WYOMISSING, Pa.--(BUSINESS WIRE)--#RNG--UGI Energy Services, LLC (“UGIES”), a subsidiary of UGI Corporation (NYSE: UGI), today announced an agreement with MBL Bioenergy to fully fund the first set of renewable natural gas (“RNG”) projects currently under development in South Dakota. In total, the project will represent over $70 million of investment by MBL Bioenergy, of which 100% of the funds will be provided by UGIES. MBL Bioenergy is a joint venture partnership between UGIES, Sevana Bioenergy and a subsidiary of California Bioenergy (“CalBio”) with the sole purpose of developing RNG projects in South Dakota.

The first set of projects, known as a cluster, will be built at three farms located north of Sioux Falls, SD, and is expected to generate approximately 300 million cubic feet of RNG annually once completed in calendar year 2024. Dairy waste from the farms will be anaerobically digested and then piped to a central upgrading facility before it is delivered into the interstate natural gas system near Dell Rapids, SD. UGIES, through its wholly-owned subsidiary, GHI Energy, will be the exclusive marketer for MBL Bioenergy.

“This project sets a new standard for UGI in terms of scope and size and represents a huge milestone in UGI’s investments in, and expected earnings contribution from, RNG projects,” said Robert F. Beard, Executive Vice President - Natural Gas, Global Engineering, Construction & Procurement, UGI. “We are pleased to be partnering with industry-leading developers on this project that will substantially reduce greenhouse gas emissions, using dairy RNG as a vehicle fuel. We look forward to making additional investments in our MBL partnership as we advance the use of RNG as an environmentally responsible and clean energy solution.”

“This partnership with UGI is another positive step forward in expanding our carbon negative renewable natural gas business,” said N. Ross Buckenham, CEO of CalBio. “Our dairy methane capture and refining projects are delivering significant environmental benefits, improving economics for dairy farm partners and supplying a clean burning diesel replacement fuel. Through our subsidiary, Midwest Bioenergy LLC, this joint venture with UGIES, a new, powerful and committed strategic partner, anchors our dairy RNG expansion into the Midwest and will significantly expand our fuel production.”

“Sevana brought together exceptional partners to build this industry-leading RNG project. We are excited to strengthen our existing relationship with UGI to decarbonize transportation fuels through this and other projects. Sevana’s team of biogas experts is deploying state-of-the-art renewable energy technology in multiple RNG projects to form value-adding partnerships in agricultural communities,” said Steve Compton, President of Sevana. “We appreciate the opportunity to work closely with our partners and South Dakota farmers and communities to benefit the local economy and environment.”

About UGI Corporation
UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, natural gas utilities in West Virginia, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas in the Mid-Atlantic region of the United States, California, and the District of Columbia and internationally in France, Belgium, the Netherlands and the UK.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

About CalBio
CalBio is a leading developer of dairy digesters for generating renewable vehicle fuel and electricity. Founded in 2006, CalBio works closely with local and state agencies, the California Air Resources Board, USDA, the dairy industry and individual dairy farmers to achieve methane reductions, protect local air and water quality, create jobs, and generate a new revenue stream for the diary family. CalBio is currently operating and/or developing over 100 dairy digester projects in California and now through its affiliates: Midwest Bio, Northwest Bio, and Southwest Bio, is developing projects across the country. For more information call CalBio or visit: www.calbioenergy.com.

About Sevana
Sevana Bioenergy develops, designs, owns and operates large-scale anaerobic digestion projects which produce renewable natural gas and organic based soil amendments. Using state-of-the-art technology, engineering, and design, we are advancing the future of biogas energy production in the United States. Biogas projects reduce waste, increase the use of renewable energy and reduce long-term greenhouse gas emissions. Our mission is to be a market leader in accelerating the production of renewable natural gas derived from anaerobic digestion facilities in North America. With an experienced team of national and international experts, we build value-add partnerships in agricultural communities by creating new markets for existing agricultural businesses. Our goal is to ensure that communities benefit and thrive through these partnerships while building renewable solutions to local waste and energy challenges. More information is available at www.sevanabioenergy.com.

UGI Investor Relations
610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498

Texas Facility to Sequester Harmful Acid Gases to Protect Environment, Reduce Cost, Increase Production Capacity

DALLAS--(BUSINESS WIRE)--Dallas-based Caracara Services, LLC today announced it has entered into a joint venture agreement with a wholly owned subsidiary of Houston-based Battalion Oil Corporation (NYSE American: BATL) to develop and fund Brazos Amine Treater, LLC (“BAT"), a strategic acid gas treatment and carbon sequestration facility in the Delaware Basin of West Texas.

“In partnering with Battalion’s demonstrated industry leadership, Caracara Services will provide E&P companies and pipeline operators in the West Texas basins greater access to acid gas treatment and sequestration capabilities that allow them to meet their ESG mandates while reducing their costs and increasing their capacity,” said Clane LaCrosse, Chief Executive Officer of Caracara Services. “As the hydrocarbon industry evolves in the global energy transition, Caracara Services is uniquely positioned for growth. We look forward to continuing our partnership with Battalion and designing custom solutions for additional operating partners in high H₂S and CO₂ fields moving forward.”

When commissioned, phase one of BAT will be capable of treating 30 million standard cubic feet per day (MMscfd) of up to 10% acid gas, consisting of hydrogen sulfide (H₂S) and carbon dioxide (CO₂), which, in the presence of water, form corrosive acids harmful to anything with which they come in contact.

Caracara is contemplating a second adjacent 30MMscfd amine treating train to maximize treating and sequestration capacity for Battalion and other customers in and around the Monument Draw area of Winkler and Ward counties. After treating, the facility will be able to deliver sweet natural gas to multiple third-party midstream companies operating in West Texas.

Lester Caldwell, Caracara’s Director of Gas Assets explained, “Raw natural gas that contains these harmful compounds at levels above industry standards can have impacts on humans, the environment and our climate. Unlike traditional industry processes that released CO₂ into the atmosphere and destroyed H₂S by means of combustion or catalytic reduction, the Brazos Amine Treater plant will sequester the harmful compounds deep underground, in a depleted reservoir, to permanently render the compounds harmless to life, the environment and the atmosphere.”

“The Brazos Amine Treater plant is a stepping stone, as we enter the market to offer right-size solutions, using the right technology, in the right locations, for the right customers,” said Todd Lechtenberger, Caracara Services Chief Operating Officer. “Unlike treatment plants at large gathering facilities, our custom treatment projects are positioned closer to the wellhead, offering E&P companies greater operational freedom and choice of processors.”

Battalion Chief Executive Officer Richard Little, added: “This agreement is a key milestone for Battalion as we transition to profitable growth and further balance sheet improvement. Not only does it provide a comprehensive solution for our current and future sour gas treating needs, but it does so while considerably reducing our operating costs. We are very excited to break ground on this project and look forward to seeing it operational in early 2023.”

Mr. Little continued, “This is a significant development for Battalion and one that is several years in the making. Since obtaining the permits for our AGI wells, we have spent considerable time and effort searching for the right partner to develop this facility. We believe we have found that with Caracara.”

About Caracara

Caracara Services, LLC (“Caracara”) constructs, owns, and operates carbon capture, utilization, and sequestration (CCUS) infrastructure that unlocks economic value for oil and gas operators and midstream companies. The Caracara team has a track record of providing environmentally friendly and innovative solutions in the water treatment, natural gas treatment and carbon sequestration industries. The company’s proven methods are designed to protect the interests of all stakeholders, including the public, the environment, the climate, and customers transitioning to tomorrow's energy sources by reducing their carbon footprint, without sacrificing economics. For more information, go to www.caracaraservices.com or call 214.897.3596.

About Battalion

Battalion Oil Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States.

Ania Czarnecka
Ward, for Caracara Services, LLC
(713) 351-9165
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LOS ANGELES--(BUSINESS WIRE)--Romeo Power, Inc. (“Romeo Power” or the “Company”) (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced the appointment of Leon Kaunitz as senior vice president of product engineering.

Kaunitz will play a critical leadership role in the Company’s efforts to deliver advanced electrification products with full integration on commercial vehicles and other complex applications. His primary areas of responsibility will include management of mechanical design, thermal and stress validation, engineering processes across all product development efforts including research and development of thermal systems, and the management of Romeo Power’s electromechanical and structural design teams.

“We are thrilled that Leon has joined our team as the new senior vice president of product engineering,” said Romeo Power’s Chief Technology Officer AK Srouji, Ph.D. “He has been instrumental in leading new product design, engineering and manufacturing of numerous EV products from concept to completion, including successful production implementation and customer satisfaction. He brings an added breadth and depth of experience to Romeo Power, and he will be an asset to our entire organization, helping us achieve our commitment to move people and cargo emission free.”

Kaunitz, who is a mechanical engineer with a Master of Science degree in Road Vehicles and Advanced Technology, is highly experienced in EV applications for automotive and commercial vehicles, including advanced battery system concepts, innovation and efficiency. He brings a broad range of expertise in vehicle electrification to Romeo Power, including new product engineering and manufacturing, business development, research and development and customer satisfaction. Additionally, Kaunitz will supplement Romeo Power’s existing capabilities through his extensive experience supporting commercial vehicle design, integration of battery systems, e-Powertrain, Autonomous drive, and implementation of advanced and efficient EV technologies. He has developed and successfully implemented several new vehicles into production across U.S., Europe and Asia. Kaunitz has received numerous U.S. patents and is the author of several technical publications.

“Romeo Power offered me a unique opportunity to be part of the commercial and industrial transportation industry transformation,” said Kaunitz. “I look forward to supporting Romeo’s customers focused on environmental responsibility, safety, and reducing operating costs. I am excited to contribute to the organization as Romeo Power continues leading the transition to advanced electrification and a clean energy future across a variety of markets.”

About Romeo Power

Founded in 2016 and headquartered in Los Angeles, California, Romeo Power (NYSE: RMO) is an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications. The Company’s suite of advanced battery electric products, combined with its innovative battery management system, delivers the safety, performance, reliability and configurability its customers need to succeed. To keep up with everything Romeo Power, please follow the Company on social media @romeopowerinc or visit romeopower.com.

Forward Looking Statements

Certain statements in this press release may constitute “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, including, without limitation, express or implied statements concerning Romeo Power’s ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power’s expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power’s ability to produce and deliver such products on a commercial scale, and Romeo Power’s expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Romeo Power’s management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: Romeo Power’s ability to execute on its plans to develop and market new products and the timing of these development programs; Romeo Power’s ability to increase the scale and capacity of its manufacturing processes; Romeo Power’s estimates of the size of the markets for its products; the rate and degree of market acceptance of Romeo Power’s products; the success of other competing technologies that may become available; Romeo Power’s ability to identify and integrate acquisitions; Romeo Power’s potential need for and ability to secure additional capital; the performance of Romeo Power’s products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power’s products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company’s filings with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from those implied by our forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Romeo Power undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Romeo Power Inc.

For Investors:
Joe Caminiti or Ashley Gruenberg
Alpha IR Group
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312-445-2870

First Quarter 2022 Results and Conference Call Now Scheduled for May 23rd

PASADENA, Calif.--(BUSINESS WIRE)--Heliogen, Inc. (the “Company”) (NYSE:HLGN), a leading provider of AI-enabled concentrated solar energy technology, today announced that it will restate its full-year 2021 financial statements. The restatement, which has no material impact on the Company’s operations, prospects, or liquidity, stems from a revised accounting for one of the Company’s contracts.

