GULFPORT, Miss.--(BUSINESS WIRE)--Ocean Aero, a manufacturer and service provider of ocean-going Autonomous Underwater and Surface Vehicles (AUSVs), is excited to announce its latest partnership with King Abdullah University of Science and Technology (KAUST), one of Saudi Arabia’s preeminent centers of academia, research, and development, and Saudi Shelf Subsea, part of the Shelf Subsea Group of companies headquartered in Perth, Australia with extensive operations in Southeast Asia and the Middle East.

The trilateral partnership will center on novel maritime research in the Red Sea and has several core tenets: (1) applied research on tailored payloads for Saudi-specific applications with a number of the Kingdom’s maritime organizations, (2) exploration of advanced concept development utilizing existing and joint IP, and (3) continued execution of scientific services with a fleet of Ocean Aero’s TRITON AUSVs.

“We couldn’t be happier to work alongside the oceanographers, researchers, and marine scientists at KAUST. By providing a platform to reach deeper into data collection in the Red Sea than ever before, we’re able to do more science for less resources in a safe, consistent, and reliable way. With Shelf Subsea’s expertise in maritime operations, we have the perfect partner to execute the launch, recovery, data processing, and maintenance of the TRITON fleet.”

— Kevin Decker, CEO of Ocean Aero

“Saudi Shelf Subsea Solutions are excited to be involved in bringing innovative and new technologies to the Kingdom of Saudi Arabia to support the scientific research community and major project developments along the Red Sea. The collaborative approach between key stakeholders will continue to drive technology advances, and we are proud to be working closely with KAUST and Ocean Aero on immediate and future initiatives, as well as supporting some of the key developments within the Kingdom of Saudi Arabia which are integral to achieving Vision 2030.”

— HRH Prince Faisal Bin Bandar Bin Sultan Al Saud, Chairman Saudi Shelf Subsea Solutions

“In response to the UN Ocean Decade and Saudi Arabia’s Vision 2030, KAUST is further dedicating itself to Red Sea research. This collaboration is just one of many of our efforts reflecting this goal. We are very excited to have Ocean Aero as partners, as not only their vehicles, but their shared expertise will significantly advance this project.”

— Daniel Acevedo-Feliz, Director of KAUST Core Labs & Research Infrastructure

About Ocean Aero

Ocean Aero creates, manufactures, and distributes advanced unmanned ocean systems technology. It’s signature product—The TRITON—is the world’s first and only environmentally-powered Autonomous Underwater and Surface Vehicle (AUSV). The TRITON both sails and submerges for unparalleled ocean data collection with ready-to-deploy packages and custom payloads for an array of applications. Ocean Aero brings the ocean and its data to you, with novel hardware and software that is revolutionizing maritime exploration.

Keith Blystone, Ocean Aero
312-315-6120
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OAKLAND, Calif.--(BUSINESS WIRE)--FreeWire Technologies Inc. (“FreeWire” or “the Company”), a leader in ultrafast electric vehicle (EV) charging and energy management solutions, today announced it has raised $125 million in new capital. The financing consists of a Senior Convertible Note provided exclusively by funds and accounts managed by BlackRock Financial Management, Inc. and a concurrent equity raise with institutional and strategic investors such as bp ventures, Riverstone Holdings, Octave Ventures, Gly Capital Management, Blue Bear Capital, and Daishin Private Equity amongst others.

The new capital will be used to support FreeWire’s ambitious growth plans as the Company accelerates commercial deployments of its battery-integrated ultrafast EV charging technology and increases manufacturing capacity to meet growing global customer demand, including high priority markets such as the UK, Canada, Japan and Australia/New Zealand. Proceeds will also be used to expand the Company’s talent pool and invest in R&D to drive continued innovation of its product roadmap and unique energy management platform.

“BlackRock’s investment in FreeWire Technologies underscores our confidence in the company’s innovative product suite and its ability to accelerate EV adoption while mitigating the strain on the electric grid,” said Steven Karpel, Managing Director, Fundamental Fixed Income at BlackRock.

FreeWire recently broke ground on a new 66,000-square-foot R&D facility in Newark, California to develop and manufacture new ultrafast charging and energy storage product offerings. Construction of the facility is underway and will be fully operational by Summer 2022, putting FreeWire at the center of the San Francisco Bay Area’s transportation technology hub.

FreeWire’s proprietary battery-integrated charging technology, Boost Charger^TM, solves grid constraints by packaging charging infrastructure, grid infrastructure, and energy storage into a fully-integrated compact solution. In addition to its hardware offering, FreeWire is also evolving its software platform, which is expected to result in multiple, recurring high-margin revenue streams over the medium- and longer-term. In 2022, the company expects to roll out AMP Pro, which will provide distributed energy management services that unlock the inherent value of the battery system through load shifting, demand charge management, resiliency, and more, followed by Charging as a Service in 2023. FreeWire’s long-term objective is to offer a turnkey retail energy service, whereby it owns, manages, and optimizes the customer’s utility meter and bill to unlock opportunities to further monetize its integrated battery system.

“The most significant barrier to mass EV adoption is the electric grid, which simply can’t meet the power demand required for ultrafast charging to sustainably and cost-effectively electrify our transportation system," said Arcady Sosinov, Founder and CEO of FreeWire Technologies. “FreeWire’s fully-integrated Boost Charger breaks down this barrier by combining battery technology, power conversion technology, and software to enable utilities, retailers, fleets, and site-owners across the U.S. to scale up ultrafast EV charging quickly without requiring expensive and time-consuming utility upgrades. In addition to lowering total operating costs, FreeWire’s integrated battery enables distributed energy services that would otherwise not have existed.”

Sosinov continued, “We are excited about the opportunity to scale up our differentiated business and technology with the proceeds from this funding round.”

Chargers paired with energy storage will optimize low-cost renewable energy sources and provide additional grid resiliency, allowing EVs to recharge and support critical facilities when power is out. FreeWire’s integrated system enables its customers to deploy ultrafast charging and power solutions more quickly – all while easing the strain on the electric grid, with the potential to unlock an entirely new category of distributed energy services.

FreeWire has installed nearly 5 MWh of energy storage capacity through battery-integrated charging to date, with over 30 MWh booked. FreeWire aims to deploy over 5,000 ultrafast battery-integrated chargers by 2025.

Citigroup served as sole private placement advisor and Wilson Sonsini Goodrich & Rosati served as FreeWire’s legal advisor on the transactions.

About FreeWire Technologies

Founded in 2014, FreeWire Technologies is the leading manufacturer of battery-integrated EV charging stations and power solutions in the U.S. The Company’s fully-integrated Boost Charger^TM plugs into existing and ubiquitous low-voltage utility service and delivers high-power charging in areas that typically require extensive grid upgrades. The Boost Charger’s combination of proprietary battery and power conversion technology enables ultrafast EV charging at all locations, freeing customers from the costs of providing fast charging using power directly from the electric grid. FreeWire has deployed battery-integrated chargers with Fortune 100 companies, commercial customers, fleets, retail locations, and gas stations across the U.S. and has partnered with bp pulse to deploy Boost Charger in its operations across the UK. For additional information, please visit: https://freewiretech.com/

Media Contacts:
Cory Ziskind
ICR
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Investor Contacts:
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IRVINE, Calif.--(BUSINESS WIRE)--Rivian and Nashville-based Clearloop are partnering to bring online Rivian’s first megawatt of renewable electricity in a uniquely impactful way. Their approach brings solar energy to a part of the country where new renewable development can help to maximize system-wide carbon reductions.

The Paris Solar Farm – Puryear in Tennessee will be the first installation in Henry County, which is located on the Sun Belt roughly 100 miles east of Nashville. The project utilizes unique approaches to financing and siting that aim to put renewables on more fossil-fueled grids where they can displace more coal and natural gas.

“Corporations have played a major role in growing renewables, but we’re arriving at a point where we need to evolve our approaches in order to truly decarbonize the nation’s entire grid,” said Laura Zapata, Clearloop co-founder and CEO. “Clearloop is opening up a new solar financing mechanism that focuses on the carbon impacts rather than the megawatt hours. Rivian’s willingness to think creatively and take this different path is a key enabler.”

Rivian provided upfront financing for one megawatt of the 6.75-megawatt project, which will cover electricity used by Rivian Waypoints chargers planned for Tennessee state parks as well as other clean energy commitments in the region. Rivian’s capital helped to kickstart construction of the overall project and demonstrates corporate demand for renewable power in the region, Clearloop leaders say.

Power purchase agreements – long-term contracts for a certain amount of renewable power and the associated environmental attributes at a set price – have driven the lion’s share of new corporate renewable projects. While they’ve been impactful in bringing new clean energy online, they’re scaling quickly primarily in states with liquid wholesale electricity markets or retail choice, where the majority of corporations have focused their investments. That has led to an uneven distribution of solar and wind, with states like California and Texas well-subscribed but others, notably in the Southeast and Mountain West, still rely on comparatively fewer renewables and more fossil fuels. This means that access to clean energy is not equitable across the country. Tennessee’s grid, for example, is powered by 0.4% solar, while electricity in California is produced by nearly 16% solar.

As a result, a megawatt hour of electricity in Tennessee emits around 32% more carbon than a megawatt hour in Northern California, according to WattTime, a non-profit that tracks the carbon emissions that renewables avoid. And each new renewable project that goes to a place more like Northern California over a place like Tennessee increases that disparity and has a smaller system-wide emissions reductions impact.

“The carbon consequences go beyond state lines,” said Andrew Peterman, director of renewable energy at Rivian. “Given the urgency with which we need to transition to more sustainable energy systems, the system-wide impacts matter. That’s why we’re being thoughtful from the very first steps on our path to carbon neutrality.”

Rivian aspires to achieve carbon neutrality in its own operations – Scopes 1 and 2 as defined by the Greenhouse Gas Protocol – by 2028, and in categories within Scope 3 by 2032. Scope 3 encompasses the full value chain from suppliers to vehicle charging. The company is building charging networks across the US and Canada and plans to match every kilowatt hour Rivian owners drive with renewable energy purchases on an annual basis – whether vehicles are charged at home, a Rivian charging network charger or at a partner network charging site.

In addition to the partnership between Rivian and Clearloop, the Paris Solar Farm – Puryear is also enabled by a recent Tennessee Valley Authority (TVA) provision that allows local electricity providers within its jurisdiction to source 5% of their power from renewables developed by entities other than TVA. Local power company Paris BPU, which serves Henry County, is among the first to use the provision. The solar farm allows the utility to offer its first green tariff, which allows local companies to purchase the environmental attributes the new solar provides, and helps meet their own renewable energy targets cost effectively in their own backyards.

“We’re seeing a lot of interest from local businesses, and we’re pleased we can help them meet their targets while also generating revenue that helps keep our rates stable for our customers,” said Terry Wimberley, Paris BPU president and CEO. “As part of Silicon Ranch, Clearloop’s partnership with Rivian showed us how as a rural power company we can use renewable energy certificates as an economic development tool for our community.”

About Rivian

Rivian exists to create products and services that help our planet transition to carbon neutral energy and transportation. Rivian designs, develops, and manufactures category-defining electric vehicles and accessories and sells them directly to customers in the consumer and commercial markets. Rivian complements its vehicles with a full suite of proprietary, value-added services that address the entire lifecycle of the vehicle and deepen its customer relationships. Learn more about the company, products, and careers at rivian.com.

