• With this technology, both companies can promote widespread use of lithium titanium oxide (LTO) chemistry for more efficient and longer lasting batteries.
• Company’s LTO batteries fully charge in 20 minutes and offer 20 year lifespans and minimal risk of thermal runaway.
• ZapBatt’s hardware and software solutions combine with Toshiba’s SCiB™ battery cell to develop universal adaptors for many industries, including micro-mobility applications.

OCEANSIDE, Calif.--(BUSINESS WIRE)--Please replace the release dated July 19, 2022, with the following corrected version due to multiple revisions.

The updated release reads:

ZAPBATT AND TOSHIBA TO UNLOCK PROVEN LITHIUM TITANIUM OXIDE BATTERY TECHNOLOGY FOR MICRO-MOBILITY

• With this technology, both companies can promote widespread use of lithium titanium oxide (LTO) chemistry for more efficient and longer lasting batteries.
• Company’s LTO batteries fully charge in 20 minutes and offer 20 year lifespans and minimal risk of thermal runaway.
• ZapBatt’s hardware and software solutions combine with Toshiba’s SCiB™ battery cell to develop universal adaptors for many industries, including micro-mobility applications.

As companies emphasize the importance of micro-mobility initiatives in urban areas ZapBatt has collaborated with Toshiba, merging its proprietary Artificial intelligence (AI) software technology and next-gen battery hardware with Toshiba’s lithium titanium oxide (LTO) battery cells to create a new battery option for the micro-mobility marketplace. This combined solution enables lithium titanium oxide to be a faster, smarter, and more economical battery system while allowing real-time battery management and optimization.

“ZapBatt unlocked the potential of Toshiba’s LTO chemistry for a variety of industries and new markets with disruptive technology, moving away from the ‘miracle battery’ trap and providing a real solution hitting the market today,” said Greg Mack, Vice President & General Manager - Power Electronics Division, at Toshiba. “With ZapBatt’s hardware and software, and our LTO chemistry, there is no other solution as fast, safe, and cost-effective on the market.”

Toshiba looked to ZapBatt to solve three challenges of using LTO chemistry in batteries:

• Chips: Chips that work with lithium titanium oxide. ZapBatt’s custom LTO optimized battery management system (BMS) works at the unique voltages of LTO with the ability to be re-configured to adapt as the cell chemistry grows, enabling a programmable chip that can work with other chemistries and voltages.
• Voltage: ZapBatt’s unique Bi-directional adaptive terminal voltage (BATV) technology allows for voltage control of the battery system digitally with software. This is like a ‘universal adapter.’ It allows LTO to be a one-for-one swap of any lithium-ion chemistry without the customer modifying their system allowing the batteries to be re-configured for other applications at software speed.
• Energy Density: Energy density is a system challenge, and integrated AI allows the battery to improve the system’s performance by analyzing how energy is being used, such as enhanced regenerative braking for e-bikes. Other battery chemistries don't have the flexibility to move energy in and out as quickly.

“For global carbon reduction and electrification, we need better battery solutions now, not in ten years. To address this problem, we worked with Toshiba to allow lithium titanium oxide to come alive, bridge into new markets quickly, and provide maximum economic and environmental benefits,” said Charlie Welch, CEO and Co-founder of ZapBatt. “Unlike other chemistries, lithium titanium oxide is very efficient in a variety of conditions, not just on a lab bench. It’s like the Seabiscuit of batteries.”

Toshiba’s LTO cells are ideal for micro-mobility applications due to their high-performing characteristics in several categories. The SCiB^TM Cells are designed for fast charging and high-power environments with a minimal decrease in function even after thousands of charges and uses. The cells provide up to a 100 percent usable charge, allowing for longer use. Additionally, the cells perform in freezing temperatures as low as -30 degrees celsius, compared to 0 degrees celsius for typical Li-ion.

On top of the ability to perform in freezing temperatures, the cells reduce operating expenses and e-waste and eliminate fire risk with the use of ZapBatt’s LTO system. LTO batteries have virtually no risk for self thermal runaway. Most micro-mobility fires occur due to lithium-ion batteries containing oxides of nickel, manganese, aluminum, or cobalt. This type of chemical fire typically occurs when the battery is punctured, sustains damage, is poorly manufactured, overused, or breaks down internally. As a result of the lack of carbon on the anode surfaces and the fact that LTO is free of these oxides (similar to lithium-iron-phosphate), the battery chemistry is effectively immune to thermal runaway and battery fires.

Along with the Toshiba SCiB^TM cells, ZapBatt software uses a combination of machine learning and proprietary hardware to continuously improve battery performance. The company's software analyzes 26 data points, illustrating how the battery performs to improve charging operations, essentially talking to the battery and making changes. Over time, the batteries will provide data, allowing the system to become even more energy efficient.

In addition to this, ZapBatt has built a new hardware solution for their lithium titanium oxide system called BATV or Bi-Directional Adaptive Terminal Voltage. This technology allows the system to control the battery voltage input/output all digitally with software, allowing LTO to integrate seamlessly into a broad variety of applications.

“ZapBatt’s bi-directional adaptive terminal voltage (BATV) technology allows the battery to reconfigure itself based on the customer’s needs, essentially making it a universal adapter that has the potential to change the battery landscape completely,” said Amiad Zionpur, Chief Operating Officer of ZapBatt. “Because of this unique ability, the e-bike battery can be used in many different applications, from micro-mobility to consumer products.”

The company is conducting several micro-mobility pilot demonstrations in North America and the batteries are estimated to be commercially available in early 2023.

About ZapBatt

Based in Southern California, ZapBatt, which recently partnered with Toshiba, is a battery provider for various markets, including mobility, small infrastructure, and consumer products. ZapBatt uses a combination of machine learning and custom next-generation hardware with superior lithium titanium oxide battery technology, offering a longer lifespan, faster charging time, and no risk of fire. Specifically, the battery can provide a full charge in 20 minutes or less and operate through as many as 20,000 charging cycles, eliminating the need for frequent battery swapping. Estimates, using real-world data, indicate that operators could save as much as 50 percent on costs based on current long charge times with lithium ion batteries, by using the ZapBatt solution. ZapBatt’s Battery-as-a-Service model can help customers significantly reduce both capital and operational expenses. For more information, visit https://www.zapbatt.com.

About Toshiba Corporation

Toshiba Corporation leads a global group of companies that combines knowledge and capabilities from over 140 years of experience in a wide range of businesses—from energy and social infrastructure to electronic devices—with world-class capabilities in information processing, digital and AI technologies. These distinctive strengths support Toshiba’s continued evolution toward becoming an Infrastructure Services Company that promotes data utilization and digitization, and one of the world’s leading cyber-physical-systems technology companies. Guided by the Basic Commitment of the Toshiba Group, “Committed to People, Committed to the Future,” Toshiba contributes to society’s positive development with services and solutions that lead to a better world. The Group and its 120,000 employees worldwide secured annual sales of 3.3 trillion yen (US$27.4 billion) in fiscal year 2021. Find out more about Toshiba at www.global.toshiba/ww/outline/corporate.html

Jake Wengroff
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408-806-9626 Ext. 6816

CHANDLER, Ariz.--(BUSINESS WIRE)--Rogers Corporation (NYSE:ROG) today announced financial results for the second quarter of 2022.

“Rogers continued to deliver solid revenue growth in the second quarter led by sales in the EV/HEV, defense and portable electronics markets,” stated Bruce D. Hoechner, Rogers' President and CEO. “Supply challenges and COVID-related demand disruptions in China tempered further sales growth and impacted gross margins. Inflationary pressures continued in Q2, but our commercial actions are mitigating rising raw material input costs. Longer-term, we continue to be very encouraged by the outlook for our growth markets, especially in the EV/HEV space, where demand remains robust and our investments to capitalize on the long-term growth opportunity are on track. We continue to look forward to the combination with DuPont and the many benefits this will provide to our employees, customers and other stakeholders.”

Q2 2022 Summary of Results
Net sales of $252.0 million increased 1.5% versus the prior quarter resulting from commercial actions and higher demand in the EV/HEV, portable electronics and defense markets. Further sales growth continued to be tempered by lower demand from the downstream impacts of COVID restrictions in China, component shortages and availability of certain raw materials. AES net sales increased by 6.0% from growth in the EV/HEV and defense markets, partially offset by lower industrial market revenues. EMS net sales decreased by 4.7% resulting from lower industrial and EV/HEV revenues, partially offset by higher portable electronics market demand. Currency exchange rates unfavorably impacted total company net sales in the second quarter of 2022 by $4.0 million compared to prior quarter net sales.

Gross margin was 34.3%, compared to 34.4% in the prior quarter. The slight decrease in gross margin was primarily driven by lower throughput, resulting from raw material supply constraints. The decline in gross margin was partially offset by higher volume and commercial actions.

Selling, general and administrative (SG&A) expenses decreased by $1.6 million from the prior quarter to $56.1 million. SG&A expenses declined due to lower costs associated with DuPont's proposed acquisition of Rogers and a decline in employee-related costs, partially offset by increased professional service fees.

GAAP operating margin of 9.3% increased by 130 basis points from the prior quarter, primarily due to lower SG&A expenses and an increase in other operating income. Adjusted operating margin of 12.1% decreased by 240 basis points versus the prior quarter.

GAAP earnings per diluted share were $0.94, compared to earnings per diluted share of $0.87 in the previous quarter. The increase in GAAP earnings was due to higher operating income, partially offset by an increase in tax expense. On an adjusted basis, earnings were $1.22 per diluted share compared to adjusted earnings of $1.53 per diluted share in the prior quarter.

Ending cash and cash equivalents were $225.3 million, an increase of $43.2 million versus the prior quarter. In the second quarter, proceeds from borrowings under the Company's revolving credit facility were $70.0 million, capital expenditures were $25.0 million and net cash provided by operating activities was $2.0 million. Working capital increased in the second quarter due to additional inventory for new production facilities and replenishing safety stock.

