$1.67 earnings per share for the year

$471 million in signed municipal acquisition agreements

$1 billion record investment in infrastructure improvements

BRYN MAWR, Pa.--(BUSINESS WIRE)--Essential Utilities Inc. (NYSE: WTRG), today reported results for the fourth quarter and year ended Dec. 31, 2021.

“2021 was our first full year as Essential Utilities, during which we continued to build on our 135-plus-year legacy. We are pleased to report another year of operational excellence, strong growth, and record investment in infrastructure,” said Essential Chairman and Chief Executive Officer Christopher Franklin. “These accomplishments along with reporting financial results in line with expectations during a year filled with so many challenges, including Winter Storm Uri, Hurricane Ida, and the continued impact of COVID-19, demonstrate the resiliency of the platform we have built as a premier water and gas utility and our dedication to our mission of providing essential natural resources to our customers.”

“As we look to 2022, I am confident that we have positioned ourselves to play a critical role in solving our country’s infrastructure challenges while recognizing our responsibility to be an industry leader in protecting our environment,” said Franklin.

Full-year 2021 Operating Results

Essential reported total operating revenues of $1.88 billion in 2021, an increase of 28.4% compared to $1.46 billion in the prior year. Operations and maintenance expenses were $550.6 million for 2021 compared to $528.6 million in the prior year. Essential’s net income of $431.6 million or $1.67 per share (GAAP) compared to $284.8 million or $1.12 per share (GAAP) reported through the same period of 2020.

Year-over-year comparisons were impacted by the Peoples transaction, which closed on March 16, 2020. For the fiscal year 2020, the results of Peoples have been included in our consolidated financial statements as of the closing date. Results for 2021 include the full year of operating results of Peoples, which comprises the company’s regulated natural gas segment. In 2020, adjusted income and adjusted income per share (both non-GAAP financial measures) excluded Peoples-related transaction expenses and fourth-quarter 2020 rate credits. Adjusting for those items, Essential’s adjusted income in 2020 was $322.1 million (non-GAAP), or $1.27 per share (non-GAAP). When compared to the adjusted income in 2020, earnings on a per-share basis in 2021 increased 31.5%; however, the 2020 figure only reflects operational results of Peoples for nine-and-a-half months of the year. Please refer to the reconciliation of GAAP to non-GAAP financial measures later in this press release for additional information on Essential’s use of non-GAAP financial measures as a supplement to its GAAP results. “I am pleased with our 2021 financial results, which were aligned with our stated long-term earnings growth target of 5 to 7%,” said Franklin.

Fourth Quarter 2021 Operating Results

Essential reported net income of $116.5 million for the fourth quarter of 2021, compared to $102.7 million reported for the same quarter in 2020. Earnings per share were $0.44 for the quarter, an increase of 10.0% compared to $0.40 in the fourth quarter of 2020. Fourth quarter 2020 rate credits, regulated water segment customer growth and volume, and rates & surcharges were offset by decreased volume in the regulated natural gas segment and increased expenses and other items.

Revenues increased to $535.7 million in the fourth quarter compared to $474.0 million in the same period of 2020, an increase of 13.0%. Recovery of higher purchased gas costs, fourth quarter 2020 rate credits, and additional revenues from customer growth as well as rates and surcharges and volume from the regulated water segment were the largest contributors to the increase in revenues for the quarter. Operations and maintenance expenses increased slightly to $158.6 million for the fourth quarter of 2021 compared to $157.2 million in the fourth quarter of 2020. The 0.9% increase in operations and maintenance expenses was primarily a result of employee-related costs.

Essential’s regulated water segment reported revenues for the quarter of $243.8 million, an increase of 4.9% compared to $232.5 million in the fourth quarter of 2020. Rates and surcharges and customer growth were the largest contributors to the increase in revenues for the period. Operations and maintenance expenses for Essential’s regulated water segment increased to $89.5 million for the fourth quarter of 2021 compared to $80.0 million in the fourth quarter of 2020, due to additional employee-related expenses, production expenses and the absence of a favorable insurance rebate received in 2020.

Essential’s regulated natural gas segment reported revenues for the quarter of $280.5 million, compared to $234.1 million in the fourth quarter of 2020. Purchased gas costs were $130.3 million for the quarter as compared to $87.5 million for the same quarter in 2020. As a result, the recovery of higher purchased gas costs was the largest driver in the increase of revenues. Operations and maintenance expenses for the same period for Essential’s regulated natural gas segment decreased to $68.6 million, from $71.9 million in the fourth quarter of 2020.

Dividend

On Jan. 31, 2022, Essential’s board of directors declared a quarterly cash dividend of $0.2682 per share of common stock. This dividend will be payable on Mar. 1, 2022, to shareholders of record on Feb. 11, 2022. The company has paid a consecutive quarterly cash dividend for more than 77 years.

Water Utility Acquisition Growth

In 2021, Essential invested $36.3 million to acquire two water and wastewater systems. These acquisitions added approximately 7,700 new customer equivalents to the company’s footprint. Coupled with organic growth, the company increased its water and wastewater customer base by nearly 2% with more than 19,500 new customer connections. Essential’s continued acquisition growth enables the company to provide safe and reliable water and wastewater service to an even larger customer base.

The company currently has eight signed purchase agreements to acquire additional water and wastewater systems that are expected to serve approximately 235,000 equivalent retail customers or equivalent dwelling units and add over $471 million in rate base. These include the recently announced agreements to acquire the City of Beaver Falls wastewater system in western Pennsylvania for $41.25 million and the Southern Oaks water system for $3.33 million in Texas, which collectively serve approximately 8,340 customer equivalents. Also included is the company’s agreement to acquire the Delaware County Regional Water Quality Control Authority (DELCORA), a Pennsylvania sewer authority, for $276.5 million that serves approximately 198,000 equivalent dwelling units in the Philadelphia suburbs.

The pipeline of potential water and wastewater municipal acquisitions the company is actively pursuing represents approximately 415,000 total customers.

Capital Expenditures

In 2021, Essential invested a record amount of over $1.0 billion to improve its regulated water and natural gas infrastructure systems and to enhance customer service across its operations. The majority of this investment was for the replacement of 470 miles of gas or water mains. With this achievement, the company believes it is among the leaders in the country at replacing miles of underground utility pipe. The company is committed to maintaining elevated levels of infrastructure investment. The company will invest approximately $1 billion in 2022 to replace and expand its water and wastewater utility infrastructure and to replace and upgrade its natural gas utility infrastructure, with the latter leading to significant reductions in methane emissions that occur in aged gas pipes. In total, infrastructure investments of approximately $3 billion are expected through 2024 to improve water and natural gas systems and better serve customers through improved information technology. The capital investments made to rehabilitate and expand the infrastructure of the communities’ Essential serves are critical to its mission of safely and reliably delivering Earth’s most essential resources.

Environmental, Social and Governance

As announced earlier this month, Essential reaffirmed its ESG commitments. As of year-end 2021, the company reached 15% people of color in our employee base towards our multi-year target of 17%, which was established to reflect the diversity of our service areas. In controllable spending, the company purchased nearly 11% of goods and services, by dollar value, from diverse suppliers towards our multi-year target of 15%.

The company remains on track and has made strong progress towards substantially reducing Scope 1 and 2 greenhouse gas emissions by 2035. This is achievable through extensive gas pipeline replacement, renewable energy purchasing, accelerated methane leak detection and repair, and various other planned initiatives. Since making these commitments, the company has already achieved an estimated 7% reduction in Scope 1 and 2 emissions from our 2019 baseline, towards our 60% reduction target, based mainly on pipe replacement. Essential also reaffirmed its industry-leading, multi-year plan to ensure that finished water does not exceed 13 parts per trillion (ppt) of PFOA, PFOS, and PFNA compounds across all states served by its regulated water segment.

“While we do not make ESG commitments for accolades, we were pleased to be recognized recently for the company’s continued dedication to doing the right thing. We were pleased to be named one of Newsweek’s Most Responsible Companies and were equally pleased to see strong improvements to our ESG ratings from Sustainalytics and MSCI, which we now believe more accurately reflect the status of our ESG program. Previously, in 2021, our ISS QualityScore ratings moved us to among the top performers across the industry, where we remain.” added Franklin.

Financing

At year-end 2021, Essential’s weighted average cost of fixed-rate long-term debt was 3.61%, and the company had $850 million available on its credit lines. The company is committed to maintaining strong investment-grade credit ratings with S&P and Moody’s.

Rate Activity

In 2021, the company’s regulated water segment received rate awards or infrastructure surcharges in Illinois, Indiana, New Jersey, North Carolina, Ohio, Pennsylvania, and Virginia, totaling an estimated increase in annualized revenues of $28.8 million. Additionally, the company’s regulated natural gas segment has received rate awards or infrastructure surcharges in Pennsylvania and Kentucky, totaling an estimated increase in annualized revenues of $1.3 million.

To date in 2022, the company’s regulated water segment received rate awards or infrastructure surcharges in Illinois, North Carolina, Ohio, and Pennsylvania of $8.2 million, and the company’s regulated natural gas segment received a rate award in Kentucky of $5.2 million. The company currently has rate proceedings for base rate pending in Pennsylvania and Ohio for its regulated water segment, which would add an estimated $106.4 million in incremental revenue.

2022 Essential Guidance

On Feb. 3, Essential published guidance for 2022. With regard to this guidance, Essential continues to monitor the effects of the COVID-19 pandemic on its customers, employees and the business and will update guidance impacts from the pandemic in the future if needed. This guidance is based on the inclusion of signed water and wastewater acquisitions but does not factor in the impact of the expected continuation of significant water and wastewater customer growth from acquisitions.

