LIBERTY LAKE, Wash.--(BUSINESS WIRE)--Itron, Inc. (NASDAQ:ITRI), which is innovating the way utilities and cities manage energy and water, announced today financial results for its fourth quarter and full year ended Dec. 31, 2021. Highlights for the quarter and full year include:

• Quarterly and full year revenue of $486 million and $2.0 billion;
• Quarterly and full year gross margin of 25.0% and 28.9%;
• Quarterly and full year GAAP net loss of $(59) million and $(81) million;
• Quarterly and full year GAAP loss per share of $(1.30) and $(1.83);
• Quarterly and full year non-GAAP diluted earnings per share of $0.75 and $1.75;
• Quarterly and full year adjusted EBITDA of $3 million and $115 million; and
• Backlog of $4.0 billion and 12-month backlog of $1.5 billion.

"Customer demand for Itron’s solutions is at an all-time high, as demonstrated by record bookings and backlog in the fourth quarter,” said Tom Deitrich, Itron’s president and CEO.

“Unfortunately, headwinds due to semiconductor component shortages impacted our fourth quarter results and we anticipate these conditions continuing through at least the first half of 2022.”

Summary of Fourth Quarter Consolidated Financial Results
(All comparisons made are against the prior year period unless otherwise noted)

Revenue
Total revenue of $486 million decreased 8%, or 6% excluding the impact of changes in foreign currency exchange rates, compared with the fourth quarter of 2020.

By segment, Outcomes revenue increased 4%, driven by an increase in software and professional services. Networked Solutions revenue decreased 5% and Device Solutions revenue decreased 16%.

Gross Margin
Consolidated gross margin of 25.0% decreased 330 basis points compared with the fourth quarter of 2020 driven primarily by higher component costs and manufacturing inefficiencies.

Operating Income (loss), Net Income (loss) and Earnings (loss) per Share (EPS)
GAAP operating loss of $(107) million compared with operating income of $33 million in 2020. The decrease was primarily due to lower gross profit and higher GAAP operating expenses. The higher GAAP operating expenses were primarily driven by expenses related to restructuring activities and higher variable compensation. Also, we recognized a pre-tax loss related to the sale of certain gas device assets.

Non-GAAP operating loss $(7) million compared with non-GAAP operating income of $44 million in 2020. The decrease was due to lower gross profit and higher non-GAAP operating expenses, primarily driven by higher variable compensation.

GAAP net loss attributable to Itron, Inc. for the quarter was $(59) million, or $(1.30) per share, compared with net income of $22 million, or $0.53 per diluted share, in 2020. The reduction in net income and EPS was primarily due to lower GAAP operating income.

Non-GAAP net income was $34 million, or $0.75 per diluted share, compared with $26 million, or $0.65 per diluted share in 2020. The increase was due to a non-GAAP tax benefit driven by the impact of certain transfers of business activities and assets.

Cash Flow
In the fourth quarter, cash provided by operating activities was $14 million compared with $39 million in 2020. Free cash flow was $7 million compared with $29 million in the prior year. The decrease in cash flow was due to reduced non-GAAP EBITDA and lower cash inflows from working capital.

Other Measures

Bookings were a record $1.1 billion in the fourth quarter. This is a book to bill ratio of 2.2 to 1 for the quarter. Total backlog and 12-month backlog are both at record levels of $4.0 billion and $1.5 billion, respectively, at the end of the quarter.

Financial Guidance

Itron’s guidance for the full year 2022 is as follows:

• Revenue between $2.0 and $2.1 billion
• Non-GAAP diluted EPS between $1.25 and $1.75

Guidance assumes an average euro to U.S. dollar foreign currency exchange rate of $1.14 in 2022, diluted weighted average shares outstanding of approximately 45.5 million for the year, and a non-GAAP effective tax rate for the year of approximately 25%.

A reconciliation of forward-looking non-GAAP diluted EPS to the GAAP diluted EPS has not been provided because we are unable to predict with reasonable certainty the potential amount or timing of restructuring and acquisition and integration related expenses and their related tax effects without unreasonable effort. These items are uncertain, depend on various factors and could have a material impact on GAAP results for the guidance period.

Other Events

Share Repurchase Program

On Nov. 1, 2021 Itron's board of directors authorized a share repurchase program up to $100 million over an 18-month period. As of today, we have completed $25 million under the share repurchase program at an average share price of $61.67, totaling approximately 400 thousand shares.

Sale of European C+I Mechanical Gas / Stations / Global Gas Regulator Business

On Nov. 2, 2021, Itron entered into a definitive securities and asset purchase agreement to sell certain of its Gas device manufacturing and business operations in Europe and North America to Dresser Utility Solutions (Dresser). Itron anticipates this transaction to close today, Feb. 28, 2022.

Earnings Conference Call

Itron will host a conference call to discuss the financial results and guidance contained in this release at 10 a.m. EST on Feb. 28, 2022. The call will be webcast in a listen-only mode. Webcast information and conference call materials will be made available 10 minutes before the start of the call and will be accessible on Itron’s website at http://investors.itron.com/events.cfm. A replay of the audio webcast will be made available at http://investors.itron.com/events.cfm. A telephone replay of the conference call will be available through March 5, 2022. To access the telephone replay, dial (888) 203-1112 (domestic) or (719) 457-0820 (international) and enter passcode 5471582.

About Itron

Itron^® enables utilities and cities to safely, securely and reliably deliver critical infrastructure services to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.

Itron^® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

Cautionary Note Regarding Forward Looking Statements

This release contains, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical factors nor assurances of future performance. These statements are based on our expectations about, among others, revenues, operations, financial performance, earnings, liquidity, earnings per share, cash flows and restructuring activities including headcount reductions and other cost savings initiatives. This document reflects our current strategy, plans and expectations and is based on information currently available as of the date of this release. When we use words such as "expect", "intend", "anticipate", "believe", "plan", "goal", "seek", "project", "estimate", "future", "strategy", "objective", "may", "likely", "should", "will", "will continue", and similar expressions, including related to future periods, they are intended to identify forward-looking statements. Forward-looking statements rely on a number of assumptions and estimates. Although we believe the estimates and assumptions upon which these forward-looking statements are based are reasonable, any of these estimates or assumptions could prove to be inaccurate and the forward-looking statements based on these estimates and assumptions could be incorrect. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking statements depending on a variety of factors. Therefore, you should not rely on any of these forward-looking statements. Some of the factors that we believe could affect our results include our ability to execute on our restructuring plans, our ability to achieve estimated cost savings, the rate and timing of customer demand for our products, rescheduling of current customer orders, changes in estimated liabilities for product warranties, adverse impacts of litigation, changes in laws and regulations, our dependence on new product development and intellectual property, future acquisitions, changes in estimates for stock-based and bonus compensation, increasing volatility in foreign exchange rates, international business risks, uncertainties caused by adverse economic conditions, including, without limitation those resulting from extraordinary events or circumstances such as the COVID-19 pandemic and other factors that are more fully described in Part I, Item 1A: Risk Factors included in our Annual Report on Form 10-K for the year ended Dec. 31, 2020 and other reports on file with the Securities and Exchange Commission. Itron undertakes no obligation to update or revise any information in this press release.

Non-GAAP Financial Information

To supplement our consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States (GAAP), we use certain adjusted or non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted earnings per share (EPS), adjusted EBITDA, adjusted EBITDA margin, constant currency, and free cash flow. We provide these non-GAAP financial measures because we believe they provide greater transparency and represent supplemental information used by management in its financial and operational decision making. We exclude certain costs in our non-GAAP financial measures as we believe the net result is a measure of our core business. We believe these measures facilitate operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP basis. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Our non-GAAP financial measures may be different from those reported by other companies. A more detailed discussion of why we use non-GAAP financial measures, the limitations of using such measures, and reconciliations between non-GAAP and the nearest GAAP financial measures are included in this press release.

About Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared in accordance with GAAP, we use certain non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted EPS, adjusted EBITDA, free cash flow, and constant currency. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and other companies may define such measures differently. For a reconciliation of each non-GAAP measure to the most comparable financial measure prepared and presented in accordance with GAAP, please see the table captioned Reconciliations of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures.

We use these non-GAAP financial measures for financial and operational decision making and/or as a means for determining executive compensation. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and ability to service debt by excluding certain expenses that may not be indicative of our recurring core operating results. These non-GAAP financial measures facilitate management's internal comparisons to our historical performance, as well as comparisons to our competitors' operating results. Our executive compensation plans exclude non-cash charges related to amortization of intangibles and certain discrete cash and non-cash charges, such as acquisition and integration related expenses, loss on sale of business, or restructuring charges. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because they provide greater transparency with respect to key metrics used by management in its financial and operational decision making and because they are used by our institutional investors and the analyst community to analyze the health of our business.

Non-GAAP operating expenses and non-GAAP operating income – We define non-GAAP operating expenses as operating expenses excluding certain expenses related to the amortization of intangible assets, restructuring, loss on sale of business, corporate transition cost, and acquisition and integration. We define non-GAAP operating income as operating income (loss) excluding the expenses related to the amortization of intangible assets, restructuring, loss on sale of business, corporate transition cost, and acquisition and integration. Acquisition and integration related expenses include costs, which are incurred to affect and integrate business combinations, such as professional fees, certain employee retention and salaries related to integration, severances, contract terminations, travel costs related to knowledge transfer, system conversion costs, and asset impairment charges. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the effect of expenses that are related to acquisitions and restructuring projects. By excluding these expenses, we believe that it is easier for management and investors to compare our financial results over multiple periods and analyze trends in our operations. For example, in certain periods, expenses related to amortization of intangible assets may decrease, which would improve GAAP operating margins, yet the improvement in GAAP operating margins due to this lower expense is not necessarily reflective of an improvement in our core business. There are some limitations related to the use of non-GAAP operating expenses and non-GAAP operating income versus operating expenses and operating income calculated in accordance with GAAP.

Itron, Inc.
Kenneth P. Gianella
Vice President, Investor Relations
(669) 770-4643
This email address is being protected from spambots. You need JavaScript enabled to view it.

David Means
Director, Investor Relations
(737) 242-8448
This email address is being protected from spambots. You need JavaScript enabled to view it.

Rebecca Hussey
Manager, Investor Relations
(509) 891-3574
This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Methyl Tertiary Butyl Ether (MTBE) Industry Outlook in India to 2026 - Market Size, Company Share, Price Trends, Capacity Forecasts of All Active and Planned Plants" report has been added to ResearchAndMarkets.com's offering.

The report covers India's Methyl Tertiary Butyl Ether (MTBE) plants and presents installed capacity by process and technology. The report offers historical and forecast market size, demand and production forecasts, end-use demand details, price trends, trade balance data, and company shares of the country's leading Methyl Tertiary Butyl Ether (MTBE) producers.