About Clearloop

Clearloop, a Silicon Ranch company, partners with companies of all sizes to meet ambitious ESG goals by reclaiming their carbon footprint, expanding access to clean energy, and cleaning up the grid through the construction of new solar projects in American communities otherwise getting left behind.

Clearloop uses solar capacity (measured in watts) as the mechanism to reclaim the carbon emissions from the grid. That means that when corporate climate leaders partner with Clearloop to meet their net-zero and ESG goals, they’re helping to build brand new solar farms and spur economic investment in communities across the country. We're shifting the way corporate investments reduce carbon by bringing solar projects to regions of the country with disproportionately carbon-intense electricity generation. We believe doing things this way will achieve deeper, and faster emissions reductions. It will also bring good-paying clean energy jobs and catalyze investments in regions of the country that vitally need them. Clearloop, which was recently acquired by one of the largest American Independent Power Producers, Silicon Ranch, is doubling down on its founding-mission to ensure that the innovation and benefits of new clean energy investments reach all communities around our country equally, starting with the communities in our own backyard. To learn more, visit clearloop.us and follow on Instagram, Twitter, and LinkedIn.

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the timing of our achieving carbon neutrality. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “aspires,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements use these words or expressions.

We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements, including, but not limited to, the important factors discussed in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021, and our other filings with the Securities and Exchange Commission. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

Media contacts:
Rivian: Amy Mast, This email address is being protected from spambots. You need JavaScript enabled to view it.
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Next Generation Battery Startup Continues to Exceed Expectations

BELTSVILLE, Md.--(BUSINESS WIRE)--Ion Storage Systems (ION) today announced $1.4 Million in additional funding of its existing contract with the Center for Research in Extreme Batteries (CREB) for a contract total of almost $2 Million. The consortium grant from the U.S. Army Combat Capabilities Development Command, now known as DEVCOM, Army Research Laboratory (ARL) is intended to expedite the development of safer, lighter, and higher power batteries. This award furthers the commitment from the Defense Logistics Agency (DLA) which has the goal of producing a solid state Conformal Wearable Battery (CWB) that will significantly increase the operating time of equipment and weapons systems, while eliminating the risk of battery fire or explosions.

“The continued support from CREB underscores the amazing progress we have made this past year, and our ongoing commitment to delivering the most advanced and capable solid-state battery to our fighting men and women,” said Ricky Hanna, ION’s CEO. Our team continues to work hard to meet and exceed our partners expectations.”

“Ion Storage Systems is working to develop a radically different design for advanced lithium batteries,” said Dr. Wesley Henderson, ARL’s lead for CREB. “Tying both high safety and exceptional energy density together for next-generation batteries will be a key enabler for Warfighters as they face exceptional challenges in future conflicts.”

CREB aims to foster and accelerate collaborative research in advanced battery materials and technologies and characterization techniques. CREB’s focus is on batteries for extreme performance, environments and applications, such as those that may be used for defense, space or biomedical applications. ION has been a member of CREB for over 2.5 years and is proud to contribute extensively to its core mission.

About Ion Storage Systems

ION, from its new state of the art HQ and factory, creates high energy density solid state lithium metal batteries that are safer, lighter and enable form factors with tighter packing density that enhance system performance. ION’s nonflammable technology offers safe operation, greater abuse tolerance, and both volume and weight reduction. These advances empower the world’s innovators to redefine what is possible and begin building the products-of-tomorrow today.

Dwight Langhum
Langhum Mitchell Com.: 202.546.9170

First Quarter Revenue Increased 40% Year-Over-Year Driven by Growth Across All Reporting Segments

ALEXANDRIA, Va.--(BUSINESS WIRE)--VSE Corporation (NASDAQ: VSEC, "VSE", or the "Company"), a leading provider of aftermarket distribution and maintenance, repair and overhaul ("MRO") services for land, sea and air transportation assets for government and commercial markets, today announced results for the first quarter 2022.

FIRST QUARTER 2022 RESULTS
(As compared to the First Quarter 2021)

• Total Revenues of $231.2 million increased 40.2%
• GAAP Net Income of $6.2 million increased 22.2%
• Adjusted EBITDA of $22.2 million increased 42.9%
• Adjusted Net Income of $9.2 million increased 72.8%
• Adjusted EPS (Diluted) of $0.72 increased 64%

Aviation segment revenue increased 110% year-over-year to a record $93.3 million in the first quarter 2022. The year-over-year revenue improvement was attributable to share gains within the Business and General Aviation (B&GA) market and continued commercial end-market recovery. Aviation distribution and repair revenue increased 172% and 22%, respectively, in the first quarter 2022 versus the prior-year period. The Aviation segment reported operating income of $7.6 million in the first quarter, compared to a loss of $0.3 million in the same period of 2021. Segment adjusted EBITDA increased by 389% in the first quarter to $10.9 million, versus $2.2 million in the prior-year period. Adjusted EBITDA margin was 11.6%, an increase of 664 basis points versus the prior-year period, driven by improved sales mix and end-market recovery.

Fleet segment revenue increased 22% year-over-year to $67.0 million in the first quarter 2022. Revenues from commercial customers increased 93% on a year-over-year basis, driven by growth in commercial fleet demand and e-commerce fulfillment sales. Commercial revenue represented 42% of total Fleet segment revenue in the period. Segment adjusted EBITDA increased 9% year-over-year to $8.8 million, while adjusted EBITDA margin declined 165 basis points to 13.1%, given a higher mix of commercial revenue and continued investment in commercial channel growth.

Federal & Defense segment revenue increased 8% year-over-year to $70.9 million in the first quarter 2022, driven by the contributions from the acquisition of HAECO Special Services (HSS), growth in field programs within aircraft maintenance and modernization services, along with a steady increase in Defense Logistics Agency (DLA) distribution services. The segment continues to execute under its one-year, $100 million Naval Sea Systems Command (NAVSEA) bridge award contract, which was announced in March 2022. The Federal & Defense segment reported an operating loss of $(0.7) million in the first quarter 2022 due to a $3.5 million provision for a contract loss recognized in the current quarter. The charge represents the expected loss driven by higher than anticipated supply chain material and labor costs related to a specific fixed-price, non-DoD contract with a foreign customer that is not considered indicative of ongoing business operations and strategy. Segment adjusted EBITDA declined 34.8% year-over-year to $3.8 million in the period, given a higher mix of cost-plus contracts. Funded backlog increased 5% year-over-year to $198 million, while bookings increased 46% on a year-over-year basis, given an increased focused on business development activities.

STRATEGIC UPDATE

During the first quarter, VSE continued to advance its business transformation of developing a leading aftermarket parts distribution and MRO services platform to support higher-growth end-markets. Building long-term sustainable revenue channels, growing adjusted EBITDA, and stabilizing legacy programs remain key focus areas that are expected to deliver value for shareholders. The Company’s first quarter results demonstrate substantial progress across these strategic imperatives and the additional opportunities that exist as the business continues to scale.

Building Long-Term, Sustainable Revenue Channels:

• During the first quarter, VSE Aviation secured a renewal of a three-year, $180 million distribution agreement with a global B&GA aircraft OEM. VSE Aviation will remain the global distributor of approximately 30,000 airframe parts serving approximately 1,000 B&GA aircraft through year-end 2025.

• During the first quarter, VSE Aviation reached an agreement with Honeywell Aerospace to provide repair services for various avionics products, including inertial reference units and cockpit display units across multiple air transport platforms. The agreement will establish OEM-authorized repair capabilities and contribute to commercial MRO revenue and growth beginning in 2023.

• VSE Aviation was recognized as Honeywell Aerospace’s Regional Channel Partner of the Year (EMEAI region) for its “unwavering commitment to supporting Honeywell products and services.” This recognition further exemplifies VSE’s dedication to excellence in service, and the value of the partnerships between VSE Aviation and global OEMs in support of mutual customers.

• During the first quarter, Fleet continued to execute on its revenue diversification strategy implemented in 2019 to expand its presence in commercial fleet, e-commerce, and e-commerce fulfillment markets. By leveraging Fleet’s existing capabilities and operational infrastructure to serve a diverse set of new customers, Fleet’s commercial revenue has grown to 42% of total segment revenue, up from 10% in 2019. VSE anticipates commercial revenue channels will continue to drive growth within the segment.

• Federal & Defense continues to achieve steady increases in awards for logistics and distribution services, resulting in $4.2 million in bookings during the first quarter. This growing revenue channel builds on existing capabilities, while bringing more comprehensive solutions to our DoD customers.

Growing Adjusted EBITDA:

• Aviation segment adjusted EBITDA grew to $10.9 million, up 389% versus the prior-year period. The execution of new business wins and commercial MRO activity continued to drive margin expansion in the quarter. Commercial airline end-market activity, anticipated to recover in 2024, will support higher-margin repair revenue, which we anticipate will contribute to incremental margin expansion in 2023 and beyond.

• Fleet segment adjusted EBITDA grew to $8.8 million, up 9% versus the prior-year period. Fleet segment leadership successfully mitigated industry-wide supply chain disruptions and cost inflation during the period, as it continues to leverage existing supply chain excellence, supplier relationships, and product knowledge to reach new commercial customers. Fleet commercial growth, underpinned by higher class 4-8 and heavy-duty vehicle aftermarket activity, is anticipated to deliver an improved outlook for adjusted EBITDA, despite margin headwinds from revenue diversification.

Stabilizing Legacy Programs:

• Fleet segment’s USPS revenue was flat in the first quarter versus the prior-year period. In support of this long-term customer relationship, Fleet continued to add product offerings in support of the 230,000 vehicles in the USPS fleet. Amid a challenging supply chain environment, the Fleet segment remains essential in USPS maintenance operations and seeks to further develop comprehensive parts solutions for older long-lived vehicles (LLV), commercial off-the-shelf vehicles (COTS), and next generation delivery vehicles (NGDV).

• Federal & Defense segment revenue grew 8% in the first quarter, supported by contributions from the HAECO Special Services (HSS) acquisition and growth in NAVSEA services. Segment backlog grew 5% in the period versus the prior-year period, in part from awards under the recently announced NAVSEA $100 million contract, as well as contributions from new aircraft maintenance and DLA distribution awards.

MANAGEMENT COMMENTARY

"During the first quarter, we delivered strong revenue growth in our Aviation and Fleet segments as both businesses capitalized on recent investments, new program wins, and market share gains with new and existing customers in our end-markets. The robust first quarter results included revenue growth in all segments, the highest ever revenue quarter for our Aviation segment, and the highest revenue quarter for VSE in the last ten years,” stated John Cuomo, President and CEO of VSE Corporation. “This quarter’s results demonstrate the opportunities that exist for our businesses to capitalize on end-market demand through focused product and service strategies and our industry-leading customer service.”

"Building long-term, sustainable revenue growth remains critical to scaling our businesses," continued Cuomo. "Our first quarter results highlight the potential for both Aviation and Fleet segments in 2023 and beyond. VSE Aviation’s $180 million B&GA-focused airframe renewal is a testament to the 'tip-to-tail' initiative launched in 2021 that supports multi-year revenue confidence through 2025. VSE Aviation is also poised to benefit from new commercial repair capabilities with the recently announced Honeywell agreement, which will expand service offerings into newer next generation aircraft and increase our technical avionics repair capabilities as an authorized OEM repair station. Additionally, Fleet commercial growth, up 93% versus the first quarter of 2021, showcases the strong end-market demand for the products and services that Fleet provides, and illustrates our customer-centric value proposition to fleet owners, specifically in times of global supply chain uncertainty.”