As part of the Company’s accounting for revenue contracts with customers during the first quarter of 2022, management, in consultation with its independent registered public accounting firm, considered ongoing contracts that were entered into and accounted for during the year ended December 31, 2021. During this evaluation, it was determined that a government contract which had previously been assessed as within the scope of ASC 606, Revenue from Contract with Customers (“ASC 606”), should have been accounted for as a government grant and therefore not within the scope of ASC 606. The impact of this revised conclusion results in the reversal of a contract loss recognized in the fourth quarter of 2021, which results in a reduction in net loss as compared to the net loss reported in the Company’s previously issued financial statements, and re-evaluation of revenue and costs presented for this contract. The reconsideration of the government contract as a government grant will change the timing and nature of reporting for the contract but will not change the expected overall economics of the contract.

The Company’s Audit Committee made the restatement decision in consultation with management and the Company's independent registered public accounting firm. As a result of the restatement, investors should no longer rely upon the Company's previously issued financial statements for the period set forth above, earnings releases for such period, and other communications relating to the financial statements. The impact of the restatement described above is preliminary and subject to change, and will be finalized with the filing of the Company’s amended 10-K.

First Quarter 2022 Earnings and Conference Call Details

The Company will release its first quarter 2022 results prior to the market open on May 23, 2022, and will host a conference call at 10:00am EST on May 23, 2022. The conference call may be accessed via a live webcast on a listen-only basis in the Investors section of Heliogen’s website at investors.heliogen.com. The call can also be accessed live via telephone by dialing 1-877-407-0789 (1-201-689-8562 for international callers) and referencing Heliogen.

A replay of the webcast will be available shortly after the call on the Investors section of Heliogen’s website.

About Heliogen

Heliogen, Inc. is a renewable energy technology company focused on eliminating the need for fossil fuels in heavy industry and powering a sustainable future. The company’s AI-enabled, modular concentrated solar technology aims to cost-effectively deliver near 24/7 carbon-free energy in the form of heat, power, or green hydrogen fuel at scale – for the first time in history. Heliogen was created at Idealab, the leading technology incubator founded by Bill Gross in 1996. For more information about Heliogen, please visit heliogen.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as “believes,” “expects,” “intends,” “plans,” “estimates,” “assumes,” “may,” “should,” “will,” “seeks,” or other similar expressions. Such statements may include, but are not limited to, statements regarding the impact of the Company’s restatement of certain historical financial statements and the Company’s financial position, operations or liquidity. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties that may cause actual results to differ significantly, including that the process of preparing the restated financials or other subsequent events would require the Company to make additional adjustments to its previously issued financial statements. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.

Heliogen Investor Contact:
Louis Baltimore
VP, Investor Relations
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Heliogen Media Contact:
Cory Ziskind
ICR, Inc.
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ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE:AGR) will participate in the AGA Financial Forum beginning on Tuesday, May 17, 2022. Investors and other interested parties will be able to access a copy of the presentation materials after the market closes today on the Investors section of AVANGRID’s website at http://www.avangrid.com

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs more than 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.

Analysts: Alvaro Ortega, 207.629.7412

TORONTO--(BUSINESS WIRE)--$DMJ #ESG--dynaCERT Inc. (TSX: DYA) (OTCQX: DYFSF) (FRA: DMJ) ("dynaCERT" or the "Company") is pleased to announce that dynaCERT will be presenting at the third International Investment Form (“IIF”) on May 19^th, 2022.

Jim Payne, CEO of dynaCERT, will be presenting at 10:00 am EST on May 19^th, 2022.

IIF provides invited board members of listed companies to present directly to high net worth individuals and institutions, without distraction, in a 40-minute Zoom interview. Questions can be asked via chat and are answered live. dynaCERT is pleased to participate in this excellent opportunity for direct international investor contact.

This is the third International Investment Forum being held, bringing together interested investors with selected listed small and mid-caps from around the world. At the last IIF, over 1,000 participants from all continents registered for this digital event held in English. IIF is made possible by its partners, Apaton Finance GmbH and GBC AG, who also sponsor dynaCERT.

Jim Payne, President & CEO of dynaCERT stated, “On behalf of dynaCERT, I am looking forward to presenting at the third International Investment Form at 10:00 am EST on May 19^th, 2022. As oil prices soar to new highs and the entire globe now is finally learning to deal economically with the huge detrimental impacts of COVID, the outlook for our business has never been so good. Our proprietary and patented HydraGEN™ Technology is designed to reduce fuel consumption in internal combustion engines and reduce Carbon and NOx emissions, so important to providing a global solution to reduce pollution.”

To register for the IIF, please click the link below:
https://us06web.zoom.us/webinar/register/WN_DGpMon9sSautfBEH4gZ8Ng

Information on the event, a registration option and a schedule can be found at:
https://ii-forum.com/timetable-all-events/.

About dynaCERT Inc.

dynaCERT Inc. manufactures and distributes Carbon Emission Reduction Technology for use with internal combustion engines. As part of the growing global hydrogen economy, our patented technology creates hydrogen and oxygen on-demand through a unique electrolysis system and supplies these gases through the air intake to enhance combustion, resulting in lower carbon emissions and greater fuel efficiency. Our technology is designed for use with many types and sizes of diesel engines used in on-road vehicles, reefer trailers, off-road construction, power generation, mining and forestry equipment, marine vessels and railroad locomotives. Website: www.dynaCERT.com.

READER ADVISORY

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

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

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

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

On Behalf of the Board

Murray James Payne, CEO

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

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

MINNEAPOLIS--(BUSINESS WIRE)--Public Service Company of Colorado, a Colorado corporation, announced today that it has submitted a redemption notice to The Depository Trust Company, as registered holder, to redeem all of its outstanding 2.25% First Mortgage Bonds, Series No. 23 due 2022 (the “Bonds”) on June 15, 2022 (the “Redemption Date”). The redemption price for the Bonds will be equal to 100% of the principal amount being redeemed plus accrued and unpaid interest thereon to but excluding the Redemption Date. The aggregate principal amount of Bonds currently outstanding is $300,000,000.

This press release does not constitute a notice of redemption of the Bonds. Holders of the Bonds should refer to the notice of redemption to be delivered through The Depository Trust Company.

This press release is not an offer to sell or a solicitation of an offer to buy any securities.

Xcel Energy
Financial analysts:
Paul Johnson, 612-215-4535
Vice President, Treasurer & Investor Relations
or
News media inquiries:
Xcel Energy Media Relations, 612-215-5300

DUBLIN--(BUSINESS WIRE)--The "Re-Refined Base Oil Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

The re-refined market size is expected to grow at a CAGR of 6.53% during 2022-2027.

The Global Re-Refined Base Oil Market Report includes:

• Analysis of the global Re-Refined Base Oil market - market size and growth rate for the forecast period 2022-2027.
• Comprehensive insights into current industry trends, trend forecast, and growth drivers about the global Re-Refined Base Oil market.
• The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
• It offers a complete overview of market segments and the regional outlook of the Re-Refined Base Oil market.
• The report offers a detailed overview of the vendor landscape, competitive analysis, and critical market strategies to gain competitive advantage.

MARKET OPPORTUNITIES AND TRENDS

• Growing Demand for High-Quality Base Oil
• Conserving Energy & Preserving Natural Resources

MARKET GROWTH ENABLERS

• Increasing Country-Wise Regulations
• Increasing Re-Refining Capacity

RE-REFINED BASE OIL MARKET SEGMENTATION

• Group I re-refined base oil is losing its dominance in the market due to its inability to deliver performance aligning with the current need of the industry, resulting in the shutdown of manufacturing plants across the globe
• Presently, group II re-refined base oil is dominating the market due to its low content of sulfur and aromatics, effectiveness in meeting vehicle standards, increase in demand for lubricants with low volatility, and improved fuel economy.
• From the technology perspective, the hydrotreating process is a dominating segment, with the hydrotreating process expecting to witness the highest growth.
• From the application perspective, automotive oil is the dominating segment as it consumes a major chunk of re-refined base oil.

Market Segmentation by Group

• Group I
• Group II
• Group III

Market Segmentation by Technology

• Clay Treatment
• Vacuum Distillation
• Solvent Extraction
• Hydrotreating Process
• Others

Market Segmentation by End-User

• Automotive Oil
• Industrial Oil
• Process Oil
• Metalworking Fluid
• Grease

GEOGRAPHICAL ANALYSIS

APAC was the third largest and fastest growing market for re-refined base oil. The region was led by China, where the demand is from automotive & transportation sector, mining sector, and manufacturing & machinery sector. In addition, supportive government subsidies, incentives are also promoting the growth of re-refined base oil market.

Countries such as India, and Australia, are also expected to increase re-refining capacity to reduce dependence on imported base oil. In addition, increasing environmental awareness and government measures to promote sustainability and self-reliance are also some of the drivers for the regional re-refined base oil market.

Market Segmentation by Geography

• North America
• Europe
• APAC
• Latin America
• Middle East & Africa

VENDOR ANALYSIS

The competitive scenario in the global re-refined base oil market is currently intensifying. The rapidly changing technological environment and sustainability scenario can adversely affect vendors as customers expect continual innovations and upgrades. The market is consolidated, with few players providing products with high functionality.

Key Vendors

• Avista Oil Deutschland
• Heritage-Crystal Clean
• Safety-Kleen System
• Southern Oil
• Veolia

Other Prominent Vendors

• AL Haya
• Benzoil
• Cator
• Lwart Environmental Solutions
• Masafee
• Nas Oil & Fuel
• One Ten Impex
• Puraglobe
• R.A.M. Oil
• RenGen III
• South West Petroleum (Asia Pacific) Ltd.
• STR Tecoil
• SENER Group
• Tayras
• Vertex Energy

For more information about this report visit https://www.researchandmarkets.com/r/u0xq3w

About ResearchAndMarkets.com

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

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Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--Permianville Royalty Trust (NYSE: PVL, the “Trust”) today announced a cash distribution to the holders of its units of beneficial interest of $0.032000 per unit, payable on June 14, 2022 to unitholders of record on May 31, 2022. The net profits interest calculation represents reported oil production for the month of February 2022 and reported natural gas production during January 2022. The calculation includes accrued costs incurred in March 2022.

The following table displays reported underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month recorded net profits interest calculations.

Recorded oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $3.5 million for the current month on realized wellhead prices of $86.55/Bbl, consistent with the prior month’s oil cash receipts.

Recorded natural gas cash receipts from the Underlying Properties totaled $1.7 million for the current month on realized wellhead prices of $5.00/Mcf, up $0.6 million from the prior month.

Total accrued operating expenses for the period were $2.8 million, an increase of $0.4 million from the prior period. Capital expenditures increased $0.1 million from the prior period to $0.3 million.

Given the increase in rig count and operator activity on the Underlying Properties, COERT Holdings 1 LLC (the “Sponsor”), is withholding $0.4 million from the current month’s net profits to be added to the cash reserve for approved, future development expenses this year. To date, the Sponsor has established a total reserve of approximately $1.2 million for approved development expenses this year. This reserve is intended to fund an expected increase in development expenses; however, if those expenses are ultimately delayed or are less than expected, or if the outlook changes, amounts reserved but unspent will be released as an incremental cash distribution in a future period.