The report provides comprehensive coverage of all parameters of the Methyl Tertiary Butyl Ether (MTBE) industry.

• Comprehensive information of all active Methyl Tertiary Butyl Ether (MTBE) plants in India
• Comprehensive information of all planned Methyl Tertiary Butyl Ether (MTBE) projects in India
• Capacity forecasts to 2026 with details like process, technology, operator and equity
• Methyl Tertiary Butyl Ether (MTBE) industry supply scenario in India from 2012 to 2026
• Plant capacity growth and installed plant capacity by production process and technology
• Methyl Tertiary Butyl Ether (MTBE) industry market dynamics in India from 2012 to 2026
• Market size, demand and production outlook, demand by end-use sector, and average prices
• Trade balance data from 2012 to 2026
• Import and export data and net exports and imports as a percentage of demand
• Company details, including company overview, business description and information on current and upcoming Methyl Tertiary Butyl Ether (MTBE) plants
• Company capacity shares for key Methyl Tertiary Butyl Ether (MTBE) producers in India.

Key Reasons to Purchase

• Latest information on India's Methyl Tertiary Butyl Ether (MTBE) industry
• Macro and microeconomic trends affecting India's Methyl Tertiary Butyl Ether (MTBE) industry
• Market positioning of the country's Methyl Tertiary Butyl Ether (MTBE) producers
• Opportunities in the Methyl Tertiary Butyl Ether (MTBE) industry
• Market-entry and market-expansion strategies
• Enables you to benchmark your operations and strategies against those of major companies

The participants who typically take part in such a process include, but are not limited to:

• Industry participants: CEOs, VPs, business development managers, market intelligence managers and national sales managers,
• Outside experts: investment bankers, valuation experts, research analysts and key opinion leaders specializing in petrochemicals markets.

Key Topics Covered:

• India Methyl Tertiary Butyl Ether (MTBE) Industry, Supply Scenario, 2010-2024
• India Methyl Tertiary Butyl Ether (MTBE) Industry, Total Plant Capacity, 2010-2024
• India Methyl Tertiary Butyl Ether (MTBE) Industry, Installed Plant Capacity by Production Process, 2019
• India Methyl Tertiary Butyl Ether (MTBE) Industry, Installed Plant Capacity by Technology, 2019
• India Methyl Tertiary Butyl Ether (MTBE) Industry, Company Share, 2019
• India Methyl Tertiary Butyl Ether (MTBE) Industry, Planned Projects Details, 2020-2024
• India Methyl Tertiary Butyl Ether (MTBE) Industry, Market Dynamics, 2010-2024
• India Methyl Tertiary Butyl Ether (MTBE) Industry, Market Size, 2010-2024
• India Methyl Tertiary Butyl Ether (MTBE) Industry, Demand and Production Outlook, 2010-2024
• India Methyl Tertiary Butyl Ether (MTBE) Industry, Demand by End Use Sector, 2019
• India Methyl Tertiary Butyl Ether (MTBE) Industry, Price Forecasts, 2010-2024
• India Methyl Tertiary Butyl Ether (MTBE) Trade Balance, 2010-2024
• India Methyl Tertiary Butyl Ether (MTBE) Industry, Imports and Exports, 2010-2024
• India Methyl Tertiary Butyl Ether (MTBE) Industry, Net Exports, 2010-2024
• India Methyl Tertiary Butyl Ether (MTBE) Industry, Imports as Percentage of Demand, 2010-2024
• Other companies information
• Appendix

For more information about this report visit https://www.researchandmarkets.com/r/3sllnj

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

BOSTON--(BUSINESS WIRE)--#3Dprint--Desktop Metal (NYSE:DM) today announced it has shipped its first Production System™ P-50 printer to Stanley Black & Decker (NYSE: SWK), marking the commercialization of the company’s flagship additive manufacturing technology for mass production of end-use, metal parts.

As one of the most highly anticipated advanced manufacturing systems ever introduced, the P-50 is the product of nearly $100 million in investment and a four-year development program overseen by Desktop Metal engineers and materials scientists. The P-50 is designed to mass produce high-performance metal parts with the repeatability and cost required to compete with conventional manufacturing.

Stanley Black & Decker, the first P-50 customer, is a purpose-driven industrial organization that operates the world’s largest tools and storage business, including such iconic brands as DEWALT, BLACK+DECKER and CRAFTSMAN.

The Production System - World’s Fastest Way to 3D Print Metal Parts At-Scale

Created by the inventors of binder jetting and single-pass inkjet technology, the Production System is an industrial manufacturing platform powered by Desktop Metal’s Single Pass Jetting™ technology. It is designed to achieve speeds up to 100 times those of legacy powder bed fusion additive manufacturing technologies and enable production quantities of up to millions of parts per year at costs competitive with conventional mass production techniques. The platform supports a robust materials library including ten qualified metal alloys - from commercially pure copper to stainless steels such as 17-4PH - with additional metal alloys in active development.

For more information on the P-1, the P-50, and Production System technology, visit www.desktopmetal.com/products/production.

About Desktop Metal

Desktop Metal, Inc., based in Burlington, Massachusetts, is accelerating the transformation of manufacturing with an expansive portfolio of 3D printing solutions, from rapid prototyping to mass production. Founded in 2015 by leaders in advanced manufacturing, metallurgy, and robotics, the company is addressing the unmet challenges of speed, cost, and quality to make additive manufacturing an essential tool for engineers and manufacturers around the world. Desktop Metal was selected as one of the world’s 30 most promising Technology Pioneers by the World Economic Forum, named to MIT Technology Review’s list of 50 Smartest Companies, and the 2021 winner of Fast Company’s Innovation by Design Award in materials and Fast Company’s Next Big Things in Tech Award for sustainability. For more information, visit www.desktopmetal.com.

About Stanley Black & Decker

Headquartered in the USA, Stanley Black & Decker (NYSE: SWK) is the world’s largest tool company operating nearly 50 manufacturing facilities across America and more than 100 worldwide. Guided by its purpose – for those who make the world – the company’s more than 60,000 diverse and high-performing employees produce innovative, award-winning power tools, hand tools, storage, digital tool solutions, lifestyle products, outdoor products, engineered fasteners and other industrial equipment to support the world’s makers, creators, tradespeople and builders. The company’s iconic brands include DEWALT, BLACK+DECKER, CRAFTSMAN, STANLEY, Cub Cadet, Hustler and Troy-Bilt. Recognized for its leadership in environmental, social and governance (ESG), Stanley Black & Decker strives to be a force for good in support of its communities, employees, customers and other stakeholders.

Forward-looking Statements

This press release may contain certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks, uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to, the risks and uncertainties set forth in Desktop Metal, Inc.’s filings with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Desktop Metal, Inc. assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Media Relations:
Caroline Legg
This email address is being protected from spambots. You need JavaScript enabled to view it.
(203) 313-4228

Investor Relations:
Jay Gentzkow
This email address is being protected from spambots. You need JavaScript enabled to view it.
(781) 730-2110

CHICAGO--(BUSINESS WIRE)--#SCOTUS--Exelon Corporation (Nasdaq: EXC) is a member of a coalition of nine utility companies that argued before the U.S. Supreme Court today in West Virginia vs. EPA in favor of preserving the U.S. Environmental Protection Agency’s (EPA) authority to set standards to limit greenhouse gas pollution from power plants.

The coalition, along with EPA, several states and NGOs, seeks to affirm a lower court’s ruling in American Lung Association v. EPA. At issue is the scope of EPA's authority under the Clean Air Act to regulate powerplant greenhouse gas emissions, which Exelon and the other case respondents contend is instrumental in the power sector’s shift to relying on cleaner sources of electricity generation.

"We have made significant progress in our commitment to transforming the grid into a cleaner, more reliable and resilient energy system that meets the increasing electrification needs of our customers and communities," said Calvin Butler, Exelon chief operating officer and senior executive vice president. "As the climate crisis deepens, and as Exelon and its peer U.S. utility companies work toward ambitious clean energy goals aligned with stakeholder expectations, the EPA’s ability to establish a framework for sustained growth of low- and zero-carbon sources of generation will only become more important."

Over the next four years, Exelon plans to invest more than $25 billion in the electric grid across the company’s six utilities. Many of these investments will enable a cleaner grid of the future: transmission upgrades to support state and customer goals on renewable energy and electrification, EV infrastructure installation to encourage and support transportation electrification, and capacity and IT projects to support distributed energy resources.

The coalition of power company respondents in West Virginia vs. EPA includes Exelon, Consolidated Edison, Inc., Los Angeles Department of Water and Power, National Grid USA, New York Power Authority, Pacific Gas and Electric Company, Puget Sound Energy, Inc., Sacramento Municipal Utility District and Seattle City Light. They collectively own or operate nearly 75,000 megawatts of electric generation-capacity from coal, oil, natural gas, nuclear, wind, solar, hydropower, geothermal and biofuel resources, and provide electricity service to a total service population of more than 40 million Americans. Exelon does not own or operate generation facilities.

The brief submitted by the coalition of power companies is available at supremecourt.gov.

Nick Alexopulos
Corporate Communications
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media hotline: 312-394-7417

DUBLIN--(BUSINESS WIRE)--The "French Door Refrigerator Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.

In developed as well as developing economies, the presence of international as well as emerging players targeting their customers with cost-effective products integrated with the IoT (Internet of Things) technology is expected to fuel the demand for French door refrigerators in the next few years.

Major players operating in the French door refrigerator market are focused on the development of innovative refrigerators by opting for newer freezing technologies that offer key advantages in terms of improvement in food quality and meeting consumers' expectations. Emerging players in the market are focusing on collaborations with mega retailing channels and online platforms to increase the sale of their products.

In addition, manufacturers of French door refrigerators are emphasizing the promotion of their refrigerators through celebrity endorsement. However, use of French door refrigerators powered by electric energy generated from fossil fuel is directly hampering the environment.

Moreover, conventional refrigerators with advanced technologies can be a major substitute for French door refrigerators. These factors are projected to hinder the global French door refrigerator market.

COVID-19 has disrupted the global supply chain of the major brands of French door refrigerators. China is one of the largest consumers and producers of French door refrigerator products but also caters to a wide range of countries by exporting several input supplies that are essentially used to produce finished goods. Shut down of production in China has forced other French door refrigerator manufacturers based in the US and Europe to temporarily hold the production of the finished goods. This led to the increase in the supply and demand gap and the product market.

Key Market Trends

Asia-Pacific Region Is Anticipated To Grow At Highest Rate

Led by rapid urbanization and increasing disposable income, Asia-Pacific region is the fastest-growing market with a substantial growth rate over the forecast period. The regional market growth is accredited to the region's developing economies and growing population.