Transaction with DuPont
As previously announced on November 2, 2021, Rogers has entered into a definitive merger agreement to be acquired by DuPont for $277.00 per share in cash. As a result of the pending acquisition, Rogers will not hold an earnings call or provide forward-looking guidance. Rogers' shareholders approved the merger agreement at a special shareholder meeting held on January 25, 2022. The transaction is expected to close in the third quarter of 2022, subject to the satisfaction of other customary closing conditions, including receipt of certain regulatory approvals.

About Rogers Corporation
Rogers Corporation (NYSE:ROG) is a global leader in engineered materials to power, protect and connect our world. Rogers delivers innovative solutions to help our customers solve their toughest material challenges. Rogers’ advanced electronic and elastomeric materials are used in applications for EV/HEV, automotive safety and radar systems, mobile devices, renewable energy, wireless infrastructure, energy-efficient motor drives, industrial equipment and more. Headquartered in Chandler, Arizona, Rogers operates manufacturing facilities in the United States, Asia and Europe, with sales offices worldwide.

Safe Harbor Statement
Statements included in this release that are not a description of historical facts are forward-looking statements. Words or phrases such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “seek,” “plan,” “expect,” “should,” “would” or similar expressions are intended to identify forward-looking statements, and are based on Rogers’ current beliefs and expectations. This release contains forward-looking statements, which concern the planned acquisition of Rogers by DuPont de Nemours, Inc. (the “DuPont Merger”), our plans, objectives, outlook, goals, strategies, future events, future net sales or performance, capital expenditures, future restructuring, plans or intentions relating to expansions, business trends and other information that is not historical information. All forward-looking statements are based upon information available to us on the date of this release and are subject to risks, uncertainties and other factors, many of which are outside of our control, which could cause actual results to differ materially from those indicated by the forward-looking statements. Rogers’ actual future results may differ materially from Rogers’ current expectations due to the risks and uncertainties inherent in its business and risks relating to the DuPont Merger. These risks include, but are not limited to: uncertainties as to the timing and structure of the DuPont Merger; the possibility that various closing conditions for the transaction may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the DuPont Merger; the risk that management’s time and attention is diverted on transaction related issues; the risk that Rogers is unable to retain key personnel; the effects of disruptions caused by the transaction making it more difficult to maintain relationships with employees, customers, vendors and other business partners; and the risk that stockholder litigation in connection with the DuPont Merger may result in significant costs of defense, indemnification and liability. Other risks and uncertainties that could cause such results to differ include: the duration and impacts of the novel coronavirus global pandemic and efforts to contain its transmission and distribute vaccines, including the effect of these factors on our business, suppliers, customers, end users and economic conditions generally; continuing disruptions to global supply chains and our ability, or the ability of our suppliers, to obtain necessary product components; failure to capitalize on, volatility within, or other adverse changes with respect to the Company's growth drivers, including advanced mobility and advanced connectivity, such as delays in adoption or implementation of new technologies; uncertain business, economic and political conditions in the United States (U.S.) and abroad, particularly in China, South Korea, Germany, the United Kingdom, Hungary and Belgium, where we maintain significant manufacturing, sales or administrative operations; the trade policy dynamics between the U.S. and China reflected in trade agreement negotiations and the imposition of tariffs and other trade restrictions, including trade restrictions on Huawei Technologies Co., Ltd. (Huawei); fluctuations in foreign currency exchange rates; our ability to develop innovative products and the extent to which our products are incorporated into end-user products and systems and the extent to which end-user products and systems incorporating our products achieve commercial success; the ability and willingness of our sole or limited source suppliers to deliver certain key raw materials, including commodities, to us in a timely and cost-effective manner; intense global competition affecting both our existing products and products currently under development; business interruptions due to catastrophes or other similar events, such as natural disasters, war, including the ongoing conflict between Russia and Ukraine, terrorism or public health crises; the impact of sanctions, export controls and other foreign asset or investment restrictions; failure to realize, or delays in the realization of anticipated benefits of acquisitions and divestitures due to, among other things, the existence of unknown liabilities or difficulty integrating acquired businesses; our ability to attract and retain management and skilled technical personnel; our ability to protect our proprietary technology from infringement by third parties and/or allegations that our technology infringes third party rights; changes in effective tax rates or tax laws and regulations in the jurisdictions in which we operate; failure to comply with financial and restrictive covenants in our credit agreement or restrictions on our operational and financial flexibility due to such covenants; the outcome of ongoing and future litigation, including our asbestos-related product liability litigation; changes in environmental laws and regulations applicable to our business; and disruptions in, or breaches of, our information technology systems. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on the Company or the DuPont Merger. For additional information about the risks, uncertainties and other factors that may affect our business, please see our most recent annual report on Form 10-K and any subsequent reports filed with the Securities and Exchange Commission, including quarterly reports on Form 10-Q. Rogers Corporation assumes no responsibility to update any forward-looking statements contained herein except as required by law.

(Financial statements follow)

Reconciliation of non-GAAP financial measures to the comparable GAAP measures

Non-GAAP financial measures:

This earnings release includes the following financial measures that are not presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”):

(1) Adjusted operating margin, which the Company defines as operating margin excluding acquisition-related amortization of intangible assets and discrete items, which are acquisition and related integration costs, gains or losses on the sale or disposal of property, plant and equipment, restructuring, severance, impairment and other related costs, UTIS fire and recovery charges, costs associated with the proposed DuPont acquisition, and the related income tax effect on these items (collectively, “discrete items”);

(2) Adjusted net income, which the Company defines as net income excluding amortization of acquisition intangible assets and discrete items;

(3) Adjusted earnings per diluted share, which the Company defines as earnings per diluted share excluding amortization of acquisition intangible assets, and discrete items divided by adjusted weighted average shares outstanding - diluted;

(4) Adjusted EBITDA, which the Company defines as net income excluding interest expense, net, income tax expense, depreciation and amortization, stock-based compensation expense, and discrete items;

(5) Adjusted EBITDA Margin, which the Company defines as the percentage that results from dividing Adjusted EBITDA by total net sales;

(6) Free cash flow, which the Company defines as net cash provided by operating activities less non-acquisition capital expenditures.

Management believes adjusted operating margin, adjusted net income, adjusted earnings per diluted share, adjusted EBITDA and adjusted EBITDA margin are useful to investors because they allow for comparison to the Company’s performance in prior periods without the effect of items that, by their nature, tend to obscure the Company’s core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. As a result, management believes that these measures enhance the ability of investors to analyze trends in the Company’s business and evaluate the Company’s performance relative to peer companies. Management also believes free cash flow is useful to investors as an additional way of viewing the Company's liquidity and provides a more complete understanding of factors and trends affecting the Company's cash flows. However, non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or as alternatives to, financial measures prepared in accordance with GAAP. In addition, these non-GAAP financial measures may differ from, and should not be compared to, similarly named measures used by other companies. Reconciliations of the differences between these non-GAAP financial measures and their most directly comparable financial measures calculated in accordance with GAAP are set forth below.

Investor contact:
Steve Haymore
Phone: 480-917-6026
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Website address: http://www.rogerscorp.com

WASHINGTON--(BUSINESS WIRE)--Nodal Exchange today announced significant growth in power and environmental futures in July 2022. Nodal power futures volume was 128.4 TWh, up 32% from July 2021. The majority of U.S. power futures open interest is on Nodal Exchange with 1.166 billion MWh representing $168 billion of notional value based on both sides as of the end of July 2022.

Nodal also posted very strong growth in its environmental products. The total July volume for environmental futures on Nodal was 21,693 lots up 103% from 10,684 lots in July 2021. Open interest in environmental products at the end of July was 191,223 lots, up 47% from July 2021. Deliveries for July totaled 17,843 lots, up 91% from 9,332 lots a year earlier.

Some key environmental sectors showed notable open interest gains in July, including:

• PJM-based Renewable Energy Certificate (REC) contracts ended July at 98,874 lots of open interest, up 24% from 79,800 lots a year earlier
• Regional Greenhouse Gas Initiative (RGGI) futures ended July with 23,870 lots of open interest, up 423% from 4,558 lots a year earlier
• July open interest in Texas CRS wind and solar RECs ended the month at 34,724 lots up 66% from 20,900 lots a year earlier.

Nodal, in collaboration with IncubEx, offers the world’s largest exchange listed suite of environmental products.

“Nodal Exchange is proud to serve the power and environmental markets, and we are very pleased to see their continued growth,” said Paul Cusenza, Chairman and CEO of Nodal Exchange and Nodal Clear. “We sincerely appreciate the ongoing support from our trading and clearing community."

ABOUT NODAL

Nodal Exchange is a derivatives exchange providing price, credit and liquidity risk management solutions to participants in the North American commodities markets. Nodal Exchange is a leader in innovation, having introduced the world’s largest set of electric power locational (nodal) futures contracts and the world’s largest set of environmental contracts. As part of EEX Group, a group of companies serving international commodity markets, Nodal Exchange currently offers over 1,000 contracts on hundreds of unique locations, providing the most effective basis risk management available to market participants. In addition, Nodal Exchange offers natural gas and environmental contracts. All Nodal Exchange contracts are cleared by Nodal Clear which is a CFTC registered derivatives clearing organization. Nodal Exchange is a designated contract market regulated by the CFTC.

PRESS:
Nodal
Nicole Ricard
Nodal Exchange Public Relations
P: 703-962-9816
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TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) announced today that it has priced a public offering of $1.00 billion of its 4.650% Senior Notes due 2032 at a price of 99.635 percent of par and $750 million of its 5.300% Senior Notes due 2052 at a price of 99.954 percent of par. The expected settlement date for the offering is August 8, 2022, subject to customary closing conditions.