The following is the company’s 2022 full-year guidance:

• Net income per diluted common share of $1.75 to $1.80
• Continuation of the company’s stated long-term earnings per share growth CAGR of 5 to 7% for the three-year period 2021 through 2024. The company expects to reaffirm the long-term earnings per share growth guidance after the completion of significant regulatory processes this spring
• Regulated infrastructure investments of approximately $1 billion annually through 2024, weighted towards the regulated water segment
• Regulated water segment rate base compound annual growth rate of 6 to 7% through 2024
• Regulated natural gas segment rate base compound annual growth rate of 8 to 10% through 2024
• Average annual regulated water segment customer (or equivalent dwelling units) growth of between 2 and 3% from acquisitions and organic customer growth
• Gas customer count stable for 2022

ESG Guidance and Commitments

• Reduction of Scope 1 and Scope 2 greenhouse gas emissions by 60% by 2035 from our 2019 baseline
• Multi-year plan to increase diverse supplier spend to 15%
• Multi-year plan to reach 17% employees of color
• Multi-year plan to ensure that finished water does not exceed 13 parts per trillion (ppt) of PFOA, PFOS, and PFNA compounds

Essential Utilities does not guarantee future results of any kind. Guidance is subject to risks and uncertainties, including, without limitation, those factors outlined in the “Forward Looking Statements” of this release and the “Risk Factors” section of the company’s annual and quarterly reports filed with the Securities and Exchange Commission.

Earnings Call Information

Date: Feb. 24, 2022
Time: 11 a.m. EST (please dial in by 10:45 a.m.)
Webcast and slide presentation link: https://www.essential.co/events-and-presentations/events-calendar
Replay Dial-in #: 888.203.1112 (U.S.) & +1 719.457.0820 (International)
Confirmation code: 7024618

The company’s conference call with financial analysts will take place Thursday, Feb. 24, 2022, at 11 a.m. Eastern Standard Time. The call and presentation will be webcast live so that interested parties may listen over the internet by logging on to Essential.co and following the link for Investors. The conference call will be archived in the Investor Relations section of the company’s website for 90 days following the call. Additionally, the call will be recorded and made available for replay at 2 p.m. on Feb. 24, 2022, for 10 business days following the call. To access the audio replay in the U.S., dial 888-203-1112 (pass code 7024618). International callers can dial +1 719-457-0820 (pass code 7024618).

About Essential

Essential is one of the largest publicly traded water, wastewater, and natural gas providers in the U.S., serving approximately 5 million people across 10 states under the Aqua and Peoples brands. Essential is committed to excellence in proactive infrastructure investment, regulatory expertise, operational efficiency, and environmental stewardship. The company recognizes the importance water and natural gas play in everyday life and is proud to deliver safe, reliable services that contribute to the quality of life in the communities it serves. For more information, visit http://www.essential.co.

Forward-looking statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others: the company’s role in the United States’ infrastructure investments; its ability to be an industry leader in protecting the environment; the guidance range of adjusted income per diluted common share for the fiscal year ending in 2022; the continuation of the three-year period of earnings growth through 2024; the anticipated amount of capital investment in 2022; the anticipated amount of capital investment from 2022 through 2024; the reduction of Scope 1 and Scope 2 greenhouse gas emissions by 60% by 2035; that the Company’s pipeline replacement program will lead to significant methane reductions; that the Company’s municipal growth pipeline is strong; that the Company will help solve the nation’s infrastructure challenge; the company’s ability to increase diverse supplier spend to 15%; the company’s ability to achieve 17% employees of color; the company’s anticipated rate base growth from 2022 through 2024; and, the company’s ability to accelerate the replacement of aged gas pipes. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: disruptions in the global economy; financial and workforce impacts from the COVID-19 pandemic; the continuation of the company's growth-through-acquisition program; the company’s continued ability to adapt itself for the future and build value by fully optimizing company assets; general economic business conditions; the company’s ability to fund needed infrastructure; housing and customer growth trends; unfavorable weather conditions; the success of certain cost-containment initiatives; changes in regulations or regulatory treatment; availability and access to capital; the cost of capital; disruptions in the credit markets; the success of growth initiatives; the company’s ability to successfully close municipally owned systems presently under agreement; the company’s ability to continue to deliver strong results; the company’s ability to continue to pay its dividend, add shareholder value and grow earnings; municipalities’ willingness to privatize their water and/or wastewater utilities; the company’s ability to control expenses and create and maintain efficiencies; the company’s ability to acquire municipally owned water and wastewater systems listed in its “pipeline”; and other factors discussed in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q, which are filed with the Securities and Exchange Commission. For more information regarding risks and uncertainties associated with Essential's business, please refer to Essential's annual, quarterly, and other SEC filings. Essential is not under any obligation - and expressly disclaims any such obligation - to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

WTRGF

Essential Utilities, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except per share amounts)
(Unaudited)

The Company is providing disclosure of the reconciliation of the non-GAAP financial measures to the most comparable GAAP financial measures. The Company believes that the non-GAAP financial measures "adjusted operating revenues" "adjusted income" and "adjusted income per common share" provide investors the ability to measure the Company’s financial operating performance by adjustment, which is more indicative of the Company’s ongoing performance and is more comparable to measures reported by other companies. The Company further believes that the presentation of these non-GAAP financial measures is useful to investors as a more meaningful way to compare the Company’s operating performance against its historical financial results.

This reconciliation includes a presentation of the non-GAAP financial measures “adjusted income” and “adjusted income per common share” and have been adjusted for the following items:

(1) Transaction-related expenses for the Company's Peoples acquisition that closed on March 16, 2020, which consists of costs recorded as operations and maintenance expenses for the three months ended March 31, 2020 of $25,397, primarily representing expenses associated with investment banking fees, obtaining regulatory approvals, legal expenses, and integration planning;

(2) Transaction-related rate credits, for the Company's Peoples acquisition, issued to Pennsylvania utility customers in September and December 2020; and

(3) The income tax impact of the non-GAAP adjustments described above.

These financial measures are measures of the Company’s operating performance that do not comply with U.S. generally accepted accounting principles (GAAP), and are thus considered to be “non-GAAP financial measures” under applicable Securities and Exchange Commission regulations. These non-GAAP financial measures are derived from our consolidated financial information and is provided to supplement the Company's GAAP measures, and should not be considered as a substitute for measures of financial performance prepared in accordance with GAAP.

The following reconciles our GAAP results to the non-GAAP information we disclose :

Brian Dingerdissen
Essential Utilities Inc.
Investor Relations
O: 610-645-1191
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Erin O’Donnell
Communications and Marketing
Media Hotline: 1-877-325-3477
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Company’s six utilities participate in National LIHEAP Action Day meetings sponsored by the National Energy & Utility Affordability Coalition (NEAUC)

CHICAGO--(BUSINESS WIRE)--$EXC #ProtectLIHEAP--Exelon Corporation (Nasdaq: EXC) today urged Congress to fund the Low-Income Home Energy Assistance Program (LIHEAP) at the highest level possible. This increase would further help ensure home heating and cooling needs are met for more than 6 million American households struggling financially and challenged with paying their energy and other bills.

Advocacy during the all-virtual National LIHEAP Action Day, sponsored by the National Energy & Utility Affordability Coalition (NEAUC), was led by representatives from Exelon's six utilities—Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco—and dozens of other companies. In 2021, eligible households across the country received $8 billion in LIHEAP funding as a result of an additional $4.5 billion provided by the American Rescue Plan. However, those additional funds will expire in September 2022.

"Exelon strongly supports LIHEAP – an invaluable safety net for customers – and we hope Congress will provide as much funding as possible to aid those who are uncertain if they'll be able to pay their home energy bills," said Calvin Butler, Exelon chief operating officer and senior executive vice president. "Congress cannot risk scaling back a lifeline to so many: energy insecure families, older Americans, individuals with disabilities, and children – especially at a time when the cost of everyday necessities continues to move farther out of reach for our most vulnerable neighbors."

Last year, Exelon's utilities connected more than 650,000 customers to $430 million in energy assistance, including LIHEAP funding. A quarter of Exelon's 10 million customers have income below the maximum level allowed under the expanded LIHEAP (200 percent of the federal poverty level). Many also are undocumented individuals, new immigrants and non-English speakers who are more difficult to reach with this important information.

Exelon recognizes that sustained access to a financial backstop–and an innovative approach to getting the word out about that assistance—helps customers prevent disconnection of service, helps families maintain safe and stable housing, and restores dignity by helping customers pay bills in full and on time.

For example, Pepco, PECO, Delmarva Power and Atlantic City Electric conducted extensive community outreach campaigns during the pandemic to help customers learn more about energy assistance opportunities and partnered with trusted organizations and community voices, local government and hospitals to reach tens of thousands of customers in need. ComEd launched a Community Energy Assistance Ambassador program that reached thousands of customers and provided jobs for local residents. BGE and Pepco successfully advocated for systemic policy changes to continue to support low-to-moderate income customers and helped efficiently disseminate an additional $83 million in relief for Maryland customers. And all six Exelon utilities made it easier to sign up for assistance funds and have those funds applied to customer accounts.

More information about National LIHEAP Action Day 2022 is available at neuac.org.

About Exelon

Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest utility company, serving more than 10 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 18,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter @Exelon.

Nick Alexopulos
Corporate Communications
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Media hotline: 312-394-7417

EAST AURORA, N.Y.--(BUSINESS WIRE)--Moog Inc. (NYSE: MOG.A and MOG.B) announced today that it has completed the acquisition of Dublin, Ireland based TEAM Accessories Limited (“TEAM”). The purchase price was not disclosed. The business will support Moog’s current Commercial Aftermarket service offerings and expand its global reach.

TEAM is a leading aerospace and industrial engineering business specializing in Maintenance, Repair and Overhaul (MRO) with testing and repair services for airframe components and safety equipment. The company’s core business is focused on critical and high-value jet engine accessories used by global commercial airline and cargo carriers, but also provides services to the industrial gas turbine sector. TEAM Accessories has 40 employees working in its Dublin engineering site.

“We’re excited to bring TEAM’s products and people into Moog’s Aircraft Controls segment,” said Mark Brooks, Moog Commercial Aftermarket Group Vice President and General Manager. “TEAM expands our product and capabilities portfolio for the aircraft engine accessories market. Their reputation for high quality and reliable service fit well with Moog’s core principles.”

About Moog
Moog Inc. is a worldwide designer, manufacturer, and integrator of precision control components and systems. Moog’s high-performance systems control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, automated industrial machinery, marine and medical equipment. Additional information about the company can be found at www.moog.com. For more information on Moog’s commercial aftermarket services visit www.moogtotalsupport.com.