The overall demand and popularity of French door refrigerators could augment in developing countries such as China and India owing to the growing inclination of customers toward an expenditure on kitchen electrical appliances, growing per capita disposable income along with the increasing number of households.

Asia-Pacific region is leading the industry owing to rapid urbanization, technology developments, innovations in products, and developments in electric and electronic industries. Advancements in technology, coupled with an increase in the number of product innovations, are among the key factors supporting the demand for French Door Refrigerator Market in this region.

Furthermore, a robust increase in the number of commercial kitchens, food services, and retailers is expected to fuel the regional French door refrigerator market.

Demand for the Energy-Efficient French Door Refrigerators is Driving Market

Refrigerators have been an integral part of the majority of households for several decades. The focus on energy efficiency exerts a growing influence on the development of French door refrigeration appliances.

The demand for energy-efficient and energy management devices (smart thermostat and smart lighting systems) has increased for efficient electricity consumption and reducing the electricity bills and can reduce carbon footprints. The major benefit of energy-efficient French door refrigerators lies in the improved energy efficiency, which has socio-economic benefits in terms of increased energy security and environmental benefits, i.e. lower GHG emissions, and lower environmental impact of electricity generation.

In addition, energy-efficient refrigerators may lead to cost-savings for the consumer over the life-cycle of the appliance. The GHG emissions savings associated with energy efficiency improvements of refrigerators depend on the CO2 intensity of the electricity mix. The increasing awareness towards the environment and eco-friendly products, the demand for energy-efficient French Door Refrigerators are increasing.

Companies Mentioned

• Haier
• Whirlpool Corporation
• Electrolux
• Midea
• Samsung
• Bosch
• LG
• Miele
• Panasonic
• Arcelik AS
• Sharp

For more information about this report visit https://www.researchandmarkets.com/r/yfxkz9

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

DUBLIN--(BUSINESS WIRE)--The "North America Midstream New Build and Expansion Projects Outlook to 2025" report has been added to ResearchAndMarkets.com's offering.

In North America, 244 upcoming midstream projects are expected to start operations during the 2021 to 2025 outlook period. Of these, 225 represent new build projects and 19 are expansions of existing projects. The trunk/transmission pipelines segment is expected to witness the start of operations of the highest number of projects in the region (103) during 2021-2025. Liquid storage and gas processing segments follow with 56 and 53 projects, respectively.

Scope

• North America midstream projects count by type and development stage that are expected to start operations during 2021-2025
• North America midstream projects cost by type, segment, and key countries during the period 2021-2025
• North America midstream projects capacity additions by type, segment, and key countries during the period 2021-2025
• Details of major LNG liquefaction, trunk/transmission pipelines, liquid storage, gas processing, and gas storage projects that are expected to start operations during 2021-2025

Reasons to Buy

• Understand the outlook of North American midstream projects that are expected to start operations during 2021-2025
• Understand North America midstream capacity/length and cost outlook by key segments during the period 2021-2025
• Keep abreast of key upcoming midstream projects in North America during the outlook period
• Facilitate decision making on the basis of strong midstream projects data
• Develop business strategies with the help of specific insights on the North American midstream sector
• Assess your competitor's planned midstream projects in North America

Key Topics Covered:

1 Table of Contents

1.1 List of Tables

1.2 List of Figures

2. North America Midstream New Build and Expansion Projects Outlook, 2021-2025

2.1 Key Highlights

2.2 Midstream Projects Outlook by Type and Segment

2.3 Midstream Projects Outlook by Development Stage

2.4 Midstream Projects Cost Outlook by Type and Key Countries

3. LNG Liquefaction Projects Outlook

3.1 LNG Liquefaction Projects Outlook by Type

3.2 LNG Liquefaction Projects Outlook by Development Stage

3.3 LNG Liquefaction Projects Capacity Additions Outlook by Type and Key Countries

3.4 LNG Liquefaction Projects Cost Outlook by Type and Key Countries

3.5 Major LNG Liquefaction Projects

4. Pipelines Projects Outlook

4.1 Projects Outlook by Pipeline Type

4.2 Pipeline Projects Outlook by Development Stage

4.3 Pipeline Projects Length Additions Outlook by Type and Key Countries

4.4 Pipelines Projects Cost Outlook by Type and Key Countries

4.5 Major Pipelines Projects

5. Liquids Storage Projects Outlook

5.1 Liquids Storage Projects Outlook by Type

5.2 Liquid Storage Projects Outlook by Development Stage

5.3 Liquids Storage Capacity Additions Outlook by Type and Key Countries

5.4 Liquids Storage Projects Cost Outlook by Type and Key Countries

5.5 Major Liquids Storage Projects

6. Gas Processing Projects Outlook

6.1 Gas Processing Projects Outlook by Type

6.2 Gas Processing Projects Outlook by Development Stage

6.3 Gas Processing Projects Capacity Additions Outlook by Type and Key Countries

6.4 Gas Processing Projects Cost Outlook by Type and Key Countries

6.5 Major Gas Processing Projects

7. Gas Storage Projects Outlook

7.1 Gas Storage Projects Outlook by Type

7.2 Gas Storage Projects Outlook by Development Stage

7.3 Gas Storage Capacity Additions Outlook by Type and Key Countries

7.4 Gas Storage Projects Cost Outlook by Type and Key Countries

7.5 Major Gas Storage Projects

8. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/rore2g

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

DUBLIN--(BUSINESS WIRE)--The "Global Outdoor LED Lighting Market (2021-2026) by Offering Type, Installation Type, Wattage Type, End-Use Type, Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.

The Global Outdoor LED Lighting Market is estimated to be USD 21.76 Bn in 2021 and is expected to reach USD 43.96 Bn by 2026, growing at a CAGR of 15.1%.

The Global Outdoor LED Lighting Market Growing demand for outdoor LED lighting is associated with developing and modernizing infrastructures such as smart cities and economic corridors, reducing LED prices. Increasing demand for smart control in street lighting systems drives the market's growth.

Additionally, the growing need to improve driver and pedestrian safety and visibility in roadways, highways, architecture, public places, and others is fuelling the market's growth. On the other hand, lack of awareness for innovative lighting installation cost and payback and developing laser light technology as a substitute solution restrict the market's growth.

Furthermore, developing wireless and Internet of Things (IoT) technologies in smart street lighting in smart city projects and increasing energy efficiency adoption in emerging economies will create potential opportunities for the market to grow in the forecasted period.

Moreover, the lack of appropriate standards for consumer ownership in utility-owned street lighting and the rising cost for product testing is a challenge that may negatively hamper the market's growth.

Market Segmentation

• The Global Market is segmented further based on Offering Type, Installation Type, Wattage Type, End-Use Type, and Geography.
• By Offering Type, the market is classified into Hardware, Software, and Service.
• By Installation Type, the market is classified into New and Retrofit.
• By Wattage Type, the market is classified into less than 50W, Between 50W and 150W, and more than 150W.
• By End-Use Type, the market is classified into Architectural, Highways & Roadways, Public Places (includes Airport Perimeters, Commercials, Entertainment, Parking Structures, and Stadium and Area Floodlighting), and Others.
• By Geography, Asia Pacific is projected to lead the market.

Recent Developments

1. Dialight plc launched ProSite LED Floodlight available for non-hazardous as well as hazardous locations models by offering maximum protection against dust, water, vibration, and debris-August 16, 2021

2. ams OSRAM partnership with ViewSonic Corp for latest LS600W WXGA LED Projector, a brightness WXGA Lamp-Free Projector for business and education-July 19, 2021

3. Signify Holding B.V. partnership with National Hockey League for the transition of sustainable LED and connected lighting by improving energy efficient-March 24, 2021

Competitive Quadrant

The report includes a Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Outdoor LED Lighting Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter's 5 forces model and the Ansoff Matrix. In addition, the impact of Covid-19 on the market is also featured in the report.
• The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report also contains the competitive analysis using Positioning Quadrants, the analyst's competitive positioning tool.

Report Highlights:

• A complete analysis of the market, including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market

Market Influencers

Drivers

• Growing Demand due to Developing and Modernising Infrastructure
• Increasing Demand for Smart Control Lighting System
• Escalating Need for Improving Drive's Safety and Visibility

Restraints

• Lack of Awareness for Installation Cost and Payback Periods
• Developing Laser Light Technology Solutions

Opportunities

• Developing Wireless and IoT Technologies in Smart Lighting Projects
• Increase in Adoption of Energy-Efficiency in Emerging Economies

Challenges

• Lack of Appropriate Standards for Consumer Ownership
• Rising Cost for Product Testing

Companies Mentioned

• ABB Ltd
• Acuity Brands, Inc
• Astute Lighting
• Bamford Lighting Ltd
• Daisalux
• Dialight plc
• Eaton Corporation plc
• Everlight Electronics Co Ltd
• Evluma
• General LED, Inc
• Gooee
• Halco Lighting Technologies
• Hubbell Incorporated
• Kingsun Optoelectronic Co Ltd
• LED Roadway Lighting Ltd
• Legrand
• LIGMAN Lighting Co Ltd
• Masco Corporation
• Neptune Light, Inc
• Nichia Corporation
• NVC International Holdings Limited
• OSRAM Licht AG
• Panasonic Corporation
• RAB Lighting, Inc
• Samsung Electronics Co Ltd
• Signify Holding B.V
• SYSKA LED
• Tanko Lighting, Inc
• Tapan Solar Energy Pvt Ltd
• The Zumtobel Group
• Virtual Extension
• Wolfspeed, Inc

   

   

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

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

DUBLIN--(BUSINESS WIRE)--The "Maritime Analytics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application (Optimal Route Mapping, Predictive and Prescriptive Analytics, Pricing Insights, Vessel Safety and Security, and Others) and End User (Commercial and Military)" report has been added to ResearchAndMarkets.com's offering.

The global maritime analytics market is expected to grow from US$ 993.39 million in 2021 to US$ 2,150.88 million by 2028; it is estimated to grow at a CAGR of 11.7% from 2021 to 2028.

In today's digital age, the competition in the maritime industry is high and companies are continuously investing in solutions that could help them in enhancing operational productivity while reducing overall costs. As a result, the demand for advanced solutions, such as maritime data analytics, has been increasing rapidly among commercial shippers and other end users.

Big data is being utilized in the shipping industry to monitor sensors on ships and perform predictive analysis to avoid delays and boost productivity. The big data insights predict costly issues across the ship's lifecycle, from design to operation to decommissioning. Hamburg Port (Germany), Port of Cartagena (Columbia), Port of Rotterdam (The Netherlands), and several ports in Southeast Asia are actively using big data analytics solutions for their ports and terminal operations.