“Our first quarter adjusted EBITDA of $22.2 million, up $6.7 million, demonstrates our focus on margin and operational excellence as our businesses scale. Aviation segment adjusted EBITDA of $10.9 million grew $8.6 million, driven by strong results from the recent B&GA-focused Global Parts acquisition, contributions from 2021 distribution awards, and higher repair revenues, which were up 22% year-over-year. Although commercial MRO market recovery in 2022 will be slightly slower than initially anticipated, we expect higher-margin Aviation commercial repair recovery, driven by improved air traffic levels and our MRO capability additions, to further support margin expansion for the Aviation segment as we look to 2023 and beyond."

"Fleet adjusted EBITDA was $8.8 million in the quarter, up $0.7 million year-over-year, as the segment drives scale and successfully manages through a challenging supply chain environment. Key to our transformation is the stabilization of legacy programs, and in the first quarter Fleet delivered solid results with USPS revenue flat year-over-year. Fleet continues to support this long-term customer by adding products to support both legacy LLV and newer Commercial Off the Shelf vehicles. Over time, we plan to stabilize Fleet segment profit through commercial revenue diversification and additional support of non-LLV vehicle fleets."

"Federal and Defense growth in the quarter was driven by the HSS acquisition and growth of our NAVSEA services. Margins were impacted as our contract mix of cost plus versus fixed price awards created headwinds in the quarter. The segment focused on delivering exceptional service to customers and continuing to grow profitable backlog.”

“We remain disciplined in our capital allocation in 2022," stated Stephen Griffin, CFO of VSE Corporation. "In addition to improving net leverage this year, we will continue to invest in our higher return business through organic investments and bolt-on acquisitions of complementary assets that expand our product and service capabilities. At the conclusion of the first quarter, we had $100 million in cash and available liquidity to support the ongoing growth of our business.”

FINANCIAL RESOURCES AND LIQUIDITY

As of March 31, 2022, the Company had $100 million in cash and unused commitment availability under its $350 million revolving credit facility maturing in 2024. As of March 31, 2022, VSE had total net debt outstanding of $303 million and $80.3 million of trailing-twelve months adjusted EBITDA.

FIRST QUARTER RESULTS

FIRST QUARTER SEGMENT RESULTS

The following is a summary of revenues and operating income (loss) for the three months ended March 31, 2022 and March 31, 2021:

The Company reported $1.3 million of total capital expenditures for three months ended March 31, 2022.

NON-GAAP MEASURES

In addition to the financial measures prepared in accordance with generally accepted accounting principles ("GAAP"), this earnings release also contains Non-GAAP financial measures. These measures provide useful information to investors, and a reconciliation of these measures to the most directly comparable GAAP measures and other information relating to these Non-GAAP measures is included in the supplemental schedules attached.

NON-GAAP FINANCIAL INFORMATION

Reconciliation of Adjusted Net Income and Adjusted EPS to Net Income

Reconciliation of Consolidated EBITDA and Adjusted EBITDA to Net Income

Reconciliation of Segment EBITDA and Adjusted EBITDA to Operating Income (Loss)

Reconciliation of Operating Cash to Free Cash Flow

Reconciliation of Debt to Net Debt

The non-GAAP Financial Information set forth in this document is not calculated in accordance with GAAP under SEC Regulation G. We consider Adjusted Net Income, Adjusted EPS (Diluted), EBITDA, Adjusted EBITDA, net debt and free cash flow as non-GAAP financial measures and important indicators of performance and useful metrics for management and investors to evaluate our business' ongoing operating performance on a consistent basis across reporting periods. These non-GAAP financial measures, however, should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP. Adjusted Net Income represents Net Income adjusted for acquisition-related costs, forward contract loss provision and other discrete items, and related tax impact. Adjusted EPS (Diluted) is computed by dividing net income, adjusted for the discrete items as identified above and the related tax impacts, by the diluted weighted average number of common shares outstanding. EBITDA represents net income before interest expense, income taxes, amortization of intangible assets and depreciation and other amortization. Adjusted EBITDA represents EBITDA (as defined above) adjusted for the discrete items as identified above. Net debt is defined as total debt less cash and cash equivalents. Free cash flow represents operating cash flow less capital expenditures.

CONFERENCE CALL

A conference call will be held Thursday, April 28, 2022 at 8:30 A.M. EST to review the Company’s financial results, discuss recent events and conduct a question-and-answer session.

A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of VSE’s website at https://ir.vsecorp.com. To listen to the live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

To participate in the live teleconference:

To listen to a replay of the teleconference through May 12, 2022:

ABOUT VSE CORPORATION

VSE is a leading provider of aftermarket distribution and repair services for land, sea and air transportation assets for government and commercial markets. Core services include MRO services, parts distribution, supply chain management and logistics, engineering support, and consulting and training services for global commercial, federal, military and defense customers. VSE also provides information technology and energy consulting services. For additional information regarding VSE’s services and products, visit www.vsecorp.com.

AVIATION
Distribution & MRO Services

VSE’s Aviation segment provides aftermarket MRO and distribution services to commercial, business and general aviation, cargo, military/defense and rotorcraft customers globally. Core services include parts distribution, component and engine accessory MRO services, rotable exchange and supply chain services.

FLEET
Distribution & Fleet Services

VSE's Fleet segment provides parts, inventory management, e-commerce fulfillment, logistics, supply chain support and other services to the commercial aftermarket medium- and heavy-duty truck market, the United States Postal Service (USPS), and the United States Department of Defense. Core services include parts distribution, sourcing, IT solutions, customized fleet logistics, warehousing, kitting, just-in-time supply chain management, alternative product sourcing, engineering and technical support.

FEDERAL & DEFENSE
Logistics & Sustainment Services

VSE's Federal & Defense segment provides aftermarket MRO and logistics services to improve operational readiness and extend the lifecycle of military vehicles, ships and aircraft for the U.S. Armed Forces, federal agencies and international defense customers. Core services include base operations support, procurement, supply chain management, vehicle, maritime and aircraft sustainment services, IT and data management services and energy consulting.

Please refer to the Form 10-Q that will be filed with the Securities and Exchange Commission (SEC) on or about April 28, 2022 for more details on our first quarter 2022 results. Also, refer to VSE’s Annual Report on Form 10-K for the year ended December 31, 2021 for further information and analysis of VSE’s financial condition and results of operations. VSE encourages investors and others to review the detailed reporting and disclosures contained in VSE’s public filings for additional discussion about the status of customer programs and contract awards, risks, revenue sources and funding, dependence on material customers, and management’s discussion of short- and long-term business challenges and opportunities.

FORWARD LOOKING STATEMENTS

This document contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause VSE’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this document. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that actual results will not differ materially from these expectations. “Forward-looking” statements, as such term is defined by the SEC in its rules, regulations and releases, represent our expectations or beliefs, including, but not limited to, statements concerning our operations, economic performance, financial condition, the impact of widespread health developments, the health and economic impact thereof, and the governmental, commercial, consumer and other responses thereto, growth and acquisition strategies, investments and future operational plans. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “forecast,” “seek,” “plan,” “predict,” “project,” “could,” “estimate,” “might,” “continue,” “seeking” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements.

INVESTOR CONTACT
Noel Ryan
(720) 778-2415
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MOU governs the formalization of a long-term strategic partnership for the deployment of Energy Vault’s EVx™ gravity-based energy storage technology and software solutions to support NTPC’s clean energy transition

LUGANO, Switzerland & WESTLAKE VILLAGE, Calif. & NEW DELHI--(BUSINESS WIRE)--Energy Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) (“Energy Vault”), a leader in sustainable, grid-scale energy storage solutions, today announced the signing of a Memorandum of Understanding (MOU) with NTPC Limited (NSE India : NTPC, BSE : 532555), the largest power generating utility in India.

The objective of the MOU is to collaborate and formalize a long-term strategic partnership for deployment of Energy Vault’s EVx™ gravity-based energy storage technology and software solutions based on the outcome of a joint feasibility study. The technology also offers beneficial utilization of coal ash for manufacturing of composite blocks for Energy Vault’s gravity-based energy storage system.

“We are excited to partner with NTPC and support India’s largest power utility in its clean energy transition,” said Robert Piconi, Chairman, Co-Founder and CEO, Energy Vault. “Energy Vault’s mission is to make sustainable, carbon free energy a reality and this announcement marks further advancement towards that goal with the expansion into one of the largest global markets for energy. Our collaboration with NTPC builds upon previously announced commercial expansions across multiple continents as we transitioned to a public company earlier this year.”

Gurdeep Singh, Chairman and Managing Director of NTPC said, “As a large, integrated power producer, it is critical for NTPC to have a diverse clean energy portfolio to decarbonize India’s economy. We have enhanced our renewable capacity addition targets to spearhead India’s energy transition goals and we are focusing on Solar, Wind, RTC and Hybrid projects to achieve the targets. The collaboration with Energy Vault will help NTPC in furthering its energy transition goals through a sustainable approach by way of utilizing coal ash for manufacturing of composite blocks. Accordingly, this collaboration will also promote a circular economy.”

About Energy Vault
Energy Vault develops and deploys turnkey sustainable energy storage solutions designed to transform the world’s approach to utility-scale energy storage in realizing decarbonization while maintaining grid resiliency. The company’s proprietary energy management system and optimization software suite is technology agnostic in its ability to orchestrate various generation and energy storage resources to help utilities, independent power producers and large industrial energy users to significantly reduce their levelized cost of energy while maintaining power quality and grid reliability. Energy Vault’s EVx™ gravity-based energy storage system utilizes eco-friendly materials with the ability to integrate waste materials for beneficial re-use. Energy Vault is facilitating the shift to a circular economy while accelerating the clean energy transition for its customers. For additional information, please visit: www.energyvault.com

About NTPC
NTPC, a publicly traded company in India, has a significant presence across the entire value chain of power generation, and is the largest power generating utility in India. NTPC’s total installed capacity is 68.96 GW with plans for total installed capacity of 130 GW by 2032 which would include a renewable energy capacity of 60 GW. By 2032, non-fossil fuel based generation capacity is expected to be equivalent to or more than thermal capacity of NTPC. Additionally, NTPC is exploring opportunities in green energy solutions, including energy storage, E-mobility, Biomass cofiring and reduction in SOx & NOx from fossil fuel based power plants. NTPC is also exploring Green Hydrogen, Waste-to-Fuel, and Carbon Capture and Utilization (CCU) technologies and field demonstration projects in these areas are also in an advanced stage.

Forward-Looking Statements
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “designed,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, expectations and timing related to the rollout of Energy Vault’s business and timing of deployments, including with respect to the project announced in this press release.

These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Energy Vault’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Energy Vault.

These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; risks related to the rollout of Energy Vault’s business and the timing of expected business milestones, including the project announced in this press release; risks related to the joint feasibility study; risks related to the inability or unwillingness of Energy Vault’s customers to perform under sales agreements; risks related to Energy Vault’s the performance and availability of EVS; demand for renewable energy; Energy Vault’s ability to commercialize and sell its solution; ability to negotiate definitive contractual arrangements with potential customers; the impact of competitive technologies; ability to obtain sufficient supply of materials; unanticipated costs; the impact of Covid-19; global economic conditions; ability to meet installation schedules; construction and permitting delays and related increases in costs; and the effects of competition on Energy Vault’s future business; and those factors identified under the caption “Risk Factors” in the Current Report on Form 8-K filed by Energy Vault on February 14, 2022, as amended on March 31, 2022. and other documents of Energy Vault filed, or to be filed, with the SEC.