Williams intends to use the net proceeds of the offering for general corporate purposes, which may include the repayment of our outstanding commercial paper notes and near-term debt maturities.

BofA Securities, Inc., Citigroup Global Markets Inc., PNC Capital Markets LLC, and Scotia Capital (USA) Inc. are acting as joint book-running managers for the offering.

This news release is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

An automatic shelf registration statement relating to the notes was previously filed with the Securities and Exchange Commission (the “SEC”) and became effective upon filing. Before you invest, you should read the prospectus in the registration statement and other documents Williams has filed with the SEC for more complete information about Williams and the offering. A copy of the prospectus supplement and prospectus relating to the offering may be obtained on the SEC website at www.sec.gov or from any of the underwriters by contacting:

BofA Securities, Inc.
200 North College Street
NC1-004-03-43
Charlotte NC 28255-0001
Attn: Prospectus Department
Toll-free: 1-800-294-1322
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Citigroup Global Markets Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Telephone: 1 (800) 831-9146
Email at This email address is being protected from spambots. You need JavaScript enabled to view it.

PNC Capital Markets LLC
300 Fifth Ave, 10th Floor
Pittsburgh, PA 15222
Telephone: 1-855-881-0697
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Scotia Capital (USA) Inc.
250 Vesey Street
New York, NY 10281
Telephone: 1-800-372-3930

About Williams

As the world demands reliable, low-cost, low-carbon energy, Williams (NYSE: WMB) will be there with the best transport, storage and delivery solutions to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation, storage, wholesale marketing and trading of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide – including Transco, the nation’s largest volume and fastest growing pipeline – and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use.

Portions of this document may constitute “forward-looking statements” as defined by federal law. Although Williams believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the “safe harbor” protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in Williams’ annual and quarterly reports filed with the SEC.

MEDIA:
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(800) 945-8723

INVESTOR CONTACTS:
Danilo Juvane
(918) 573-5075

Grace Scott
(918) 573-1092

Fuel Cell Manufacturer Fills First Shipment Order of Advanced Wearable Power System for United States Department of Defense via U.S. Army DEVCOM C5ISR Center

BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology space, today announced the launch of Honey Badger 50™ (“HB50”), a compact portable fuel cell system and quiet power supply for use in off-grid field applications, such as military and rescue operations. The launch of Advent’s portable power system coincides with the Company’s fulfillment of its first shipment order from the United States Department of Defense. The order was specifically placed by the U.S. Army DEVCOM C5ISR Center, with funding through the Project Manager Integrated Visual Augmentation System, which works to enhance the situational awareness capabilities of soldiers. This effort is awarded under a General Technical Services’ prime contract under “Next Generation Power Component Systems” to support defense mission requirements.

“While Honey Badger is currently only defense-related, we have developed industrial applications, such as M-ZERØ, based on its core technology. Defense-related projects are always important for developing breakthrough technologies before they become widely available and affordable within the broader market,” said Dr. Vasilis Gregoriou, Advent’s Chairman & Chief Executive Officer. “We expect that in the near future, we should see multiple applications for Honey Badger portable power fuel cells in sectors such as robotics, agriculture, drones, emergency operations, and hospitality like leisure and camping. We are proud of the work of our Silicon Valley-based team, and its vision for bringing to market unique fuel cells that can support several sectors and fuel sources.”

The HB50 power system can be fueled by biodegradable methanol, allowing near silent generation of up to 50W of continuous power with clean emissions. Designed for covert operations, HB50 can easily power radio and satellite communications gear, remote fixed and mobile surveillance systems, and, laptop computers along with more general battery charging needs.

“Alongside Honey Badger’s rugged physical specification, we wanted the device to be highly versatile when it comes to the fuel sources. Developing HB50 to run on methanol means something as easily accessible as windshield wiper fluid can be used to keep it running – therefore maximizing the product’s adaptability to a multitude of different applications beyond the battlefield,” added Dr. Gregoriou.

HB50’s unique design allows it to be used in soldier-worn configurations or operated inside a portable backpack or vehicle while charging batteries and powering soldier systems, while its thermal features allow it to operate within an ambient temperature range of -20C to +55C. Aside from its optimized compatibility with Integrated Visual Augmentation System (“IVAS”) and soldier systems like Nett Warrior, Honey Badger can also power devices such as high frequency radios like the model 117G, as well as B-GAN and StarLink terminals. HB50’s durability allows it to be easily deployed in challenging conditions and climates while supporting mission mobility for three to seven days without the need to re-supply.

“We are honored and excited to support the US DoD in its vision for advanced electronics, electrification, and power generation capabilities in the field,” said Ian Kaye, Advent’s Senior Vice President of Product Development. “The Honey Badger 50™ is a unique technology that can provide 65% of weight savings versus batteries over a typical 72-hour mission. The weight saving benefits increase further for longer missions. We have also initiated the process to receive approval for the testing of the system by other NATO allies.”

Since Honey Badger’s fuel cell technology can run on hydrogen or liquid fuels, the system can operate at a fraction of the weight of traditional military-grade batteries to meet the US DoD’s continuously evolving needs for ‘on-the-go’ electronics needs. As military adoption and use of IVAS equipment continues to evolve, the highly portable lightweight power solutions like Honey Badger will become a mission critical necessity.

For more information about Advent Technologies Holdings, Inc. and the Honey Badger 50™, please visit: https://www.advent.energy/product-honey-badger-50/

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems as well as supplying customers with critical components for fuel cells in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in California, Greece, Denmark, Germany, and the Philippines. With more than 150 patents issued, pending, and licensed for fuel cell technology, Advent holds the IP for next-generation HT-PEM that enables various fuels to function at high temperatures and under extreme conditions – offering a flexible “Any Fuel. Anywhere.” option for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to maintain the listing of the Company’s common stock on Nasdaq; future financial performance; public securities’ potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance Advent’s corporate reputation and brand; expectations concerning its relationships and actions with technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company’s business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate; and the risks identified under the heading “Risk Factors” in Advent’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 31, 2022, as well as the other information filed with the SEC. Investors are cautioned not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read Advent’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. Advent’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

Elisabeth Maragoula/Michael Trontzos
Advent Technologies Holdings, Inc.
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SYDNEY--(BUSINESS WIRE)--Civeo Corporation (NYSE: CVEO) recently announced that it was awarded a five-year contract from Oz Minerals Limited (“Oz Minerals”) to provide facilities management services to Oz Mineral’s Prominent Hill Village effective July 1, 2022. The contract includes an option to extend the agreement by up to two years.

The new contract will incorporate accommodation and catering services; village and mine site cleaning services; facilities maintenance; aerodrome management; and the provision of health and wellbeing solutions.

“We look forward to a successful partnership with Oz Minerals where we offer tailored solutions that reflect our shared value of a safe and inclusive culture. We hope to grow our operational footprint in South Australia and contribute to meaningful and sustainable employment in the region and long-term relationships in the communities in which we operate,” said Peter McCann, Civeo's Managing Director & Senior Vice President, Australia.

About Civeo

Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently operates a total of 27 lodges and villages in Canada, Australia and the U.S., with an aggregate of over 28,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo's website at www.civeo.com.

Forward Looking Statements

Statements included in this release regarding this contract award, the expected benefits and contracted revenue visibility and other statements that are not historical facts, are forward-looking statements (including within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933). Forward-looking statements include words or phrases such as "anticipate," "believe," "contemplate," "estimate," "expect," "intend," "plan," "project," "could," "may," "might," "should," "will" and words and phrases of similar import. The forward-looking statements included herein are based on 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. Risks and uncertainties with respect to forward-looking statements included herein include, among other things, risks associated with the ability of Civeo to implement its plans, forecasts and other expectations with respect to this contract, risks associated with the general nature of the accommodations industry (including lower than expected room requirements), risks associated with the level of supply and demand for oil, coal, natural gas, iron ore and other minerals, including the level of demand for coal and other natural resources from Australia, and fluctuations in the current and future prices of oil, coal, natural gas, iron ore and other minerals, risks associated with currency exchange rates, risks associated with the development of new projects, including whether such projects will continue in the future, 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 annual report on Form 10-K for the year ended December 31, 2021 and other reports Civeo may file from time to time with the U.S. Securities and Exchange Commission. Each forward-looking statement contained in this release 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.

Peter McCann
Civeo Corporation
Managing Director & Senior Vice President, Australia
+61-2-8346-9200

NEW YORK & SYDNEY & LONDON--(BUSINESS WIRE)--Xpansiv, the premier market-infrastructure platform for environmental commodities, today announced an agreement to acquire Evolution Markets, a leading brokerage firm in global carbon, renewable, and energy markets. The combined entity will benefit from Evolution Markets’ base of more than 2,000 customers, including many of the world’s largest energy firms, corporations, utilities, and financial institutions.

"We’re excited to further leverage our environmental and energy market infrastructure through this acquisition," said Xpansiv President and COO John Melby. “Together, we can more effectively execute on our strategy to scale our global platform. Evolution Markets’ proven team will help drive sales and marketing efforts as we work to bring the benefits of our infrastructure - transparency, scale, and confidence - to rapidly growing environmental markets."

“We’re proud of what we’ve built over the last 20 years, and the powerful combination with Xpansiv will help drive continued innovation in market solutions to address climate change,” said Evolution Markets Co-Founder and Executive Chairman Andrew Ertel. “The global energy transition and increasing corporate ambition to reduce carbon footprints require next-generation market infrastructure, which is what Xpansiv - with the help of Evolution Markets - will deliver.”

The acquisition is expected to be completed before the end of the year, upon receipt of regulatory approvals and satisfaction of customary closing conditions. Following deal close, Evolution Markets will be operated as a wholly owned subsidiary. The recent Blackstone strategic investment in Xpansiv will support the purchase.