For instance, in September 2021, DTN a leading data, analytics, and technology firm partnered with OrbitMI, a global provider of marine software and data products, to change weather analytics and improve results for the shipping sector with integrated operational information. The partnership gives shipping customers a single site for vessel and fleet management with actionable visualizations for confident decisions.

Further, in May 2021, Danelec Marine partnered with ioCurrents to analyze operational data and improve fleet operations. By partnering with ioCurrents a pioneer in real-time remote vessel analytics and artificial intelligence the maritime industry is poised to take advantage of the latest technological innovations to improve fleet operations.

Predictive analytics technologies can alter the shipping sector by improving overall shipping operations, increasing ship safety, and protecting the environment. Additionally, the high level of customization offered by these solutions depending on the specific needs of any port or shipping company is expected to fuel the maritime analytics market during the forecast period.

The need for goods transportation would increase significantly in the future as globalization rises. As a result, maritime enterprises would demand advanced data processing techniques and predictive analytics to maximize time efficiency and cost savings. These factors are propelling the global demand for maritime analytics market.

North America is a crucial region for the demand for maritime analytics market owing to the presence of key markets, such as the US and Canada. Logistics and transportation are essential for the smooth operations of most of the industries, such as FMCG, healthcare, retail, and automotive, where shipping contributes a substantial share in the global logistics and transportation sector. Countries, such as the US, are major markets for the growth of the maritime analytics market.

Thus, the interruptions in supply chains and logistics operations due to the COVID-19 outbreak are negatively affecting the growth of the key shipping industry players operating in North America. Additionally, the US-China trade war affected the maritime analytics market in 2019.

A substantial freight in the US comes by shipping and the restrictions posed by various states on the movement of people are causing a shortage of labor and manpower required for proper functioning of shipping transportation network in the country. The inter-country maritime trade among the US, Canada, and Mexico is also getting affected due to restrictions imposed by various governments to contain the SAR-CoV-2 spread.

Presently, the US is the world's worst-affected country due to the COVID-19 outbreak, as per the World Health Organization (WHO) statistics. Hence, the region's economy has seen a decline in the past few months, which is negatively impacting the growth of various industries, such as the maritime analytics industry. However, maritime analytics market offers several benefits that can help shipping companies efficiently manage operations and achieve cost reduction. The solutions are anticipated to help companies in regaining their profits.

Market Dynamics

Market Drivers

• Rising Trend of Digitalization in Global Shipping Industry
• Increasing Demand for Enhanced Maritime Operations Through Data Analytics

Market Restraints

• Concerns Related to Cyber Security and Lack of Skilled Workforce

Market Opportunities

• Developing Regions to Drive Future Growth

Future Trends

• Advanced Technologies to Transform Maritime Industry

Companies Mentioned

• Maritech Holdings Limited
• RightShip Pty Limited
• ShipNet
• Windward Ltd
• Kpler
• Kayrros
• OrbitMI, Inc.
• Q88 LLC
• Signal Group
• eeSea ApS
• Shipfix Technologies S.A.S.
• Shipamax Ltd.
• Veson Nautical
• Siglar Carbon
• ZeroNorth A/S
• Pole Star Space Applications
• Dataloy Systems AS
• NINETY PERCENT OF EVERYTHING LIMITED
• SEDNA Communications Ltd
• Nordic IT
• LgMAR
• Trigonal Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/4wyg8h

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

ANN ARBOR, Mich.--(BUSINESS WIRE)--The Coretec Group, Inc., (OTCQB: CRTG), a developer of engineered silicon and 3D volumetric displays, has filed a full utility patent on its provisional patent for the development of advanced silicon anodes using cyclohexasilane (CHS) and other silanes.

The full-utility patent – filed February 24, 2022 – builds on a provisional patent filed a year earlier. This patent application covers the use of CHS to produce a wide variety of silicon anodes for use in lithium-ion batteries.

Filing the utility patent is a necessary step to formally protect The Coretec Group’s work on the battery initiative it embarked upon last year.

Next-generation lithium-ion batteries require high energy and power density, rapid charging, and long-term cycling stability. Industry is actively pursuing the use of silicon as an electrode material because of its natural abundance and its ability to store more lithium than conventionally used graphite.

“This patent provides us the necessary protection as we develop our battery,” said CEO Matthew Kappers. “Developing our own silicon anode is an essential component of our battery development. This initiative will explore the use of CHS to develop a battery with higher density and improved cycling stability.”

About The Coretec Group

The Coretec Group, Inc. is developing a portfolio of engineered silicon to improve energy-focused verticals, including electric vehicle and consumer batteries, solid-state lighting (LEDs), and semiconductors, as well as 3D volumetric displays and printable electronics. The Coretec Group serves the global technology markets in energy, electronics, semiconductor, solar, health, environment, and security.

For more information, please visit thecoretecgroup.com. Follow The Coretec Group on Twitter and LinkedIn.

Forward-Looking Statements

The statements in this press release that relate to The Coretec Group’s expectations with regard to the future impact on the Company’s results from operations are forward-looking statements, and may involve risks and uncertainties, some of which are beyond our control. Such risks and uncertainties are described in greater detail in our filings with the U.S. Securities and Exchange Commission. Since the information in this press release may contain statements that involve risk and uncertainties and are subject to change at any time, the Company’s actual results may differ materially from expected results. We make no commitment to disclose any subsequent revisions to forward-looking statements. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity.

Corporate Contact
The Coretec Group, Inc.
Lindsay McCarthy
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 (866) 916-0833

HOUSTON & LIBERTY LAKE, Wash.--(BUSINESS WIRE)--#acquisition--Dresser Utility Solutions, a solutions provider for utility companies, and Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, announced today the successful closing of the previously announced agreement for the sale of Itron’s European commercial & industrial (C&I) mechanical gas meter business, gas stations meter and pressure regulation business and global gas regulator business to Dresser Utility Solutions.

David Evans, President and CEO of Dresser Utility Solutions, commented, “We are excited to announce that we have finalized our agreement with Itron for the purchase of its global gas regulator and European C&I metering and stations businesses. As a company that is strategically focused and dedicated to serving our customers’ individualized needs, Dresser Utility Solutions looks forward to expanding our offering and continuing to invest in these technologies so we can better serve our current and future customers.”

Justin Patrick, Itron’s senior vice president of Device Solutions, commented, “The agreement with Dresser Utility Solutions marks an exciting milestone for our two companies and for our customers. Our customers and partners will benefit from working with a trusted leader in the gas industry with over a century of experience providing highly engineered infrastructure for critical service applications for natural gas and utility industries. For Itron, this is another milestone on our journey toward more advanced networks, distributed intelligence endpoints and data-driven outcomes to better serve our customers for the next decade and beyond.”

As part of the sale, Itron employees supporting European mechanical gas C&I meters and stations and global gas regulators become employees of Dresser Utility Solutions. Itron will continue to develop and offer high value communicating electricity, gas, water devices in Europe and globally.

About Dresser Utility Solutions

For more than a century, Dresser Utility Solutions has been a leading worldwide manufacturer of highly engineered products for critical infrastructure in the global utility and industrial sectors. Our product lines span across metering, electronics, instrumentation, flow control, pressure control and distribution repair products. The aging gas and water utility asset base and heightened focus on ESG necessitate innovative solutions and products, which Dresser Utility Solutions is uniquely positioned to provide. Headquartered in Houston, Texas, Dresser Utility Solutions has a global presence with approximately 750 employees and a sales presence in over 100 countries. For more information, visit www.dresserutility.com.

About Itron

Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.

Itron^® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

Dresser Utility Solutions
Leigh Ramirez
Marketing Communications
832-590-2519
This email address is being protected from spambots. You need JavaScript enabled to view it.

Itron, Inc.
Alison Mallahan
Senior Manager, Corporate Communications
509-891-3802
This email address is being protected from spambots. You need JavaScript enabled to view it.

Dynamic Ocean platform enhancements reset the bar for international ocean shipping visibility

AMSTERDAM--(BUSINESS WIRE)--FourKites® introduces several powerful capabilities to help international shippers identify and mitigate the risks and costs associated with runaway demurrage and detention (D&D) fees more quickly and proactively. Shippers can also prioritise exceptions according to likely business impact and adjust carriers, lanes or other factors as necessary.

Port congestion, vessel delays, and incorrect or incomplete documentation are common challenges for ocean shippers. Unprecedented global container shortages, port closures, natural disasters, COVID-19 and other recent incidents have exacerbated these issues. D&D fees have reached thousands of dollars per container per day and millions of dollars in annual transportation costs for many shippers. This prompted the Federal Maritime Commission (FMC) to consider new regulations to reign in ocean carrier billing practices.

FourKites’ new D&D product suite is available as part of the company’s Dynamic Ocean℠ platform. This platform includes precise end-to-end freight tracking, the industry’s most accurate predictive ETAs, international document management and booking functionality.

“Detention and demurrage fees have become a scourge for shippers, and when piled on top of rising transportation expenses, can make profit margins plummet,” said Chris Stauber, vice president of products and international solutions at FourKites. “Attacking D&D fees requires a true end-to-end visibility solution that combines document visibility, yard visibility and robust notifications and alerting so shippers can mitigate fees before they occur. That’s Dynamic Ocean in a nutshell.”

The new capabilities include:

• Exception dashboards, notifications and alerts that monitor and track containers that are likely to incur D&D fees based on real-time rerouting alerts and dwell time data for all ocean shipments. Using these real-time dashboards, customers can prioritise the containers that are currently accumulating fees, or that are at risk of doing so.

• Analytics dashboards that scrutinise performance trends by lane, carrier, stop and other factors to pinpoint systemic problem areas.

• Ability to monetise the potential (and actual) financial impacts of demurrage and detention fees on your transportation costs, enabling you to prioritise the most costly cargo.

• A digital document hub to manage essential international shipping documents accurately and on time, with powerful collaboration tools and easily customisable workflows, alerts and notifications to mitigate shipping delays and unnecessary D&D fees.

Momentum builds for FourKites in international ocean shipping

Over the last 12 months, ocean volume tracked on the FourKites platform has increased 232%, while ocean customers have increased nearly 4X over the same period. Customers include Cardinal Health, Arizona Tile, LyondellBasell, McCain Foods, Roehm, Rove Concepts and Yamaha Motors. Dynamic Ocean covers 98% of global ocean shipments, 100% of terminals in North America, and the majority of terminals in Europe and Australia/New Zealand.

“FourKites’ automated reporting and tracking for ocean provides more accurate and real-time data, which allows Canfor to respond to customer inquiries quicker with up-to-date information on our upcoming shipments that would have otherwise had to be manually tracked,” said Bob Hayes, Vice President of Global Supply Chain at Canfor.