About Permianville Royalty Trust

Permianville Royalty Trust is a Delaware statutory trust formed to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain, predominantly non-operated, oil and gas properties in the states of Texas, Louisiana and New Mexico. As described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”), the amount of the periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, the amount and timing of capital expenditures, and the Trust’s administrative expenses, among other factors. Future distributions are expected to be made on a monthly basis. For additional information on the Trust, please visit www.permianvilleroyaltytrust.com.

Forward-Looking Statements and Cautionary Statements

This press release contains statements that are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are “forward-looking statements” for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unitholders. The anticipated distribution is based, in large part, on the amount of cash received or expected to be received by the Trust from the Sponsor with respect to the relevant period. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by the volatility in commodity prices, which have experienced significant fluctuation since the beginning of 2020 as a result of a variety of factors that are beyond the control of the Trust and the Sponsor. Low oil and natural gas prices will reduce profits to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders. Other important factors that could cause actual results to differ materially include expenses of the Trust, reserves for anticipated future expenses and the effect, impact, potential duration or other implications of the COVID-19 pandemic. In addition, future monthly capital expenditures may exceed the average levels experienced in 2021 and prior periods. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither the Sponsor nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by the Trust is subject to the risks described in the Trust’s filings with the SEC, including the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 25, 2022. The Trust’s quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov.

Permianville Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell 1 (512) 236-6555

HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) announced today that it will participate in the 2022 EIC Investor Conference in West Palm Beach, Florida. The conference is being held in person on Monday, May 16th, 2022 and Tuesday, May 17^th, 2022.

The Partnership’s latest presentation materials are available and may be downloaded by visiting the Partnership’s website at www.genesisenergy.com under “Presentations” under the Investors tab.

Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.

Genesis Energy, L.P.
Dwayne Morley
VP – Investor Relations
(713) 860-2536

Q1 Revenues double over Q1 2021 while approaching breakeven EBITDA

WILLISTON, Vt.--(BUSINESS WIRE)--$SIRC #benzinga--iSun, Inc. (NASDAQ: ISUN) (the “Company”, or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of experience accelerating the adoption of innovative electrical technologies, today announced results for the first quarter of 2022.

Highlights

• Revenue of $15.1 million in the first quarter, up 107.8% over the first quarter in 2021
• Gross profit of $3.2 million in the first quarter compared to $0.1 million for the same period in 2021.
• Gross margins of 21.0% in the first quarter, marks third consecutive quarter of margin improvement
• Approaching break-even EBITDA despite seasonal impact to installations
• Backlog grew to $128.3 million adding approximately $41.2 million in new customer demand and contracts during the quarter

Management Commentary
“We continue to see exceptional growth with the doubling of our revenue in Q1 over the prior year,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. We expect to see this growth continue into Q2 as we transition out of the seasonality of the Northeast. Our customer demand continues to accelerate evident by the growth in our overall backlog totaling $128.3 million with new demand of $41.2 million generated in the quarter. iSun is well positioned in this rapidly evolving energy market to accelerate the adoption of solar and meet the demand as it occurs in each segment.”

First Quarter Results
iSun reported first quarter 2022 revenue of $15.1 million representing a $7.8 million or 107.8% increase over the same period in 2021. Revenue growth was driven by the continued fulfillment of residential consumer demand and execution of our commercial and industrial backlog. While we continued to execute against our existing backlog, we also generated new demand and added $41.2 million in new business during Q1.

Gross profit in the first quarter was $3.2 million compared to $0.1 million during the 1^st quarter 2021. Consolidated gross margin for the quarter was 21.0%, compared to 1.6% over the same period 2021. The margin improvement represents the third consecutive quarter in which our margin has improved. As we grow synergies and efficiencies among our segments, the strengthening of our margin is expected to continue.

Consolidated operating income was a loss of $5.7 million compared to a loss of $2.6 million over the same period 2021. We acquired several intangible and fixed assets in 2021 that began to amortize in 2022. Our non-cash depreciation and amortization expense of $1.8 million compared to $0.1 million in Q1 2021 is included in our overall operating expenses.

iSun reported a $2.9 million net loss, or ($0.23) per share in the first quarter of 2022, compared to a $3.1 million loss, or ($0.41) per share over the same period 2021.

EBITDA for the quarter was approaching break-even, with a loss of ($0.12) million compared to a loss of ($1.4) million the year prior. We are encouraged by these results, particularly with the variability of the seasonal impact to our installation schedules during Q1.

Our residential division generated revenue of approximately $6.7 million during Q1 and grew customer demand to $26.2 million with execution anticipated over three to five months.

Our commercial and industrial division generated revenue of approximately $6.9 million during Q1 and grew contracted backlog to $102.1 million with execution anticipated over twelve to eighteen months.

Our utility division generated revenue of approximately $1.5 million during Q1 and has 550MW of utility scale projects and 120MW of commercial and industrial scale projects under development. As these projects transition to the installation phase, they will be added to the respective backlogs.

Outlook
The multi-segment strategy positioned us to meet the evolving demand as well as diversifying our revenue stream which insulates us from challenges created by economic and political uncertainty impacting the global energy market. We are insulated but not immune from industry dynamics and based on the current environment, we are adjusting our 2022 revenue guidance to $125 million. We will continue to monitor these developments closely and evaluate the impacts they will have on each of our divisions and our forecast. We remain committed to our mission and returning the Company to profitability and cash flow positive in 2022.

First Quarter 2022 Conference Call Details
iSun will host a conference call on Tuesday, May 17th, at 8:30 AM EDT to review the Company’s financial results, discuss recent events, and conduct a question-and-answer session. Participants can access the live conference call via telephone at 877-545-0523, using Conference ID #728525. An archived audio replay will be available through May 31, 2022, at 877-481-4010, Conference ID# 45602.

Interested parties may also listen to the live audio of the conference call by visiting the Investor Relations section of the iSun website at investors.isunenergy.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time to register, download, and install any necessary audio software.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Non-GAAP Financial Measures
Included in this presentation are discussions and reconciliations of earnings before interest, income tax and depreciation and amortization (“EBITDA”) and EBITDA adjusted for certain non-cash, non-recurring or non-core expenses (“Adjusted EBITDA”) to net loss in accordance with GAAP. Adjusted EBITDA excludes certain non-cash and other expenses, certain legal services costs, professional and consulting fees and expenses, and one-time Reverse Merger and Recapitalization expenses and certain adjustments. We believe that these non-GAAP measures illustrate the underlying financial and business trends relating to our results of operations and comparability between current and prior periods. We also use these non-GAAP measures to establish and monitor operational goals.

These non-GAAP measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute or superior to, the other measures of financial performance prepared in accordance with GAAP. Using only the non-GAAP financial measures, particularly Adjusted EBITDA, to analyze our performance would have material limitations because such calculations are based on a subjective determination regarding the nature and classification of events and circumstances that investors may find significant. We compensate for these limitations by presenting both the GAAP and non-GAAP measures of our operating results. Although other companies may report measures entitled “Adjusted EBITDA” or similar in nature, numerous methods may exist for calculating a company’s Adjusted EBITDA or similar measures. As a result, the methods that we use to calculate Adjusted EBITDA may differ from the methods used by other companies to calculate their non-GAAP measures.

The reconciliations of EBITDA and Adjusted EBITDA to net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, are shown in the table below:

About iSun Inc.
Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted electrical contractor to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 400 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.

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

The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

IR Contact:
Tyler Barnes
This email address is being protected from spambots. You need JavaScript enabled to view it.
802-289-8141

• Formation of Granite Ridge creates a scaled, non-operated oil and gas exploration and production company with an unlevered balance sheet and immediate free cash flow generation
• Assets include a diversified portfolio of production and top-tier acreage across the Permian and other prolific US basins in partnership with proven operators
• Pro forma enterprise value of Granite Ridge estimated at approximately $1.3 billion underpinned by an expected initial 3.5% - 4.6% regular dividend yield, depending on redemptions, and an attractive entry valuation multiple for investors
• Estimated 2022 net production of 20.5 thousand barrels of oil equivalent per day
• 2022 estimated EBITDA of approximately $425 million¹ and strong free cash flow of more than $240 million²
• Fortress balance sheet with net leverage expected to be below 0.0x at the end of second quarter 2022
• Management team, sponsor economics and governance are highly aligned with public stockholders
• Scaled platform poised to consolidate the fragmented non-operated market

DALLAS & BOSTON--(BUSINESS WIRE)--Grey Rock Investment Partners (“Grey Rock”), a Dallas-based investment firm, and Executive Network Partnering Corporation ("ENPC") (NYSE: ENPC), a special purpose acquisition entity, announced today that they have entered into a definitive agreement to complete a $1.3 billion business combination resulting in the formation of publicly traded Granite Ridge Resources, Inc. (“Granite Ridge”). Subject to approval by the ENPC stockholders and customary regulatory requirements, Granite Ridge intends to be listed on the NYSE under the ticker symbol “GRNT” upon closing, which is expected to occur later this year. Granite Ridge will be led by chief executive officer Luke Brandenberg and chief financial officer Tyler Farquharson.

Leadership Perspectives

“We see a tremendous market opportunity driven by the ever-increasing global demand for traditional energy commodities,” said Griffin Perry, Co-Founder of Grey Rock. “In creating Granite Ridge, we have the unique opportunity to build a new company anchored by a premiere, scaled, non-operated oil and gas platform diversified across five of the most prolific basins in the United States.” Matt Miller, Co-Founder of Grey Rock added, “We are excited to partner with ENPC to enter the public markets and deliver on our commitment to create healthy, risk-adjusted returns in underserved areas of the oil and gas market, while creating long-term value for Granite Ridge’s stockholders.”

“This transaction with Grey Rock reflects our philosophy and commitment to matching accomplished, proven executives and great assets, with the proper capital structure to maximize results and value creation,” said Paul Ryan, Chairman of ENPC and former Speaker of the U.S. House of Representatives. “As hydrocarbons continue to play an important role in the global energy mix, we are confident that Granite Ridge, led by a world-class team with deep operational, technical, and financial expertise, is a compelling opportunity for investors looking to participate in the energy space.”

“I look forward to leading Granite Ridge as we enter the public market and seize the opportunities presented by today’s energy environment,” said Luke Brandenberg, future Granite Ridge chief executive officer. “As demonstrated by consistent success across multiple hydrocarbon price cycles and a fortress balance sheet, Grey Rock is unique among its peer group. Our team at Granite Ridge will maintain Grey Rock’s strategic, adaptable approach as we focus on non-operated working interest and joint ventures, partner with experienced operators in the most prolific basins, leverage real-time data and analytics, and build a diversified asset base that generates attractive returns and substantial value for our partners.”

Transaction Details

In connection with this transaction, Grey Rock will contribute oil and gas assets currently held in its Fund I, Fund II, and Fund III portfolios to Granite Ridge in exchange for equity. Grey Rock will not receive any cash proceeds as part of this transaction and will roll all of its equity into the pro forma company. Assuming no redemptions paid from ENPC cash in trust, gross proceeds of approximately $414 million held in the trust account will be transferred to Granite Ridge in connection with the transaction for growth capital purposes, including future acquisitions.