“We look forward to working together to scale up environmental and energy transition markets to meet growing demand for trusted, market-based solutions,” said Evolution Markets CEO Evan Ard. “By joining Xpansiv, Evolution Markets will be able to continue building its sustainable-solutions footprint and environmental and energy markets transaction services, which will better position our clients to compete in a carbon-constrained world.”

“With the inclusion of APX and Evolution Markets, Xpansiv is the premier market-infrastructure platform for environmental commodities,” said Xpansiv CEO Joe Madden. “We provide a clear path to action, connecting buyers and sellers of vital environmental commodities, including carbon offsets, renewable energy credits (RECs), and low-carbon fuels - critical elements of global decarbonization.”

Evolution Markets was advised in the transaction by JMP Securities, a Citizens Company, which acted as the sole financial advisor, and Stroock & Stroock & Lavan LLP which served as legal advisor. Venable LLP acted as legal advisor to Xpansiv.

About Xpansiv

Xpansiv provides the market infrastructure and data platform for carbon, renewable, and digital energy commodities. These Intelligent Commodities bring transparency and liquidity to markets, empowering participants to value energy, carbon, and water to meet the challenges of an information-rich, resource-constrained world. The company’s main business units include CBL, the largest spot exchange for environmental commodities, including carbon, renewable energy certificates, and Digital Natural Gas; H2OX, the leading spot exchange for water; XSignals, which provides end-of-day and historical market data; EMA, the leading multi-registry portfolio management system for all environmental commodities; and APX, the leading provider of registry infrastructure for energy and environmental markets. Xpansiv is the digital nexus where sustainability and price signals merge. Xpansiv.com

About Evolution Markets

Evolution Markets Inc. provides strategic financial and industry-leading transactional services to participants in global environmental and energy markets. Formed in 2000, the company has become the green markets leader, leveraging its unrivaled experience and knowledge on behalf of participants in the global carbon, emissions, renewable energy, and over the counter (OTC) power, natural gas, oil, nuclear fuel, and biofuels markets. Based in White Plains, NY, Evolution Markets serves clients on six continents from offices in New York, Houston, London, and Nice. www.evomarkets.com

PR Contacts
Rob Dalton, Xpansiv, This email address is being protected from spambots. You need JavaScript enabled to view it.
Charlie Morrow and Taylor Fenske, Cognito Media, This email address is being protected from spambots. You need JavaScript enabled to view it.
Jessica Roemer, Evolution Markets, This email address is being protected from spambots. You need JavaScript enabled to view it.

NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (Nasdaq: NFE) (“NFE” or the “Company”) today reported its financial results for the second quarter of 2022.

Summary Highlights

• Pleased to report Q2 2022 Adjusted EBITDA⁽¹⁾ of $283 million and $1.05 billion over the trailing twelve months ended June 30, 2022. NFE's net (loss) income for Q2 2022 and trailing twelve months was $(178) million and $197 million, respectively.
• Adjusted EPS for the period was $0.69 per share on a fully diluted basis, or EPS of $(0.81) per share when including a non-cash impairment charge of $315 million resulting from an asset sale⁽²⁾ announced in Q2.
• On track to achieve Illustrative Adjusted EBITDA Goal⁽³⁾ of $1.0+ billion for 2022 and $1.5+ billion for 2023 before taking into account the contribution expected from Fast LNG (FLNG) during the year.
  • Our FLNG commercial and project and teams had a very busy and productive quarter, which we look forward to discussing on our Q2 earnings call.
    • Increased FLNG deployment opportunities from one Gulf of Mexico location to three (offshore Louisiana, Altamira, and Lakach⁽⁵⁾) representing approximately 8 MTPA of capacity ramping from 1H23 through 2H24⁽⁷⁾.
• Our commitment to our customers and commercial activities at our downstream terminals remains robust.
  • In Brazil - nearing completion of our Barcarena and Santa Catarina terminals and began construction on the 605 MW Barcarena power plant.
  • In Mexico – signed an LOI to expand existing gas supply contract with CFE⁽⁵⁾ and extend term to 10 years.
  • In Europe – made significant progress on permits in Ireland and leased one of our FSRUs to a new terminal in the Netherlands⁽⁸⁾ expected to start up Q3 2022⁽⁷⁾.
• Achieved key balance sheet and liquidity objectives, securing over $2.0 billion of internally generated liquidity based on announcements and other activities to date⁽²⁾⁽⁴⁾ and upsized our LoC facility to $250 million.
  • Fully-funded on committed capital needs for Fast LNG, with additional developments capable of being funded through operating cash flow⁽⁹⁾.
• Continued to position Zero Parks hydrogen business favorably amid increasingly positive policy environment; expect to progress multiple industrial-scale green and blue hydrogen projects in the near future.
• NFE’s Board of Directors approved a dividend of $0.10 per share, with a record date of September 7, 2022 and a payment date of September 21, 2022.

Financial Highlights

Please refer to our Q2 2022 Investor Presentation (the “Presentation”) for further information about the following terms:

1. “Adjusted EBITDA” see definition and reconciliation of this non-GAAP measure in the exhibits to this press release.
2. Refers to the sale by NFE and Ebrasil Energia Ltda. and its shareholders (“Ebrasil”) to Eneva S.A. (“Eneva”) of 100% of the equity interests of the Porto de Sergipe Power Plant, including 100% of the shares of Centrais Elétricas de Sergipe Participações S.A. (“CELSEPAR”), which owns 100% of the equity interests of the Sergipe Power Plant, and Centrais Elétricas Barra dos Coqueiros S.A. (“CEBARRA”), which owns 1.7 GW of expansion rights adjacent to the Sergipe Power Plant. Closing of this transaction is subject to certain conditions precedent some of which are outside of our control. There can be no assurance that closing will be attained within the timeline that we expect or at all.
3. “Illustrative Adjusted EBITDA Goal” is based on the "Illustrative Total Segment Operating Margin Goal" less illustrative Core SGA assumed to be at $172mm in 2022 and $145mm for all periods 2023 onward including the pro rata share of Core SG&A from unconsolidated entities. “Illustrative Total Segment Operating Margin Goal,” or “Illustrative Future Goal” means our goal for Total Segment Operating Margin under certain illustrative conditions. Please refer to this explanation for all uses of this term. This goal reflects the volumes of LNG that it is our goal to sell under binding contracts multiplied by the average price per unit at which we expect to price LNG deliveries, including both fuel sales and capacity charges or other fixed fees, less the cost per unit at which we expect to purchase or produce and deliver such LNG or natural gas, including the cost to (i) purchase natural gas, liquefy it, and transport it to one of our terminals or purchase LNG in strip cargos or on the spot market, (ii) transfer the LNG into an appropriate ship and transport it to our terminals or facilities, (iii) deliver the LNG, regasify it to natural gas and deliver it to our customers or our power plants and (iv) maintain and operate our terminals, facilities and power plants. For vessels chartered to third parties, this illustration reflects the revenue from ships chartered to third parties, capacity and tolling arrangements, and other fixed fees, less the cost to operate and maintain each ship, in each case based on contracted amounts for ship charters, capacity and tolling fees, and industry standard costs for operation and maintenance. There can be no assurance that the costs of purchasing or producing LNG, transporting the LNG and maintaining and operating our terminals and facilities will result in the Illustrative Total Segment Operating Margin Goal reflected. For the purpose of this presentation, we have assumed an average Total Segment Operating Margin between $7.42 and $19.75 per MMBtu for all downstream terminal economics, because we assume that (i) we purchase delivered gas at a weighted average of $17.30 in Q3-22, $12.74 in 2022, and $10.44 in 2023, (ii) our volumes increase over time, and (iii) we will have costs related to shipping, logistics and regasification similar to our current operations because the liquefaction facility and related infrastructure and supply chain to deliver LNG from Pennsylvania or Fast LNG (“FLNG”) does not exist, and those costs will be distributed over the larger volumes. For Hygo + Suape assets we assume an average delivered cost of gas of $17.61 in 2022, and $16.21 in 2023 based on industry averages in the region and the existing LNG contract at Sergipe. Hygo + Sergipe incremental assets include every terminal and power plant other than Sergipe, and we assume all are Operational and earning revenue through fuel sales and capacity charges or other fixed fees. This illustration reflects our effective share of operating margin from Sergipe Power Plant. For Vessels chartered to third parties, this illustration reflects the revenue from ships chartered to third parties, capacity and tolling arrangements, and other fixed fees, less the cost to operate and maintain each ship, in each case based on contracted amounts for ship charters, capacity and tolling fees, and industry standard costs for operation and maintenance. We assume an average Total Segment Operating Margin of up to $211k per day per vessel and our effective share of revenue and operating expense related to the existing tolling agreement for the Hilli FLNG going forward. For Fast LNG, this illustration reflects the difference between the delivered cost of open LNG and the delivered cost of open market LNG less Fast LNG production cost. Management is currently in multiple discussions with counterparties to supply feedstock gas at pricing between $4.31 per MMBtu to $6.17 per MMBtu, multiplied by the volumes for Fast LNG installation of 1.4 MTPA each per year. These costs do not include expenses and income that are required by GAAP to be recorded on our financial statements, including the return of or return on capital expenditures for the relevant project, and selling, general and administrative costs. Our current cost of natural gas per MMBtu are higher than the costs we would need to achieve Illustrative Total Segment Operating Margin Goal, and the primary drivers for reducing these costs are the reduced costs of purchasing gas and the increased sales volumes, which result in lower fixed costs being spread over a larger number of MMBtus sold. References to volumes, percentages of such volumes and the Illustrative Total Segment Operating Margin Goal related to such volumes (i) are not based on the Company’s historical operating results, which are limited, and (ii) do not purport to be an actual representation of our future economics. We cannot assure you if or when we will enter into contracts for sales of additional LNG, the price at which we will be able to sell such LNG, or our costs to produce and sell such LNG. Actual results could differ materially from the illustration and there can be no assurance we will achieve our goal.
4. Refers to sale of 11 LNG infrastructure vessels owned by NFE to a newly formed joint venture between funds managed by Apollo and NFE. Closing of this transaction is subject to certain conditions precedent some of which are outside of our control. There can be no assurance that closing will be attained within the timeline that we expect or at all.
5. In discussions with Petróleos Mexicanos (“Pemex”) to form a long-term strategic partnership for the joint development of the Lakach deepwater natural gas field and with Comisión Federal de Electricidad (“CFE”) to form a strategic alliance supported in connection with a new LNG hub off the coast of Altamira, Tamaulipas, with CFE. Represent letters of intent, whether signed or under discussions. There can be no assurance that binding definitive agreements will be entered into related to such discussions or projects or the terms of any such agreements.
6. “Total Segment Operating Margin” is the total of our Terminals and Infrastructure Segment Operating Margin and Ships Segment Operating Margin. Terminals and Infrastructure Segment Operating Margin includes our effective share of revenue, expenses and operating margin attributable to our 50% ownership of Centrais Elétricas de Sergipe Participações S.A. (“CELSEPAR”). Ships Segment Operating Margin includes our effective share of revenue, expenses and operating margin attributable to our ownership of 50% of the common units of Hilli LLC. Hilli LLC owns Golar Hilli Corporation (“Hilli Corp”), the disponent owner of the Hilli.
7. Lead times and expected development times used herein indicate our internal evaluations of a project’s expected timeline. They refer to us completing certain stages of projects within a timeframe and within a spectrum of budget parameters that, when taken as a whole, are substantially consistent with our business model. These timeframes include assumptions regarding items that are outside our control, including permitting, weather, and other potential sources of delay. To the extent that projects have not yet started or are currently under development, we can make no assurance that such projects are on track within the timeline parameters we establish. Additionally, the construction of facilities is inherently subject to the risks of cost overruns and delays. If we are unable to construct, commission and operate all of our facilities as expected, or, when and if constructed, they do not accomplish our goals, or if we experience delays or cost overruns in construction, estimates regarding timelines, budget and savings could be materially and adversely affected.
8. Refers to binding agreement executed with N.V. Nederlandse Gasunie (“Gasunie”) for a five-year FSRU charter agreement will begin in Q3 2022 and provide storage and regasification capacity for Gasunie’s new LNG import terminal in the port Eemshaven, the Netherlands. The binding FSRU charter agreement is subject to the execution of definitive documentation. We cannot assure you if or when we will enter into binding definitive agreements, on time or on acceptable terms to us.
9. Represents management’s expectations regarding the funding of the committed expenditures reflected and the estimated expenditures. It assumes the Sergipe and Apollo transaction have closed and we have received the anticipated proceeds. There can be no assurance that closing will be attained within the timeline that we expect or at all. The estimated expenditures, including those related to project costs, are not based on generally accepted accounting principles and should not be relied upon for any reason. There is no guarantee that we will reach our goals for funding the estimated expenditures and actual results may differ from our expectations.