About FourKites

FourKites^® is the #1 supply chain visibility platform in the world, extending visibility beyond transportation into yards, warehouses, stores and beyond. Tracking more than 2.5 million shipments daily across road, rail, ocean, air, parcel and courier, and reaching 176 countries, FourKites combines real-time data and powerful machine learning to help companies digitise their end-to-end supply chains. More than 1,000 of the world’s most recognised brands — including 9 of the top-10 CPG and 18 of the top-20 food and beverage companies — trust FourKites to transform their business and create more agile, efficient and sustainable supply chains. To learn more, visit https://www.fourkites.com/.

About FourKites’ Dynamic Ocean

FourKites’ Dynamic Ocean platform addresses the full spectrum of ocean shipping issues through advanced document management and collaboration features; state-of-the-art real-time tracking capabilities, including predictive ETAs that are 20% to 40% more accurate than carrier-generated ETAs; and comprehensive multimodal visibility from port to door, including the yard, so shippers can identify and manage the root causes of escalating fees.

Within the context of ongoing volatility and rising costs in ocean shipping, FourKites has experienced dramatic growth in its ocean business since it introduced its state-of-the-art Dynamic Ocean platform.

Scott Johnston
European PR Director, FourKites
+31 62 147 8442
This email address is being protected from spambots. You need JavaScript enabled to view it.

AVANGRID is driving real-world action toward a low-carbon future.

ORANGE, Conn.--(BUSINESS WIRE)--The U.S. Department of Energy (DOE) today recognized AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, for joining its Better Climate Challenge. As a partner in this Challenge, AVANGRID commits to reduce greenhouse gas emissions by at least 50% in 10 years and to work with DOE to share successful solutions and decarbonization strategies. AVANGRID is one of more than 80 organizations across the U.S. economy that are stepping up to the Challenge and driving real-world action toward a low-carbon future.

“At AVANGRID, we are accelerating the transformation to a cleaner tomorrow,” said AVANGRID Chief Sustainability Officer and Senior Vice President of Corporate Communications, Zsoka McDonald. “While we focus on increasing access to renewable energy for everyone, we also recognize that a clean energy future and the road to carbon neutrality requires that we identify and reduce environmental impacts across our own footprint. The DOE is a fitting partner in this work. Through this Challenge and our partnership, we can achieve our shared goal of fostering a cleaner, more sustainable world.”

AVANGRID – through its renewables business in 22 states and its eight electric and gas companies serving 3.3 million customers across the Northeast – is at the forefront of the nation’s transformational change in generating and using energy. The company has a forward-looking strategy focused on ESG+F stewardship around the Environment, Society and its own Governance and Financial strength. It was the first utility in the nation to announce a pledge to achieve Scope 1 carbon neutrality by 2035 and is the third largest wind and solar operator in the U.S. AVANGRID is leading the way toward a cleaner energy future by deploying wind and solar nationwide, pioneering offshore wind in the U.S. and building a stronger, more resilient grid to enable the clean energy transition.

“Better Climate Challenge partners like AVANGRID are committing to decarbonize across their portfolio of buildings, plants and fleets and share effective strategies to transition our economy to clean energy,” said U.S. Secretary of Energy Jennifer M. Granholm. “Their leadership and innovation are crucial in our collective fight against climate change while strengthening the U.S. economy.”

AVANGRID has committed to reducing its facilities’ CO2 footprint, more than 4.8 million square feet, by 20% in 10 years. The company plans to achieve these goals through continued deployment of renewable generation, enabling new technologies such as green hydrogen, renewable natural gas and storage to reduce emissions. In addition, AVANGRID is reducing emissions from its facilities by installing solar panels at its largest facilities, procuring renewable energy and reducing the overall facilities footprint as part of the transition to a more flexible work environment.

The Better Climate Challenge is the government platform that provides transparency, accountability, technical assistance and collaboration to identify decarbonization pathways and provide recognition for leadership across the US economy. The Better Climate Challenge builds on over a decade of DOE experience through the Better Buildings Initiative. Through Better Buildings, DOE partners with public and private sector organizations to make commercial, public, industrial, and residential buildings more efficient, thereby saving billions of dollars on energy bills, reducing emissions and creating thousands of jobs. To date, more than 950 Better Buildings partners have shared their innovative approaches and strategies for adopting energy efficient technologies.

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

MEDIA CONTACT:
Adam Gaber
This email address is being protected from spambots. You need JavaScript enabled to view it.
917-224-6176

Established Lithium Industry Veteran Joins Newly Expanded Company With Luke Kissam to Serve as Chairman of Board of Directors

INDIANAPOLIS--(BUSINESS WIRE)--Retriev Technologies, the most comprehensive lithium battery recycler in North America and the pioneer in end-of-life battery management, has appointed David Klanecky as its CEO. He joins from Piedmont Lithium, where he served as Executive Vice President and Chief Operating Officer. In a related move, Luke Kissam has been appointed to serve as chairman of the board of directors.

Retriev is bolstering its leadership team to take advantage of the significant growth opportunities in the rapidly expanding battery recycling market. Today Retriev is North America’s largest and most diverse lithium-ion battery processer and is evolving its offering to provide a comprehensive recycling and reuse battery management platform.

“David has the perfect experience and strategic skillset to lead Retriev on its growth journey,” said Jeff Laborsky, board member, Retriev Technologies. “His deep experience in the energy storage space as well as his diverse background in growing businesses is a unique combination of skills that will match the activity in this rapidly growing and entrepreneurial category.”

Prior to Piedmont Lithium, Klanecky held multiple senior management roles at Albemarle Corporation, a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts, including Vice President – Lithium Operations – APAC/EU, with global responsibility for Albemarle’s manufacturing/operations, process technology and product management within the global lithium business. He held several operations, research and development, commercial and strategic positions during a 20-year stint at The Dow Chemical Company. Among other assignments, he launched the Dow Energy Materials Business, which focused on Lithium-Ion Battery Materials offerings to cell manufacturers and Auto OEM.

“The opportunity to lead Retriev as our global economy rapidly becomes more reliant on batteries is an exciting challenge,” said Klanecky. “There are so many value-creating opportunities to identify and implement effective processes and services, and I am thrilled to work with the team to strengthen our position in the marketplace.”

Mr. Kissam currently serves as partner at Bernhard Capital Partners Management, LP. Previously, he served as Chairman, President, and CEO of Albemarle Corporation, where he worked closely with Klanecky.

“Luke is well-established as one of the leaders in the lithium industry and has great insight into the future,” said Laborsky. “The working relationship that he has with David, and the successes that they have shared, will provide dividends immediately.”

“The ability to successfully collect, recycle and regenerate battery power to meet the demand that is coming our way is the next great challenge,” said Kissam. “I am ready to support David and his team to help accelerate the process.”

Retriev Technologies is backed by the power of Indiana-based The Heritage Group and affiliates and California-based Kinsbursky Bros. Int’l (KBI). Steven Kinsbursky will continue to serve on the board of directors for Retriev and as president and CEO for KBI.

About Retriev Technologies

Retriev, the recognized leader in battery management and recycling, has been at the forefront of safe and responsible recycling technology for decades, processing lithium batteries for over 30 years. Retriev utilizes a patented hydrometallurgical process which recovers critical materials necessary for the manufacturing of lithium-ion batteries that are used to power our world. Retriev's reputation is built on research, knowledge, compliance and responsible battery recycling and management services.

For more information, visit www.SolvedByRetriev.com

About The Heritage Group

Founded in 1930, The Heritage Group (THG) is a fourth-generation, family-owned business managing a diverse portfolio of companies specializing in heavy construction and materials, environmental services, and specialty chemicals. Companies within the THG portfolio include Heritage Environmental Services, Heritage Construction + Materials, and Monument Chemical. With more than 5,000 employees and 30 operating companies worldwide, THG aims to build a safer, more enriching, and sustainable world by harnessing the power of family.

For more information, visit http://www.thgrp.com/

About KBI

KBI is a fully permitted battery management and recycling operation in Southern California. KBI has over 60 years of experience as specialists in the recovery of metals from end-of-life batteries and precious metals from automotive catalysts. As hands on collaborative consultants and custom solution providers, KBI is known for knowledge, environmental integrity, proprietary technologies, service excellence and custom recycling programs that push the envelope of possibilities for sustainability that sets them apart from the competition. KBI is the ultimate downstream recycler that the industry trusts.

Brian Laughran
O’Malley Hansen Communications
773-726-1842
This email address is being protected from spambots. You need JavaScript enabled to view it.

DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources today denounced Russia’s unprovoked invasion of Ukraine. The borders and self-governance choices of sovereign nations must be respected. Russia has decided on a war of choice which will have negative impacts not only in Ukraine, but across the globe. We deplore the unnecessary loss of life this conflict will cause. Our prayers and support go out to the people of Ukraine.

Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit Pioneer’s website at www.pxd.com.

Pioneer Natural Resources Company Contacts:

Investors
Neal Shah - 972-969-3900
Tom Fitter - 972-969-1821
Greg Wright - 972-969-1770
Chris Leypoldt - 972-969-5834

Media and Public Affairs
Tadd Owens - 972-969-5760

TULSA, Okla.--(BUSINESS WIRE)--Omnia Midstream Partners, LLC today announced a development agreement to integrate renewable energy into the operations of Devon Energy Corp’s (NYSE: DVN) Stateline field located in the Delaware Basin.

The project will include significant benefits for the producer’s stakeholders through carbon emissions reduction, competitively priced electricity, economic value in the investment, and improved well run-time from a self-generated, emission-free source of electricity that will enhance the stability of its private electric grid.

Omnia Midstream Partners, LLC, a Tulsa, Oklahoma based energy solutions developer and advisor, worked with Devon to integrate emissions-reducing renewable energy and battery storage into its power supply to supplement a highly dynamic upstream and midstream power demand. Omnia specializes in creating sustainable environmental solutions for upstream and midstream energy operations.

The project integrates the latest photovoltaic and battery technologies into the company’s upstream oil and gas operations to reduce emissions and improve efficiency across the business. Design of the project incorporates American made solar panels, inverters, and battery storage to support dynamic power demand on the company’s private electric grid. Moreover, the design incorporates data generated from Devon’s existing platforms, then utilizes predictive analytics and insights to ensure that the renewable energy is being put to efficient use; lowering costs and providing a competitive advantage for future growth. Projects such as this one are a step toward delivering on the industry’s goals to achieve net zero Green House Gas emissions for direct and indirect sources by 2050.

Chad Cagle, Omnia’s co-founder, said, “renewables can drive responsible growth in the traditional energy sector. Our approach combines experience, data analytics, and renewable technologies to deliver sustainable energy transformations for oil and gas companies.” He said a key element of the process has been Devon’s preference toward employing technology driven solutions for complex problems that require innovative solutions. Because of the collaborative approach Omnia has been able to develop other applications for solar energy in the upstream space that will be attractive to other companies.