Energy Vault
Investors
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Media
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NTPC
www.ntpc.co.in

AMES, Iowa--(BUSINESS WIRE)--Renewable Energy Group, Inc. (NASDAQ:REGI) today announced that it will release the first quarter 2022 financial results after the market close on Wednesday, May 4, 2022.

The earnings release and Form 10-Q will be available at Financial Information section on the Renewable Energy Group website at https://investor.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. For more information about REG and its sustainable fuel solutions, visit regi.com.

Investor Relations:
Renewable Energy Group
Todd Robinson
Deputy Chief Financial Officer and Treasurer
+1 (515) 239-8048
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NEW YORK & CHARLOTTE, N.C.--(BUSINESS WIRE)--Sunlight Financial (“Sunlight”) (NYSE: SUNL), a premier, technology-enabled point-of-sale financing company, today announced it will release its first quarter 2022 financial results after the market closes on Monday, May 16, 2022.

Sunlight will hold a conference call to discuss the financial results at 5:30 pm Eastern Time on that day. A live webcast of the conference call will be available on Sunlight’s investor relations website at ir.sunlightfinancial.com.

The dial-in number for the conference call is (877) 407-9035 (toll-free) or (215) 268-9889 (international). Please dial the number 10 minutes prior to the scheduled start time.

A webcast replay of the call will be available at ir.sunlightfinancial.com for 90 days following the call. A replay will also be available until May 30, 2022 by dialing (877) 660-6853 or (201) 612-7415, using passcode 13729174.

About Sunlight Financial

Sunlight (NYSE: SUNL) is a premier, technology-enabled point-of-sale finance company. Sunlight partners with contractors nationwide to provide homeowners with financing for the installation of residential solar systems and other home improvements. Sunlight’s best-in-class technology and deep credit expertise simplify and streamline consumer finance, ensuring a fast and frictionless process for both contractors and homeowners. For more information, visit www.sunlightfinancial.com.

Investor Relations
Lucia Dempsey, Sunlight Financial
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888.315.0822

Public Relations
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HOUSTON--(BUSINESS WIRE)--Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported a net loss of $19.2 million, or $(0.19) per share, on revenue of $446 million for the three months ended March 31, 2022. Adjusted net loss was $6.4 million, or $(0.06) per share, reflecting the impact of $0.4 million of pre-tax adjustments associated with foreign exchange gains recognized during the quarter and $13.1 million of discrete tax adjustments, primarily due to changes in valuation allowances.

During the prior quarter ended December 31, 2021, Oceaneering reported net loss of $38.8 million, or $(0.39) per share, on revenue of $467 million. Adjusted net income was $5.0 million, or $0.05 per share, reflecting the impact of $30.6 million of pre-tax adjustments associated with the write-off of certain uncollectible accounts and foreign exchange losses recognized during the quarter and $19.6 million of discrete tax adjustments, primarily due to changes in valuation allowances.

Adjusted operating income (loss), operating margins, net income (loss) and earnings (loss) per share, EBITDA and adjusted EBITDA (as well as EBITDA and adjusted EBITDA margins), and free cash flow are non-GAAP measures that exclude the impacts of certain identified items. Reconciliations to the corresponding GAAP measures are shown in the tables Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS), EBITDA and Adjusted EBITDA and Margins, Free Cash Flow, 2022 Adjusted EBITDA and Free Cash Flow Estimates, Adjusted Operating Income (Loss) and Margins by Segment, and EBITDA and Adjusted EBITDA and Margins by Segment. These tables are included below under the caption Reconciliations of Non-GAAP to GAAP Financial Information.

For the first quarter of 2022:

• Consolidated Adjusted EBITDA was $31.5 million
• Consolidated Operating Loss was $1.0 million
• Cash position decreased by $100 million, from $538 million to $438 million

As of March 31, 2022:

• Remotely Operated Vehicles (ROV): fleet count was 250; Q1 utilization was 53%; and Q1 average revenue per day on hire was $8,196
• Manufactured Products: backlog was $334 million

Re-confirmed guidance for 2022:

• Consolidated EBITDA of $225 million to $275 million
• Continued significant free cash flow generation in the range of $75 million to $125 million
• Increased growth capital expenditures as compared to 2021

Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, "Our consolidated first quarter 2022 unfolded largely as expected as we experienced higher costs for hiring and training of personnel and mobilization of equipment in preparation for a significant activity increase anticipated for the remainder of 2022. These costs mostly impacted our energy segments. Nonetheless, each of our operating segments generated positive operating income and positive EBITDA in the quarter. Our Offshore Projects Group (OPG) segment experienced cost overruns on a project and schedule changes that affected the timing of project work, however, these impacts were largely offset by lower Unallocated Expenses and slightly improved results from our Aerospace and Defense Technologies (ADTech) segment. Consistent with our first quarter guidance, these factors resulted in consolidated adjusted EBITDA of $31.5 million, a significant decrease from the prior quarter. Based on our refreshed outlook for the year, we believe market conditions continue to be supportive of a robust ramp-up in activity and pricing improvements beginning in the second quarter and continuing for the remainder of the year. This outlook, coupled with increased vessel capacity during the remainder of the year, gives us the confidence to maintain our original EBITDA guidance range.

Segment Results:

"Our first quarter 2022 Subsea Robotics (SSR) operating income was significantly lower on a modest decrease in revenue, as compared to the fourth quarter 2021. Operations were impacted by seasonal factors, resulting in reduced ROV activity and increased costs associated with hiring, training, and asset preparedness for anticipated 2022 work. These factors resulted in a reduced EBITDA margin of 24% for the first quarter. We anticipate the work associated with these costs to materialize over the remainder of 2022 with EBITDA margins recovering as well.

"First quarter 2022 ROV days on hire were sequentially lower due to typically lower seasonal activity. Our ROV fleet use during the first quarter 2022 was 63% in drill support and 37% in vessel-based activity, versus fourth quarter 2021 use of 62% and 38%, respectively. Fleet utilization declined slightly, averaging 53% for the quarter, as compared to 55% for the fourth quarter 2021. Sequentially, average ROV revenue per day on hire of $8,196 was essentially flat.

"Manufactured Products first quarter 2022 operating income declined, as compared to the fourth quarter 2021 adjusted results, on a 20% decline in segment revenue. Operating income margin decreased to 3% in the first quarter of 2022, from an adjusted 9% margin in the fourth quarter 2021, primarily due to the inability to fully absorb fixed costs of the segment over a reduced revenue base. Our energy products businesses experienced good order intake in the first quarter, while bookings in our mobility solutions businesses continued to lag. Manufactured Products backlog was $334 million on March 31, 2022, compared to $318 million on December 31, 2021. Our book-to-bill ratio was 1.2 for the trailing 12 months, as compared to the book-to-bill ratio of 1.1 for the year ended December 31, 2021.

"Our first quarter 2022 OPG operating income declined sequentially, despite higher revenue. Operating income margin declined to 1% in the first quarter, from 8% in the fourth quarter 2021, due to cost overruns experienced on a project and lower-than-expected vessel utilization resulting from the aforementioned schedule changes that affected the timing of project work. As with our other offshore service businesses, we experienced higher costs in the first quarter of 2022 in connection with hiring and equipment readiness to prepare for expected higher activity during the remainder of 2022.

"Integrity Management and Digital Solutions (IMDS) first quarter 2022 operating income was lower than the fourth quarter 2021 on a 6% seasonal decrease in revenue. Operating income margin declined to 6% in the first quarter of 2022, from 10% in the fourth quarter 2021, primarily due to less efficient absorption of fixed costs.

"ADTech first quarter 2022 operating income improved sequentially on slightly lower revenue. Operating income margin of 15% improved over the 13% achieved for the fourth quarter 2021 due to favorable project mix.

"At the corporate level, for the first quarter of 2022, Unallocated Expenses of $31.3 million were lower than expected as we reduced spending to better align with our revenue streams.

Second Quarter 2022 Guidance:

"For the second quarter, as compared to the first quarter, we anticipate significantly higher activity levels and operating profitability improvement in our SSR and OPG segments, increased activity levels and operating profitability improvement in our IMDS and ADTech segments, and higher activity levels in our Manufactured Products segment. Unallocated Expenses are forecast to be in the mid-$30 million range. On a consolidated basis, sequentially, we expect second quarter 2022 results to improve significantly, with EBITDA in the range of $50 million to $70 million on higher revenue. This wider-than-usual range reflects uncertainty in the timing of certain anticipated product sales and project work, as well as attained levels of offshore utilization and pricing.

Full Year 2022 Guidance:

"For the full year of 2022, at the segment level, as compared to 2021, we forecast SSR operating results to improve on higher revenue, and EBITDA margin to average in the low 30% range. ROV fleet utilization is expected to be in the mid-60% range for the year. For Manufactured Products, we forecast higher operating results, on a significant increase in revenue, as compared to 2021, with backlog additions from 2021 resulting in significantly higher revenue in the second half of this year. We expect operating margin to be in the low- to mid-single-digit range, and our book-to-bill ratio is expected to be in the range of 1.0 to 1.2 for the full year. For OPG, we recently added vessel capacity to meet a forecasted increase in intervention, maintenance and repair (IMR) activity. We expect increased vessel utilization and pricing to improve OPG’s operating margins into the low- to mid-teen range for the remainder of the year. For IMDS, we forecast improved operating results on higher revenue with operating margin to be essentially flat as compared to 2021. And for ADTech, we expect slightly lower operating results on increased revenue with an annual operating margin in the mid-teens range. Unallocated Expenses are expected to average in the mid-$30 million range per quarter for the remainder of 2022. On a consolidated basis, we continue to expect full year 2022 EBITDA in the range of $225 million to $275 million.

Cash and Liquidity:

“Our use of cash in the first quarter was as planned and consistent with the quarterly trends we have experienced over the last few years. Similar to prior years, we project generating positive free cash flow in each of the remaining quarters of 2022 and maintain our expectation to generate free cash flow in the range of $75 million to $125 million for the full year of 2022. We continue to forecast our 2022 cash tax payments to be in the range of $40 million to $45 million, and our organic capital expenditures to total between $70 million and $90 million.

“Subsequent to quarter-end, we announced our entry into a new, undrawn $215 million senior secured revolving credit facility, replacing our prior facility, which should give us financial flexibility over the next four years. We remain committed to investing in growth, but at the same time plan to prioritize our investments to maximize our returns while maintaining our free cash flow profile."