Members of the Grey Rock team will continue to help manage the assets post-transaction through a long-term services agreement, providing technical, legal, commercial, acquisition and divestment, and back-office support. The seasoned team brings significant oil and gas experience across multiple basins, having generated strong returns through various cycles.

Granite Ridge and Grey Rock have agreed that during the term of the services agreement, Granite Ridge and any additional oil and gas-focused funds managed by Grey Rock shall have the opportunity to jointly participate in investment opportunities for upstream oil and gas assets, with 75% of any future transactions allocated to Granite Ridge and 25% of any future transactions allocated to oil and gas funds managed by Grey Rock.

The transaction was unanimously approved by the board of ENPC and remains subject to the approval of ENPC stockholders and the satisfaction or waiver of other customary conditions. Upon closing, Granite Ridge will maintain a seven-person board, which will include three independent directors as well as a committee dedicated to strong ESG (environment, social and governance) practices.

Please see the investor presentation for more detail.

Advisors

Evercore is acting as exclusive financial and capital markets advisor to Grey Rock and Stephens Inc. is acting as financial advisor to ENPC. Holland & Knight LLP is acting as legal counsel to Grey Rock and Kirkland & Ellis LLP is acting as legal counsel to ENPC.

Presentation Information

https://www.enpc.co/news/presentations

About Grey Rock Investment Partners

Grey Rock Investment Partners is a Dallas-based private equity firm with more than $525 million of committed capital under management and interests in more than 2,500 wells in core areas of the Midland, Delaware, Bakken, Eagle Ford, DJ, and Haynesville plays. With a focus on lower and mid-market non-operated working interests, Grey Rock builds positions with low breakeven costs to provide investors with attractive risk-adjusted returns. Grey Rock was founded and is led by three managing directors: Matt Miller, Griffin Perry and Kirk Lazarine. For more information, visit www.grey-rock.com

About Executive Network Partnering Corporation

Executive Network Partnering Corporation (NYSE: ENPC) was formed as a partnership among Paul Ryan, as Chairman, who served as the 54th Speaker of the U.S. House of Representatives and currently serves as a Partner at Solamere Capital; Alex Dunn, as CEO, who has served in various senior operating roles at several businesses where he helped grow shareholder value, most recently as President of Vivint SmartHome (NYSE: VVNT); and Solamere Capital, a private equity firm anchored by its network of leading business executives, including former chief executive officers of S&P 500 companies. ENPC was established for the purpose of identifying a company to partner with in order to effectuate a merger, share exchange, asset acquisition, share purchase, reorganization or similar partnering transaction with one or more businesses. For more information, visit https://www.enpc.co/

Forward-Looking Statements

This news release includes certain statements that may constitute “forward-looking statements” for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about Grey Rock’s, ENPC’s and Granite Ridge’s ability to effectuate the proposed business combination discussed in this news release; the benefits of the proposed business combination; the future financial performance of Granite Ridge following the transactions; changes in Grey Rock’s or Granite Ridge’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management. These forward-looking statements are based on information available as of the date of this news release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Grey Rock’s, ENPC’s or Granite Ridge’s views as of any subsequent date, and none of Grey Rock, ENPC or Granite Ridge undertakes any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. You should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, Grey Rock’s and Granite Ridge’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: (i) the timing to complete the proposed business combination; (ii) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements relating to the proposed business combination; (iii) the outcome of any legal proceedings that may be instituted against ENPC, Grey Rock, Granite Ridge or others following announcement of the proposed business combination; (iv) the inability to complete the proposed business combination due to the failure to obtain the approval of ENPC stockholders; (v) Granite Ridge’s success in retaining or recruiting, or changes required in, its officers, key employees or directors following the proposed business combination; (vi) Granite Ridge’s ability to obtain the listing of its common stock and warrants on NYSE following the proposed business combination; (vii) the risk that the proposed business combination disrupts current plans and operations of Grey Rock as a result of the announcement and consummation of the proposed business combination; (viii) the ability to recognize the anticipated benefits of the proposed business combination; (ix) unexpected costs related to the proposed business combination; (x) the amount of any redemptions by public stockholders of ENPC being greater than expected; (xi) the management and board composition of Granite Ridge following the proposed business combination; (xii) limited liquidity and trading of Granite Ridge’s securities; (xiii) the use of proceeds not held in ENPC’s trust account or available from interest income on the trust account balance; (xiv) geopolitical risk and changes in applicable laws or regulations; (xv) the possibility that Grey Rock, ENPC or Granite Ridge may be adversely affected by other economic, business, and/or competitive factors; (xvi) operational risk; (xvii) the possibility that the COVID-19 pandemic, or another major disease, disrupts Grey Rock’s business; (xviii) litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on Grey Rock’s resources; and (xix) the risks that the consummation of the proposed business combination is substantially delayed or does not occur.

No Offer or Solicitation

This communication relates to a proposed business combination between Grey Rock and ENPC. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Important Information for Investors and Stockholders and Where to Find It

In connection with the proposed business combination between Grey Rock and ENPC, Granite Ridge and ENPC intend to file a registration statement on Form S-4 (as may be amended from time to time, the "Registration Statement") that includes a preliminary proxy statement/prospectus of ENPC and a preliminary prospectus of Granite Ridge, and after the Registration Statement is declared effective, ENPC will mail a definitive proxy statement/prospectus relating to the proposed business combination to ENPC’s stockholders. The Registration Statement, including the proxy statement/prospectus contained therein, when declared effective by the Securities and Exchange Commission ("SEC"), will contain important information about the proposed business combination and the other matters to be voted upon at a meeting of ENPC’s stockholders to be held to approve the proposed business combination (and related matters). This communication does not contain all the information that should be considered concerning the proposed business combination and other matters and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. ENPC and Granite Ridge may also file other documents with the SEC regarding the proposed business combination. ENPC stockholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the proposed business combination, as these materials will contain important information about ENPC, Granite Ridge, Grey Rock and the proposed business combination.

When available, the definitive proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to ENPC stockholders as of a record date to be established for voting on the proposed business combination. Stockholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed or that will be filed with the SEC, free of charge, by ENPC and Granite Ridge through the website maintained by the SEC at www.sec.gov, or by directing a request to ENPC, 137 Newbury Street, 17th Floor, Boston, Massachusetts 02116.

Participants in the Solicitation

ENPC, Granite Ridge, Grey Rock and their respective directors, officers and related persons may be deemed participants in the solicitation of proxies of ENPC stockholders in connection with the proposed business combination. ENPC stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of ENPC, and a description of their interests in ENPC is contained in ENPC’s final prospectus related to its initial public offering, dated September 15, 2020 and in ENPC’s subsequent filings with the SEC. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to ENPC stockholders in connection with the proposed business combination and other matters to be voted upon at the ENPC shareholder meeting will be set forth in the Registration Statement for the proposed business combination when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination will be included in the Registration Statement that Granite Ridge and ENPC intend to file with the SEC. You may obtain free copies of these documents as described in the preceding paragraph.

1. Based on NYMEX strip pricing as of 5/11/22
2. Free cash flow (FCF) defined as operating cash flow less net capex and based on NYMEX strip pricing as of 5/11/22

Investor & Media Contact: Emmie Watts – This email address is being protected from spambots. You need JavaScript enabled to view it. – 801.400.3077

ATHENS, Greece--(BUSINESS WIRE)--Danaos Corporation (“Danaos”) (NYSE: DAC), one of the world’s largest independent owners of containerships, today reported unaudited results for the quarter ended March 31, 2022.

Highlights for the First Quarter Ended March 31, 2022:

• Adjusted net income¹ of $235.3 million, or $11.36 per share, for the three months ended March 31, 2022 compared to $58.0 million, or $2.83 per share, for the three months ended March 31, 2021, an increase of 305.7%.
• Net income of $331.5 million, or $16.00 per share, for the three months ended March 31, 2022 compared to $296.8 million, or $14.47 per share, for the three months ended March 31, 2021.
• Liquidity in cash and marketable securities was $708 million as of March 31, 2022.
• Operating revenues of $229.9 million for the three months ended March 31, 2022 compared to $132.1 million for the three months ended March 31, 2021, an increase of 74.0%.
• Adjusted EBITDA¹ of $269.5 million for the three months ended March 31, 2022 compared to $96.3 million for the three months ended March 31, 2021, an increase of 179.9%.
• Total contracted operating revenues were $2.7 billion as of March 31, 2022, with charters extending through 2028 and remaining average contracted charter duration of 3.8 years, weighted by aggregate contracted charter hire.
• Charter coverage of 95.5% for the next 12 months based on current operating revenues and 96.2% in terms of contracted operating days.
• Danaos has declared a dividend of $0.75 per share of common stock for the first quarter of 2022, which is payable on June 8, 2022 to stockholders of record as of May 27, 2022.
• During the second quarter of 2022 we have repaid and are committed to repay early $437 million of debt and leasing obligations as a result of which 13 vessels in our fleet will become unencumbered.

Three Months Ended March 31, 2022
Financial Summary - Unaudited
(Expressed in thousands of United States dollars, except per share amounts)

¹ Adjusted net income, adjusted earnings per share and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income to adjusted net income and net income to adjusted EBITDA.

Danaos’ CEO Dr. John Coustas commented:

"The first quarter of 2022 was another exceptional one for Danaos. Having already seeded the future with $2.7 billion of contracted revenue, we are operating from a position of strength and confidence. This allowed us to invest in the future by ordering six vessels in the 7,000 - 8,000 TEU range, to be delivered between March and September 2024, that are ready to be converted to run on green methanol when such fuel is widely available. Our position in ZIM continues to generate solid returns, including $110 million in net dividends declared in the first quarter.

The broader market has been affected by geopolitical events, high energy prices, inflation, the interest rate outlook, and China's "Zero-Covid" policy. Although box freight rates and charter rates have not been significantly affected, sentiment has changed, and market participants have adopted a more conservative short-term attitude. On the other hand, supply chain inefficiencies continue unabated and there is little likelihood that conditions improve this year. This has led to record profits for the liner companies and, most importantly, higher contract levels. Also, fuel oil prices are reaching levels not seen for more than a decade at the same time as supply chain disruptions have resulted in an increase in average sailing speed. Over time, the global container network will normalize as new vessels are delivered and sailing speeds are reduced to enable the industry to comply with decarbonization timelines.

In the midst of an uncertain backdrop, Danaos is well positioned to continue to execute our strategy. We are simultaneously pursuing fleet growth, returning value to shareholders, and further enhancing our balance sheet. Most recently, we have accelerated de-leveraging to minimize the impact of rising interest rates. During the second quarter of 2022 we have already repaid early $364 million in debt and lease obligations while another $73 million, for which we have issued early repayment notices, will also be repaid early through the end of the second quarter. As a result of this overall leverage reduction of $437 million, 13 vessels in our fleet will become unencumbered.

Liquidity also stands very strong. As at the end of the first quarter we had $708 million in cash and marketable securities, while during the second quarter we received $239 million of charter hire prepayment related to charter contracts for 15 of our vessels, representing partial prepayment of charter hire payable during the period from May 2022 through January 2027.