Additional Information

For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investors section of New Fortress Energy’s website, www.newfortressenergy.com, and the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which is available on the Company’s website. Nothing on our website is included or incorporated by reference herein.

Earnings Conference Call

Management will host a conference call on Thursday, August 4, 2022 at 8:00 A.M. Eastern Time. The conference call may be accessed by dialing (888) 394-8218 (toll free from within the U.S.) or (323) 794-2588 (from outside of the U.S.) fifteen minutes prior to the scheduled start of the call; please reference “NFE Second-Quarter 2022 Earnings Call.”

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at https://event.webcasts.com/starthere.jsp?ei=1558536&tp_key=f1cc0198ce and will be located on our company website at www.newfortressenergy.com within the "Investors" tab under “Events & Presentations”. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast. A replay of the conference call will be available at the same website location shortly after the conclusion of the live call.

About New Fortress Energy Inc.

New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the company’s assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute “forward-looking statements” including: our ability to close the transactions and receive funds within the expected timeline, in the amounts anticipated or at all; ability to maintain our expected development timelines; expectations regarding ability to construct, complete and commission our projects on time and within budget to derive expected goals and benefits; execution of definitive documentation; expected or illustrative financial metrics or goals; successful positioning of Zero Parks hydrogen in policy environment and development of green and blue hydrogen projects in the near future; and the implementation and success of our financing alternatives, including any asset sales. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of those words or other comparable words. These forward-looking statements represent the Company’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: illustrative financial metrics and other similar metrics, including goals and expected financial growth; our ability to execute definitive documentation in connection with letters of intent or similar instruments; expectations for taking FID on our projects; the development, construction, completion and operation of the facilities on time, within budget and within the expected specifications and design; ability to maintain our expected development timelines; our ability to close our Sergipe and Apollo transactions and receive funds within the expected timeline and in the amounts anticipated; funding of our projects using cash from the Sergipe and Apollo transactions and self-generated cash flows; development of hydrogen business and ability to implement conversion of natural gas into clean blue hydrogen; the risk that we fail to meet internal financial metrics or financial metrics posed by the market on us; the risk that the foregoing or other factors negatively impact our liquidity and our ability to capitalize our projects; and the risk that we may be unable to implement our financing strategy or to effectively leverage our assets. Accordingly, readers should not place undue reliance on forward-looking statements as a prediction of actual results. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in the Company’s annual and quarterly reports filed with the SEC, which could cause its actual results to differ materially from those contained in any forward-looking statement.

Exhibits – Financial Statements

Adjusted EBITDA
For the three months ended June 30, 2022
(Unaudited, in thousands of U.S. dollars)

Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered in isolation or as an alternative to income/(loss) from operations, net income/(loss), cash flow from operating activities or any other measure of performance or liquidity derived in accordance with GAAP. We believe this non-GAAP measure, as we have defined it, offers a useful supplemental view of the overall operation of our business in evaluating the effectiveness of our ongoing operating performance in a manner that is consistent with metrics used for management’s evaluation of the Company’s overall performance and to compensate employees. We believe that Adjusted EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation, and amortization which vary substantially from company to company depending on capital structure, the method by which assets were acquired and depreciation policies. Further, we exclude certain items from our SG&A not otherwise indicative of ongoing operating performance.

We calculate Adjusted EBITDA as net income, plus transaction and integration costs, contract termination charges and loss on mitigations sales, depreciation and amortization, asset impairment expense, interest expense, net, other (income), net, loss on extinguishment of debt, changes in fair value of non-hedge derivative instruments and contingent consideration, tax expense, and adjusting for certain items from our SG&A not otherwise indicative of ongoing operating performance, including non-cash share-based compensation and severance expense, non-capitalizable development expenses, cost to pursue new business opportunities and expenses associated with changes to our corporate structure, plus our pro rata share of Adjusted EBITDA from unconsolidated entities, less the impact of equity in earnings (losses) of unconsolidated entities.

Adjusted EBITDA is mathematically equivalent to our Total Segment Operating Margin, as reported in the segment disclosures within our financial statements, minus Core SG&A, including our pro rata share of such expenses of unconsolidated entities. Core SG&A is defined as total SG&A adjusted for non-cash share-based compensation and severance expense, non-capitalizable development expenses, cost of exploring new business opportunities and expenses associated with changes to our corporate structure. Core SG&A excludes certain items from our SG&A not otherwise indicative of ongoing operating performance.

The principal limitation of this non-GAAP measure is that it excludes significant expenses and income that are required by GAAP to be recorded in our financial statements. Investors are encouraged to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measure to our GAAP net income/(loss), and not to rely on any single financial measure to evaluate our business. Adjusted EBITDA does not have a standardized meaning, and different companies may use different Adjusted EBITDA definitions. Therefore, Adjusted EBITDA may not be necessarily comparable to similarly titled measures reported by other companies. Moreover, our definition of Adjusted EBITDA may not necessarily be the same as those we use for purposes of establishing covenant compliance under our financing agreements or for other purposes.

IR:
Brett Magill
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media:
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(516) 268-7403

DUBLIN--(BUSINESS WIRE)--The "Geothermal Energy Market (with COVID-19 & COP26 Impacts) & Technologies - 2022-2032" report has been added to ResearchAndMarkets.com's offering.

The cumulative 2022-2032 market is $117.3 Billion.

This market report is the utmost comprehensive review of the global Geothermal Energy market available today. It is considered the industry's Gold Standard for Geothermal Energy market research reports. This report aims to provide today's strategic decision-makers with an expert 360-degree, time-sensitive, detailed view of this interconnected market.

With 308 pages, 93 tables and 181 figures, the Geothermal Energy Market (with COVID-19 & COP26 Impacts) & Technologies - 2022-2032 report contains a thorough analysis of 8 vertical, 8 technology sectors, five regional, 56 national and 5 revenue source markets, detailing 2018-2032 market size.

According to the COP26 updated report, after 20 years of low (up to 4.5%) annual growth rates, the market will boost unprecedented 2020-2032 two-digit CAGR.

This remarkable growth is attributed to three key factors:

• Enhanced Geothermal System (EGS). Driven by the oil and gas companies, EGS technologies will mature within a few years, developing cost-effective EGS technology and proliferating the EGS into new geographic regions that non-ESG couldn't use.
• Direct Geothermal. Buildings' direct heating and cooling (with and without heat pumps) are driven by governments to lower emissions footprint. The number of Direct Geothermal installations are forecasted to grow from 2.5 million by 2020 to more than 35 million by 2032.
• Rising coal, gas and oil prices.