This release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs, future expected business and financial performance and prospects of Oceaneering. More specifically, the forward-looking statements in this press release include the statements concerning Oceaneering’s: beliefs regarding the impact and timing of market conditions on activity and pricing improvements; stated increased vessel capacity during the remainder of the year; characterization and timing of anticipated activity for the remainder of 2022; anticipated work associated with increased Q1 SSR costs materializing and EBITDA margins recovering over the remainder of 2022; expected 2022 activity connected to higher Q1 OPG costs; backlog, to the extent backlog may be an indicator of future revenue or profitability; expectation that spending in second half of 2022 will better align with revenue streams; characterization of second quarter activity levels and operating profitability for all segments; forecasted second quarter Unallocated Expenses; expected second quarter 2022 consolidated results and EBITDA range; timing of certain anticipated product sales and project work, as well as attained levels of offshore utilization and pricing; expectations regarding full year 2022 segment results, including anticipated ROV fleet utilization, Manufactured Products book-to-bill range, OPG IMR activity, pricing, and vessel utilization, expected segment activity and timing and its basis, forecasted segment revenue, operating income, and EBITDA and operating income margins, and the associated comparisons and explanations; expected average range of Unallocated Expenses for the remainder of 2022; forecasted range for 2022 cash tax payments; forecasted 2022 organic capital expenditures range; expected 2022 free cash flow range and EBITDA range; commitment to prioritize investments to maximize returns while maintaining free cash flow profile; and characterization of demand, activity levels, market fundamentals, outlook, and financials as seasonal, strong, supportive, robust, significant, or flexible.

The forward-looking statements included in this release are based on our current expectations and are subject to certain risks, assumptions, trends, and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Among the factors that could cause actual results to differ materially include: factors affecting the level of activity in the oil and gas industry, including worldwide demand for and prices of oil and natural gas, oil and natural gas production growth and the supply and demand of offshore drilling rigs; actions by members of OPEC and other oil exporting countries; decisions about offshore developments to be made by oil and gas exploration, development and production companies; the use of subsea completions and our ability to capture associated market share; general economic and business conditions and industry trends; the strength of the industry segments in which we are involved; the continuing effects of the COVID-19 pandemic and the governmental, customer, supplier, and other responses thereto; cancellations of contracts, change orders and other contractual modifications, force majeure declarations and the exercise of contractual suspension rights and the resulting adjustments to our backlog; collections from our customers; our future financial performance, including as a result of the availability, terms and deployment of capital; the consequences of significant changes in currency exchange rates; the volatility and uncertainties of credit markets; changes in tax laws, regulations and interpretation by taxing authorities; changes in, or our ability to comply with, other laws and governmental regulations, including those relating to the environment; the continued availability of qualified personnel; our ability to obtain raw materials and parts on a timely basis and, in some cases, from limited sources; operating risks normally incident to offshore exploration, development and production operations; hurricanes and other adverse weather and sea conditions; cost and time associated with drydocking of our vessels; the highly competitive nature of our businesses; adverse outcomes from legal or regulatory proceedings; the risks associated with integrating businesses we acquire; rapid technological changes; and social, political, military and economic situations in foreign countries where we do business and the possibilities of civil disturbances, war, other armed conflicts or terrorist attacks. For a more complete discussion of these and other risk factors, please see Oceaneering’s latest annual report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements. Except to the extent required by applicable law, Oceaneering undertakes no obligation to update or revise any forward-looking statement.

Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries.

For more information on Oceaneering, please visit www.oceaneering.com.

RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION

In addition to financial results determined in accordance with U.S. generally accepted accounting principles ("GAAP"), this Press Release also includes non-GAAP financial measures (as defined under SEC Regulation G). We have included Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share, each of which excludes the effects of certain specified items, as set forth in the tables that follow. As a result, these amounts are non-GAAP financial measures. We believe these are useful measures for investors to review because they provide consistent measures of the underlying results of our ongoing business. Furthermore, our management uses these measures as measures of the performance of our operations. We have also included disclosures of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), EBITDA Margins, 2022 Adjusted EBITDA Estimates, and Free Cash Flow, as well as the following by segment: Adjusted Operating Income and Margins, EBITDA, EBITDA Margins, Adjusted EBITDA and Adjusted EBITDA Margins. We define EBITDA Margin as EBITDA divided by revenue. Adjusted EBITDA and Adjusted EBITDA Margins as well as Adjusted Operating Income and Margin and related information by segment exclude the effects of certain specified items, as set forth in the tables that follow. EBITDA and EBITDA Margins, Adjusted EBITDA and Adjusted EBITDA Margins, and Adjusted Operating Income and Margin and related information by segment are each non-GAAP financial measures. We define Free Cash Flow as cash flow provided by operating activities less organic capital expenditures (i.e., purchases of property and equipment other than those in business acquisitions). We have included these disclosures in this press release because EBITDA, EBITDA Margins and Free Cash Flow are widely used by investors for valuation and comparing our financial performance with the performance of other companies in our industry, and the adjusted amounts thereof (as well as Adjusted Operating Income and Margin by Segment) provide more consistent measures than the unadjusted amounts. Furthermore, our management uses these measures for purposes of evaluating our financial performance. Our presentation of EBITDA, EBITDA Margins and Free Cash Flow (and the Adjusted amounts thereof) may not be comparable to similarly titled measures other companies report. Non-GAAP financial measures should be viewed in addition to and not as substitutes for our reported operating results, cash flows or any other measure prepared and reported in accordance with GAAP. The tables that follow provide reconciliations of the non-GAAP measures used in this press release to the most directly comparable GAAP measures.

Mark Peterson
Vice President, Corporate Development and Investor Relations
Oceaneering International, Inc.
713-329-4507
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Leading commercial curtain wall manufacturer to showcase solar installation in Fremont, CA

SANTA BARBARA, Calif.--(BUSINESS WIRE)--NEXT Energy Technologies, Inc., makers of a proprietary transparent photovoltaic (PV) coating that transforms commercial windows into energy-producing solar panels, today announced the demonstration of a PC Prototype Window Wall at the headquarters of its manufacturing and glazing partner Walters & Wolf in Fremont, CA.

The wall was created in collaboration with NEXT, Walters & Wolf, and commercial glass fabricator Glassfab Tempering Services. Walters & Wolf is the fourth largest manufacturer of building envelopes in North America, with a manufacturing and glazing facility housed in California for the past 44 years.

“Our team sees building-integrated photovoltaics, such as NEXT’s window coating technology, as the next major evolution in building science,” said Nick Kocelj, President of Walters & Wolf. “Working hand-in-hand with the team at NEXT to exhibit this amazing technology highlights Walters & Wolf’s commitment to the positive, green future of the glazing and building enveloping industry in a meaningful and lasting way.”

NEXT’s proprietary transparent PV coating transforms commercial windows into energy-producing solar panels by converting unwanted infrared and UV light into electricity. This fully-integrated system can enable a building to power itself with its windows, which remain transparent with the coating in place. This prototype installation is the second of its kind in the world and the first in the US. Its corresponding demo wall is at the Bouygues Construction company headquarters in Paris. The wall consists of 10 transparent photovoltaic windows that supply electricity to power an interactive display and outlet.

The wall showcases the power-generation functionality, transparency and aesthetics, and the seamless integration of NEXT’s transparent coating into a standard window-glazing system designed by the benefitting partner, Walters & Wolf, to carry the electronics, wiring and hardware that comprise the balance-of-system. This direct integration into traditional commercial window and framing systems effectively extracts costs typically associated with packaging and installation of solar.

NEXT’s photovoltaic coatings are applied to commercial windows during the window fabrication process, integrating with existing manufacturers without disrupting established workflows and supply chains. This capital-efficient business model reduces risks to customers, removes barriers to adoption, and accelerates speed to market, all while adding a high-value product to the market.

NEXT’s Commitment to Addressing the Climate Crisis

In 2021, the California Energy Commission (CEC) voted to require builders to include solar power and battery storage in many new commercial structures as well as high-rise residential projects. It was the latest initiative in the state’s vigorous efforts to hasten a transition from fossil fuels to alternative energy sources.

“The Energy Commission is proud to continue to advance solar technologies like this that will help commercial buildings operate in a cleaner and greener way,” said CEC Chair David Hochschild. “Such investments drive innovation and entrepreneurship to help meet California’s climate and clean energy goals.”

According to a study by Architecture 2030, buildings account for 40% of annual global C02 emissions. Of that 40%, 28% is a direct result of building operations.

“In order to address the climate crisis, we have to be creative and cost-effective. The regular approaches alone just won’t cut it anymore,” said Daniel Emmett, CEO of NEXT Energy Technologies. “Commercial buildings are an ideal example of everyday infrastructure that can be re-imagined and improved to reduce society’s carbon footprint. As we advance our technology, we are dedicated to advancing the world’s action against the climate crisis, one window at a time.”

About NEXT Energy Technologies, Inc.

NEXT Energy Technologies is a Santa Barbara, California company developing transparent energy harvesting window technology that allows architects and building owners to transform windows and glass facades into producers of low-cost, on-site, renewable energy for buildings. NEXT's technology is enabled by proprietary organic semiconducting materials that are earth-abundant, low-cost, and are coated as an ink in a high-speed, low-cost, and low energy process. For more information, visit https://www.nextenergytech.com/.

Cailey Henderson
104 West Partners for NEXT Energy Technologies
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MELBOURNE, Australia--(BUSINESS WIRE)--P97, the leading mobile commerce platform provider for fuel and convenience retail and automotive industries globally has partnered with Viva Energy Australia, a leading energy company in Australia to launch a custom mobile app, Shell Card Go, for fleet managers and drivers.

Viva Energy supplies around a quarter of Australia’s fuel requirements and is the exclusive supplier of Shell fuels and lubricants in Australia through a retail network of over 1,330 service stations including Shell, Liberty Convenience, and Coles Express. Shell Card is a business to business fuel card, which helps businesses simplify their fuel purchasing needs. Shell Card is available at more than 1,330 service stations across Australia, giving fleet drivers convenient access to high quality fuels wherever their business takes them.

P97 Networks is an industry leading mobility services platform and has integrated their technology into five leading point of sale systems across Viva Energy’s retail network, including NCR POS, QuickFuel POS, Beacon POS, EdgePOS and Viva Energy’s outdoor payment terminals. P97 has also integrated into Viva Energy’s Card Management Platform and Fiserv, the payments authorisation host for the Shell Fleet Card. These complex integrations will allow a seamless and consistent experience across their retail network of over 1,200 service stations.

Viva Energy selected P97 to design the Shell Card Go app which provides fleet managers and drivers with contactless mobile payments. The app allows authorised drivers to pay for fuel at Shell, Liberty, and Coles Express sites. The app also allows users to locate stations, view site details, earn rewards and easily access their transaction history. In addition, the app allows Viva Energy the ability to interact with their customers with digital marketing through discounts, offers, promotions and omni-channel messaging.

“As a leading Australian energy company, Viva Energy aims to provide fleet managers and drivers easy access to fuel stations and contactless payments,” says Ash Harris, Head of Shell Card at Viva Energy.

“We believe the Shell Card Go app will not only make fuel payments more convenient for fleet managers and drivers, but also create seamless and secure experiences. We chose to work with P97 Networks because they are a market leader and recognised for their ability to process mobile payments, integrate their technology into complex POS systems, and influence driver behaviour.”

“We are honoured to have the privilege of working with Viva Energy,” says Brad Jones from P97 Networks. “By giving drivers and fleet managers the flexibility and ease of mobile payments, Viva Energy will set the new standard for the Australian fuel and convenience retail industry.”

About P97 Networks

P97 Networks provides a global, cloud based, mobility services platform that enables connected commerce, digital marketing, and consumer engagement for convenience retail, utilities, energy companies, and auto OEMs to align strategies, so they can attract, engage, and retain customers by securely connecting millions of consumers and connected cars using P97 identity, geolocation-based services, secure payments, and loyalty aggregation platform to create new and unique mobile consumer experiences. For more information, visit www.p97.com.