As a result of our actions, Danaos has the strongest balance sheet in the industry, which will enable us to continue to pursue attractive opportunities when they arise for the benefit of our shareholders."

Three months ended March 31, 2022 compared to the three months ended March 31, 2021

During the three months ended March 31, 2022, Danaos had an average of 71.0 containerships compared to 60.0 containerships during the three months ended March 31, 2021. Our fleet utilization for the three months ended March 31, 2022 was 97.4% compared to 98.6% for the three months ended March 31, 2021.

Our adjusted net income amounted to $235.3 million, or $11.36 per share, for the three months ended March 31, 2022 compared to $58.0 million, or $2.83 per share, for the three months ended March 31, 2021. We have adjusted our net income in the three months ended March 31, 2022 for the change in fair value of our investment in ZIM Integrated Shipping Services Ltd. (“ZIM”) of $99.5 million and a non-cash fees amortization and accrued finance fees charge of $3.4 million. Please refer to the Adjusted Net Income reconciliation table, which appears later in this earnings release.

The $177.3 million increase in adjusted net income for the three months ended March 31, 2022 compared to the three months ended March 31, 2021 is attributable mainly to a $97.8 million increase in operating revenues and recognition of a $110.0 million dividend from ZIM (net of withholding taxes), which were partially offset by a $22.9 million increase in total operating expenses, a $5.8 million increase in net finance expenses and a $1.8 million decrease in our equity income on investment in Gemini Shipholdings Corporation (“Gemini”) following our acquisition and full consolidation of Gemini since July 1, 2021.

On a non-adjusted basis, our net income amounted to $331.5 million, or $16.00 earnings per diluted share, for the three months ended March 31, 2022 compared to net income of $296.8 million, or $14.47 earnings per diluted share, for the three months ended March 31, 2021. Our net income for the three months ended March 31, 2022 includes a total gain on our investment in ZIM of $209.5 million (net of withholding taxes on dividend).

Operating Revenues

Operating revenues increased by 74.0%, or $97.8 million, to $229.9 million in the three months ended March 31, 2022 from $132.1 million in the three months ended March 31, 2021.

Operating revenues for the three months ended March 31, 2022 reflect:

• a $48.9 million increase in revenues in the three months ended March 31, 2022 compared to the three months ended March 31, 2021 mainly as a result of higher charter rates;
• a $20.8 million increase in revenues in the three months ended March 31, 2022 compared to the three months ended March 31, 2021 due to the incremental revenue generated by newly acquired vessels;
• a $11.4 million increase in revenue in the three months ended March 31, 2022 compared to the three months ended March 31, 2021 due to higher non-cash revenue recognition in accordance with US GAAP; and
• a $16.7 million increase in revenues in the three months ended March 31, 2022 compared to the three months ended March 31, 2021 due to amortization of assumed time charters.

Vessel Operating Expenses

Vessel operating expenses increased by $8.1 million to $39.2 million in the three months ended March 31, 2022 from $31.1 million in the three months ended March 31, 2021, primarily as a result of the increase in the average number of vessels in our fleet and an increase in the average daily operating cost for vessels on time charter to $6,307 per vessel per day for the three months ended March 31, 2022 compared to $5,954 per vessel per day for the three months ended March 31, 2021. The average daily operating cost increased mainly due to the COVID-19 related increase in crew remuneration and insurance expenses due to increased insured values of the vessels. Management believes that our daily operating costs remain among the most competitive in the industry.

Depreciation & Amortization

Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.

Depreciation

Depreciation expense increased by 29.5%, or $7.6 million, to $33.4 million in the three months ended March 31, 2022 from $25.8 million in the three months ended March 31, 2021 due to recent acquisitions of eleven vessels.

Amortization of Deferred Dry-docking and Special Survey Costs

Amortization of deferred dry-docking and special survey costs increased by $0.2 million to $2.7 million in the three months ended March 31, 2022 from $2.5 million in the three months ended March 31, 2021.

General and Administrative Expenses

General and administrative expenses decreased by $3.5 million to $7.4 million in the three months ended March 31, 2022, from $10.9 million in the three months ended March 31, 2021. The decrease was mainly attributable to decreased stock-based compensation expenses.

Other Operating Expenses

Other Operating Expenses include Voyage Expenses.

Voyage Expenses

Voyage expenses increased by $3.0 million to $7.2 million in the three months ended March 31, 2022 from $4.2 million in the three months ended March 31, 2021 primarily as a result of the increase in commissions due to the increase in revenue per vessel and the increase in the average number of vessels in our fleet.

Interest Expense and Interest Income

Interest expense increased by 13.2%, or $2.0 million, to $17.1 million in the three months ended March 31, 2022 from $15.1 million in the three months ended March 31, 2021. The increase in interest expense is a combined result of:

• a $5.6 million reduction in the recognition through our income statement of accumulated accrued interest that had been accrued in 2018 in relation to two of our credit facilities that were refinanced on April 12, 2021. As a result of the refinancing, the recognition of such accumulated interest has decreased;
• a $2.1 million decrease in interest expense due to a decrease in our average indebtedness by $257.8 million between the two periods (average indebtedness of $1,356.7 million in the three months ended March 31, 2022, compared to average indebtedness of $1,614.5 million in the three months ended March 31, 2021), which was partially offset by an increase in our debt service cost by approximately 0.2%; and
• a $1.5 million decrease in the amortization of deferred finance costs and debt discount related to our 2018 debt refinancing.

As of March 31, 2022, our outstanding debt, gross of deferred finance costs, was $1,118.6 million, which includes $300 million aggregate principal amount of our Senior Notes, and our leaseback obligation was $210.2 million. These balances compare to debt of $1,306.8 million and a leaseback obligation of $117.5 million as of March 31, 2021. See “Recent Developments” below.

Interest income decreased by $2.0 million to nil in the three months ended March 31, 2022 compared to $2.0 million in the three months ended March 31, 2021 mainly as a result of full collection of accrued interest on ZIM and HMM bonds, which were redeemed by the issuers thereof in the year 2021.

Gain on investments

The gain on investments of $221.7 million in the three months ended March 31, 2022 consists of the change in fair value of our shareholding interest in ZIM of $99.5 million and dividends recognized on ZIM ordinary shares of $122.2 million. Our remaining shareholding interest of 7,186,950 ordinary shares of ZIM has been fair valued at $522.6 million as of March 31, 2022, based on the closing price of ZIM’s ordinary shares on the NYSE on that date. Subsequently, in April 2022, we sold 1,500,000 of these ZIM ordinary shares resulting in proceeds to us of $85.3 million.

Equity income on investments

Equity income on investments in Gemini decreased to nil in the three months ended March 31, 2022 compared to $1.8 million in the three months ended March 31, 2021 following our acquisition and full consolidation of Gemini since July 1, 2021.

Other finance expenses, net

Other finance expenses, net increased by $0.1 million to $0.6 million in the three months ended March 31, 2022 compared to $0.5 million in the three months ended March 31, 2021.

Loss on derivatives

Amortization of deferred realized losses on interest rate swaps remained stable at $0.9 million in each of the three months ended March 31, 2022 and March 31, 2021.

Other income, net

Other income, net was $0.5 million in the three months ended March 31, 2022 compared to $4.0 million in the three months ended March 31, 2021. The decrease was mainly due to the collection from Hanjin Shipping of $3.9 million as a partial payment of common benefit claim and interest in the three months ended March 31, 2021.

Income taxes

Income taxes were $12.2 million in the three months ended March 31, 2022, related to the taxes withheld on dividend income earned on ZIM ordinary shares and compared to no income tax in the three months ended March 31, 2021.

Adjusted EBITDA

Adjusted EBITDA increased by 179.9%, or $173.2 million, to $269.5 million in the three months ended March 31, 2022 from $96.3 million in the three months ended March 31, 2021. As outlined above, the increase is mainly attributable to a $81.1 million increase in operating revenues (net of $16.7 million amortization of assumed time charters) and recognition of a $110.0 million dividend from ZIM (net of withholding taxes) in the three months ended March 31, 2022, which were partially offset by a $16.1 million increase in total operating expenses and a $1.8 million decrease in equity investment in Gemini following our acquisition and full consolidation since July 1, 2021. Adjusted EBITDA for the three months ended March 31, 2022 is adjusted for a $111.8 million change in fair value of the investment in ZIM and dividend withholding taxes and stock-based compensation of $0.1 million. Tables reconciling Adjusted EBITDA to Net Income can be found at the end of this earnings release.

Dividend Payment

Danaos has declared a dividend of $0.75 per share of common stock for the first quarter of 2022, which is payable on June 8, 2022 to stockholders of record as of May 27, 2022.

Recent Developments

In March 2022, we entered into an agreement to build two 7,100 TEU container vessels in Dalian Shipbuilding in China for a contracted price of $156 million and in April 2022, we entered into an agreement to build four 8,000 TEU container vessels in Daehan Shipbuilding in South Korea for a contracted price of $372.7 million. All these fuel-efficient vessels are expected to be delivered to us in 2024.

In April 2022, we sold 1,500,000 ordinary shares of ZIM resulting in proceeds of $85.3 million.

On May 12, 2022, we early extinguished our leasing obligation amounting to $97.4 million as of March 31, 2022 related to the vessels CMA CGM Melisande, CMA CGM Attila, CMA CGM Tancredi, CMA CGM Bianca and CMA CGM Samson and we also early extinguished $270.0 million of the outstanding Natwest loan principal of the Citibank/Natwest $815 mil. Facility, which reduced the future quarterly installments of the remaining facility to $12.9 million and the balloon payment at maturity was reduced to $309.0 million. Additionally, on May 12, 2022, we sent notice of early full repayment to our lenders related to (i) $43 million loan outstanding with the Macquarie Bank to be fully repaid on June 30, 2022, (ii) $20.55 million loan outstanding with Eurobank to be fully repaid on May 25, 2022 and (iii) $9.8 million loan outstanding with SinoPac to be fully repaid on July 1, 2022.

In April 2022, we entered into a preliminary term sheet agreement for a $130.0 million loan facility with major financial institutions, subject to final documentation, which will be secured by our six 5,466 TEU sister vessels acquired in 2021. This facility is expected to be drawn down in the 2^nd quarter of 2022.

Conference Call and Webcast

On Tuesday, May 16, 2022 at 9:00 A.M. ET, the Company's management will host a conference call to discuss the results.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 844 802 2437 (US Toll Free Dial In), 0800 279 9489 (UK Toll Free Dial In) or +44 (0) 2075 441 375 (Standard International Dial In). Please indicate to the operator that you wish to join the Danaos Corporation earnings call.

A telephonic replay of the conference call will be available until May 24, 2021 by dialing 1 877 344 7529 (US Toll Free Dial In) or 1-412-317-0088 (Standard International Dial In) and using 2700349# as the access code.

Audio Webcast

There will also be a live and then archived webcast of the conference call on the Danaos website (www.danaos.com). Participants of the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

Slide Presentation

A slide presentation regarding the Company and the containership industry will also be available on the Danaos website (www.danaos.com).

About Danaos Corporation

Danaos Corporation is one of the largest independent owners of modern, large-size containerships. Our current fleet of 71 containerships aggregating 436,589 TEUs and 6 under construction containerships aggregating 46,200 TEUs ranks Danaos among the largest containership charter owners in the world based on total TEU capacity. Our fleet is chartered to many of the world's largest liner companies on fixed-rate charters. Our long track record of success is predicated on our efficient and rigorous operational standards and environmental controls. Danaos Corporation's shares trade on the New York Stock Exchange under the symbol "DAC".