Cautionary Statement
Information included or incorporated by reference in this report that does not consist of historical facts, including statements accompanied by or containing words such as “may,” “will,” “should,” “believes,” “expects,” “expected,” “intends,” “plans,” “projects,” “approximate,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “anticipates,” “presume” and “assume,” are forward-looking statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance and are subject to several factors, risks and uncertainties, the impact or occurrence of which could cause actual results to differ materially from the expected results described in the forward-looking statements. In evaluating these forward-looking statements, you should carefully consider the factors set forth below.

Although it is not possible to create a comprehensive list of all factors that may cause actual results to differ from the results expressed or implied by our forward-looking statements or that may affect our future results, some of these factors and other risks and uncertainties that arise from time to time are described in Item 1A “Risk Factors” of our Annual Report on Form 10-K and in our other periodic filings with the SEC and include the following:

COVID-19 PANDEMIC RISKS

• We face various risks related to health pandemics such as the global COVID-19 pandemic, which may have material adverse consequences on our operations, financial position, cash flows, and those of our customers and suppliers.

STRATEGIC RISKS

• We operate in highly competitive markets with competitors who may have greater resources than we possess;
• Our new products and technology research and development efforts are substantial and may not be successful which could reduce our sales and earnings;
• Our inability to adequately enforce and protect our intellectual property or defend against assertions of infringement could prevent or restrict our ability to compete; and
• Our sales and earnings may be affected if we cannot identify, acquire or integrate strategic acquisitions, or as we conduct divestitures.

MARKET CONDITION RISKS

• The markets we serve are cyclical and sensitive to domestic and foreign economic conditions and events, which may cause our operating results to fluctuate;
• We depend heavily on government contracts that may not be fully funded or may be terminated, and the failure to receive funding or the termination of one or more of these contracts could reduce our sales and increase our costs;
• The loss of The Boeing Company or Lockheed Martin as a customer or a significant reduction in sales to either company could adversely impact our operating results; and
• We may not realize the full amounts reflected in our backlog as revenue, which could adversely affect our future revenue and growth prospects.

OPERATIONAL RISKS

• Our business operations may be adversely affected by information systems interruptions, intrusions or new software implementations;
• We may not be able to prevent, or timely detect, issues with our products and our manufacturing processes which may adversely affect our operations and our earnings;
• If our subcontractors or suppliers fail to perform their contractual obligations, our prime contract performance and our ability to obtain future business could be materially and adversely impacted; and
• The failure or misuse of our products may damage our reputation, necessitate a product recall or result in claims against us that exceed our insurance coverage, thereby requiring us to pay significant damages.

FINANCIAL RISKS

• We make estimates in accounting for over-time contracts, and changes in these estimates may have significant impacts on our earnings;
• We enter into fixed-price contracts, which could subject us to losses if we have cost overruns;
• Our indebtedness and restrictive covenants under our credit facilities could limit our operational and financial flexibility;
• The phase out of LIBOR may negatively impact our debt agreements and financial position, results of operations and liquidity;
• Significant changes in discount rates, rates of return on pension assets, mortality tables and other factors could adversely affect our earnings and equity and increase our pension funding requirements;
• A write-off of all or part of our goodwill or other intangible assets could adversely affect our operating results and net worth; and
• Unforeseen exposure to additional income tax liabilities may affect our operating results.

LEGAL AND COMPLIANCE RISKS

• Contracting on government programs is subject to significant regulation, including rules related to bidding, billing and accounting standards, and any false claims or non-compliance could subject us to fines, penalties or possible debarment;
• Our operations in foreign countries expose us to currency, political and trade risks and adverse changes in local legal and regulatory environments could impact our results of operations;
• Government regulations could limit our ability to sell our products outside the United States and otherwise adversely affect our business;
• We are involved in various legal proceedings, the outcome of which may be unfavorable to us; and
• Our operations are subject to environmental laws, and complying with those laws may cause us to incur significant costs.

GENERAL RISKS

• Future terror attacks, war, natural disasters or other catastrophic events beyond our control could negatively impact our business; and
• Our performance could suffer if we cannot maintain our culture as well as attract, retain and engage our employees.

While we believe we have identified and discussed above the material risks affecting our business, there may be additional factors, risks and uncertainties not currently known to us or that we currently consider immaterial that may affect the forward-looking statements made herein. Given these factors, risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictive of future results. Any forward-looking statement speaks only as of the date on which it is made, and we disclaim any obligation to update any forward-looking statement made in this report, except as required by law.

Ann Marie Luhr
716-687-4225

BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent“ or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology space, is pleased to announce the signing of a Memorandum of Understanding (“MoU”) with Electric Ship Facilities B.V. (“ESF”), a Dutch business with over 15 years of experience in electric and hybrid propulsion systems and energy systems for recreational and commercial purposes.

Under the agreement, ESF commits to becoming a future distributor of Advent’s SereneU fuel cell products, further strengthening its portfolio of innovative CO2 reducing technologies. ESF offers demonstrations and state-of-the-art components, helping its customers significantly reduce emissions and achieve energy efficiency. This new collaboration will enable Advent to facilitate trial processes and fuel cell configurations for both land-based and maritime applications, with the initial geographic focus being Benelux, Germany, Switzerland, and Austria.

Per Arild, Advent A/S Director of Marketing and Business Development, said “ESF will help us create demonstrations that will effectively showcase the true potential of methanol-based fuel cell solutions as an efficient and reliable alternative to today’s diesel gensets in marine use. ESF will also help us deliver configurations that will stimulate business thinking and will contribute to the faster introduction of our next-generation fuel cell technologies to the European market.”

Advent’s SereneU fuel cells are currently being used for demonstrations within the framework of the Green Shipping Wadden Sea program, an initiative coordinated by FME (a Dutch association of enterprises in the industrial sector), having ESF as one of its founding companies. The Green Shipping program aims to accelerate innovations in the field of CO2-neutral and fossil-free shipping for the Wadden Sea fleet, as well as to develop the associated port facilities and infrastructure, and to secure governmental pathways promoting the transition towards innovative CO2 reducing technologies.

Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive Officer, stated, “We are delighted to start our collaboration with ESF, a company which has been actively demonstrating its commitment to accelerate the green transition through zero-emission innovative technology. This new agreement will strengthen our presence in Europe and further advance our vision to support industries in decarbonizing at a faster rate."

Mr. Jurjen Poorting, ESF’s Proprietor and CEO stated: “We are excited about our collaboration with Advent, as it will enable us to offer next-generation fuel cell solutions for our customers’ clean energy transitions. We look forward to facilitating Advent’s path through the configuration of SereneU fuel cells, clean power products that are already commercially available. As a result of the ongoing introduction of new CO2 emission regulations in Europe, industries are now readier than ever to transition to cleaner energy solutions. As Advent’s partner in the Dutch region, our goal is to both showcase fuel cell demonstrations, but also to feed the growing demand for fuel cell products. Our market know-how, in combination with Advent’s technical expertise, will put us in a position to penetrate the Dutch market better, faster, and at a high-quality level.”

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems as well as supplying customers with critical components for fuel cells in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in California, Greece, Denmark, Germany, and the Philippines. With more than 100 patents issued and licensed for its fuel cell technology, Advent holds the IP for next-generation HT-PEM that enables various fuels to function at high temperatures and under extreme conditions – offering a flexible “Any Fuel. Anywhere.” option for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.

About ESF

Electric Ship Facilities is a family-owned business with over 15 years of experience in electric and hybrid propulsion systems and energy systems for recreational and commercial purposes. ESF offers a wide range of energy solutions, and in recent years has been particularly focused on technologies that are enabling green transitions.

ESF addresses their customers across different application fields, offering demonstrations and state-of-the-art components for which low (zero) emissions and energy efficiency are key factors. For more information, please visit https://www.electricshipfacilities.com/.

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to maintain the listing of the Company’s common stock on Nasdaq; future financial performance; public securities’ potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance Advent’s corporate reputation and brand; expectations concerning its relationships and actions with technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company’s business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate; and the risks identified under the heading “Risk Factors” in Advent’s Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on May 20, 2021, as well as the other information filed with the SEC. Investors are cautioned not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read Advent’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. Advent’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

Advent Technologies Holdings, Inc.
Elisabeth Maragoula / Chris Kaskavelis
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DEERFIELD, Ill.--(BUSINESS WIRE)--CF Industries Holdings, Inc. (NYSE: CF) today announced that the company will present at the following conferences in December:

• BofA Securities 2022 Global Agricultural and Materials Conference at 10:50 am ET on Wednesday, March 2, 2022; and
• 2022 RBC Capital Markets Chemicals and Packaging Virtual Conference at 10:40 am ET on Tuesday, March 8, 2022.

Investors who wish to access the live conference webcasts should visit the Investor Relations section of the company’s website at www.cfindustries.com. A replay of the webcasts will be available on the CF Industries Holdings, Inc. website until June 8, 2022.

About CF Industries Holdings, Inc.

At CF Industries, our mission is to provide clean energy to feed and fuel the world sustainably. With our employees focused on safe and reliable operations, environmental stewardship, and disciplined capital and corporate management, we are on a path to decarbonize our ammonia production network – the world’s largest – to enable green and blue hydrogen and nitrogen products for energy, fertilizer, emissions abatement and other industrial activities. Our nine manufacturing complexes in the United States, Canada, and the United Kingdom, an unparalleled storage, transportation and distribution network in North America, and logistics capabilities enabling a global reach underpin our strategy to leverage our unique capabilities to accelerate the world’s transition to clean energy. CF Industries routinely posts investor announcements and additional information on the Company’s website at www.cfindustries.com and encourages those interested in the Company to check there frequently.

Media
Chris Close
Director, Corporate Communications
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Investors
Martin Jarosick
Vice President, Investor Relations
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DUBLIN--(BUSINESS WIRE)--The "Syngas Market in North America 2022-2026" report has been added to ResearchAndMarkets.com's offering.

The syngas market in North America is poised to grow by $416.12 million during 2022-2026, progressing at a CAGR of 2.62% during the forecast period.