About Viva Energy

Viva Energy (ASX: VEA) is one of Australia’s leading energy companies and supplies approximately a quarter of the country’s liquid fuel requirements. It is the exclusive supplier of high-quality Shell fuels and lubricants in Australia through an extensive network of more than 1,330 service stations across the country.

Viva Energy owns and operates the strategically located Geelong Refinery in Victoria, and operates bulk fuels, aviation, bitumen, marine, chemicals and lubricants businesses supported by more than 20 terminals and 50 airports and airfields across the country.

www.vivaenergy.com.au

Aaron Mireles
Director of Marketing
P97 Networks, LLC
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P: (281) 954-1706

SWTCH is poised to improve electric vehicle charging accessibility with low-cost solutions tailored to multi-family buildings at all income levels

TORONTO--(BUSINESS WIRE)--SWTCH Energy Inc. has closed $13 million USD in new financing to expand its electric vehicle (EV) charging solutions to multi-family buildings across North America, with an emphasis on serving the transition to electrified transportation for market-rate and low-to-moderate income (LMI) communities. The new capital includes a $10 million USD Series A round led by the venture capital arm of Aligned Climate Capital and a $3 million USD credit facility from Silicon Valley Bank. Additional Series A investors include Landmark Management Inc., Elemental Energy, IBI Group, Active Impact Investments, and Pacific Reach.

SWTCH provides EV charging and energy management solutions that address the unique challenges of EV ownership in multi-family buildings of all kinds. SWTCH's unique approach to EV charging and energy management lowers the financial and technological barriers to EV ownership by employing cost-effective, software-based energy management solutions to multi-family buildings where electrical infrastructure hardware upgrades can be prohibitively expensive. Additionally, SWTCH's charging-as-a-service model reduces the financial barriers to providing equitable access to EV charging infrastructure, which eliminates the upfront costs and reduces the operational costs of EV charging management by incorporating clean fuel standard credits, charging infrastructure incentives, and ancillary service market participation as part of the core offering.

"SWTCH's mission is centered on realizing the social, economic, and environmental benefits of widespread EV adoption," said Carter Li, CEO of SWTCH. "We know that more than 80% of EV charging occurs at home and 30% of homes in North America are multi-family, so improving access to EV charging infrastructure in multi-family buildings is critical to enabling widespread EV adoption. With over 75% of our charging stations currently deployed in multi-family buildings, SWTCH strongly believes in the importance of providing equitable, convenient, and affordable charging access at home, where people need it the most. This round of new financing will help us accelerate our growth into these locations by expanding our ability to fund more charging-as-a-service projects in low- and moderate-income communities across North America.”

"With rising gas prices, more and more Americans are looking to purchase electric vehicles. But that means we need more charging infrastructure and we need it where people live,” said Peter Davidson, CEO of Aligned Climate Capital. "We are proud to invest in a company that makes it easier for people to go electric, save money, and be a part of the climate solution.”

“SVB is excited to support SWTCH as they scale EV charger deployments in the critical multi-family building segment,” said Graeme Millen, Managing Director at SVB Canada. “Providing creative capital to enable SWTCH’s Charging-as-a-Service model is aligned with our commitment to the Climate Tech and Sustainability sector and helping accelerate the impact of companies and founders developing and scaling game-changing technology.”

SWTCH charging systems are currently installed in 200 multi-family buildings, 50% of which are classified as low-to-moderate income. As a current cohort of the Clean Fight Program, a not-for-profit climate-tech accelerator supported by the New York State Energy Research and Development Authority (NYSERDA) and New Energy Nexus, SWTCH is collaborating with other clean building technology providers to decarbonize and electrify the mass of New York’s non-luxury residential and commercial buildings, in order to generate equitable climate impacts while providing health, comfort, and savings benefits to LMI communities most impacted by the climate crisis. Under the new $2.5 billion Discretionary Grant Program for Charging and Fueling Infrastructure established by President Biden’s $7.5 billion Bipartisan Infrastructure Law, at least 50 percent of this funding will be used for a community grant program where priority is given to projects that expand access to EV charging and alternative fueling infrastructure within LMI communities.

“SWTCH was selected as one of just a handful of cohort companies from a very competitive applicant pool to participate in the Clean Fight program that’s focused on high impact solutions that bring the environmental, economic and health benefits of deep decarbonization to non-luxury buildings. After less than six months in the program, SWTCH is already working on new installations in LMI communities in NY with two different partners in The Clean Fight, in collaboration with two other participating cohort companies,” said Thatcher Bell, Program Director at The Clean Fight.

By the end of 2022, SWTCH expects to manage 5,000 charging ports in over 900 locations in all 50 U.S. states and 10 Canadian provinces, of which over 50% will be in low-to-moderate income multi-family buildings.

About SWTCH Energy Inc.
SWTCH is headquartered in Toronto, Ontario with offices in Brooklyn, New York and Boston, Massachusetts. The company electric vehicle (EV) charging and energy management solutions streamline charging for drivers while optimizing usage and revenue for multi-family building operators. SWTCH is a proud member of Open Charge Alliance (OCA), OpenADR Alliance, and CharIN, basing its EV charging platform on open communication standards to ensure interoperable, scalable, and future-proof charging solutions to its clients.

About Aligned Climate Capital
Aligned Climate Capital LLC is an asset manager investing exclusively in the people, companies, and real assets that are decarbonizing the global economy. Founded in 2019, Aligned is a dynamic and mission-driven firm that believes solving climate change is a unique opportunity to generate strong financial returns, while also achieving meaningful environmental and social impact. The team works at the intersection of finance, technology, and public policy with a particular focus on ESG metrics. For more information, please visit www.AlignedClimateCapital.com.

About Silicon Valley Bank
Silicon Valley Bank (SVB) helps innovative companies and their investors move bold ideas forward, fast. SVB provides a full range of financial services and expertise to companies of all sizes in innovation centers around the world. SVB is recognized as one of the world’s best employers by Forbes, and is a member of the Bloomberg Gender Equality Index. In 2022, SVB committed to provide at least $5 billion by 2027 in loans, investments and other financing to support sustainability efforts and the company has set a goal to achieve carbon neutral operations by 2025. SVB’s sustainable finance commitment aims to support companies that are working to decarbonize the energy and infrastructure industries and hasten the transition to a sustainable, net zero emissions economy. Learn more at svb.com/Canada.

About The Clean Fight – New Energy Nexus
The Clean Fight is a not-for-profit clean energy accelerator designed to attract growth-stage startups to scale business in New York State. Supported by The New York State Energy Research and Development Authority (NYSERDA) and New Energy Nexus, this accelerator is open to companies from across the United States and around the world who are aggressively advancing ways to meet carbon reduction mandates, while boosting economic opportunity and job creation for all. www.thecleanfight.com.

SWTCH Energy Inc.
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1-844-798-2438

Isaac Steinmetz
Antenna Group for SWTCH Energy
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NEW YORK & HOUSTON--(BUSINESS WIRE)--Glenfarne Group, LLC (“Glenfarne”), owner of the FERC and DOE permitted Magnolia LNG (“Magnolia”) and Texas LNG export projects, today announced the United States Department of Energy (“DOE”) has increased Magnolia LNG’s authorization to export an additional 0.8 million tonnes per annum (“MTPA”) of U.S.-sourced liquefied natural gas (“LNG”) to any country with which the United States has not entered into a Free Trade Agreement and with which trade is not prohibited by United States law or policy (“non-FTA Countries”). This approval permits Magnolia to export its total volume of 8.8 MTPA of LNG to non-FTA Countries.

”Magnolia LNG is pleased by this decision, which will support our nation's efforts to contribute to global energy security and the energy transition at this critical time,” said Vlad Bluzer, Managing Director of Glenfarne Group, LLC and President of the company’s LNG business. “We thank the Department of Energy and all our industry, regulatory, and other supporters for their continued enthusiasm and efforts on our behalf.”

Final investment decisions (“FID”) on both Magnolia LNG and Texas LNG will accelerate the supply of additional LNG capacity to the global market at a time when significant volumes are needed due to geopolitical disruptions and the increasing demand for cleaner energy sources. Glenfarne remains committed to furthering the energy transition through investments in responsible energy infrastructure worldwide.

Glenfarne’s CEO and Founder, Brendan Duval, commented: “Magnolia LNG has a stated FID target of 2023 intended to meet Glenfarne’s internal LNG import terminal projects’ demand. However, based on Magnolia’s fully permitted position, engineering status, and current market dynamics, we have fielded inquiries to announce FID in 2022, which we are seriously considering.”

Texas LNG remains on track for an FID in 2022.

The DOE press release can be viewed here

About Glenfarne Group, LLC

Glenfarne is a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas with offices in Dallas, Texas; Panama City, Panama; Santiago, Chile; Bogota, Colombia; Florianopolis, Brazil; Seoul, South Korea; and Ho Chi Minh City, Vietnam. Glenfarne’s seasoned executives, asset managers, and operators develop, acquire, manage, and operate energy infrastructure assets throughout North and South America and Asia. For more information, please visit www.GlenfarneGroup.com.

About Magnolia LNG

Magnolia LNG is an 8.8 mtpa modularized liquefaction and export facility that is located in the heart of Louisiana’s vast natural gas corridor on the Calcasieu Ship Channel near Lake Charles. It is adjacent to the existing Kinder Morgan Louisiana Pipeline, through which all of its feed gas will be transported. Magnolia LNG is fully permitted by FERC and has both FTA and non-FTA export authorizations from the DOE.

Magnolia LNG will utilize the patented OSMR® liquefaction technology, a low-cost, highly efficient process designed to generate 30 percent lower greenhouse gas (GHG) emissions than other conventional LNG processes.

About Texas LNG

Texas LNG is a four mtpa modularized liquefaction export facility that is located in South Texas on the Port of Brownsville’s deep water ship channel with pipeline access to the vast Permian and Eagle Ford gas basins. It is fully permitted by FERC and has both FTA and non-FTA export authorizations from the DOE. Texas LNG is powered by electric drives as opposed to gas consuming turbines, which allows it to procure power through renewable PPAs delivering some of the lowest carbon LNG available in the market.

Glenfarne is the majority owner of Texas LNG, and Samsung Engineering Co., Ltd. is an indirect minority equity owner and strategic partner to Texas LNG.

Additional information about Texas LNG may be found on its website at www.texaslng.com

Kris Cole
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(310) 652-1411

VISTA, Calif.--(BUSINESS WIRE)--Flux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion energy storage solutions for electrification of commercial and industrial equipment, will hold a conference call on Thursday, May 12, 2022 at 4:30 p.m. Eastern Time to discuss its results for the fiscal third quarter ended March 31, 2022. A press release detailing these results will be issued prior to the call.

Flux Power CEO Ron Dutt and CFO Chuck Scheiwe will host the conference call, followed by a question-and-answer session. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.

To access the call, please use the following information:

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.

The conference call will be broadcast live and available for replay at https://viavid.webcasts.com/starthere.jsp?ei=1542868&tp_key=96dad790ed and via the investor relations section of the Company's website here.

A replay of the webcast will be available after 7:30 p.m. Eastern Time through August 12, 2022.

About Flux Power Holdings, Inc.