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions. Although Danaos Corporation believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Danaos Corporation cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, including effects on global economic activity, demand for seaborne transportation of containerized cargo, the ability and willingness of charterers to perform their obligations to us, charter rates for containerships, shipyards performing scrubber installations, drydocking and repairs, changing vessel crews and availability of financing; Danaos’ ability to achieve the expected benefits of the 2021 debt refinancing and comply with the terms of its new credit facilities and other financing agreements; the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-docking, changes in Danaos Corporation's operating expenses, including bunker prices, dry-docking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, including the conflict in Ukraine and related sanctions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by Danaos Corporation with the U.S. Securities and Exchange Commission.

Visit our website at www.danaos.com

Appendix

Fleet Utilization

Danaos had 16 unscheduled off-hire days in the three months ended March 31, 2022. The following table summarizes vessel utilization and the impact of the off-hire days on the Company’s revenue.

Fleet List

The following table describes in detail our fleet deployment profile as of May 16, 2022:

For further information:

Company Contact:
Evangelos Chatzis
Chief Financial Officer
Danaos Corporation
Athens, Greece
Tel.: +30 210 419 6480
E-Mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Iraklis Prokopakis
Senior Vice President and Chief Operating Officer
Danaos Corporation
Athens, Greece
Tel.: +30 210 419 6400
E-Mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations and Financial Media
Rose & Company
New York
Tel. 212-359-2228
E-Mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

First Quarter Highlights

• Operating revenues of $19.2 million for first quarter 2022, an increase of 54% over first quarter 2021
• First quarter 2022 GAAP net income of $60.1 million, as compared to first quarter 2021 net income of $0.3 million driven by a $64.8 million non-cash gain from fair value remeasurement of both warrants and alignment shares
• First quarter 2022 adjusted EBITDA* of $8.8 million, an increase of 38% over first quarter 2021
• Unrestricted cash balance of $318.2 million as of March 31, 2022
• Reaffirmed full year 2022 adjusted EBITDA* guidance of $57-63 million
• Announced partnership with Trammell Crow for installation of up to 300 MW of solar generation assets

STAMFORD, Conn.--(BUSINESS WIRE)--Altus Power, Inc. (NYSE: AMPS) (“Altus Power” or the “Company”), a leading clean electrification company, today announced its financial results for the first quarter of 2022.

“We believe our first quarter results position us well to achieve our 2022 financial projections as we focus on driving growth from our over one gigawatt pipeline of opportunities," said Gregg Felton, Co-CEO of Altus Power. "We are continuing to experience a significant level of customer engagement and we believe the substantial upward pressure on utility rates from a variety of factors serves to enhance the economic incentive to install solar, growing our addressable market further.”

Co-CEO Lars Norell added, “Altus Power’s agreement to install up to 300 megawatts of solar power generation assets in partnership with Trammell Crow demonstrated new potential for our renewable solutions. Clean electrification can be included into building plans from the earliest stages of design and construction, which we believe not only optimizes design but also increases sustainability for tenants out of the gate.”

First Quarter Financial Results

Operating revenues during the first quarter of 2022 totaled $19.2 million, compared to $12.5 million during the same period of 2021, an increase of 54%. The increase reflects the growth of megawatts installed over the past twelve months. First quarter 2022 GAAP net income totaled $60.1 million, which was driven by a $64.8 million non-cash gain from remeasurement of both warrants and alignment shares, compared to net income of $0.3 million for the same period last year. This benefit from remeasurement is non-cash and is driven by a lower Altus Power common share price between December 31, 2021 and March 31, 2022, and is subject to remeasurement based on our share price at the end of each quarter.

Adjusted EBITDA* during the first quarter of 2022 was $8.8 million, compared to $6.3 million for the first quarter of 2021, a 38% increase. The quarter over quarter growth in adjusted EBITDA* is primarily the result of increased revenue from additional solar energy facilities, offset by an increase in our general and administrative expenses. Adjusted EBITDA margin* during the first quarter was 46%, compared to 51% in the first quarter of 2021, largely driven by an increase in general and administrative expenses to support future growth.

Balance Sheet and Liquidity

Altus Power ended the first quarter of 2022 with $318.2 million in unrestricted cash, and $543.1 million of total debt, resulting in net debt of $224.9 million. The Company expects to fund its operations using available cash, additional borrowings under debt facilities and third-party tax equity financing, for the foreseeable future.

2022 Guidance

Altus Power reaffirms its 2022 adjusted EBITDA* guidance range of $57-63 million, as well as guidance for 2022 adjusted EBITDA margin* in the mid-50% range. First quarter is historically the most impacted by shorter daylight hours and snow conditions experienced by our portfolio, particularly given our exposure to northeastern states. This seasonality historically produces lower margins in the first quarter relative to annual results. Management focuses on adjusted EBITDA and adjusted EBITDA margin as key measures of profitable growth and approximation of cash flow generation.

Conference Call Information

The Altus Power management team will host a conference call to discuss its first quarter 2022 financial results on Monday, May 16, 2022, at 8:30 a.m. Eastern Time. The call can be accessed via a live webcast accessible on the Events & Presentations page in the Investor Relations section of Altus Power’s website at www.altuspower.com. An archive of the webcast will be available after the call on the Investor Relations section of Altus Power’s website as well.

About Altus Power, Inc.

Altus Power, based in Stamford, Connecticut, is the nation’s premier clean electrification company. Altus Power serves its commercial, industrial, public sector and community solar customers by developing, owning and operating locally sited solar generation, energy storage, and EV charging infrastructure across 18 states from Vermont to Hawaii. Visit altuspower.com to learn more.

Use of Non-GAAP Financial Information

*Denotes Non-GAAP financial measure. We present our operating results in accordance with accounting principles generally accepted in the U.S. (“GAAP”). We believe certain financial measures, such as adjusted EBITDA and adjusted EBITDA margin provide users of our financial statements with supplemental information that may be useful in evaluating our business. The presentation of non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We define adjusted EBITDA as net income (loss) plus net interest expense, depreciation, amortization and accretion expense, income tax expense, acquisition and entity formation costs, non-cash compensation expense, and excluding the effect of certain non-recurring items we do not consider to be indicative of our ongoing operating performance such as, but not limited to, gain on fair value remeasurement of contingent consideration, gain on disposal of property, plant and equipment, change in fair value of redeemable warrant liability, change in fair value of alignment shares, loss on extinguishment of debt, and other miscellaneous items of other income and expenses.

We define adjusted EBITDA margin as adjusted EBITDA divided by operating revenues.

Adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures that we use to measure our performance. We believe that investors and analysts also use adjusted EBITDA in evaluating our operating performance. This measurement is not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. The GAAP measure most directly comparable to adjusted EBITDA is net income and to adjusted EBITDA margin is net income over operating revenues. The presentation of adjusted EBITDA and adjusted EBITDA margin should not be construed to suggest that our future results will be unaffected by non-cash or non-recurring items. In addition, our calculation of adjusted EBITDA and adjusted EBITDA margin are not necessarily comparable to adjusted EBITDA as calculated by other companies and investors and analysts should read carefully the components of our calculations of these non-GAAP financial measures.

We believe adjusted EBITDA is useful to management, investors and analysts in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis. These adjustments are intended to exclude items that are not indicative of the ongoing operating performance of the business. Adjusted EBITDA is also used by our management for internal planning purposes, including our consolidated operating budget, and by our board of directors in setting performance-based compensation targets. Adjusted EBITDA should not be considered an alternative to but viewed in conjunction with GAAP results, as we believe it provides a more complete understanding of ongoing business performance and trends than GAAP measures alone. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP.

Altus Power does not provide GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty and without unreasonable effort, items such as acquisition and entity formation costs, gain on fair value remeasurement of contingent consideration, change in fair value of redeemable warrant liability, change in fair value of alignment shares. These items are uncertain, depend on various factors, and could be material to Altus Power’s results computed in accordance with GAAP.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as "believes," "expects," "intends," "may," “could,” "will," "should," "plans," “projects,” “forecasts,” “seeks,” “anticipates,” “goal,” “objective,” “target,” “estimate,” “future,” “outlook,” “vision,” or variations of such words or similar terminology that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to Altus Power’s future prospects, developments and business strategies. These statements are based on Altus Power’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Altus Power’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the ability of Altus Power to maintain its listing on the New York Stock Exchange; (2) the ability to recognize the anticipated benefits of the recently completed business combination and related transactions, which may be affected by, among other things, competition, the ability of Altus Power to grow and manage growth profitably, maintain relationships with customers, business partners, suppliers and agents and retain its management and key employees; ; (3) changes in applicable laws or regulations; (4) the possibility that Altus Power may be adversely affected by other economic, business, regulatory and/or competitive factors; and (5) the impact of COVID-19 on Altus Power’s business.

Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found under the heading “Risk Factors” in Altus Power’s Form 10-K filed with the Securities and Exchange Commission on March 24^th, 2022, as well as the other information we file with the Securities and Exchange Commission., as well as the other information we file with the Securities and Exchange Commission. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made and the information and assumptions underlying such statement as we know it and on the date such statement was made, and Altus Power undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.

This press release is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Altus Power and is not intended to form the basis of an investment decision in Altus Power. All subsequent written and oral forward-looking statements concerning Altus Power or other matters and attributable to Altus Power or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.

Non-GAAP Financial Reconciliation

Reconciliation of GAAP reported Net Income to non-GAAP adjusted EBITDA:

Reconciliation of non-GAAP adjusted EBITDA margin:

Altus Power
For Media:
Cory Ziskind
ICR, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.

For Investors:
Chris Shelton, Head of IR
Caldwell Bailey, ICR, Inc.
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AMES, Iowa--(BUSINESS WIRE)--Renewable Energy Group, Inc. (REG) (NASDAQ: REGI) is pleased to announce the issuance of its 2021 environmental, social and governance (ESG) report. As the world transitions to clean energy solutions, REG plays a critical role in the advancement of decarbonization of liquid fuels.

“At the core of what we do is our shared purpose to create a cleaner world with a focus on reducing greenhouse gas (GHG) emissions and carbon footprint, for now and for the future,” said REG President & CEO, CJ Warner. “This motivation continues to drive our sustainable operations and deliver the clean, high performing fuels that benefit both our customers and our planet.”

The new report showcases the company’s 2021 ESG performance. Highlights include:

• Produced 480 million gallons of bio-based diesel, which generated 4.1 million metric tons of carbon reduction
• 78% of feedstocks used to make products sourced from waste and residual streams
• Issued $550 million “green bond” to finance the expansion of REG’s Geismar, Louisiana biorefinery and broke ground on the expansion and improvement project
• Set corporate record for safety performance with industry leading 0.23 OSHA incident rate
• Increased Board diversity with new Board appointees bringing impressive backgrounds and experience and established explicit Board diversity goal
• Enhanced sustainability reporting to increase alignment to the Sustainability Accounting Standards Board (SASB) standard for the biofuels industry

Read the full report by clicking here or visiting regi.com.