Other drivers:

• Government R&D, project financing & subsidies,
• Geothermal technology is renewable, reliable and it provides a baseload Geothermal running 24 / 7 to the electric grid regardless of weather conditions,
• Geothermal energy plants' footprint per GWh is less than 0.1% of Wind or Solar-PV footprint,
• Decarbonization is crucial to climate stabilization.

Companies Mentioned

• Alstom
• Ansaldo Energia
• BDR Thermea
• Bosch Thermotechnology
• Carrier
• Fuji Electric
• General Electric
• Mitsubishi Electric
• Mitsubishi Heavy Industry
• Modine
• Nibe Industrier
• OCHSNER Warmepumpen
• Ormat
• Stiebel Eltron
• Toshiba
• Trane
• Vaillant
• Viessmann

Key Topics Covered:

1 Executive Summary

1.1 Key Findings

1.2 Key Conclusions

1.3 Global Geothermal Energy Market Research Vectors

1.4 Global Geothermal Energy Market - 2018-2032

1.4.1 Markets: By Applications

1.4.2 Technology Markets

1.4.3 Market by Revenue Source

1.4.4 Regional Markets

1.4.5 National Markets

2 R&D, Business and Investment Opportunities

3 COP26 & COVID-19 Implications

3.1 COP26 Takeaway

3.2 COVID-19 Implications

4 Geothermal Energy Market Drivers

5 Geothermal Energy Market Inhibitors

6 Geothermal Energy Market: SWOT Analysis

6.1 Strengths

6.2 Weaknesses

6.3 Opportunities

6.4 Threats

7 Global Geothermal Energy Technology Markets

7.1 Geothermal Energy Market Size by Technology - 2018-2032

7.2 Global Market Breakdown by Technology - 2018-2032

8 Enhanced Geothermal Systems (EGS) Market - 2018-2032

8.1 Enhanced Geothermal Systems (EGS) Market Background

8.2 Global Enhanced Geothermal Systems (EGS) Market - 2018-2032

9 Binary Cycle Power Generation Market - 2018-2032

9.1 Binary Cycle Power Generation Market Background

9.1.1 Introduction

9.1.2 Binary Cycle Technologies

9.1.2.1 Rankine Vapor Cycle

9.1.2.2 Dual Pressure

9.1.2.3 Dual Fluid

9.2 Global Binary Cycle Power Generation Market - 2018-2032

10 Dry Steam Power Generation Market - 2018-2032

10.1 Dry Steam Power Generation Market Background

10.2 Global Dry Steam Power Generation Market - 2018-2032

11 Flash Steam Power Generation Market - 2018-2032

11.1 Flash Steam Power Generation Market Background

11.2 Global Flash Steam Power Generation Market - 2018-2032

12 Geothermal Deep Learning & AI Market - 2018-2032

12.1 Geothermal Deep Learning & AI Market Background

12.2 Global Geothermal Deep Learning & AI Market - 2018-2032

13 Closed & Open Loop Geothermal Heat Pumps Market - 2018-2032

13.1 Closed & Open Loop Geothermal Heat Pumps Market Background

13.1.1 Introduction

13.1.2 Geothermal Heat Pumps Economy

13.1.3 Drivers of Geothermal Heat Pumps

13.2 Global Geothermal Heat Pumps Market - 2018-2032

14 Hybrid Geothermal Heat Pumps Market - 2018-2032

14.1 Hybrid Geothermal Heat Pumps Market Background

14.2 Hybrid Geothermal Heat Pumps Vendors

14.3 Global Hybrid Geothermal Heat Pumps Market - 2018-2032

15 Other Geothermal Technologies Market - 2018-2032

16 Global Geothermal Energy Market by Application

16.1 Geothermal Energy Market Size by Application - 2018-2032

16.2 Global Market Breakdown by Application - 2018-2032

17 Geothermal Residential & District Heating & Cooling Market - 2018-2032

17.1 Residential & District Heating & Cooling Geothermal Energy Market Background

17.1.1 Introduction

17.1.2 Geothermal Heat Pumps

17.1.3 Present Status of Geothermal HAVC

17.1.4 District Heating & Cooling (DHC) Systems

17.1.5 Geothermal Cooling & Heating Market: Inhibitors

17.1.6 Geothermal Heating Proliferation

17.1.7 Geothermal Heat Pump Efficiency

17.1.8 Direct Geothermal Heat

17.1.9 Geothermal Heating & Cooling: Market Drivers

17.2 Global Residential & District Heating & Cooling Geothermal Energy Market - 2018-2032

17.2.1 Residential & District Heating & Cooling Market Size - 2018-2032

18 Citywide Heating & Cooling Geothermal Energy Market - 2018-2032

18.1 Citywide Heating & Cooling Geothermal Energy Market Background

18.2 Global Citywide Heating & Cooling Geothermal Energy Market - 2018-2032

19 Commercial & Industrial Heating & Cooling Geothermal Energy Market - 2018-2032

19.1 Commercial & Industrial Heating & Cooling Geothermal Energy Market Background

19.1.1 Introduction

19.1.2 Market Drivers

19.2 Global Commercial & Industrial Heating & Cooling Geothermal Energy Market - 2018-2032

20 Agriculture Heating & Cooling Geothermal Energy Market - 2018-2032

20.1 Agriculture Heating & Cooling Geothermal Energy Market Background

20.1.1 Introduction

20.1.2 Geothermal Drying Agricultural Products

20.1.3 Geothermal Greenhouse Heating

20.1.4 Geothermal Fluid Systems

20.1.5 Geothermal Soil Heating

20.1.6 Geothermal Aqua Culture

20.1.7 Geothermal Fish Farming

20.1.8 Geothermal ALGAE Cultivation

20.1.9 Geothermal Food drying

20.1.10 Geothermal Milk Pasteurization

20.1.11 Irrigation Using Geothermal Water

20.2 Global Geothermal Agriculture Heating & Cooling Market - 2018-2032

21 Industrial & Commercial Power Generation Geothermal Energy Market - 2018-2032

21.1 Industrial & Commercial Power Generation Geothermal Energy Market Background

21.2 Global Geothermal Industrial & Commercial Power Generation Market - 2018-2032

22 Electric Grid Geothermal Energy Market - 2018-2032

22.1 Global Geothermal Electric Grid Market - 2018-2032

23 Geothermal Desalination Geothermal Energy Market - 2018-2032

23.1 Geothermal Desalination Geothermal Energy Market Background

23.2 Global Geothermal Desalination Geothermal Energy Market - 2018-2032

24 Other Geothermal Energy Applications Market - 2018-2032

24.1 Global Other Applications Geothermal Energy Market - 2018-2032

24.1.1 Other Applications Market Size - 2018-2032

25 Global Geothermal Energy Market by Revenue Source

25.1 Global Geothermal Energy Market by Revenue Source 2018-2032

25.2 Global Geothermal Energy Market Share by Revenue Source - 2018-2032

For more information about this report visit https://www.researchandmarkets.com/r/bn0cyw

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SALT LAKE CITY--(BUSINESS WIRE)--Arvana Inc. (“OTC:AVNI”) today announced its intention to form a brokerage division to facilitate international transactions in the delivery of oil and gas products that will match sellers with buyers in the energy sector.

The brokerage division will be tasked with securing crude oil from sellers in the Middle East through purchase orders and letters of credit from buyers in the Asia Pacific region to facilitate the procurement, payment and delivery of crude oil. Arvana expects to earn fees on each completed transaction.

Ruairidh Campbell, Arvana’s Chief Executive Officer, stated that he is “looking forward to working in a sector so full of promise for our stockholders given the geopolitical challenges now facing the delivery of energy around the globe."

The venture into energy brokerage services is intended to compliment Arvana’s previously announced efforts to acquire and redevelop undervalued commercial properties to be repurposed for specific targeted industries.

Arvana Inc.

Arvana (“OTC:AVNI”) is a public company registered under the Securities & Exchange Act of 1934, as amended (“Exchange Act”) that is quoted on the OTC Pink Sheets. The implementation of Arvana’s business development strategies are intended to transition the company from its present designation as a “shell company” to operations in accordance with the Exchange Act.

Forward-Looking Statements

Several statements contained in this press release are forward-looking statements of future expectations based on currently available information that are subject to risks and uncertainties including general economic conditions, changes in capital markets, regulatory legislation, and other circumstances that may cause actual results to be materially different from those expectations. Arvana does not make any representation or warranty, express or implied, as to the accuracy, completeness, or status of such statements so it will not be liable for any decision made or action taken in conjunction with the information and/or statements in this press release. Arvana encourages the public to read the information provided in conjunction with its recent filings on Form 8-K and Form 10-Q which may be viewed at www.sec.gov.

Arvana Inc.
Ruairidh Campbell, Chief Executive Officer
Phone: +1 801 232 7395
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Website: http://www.arvana.us

The company appointed a Chief Legal Officer in addition to several key senior engineering staff to further the development and testing of the SD1

FREMONT, Calif.--(BUSINESS WIRE)--#AV--Solo Advanced Vehicle Technologies (Solo AVT), the vehicle hardware company revolutionizing the freight transportation industry, today announced it appointed Paul Jones as Chief Legal Officer and Mengwei Campbell as Senior Director of Vehicle Controls, as well as hired ten engineering staff members to further progress the development and testing of the SD1, its long-haul battery-electric Class 8 truck tailored specifically for autonomous driving. Jones will serve as legal counsel and lead regulatory and compliance responsibilities. Campbell joins from Faraday where she was the Global Director of Propulsion Control and Software and the company’s first technical hire. The new senior engineering staff bring extensive industry experience from Ford, Nuro, Fisker, and more.

Already comprised of top industry experts from Tesla, Waymo, and BMW, gaining leading industry talent further accelerates Solo AVT’s ability to make clean freight transportation a reality. In Q2, the company revealed the design and specifications of the SD1 and also acquired new office facilities in Fremont, California which will serve as its headquarters.