The market is driven by the rising application of syngas and feedstock flexibility for syngas production. The study identifies the increasing investments in sustainable energy as one of the prime reasons driving the syngas market growth in North America during the next few years.

This report provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

The syngas market in North America is segmented as below:

By Feedstock

• Coal
• Natural Gas
• Petroleum Byproducts
• Biomass
• Others

By Country

• US
• Canada
• Mexico

The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading syngas market vendors in North America that include:

• Air Products and Chemicals Inc.
• Chiyoda Corp.
• Dakota Gasification Co.
• Haldor Topsoe AS
• Honeywell International Inc.
• LAIR LIQUIDE SA
• Linde plc
• McDermott International Inc.
• Sierra Industrial Group
• SynGas Technology LLC

Also, the syngas market in North America analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.

For more information about this report visit https://www.researchandmarkets.com/r/6ol0db

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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AUSTIN, Texas--(BUSINESS WIRE)--Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 semi-trucks, reported its fourth quarter and full year 2021 financial results.

Key Business Highlights

• Received orders from multiple fleets totaling 100 units backed by deposits to secure Hypertruck ERX production slots
• Received reservations for an additional 325 units of the Hypertruck ERX
• Began recognizing revenue on the Company’s Hybrid eX powertrain solution
• Launched “Ride and Drive” customer experience event series for the Hypertruck ERX
• Added Jeffrey A. Craig, a recognized leader in the commercial vehicle industry and the former Chairman and CEO of Meritor, Inc., to Hyliion’s board of directors
• Hired Cheri Lantz as Chief Strategy Officer
• Expects full year 2022 revenue of $2 million to $3 million from Hybrid eX sales; total operating expenses of $135 million to $145 million to support commercialization efforts of both Hybrid eX and Hypertruck ERX

Executive Commentary

“This month, we received orders for 100 units backed by deposits to secure Hypertruck ERX production slots. These early adopters of our technology recognize our potential to change the landscape of the trucking industry together,” said Thomas Healy, Hyliion’s Founder and Chief Executive Officer. “In the fourth quarter, with the initiation of revenue recognition on our Hybrid eX powertrain solution, Hyliion achieved another important milestone in pursuit of our vision of being the leading provider of electrified solutions for the commercial vehicle industry and capped off what was a transformational year for the Company.”

“In addition, we have expanded our sales force with four trucking industry veterans. Looking ahead, we will move forward aggressively with our commercialization and business development plans, building on the momentum we have established and the positive feedback from customers and stakeholders at our ongoing Ride and Drive events. We expect that 2022 will be an exciting year for Hyliion in terms of R&D and product development milestones as we broaden our technology solutions to address the transportation sector’s environmental impact.”

"We have received overwhelmingly positive feedback from fleets regarding the Hypertruck ERX’s performance and drivability," said Dennis Gallagher, Hyliion’s Chief Operating Officer. "Fleets have also shared examples of how the Hypertruck ERX technology addresses infrastructure hurdles and range anxiety associated with plug-in electric trucks. Additionally, fleets believe the Hypertruck ERX powertrain will be an effective tool for recruiting and retaining drivers who want to be on the cutting edge of the industry."

Hypertruck ERX Fleet Update

In February, the Company secured orders from multiple fleets totaling 100 units of the Hypertruck ERX for production slots, accompanied with deposits. The Company also received incremental reservations for 325 units of the Hypertruck ERX. These orders and reservations are to secure the early Hypertruck ERX production slots and are subject to the finalization of commercial terms.

The orders followed the formal November launch of the Company’s Ride and Drive customer experience event series, consisting of ride-along opportunities and in-depth product education, including events at the Company’s headquarters in Austin.

Hypertruck ERX Development Timing

Hyliion is on track with its previously communicated timeline to complete design verification and initial controlled fleet trials by the end of this year. These will be followed by the continuation of fleet trials and final regulatory approvals prior to the start of production, which the Company expects to commence by late 2023. Hyliion continues to work closely with its current and potential suppliers to secure delivery of components necessary to complete its development and commercial milestones.

The use case of the Hypertruck ERX is focused on linehaul applications, meaning hundreds of miles per day, up to 1,000 miles before needing to refuel. That compares with current plug-in EV solutions that satisfy a use case of only 100 to 200 miles. Hyliion’s Multi-Phase Development Program timeline includes robust design verification and product validation testing, including for summer and winter seasons, and the accumulation of up to one million test miles prior to production.

Hybrid eX Launch Update

In the fourth quarter, Hyliion delivered its initial Hybrid eX powertrain systems and began recognizing revenue. As noted above, due to global shortages of various components, the Company is experiencing longer delivery times and previously forecasted that the revenue from the fourth quarter of 2021 would be a non-material amount. Supply shortages also caused some Hyliion deliveries to be delayed into the first quarter of 2022.

Leadership Expansion

In February, the Company welcomed Jeffrey A. (Jay) Craig to its board of directors. Mr. Craig is a recognized leader in the commercial vehicle space, and was previously the Chairman and CEO of Meritor, Inc., where he oversaw the advancement of Meritor’s product portfolio and the development of a number of electrification products, some of which are now used on Hyliion’s Hypertruck ERX. Prior to joining Meritor, Mr. Craig was president and CEO of General Motors Acceptance Corporation (GMAC) Commercial Finance and before that was president and CEO of GMAC’s business credit division.

In late February, Cheri Lantz will be joining Hyliion as Chief Strategy Officer. Ms. Lantz will continue to drive the Company’s strategic roadmap forward as it expands into Fuel Agnostic and Hydrogen Fuel Cell generator technology and advanced software solutions. Most recently, Ms. Lantz was the VP of Strategy, Transportation Solutions for TE Connectivity and previously was the Chief Strategy Officer at Meritor.

Financial Highlights and Operating Expense Guidance

In the fourth quarter, the Company recorded $200,000 in revenue. The Company’s full year 2021 operating expenses totaled $93.6 million. Hyliion ended the fourth quarter of 2021 with over $557 million on its balance sheet, which is sufficient to fund its current commercialization plans for the Hybrid eX and Hypertruck ERX powertrains. This includes $258.4 million in cash and cash equivalents, short-term investments of $118.8 million, and long-term investments of $180.2 million.

For the full year 2022, Hyliion expects revenue in the range of $2 million to $3 million in Hybrid eX sales and operating expenses to range between $135 million and $145 million, driven primarily by an increase in research and development costs to support the Hypertruck ERX commercialization milestones.

Fourth Quarter 2021 Conference Call

Hyliion will host a conference call and accompanying webcast at 11:00 a.m. EST / 10:00 a.m. CST on Thursday, February 24, 2022, to discuss its financials, business results, and outlook. A live webcast of the call, as well as an archived replay following, will be available online on the Investor Relations section of Hyliion’s website. Those wishing to participate can access the call using the links below:

Conference Call Online Registration: http://www.directeventreg.com/registration/event/9738028

Access the Webcast: https://investors.hyliion.com/events-and-presentations/default.aspx

Fourth quarter and full year 2021 financial results for Hyliion Holdings Corp. will also be filed with the SEC on Form 10-K.

About Hyliion

Hyliion’s mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of Class 8 commercial trucks by being a leading provider of electrified powertrain solutions. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy, efficient system to decrease fuel and operating expenses while seamlessly integrating with their existing fleet operations. Headquartered in Austin, Texas, Hyliion designs, develops, and sells electrified powertrain solutions that are designed to be installed on most major Class 8 commercial trucks, with the goal of transforming the commercial transportation industry’s environmental impact at scale. For more information, visit www.hyliion.com.

Forward Looking Statements

The information in this press release includes “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. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, Hyliion’s ability to disrupt the powertrain market, Hyliion’s focus in 2022 and beyond, the effects of Hyliion’s dynamic and proprietary solutions on its commercial truck customers, accelerated commercialization of the Hypertruck ERX, the ability to meet 2022 and future product milestones, the impact of COVID-19 on long-term objectives, the ability to reduce carbon intensity and greenhouse gas emissions and the other risks and uncertainties set forth in “Risk Factors” section of Hyliion’s annual report on Form 10-K/A filed with the Securities and Exchange Commission (the “SEC”) on May 17, 2021 for the year ended December 31, 2020. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could different materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion’s operations and projections can be found in its filings with the SEC. Hyliion’s SEC Filings are available publicly on the SEC’s website at www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings.

Hyliion Holdings Corp.
Ryann Malone
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(833) 495-4466

Sharon Merrill Associates, Inc.
Nicholas Manganaro
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(617) 542-5300

Investment to accelerate next-generation Clean Earth Magnet™ development for use in hard disk drives for enterprise cloud storage, data centers and more

MINNEAPOLIS--(BUSINESS WIRE)--#CleanEarthMagnet--Niron Magnetics, the company developing the world’s first high-performance permanent magnets free of rare earths, today announced it has received an investment from Western Digital Capital, the investment arm of data storage solutions provider Western Digital. The new funding will enable Niron to build upon its innovative Clean Earth Magnet™ to deliver better performance at lower costs, while eliminating the need for rare earth materials.

“As demand in the data storage market continues to grow, innovation is essential to find an alternative for the magnets used in the actuators of disk read- and-write heads and spindle drive motors while avoiding environmentally damaging rare earth mining and mitigating the risk of supply disruptions,” said Andy Blackburn, CEO of Niron Magnetics. “The new investment from Western Digital Capital demonstrates strong global interest in utilizing our unique Clean Earth Magnet technology to create a more sustainable future in data storage.”

Niron’s Clean Earth Magnet technology, developed from a decade of research, leverages materials science innovations to eliminate the need for rare earth content in magnets and instead uses some of the most common elements on earth – iron and nitrogen. Clean Earth Magnets are less expensive, more sustainable, globally available, and are made from abundant input materials not subject to supply constraints or price instability. Niron’s production process is up to 95% less damaging across certain environmental impacts than alternatives, as its input materials require no toxic mining and refining. The second generation of Niron’s Clean Earth Magnet is expected to offer an industry leading magnetic field strength and address applications in various areas of data storage, including HDDs for enterprise cloud storage, data centers and more.