About Renewable Energy Group

Renewable Energy Group is leading the energy and transportation industries’ transition to sustainability by converting renewable resources into high-quality, sustainable fuels. Renewable Energy Group is an international producer of sustainable fuels that significantly lower greenhouse gas emissions to immediately reduce carbon impact. Renewable Energy Group utilizes a global integrated procurement, distribution and logistics network to operate 11 biorefineries in the U.S. and Europe. In 2021, Renewable Energy Group produced 480 million gallons delivering 4.1 million metric tons of carbon reduction. Renewable Energy Group is meeting the growing global demand for lower-carbon fuels and leading the way to a more sustainable future.

Note Regarding Forward Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “design,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding REG’s role in future decarbonization, REG’s focus on reducing GHG emissions and carbon footprint, REG’s sustainable operations and the benefits to customers and the planet. Factors that could cause actual results to differ materially include the risks and uncertainties and include but are not limited to the failure of REG to achieve its strategic growth plans, customer desire for clean fuel options, changing sustainability targets, failure of legislative efforts to promote renewable fuels, increased competition from other low carbon fuel suppliers, changing standards applicable to renewable fuels which may require different manufacturing processes and requalification of our fuels, the availability and promotion of electric vehicles and other risks described in REG’s annual report on Form 10-K for the year ended December 31, 2021, subsequently filed Form 10-Q and other periodic filings with the Securities and Exchange Commission. All forward-looking statements are made as of the date of this press release, and REG does not undertake to update any forward-looking statements based on new developments or changes in its expectations, except as required by law.

Katie Stanley
Renewable Energy Group
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(515) 979-3771

NEWBURY PARK, Calif.--(BUSINESS WIRE)--Kolibri Global Energy Inc. (the "Company") (TSX:KEI, OTCQB: KGEIF) announces that that it has completed the previously announced consolidation of all of its issued and outstanding common shares (the “Shares”) on the basis of one (1) post-consolidation Share for every ten (10) pre-consolidation Shares held (the “Consolidation”).

Immediately prior to the Consolidation, the Company had 356,159,098 Shares issued and outstanding. Following the Consolidation, the Company will have approximately 35,615,909 Shares issued and outstanding. The Shares will continue to be listed on the Toronto Stock Exchange and are expected to begin trading on a post-Consolidation basis when the market opens on May 19, 2022.

The Company's transfer agent, Computershare Investor Services Inc., has sent a letter of transmittal to the registered holders who hold their Shares in certificated form. The letter of transmittal contains instructions on how to surrender Share certificates representing pre-Consolidation Shares to the transfer agent. The transfer agent will forward to each registered holder who has sent the required documents a new Share certificate representing the number of post-Consolidation Shares to which the registered holder is entitled. Shareholders who hold their Shares in book entry form (through a broker or another intermediary), they will automatically receive their post-Consolidation Shares and they will not receive, or be required to submit, a letter of transmittal. Shareholders who hold their shares through an intermediary are encouraged to contact their intermediaries if they have any questions.

About Kolibri Global Energy Inc.

Kolibri Global Energy Inc. is an international energy company focused on finding and exploiting energy projects in oil, gas and clean and sustainable energy. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the OTCQB under the stock symbol KGEIF.

Caution Regarding Forward-Looking Information

Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws and “forward-looking statements” as such term is used in the United States, including statements regarding the approval of the Consolidation by the TSX, and the date the Shares will commence trading on a post-Consolidation basis. Forward-looking information and statements are based on plans and estimates of management and interpretations of data by the Company's technical team at the date the data is provided and is subject to several factors and assumptions of management, including that the Company will be successful in obtaining approval for the Consolidation from the TSX. Forward-looking information and statements are subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information or statements in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions on which such forward looking information is based vary or prove to be invalid, the risk that the Consolidation will not be approved by the TSX, and including all of the risks related to the Company's business, financial condition, result of operations and cash flows and those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

For further information, contact:

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

MADISON, Wis.--(BUSINESS WIRE)--MGE Energy, Inc. (Nasdaq: MGEE) management will be presenting at the 2022 AGA Financial Forum May 17, 2022.

The presentation is available on MGE Energy's website at:

2022 AGA Financial Forum

About MGE Energy

MGE Energy is an investor-owned public utility holding company headquartered in the state capital of Madison, Wis. It is the parent company of Madison Gas and Electric, which generates and distributes electricity in Dane County, Wis., and purchases and distributes natural gas in seven south-central and western Wisconsin counties. MGE Energy's assets total approximately $2.4 billion, and its 2021 revenues were approximately $607 million.

Investor relations contact
Ken Frassetto
Director Shareholder Services and Treasury Management
608-252-4723 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Quarterly Update Call to be held on Tuesday May 17, 2022

Welcomes New Vice President of Investor Relations

TORONTO--(BUSINESS WIRE)--$NETZ #NETZ--Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) has released its financial results for the three and nine months ended March 31, 2022. All figures are in United States Dollars, unless otherwise indicated. The Company is hosting a live audio call at 11 a.m. EDT on Tuesday May 17, 2022. Details on how to register and participate in the conference call are provided below.

Carbon Streaming Founder and CEO Justin Cochrane stated: “Our sustained strong cash position, expanding in-house expertise and growing investment pipeline position us well for the second half of 2022. We remain steadfast in our mission to advance the United Nations’ 17 Sustainable Development Goals and deploy critically needed financing to scale carbon projects and meet demand.”

Q3 Corporate & Financial Highlights

• As of March 31, 2022, the Company had $102.5 million in cash and no corporate debt.
• The Company continued to strengthen its team and welcomed Mr. Oliver Forster as Vice President of Sales and Ms. Alice Schroeder to the Board of Directors of the Company.
• The Company filed a registration statement Form 40-F (“Form 40-F”) with the United States Securities and Exchange Commission, a significant milestone in the process for the Company to list its common shares and warrants on The Nasdaq Stock Market LLC (the “Nasdaq”).
• The Company recognized net income of $48.5 million for the quarter, primarily due to a $53.5 million non-cash charge related to the revaluation of warrant liabilities for its Canadian dollar denominated warrants. Adjusted net loss, which removes the impact of the warrant liabilities revaluation, was a loss of $5.0 million. Adjusted net loss is a Non-IFRS measure, see “Advisories - Non-IFRS Measures”.

Investment Pipeline Highlights

• On May 12, 2022, the Company announced a carbon credit streaming agreement with a subsidiary of Restoration Bioproducts LLC to support construction of a biochar production facility in Virginia, USA.
• Over five additional investment opportunities are in late-stage due diligence and negotiation or have executed non-binding term sheets.
• These near-term investment opportunities are expected to provide diversification by geography, project type and counterparty.
• In addition, the longer-term total pipeline of potential investment opportunities continues to grow and is now estimated to be in excess of US$1 billion.

Carbon Streaming Welcomes New Vice President of Investor Relations

Carbon Streaming’s CEO Justin Cochrane stated: “On behalf of the entire organization I would like to extend a very warm welcome to Ms. Andrea Cheung. Her unique background in equity research and investor relations makes her a valuable addition to the Carbon Streaming team.”

Ms. Cheung is an experienced investor relations professional with 20 years of combined experience spanning capital markets, engineering consultancy and investor relations. Ms. Cheung was most recently Director, Investor Relations at Alamos Gold Inc. Prior to joining Alamos Gold, she was Senior Mining Analyst at Sun Valley Gold LLC, and also held equity research analyst positions at BMO Capital Markets and Cormark Securities. Ms. Cheung holds a Master of Business Administration from the Ivey Business School at Western University and a Bachelor of Applied Science in Geological Engineering from Queen’s University.

Audio Conference Call

Analysts and investors are invited to join an interactive audio call on Tuesday May 17, 2022, at 11 a.m. EDT during which CEO Justin Cochrane, President Geoff Smith and other members of the management team will provide a brief company update and answer questions from participants. Register in advance at: http://www.directeventreg.com/registration/event/2781049.

Detailed call-in instructions will be emailed once participant registration is complete. An audio replay of the conference call will be available on the Company website until 11:59 p.m. EDT June 1, 2022.

About Carbon Streaming

Carbon Streaming is an ESG principled company offering investors exposure to carbon credits, a key instrument used by both governments and corporations to achieve their carbon neutral and net-zero climate goals. Our business model is focused on acquiring, managing and growing a high-quality and diversified portfolio of investments in projects and/or companies that generate or are actively involved, directly or indirectly, with voluntary and/or compliance carbon credits.

The Company invests capital through carbon credit streaming arrangements with project developers and owners to accelerate the creation of carbon offset projects by bringing capital to projects that might not otherwise be developed. Many of these projects have social and economic co-benefits in addition to their carbon reduction or removal potential.

To receive corporate updates via e-mail as soon as they are published, please subscribe here.

Non-IFRS Measures

This news release contains the financial term “adjusted net loss”, which is not considered in the International Financial Reporting Standards ("IFRS"). The Company's determination of this non-IFRS measure may differ from other reporting issuers, and therefore may not be comparable to similar measures presented by other companies where similar terminology is used.

A reconciliation of “net loss” to “adjusted net loss” can be found in the Company’s MD&A for the three and nine months ended March 31, 2022 (the “MD&A”) in the “Non-IFRS Measures” section and such information is incorporated by reference herein. The MD&A is available on SEDAR at www.sedar.com and on the Company’s website at www.carbonstreaming.com.

This non-IFRS measure should not be considered in isolation or as a substitute for measures of performance or cash flows as prepared in accordance with IFRS. This financial measure is included because management believes that this non-IFRS measure, together with measures prepared in accordance with IFRS, provides useful information to investors and shareholders in assessing the Company’s liquidity and overall performance as it removes the impact of non-cash charges. Refer to the "Non-IFRS Measures" section on page 17 of the MD&A for further details.

Cautionary Statement Regarding Forward-Looking Information

This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including, without limitation, statements with respect to the Company’s investment pipeline and Nasdaq listing application and receipt of regulatory approvals.

When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking statements. This forward-looking information is based on the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. They should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. Factors that could cause actual results or events to differ materially from current expectations include, among other things: dependence on key management; limited operating history for the Company’s current strategy; concentration risk; inaccurate estimates of growth strategy, including the ability of the Company to source appropriate opportunities/investments; volatility in prices of carbon credits and demand for carbon credits; general economic, market and business conditions; failure or timing delays for projects to be validated and ultimately developed or greenhouse gases emissions reductions and removals to be verified and carbon credits issued; uncertainties and ongoing market developments surrounding the regulatory framework applied to the verification, and cancellation of carbon credits and the Company’s ability to be, and remain, in compliance; actions by governmental authorities, including changes in or to government regulation, taxation and carbon pricing initiatives; uncertainties surrounding the ongoing impact of the COVID-19 pandemic; foreign operations and political risks; risks arising from competition and future acquisition activities; due diligence risks, including failure of third parties’ reviews, reports and projections to be accurate; global financial conditions, including fluctuations in interest rates, foreign exchange rates and stock market volatility; dependence on project developers, operators and owners, including failure by such counterparties to make payments or perform their operational or other obligations to the Company in compliance with the terms of contractual arrangements between the Company and such counterparties; failure of projects to generate carbon credits, or natural disasters such as flood or fire which could have a material adverse effect on the ability of any project to generate carbon credits; change in social or political views towards climate change and subsequent changes in corporate or government policies or regulations; operating and capital costs; potential conflicts of interest; unforeseen title defects; the Company’s ability to complete proposed acquisitions and the impact of such acquisitions on the Company’s business; the Company’s ability to convert project diligence and term sheets into actual investments or profitable investments; anticipated future sources of funds to meet working capital requirements; future capital expenditures and contractual commitments; expectations regarding the Company’s growth and results of operations; the Company’s dividend policy; volatility in the market price of the Company’s common shares or warrants; the effect that the issuance of additional securities by the Company could have on the market price of the Company’s common shares or warrants; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s Annual Information Form dated as of September 27, 2021 filed on SEDAR at www.sedar.com. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should exercise caution in relying upon forward-looking statements and the Company undertakes no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by law.

