus (the “GigInternational1 proxy statement/prospectus”) to be filed with the SEC and mailed to GigInternational1’s stockholders. GigInternational1 and Convalt urge investors and other interested persons to read, when available, the GigInternational1 proxy statement/prospectus, as well as other documents filed with the SEC, because these documents will contain important information about the proposed business combination. Such persons can also read GigInternational1’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the “GigInternational1 Annual Report”), for a description of the security holdings of its officers and directors and their respective interests as security holders in the consummation of the transactions described herein. The GigInternational1 proxy statement/prospectus, once available, and GigInternational1’s Annual Report can be obtained, without charge, at the SEC’s web site (http://www.sec.gov).

Participants in the Solicitation

GigInternational1, Convalt and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of GigInternational1 stockholders in connection with the proposed business combination. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of GigInternational1’s directors and officers in its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on March 31, 2022. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to GigInternational1’s stockholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus for the proposed business combination when available. Information concerning the interests of GigInternational1’s and Convalt’s equity holders and participants in the solicitation, which may, in some cases, be different than those of GigInternational1’s and Convalt’s equity holders generally, will be set forth in the proxy statement/prospectus relating to the proposed business combination when it becomes available.

Forward Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the businesses of GigInternational1 and Convalt may differ from their actual results and consequently, you should not rely on these forward looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, expectations with respect to entry into a definitive agreement for the proposed business combination, the satisfaction of the closing conditions to the proposed business combination, the timing of the completion of the proposed business combination and the future performance of Convalt, including the anticipated impact of the proposed business combination on this performance, . These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the control of GigInternational1 and Convalt, and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the negotiations and any subsequent definitive agreements with respect to the proposed business combination, and the possibility that the terms and conditions set forth in any definitive agreements with respect to the proposed business combination may differ materially from the terms and conditions set forth in the term sheet, (2) the outcome of any legal proceedings that may be instituted against the parties following the announcement of the proposed business combination and any definitive agreements with respect thereto; (3) the inability to complete the proposed business combination, including due to failure to obtain approval of the stockholders of GigInternational1 and Convalt or other conditions to closing, including the failure of the stockholders of GigInternational1 to approve the extension of time for GigInternational1 to consummate its initial business combination at the upcoming annual meeting of stockholders of GigInternational1 that GigInternational1 intends to hold; (4) the impact of the COVID-19 pandemic on (x) the parties’ ability to negotiate and consummate the proposed business combination and (y) the business of Convalt and the surviving company; (5) the receipt of an unsolicited offer from another party for an alternative business transaction that could interfere with the proposed business combination; (6) the inability to obtain or maintain the listing of the surviving company’s common stock on the Nasdaq Stock Market LLC or any other national stock exchange following the proposed business combination; (7) the risk that the proposed business combination disrupts current plans and operations as a result of the announcement and consummation of the proposed business combination; (8) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of the surviving company to grow and manage growth profitably and retain its key employees; (9) costs related to the proposed business combination; (10) changes in applicable laws or regulations; (11) the demand for Convalt’s and the surviving company’s services together with the possibility that Convalt or the surviving company may be adversely affected by other economic, business, and/or competitive factors; (12) risks and uncertainties related to Convalt’s business, including, but not limited to, the ability of Convalt to increase sales of its output products in accordance with its plan; and (13) other risks and uncertainties included in (x) the “Risk Factors” sections of the most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the SEC by GigInternational1 and (y) other documents filed or to be filed with the SEC by GigInternational1. The foregoing list of factors is not exclusive. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. GigInternational1 and Convalt do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions, or circumstances on which any such statement is based.

No Offer or Solicitation

This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed transaction or the extension of time for GigInternational1 to consummate its initial business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Convalt Energy, Inc.
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For GigInternational1, Inc.
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Pablo Varela to Support Corvias’ Department of Defense Partnerships and Energy Resilience Goals

EAST GREENWICH, R.I.--(BUSINESS WIRE)--Corvias is strengthening its commitment to renewable energy and sustainable housing with the appointment of Pablo Varela as senior vice president of renewable energy and utilities management. Varela will lead the project development of renewable energy opportunities and utilities management within Corvias’ U.S. Army portfolio. As a trusted long-term solutions and management partner to the U.S. Army and municipalities, Corvias will continue to support the Department of Defense (DOD) in meeting its carbon pollution-free energy targets by 2030.

“With more than 20 years of experience, Pablo brings unparalleled skills and knowledge related to sustainable and renewable energy development and management,” said Corvias Managing Director Pete Sims. “His expertise, and our steadfast commitment to supporting sustainability and resiliency objectives for the DoD, will ultimately advance the renewable energy goals for Corvias-managed installations and for our partners.”

Throughout his career, Varela has developed and managed technology-focused programs for government and real estate portfolios. Most notably known for his high-performance in renewable energy and utilities management, Varela received several accolades from the Department of Energy Better Building initiative and the United States Air Force.

“As someone who was once an active-duty service member, I believe in our calling to provide the best service possible to our more than 22,000 military residents,” said Varela. “I also look forward to aiding the DOD’s critical mission to achieve energy resilience and growing Corvias’ renewable energy opportunities.”

Varela holds a bachelor’s in Computer Science from Hawaii Pacific University, a master’s in Engineering, Systems Innovation & Management from Arizona State University and attended Harvard University for a Sustainability Leadership executive leadership program.

Most recently, Corvias announced its renewable energy progress towards offsetting nearly half of the annual electricity consumed by on-post housing at Fort Riley through a solar energy program. Once complete, the project will be one of the largest solar programs in the entire state of Kansas and will generate enough energy to power more than 40% of on-post homes.

To learn more about Corvias’ work with its military partners, please visit here.

About Corvias

As a privately-owned company headquartered in East Greenwich, RI, Corvias partners with higher education and government institutions nationwide to solve their most essential systemic problems and create long-term, sustainable value through our unique approach to partnership. Corvias pursues the kinds of partnerships that materially and sustainably improve the quality of life for the people who call our communities home, purposefully choosing to partner with organizations who share our values and whose mission is to serve as the foundational blocks, or pillars, of our nation. To learn more, please visit Corvias.com.

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