Flux Power (NASDAQ: FLUX) designs, manufactures, and sells advanced lithium-ion energy storage solutions for electrification of a range of industrial and commercial sectors including material handling, airport ground support equipment (GSE), and stationary energy storage. Flux Power’s lithium-ion battery packs, including the proprietary battery management system (BMS) and telemetry, provide customers with a better performing, lower cost of ownership, and more environmentally friendly alternative, in many instances, to traditional lead acid and propane-based solutions. Lithium-ion battery packs reduce CO2 emissions and help improve sustainability and ESG metrics for fleets. For more information, please visit www.fluxpower.com.

Forward-Looking Statements

This release contains projections and other "forward-looking statements" relating to Flux Power’s business, that are often identified using "believes," "expects" or similar expressions. Forward-looking statements involve several estimates, assumptions, risks, and other uncertainties that may cause actual results to be materially different from those anticipated, believed, estimated, expected, etc. Such forward-looking statements include impact of COVID-19 on Flux Power’s business, results and financial condition; Flux Power’s ability to obtain raw materials and other supplies for its products at competitive prices and on a timely basis, particularly in light of the potential impact of the COVID-19 pandemic on its suppliers and supply chain; the development and success of new products, projected sales, deferral of shipments, Flux Power’s ability to fulfill backlog orders or realize profit from the contracts reflected in backlog sale; Flux Power’s ability to fulfill backlog orders due to changes in orders reflected in backlog sales, Flux Power’s ability to timely obtain UL Listing for its products, Flux Power’s ability to fund its operations, distribution partnerships and business opportunities and the uncertainties of customer acceptance and purchase of current and new products. Actual results could differ from those projected due to numerous factors and uncertainties. Although Flux Power believes that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, they can give no assurance that such statements will prove to be correct, and that the Flux Power’s actual results of ‎operations, financial condition and performance will not differ materially from the ‎results of operations, financial condition and performance reflected or implied by these forward-‎looking statements. Undue reliance should not be placed on the forward-looking statements and Investors should refer to the risk factors outlined in our Form 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov/edgar. These forward-looking statements are made as of the date of this news release, and Flux Power assumes no obligation to update these statements or the reasons why actual results could differ from those projected.

Flux, Flux Power, and associated logos are trademarks of Flux Power Holdings, Inc. All other third-party brands, products, trademarks, or registered marks are the property of and used to identify the products or services of their respective owners.

Follow us at:

Blog: Flux Power Blog
News Flux Power News
Twitter: @FLUXpwr
LinkedIn: Flux Power

Media & Investor Relations:
Justin Forbes
877-505-3589
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External Investor Relations:
Chris Tyson, Executive Vice President
MZ Group - MZ North America
949-491-8235
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www.mzgroup.us

HOUSTON--(BUSINESS WIRE)--Geospace Technologies (NASDAQ: GEOS) today announced that it will release second-quarter 2022 financial results on Wednesday, May 11, 2022 after the market closes. In conjunction with the release, Geospace has scheduled a conference call for Thursday, May 12, 2022 at 10:00 a.m. Eastern Time (9:00 a.m. Central).

WHAT:

Geospace Technologies Second Quarter 2022 Results Conference Call

WHEN:

Thursday, May 12, 2022 at 10:00 a.m. Eastern Time (9:00 a.m. Central)

HOW:

Live via phone – U.S. participants can dial toll free (800) 894-5910. International participants can dial (785) 424-1052. Please reference the Geospace Technologies conference ID: GEOSQ222 prior to the start of the conference call.

For those who cannot listen to the live call, a replay will be available for approximately 60 days and may be accessed through the Investor Relations page.

Geospace principally designs and manufactures seismic instruments and equipment. We market our seismic products to the oil and gas industry to locate, characterize and monitor hydrocarbon producing reservoirs. We also market our seismic products to other industries for vibration monitoring, border and perimeter security, and various geotechnical applications. We design and manufacture other products of a non-seismic nature, including water meter products, imaging equipment and offshore cables.

Caroline Kempf, This email address is being protected from spambots. You need JavaScript enabled to view it., 321.341.9305

Organizations Unveil Completed Facility Powered by Clean Energy as Part of Earth Day Commemoration

MIDDLETON, Wis.--(BUSINESS WIRE)--#biogas--With the support of leadership from Dane County, Wisconsin, EnTech Solutions, a full-service clean energy solutions provider, has partnered with Northern Biogas, a fully-funded renewable natural gas (RNG) producer, to repurpose an anaerobic biodigester facility formerly producing electricity to now produce clean RNG using agricultural waste from four local dairy farms.

Digesters are an integral part of managing manure and organic waste from dairy farms. This facility incorporated advanced technology, including a nutrient concentration system that returns clean water to the region’s Yahara Watershed while also reducing phosphorus runoff to nearby streams and lakes. In 2021, over 27 million gallons of manure was processed by the biodigester, removing more than 57,000 pounds of phosphorus from the watershed.

“Water and soil are essential to life on earth, and farmers continue to look for opportunities to improve water quality and soil health,” said Jeff Endres, co-owner of Endres Berryridge Farms. “Northern Biogas and EnTech Solutions have opened up high-tech opportunities around dairy manure, working with area farmers to harvest the methane and return the fiber and liquid nutrients back to the farmers for use as organic fertilizer and bedding, maximizing all aspects of the nutrient cycle.”

EnTech Solutions incorporated a renewable energy microgrid at the facility, featuring solar panels and batteries which provide more than 2.8 MW of clean energy generation, the equivalent of powering more than 400 homes. This creates a carbon negative process that results in RNG with a lower carbon intensity (CI) score. Overall, the facility will reduce emissions by more than 13,500 metric tons per year of carbon dioxide equivalent. The reduction is equivalent to removing emissions of nearly 34 million miles driven by cars.

“Partnering with EnTech Solutions, Northern Biogas and our family-owned dairy farms paves the way for home-grown renewable energy, cleaner lakes and keeping our farm families milking cows for generations to come,” said Dane County Executive Joe Parisi. “This new investment in cutting-edge technology benefits both the local environment and our farm economy while combating climate change.”

The facility’s RNG is trucked to Dane County’s landfill offload station, where it is injected through the county’s equipment into the interstate transmission pipeline to be used as renewable fuel to power fleets of RNG vehicles. U.S. Gain, a division of Wisconsin-based U.S. Venture, Inc., and a leader in the development and distribution of alternative fuel, offtakes the RNG and markets it to the transportation sector in California. RNG from cow manure can reduce greenhouse gas emissions (GHG) up to 400 percent when used to replace traditional fossil fuels.

“Using our experience in engineering and energy technologies, we were able to convert the Middleton facility to an even more efficient producer of clean RNG, and accomplished this in a compressed timeframe,” said Scott Romenesko, EnTech Solutions president. “We know this is a replicable process that we can apply to help other biodigesters achieve their environmental goals.”

“We saw the Middleton project as a great opportunity to leverage our 18-year history working with anaerobic digesters and nutrient management to support EnTech Solutions in their mission to create sustainable, reliable energy solutions,” said Northern Biogas president Dave Fitch. “Together we share a passion for innovation and a commitment to clean energy. Along with the support of Dane County and the local community, we think these new systems and technologies will make a positive impact for the farmers and the surrounding environment.”

For more information on EnTech Solutions, visit energybyentech.com.

For more information on Dane County’s programs addressing climate change, reducing phosphorus run-off and the RNG plant, visit daneclimateaction.org.

For more information on Northern Biogas, visit northernbiogas.com.

For more information on U.S. Gain, visit usgain.com.

Danielle León
Red Shoes Inc.
920-574-3253
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Aster will be led by Chen Wei, an Industry Veteran with over Two Decades of Renewables Experience

Solar, Wind and Energy Storage Opportunities in Taiwan and Vietnam are Immediate Focus Areas

First solar photovoltaic project in Taiwan under commercial operations

SINGAPORE--(BUSINESS WIRE)--Global investment firm KKR today announced the launch of Aster Renewable Energy (“Aster”), a newly created renewables platform to develop, build, and operate solar, wind and energy storage projects in Taiwan and Vietnam, with a view to expand to other markets in Asia.

Headquartered in Singapore, Aster looks to invest behind high-quality renewable energy assets by leveraging the team’s leading development expertise. Aster will be led by CEO Chen Wei, an industry veteran with more than 20 years of experience managing and building renewable energy businesses across Asia. Mr. Chen brings to Aster deep expertise and an extensive network, as well as significant experience leading a successful pan-Asia renewables platform. Alongside his leadership team, he will be responsible for identifying, planning, and executing investment opportunities for Aster. In Taiwan, Aster will be led by Country Manager Adam Huang, an experienced renewables developer and investor, particularly in the solar space. Today, Aster operates a commercial solar photovoltaic project in Taiwan as the platform’s first project.

Aster’s launch builds on the strong momentum behind renewables investment and development in Asia and KKR’s extensive experience in this sector. Since 2011, KKR has deployed approximately US$4.0 billion globally into renewable assets, such as solar and wind, which have an operational power generation capacity of 14.2 GW, as of December 31, 2021. In Asia, KKR sees renewables as core to its infrastructure strategy and seeks to capture the significant opportunities across the region. In 2020, KKR set up Virescent Infrastructure, a renewable energy platform to own and operate renewable assets in India.

Michael de Guzman, Managing Director of KKR’s Asia Pacific Infrastructure team, said, “The launch of Aster reflects KKR’s confidence in Asia’s renewables sector and the important role it plays in our broader Asia infrastructure strategy. We believe we have reached an inflection point where there is a strong convergence of favorable geographical characteristics and resources, supportive government policies, and demand for sustainable energy solutions to meet the region’s growing needs. With our global expertise and local knowledge, KKR is well-placed to invest behind and advance the energy transition through Aster across Taiwan, Vietnam, and Asia, and Virescent Infrastructure in India.”

Mr. Chen said, “I am incredibly excited about this unique opportunity to lead Aster to achieve its full potential. There is significant demand and momentum for renewable energy across the region, and I look forward to maximizing our team’s experience and networks, as well as KKR’s deep expertise, to help Aster capture these opportunities. Aster will continue to invest behind great opportunities and talent to help enhance KKR’s infrastructure strategy.”

KKR established its Global Infrastructure strategy in 2008 and has since been one of the most active infrastructure investors around the world with a team of approximately 75 dedicated investment professionals. The firm currently oversees approximately US$40 billion in infrastructure assets globally and has made approximately 65 infrastructure investments across a range of sub-sectors and geographies. In Asia Pacific, KKR combines the capabilities of its local teams across the region with KKR’s global industry and operational expertise to add value to companies.

KKR makes its investment from its Asia Pacific Infrastructure Fund.

About Aster Renewable Energy

Aster develops, builds and operates renewable energy assets across Asia, a region with a rapidly growing population, economy and need for renewable energy. Aster will have an immediate focus in Taiwan and Vietnam, particularly solar and wind, and will look to expand its footprint into other countries in the region. Aster’s goal is to become a leading renewable development and investment platform in Asia. Our leadership team includes a number of highly talented executives with an average of over 10 years of renewable development and investment experiences across the region.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Media
Wei Jun Ong
+65 6922 5813
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Sleep technology leader to convert many of its real estate locations to solar energy.

MINNEAPOLIS--(BUSINESS WIRE)--Today Sleep Number Corporation (Nasdaq: SNBR), the sleep health, science, research and innovation leader, announced a new nationwide sustainability initiative. With a goal of building a more environmentally conscious company, Sleep Number is transitioning much of its operational footprint to renewable energy, advancing the company’s sustainability goals as a participant to the United Nations Global Compact.