ON BEHALF OF THE COMPANY:
Justin Cochrane, Chief Executive Officer
Tel: 647.846.7765
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www.carbonstreaming.com

MONTREAL--(BUSINESS WIRE)--$LMR.V #graphite--Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) is pleased to announce an update on its strategy to further advance its regional exploration opportunities in the Grenville graphite belt with the objective of developing a sustainable and long-term natural flake graphite resource base that can feed into the graphite market at large, and the regional market for electric vehicles battery manufacturing.

Lomiko believes that early-stage development of this strategy, combined with a current emphasis on metallurgical testing of its flake graphite at La Loutre and a committed vision to work with the Kitigan Zibi Anishinabeg (“KZA”) First Nation and local communities is important to becoming a leader and operator of choice in the region. At the same time, the Company is looking at opportunities in the carbon offset market and carbon neutral mine planning. Carbon offset projects include forestry, conservation, renewable energy and community projects where every tonne of emissions reduced by an environmental project creates one carbon offset or carbon credit.

Belinda Labatte, CEO and director of Lomiko stated: “Our team is keen to take on new opportunities in the region, around our La Loutre property, as we develop the potential for natural flake graphite via organic growth and acquisition. We plan to lead the responsible development of regional graphite assets with community and First Nations engagement, water management and stewardship initiatives, and carbon offset projects that further advance our carbon-neutral model of graphite development.”

The Company has staked approximately 14,255 hectares of mineral claims, 236 claims in total, on six projects in the Laurentian region of Quebec and within First Nations territory. These new claims lie within a 100 km radius of the Company’s flagship La Loutre graphite project and 28 claims are directly contiguous to La Loutre, with the Company claim package now covering 4,528 hectares. The highest graphite grades are commonly associated with rock contacts between marble and paragneiss or quartzite which is the host rock present in the Grenville Province and at La Loutre. Large, disseminated natural flake graphite mineralization occurs at a number of places in the Grenville Province metamorphic belt, located in Canada’s Quebec and southeastern Ontario jurisdictions, and the conglomeration of this mineralization in close proximity in the region presents opportunities in the future for responsible and low impact mining or quarry activities that are unique to this region.

This regional exploration program will cover numerous under-explored graphite showings primarily occurring within paragneiss units of the Grenville geological belt. The claims staked are largely accessible and situated close to road access and qualify as early-stage greenfield exploration. Lomiko intends to initiate exploration of these prospective graphite targets with high definition airborne magnetic, and time-domain electromagnetic surveys. This work will be followed by geological, prospecting, and sampling surveys based on ground targets generated by the airborne surveys. Lomiko will engage with communities and the KZA as this work evolves. Please refer to Figure 1 for details.

Corporate development update

The Company continues to review other prospects for eventual acquisition. Lomiko’s strategy is to create scale and a regional approach for the exploration and development of natural flake graphite as an operator of choice and this will include carbon neutral mine planning and potential for carbon offset projects. This strategy would serve to provide a long-term, sustainable and responsible solution to provide flake graphite, and ultimately anode-grade graphite, into the electric vehicle supply chain.

Investor conferences

All interested investors are encouraged to meet with management in person at the Vancouver Resource Investment Conference (VRIC) taking place in Vancouver on May 17^th and 18^th, and at PDAC in Toronto from June 13^th to 15^th. Also, management will be presenting at The Northern Miner’s virtual Global Mining Symposium on May 25^th. More information is available on the Company’s website at www.lomiko.com.

About Lomiko Metals Inc.

Lomiko Metals has a new vision and a new strategy in new energy. Lomiko represents a company with a purpose: a people-first company where we can manifest a world of abundant renewable energy with Canadian and Quebec critical minerals for a solution in North America. Our goal is to create a new energy future in Canada where we will grow the critical minerals workforce, become a valued partner and neighbour with the communities in which we operate, and provide a secure and responsibly sourced supply of critical minerals.

The Company holds a 100% interest in its La Loutre graphite development in southern Quebec. The La Loutre project site is located within the Kitigan Zibi Anishinabeg (KZA) First Nations territory. The KZA First Nations are part of the Algonquin Nation and the KZA territory is situated within the Outaouais and Laurentides regions.​ Located 180 kilometres northwest of Montreal, the property consists of 1 large, continuous block with 76 minerals claims totaling 4,528 hectares (45.3 km²). Lomiko Metals published a Preliminary Economic Assessment (“PEA”) on September 10, 2021 which indicated the project had a 15-year mine life producing per year 100,000 tonnes of the graphite concentrate at 95%Cg or a total of 1.5Mt of the graphite concentrate. This report was prepared as National Instrument 43-101 Technical Report for Lomiko Metals Inc. by Ausenco Engineering Canada Inc., Hemmera Envirochem Inc., Moose Mountain Technical Services, and Metpro Management Inc., collectively the Report Authors. The Bourier project site is located near Nemaska Lithium and Critical Elements south-east of the Eeyou Istchee James Bay territory in Quebec which consists of 203 claims, for a total ground position of 10,252.20 hectares (102.52 km2), in Canada’s lithium triangle near the James Bay region of Quebec that has historically housed lithium deposits and mineralization trends.

Mr. Mike Petrina, Project Manager, a Qualified Person (“QP”) under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the technical disclosure in this news release.

For more information on Lomiko Metals, review the website at www.lomiko.com, contact Belinda Labatte at 647-402-8379 or email: This email address is being protected from spambots. You need JavaScript enabled to view it..

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the Company; and any other information herein that is not a historical fact may be "forward-looking information" (“FLI”). All statements, other than statements of historical fact, are FLI and can be identified by the use of statements that include words such as "anticipates", "plans", "continues", "estimates", "expects", "may", "will", "projects", "predicts", “proposes”, "potential", "target", "implement", “scheduled”, "intends", "could", "might", "should", "believe" and similar words or expressions. FLI in this new release includes, but is not limited to: the Company’s objective to become a responsible supplier of critical minerals, exploration of the Company’s projects, including expected costs of exploration and timing to achieve certain milestones, including satisfactory completion of due diligence and ability to reach an agreement with third party owners in connection with projected acquisitions, timing for completion of exploration programs; the Company’s ability to successfully fund, or remain fully funded for the implementation of its business strategy and for exploration of any of its projects (including from the capital markets); any anticipated impacts of COVID-19 on the Company’s business objectives or projects, the Company's financial position or operations, and the expected timing of announcements in this regard. FLI involves known and unknown risks, assumptions and other factors that may cause actual results or performance to differ materially. This FLI reflects the Company’s current views about future events, and while considered reasonable by the Company at this time, are inherently subject to significant uncertainties and contingencies. Accordingly, there can be no certainty that they will accurately reflect actual results. Assumptions upon which such FLI is based include, without limitation: potential of future acquisitions presently evaluated by the Company; current market for critical minerals; current technological trends; the business relationship between the Company, local communities and its business partners; ability to implement its business strategy and to fund, explore, advance and develop each of its projects, including results therefrom and timing thereof; the ability to operate in a safe and effective manner; uncertainties related to receiving and maintaining exploration, environmental and other permits or approvals in Quebec; any unforeseen impacts of COVID-19; impact of increasing competition in the mineral exploration business, including the Company’s competitive position in the industry; general economic conditions, including in relation to currency controls and interest rate fluctuations.

The FLI contained in this news release are expressly qualified in their entirety by this cautionary statement, the “Forward-Looking Statements” section contained in the Company’s most recent management’s discussion and analysis (MD&A), which is available on SEDAR at www.sedar.com, and on the investor presentation on its website. All FLI in this news release are made as of the date of this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

On behalf of the Board,
Belinda Labatte
CEO and Director, Lomiko Metals Inc.

For more information, please contact:

Kimberly Darlington
Investor Relations, Lomiko Metals Inc.
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514-771-3398

HOUSTON--(BUSINESS WIRE)--Tellurian Inc. (Tellurian) (NYSE American: TELL) announced today that Chief Operating Officer (COO) Keith Teague is retiring from full time employment and will continue with Tellurian in an advisory role. Tellurian has hired former McDermott International, Ltd Executive Vice President and COO Samik Mukherjee who will serve in the role of Executive Vice President and President, Driftwood Assets.

Executive Chairman Charif Souki said, “Keith has been an integral part of my team for many years, having been responsible for the development, construction and operation of our liquefied natural gas (LNG) projects at Cheniere, and now he has led Tellurian to the construction phase of Driftwood LNG. We have had a lot of success and fun working together on these projects and have built memories that will last a lifetime. All of us at Tellurian appreciate his dedication to our continued success and look forward to his further contributions as he transitions into retirement.”

Mr. Mukherjee will be responsible for all Tellurian’s asset projects including the construction and operations of Driftwood LNG. Mr. Mukherjee has over thirty years of experience in the energy industry, having recently served as Executive Vice President and Chief Operating Officer of McDermott, a global construction and engineering provider, where he was responsible for global operations, project execution, asset management and advancing company strategy.

Tellurian President and CEO Octávio Simões said, “Samik has proven results in developing and delivering over 60 million tonnes per annum (mtpa) of LNG capacity over five projects and five countries. He brings strong business acumen as well as engineering experience, industry and organizational leadership and a proficiency in energy transition, and we welcome him to the Tellurian family.”

About Tellurian Inc.

Tellurian intends to create value for shareholders by building a low-cost, global natural gas business, profitably delivering natural gas to customers worldwide. Tellurian is developing a portfolio of natural gas production, LNG marketing and trading, and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the NYSE American under the symbol “TELL”.

For more information, please visit www.tellurianinc.com. Follow us on Twitter at twitter.com/TellurianLNG

CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “assume,” “believe,” “budget,” “estimate,” “expect,” “forecast,” “initial,” “intend,” “may,” “plan,” “potential,” “project,” “proposed,” “should,” “will,” “would,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements herein relate to, among other things, the capacity, timing, and other aspects of the Driftwood LNG project. These statements involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include the matters discussed in Item 1A of Part I of the Annual Report on Form 10-K of Tellurian for the fiscal year ended December 31, 2021 filed by Tellurian with the Securities and Exchange Commission (the SEC) on February 23, 2022 (the “Annual Report”), and other Tellurian filings with the SEC, all of which are incorporated by reference herein. The forward-looking statements in this press release speak as of the date of this release. Although Tellurian may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securities laws.

Media:
Joi Lecznar
EVP Public and Government Affairs
Phone +1.832.962.4044
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Investors:
Matt Phillips
Vice President, Investor Relations
Phone +1.832.320.9331
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