Cagle also points out the tremendous backlogs of large-scale renewable projects seeking interconnection agreements with various utilities. “By focusing on our client’s specific, smaller-scale, operational needs downstream of the utility meter, we can quickly implement a solar and battery solution to improve reliability, runtime, reduce operating costs, and most importantly reduce carbon footprint without the lengthy approval process necessary for larger scale projects.”

Omnia Midstream Partners, LLC uses innovative solutions to solve problems and create value in the energy industry. With over 60 years of combined experience across the upstream and midstream sectors, Omnia leverages experience, technology, and data analytics to help clients extract value from their current assets, achieve Environmental, Social, and Governance goals, and build an asset-based renewable energy portfolio to drive long-term success. Contact omniamidstream.com

Jennifer Harrington
918-346-7714
This email address is being protected from spambots. You need JavaScript enabled to view it.

• Exxtend™ advanced recycling technology produces commercial volumes of certified circular polymers for food applications
• More than 4 million pounds of plastic waste processed at advanced recycling facility in Baytown, Texas
• ExxonMobil plans to increase its global certified circular polymer capacity to 1 billion pounds per year by 2026

IRVING, Texas--(BUSINESS WIRE)--ExxonMobil has completed its first commercial sale of certified circular polymers, using its Exxtend™ technology for advanced recycling of plastic waste. The purchaser is Berry Global, a leading provider of innovative packaging and engineered products, which will use the circular polymers to manufacture containers for high-performance food-grade packaging on a mass balance approach.

“We are scaling up our advanced recycling capabilities around the world to manufacture more circular products for our customers,” said Karen McKee, president of ExxonMobil Chemical Company. “Our Exxtend technology helps us meet the growing demand for certified circular polymers, particularly in food contact applications where plastic products provide key sustainability benefits.”

Exxtend™ technology helps expand the range of plastic materials that society recycles, while maintaining the performance of products over multiple recycling loops. Product quality and performance of the certified circular polymers are identical to polymers produced from virgin raw materials, increasing the variety and number of customer applications.

“We have ambitious sustainable packaging goals that include achieving 30 percent circular content across our fast-moving consumer goods packaging by 2030,” said Tarun Manroa, chief strategy officer of Berry Global. “Advanced recycling can help our customers meet their sustainability goals and accelerate the move to a more circular economy. Collaboration across the value chain is critical to achieving this.”

The initial sale of certified circular polymers is based on plastic waste processed at ExxonMobil’s advanced recycling facility at its integrated site in Baytown, Texas. The facility began operations in 2021 and has already processed more than 4 million pounds of plastic waste.

The operation in Baytown will be among North America’s largest advanced plastic waste recycling facilities with a capacity to recycle 30,000 metric tons of plastic waste per year when its expansion is complete later this year. Leveraging ExxonMobil’s existing assets, the company’s advanced recycling capabilities can be rapidly scaled to process a wide range of plastic waste. To help meet the growing market demand for certified circular plastics, ExxonMobil plans to increase its annual advanced recycling capacity to 500,000 metric tons, or approximately 1 billion pounds, by year-end 2026 across multiple sites globally.

The company has obtained certifications through the International Sustainability and Carbon Certification Plus (ISCC PLUS) process for several of its facilities including Baytown. ISCC PLUS is widely recognized by industry as an effective system to certify the circularity of products based on advanced recycling using mass balance attribution of plastic waste.

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com, the Energy Factor and Carbon capture and storage | ExxonMobil.

Follow us on Twitter and LinkedIn.

Cautionary Statement: Statements of future plans, targets, and other events or conditions in this release are forward-looking statements. Actual future results, including project plans, timing, capacities, and costs, including recycled waste volumes and growth, could vary depending on the ability to execute operational objectives on a timely and successful basis; the ability to scale projects and technologies on a commercially competitive basis; the outcome of commercial negotiations, including the terms and conditions for the sale of circular polymers; the ability to satisfy requirements of third party certification providers; the outcome of future research and technology development programs, including the future success of collaborative efforts; the development and pace of supportive market conditions and policies including support for waste collection and sorting and advanced recycling; changes in laws and regulations including environmental laws and taxes; changes in plans or objectives prior to final funding decisions or project startups; unforeseen technical or operational difficulties; changes in supply and demand and other market factors affecting future prices of oil, gas, and petrochemical products; and other factors discussed in the “Item 1A. Risk Factors” of our most recent Form 10-K and under the heading “Factors Affecting Future Results” on the Investors page of ExxonMobil’s website at exxonmobil.com.

ExxonMobil Media Relations
(972) 940-6007

SAN ANTONIO--(BUSINESS WIRE)--Abraxas Petroleum Corporation (“Abraxas” or the “Company”) (OTCQX:AXAS) today provided the following reserve and operational update. Note that all annual reserve comparisons stated below are for Delaware Basin assets only (all sold Bakken assets were removed from the December 31, 2020 totals). Highlights include:

• Total Proved PV-10 reserves grew 467% to $229 million at December 31, 2021 using SEC pricing
• Reserve Report captures the Company’s Delaware Basin West Texas assets only, post-sale of the Company’s Bakken assets, as previously reported
• Reserve Report doesn’t include additional geologic horizons being pursued by offset operators such as the Woodford/Meramec
• Company has approximately 11k net acres in the heart of the Southern Delaware Basin where it has successfully drilled 23 Wolfcamp/3^rd Bone Springs horizontals across 5 distinct geologic benches.
• Company’s leasehold is entirely HBP and includes all depths/rights along with associated water infrastructure

December 31, 2021 Reserves
According to its recently received reserve report, as of December 31, 2021, Abraxas’ proved oil and natural gas reserves consisted of approximately 24.1MMBoe, a net increase of 8.5 MMBoe over 2020 year-end reserves of 15.6 MMBoe. December 31, 2021 reserves consisted of approximately 16.8 million barrels of oil, 2.5 million barrels of NGLs and 29.2 billion cubic feet of natural gas. Proved developed producing reserves were 8.3 MMBoe and comprised 34% of proved reserves as of December 31, 2021. The SEC-priced pre-tax PV-10⁽¹⁾ (a non-GAAP financial measure) was $229.3 million, using 2021 average prices of $66.55/bbl of oil and $3.64/mcf of natural gas. Realized pricing, including differentials, used in this calculation equated to $62.89/bbl of oil and $1.85/mcf of natural gas.

The independent reserve engineering firm DeGolyer and MacNaughton (“D&M”) prepared a complete engineering analysis on roughly 95% of Abraxas’ proved reserves on a Boe basis.

The following table outlines changes in Abraxas’ proved reserves as of December 31, 2021 vs December 31, 2020 (Delaware Basin assets only):

Bob Watson, President and CEO of Abraxas commented, "When adjusted for our Bakken sale, our year-over-year net proved reserves increased by 8.5 MMBoe, due primarily to our adoption of a two-mile lateral strategy across our Wolfcamp acreage. This change resulted in an increase of 7.1 net MMBoe in the undeveloped category. Our PV-10 increased roughly 467% from $49 million at December 31, 2020 to $229 million at December 31, 2021. At December 31, 2021, our proved oil and natural gas reserves were valued using an oil price of $66.55 per barrel and a natural gas price of $3.64 per MMBtu, an increase of 68% and 79%, respectively, as compared to $39.54 per barrel and $2.03 per MMBtu at December 31, 2020. At current strip prices, the Company’s PV-10 is now roughly $260 million.”

“In working with D&M the Company has developed a conservative approach to assigning future drilling locations using 1,320’ acre spacing between wells with 4 wells per section across 4 benches equating to 16 wells per section. As outlined below, the Company has over 200 net locations on 1,320’ spacing, which have been largely delineated from development drilling. However, given the SEC’s 5-year limitation on booking PUD locations depending on a company’s funding ability, Abraxas can only book 27 (net) of these locations as proved. Alternatively, a company with the funding availability to develop all the locations could book the majority of these engineered locations as proven. Further, utilizing the industry standard spacing of 880’ between wells increases the Company’s location count to over 300 net future locations.”

*assumes 1,320’ spacing between wells

“We are excited with the balance sheet moves we’ve made over the past 60 days. These include the full retirement our prior credit facility along with a debt for preferred equity exchange with Angelo Gordon. This is a new chapter for the Company as we begin 2022 as a pure play Delaware Basin operator with no debt. We are currently finalizing our 2022 drilling plans and are in advanced negotiations with new lenders for a credit facility to help fund developmental drilling on our highly economic WTX leasehold. We will seek to drill at a measured pace, and within cash flow in order to drive multiple-years of growth and returns for our shareholders.”

Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations in the Permian Basin of the United States.

Safe Harbor for forward-looking statements: Statements in this release looking forward in time involve known and unknown risks and uncertainties, which may cause Abraxas’ actual results in future periods to be materially different from any future performance suggested in this release. Such factors may include, but may not be necessarily limited to, changes in the prices received by Abraxas for crude oil and natural gas. In addition, Abraxas’ future crude oil and natural gas production is highly dependent upon Abraxas’ level of success in acquiring or finding additional reserves. Further, Abraxas operates in an industry sector where the value of securities is highly volatile and may be influenced by economic and other factors beyond Abraxas’ control. In the context of forward-looking information provided for in this release, reference is made to the discussion of risk factors detailed in Abraxas’ filings with the Securities and Exchange Commission during the past 12 months.

Steven P. Harris/Vice President – Chief Financial Officer
Telephone 210.490.4788
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.abraxaspetroleum.com

Investment advances potential cost reduction of CO₂ capture

SAN RAMON, Calif. & LONDON & HOUSTON--(BUSINESS WIRE)--Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX), announced it has made a new investment in Carbon Clean, a global leader in cost-effective industrial carbon capture.

The size and cost of installing carbon capture technology has been a barrier to adoption. Carbon Clean’s technology is designed to reduce the costs and physical footprint required for carbon capture compared with many existing approaches. Carbon Clean’s technology and fully modular construction also aims to reduce site disruption and facilitate faster permitting.

“We look forward to partnering with Carbon Clean to help advance Chevron’s pursuit of lower carbon solutions,” said Chris Powers, vice president of Carbon Capture, Utilization, and Storage (CCUS) with Chevron New Energies (CNE). “Chevron has a long history of supporting innovation. We strive to apply our internal capabilities and longstanding partnership approach toward developing and commercializing breakthrough technologies, including those that enable lower carbon solutions in the marketplace.”

Chevron Technology Ventures made an initial investment in Carbon Clean in 2020. In 2021, Chevron launched CNE to accelerate lower carbon business opportunities in CCUS, hydrogen, and offsets and emerging energies, as well as support Chevron’s ongoing growth in biofuels.