“Western Digital is driving toward a more sustainable supply chain, and magnets play a critical role in that chain for HDDs,” said Dan Steere, Senior Vice President, Western Digital Capital. "While most of the materials used in our HDDs are plentiful and readily available, rare earth magnets are difficult to process and available only in limited geographies and quantities. Niron’s technology has the potential to help strengthen our supply chain and reduce the life cycle impacts of our products.”

To learn more about Niron Magnetics and its Clean Earth Magnet technology, please visit https://nironmagnetics.com/.

About Niron Magnetics
Niron Magnetics is developing the world’s first advanced manufacturing process for the mass production of permanent magnets powered by its breakthrough material formulation. Niron’s proprietary Clean Earth Magnet™ technology based on Iron nitride enables magnets that possess inherently higher magnetization and can be produced at a lower cost compared to today’s rare-earth magnets and will enable a revolution in the design of new electric motors and generators. Niron participates in a U.S. Department of Energy funded project that aims to develop more cost effective and sustainable drivetrains for electric vehicles. For more information, please visit https://nironmagnetics.com/.

Niron Media Contact
Kalyn Schieffer
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NEW YORK--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”) announced today that it plans to release fourth quarter and full year 2021 results before market open on Wednesday, March 2, 2022.

The Company will host a conference call to discuss its fourth quarter and full year 2021 results at 9:00 a.m. Eastern Time (“ET”) on Wednesday, March 2, 2022.

To access the call, participants should dial (844) 200-6205 for domestic callers and (929) 526-1599 for international callers. Please dial in ten minutes prior to the start of the call.

A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at https://www.intlseas.com/.

An audio replay of the conference call will be available starting at 12:00 p.m. ET on Wednesday, March 2, 2022 through 11:59 p.m. ET on Wednesday, March 9, 2022 by dialing (866) 813-9403 for domestic callers and +44 204 525 0658 for international callers, and entering Access Code 027713.

About International Seaways, Inc.

International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 86 vessels, including 13 VLCCs (including three newbuildings), 13 Suezmaxes, five Aframaxes/LR2s, eight Panamaxes/LR1s, 41 MR tankers and four Handysize tankers. Through joint ventures, it has ownership interests in two floating storage and offloading service vessels. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.

Forward-Looking Statements

This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the U.S. Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the consequences of the Company’s merger with Diamond S and plans to issue dividends, its prospects, including statements regarding vessel acquisitions, expected synergies, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2021 for the Company and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.

Investor Relations & Media:
Tom Trovato, International Seaways, Inc.
(212) 578-1602
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OAKLAND, Calif.--(BUSINESS WIRE)--Navis, the provider of operational technologies and services that unlock greater performance and efficiency for leading organizations throughout the global cargo supply chain, today announced that Terminal Cuenca del Plata (TCP) has signed a subscription agreement with Navis for its N4 SaaS offering. The implementation of N4 SaaS, along with several optimization solutions will increase efficiency and enhance TCP’s overall operations, reaching new standards and allowing scalability as the terminal undergoes a landmark expansion plan.

TCP, owned by terminal operator Katoen Natie, is situated on the coast of Uruguay in Montevideo and serves as a regional hub for cargo originating in Argentina, Paraguay, Bolivia and Southern Brazil, currently moving over 500,000 TEUs. With a focus on developing the Port of Montevideo into the main logistics platform of the Southern Cone, managing and operating a specialized container terminal that can satisfy the ever-increasing demands of today’s international trade and transportation, TCP and the Port Authority of Uruguay recently announced a significant investment agreement. The investment of more than $450 million includes the construction of a second container yard and quay wall, increasing the capacity to load and unload to more than 2.75 million TEU per year, almost three times its current capacity.

In preparation of this milestone expansion, TCP signed a N4 SaaS subscription agreement to implement N4, including Navis’ Optimization modules - Expert Decking, PrimeRoute and Vessel Autostow - as well as N4 Billing, and Navis Smart Applications such as OpsView and Berth Window Management. The terminal also signed on for Navis Managed Services, including managed upgrades, application and EDI maintenance. Under the comprehensive SaaS umbrella, TCP will have access to all the capabilities of N4 without the associated costs and complexities of deploying, maintaining and managing it. In addition to tapping into Navis’ expertise via Managed Services, Navis will also host the system and deliver a production and test environment as well as a cloud-to-cloud disaster recovery solution.

“TCP is undergoing an important expansion plan and therefore is searching for a new TOS that could enhance their overall operations and reach new standards,” said Kim Kuesel, VP and GM of the Americas at Navis. “A subscription model will allow them to implement what is needed now with the possibility of scaling up as expansion plans come to fruition, future-proofing operations as new N4 versions are rolled out.”

“Our terminal will be state-of-the-art when our expansion project is complete and we need our operations to function on a level that matches that,” said Vincent Vandecauter, CEO of TCP. “Partnering with Navis will ensure that we’re growing our operations at scale while also being future-thinking by implementing cloud solutions that will help to carry us into the next phase of our terminal operations.”

To learn more, visit www.navis.com

About Navis, LP

Navis is a provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the cargo supply chain. Navis combines industry best practices with innovative technology and world-class services, to enable our customers, regardless of cargo type, to maximize performance and reduce risk. Through its holistic approach to operational optimization, Navis customers benefit from improved visibility, velocity and measurable business results. Whether tracking cargo through a terminal, improving vessel safety and cargo capacity, optimizing rail network planning and asset utilization, automating equipment operations, or managing multiple terminals through an integrated, centralized solution, Navis helps all customers streamline operations. www.navis.com.

Jennifer Grinold
Navis, LP
T+1 510 267 5002
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Anna Patrick
Gregory FCA
T+1 212 398 9680
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HOUSTON--(BUSINESS WIRE)--$TELL #LNG--Tellurian Inc. (Tellurian) (NYSE American: TELL) ended 2021 with over $300 million in liquidity and over $360 million in standardized measure of discounted future net cash flows of proved natural gas reserves. Tellurian also continued advancing the Driftwood LNG project in 2021 with the following significant accomplishments:

• Completed Driftwood LNG phase one liquefied natural gas (LNG) sales and purchase agreements (SPAs) totaling nine million tonnes per annum (mtpa)
• Executed long-term ground lease agreement with the Lake Charles Harbor and Terminal district and began owner construction projects
• Initiated the Driftwood LNG financing process
• Paid outstanding debt and strengthened the balance sheet
• Drilled and put into production four new Haynesville operated natural gas wells, increasing our proved developed reserves by approximately 51 billion cubic feet (Bcf) as of December 31, 2021
• Committed to invest $25 million in United States reforestation projects with the National Forest Foundation over the next five years

President and CEO Octávio Simões said, “The global economy is in the early stages of an energy super cycle driven by strong demand for natural gas and several years of underinvestment in energy infrastructure. Tellurian is optimally positioned with fully executed market-based LNG SPAs and a permitted project. Bechtel will begin construction of Driftwood LNG in April and we will seek to conclude the financing process shortly thereafter.”

“Tellurian will continue our natural gas development program and expects to drill, complete and place into production additional operated Haynesville wells during 2022,” Simões added.

Operating activities

Tellurian produced 14.3 Bcf of natural gas for the year ended December 31, 2021, and existing natural gas assets include 11,060 net acres, interests in 78 producing wells, and estimated proved reserves of 323.3 Bcf. The reserve estimates were determined under U.S. Securities and Exchange Commission guidelines and were prepared by an independent petroleum consulting firm.

Financial results

Tellurian ended its 2021 fiscal year with approximately $305.5 million in cash and cash equivalents and maintained a strong balance sheet consisting of approximately $621.8 million in total assets. Tellurian generated approximately $71.3 million in revenues from natural gas and LNG sales and reported a net loss of approximately $114.7 million, or $0.28 per share (basic and diluted), for the year ended December 31, 2021.

About Tellurian Inc.

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

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

Tellurian will post a video by Executive Chairman Charif Souki on its website shortly following the issuance of this release.

CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS

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

Media:
Joi Lecznar
EVP Public and Government Affairs
Phone +1.832.962.4044
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Investors:
Matt Phillips
Vice President, Investor Relations
Phone +1.832.320.9331
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Partnership enhances Chevron’s approach to advancing a lower carbon future

HOUSTON & DENVER--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) announced today a pilot project with Project Canary to independently certify operational and environmental performance in the company’s North American upstream region.

“Chevron is focused on delivering reliable, lower carbon energy to a growing world. We aim to achieve this through innovation, both in our application of technology, and in our approach to how we design and run our operations,” said Steve Green, president, Chevron North America Exploration and Production. “We’re pleased to work with Project Canary to pilot an independent well-by-well certification at five sites, enhancing our ability to demonstrate transparency in how we are lowering methane emissions in our operations.”

Project Canary, a mission-driven B-Corp, will use its comprehensive TrustWell™ Certification program to review and analyze aspects of the environmental and social performance of individual wells and facilities in the Permian Basin of Texas and the DJ Basin of Colorado. Chevron will also deploy Canary X continuous, pad-level methane emissions monitoring units at select locations.

More than 600 data points within 24 operational categories are included in a Project Canary TrustWell™ analysis. Operators who earn top rankings are determined by Project Canary to utilize the highest standards and practices across their operations.

The companies expect the TrustWell™ certification process to begin in the first half of 2022 and, based on ratings earned during the review process, anticipate being ready to deliver certified Responsibly Sourced Gas (RSG) to market by mid-2022.

“Chevron is a leader in advancing solutions that deliver reliable energy and address U.S. methane emissions. We’re grateful for the opportunity to leverage our ESG technologies to help further advance their business priorities,” Chris Romer, co-founder and CEO of Project Canary, said. “With our rigorous third-party review, measured performance and continuous action, buyers can have confidence that Chevron is delivering responsible lower carbon energy.”

In 2020, Chevron’s U.S. onshore production methane intensity was 85% lower than the U.S. industry average. The company continues to design, construct, and operate facilities with an eye toward limiting fugitive emissions. For example, it has reduced fugitive methane and volatile organic compound emissions in U.S. onshore operations through leak detection and repair, low-/no-emissions pneumatic devices, and centralized production facilities. The company is also expanding its methane detection capabilities to identify the best opportunities to further lower emissions.