“Developing a first-of-its-kind, clean-sheet truck design takes innovation and precision that only a high caliber of talent can achieve. Each individual’s unique expertise will be essential to our growth as a company, and most significantly, to achieving our mission to decarbonize the freight industry,” said Graham Doorley, CEO and founder, Solo Advanced Vehicle Technologies. “We are thrilled that others share the same passion for decarbonization and autonomy that we do, and look forward to the collaboration and expansion to come.”

In August 2022 - less than a year after the company began - Solo AVT will begin test driving its first truck, a battery-electric, Class 8 vehicle that will be teleoperated and essential ahead of testing the SD1, which is expected to begin in early 2023. Solo AVT’s engineering and design team have also begun work on the test platform for its powertrain or Sled. The powertrain test platform, delivered in Q2 2022, is currently being modified with equipment from battery, e-axle, and steering suppliers.

"It's very exciting to be a part of a nimble and fast-paced team, focused on providing a cutting-edge product that's revolutionizing the industry and creating a better future for everyone,” said Grant Smith, Senior Powertrain Engineer, Solo AVT.

About Solo Advanced Vehicle Technologies

Solo Advanced Vehicle Technologies (Solo AVT) is revolutionizing the freight transportation industry by bringing to market the first clean-sheet, battery-electric heavy truck to truly decarbonize the future of freight. Compatible with any autonomous driving software and offered via a Truck-as-a-Service model, Solo AVT’s hardware and software solutions are designed to maximize efficiency, reduce costs, improve safety, and last twice as long as traditional trucks. Solo AVT was founded in 2021, built by alumni from Waymo, Tesla, BMW, Ford, Faraday Futures, and more, and backed by leading investors including Trucks VC, Maniv Mobility, and Wireframe Ventures. Follow @SoloAVT on Twitter and LinkedIn.

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DUBLIN--(BUSINESS WIRE)--The "Ship And Boat Building And Repairing Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

The global ship and boat building and repairing market is expected to grow from $243.12 billion in 2021 to $265.7 billion in 2022 at a compound annual growth rate (CAGR) of 9.3%. The market is expected to grow to $369.44 billion in 2026 at a compound annual growth rate (CAGR) of 8.6%.

The ship and boat building and repairing market consists of sales of ships and boats and ship and boat building and repairing services and related services by entities (organizations, sole traders, and partnerships) that operate shipyards. Shipyards are fixed facilities with drydocks and fabrication equipment capable of building a ship, defined as watercraft typically suitable or intended for other than personal or recreational use.

The main types in ship and boat building and repairing market are shipbuilding and repairing, boat building and repairing. Repairing refers to the servicing and maintaining motor vehicles such as overhauling motor vehicles, replacing components of motor vehicles, modifying and changing motor vehicles, and painting the surfaces of motor vehicles. The various applications include general services, dockage, hull part, engine parts, electric works, auxiliary services. These are used in transport companies, the military, other end users.

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

The ship and boat building and repairing market is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth.

Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments at the end-user markets, thereby driving the market during the forecast period.

Shipbuilding companies around the world are increasingly using green shipbuilding technologies to comply with environmental rules and regulations. Technologies being used for shipbuilding include ships with no ballast systems that block organisms entering the ship and eliminate the need for sterilization equipment, sulfur scrubber systems, waste heat recovery systems, speed nozzles, exhaust gas recirculation systems, advanced rudder and propeller systems, fuel and solar cell propulsion systems and use of LNG fuels for propulsion and auxiliary engines.

Scope

Markets Covered:

1) By Type: Ship Building And Repairing; Boat Building And Repairing

2) By Application: General Services; Dockage; Hull Part; Engine Parts; Electric Works; Auxiliary Services

3) By End-User: Transport Companies; Military; Other End Users

Key Topics Covered:

1. Executive Summary

2. Report Structure

3. Ship And Boat Building And Repairing Market Characteristics

4. Ship And Boat Building And Repairing Market Product Analysis

5. Ship And Boat Building And Repairing Market Supply Chain

6. Ship And Boat Building And Repairing Market Customer Information

7. Ship And Boat Building And Repairing Market Trends And Strategies

8. Impact Of COVID-19 On Ship And Boat Building And Repairing

9. Ship And Boat Building And Repairing Market Size And Growth

10. Ship And Boat Building And Repairing Market Regional Analysis

11. Ship And Boat Building And Repairing Market Segmentation

12. Ship And Boat Building And Repairing Market Segments

13. Ship And Boat Building And Repairing Market Metrics

14. Asia-Pacific Ship And Boat Building And Repairing Market

15. Western Europe Ship And Boat Building And Repairing Market

16. Eastern Europe Ship And Boat Building And Repairing Market

17. North America Ship And Boat Building And Repairing Market

18. South America Ship And Boat Building And Repairing Market

19. Middle East Ship And Boat Building And Repairing Market

20. Africa Ship And Boat Building And Repairing Market

21. Ship And Boat Building And Repairing Market Competitive Landscape

22. Key Mergers And Acquisitions In The Ship And Boat Building And Repairing Market

23. Market Background: Transportation Manufacturing Market

24. Recommendations

25. Appendix

26. Copyright And Disclaimer

Companies Mentioned

• Samsung Heavy Industries Co. Ltd.
• Daewoo shipbuilding & marine engineering
• BRP Inc.
• BRUNSWICK CORPORATION
• Fincantieri SpA
• General Dynamics
• Huntington ingalls industries
• China Shipbuilding Industry Corp.
• China CSSC Holdings Limited
• Berkshire Hathaway Inc.

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Findings showcase EB Control’s ability to ensure data security against modern threats

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Everything Blockchain Inc., (OTCMKTS: OBTX), a technology company that enables real-world use of blockchain to solve critical business issues, today released the findings of a third-party architectural review of EB Control, its patent-pending, zero-trust data protection solution. Developed by Everything Blockchain’s subsidiary Vengar Technologies, EB Control enables the original data owner to retain control of who, when, how and where their data can be accessed.

The review, conducted by Bridgery Technologies LLC, found that EB Control’s architecture enables it to withstand both common internet attacks and other malicious external threats. The assessment also stated that the cloud servers used for EB Control are significantly hardened. Further, Bridgery noted that EB Control provides a simple, yet effective, encapsulation for sensitive information.

“During this independent security evaluation, we were able to examine all levels of EB Control – from architecture to implementation,” said Ed Giorgio, President, Bridgery Technologies. “We were pleased to find that EB Control's solution is well-architected and provides strong cryptographic security and protection for its customers and their data.”

Everything Blockchain engaged Bridgery Technologies to assess the degree to which EB Control was delivering on its promise of providing an accessible data security solution.

“Software architectural reviews are an effective way of ensuring design quality and addressing architectural concerns,” said Richard C. Schaeffer Jr. of Riverbank Associates LLC and a member of Everything Blockchain’s Board of Directors. “This independent review adds a significant degree of confidence that EB Control delivers on its 'secure by design’ promise of data protection.”

The loss of data via file sharing and email is immense and expensive. According to a report from the FBI’s Internet Crime Complaint Center (IC3), issued on May 4, 2022, “Over U.S. $43 billion has been lost through Business Email Compromise attacks since 2016.” EB Control, which was launched in July, provides multiple types of encryption, including AES-256, to ensure secure data sharing. With EB Control, data authors and owners have a simple, intuitive platform that enables them to maintain control, whether it’s on their device, in transit or shared with others—for the life of the data.

For more information about EB Control, including the channel program, please click here. For more information about EBI, visit everythingblockchain.io

About Everything Blockchain, Inc.

Everything Blockchain, Inc. (OTCMKTS: OBTX) envisions a future where every transaction is trusted and blockchain is used to meet specific ESG goals, support cities of the future, build and control the transparency of supply chains and ensure the rights of data ownership sustain forever. The company’s patent-pending advances in blockchain engineering deliver the essential elements needed for real-world business use: speed, security, and energy efficiency. Current sub-brands include: EB Advise, EB Block and EB Control. For more information, please visit https://www.everythingblockchain.io/

About Vengar Technologies LLC

Vengar Technologies, LLC, an Everything Blockchain Inc. company, is a pioneer in bringing zero-trust concepts to data security. The company’s solution, EB Control, merges military-grade encryption, multi-factored authentication, geo-fencing, time-fencing and DRM technologies to provide users with perpetual control of their data whether stored or shared. EB Control’s intuitive, simple platform empowers users to take back control of their data security. Forever. For more information, please visit: https:/www.ebcontrol.io/

Forward Looking Statements

This news release contains “forward-looking statements” which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as “anticipate”, “seek”, intend”, “believe”, “estimate”, “expect”, “project”, “plan” or similar phrases may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company’s reliance on existing regulations regarding the use and development of blockchain and zero trust- based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.

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RedChip Companies Inc.
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• Reports Q2 Revenues of $1.36 Billion, up 46% on Strength Across All Core Businesses and Addition of HydroChemPSC
• Generates Q2 Net Income of $148.2 Million, or GAAP EPS of $2.71 and Adjusted EPS of $2.44
• Achieves Q2 Adjusted EBITDA Growth of 65% to $309.1 Million
• Raises 2022 Adjusted EBITDA and Adjusted Free Cash Flow Guidance

NORWELL, Mass.--(BUSINESS WIRE)--Clean Harbors, Inc. (“Clean Harbors”) (NYSE: CLH), the leading provider of environmental and industrial services throughout North America, today announced financial results for the second quarter ended June 30, 2022.