“Chevron’s investment demonstrates interest in our technology, business strategy and rapidly expanding order book. We are seeking to deliver a revolution in carbon capture driven by our modular technology and are thrilled that Chevron shares our vision for the sector,” said Aniruddha Sharma, Co-founder and CEO of Carbon Clean. “We are working to remove the biggest barriers to the adoption of widespread industrial carbon capture. It is vital that we decarbonise hard-to-abate sectors while developing new low-carbon technologies. This latest investment and our work with partners, such as Chevron, will provide us with the opportunity to deliver exponential growth in carbon capture and meet ever rising demand.”

As part of the new investment, Chevron and Carbon Clean are seeking to develop a carbon capture pilot for Carbon Clean’s CycloneCC technology on a gas turbine in San Joaquin Valley, California. Carbon capture will play a crucial role in reducing emissions in hard-to-abate energy intensive industries such as refining, cement, and steel. Chevron is targeting 25 million tonnes of CO₂ per year in equity storage by the end of this decade, with a focus on developing regional hubs that leverage its existing and emerging partnerships with customers, governments, and industry.

About Chevron

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

About Carbon Clean

Carbon Clean is a global leader in carbon capture solutions for hard-to-abate industries such as cement, steel, refineries and energy from waste. The company’s patented technology significantly reduces the costs of carbon capture when compared to existing solutions.

The company is leading innovation in the CCUS market and has developed a fully modular technology – CycloneCC – that is set to disrupt the sector. The company’s solutions will help deliver the necessary scaling up of carbon capture to achieve global net zero targets. The technology has been proven at scale in over 44 sites around the world, including plants in the UK, U.S., Japan, Germany, India, Norway and the Netherlands. It has delivered the world’s largest industrial-scale carbon capture and utilisation plant for Tuticorin Alkali Chemicals & Fertilizers Ltd, India.

The UK-based company has received funding and grant support from the British and U.S. governments and has established partnerships with industry leaders including CEMEX and Veolia. It is also an investor in the Swedish eMethanol shipping fuel company, Liquid Wind. Carbon Clean has been a Global Cleantech 100 company three times, most recently in 2022, features in the inaugural PwC Net Zero Future50 and was chosen as one of CEMEX Ventures Top50 ConTech Startups. For further information: www.carbonclean.com.

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

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

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

Chevron
Creighton Welch
This email address is being protected from spambots. You need JavaScript enabled to view it.
t. (281) 703.2728

Carbon Clean
James Hartwell
This email address is being protected from spambots. You need JavaScript enabled to view it. / This email address is being protected from spambots. You need JavaScript enabled to view it.
t. +44 7870 487 532

Nationwide initiative aligns with the company’s 2030 Sustainability Commitments, including achieving carbon neutral operations and 10% absolute energy reduction

SWORDS, Ireland--(BUSINESS WIRE)--Trane Technologies plc (NYSE:TT), a global climate innovator, today announced it has joined the U.S. Department of Energy’s (DOE) Better Climate Challenge, a national initiative aimed at mitigating climate change impacts while bolstering the clean energy economy. Today, Keith Sultana, senior vice president of supply chain and operational services for Trane Technologies, joined Energy Secretary Jennifer Granholm and White House National Climate Advisor Gina McCarthy in an Executive Roundtable on decarbonizing the U.S. economy, while highlighting the announcement.

Trane Technologies joins more than 50 other partners in the DOE’s Better Climate Challenge, which prompts companies, states, municipalities and other organizations to set ambitious, portfolio-wide greenhouse gas (GHG) emissions goals, including a 50% or more reduction in both direct (emissions from fossil fuels consumption) and indirect (emissions from use of purchased electricity) emissions – also known as “Scope 1” and “Scope 2” emissions.

“Better Climate Challenge partners like Trane Technologies are committing to decarbonize their portfolio of buildings, plants, and fleets and share effective strategies to transition our economy to clean energy,” said U.S. Secretary of Energy Jennifer M. Granholm. “Their leadership and innovation are crucial in our collective fight against climate change while strengthening the U.S. economy.”

Managing and reducing energy use for positive environmental impacts has been a long-standing priority for Trane Technologies. Between 2013 and 2020, the company halved its global operational carbon emissions and increased energy efficiency by 27%. Additionally, in 2019, the company launched its Gigaton Challenge to reduce customers’ carbon emissions by a billion metric tons – the first in the manufacturing industry to have its targets verified by the Science-Based Targets Initiative, and one of only 47 companies to be verified twice. Trane Technologies has also set a goal to reduce GHG emissions by another 50%. The company’s 2030 Sustainability Commitments include achieving carbon neutral operations across its global footprint, a 10% absolute energy reduction, zero waste to landfills and net positive water use.

“We’re proud to join this important initiative and to lead by example by reducing our operations’ impact on the planet,” said Keith Sultana, senior vice president of supply chain and operational services for Trane Technologies. “Throughout many years of collaboration with Trane Technologies, including the Better Plants Challenge, the DOE has supported our sustainability leadership. Now, we look forward to joining our fellow Better Climate Challenge partners to build a better future together as we implement more sustainable operations across our industries.”

About Trane Technologies

Trane Technologies is a global climate innovator. Through our strategic brands Trane® and Thermo King®, and our portfolio of environmentally responsible products and services, we bring efficient and sustainable climate solutions to buildings, homes and transportation. For more on Trane Technologies, visit tranetechnologies.com.

Media Contact:
Jennifer Regina
+1-704-712-5721
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investors Contact:
Zachary Nagle
+1-704-990-3913
This email address is being protected from spambots. You need JavaScript enabled to view it.

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the “Company”) today announced its operating results for the fourth quarter of 2021.

Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated “Our fuel volumes continue to increase because of higher demand for RNG by Amazon, large transit customers like New York City Metro and Los Angeles County Metro, and other customers. Not only is RNG a clean, renewable fuel, it’s incredibly practical for heavy-duty vehicles which is driving demand. As we explained in detail during our RNG Day presentation on January 26, our nation-wide distribution business is extremely important in providing the infrastructure and access necessary to deliver and monetize RNG. Despite the lingering effects of the pandemic, 2021 turned out to be strategically one of the best years for the company as we expanded into RNG development and supply, signed on a very important customer in Amazon and continued to lead the overall shift into clean transportation.”

The Company delivered 104.6 million gallons in the fourth quarter of 2021, a 9% increase from 96.0 million in the fourth quarter of 2020. This increase was principally from continued growth in Refuse, Amazon and increased RNG deliveries into transit customers. Renewable natural gas (“RNG”) delivered was 44.9 million gallons in the fourth quarter of 2021, a 9% increase compared to the fourth quarter of 2020.

The Company’s revenue for the fourth quarter of 2021 was $91.9 million, an increase of 22.6% compared to $75.0 million for the fourth quarter of 2020. Revenue for the fourth quarter of 2021 included non-cash stock-based sales incentive contra-revenue charges (“Amazon warrant charges”) related to the warrant issued to Amazon.com NV Investment Holdings LLC (the “Amazon Warrant”) of $3.4 million. Revenue for the fourth quarter of 2021 also included an unrealized loss of $1.3 million on commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program, compared to an unrealized loss of $1.9 million in the fourth quarter of 2020. Excluding the effects of the Amazon warrant charges and the commodity swap and customer fueling contracts unrealized losses, revenue for the fourth quarter of 2021 increased by 25.7% to $96.6 million compared to $76.8 million for the fourth quarter of 2020. This increase in revenue was principally due to higher RIN and natural gas prices, a favorable fuel price mix, which is based on the variation of fuel types and locations where we deliver fuel, and an increase in the number of gallons delivered, partially offset by a reduction in station construction revenue, related principally to delays in construction activities associated with the pandemic.

The Company’s revenue for the year ended December 31, 2021 was $255.6 million, a decrease of 12.4% compared to $291.7 million for the year ended December 31, 2020. Revenue for the year ended December 31, 2021 included Amazon warrant charges of $83.6 million. Revenue for the year ended December 31, 2021 also included an unrealized loss of $3.5 million on commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program, compared to an unrealized gain of $2.1 million for the year ended December 31, 2020. Excluding the effects of the Amazon warrant charges and the commodity swap and customer fueling contracts unrealized gains and losses, revenue for the year ended December 31, 2021 increased by 18.4% to $342.8 million compared to $289.6 million for the year ended December 31, 2020. This increase in revenue was principally due to higher RIN and natural gas prices, a favorable fuel price mix, which is based on the variation of fuel types and locations where we deliver fuel, and an increase in the number of gallons delivered, partially offset by a reduction in station construction revenue, related principally to delays in construction activities in the second half of 2021 associated with the pandemic.

On a GAAP (as defined below) basis, net loss attributable to Clean Energy for the fourth quarter of 2021 was $(2.4) million, or $(0.01) per share, compared to $(2.6) million, or $(0.01) per share, for the fourth quarter of 2020. Compared to the fourth quarter of 2020, the fourth quarter of 2021 was negatively affected by the Amazon warrant charges.

On a GAAP basis, net loss attributable to Clean Energy for the year ended December 31, 2021, was $(93.1) million, or $(0.44) per share, compared to $(9.9) million, or $(0.05) per share, for the year ended December 31, 2020. The year ended December 31, 2021 was negatively affected by the Amazon warrant charges and the unrealized loss on commodity swap and customer fueling contracts, partially offset by gains from sale of natural gas commodity inventory at favorable market prices, while the comparable 2020 period was positively affected by the unrealized gain on commodity swap and customer fueling contracts.

Non-GAAP income per share and Adjusted EBITDA (each as defined below) for the fourth quarter of 2021 was $0.03 and $18.0 million, respectively. Non-GAAP loss per share and Adjusted EBITDA for the fourth quarter of 2020 was $(0.00) and $13.6 million, respectively.

Non-GAAP income per share and Adjusted EBITDA for the year ended December 31, 2021 was $0.04 and $57.0 million, respectively. Non-GAAP loss per share and Adjusted EBITDA for the year ended December 31, 2020 was $(0.04) and $45.1 million, respectively.

Non-GAAP income (loss) per share and Adjusted EBITDA are described below and reconciled to GAAP net income (loss) per share attributable to Clean Energy and GAAP net income (loss) attributable to Clean Energy, respectively.