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 Project Canary

Project Canary delivers trusted and reliable, independent Energy ESG data. They are the leaders in the certification of responsible operations throughout the energy value chain and provide measurement-based emission profiles via continuous monitoring technology. Their work helps identify the most responsible energy supply chain operators. Analyzing more than 600 operational data points, TrustWell by Project Canary is the most comprehensive well-pad and mid-stream certification program available. Project Canary is the recognized badge of high standards. Formed as a Public Benefit Corporation, Project Canary’s team of scientists, engineers, and seasoned industry operators have earned recognition for their uncompromising standards, including being named “Best for the World 2021" B Corp. Visit www.projectcanary.com to learn more.

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,” “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 18 through 23 of the company’s 2020 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.

Deena McMullen
+1 713-372-0292

Brian Miller
+1 202-669-3801

DUBLIN--(BUSINESS WIRE)--The "Thailand Outboard Engines Market Outlook (2021-2027): Market Forecast By Voltage, Engine Types, Power, Application, Regions, And Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.

This market report thoroughly covers market by fuel types, engine types, ignition types, power, applications and regions. The report provides an unbiased and detailed analysis of the on-going Thailand Outboard Engines market trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.

Thailand Outboard Engines Market Synopsis

Thailand Outboard Engines market experienced downfall in the year 2020 on account of the COVID-19 pandemic, owing to sudden drop in international tourist arrivals and lockdown measures adopted to curb the spread of the disease which in turn led to loss of demand for outboard engines.

Market by Engine Types

By engine types, 4-stoke outboard engines registered higher revenue share in the market on account of higher consumer preference due to their better performance and high fuel efficiency. On the back of rising awareness and regulations regarding air pollution, manufacturers are also expected to focus on development of 4-stroke outboard engine market as they emit lesser green house gases and utilize less fuel in comparison to 2-stroke engines.

Market by Power

Above 100 HP motor acquired highest revenue share in Thailand outboard engine market in 2020 on account of high application in commercial sector and extensive use in inland transportation & logistics due to their low cost in comparison with road transport.

Key Attractiveness of the Report

• COVID-19 Impact on the Market
• 10 Years Market Numbers
• Historical Data Starting from 2017 to 2020
• Base Year: 2020
• Forecast Data until 2027
• Key Performance Indicators Impacting the Market
• Major Upcoming Developments and Projects

Key Topics Covered

1. Executive Summary

2. Introduction

2.1 Report Description

2.2 Key Highlights of the Report

2.3 Market Scope & Segmentation

2.4 Research Methodology

2.5 Assumptions

3. Thailand Outboard Engine Market Overview

3.1 Thailand Outboard Engine Market Revenues and Volume, 2017-2027F

3.2 Thailand Outboard Engine Market - Industry Life Cycle

3.3 Thailand Outboard Engine Market - Porter's Five Forces

3.4 Thailand Outboard Engine Market Revenue and Volume Share, By Fuel Types, 2020 & 2027F

3.5 Thailand Outboard Engine Market Revenue Share, By Engine Types, 2020 & 2027F

3.6 Thailand Outboard Engine Market Revenue Share, By Power, 2020 & 2027F

3.7 Thailand Outboard Engine Market Revenue Share, By Ignition Types, 2020 & 2027F

3.8 Thailand Outboard Engine Market Revenue Share, By Applications, 2020 & 2027F

3.9 Thailand Outboard Engine Market Revenue Share, By Regions, 2020 & 2027F

4. Thailand Outboard Engine Market Covid-19 Impact Analysis

5. Thailand Outboard Engine Market Dynamics

5.1 Impact Analysis

5.2 Market Drivers

5.3 Market Restraints

6. Thailand Outboard Engine Market Trends

7. Thailand Outboard Engine Market Overview, By Fuel Types

7.1 Thailand Outboard Engine Market Revenues and Volume, By Fuel Types, 2017-2027F

7.1.1 Thailand Outboard Engine Market Revenues and Volume, By Gasoline, 2017-2027F

7.1.2 Thailand Outboard Engine Market Revenues and Volume, By Diesel, 2017-2027F

7.1.3 Thailand Outboard Engine Market Revenues and Volume, By Electric, 2017-2027F

8. Thailand Outboard Engine Market Overview, By Engine Types

8.1 Thailand Outboard Engine Market Revenues, By Engine Types, 2017-2027F

8.1.1 Thailand Outboard Engine Market Revenues, By 2-Stroke, 2017-2027F

8.1.2 Thailand Outboard Engine Market Revenues, By 4-Stroke, 2017-2027F

9. Thailand Outboard Engine Market Overview, By Power

9.1 Thailand Outboard Engine Market Revenues, By Power, 2017-2027F

9.1.1 Thailand Outboard Engine Market Revenues, By Upto 30 HP, 2017-2027F

9.1.2 Thailand Outboard Engine Market Revenues, By 30.1-100 HP, 2017-2027F

9.1.3 Thailand Outboard Engine Market Revenues, By Above 100 HP, 2017-2027F

10. Thailand Outboard Engine Market Overview, By Ignition Types

10.1 Thailand Outboard Engine Market Revenues, By Ignition Types, 2017-2027F

10.1.1 Thailand Outboard Engine Market Revenues, By Electric, 2017-2027F

10.1.2 Thailand Outboard Engine Market Revenues, By Manual, 2017-2027F

11. Thailand Outboard Engine Market Overview, By Applications

11.1 Thailand Outboard Engine Market Revenues, By Applications, 2017-2027F

11.1.1 Thailand Outboard Engine Market Revenues, By Recreational, 2017-2027F

11.1.2 Thailand Outboard Engine Market Revenues, By Commercial, 2017-2027F

11.1.3 Thailand Outboard Engine Market Revenues, By Military, 2017-2027F

12. Thailand Outboard Engine Market Overview, By Regions

12.1 Thailand Outboard Engine Market Revenues, By Regions, 2017-2027F

12.1.1 Thailand Outboard Engine Market Revenues, By North, 2017-2027F

12.1.2 Thailand Outboard Engine Market Revenues, By North-Eastern, 2017-2027F

12.1.3 Thailand Outboard Engine Market Revenues, By Central, 2017-2027F

12.1.4 Thailand Outboard Engine Market Revenues, By Southern, 2017-2027F

13. Thailand Outboard Engine Market Key Performance Indicators

14. Thailand Outboard Engine Market Opportunity Assessment

14.1 Thailand Outboard Engine Market Opportunity Assessment, By Fuel Types, 2027F

14.2 Thailand Outboard Engine Market Opportunity Assessment, By Engine Types, 2027F

14.3 Thailand Outboard Engine Market Opportunity Assessment, By Power, 2027F

14.4 Thailand Outboard Engine Market Opportunity Assessment, By Ignition Types, 2027F

14.5 Thailand Outboard Engine Market Opportunity Assessment, By Applications, 2027F

14.6 Thailand Outboard Engine Market Opportunity Assessment, By Regions, 2027F

15. Thailand Outboard Engine Market Competitive Landscape

15.1 Thailand Outboard Engine Market Revenue Ranking, By Companies, 2020

15.2 Thailand Outboard Engine Market Competitive Benchmarking, By Technical Parameters

15.3 Thailand Outboard Engine Market Competitive Benchmarking, By Operating Parameters

16. Company Profiles

16.1 Thai Suzuki Motor Co. Ltd.

16.2 Thai yamaha Motor Co. Ltd.

16.3 Honda Motor Co. Ltd.

16.4 Mercury Outboard

16.5 Tohatsu Marine Corporation

16.6 Torqeedo Asia Pacific Ltd.

17. Key Strategic Recommendations

For more information about this report visit https://www.researchandmarkets.com/r/64el2u

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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SAN JOSE, Calif.--(BUSINESS WIRE)--$BE--Bloom Energy Corporation (NYSE: BE) will participate in the following events for the financial community.

Morgan Stanley Energy and Power Conference
Monday, February 28, 2022 in New York City, NY

Credit Suisse 27^th Annual Energy Summit
Tuesday, March 1, 2022 in Vail, CO

Raymond James 2022 Institutional Investor Conference
Tuesday, March 8, 2022 in Orlando, FL

For more information, interested parties can visit our website at https://investor.bloomenergy.com.

About Bloom Energy

Bloom Energy empowers businesses and communities to responsibly take charge of their energy. The company’s leading solid oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies around the world turn to Bloom Energy as a trusted partner to deliver lower carbon energy today and a net-zero future. For more information, visit www.bloomenergy.com.

Investor Relations:
Ed Vallejo
Bloom Energy
+1 (267) 370-9717
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Media:
Jennifer Duffourg
Bloom Energy
+1 (480) 341-5464
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Appoints VP of Quality and VP of Fuel Cell Technology

SOUTHBOROUGH, Mass.--(BUSINESS WIRE)--Upstart Power, a leading developer and manufacturer of solid oxide fuel cell (SOFC) power systems for long-duration backup and distributed generation, announces two key executive hires that serve to strengthen the company’s leadership team and accelerate the commercialization of its Upgen™ portfolio of products.

Linda DeJulio-Gribben and Darren Hickey have recently joined Upstart Power’s executive leadership team as Vice President of Quality and Vice President of Fuel Cell Technology, respectively. Ms. DeJulio-Gribben is leading the company’s Quality and Regulatory teams to deliver exceptional product quality and customer experiences throughout the company’s product lifecycles. Darren Hickey will lead the company’s Fuel Cell Technology team that innovates and develops new SOFC technologies for the company’s next generation Upgen™ Power products. DeJulio-Gribben and Hickey join Upstart Power at a pivotal time as the company is rapidly maturing the development of its initial commercial products and accelerating its ramp into volume manufacturing and global deployment.

"The extensive talents, leadership, and experience that Linda and Darren bring to Upstart Power enable us to augment our existing leadership team and increase our capabilities in areas that are most critical to the successful commercialization of our residential and industrial fuel cell products," said Paul Osenar, President and CEO of Upstart Power. "The expert knowledge in fuel cell technology, quality management systems, and new product introduction that these individuals bring to our organization paired with their extensive experience in early-stage technology ventures will be instrumental in our future success."