“The combination of robust demand, positive market dynamics and crisp execution of our growth strategy resulted in record quarterly financial results,” said Alan S. McKim, Chairman, President and Chief Executive Officer. “As the leading environmental services and sustainability solutions provider for more than 300,000 customers, our suite of environmentally focused services was highly sought after in the quarter, as were the premium eco-friendly products generated by our re-refinery business. We have experienced an acceleration of demand for our hazardous waste disposal and recycling network to all-time highs. HydroChemPSC (HPC), which we acquired in late 2021, is proving to be a valuable addition. Against a backdrop of high inflation and supply chain challenges, we executed exceptionally well through effective pricing, cost reduction programs, process improvements and best-in-class industry performance. Our results this quarter illustrate the powerful combination of our entire portfolio working together and leveraging the strengths of each business. Our safety results were the best in the Company’s history with a Total Recordable Incident Rate (TRIR) through June 30 of 0.82 – well ahead of our goal of less than 1.0 for the year.”

Second-Quarter Results

Revenues increased 46% to $1.36 billion from $926.5 million in the same period of 2021. Income from operations grew 92% to $211.2 million from $110.0 million in the second quarter of 2021.

Net income was $148.2 million, or $2.71 per diluted share. This compared with net income of $67.1 million, or $1.22 per diluted share, for the same period in 2021. Adjusted for certain items in both periods, adjusted net income was $133.1 million, or $2.44 per diluted share, for the second quarter of 2022, compared with adjusted net income of $65.4 million, or $1.19 per diluted share, for the same period of 2021. (See reconciliation tables below).

Adjusted EBITDA (see description below) increased 65% to $309.1 million from $187.8 million in the same period of 2021.

Q2 2022 Segment Review

“Environmental Services (ES) revenues increased 51% year-over-year, and Adjusted EBITDA in the segment rose 53%. These results were driven by the addition of HPC, volume growth of high-value waste in our disposal and recycling facilities, pricing initiatives and strong demand across all our service businesses,” McKim said. “Utilization of our incinerator network reached 90% in the quarter, up from 87% a year ago. Average incineration pricing was up a healthy 18% from a year ago, representing a balance of pricing initiatives and higher-value waste streams. Landfill volumes in the quarter increased by 36% driven by a noticeable pickup in remediation and waste projects. Our Industrial Services business, now branded as HPC Industrial, delivered profitable growth in the quarter, as we capitalized on a robust and extensive spring turnaround season. Field Services achieved 35% growth from a year ago through a steady stream of emergency response projects and the addition of HPC’s utilities business. Safety-Kleen Environmental grew 21% with uniform strength across its core service offerings. EBITDA margins in this segment improved 40 basis points from a year ago and are up more than 500 basis points from the first quarter. Overall, an outstanding quarter for this entire segment.

“Safety-Kleen Sustainability Solutions (SKSS) revenues grew 31% in Q2, and Adjusted EBITDA climbed 53% from a year ago,” McKim said. “Demand for our base oil was extremely high throughout the quarter given industry dynamics and global supply disruptions. Two substantive base oil price increases occurred mid-quarter, helping drive greater revenue and profitability. Our collections team also did a remarkable job actively managing the front end of our re-refining spread in both collection volumes and costs. In addition, our creation of the SKSS segment and better strategic management of this business is enabling more success and a path to more consistent profitability.”

Business Outlook and Financial Guidance

“Our business thrived in the second quarter, and we are seeing many indications that those positive demand trends will continue in the back half of the year,” McKim said. “Our unique and valuable network of disposal and recycling assets remains in high demand as we are benefiting from the resurgence in U.S. manufacturing, our 3M partnership, global reshoring to the U.S. and a healthy projects pipeline. On top of today’s healthy backlog, we expect future demand for our scarce disposal assets to accelerate through a variety of factors including infrastructure spending, strict enforcement of U.S. environmental regulations, captive incinerator closings and reshoring of multiple industries. With that robust growth environment in mind, we are continuing to move forward with the construction of our new incinerator in Nebraska, along with near-term investments in our plants to drive throughput across our network and reinforce our market leadership. Within our service businesses, we are hiring as rapidly as possible to meet customer needs and facilitate additional growth, while also lowering third-party costs.

“Within SKSS, the business is being well-managed at both ends of our re-refining spread,” McKim said. “On the back end, we are benefiting from a strong pricing environment that shows no sign of slowing. The value of our base oil also continues to rise not just due to industry conditions but the recognition of the quality, scarcity and reliability of our re-refined products. In conjunction with that shifting market view and demand for truly sustainable product alternatives, we recently launched our KLEEN+™ brand to fully capture the value of our base oil. On the front end of our re-refining spread, we are continuing to benefit from the long-term market impact of IMO 2020, along with system enhancements and greater transportation efficiencies. We also recently purchased a re-refinery in Georgia. This location will generate additional production and will reduce our transportation costs by providing a local outlet for waste oil collected in the Southeastern U.S.

“As reflected in our revised annual guidance, we expect to realize strong operating results in both segments throughout the back half of 2022, while continuing to execute on our pricing and cost reduction strategies to drive further margin improvement, even in an inflationary environment. We anticipate delivering record top- and bottom-line results this year, along with a robust free cash flow to support our capital allocation strategy,” McKim concluded.

In the third quarter of 2022, Clean Harbors expects Adjusted EBITDA to increase approximately 50% from the prior-year period, reflecting higher profitability in both the ES and SKSS segments, as well as the addition of HPC.

Based on its first-half 2022 performance and current market conditions, Clean Harbors is raising the midpoint of its 2022 Adjusted EBITDA guidance by $175 million. For the year, the Company now expects:

• Adjusted EBITDA in the range of $975 million to $1.005 billion, or a midpoint of $990 million. This range is based on anticipated GAAP net income in the range of $355 million to $390 million; and
• Adjusted free cash flow in the range of $310 million to $350 million, or a midpoint of $330 million. This range is based on anticipated net cash from operating activities in the range of $630 million to $690 million.

Non-GAAP Results

Clean Harbors reports Adjusted EBITDA, which is a non-GAAP financial measure and should not be considered as an alternative to net income or other measurements under generally accepted accounting principles (GAAP), but viewed only as a supplement to those measurements. Adjusted EBITDA is not calculated identically by all companies, and therefore the Company’s measurement of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Clean Harbors believes that Adjusted EBITDA provides additional useful information to investors since the Company’s loan covenants are based upon levels of Adjusted EBITDA achieved and management routinely evaluates the performance of its businesses based upon levels of Adjusted EBITDA. The Company defines Adjusted EBITDA in accordance with its existing revolving credit agreement, as described in the following reconciliation showing the differences between reported net income and Adjusted EBITDA for the three and six months ended June 30, 2022 and 2021 (in thousands, except percentages):

This press release includes a discussion of net income and earnings per share adjusted for the impacts of tax-related valuation allowances and other items as identified in the reconciliations provided below. The Company believes that discussion of these additional non-GAAP measures provides investors with meaningful comparisons of current results to prior periods’ results by excluding items that the Company does not believe reflect its fundamental business performance. The following shows the difference between net income and adjusted net income, and the difference between earnings per share and adjusted earnings per share, for the three and six months ended June 30, 2022 and 2021 (in thousands, except per share amounts):

Adjusted Free Cash Flow Reconciliation

Clean Harbors reports adjusted free cash flow, which it considers to be a measurement of liquidity that provides useful information to investors about its ability to generate cash. The Company defines adjusted free cash flow as net cash from operating activities excluding cash impacts of items derived from non-operating activities, less additions to property, plant and equipment plus proceeds from sale and disposal of fixed assets. The Company excludes cash impacts of items derived from non-operating activities such as taxes paid in connection with divestitures. Adjusted free cash flow should not be considered an alternative to net cash from operating activities or other measurements under GAAP. Adjusted free cash flow is not calculated identically by all companies, and therefore the Company’s measurement of adjusted free cash flow may not be comparable to similarly titled measures reported by other companies.

An itemized reconciliation between net cash from operating activities and adjusted free cash flow is as follows for the three and six months ended June 30, 2022 and 2021 (in thousands):

Adjusted EBITDA Guidance Reconciliation

An itemized reconciliation between projected GAAP net income and projected Adjusted EBITDA is as follows (in millions):

Adjusted Free Cash Flow Guidance Reconciliation

An itemized reconciliation between projected net cash from operating activities and projected adjusted free cash flow is as follows (in millions):

Conference Call Information

Clean Harbors will conduct a conference call for investors today at 9:00 a.m. (ET) to discuss the information contained in this press release. During the call, management will discuss Clean Harbors’ financial results, business outlook and growth strategy. Investors who wish to listen to the webcast and view the accompanying slides should visit the Investor Relations section of the Company’s website at www.cleanharbors.com. The live call also can be accessed by dialing 201.689.8881 or 877.709.8155 prior to the start time. If you are unable to listen to the live conference call, the webcast will be archived on the Company’s website.

About Clean Harbors

Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. Its customer base spans a number of industries, including chemical, energy and manufacturing, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is North America’s largest re-refiner and recycler of used oil and a leading provider of parts washers and environmental services to commercial, industrial and automotive customers. Founded in 1980 and based in Massachusetts, Clean Harbors operates in the United States, Canada, Mexico, Puerto Rico and India. For more information, visit www.cleanharbors.com.

Safe Harbor Statement

Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “seeks,” “should,” “estimates,” “projects,” “may,” “likely,” or similar expressions. Such statements may include, but are not limited to, statements about future financial and operating results, and other statements that are not historical facts. Such statements are based upon the beliefs and expectations of Clean Harbors’ management as of this date only and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, without limitation, those items identified as “Risk Factors” in Clean Harbors’ most recently filed Form 10-K and Form 10-Q. Forward-looking statements are neither historical facts nor assurances of future performance. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Clean Harbors undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its filings with the Securities and Exchange Commission, which may be viewed in the “Investors” section of Clean Harbors’ website at www.cleanharbors.com.

Supplemental Segment Data (in thousands)