Sleep Number expects to convert most of its 650 retail stores and distribution centers to solar energy. The initiative has already started in Sleep Number’s California assembly distribution center (ADC), Minneapolis headquarters and Minnesota ADC. Additional near-term projects include facilities in Texas, Florida and Ohio. The company is targeting 75% solar conversion, with approximately 20% of its energy usage converted to solar by the end of the year. The projected investment for this year is nearly $5 million.

Fellow Minnesota-based company Blue Horizon Energy will provide strategic support and execute the initiative. Because of the variety of real estate sizes and locations that Sleep Number occupies, Blue Horizon will design customized solar solutions that will meet Sleep Number’s needs. Sleep Number is working on additional sustainability initiatives following the solar project, which may include landfill reduction, lighting adjustments and others.

“Converting to solar energy is an important step in our dedication to improve the health and wellbeing of society,” said Shelly Ibach, President and CEO, Sleep Number. “Our ongoing ESG priorities are integrated into our strategy, culture, and operations, and are aligned with our pursuit of superior value creation that benefits all stakeholders. We are committed to sustainability and reducing our environmental footprint.”

“Becoming more energy efficient and reducing energy-related emissions is a priority for companies of all sizes. These changes are driven by demands from employees, consumers and other stakeholders for a less wasteful, more environmentally friendly economy,” says Griffin Dooling, CEO of Blue Horizon Energy. “For large organizations, moving toward clean energy can be challenging across a mixed-format, multi-state real estate portfolio. Our development team works with these organizations to evaluate and execute customized outcome-focused solutions. We’re proud to partner with Sleep Number on building a more sustainable future across their business.”

About Sleep Number

Individuality is the foundation of Sleep Number. Our purpose driven company is comprised of over 5,500 passionate team members who are dedicated to our mission of improving lives by individualizing sleep experiences. We have improved over 14 million lives and are positively impacting society’s wellbeing through higher quality sleep.

Our award-winning 360^® smart beds are informed by science. They learn from over one billion sleep sessions of highly-accurate, real world sleep data – the cumulation of 14 billion hours’ worth - to automatically adjust to each sleeper and provide effortless comfort and proven quality sleep. Our 360 smart beds deliver individualized sleep health reports and insights, including a daily SleepIQ^® score, and are helping to advance meaningful sleep health solutions by applying sleep science and research.

For life-changing sleep, visit SleepNumber.com or one of our 650 Sleep Number^® stores. More information is available on our newsroom and investor relations sites.

Forward-looking Statements

Statements used in this news release relating to future plans, events or performance, such as statements about plans to invest in renewable energy, are forward-looking statements subject to certain risks and uncertainties. Additional information concerning these and other risks and uncertainties is contained in the company’s filings with the Securities and Exchange Commission (SEC), including the Annual Report on Form 10-K, and other periodic reports filed with the SEC. The company has no obligation to publicly update or revise any of the forward-looking statements in this news release.

Julie Elepano
Sleep Number Public Relations
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Michael Deering
Blue Horizon Energy
612-360-7789, This email address is being protected from spambots. You need JavaScript enabled to view it.

TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO:6503) announced today its consolidated financial results for fiscal 2022 (April 1, 2021 - March 31, 2022).

The full document on Mitsubishi Electric’s financial results can be viewed at the following link:
www.MitsubishiElectric.com/news

Consolidated Financial Results

The economy in fiscal 2022 generally continued to see recovery in the corporate sector in the U.S., Europe and Japan. The household sector continued to recover in the U.S. and Europe, while in Japan there was the downward pressure stemming from the novel coronavirus diseases (COVID-19), despite recovery owing to normalization of economic activities. China continued to see recovery in export and manufacturing, while the pace of recovery in the household sector slowed down. There was also the impact of the rise in material prices and logistics costs as well as a prolonged components shortage.

In this environment, the Mitsubishi Electric Group has been working even harder than before to uplift profitability by strengthening its business portfolio strategy towards sustainable growth, while continuously implementing initiatives to strengthen its competitiveness and business structure.

Revenue

Revenue increased by 285.3 billion yen compared to the previous fiscal year to 4,476.7 billion yen due primarily to increased revenue in Industrial Automation Systems, Home Appliances and Electronic Device segments, despite decreased revenue in Energy and Electric Systems and Information and Communication Systems segments. Industrial Automation Systems segment saw an increase in the factory automation systems business due mainly to an increase in demand for capital expenditures relating to digital equipment and decarbonization worldwide. The automotive equipment business also increased due to the expansion of the electric vehicle market. Home Appliances segment increased due mainly to an increase in air conditioners particularly in Europe and North America, despite a decrease in air conditioners in Japan due primarily to a semiconductor shortage. Electronic Devices segment increased due primarily to recovery in demand for power modules.

Operating profit

Operating profit increased by 21.8 billion yen compared to the previous fiscal year to 252.0 billion yen due mainly to increased operating profit in Industrial Automation Systems and Electronic Devices segments, despite decreased operating profit in Energy and Electric Systems and Home Appliances segments. Operating profit ratio improved by 0.1 points compared to the previous fiscal year to 5.6% due mainly to increased revenue.

The cost ratio improved by 0.2 points compared to the previous fiscal year due primarily to higher operating ratio owing to increased revenue in Industrial Automation Systems segment and the yen depreciating against other currencies, despite the rise in material prices. Selling, general and administrative expenses increased by 60.0 billion yen compared to the previous fiscal year, but selling, general and administrative expenses to revenue ratio improved by 0.2 points. Other profit (loss) decreased by 8.2 billion yen compared to the previous fiscal year due mainly to decreased profit from sales of land, and other profit (loss) to revenue ratio deteriorated by 0.3 points compared to the previous fiscal year.

Profit before income taxes

Profit before income taxes increased by 20.9 billion yen compared to the previous fiscal year to 279.6 billion yen due primarily to an increase in operating profit. Profit before income taxes to revenue ratio was 6.2%.

Net profit attributable to Mitsubishi Electric Corporation stockholders

Net profit attributable to Mitsubishi Electric Corporation stockholders increased by 10.3 billion yen compared to the previous fiscal year to 203.4 billion yen due mainly to increased profit before income taxes. Net profit attributable to Mitsubishi Electric Corporation stockholders to revenue ratio was 4.5%.

ROE deteriorated by 0.4% compared to the previous fiscal year to 7.1%.

Forecast for Fiscal 2023

The global economy in fiscal 2023 is expected to continue recovering but growth is anticipated to slow down due to the expansion of COVID-19 variants and supply constraints causing rising inflation in various countries and regions, as well as a slowdown in the U.S. and China. There is also an increase in uncertainty about recent geopolitical risks and the rise in material prices, which might exert more downward pressure on the global economy.

Under these circumstances, the Mitsubishi Electric Group aims to raise profitability by strengthening its business portfolio strategy and promoting global operations particularly of its Key Growth Businesses, while creating new business and expanding solution business by exploring open innovations to respond to the changing social structure and customer values. The Group also aims to build a stable revenue base that tolerates change in order to minimize the impact of the rise in material prices and logistics costs as well as components shortages.

Based on a certain premise, Mitsubishi Electric has taken into consideration the impact of improper testing, including costs for additional inspections and strengthening the quality control system. Depending on the progress of future discussions with customers and investigations, the Group may incur losses exceeding this premise or relating to the discovery of any other improper quality-related conduct. If any potential impact comes to light, it will be disclosed promptly. For more information regarding improper testing, please see “Relevant documents” of “Restoring trust: Our roadmap for reform.”
https://reform.MitsubishiElectric.com/relevant-documents/

The current financial performance forecast for fiscal 2023 follows below.

Current consolidated forecast for fiscal 2023

Exchange rates for this forecast are 115 yen to the U.S. dollar, 125 yen to the euro and 18 yen to the Chinese yuan.

About Mitsubishi Electric Corporation

With more than 100 years of experience in providing reliable, high-quality products, Mitsubishi Electric Corporation (TOKYO: 6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. Mitsubishi Electric enriches society with technology in the spirit of its “Changes for the Better.” The company recorded a revenue of 4,476.7 billion yen (U.S.$ 36.7 billion*) in the fiscal year ended March 31, 2022. For more information, please visit www.MitsubishiElectric.com
*U.S. dollar amounts are translated from yen at the rate of ¥122=U.S.$1, the approximate rate on the Tokyo Foreign Exchange Market on March 31, 2022

Investor Relations Inquiries
Investor Relations Group, Corporate Finance Division
Mitsubishi Electric Corporation
Tel: +81-3-3218-2391
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Media Inquiries
Sachiko Masuda
Public Relations Division
Mitsubishi Electric Corporation
Tel: +81-3-3218-2848
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www.MitsubishiElectric.com/news/

An Executive from Hyundai Traveled to Advent’s Headquarters in Boston to Participate in an In-Person Signing Ceremony

BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology sectors, is pleased to announce that, on Tuesday, April 19, 2022, it hosted executives from Hyundai Motor Company (“Hyundai”), a leading multinational manufacturer with operations in over 200 countries, to formally celebrate the companies’ recently announced collaboration, under which Advent and Hyundai will work together to assess applications of Advent’s proprietary technology in supplying Hyundai’s high-temperature fuel cell needs.

More specifically, Hyundai’s Executive Director, Dr. Jong Kook Lee, traveled to Advent’s headquarters in Boston at 200 Clarendon Street, to participate in an in-person ceremonial signing of the agreement with Advent’s Chairman and Chief Executive Officer, Dr. Vasilis Gregoriou. This ceremonial signing marked the first such event in which Advent has partaken with Hyundai.

Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive Officer, stated, “We are excited to work with Hyundai as they pursue a decarbonization strategy involving high-temperature fuel cells. Bringing green energy solutions to carbon-intensive applications is imperative for achieving climate goals, a fact that both Advent and Hyundai understand. We recognize the importance of this agreement by choosing to begin this cooperative relationship with an in-person, ceremonial signing ritual and underscore the close relationship that the companies plan to share over the course of the agreement, with the goal of advancing high-temperature fuel cell development.”

Dr. Jong Kook Lee, Hyundai’s Executive Director, said, “Hyundai is delighted to take these steps with Advent to develop best in class high-temperature fuel cells. We look forward to working with Advent through this testing and development phase in the hope that it will unlock a key step for more widespread adoption of fuel cell technology in high-temperature applications. With this agreement, Hyundai takes an important step forward with a new partner and leader in the HT-PEM space.”

“With Advent’s unparalleled HT-PEM technology and experience in fuel cell production and Hyundai’s broad experience, we believe this agreement will be a significant step towards potentially breakthrough high-temperature fuel cell developments. We are eager to begin work with a partner as enthusiastic about the promise of fuel cells as Advent is,” Dr. Gregoriou added.

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles fuel cell systems and the critical components for fuel cells and other advanced energy systems. Advent is headquartered in Boston, Massachusetts, with locations in California, Denmark, Germany, Greece, and the Philippines. With 150-plus patents issued, pending, or licensed for its fuel cell technology, Advent holds the IP for next-generation HT-PEM that enable various fuels to function at high temperatures under extreme conditions – offering a flexible “Any Fuel. Anywhere.” option for the automotive, maritime, aviation, and power generation sectors. For more information, visit www.advent.energy.

Cautionary Note Regarding Forward-Looking Statements

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

Advent Technologies Holdings, Inc.
Michael Trontzos / Chris Kaskavelis
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