Prior to Upstart Power, Linda DeJulio-Gribben was a Senior Business Consultant for the Power Systems Group of Mitsubishi Electric Power Products Inc. (MEPPI). She also held several General Management roles and led Quality Assurance for the High Voltage Switchgear Division at MEPPI, focusing on production and supply base quality, and improving equipment field performance for major North American IOU customers. Her time prior to MEPPI was spent in various leadership positions at Dupont, Corning, ABB, Siemens, and Pennsylvania Breaker, LLC. Linda brings over 25 years of extensive leadership experience in general management, operations, and quality management and holds a B.S. in Mechanical Engineering from the Georgia Institute of Technology.

Darren Hickey comes to Upstart Power from Cummins, where he was the Director of Fuel Cell Technologies leading a team of expert engineers driving innovation and development of heavy-duty fuel cells as well as the Principal Investigator on multiple DOE awarded programs. Prior to Cummins, Darren was Product Design Leader at GE Fuel Cells developing SOFC systems including the base cell and stack architecture that went into pilot production. As Co-Founder of EnerVault, he built a team of engineers for the development and scale-up of an advanced flow battery for grid scale energy storage. Earlier in his career he was a member of the starting teams at Bloom Energy and Ceramic Fuel Cells Limited. Darren brings over 25 years of expert innovation experience in fuel cells and energy storage to the Upstart Power team. He holds an M.S. Mechanical Engineering from the University of Arizona and a B.E. in Mechanical and Manufacturing Engineer from the University of Melbourne, Australia.

About Upstart Power, Inc.

Upstart Power designs and produces market disruptive solid oxide fuel cell (SOFC) generators for Residential and Industrial applications that are dependable, sustainable, carbon efficient, and virtually silent. The Upgen™ products from Upstart Power work collaboratively with battery storage to cover for grid outages and solar shortfalls, providing 24-7-365, long-duration resiliency. Founded in late 2018, Upstart Power is a privately held company, funded by investors including Enphase Energy, Sunnova Energy and Rogers Capital.

For more information, visit www.upstartpower.com

Upstart Power
Robyn Kennedy DeSocio
Investor Relations
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614.877.8278 ex. 124

New capabilities focus on sustainable delivery operations, route optimization, and visibility

CHICAGO--(BUSINESS WIRE)--#lastmile--FarEye, a global SaaS platform provider transforming last-mile logistics, today announced several new capabilities for more environmentally sustainable delivery operations, route optimization, and consumer experience. New capabilities across FarEye’s Intelligent Delivery Management Platform are designed to help customers boost delivery efficiency, enable green fleets, and gain visibility into outcomes of sustainability initiatives.

“We are partnering with our customers using our optimization and visibility solution to optimize fleets and reduce emissions while delivering delightful experiences to their end customers,” said Suvrat Joshi, chief product officer at FarEye. “In a world shifting towards prioritizing environmental sustainability, we are dedicated to complementing and supporting our customers’ sustainability goals. In 2021, customers that used our platform collectively helped reduce carbon footprint by 40,961 tons. We see this number continue to increase as our customers adopt and use these new capabilities across first, mid, and last mile in their delivery network.”

FarEye’s four new sustainability capabilities have been developed to help both shippers and carriers minimize CO2 emissions throughout their logistics operations, addressing end consumers’ desire to have their online orders delivered on time and with minimal or zero carbon emissions. These features include:

• Green Vehicle Route Planning: Enables customers to design and plan last-mile delivery of products with an intelligent mix of green fleets (cargo bikes, bikes and foot delivery), to achieve on-time delivery ultimately driving high consumer satisfaction with minimal or zero carbon footprint.
• Long-Haul Truck Route Planning: Allows carriers to design optimal multi-day, long-haul trucking routes to minimize idling times, avoid roadblocks and reduce fuel consumption. FarEye’s algorithm facilitates long-haul deliveries with multiple drivers to swap driving shifts and meet the legal norms of on-road driving requirements. Carriers can not only achieve sustainable goals but also meet their OTIF targets.
• Carrier Allocation System: Helps brands select suitable delivery partners for different types of shipments to improve their first attempt delivery rates, minimize delivery re-attempts and damaged goods deliveries, and avoid repeated transport and corresponding carbon emissions. This goes hand-in-hand with a strong focus on ensuring a higher percentage of first attempt delivery rates to build and sustain a loyal customer base.
• Sustainability Dashboard: Provides a visual representation specifically measuring carbon footprint KPIs for the customer, helping them understand carbon emissions breakdown by mode, route, carrier. The dashboards are designed to scale to be granular enough to measure package-level emissions. The dashboard also provides the ability to track and control CO2 emissions across all modes of transportation (road, rail, ocean and air) and benchmark third-party carriers and routes with the least CO2 emissions.

FarEye's platform processes over 100 million transactions every monthly, supports more than 25,000 drivers and is integrated into a network of over five million vehicles, improving billions of deliveries worldwide. The company is on a journey to achieve 100+ million transactions per day with processing petabytes of data.

Additional Resources:

• Read our blog on today’s news here
• Reduce carbon footprint with FarEye; learn more
• Learn more about FarEye’s platform and capabilities here

About FarEye:

FarEye’s Intelligent Delivery Management Platform is making the delivery experience better for everyone. FarEye enables enterprises to deliver at reduced cost with a superior customer experience. The low-code approach provides an environment to develop applications with a quick turn-around time and minimal code to shorten the “concept to ship” cycle. The platform leverages millions of data points to predict the shipment journey and improve the delivery experience.

Jolene Peixoto, VP, brand & corporate communications, FarEye, This email address is being protected from spambots. You need JavaScript enabled to view it.
Komal Puri, senior director, marketing, FarEye, This email address is being protected from spambots. You need JavaScript enabled to view it.

WiTricity Halo™ Charging fast-tracks a plugless EV experience for consumers

WATERTOWN, Mass.--(BUSINESS WIRE)--WiTricity, the leader and pioneer in wireless charging for electric vehicles (EVs), today announced plans to offer an aftermarket wireless charging upgrade package for owners of select EV models, starting with a limited beta in 2022. The solution, WiTricity Halo™ Charging, offers a complete, end-to-end, and hassle-free charging experience: just park and charge.

“Our research has shown us that consumers want wireless charging for their EVs,” said Alex Gruzen, CEO of WiTricity. “WiTricity has focused to date on enabling automakers with factory-installed EV wireless charging, and we're seeing the first of these vehicles launching in Asia. Now, we want to bring our WiTricity Halo™ Charging solution to customers who have already purchased their EV by offering a complete upgrade solution.”

The WiTricity Halo™ upgrade will deliver 11 kW wireless charging, enabling a charge rate that provides up to 35-40 miles of driving range per hour of charging time, a speed and efficiency on par with today’s Level 2 AC plug-in chargers. The WiTricity Halo™ upgrade includes three key components: the power receiver that is installed on the vehicle, the wall box that connects to electric power, and the charging pad that is installed on- or in-ground. WiTricity Halo™ Charging will be initially available in the United States to owners of select EVs starting with a beta in late 2022, followed by broader availability in 2023.

The WiTricity Halo™ system is built on WiTricity’s core magnetic resonance charging, peripheral systems, and software developed over a decade of innovation. WiTricity has 1,200 awarded patents in the wireless charging field, and works with automakers and their suppliers around the world to bring EV wireless charging technology to life. WiTricity’s technology is foundational to the global wireless charging technical standards of SAE International, the International Organization for Standardization (ISO), the International Electrotechnical Commission (IEC), and the Standardization Administration of the People’s Republic of China (GB).

As a preliminary step in developing the WiTricity Halo™ solution, WiTricity has upgraded modern EVs to showcase the experience to consumers. WiTricity’s Tesla Model 3, sporting its distinctive “This Tesla Charges Wirelessly” skin, has been a common sight in Watertown, Massachusetts since October 2021 when it was outfitted with wireless charging. WiTricity’s upgraded Tesla fully charges in less than 6 hours using the WiTricity Halo™ system, just as fast and efficiently as plugging in at home. WiTricity engineers are also actively upgrading a Ford Mustang Mach-E, with more vehicles in the pipeline.

“Our successful upgrade of the Tesla Model 3 is resonating with consumers as an easier, more convenient way to charge their EVs,” said Gruzen. “With the WiTricity Halo™ solution you just park and walk away, knowing you will return to a fully charged car. Day to day, it’s as if your car had infinite range, which will help accelerate EV adoption and propel us to a greener future.”

More details on WiTricity Halo™ Charging will be released later this year. The final decision on which models to offer upgrades is yet to be determined and will be based on customer demand, technical feasibility, and automaker support. Individuals in the U.S. who want to register their interest for the WiTricity Halo™ beta program, or stay informed on its progress, can sign up at https://info.witricity.com/halo. For more information, go to www.witricity.com.

About WiTricity

WiTricity is the global industry leader in wireless charging, powering a sustainable future of mobility that is electric and autonomous. WiTricity’s patented magnetic resonance technology is being incorporated into global automakers’ and Tier 1 suppliers’ EV roadmaps and is the foundation of major global standards developed to support wide-scale adoption. Advancements like dynamic charging of moving vehicles, and the charging of autonomous robots and vehicles without human intervention all depend on WiTricity technology. See how WiTricity enables a magically simple, efficient charging experience.

Allison Webster for WiTricity
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(617) 426-2222

Believes Successor Trustee Can Help Realize Full Value Potential of Trust’s Assets

DALLAS--(BUSINESS WIRE)--The Trustee of Sabine Royalty Trust (NYSE: SBR) (the “Trust” or “SBR”) has submitted its resignation as Trustee and has nominated Argent Trust Company as successor Trustee. STJ Ventures, LLC (together with its affiliates, “STJ”) is an experienced minerals investor and manager, and a longtime holder of a substantial number of SBR units. STJ believes there is significant unrealized value within the Trust and strongly supports this proposed change.