Non-GAAP Financial Measures

To supplement the Company’s unaudited consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the Company uses non-GAAP financial measures that it calls non-GAAP income (loss) per share (“non-GAAP income (loss) per share”) and adjusted EBITDA (“Adjusted EBITDA”). Management presents non-GAAP income (loss) per share and Adjusted EBITDA because it believes these measures provide meaningful supplemental information about the Company’s performance, for the following reasons: (1) these measures allow for greater transparency with respect to key metrics used by management to assess the Company’s operating performance and make financial and operational decisions; (2) these measures exclude the effect of items that management believes are not directly attributable to the Company’s core operating performance and may obscure trends in the business; and (3) these measures are used by institutional investors and the analyst community to help analyze the Company’s business. In future quarters, the Company may adjust for other expenditures, charges or gains to present non-GAAP financial measures that the Company’s management believes are indicative of the Company’s core operating performance.

Non-GAAP financial measures are limited as an analytical tool and should not be considered in isolation from, or as a substitute for, the Company’s GAAP results. The Company expects to continue reporting non-GAAP financial measures, adjusting for the items described below (and/or other items that may arise in the future as the Company’s management deems appropriate), and the Company expects to continue to incur expenses, charges or gains like the non-GAAP adjustments described below. Accordingly, unless expressly stated otherwise, the exclusion of these and other similar items in the presentation of non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent, or non-recurring. Non-GAAP income (loss) per share and Adjusted EBITDA are not recognized terms under GAAP and do not purport to be an alternative to GAAP income (loss), GAAP income (loss) per share or any other GAAP measure as an indicator of operating performance. Moreover, because not all companies use identical measures and calculations, the Company’s presentation of non-GAAP income (loss) per share and Adjusted EBITDA may not be comparable to other similarly titled measures used by other companies.

Non-GAAP Income (Loss) Per Share

Non-GAAP income (loss) per share, which the Company presents as a non-GAAP measure of its performance, is defined as net income (loss) attributable to Clean Energy Fuels Corp., plus Amazon warrant charges, plus stock-based compensation expense, plus (minus) loss (income) from the SAFE&CEC S.r.l. equity method investment, and plus (minus) any loss (gain) from changes in the fair value of derivative instruments, the total of which is divided by the Company’s weighted-average common shares outstanding on a diluted basis. The Company’s management believes excluding non-cash expenses related to the Amazon warrant charges provides useful information to investors regarding the Company’s performance because the Amazon warrant charges are measured based upon a fair value determined using a variety of assumptions and estimates, and the Amazon warrant charges do not impact the Company’s operating cash flows related to the delivery and sale of vehicle fuel to its customer. The Company’s management believes excluding non-cash expenses related to stock-based compensation provides useful information to investors regarding the Company’s performance because of the varying available valuation methodologies, the volatility of the expense (which depends on market forces outside of management’s control), the subjectivity of the assumptions and the variety of award types that a company can use, which may obscure trends in a company’s core operating performance. Similarly, the Company believes excluding the non-cash results from the SAFE&CEC S.r.l. equity method investment is useful to investors because these charges are not part of or representative of the core operations of the Company. In addition, the Company’s management believes excluding the non-cash loss (gain) from changes in the fair value of derivative instruments is useful to investors because the valuation of the derivative instruments is based on a number of subjective assumptions, the amount of the loss or gain is derived from market forces outside of management’s control, and the exclusion of these amounts enables investors to compare the Company’s performance with other companies that do not use, or use different forms of, derivative instruments.

The table below shows GAAP and non-GAAP income (loss) attributable to Clean Energy per share and also reconciles GAAP net income (loss) attributable to Clean Energy to the non-GAAP net income (loss) attributable to Clean Energy figure used in the calculation of non-GAAP income (loss) per share:

Adjusted EBITDA

Adjusted EBITDA, which the Company presents as a non-GAAP measure of its performance, is defined as net income (loss) attributable to Clean Energy, plus (minus) income tax expense (benefit), plus interest expense, minus interest income, plus depreciation and amortization expense, plus Amazon warrant charges, plus stock-based compensation expense, plus (minus) loss (income) from the SAFE&CEC equity method investment, and plus (minus) any loss (gain) from changes in the fair value of derivative instruments. The Company’s management believes Adjusted EBITDA provides useful information to investors regarding the Company’s performance for the same reasons discussed above with respect to non-GAAP income (loss) per share. In addition, management internally uses Adjusted EBITDA to determine elements of executive and employee compensation.

The table below shows Adjusted EBITDA and also reconciles this figure to GAAP net income (loss) attributable to Clean Energy:

Definition of “Gallons Delivered”

The Company defines “gallons delivered” as its gallons sold as compressed natural gas (“CNG”) and liquefied natural gas (“LNG”), along with its gallons associated with providing operations and maintenance services, in each case delivered to its customers in the applicable period, plus the Company’s proportionate share of gallons delivered by joint ventures in the applicable period. RNG sold as vehicle fuel is included in the CNG or LNG amounts as applicable based on the form in which it was sold.

The table below shows gallons delivered for the three months and years ended December 31, 2020 and 2021:

Sources of Revenue

The following table shows the Company's sources of revenue for the three months and years ended December 31, 2020 and 2021:

2022 Outlook

GAAP net loss for 2022 is expected to be approximately ($57) million, assuming no unrealized gains or losses on commodity swap and customer contracts relating to the Company’s Zero Now truck financing program, and including Amazon warrant charges estimated to be $44 million. Changes in diesel and natural gas market conditions resulting in unrealized gains or losses on the Company’s commodity swap and customer contracts relating to the Company’s Zero Now truck financing program, and significant variations in the vesting by Amazon of the Amazon warrants could significantly affect the Company’s estimated GAAP net loss for 2022. Adjusted EBITDA for 2022 is estimated to be $65 million. These expectations exclude the impact of any acquisitions, divestitures, new joint ventures, transactions or other extraordinary events including a deterioration in, slower or lack of any recovery from the COVID-19 pandemic. Additionally, the expectations regarding 2022 Adjusted EBITDA assumes the calculation of this non-GAAP financial measure in the same manner as described above and adding back the estimated Amazon warrant charges described above and without adjustments for any other items that may arise during 2022 that management deems appropriate to exclude. These expectations are forward-looking statements and are qualified by the statement under “Safe Harbor Statement” below.

Today’s Conference Call

The Company will host an investor conference call today at 4:30 p.m. Eastern time (1:30 p.m. Pacific). Investors interested in participating in the live call can dial 1.844.826.3033 from the U.S. and international callers can dial 1.412.317.5185. A telephone replay will be available approximately two hours after the call concludes through Thursday, March 24, 2022 by dialing 1.844.512.2921 from the U.S., or 1.412.317.6671 from international locations, and entering Replay Pin Number 10163651. There also will be a simultaneous, live webcast available on the Investor Relations section of the Company’s web site at www.cleanenergyfuels.com, which will be available for replay for 30 days.

About Clean Energy Fuels Corp.

Clean Energy Fuels Corp. is the country’s largest provider of the cleanest fuel for the transportation market. Our mission is to decarbonize transportation through the development and delivery of renewable natural gas (RNG), a sustainable fuel derived from organic waste. Clean Energy allows thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas. We operate a vast network of fueling stations across the U.S. and Canada. Visit www.cleanenergyfuels.com and follow @ce_renewables on Twitter.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements about, among other things, our fiscal 2022 outlook, our volume growth, customer expansion, production sources, joint ventures, and the benefits of our fuels.

Forward-looking statements are statements other than historical facts and relate to future events or circumstances or the Company’s future performance, and they are based on the Company’s current assumptions, expectations and beliefs concerning future developments and their potential effect on the Company and its business. As a result, actual results, performance or achievements and the timing of events could differ materially from those anticipated in or implied by these forward-looking statements as a result of many factors including, among others: the COVID-19 pandemic and the measures taken to prevent its spread and the related impact on our operations, liquidity and financial condition; the willingness of fleets and other consumers to adopt natural gas as a vehicle fuel, and the rate and level of any such adoption; the Company’s ability to capture a substantial share of the market for alternative vehicle fuels and vehicle fuels generally and otherwise compete successfully in these markets; the potential adoption of government policies or programs or increased publicity or popular sentiment in favor of other vehicle fuels; the market’s perception of the benefits of RNG and conventional natural gas relative to other alternative vehicle fuels; natural gas vehicle and engine cost, fuel usage, availability, quality, safety, convenience, design, performance and residual value, as well as operator perception with respect to these factors, in general and in the Company’s key customer markets, including heavy-duty trucking; the Company’s ability to manage and grow its RNG business, including its ability to procure adequate supplies of RNG and generate revenues from sales of such RNG; the Company and its suppliers’ ability to successfully develop and operate projects and produce expected volumes of RNG; the potential commercial viability of livestock waste and dairy farm projects to produce RNG; the Company’s history of net losses and the possibility the Company incurs additional net losses in the future; the Company’s and its partners’ ability to acquire, finance, construct and develop other commercial projects; the Company’s ability to invest in hydrogen stations or modify its fueling stations to reform its RNG to fuel hydrogen and electric vehicles; the Company’s ability to realize the expected benefits from the commercial arrangement with Amazon and related transactions; future supply, demand, use and prices of crude oil, gasoline, diesel, natural gas, and other vehicle fuels, including overall levels of and volatility in these factors; changes in the competitive environment in which we operate, including potentially increasing competition in the market for vehicle fuels generally; the Company’s ability to manage and grow its business of transporting and selling CNG for non-vehicle purposes via virtual natural gas pipelines and interconnects, as well as its station design and construction activities; construction, permitting and other factors that could cause delays or other problems at station construction projects; the Company’s ability to execute and realize the intended benefits of any acquisitions, divestitures, investments or other strategic relationships or transactions; future availability of and our access to additional capital, which may include debt or equity financing, in the amounts and at the times needed to fund growth in the Company’s business and the repayment of its debt obligations (whether at or before their due dates) or other expenditures, as well as the terms and other effects of any such capital raising transaction; the Company’s ability to generate sufficient cash flows to repay its debt obligations as they come due; the availability of environmental, tax and other government regulations, programs and incentives that promote natural gas, such as AFTC, or other alternatives as a vehicle fuel, including long-standing support for gasoline- and diesel-powered vehicles and growing support for electric and hydrogen-powered vehicles that could result in programs or incentives that favor these or other vehicles or vehicle fuels over natural gas; the Company’s ability to comply with various registration and regulatory requirements related to its RNG projects; the effect of, or potential for changes to greenhouse gas emissions requirements or other environmental regulations applicable to vehicles powered by gasoline, diesel, natural gas or other vehicle fuels and crude oil and natural gas fueling, drilling, production, transportation or use; the Company’s ability to manage the safety and environmental risks inherent in its operations; the Company’s compliance with all applicable government regulations; the impact of the foregoing on the trading price of the Company’s common stock; and general political, regulatory, economic and market conditions.

Investor Contact:
This email address is being protected from spambots. You need JavaScript enabled to view it.

News Media Contact:
Raleigh Gerber
Director of Corporate Communications
949.437.1397