Sabine Royalty Trust is a 40-year-old minerals Trust that owns world class minerals and has an impressive track record of consistent production and reserve replacement. STJ has long believed, based on its own research into the Trust’s mineral assets, that there are numerous steps that should be taken by the Trustee to ensure that the Trust realizes the full potential of its assets. STJ outlined those steps in a letter to the current Trustee (Simmons Bank) and requested that the Trustee convey the letter to SBR unitholders of record. The letter details specific examples of recent drilling on some of the Trust’s mineral tracts, explains how value may be created (or lost) based on the effectiveness of the mineral management, and expresses support for the transition to the proposed successor Trustee given its track record of successful active management of oil and gas mineral properties.

STJ is making its fellow unitholders aware of the letter so that they have the benefit of its views. STJ has no relationship with Trustee or proposed successor Trustee and is not soliciting proxies in respect of the unitholder vote on the matter.

The full text of the letter is reproduced below. SBR unitholders with questions may contact This email address is being protected from spambots. You need JavaScript enabled to view it..

---------

February 7, 2022

Holders of Units of Beneficial Interest
Sabine Royalty Trust
c/o Simmons Bank, Trustee
2200 W 7^th Street, Suite 210
Fort Worth, Texas 76107
Attn: Mr. Tod M. Miller
Regional President Trust Division

Dear Mr. Miller:

As you know from our previous correspondence, STJ Ventures and affiliates are substantial holders of the units of Sabine Royalty Trust. We began investing in the units over 4 years ago. In that time, we have spent hundreds of hours researching the Trust, its properties, and its business. Our proprietary database of SBR’s mineral ownership was developed through courthouse research in 57 key counties, where we ultimately identified and digitally mapped over 2,400 tracts covering over 850,000 gross acres and 95,000 net acres. We read the Trust’s recent disclosure that Simmons Bank plans to resign as Trustee, nominate Argent Trust Company as successor Trustee, and submit the proposed change to the Trust’s unitholders for approval. We have long believed that active management of the Trust’s mineral assets would materially improve value for its unitholders. Argent possesses strong mineral management expertise, and we therefore support this proposed change and wish to share our views and rationale with our fellow unitholders.

Active management can add significant value to oil & gas mineral and royalty interests over time. We know this from decades of experience investing in and managing our own mineral portfolios. An active owner of minerals will know the details of its mineral rights, any oil & gas leases, geography, geology, operator performance, and activity/performance in the surrounding area. Such an owner will study monthly check stubs and compare against public data and the terms of the relevant lease. Discrepancies or new trends will be pursued to ensure that the mineral rights are capturing the full value they are due under the lease and state law.

From our discussions we understand that in the short time Simmons has been Trustee, you have begun more active management. We applaud your efforts and believe that Argent, with their strong minerals background, will expand active management to include public disclosure of key activities and more detail on the Trust’s holdings. We are familiar with Argent and their track record as a mineral manager, and have discussed with them their plans for management of the Trust’s mineral assets. Argent has been in the mineral management business since 2005 and manages a portfolio of over 3,000,000 acres in thirty states. In addition to its regular services, Argent has recovered in excess of $30 million for third party clients as a result of its auditing engagements. We believe Argent is an outstanding choice for successor Trustee, and brings the expertise and organizational capability that the Trust’s world-class mineral portfolio deserves. From inception, the Trust has suffered from a structural impediment to maximizing value through management. When the Trust was formed, the executive rights to the minerals were retained by the sponsor but later transferred to an unaffiliated third party. Thus, there is a potential conflict of interest between the Trust (holder of the minerals and royalty revenues) and the holder of the executive rights to the Trust minerals (lease bonus and rental revenue). A Trustee with a sophisticated understanding of oil & gas mineral management is best suited to navigate these structural challenges.

A couple of examples are useful to demonstrate this point. We know from our research that the Trust’s sizeable core Permian assets includes a tract of approximately 1,590 net mineral acres in Reagan County, TX. We have digitally mapped this tract and monitored as 70 horizontal wells were drilled on Trust acreage, observed the public production reports and watched the impact to the Trust’s production and distributable cash. These wells have produced approximately 463,555 barrels (BBL) of oil and 2.27 billion cubic feet (BCF) of gas net to the Trust royalty interest. At commodity prices of $80.00/BBL and $4.00/one thousand cubic feet (MCF) this would equate to approximately $46 million of gross revenue to the Trust, before severance taxes and other deductions. We wonder whether the royalties are being paid properly – is the Trust’s interest being calculated properly, are the marketing provisions being followed, are there any improper deductions, etc. These are important questions given the magnitude of these producing wells – and their impact on distributable revenues to the unitholders. This particular property has room for a substantial number of additional development wells to be drilled targeting multiple producing horizons.

Similarly, the Trust has a substantial mineral position (~30,000 net mineral acres) in Panola County, TX with a very high net revenue interest. This acreage was the source of a recent production spike when Rockcliff Energy completed 8 new horizontal Haynesville wells with lateral lengths of 9,600’ to 11,000’, leading to a material jump in the Trust’s distribution. We have the same questions here as we have regarding the Permian acreage. Furthermore, these new wells appear to involve only 4% of the Trust’s Panola County acreage. Given the impressive productivity of the initial 8 wells, it is imperative that leases be examined to ensure that royalties are paid properly, and that any unleased acreage is handled carefully to maximize the value to the Trust. There are currently 8 drilling rigs active in Panola County.

These are only two examples from the Trust’s many high-quality properties, but they illustrate the importance of skilled and active management. The successor Trustee should begin by quickly identifying, mapping and analyzing all of the Trust’s highest impact assets, as we have done. It should then take immediate steps to ensure that third parties with duties to the mineral owner (such as operators and holders of executive rights) are fulfilling their obligations to the Trust. There will inevitably be discrepancies, and these should be resolved in a manner most advantageous to the Trust’s long-term interests. Finally, the successor Trustee should explore whether structural changes to the Trust would be in the best interests of its beneficiaries/unitholders, as we believe they are, and propose such changes to the unitholders for consideration.

We believe Argent Trust Company is well-qualified to take these steps and strongly support Argent’s appointment as successor Trustee. Please take steps to make this letter available to our fellow unitholders so that they may have the benefit of our perspective on the proposed change in Trustee.

Respectfully,
STJ Ventures, LLC

Joe R. Peacock, Jr.
Manager

Melinda Hart
Melinda Hart PR
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DUBLIN--(BUSINESS WIRE)--The "Lubricants Market in India 2022-2026" report has been added to ResearchAndMarkets.com's offering.

The lubricants market in India is poised to grow by 809.93 thousand tons during 2022-2026, progressing at a CAGR of 5.58% during the forecast period.

The market is driven by the increasing demand from end-user industries and increasing need for reliable machinery and effective maintenance. The study identifies the increased implementation of automatic lubrication systems as one of the prime reasons driving the lubricants market growth in India during the next few years.

This report on the lubricants market in India provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

The lubricants market in India is segmented as below:

By Product

• Mineral oil-based lubricants
• Synthetic lubricants
• Bio-based lubricants

By Application

• Automotive oils
• Industrial oils
• Process oils
• Metalworking fluids
• Greases

The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading lubricants market vendors in India that include:

• Bharat Petroleum Corp. Ltd.
• BP plc
• Exxon Mobil Corp.
• Gulf Oil Lubricants India Ltd.
• Indian Oil Corp. Ltd.
• Oil and Natural Gas Corp. Ltd.
• Royal Dutch Shell plc
• Tide Water Oil Co. Ltd.
• TOTAL SE
• Valvoline Inc.

Also, the lubricants market in India analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.

For more information about this report visit https://www.researchandmarkets.com/r/kgi24l

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Universal Hydrogen acquires its first test aircraft from the aircraft leasing company

LOS ANGELES--(BUSINESS WIRE)--#aerospace--Universal Hydrogen, the company leading the fight to decarbonize aviation through the adoption of hydrogen as a universal fuel, today announced it has taken delivery of its first test aircraft, a Dash 8-300 from Elix Aviation Management Limited (“Elix”), a leading global regional aircraft leasing company. Elix has also signed a letter of intent (LOI) with Universal Hydrogen to acquire ten conversion kits for the current and future Elix leased fleet as the lessor brings new decarbonization technology to its customers.

Under the LOI, Elix is purchasing ten of Universal Hydrogen’s conversion kits for installation in its existing and future turboprop aircraft fleet. Universal Hydrogen has provided Elix flexibility to select any combination of the Dash 8-300 or ATR 72-500/600 conversion kits within this ten unit order.

“Collaborating with Universal Hydrogen is a continuation of our streak of innovation in the aviation leasing industry,” said John Moore, Chief Executive Officer of Elix Aviation. “Universal Hydrogen’s mission to decarbonize aviation enables Elix to provide this opportunity to our airline customers to contribute to reducing carbon emissions as our industry continues to grow.”

The two companies have agreed to collaborate on the marketing of Universal Hydrogen’s fuel service and logistics solution to Elix’s customers. In the face of rising hydrocarbon fuel costs, particularly with evermore prevalent carbon taxes and offset obligations, green hydrogen is expected to be cost-competitive with Jet-A1 fuel by 2025, with subsequent further declining costs.

“As our order book continues to grow across commercial and cargo airlines, lessors and others, we are also focused on a key objective for 2022—first flight,” says Paul Eremenko, co-founder and CEO of Universal Hydrogen. “With this agreement with Elix we have secured our first flight test aircraft, which we are already busy working to convert to run on hydrogen at our Moses Lake, Washington facility.”

About Universal Hydrogen

Universal Hydrogen is making hydrogen-powered commercial flight a near-term reality. The company takes a flexible, scalable, and capital-light approach to hydrogen logistics by transporting it in modular capsules over the existing freight network from green production sites to airports around the world. To accelerate market adoption, Universal Hydrogen is also developing a conversion kit to retrofit existing regional airplanes with a hydrogen-electric powertrain compatible with its modular capsule technology.

About Elix Aviation

Elix Aviation is a regional aircraft leasing platform established in 2013 to offer comprehensive asset management and leasing solutions to airlines, lenders, and investors in the regional aircraft market. Elix Aviation’s uniquely specialized platform is well positioned to retain and grow a market-leading presence in regional aircraft leasing and continue its streak of innovation and dedication to the sector. The platform is led by a management team with deep aviation expertise and a strong network of relationships across the industry.

Media Contacts
Universal Hydrogen
Kate Gundry
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Elix Aviation
John Moore
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