ANNAPOLIS, Md.--(BUSINESS WIRE)--$HASI #earnings--Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong," "we," "our" or the "Company") (NYSE: HASI), a leading investor in climate solutions, today reported results for the fourth quarter and full year of 2021.

Financial Highlights

• Delivered $1.51 GAAP EPS on a fully diluted basis in 2021, compared with $1.10 in 2020
• Delivered $1.88 Distributable EPS on a fully diluted basis in 2021, compared to $1.55 Distributable EPS in 2020, representing 21% year-on-year growth
• Grew Portfolio 24% in 2021 to $3.6 billion and managed assets 22% to $8.8 billion as of the end of 2021
• Reported GAAP-based Net Investment Income of $11 million in 2021, compared to $29 million in 2020
• Increased Distributable Net Investment Income in 2021 by 52% year-on-year to $134 million, compared to $88 million in 2020
• Closed $1.7 billion of investments in 2021, compared to $1.9 billion in 2020, resulting in a five-year average of $1.4 billion
• Reported pipeline of greater than $4 billion as of the end of 2021, compared to greater than $3 billion as of the end of 2020
• Increased our unsecured line of credit commitment to $600 million and extended its duration to three years
• Increased dividend to $0.375 per share for the first quarter of 2022, representing a 7% increase over the dividend declared in the fourth quarter of 2021

Guidance

• Increased and extended guidance that annual distributable earnings per share is expected to grow at a compounded annual rate of 10% to 13% from 2021 to 2024, relative to the 2020 baseline of $1.55 per share, which is equivalent to a 2024 midpoint of $2.40 per share
• Increased and extended guidance that annual dividends per share is expected to grow at a compounded annual rate of 5% to 8%

ESG Highlights

• Declared Social Dividend of $1.6 million in the first quarter of 2022 to support Hannon Armstrong Foundation climate justice initiatives
• Received 2021 Corporate Governance Award for Best ESG Reporting
• Estimated more than 800,000 metric tons of carbon emissions will be avoided annually by our transactions closed in 2021, equating to a CarbonCount^® score of 0.5 metric tons per $1,000 invested

"In the face of macroeconomic and industry headwinds, we had another outstanding year, growing distributable earnings per share by 21% through strong growth in our portfolio and the resulting net investment income," said Jeffrey W. Eckel, Hannon Armstrong Chairman and Chief Executive Officer. "The confidence we have in this business to continue this strong performance causes us to raise and extend guidance for distributable earnings to 10% to 13% and dividends to 5% to 8% per share annually through 2024."

"We believe our strong financial performance is in part due to our ESG leadership, which attracts and retains the best, mission-aligned people and clients. Our team continues to innovate on our CarbonCount metric for measuring the efficiency of our capital to reduce carbon as well the Hannon Armstrong Foundation's contributions at the intersection of social justice and climate action."

A summary of our results is shown in the table below:

Financial Results

"We continue to reduce our cost of funds and strengthen our margins while expanding our well-diversified and flexible funding platform. We raised over $1.5 billion in CarbonCount-based debt, including an upsized unsecured revolving credit facility, a Commercial Paper Program, and a green bond offering," said Jeffrey A. Lipson, Chief Financial Officer and Chief Operating Officer.

“With these and the other pillars of our funding platform in place, we now have over $850 million of potential liquidity available to fund our forward flow commitments in addition to other anticipated growth opportunities.”

Comparison of the year ended December 31, 2021 to the year ended December 31, 2020

Total revenue increased by $26 million, or 14%. Gain on sale and fee income increased by $15 million, or 23%, and interest and rental income increased by $11 million, or 9%. These increases were primarily driven by higher yielding assets and a larger portfolio as well as a change in the volume and mix of assets that were securitized, partially offset by lower advisory fee generating opportunities.

Interest expense increased $30 million, or 32%, due to a one-time loss of $15 million on the redemption of the 2024 senior unsecured notes, as well as additional expense from a larger average outstanding debt balance partially offset by a lower cost of debt. We recorded a $0.5 million provision for loss on receivables based on loans and loan commitments during the year in accordance with CECL, as compared to a $10 million provision recorded in 2020. Other expenses (compensation and benefits and general and administrative expenses) increased by $20 million primarily due to increases in employee headcount, compensation, and investments in corporate infrastructure.

We recognized a $126 million gain using the hypothetical liquidation at book value method (HLBV) for our equity method investments in 2021, compared to $48 million of HLBV income in 2020, driven primarily by new investments in our portfolio, a subset of which had large one-time allocations of income under HLBV due to tax benefits recognized by our co-investors.

We recognized income tax expense of $17 million in 2021, compared to an income tax benefit of $3 million in 2020, driven primarily by the additional HLBV income described above.

GAAP net income in 2021 was $127 million, compared to $82 million in 2020. Distributable earnings in 2021 was $159 million, or an increase of approximately $41 million from 2020 due primarily to an increase in distributable earnings from both newly added in 2021 and existing equity method investments.

Leverage

The calculation of our fixed-rate debt and leverage ratios as of December 31, 2021 and December 31, 2020 are shown in the table below:

Portfolio

Our balance sheet portfolio totaled approximately $3.6 billion as of December 31, 2021, which included approximately $1.9 billion of behind-the-meter assets and approximately $1.7 billion of grid-connected assets. The following is an analysis of the performance of our portfolio as of December 31, 2021:

Guidance

The Company expects that annual distributable earnings per share will grow at a compounded annual rate of 10% to 13% from 2021 to 2024, relative to the 2020 baseline of $1.55 per share, which is equivalent to a 2024 midpoint of $2.40 per share. The Company also expects growth of annual dividends per share to be at a compounded annual rate of 5% to 8%. This guidance reflects the Company’s judgments and estimates of (i) yield on its existing portfolio; (ii) yield on incremental portfolio investments, inclusive of the Company’s existing pipeline; (iii) the volume and profitability of securitization transactions; (iv) amount, timing, and costs of debt and equity capital to fund new investments; (v) changes in costs and expenses reflective of the Company’s forecasted operations; and (vi) the general interest rate and market environment. All guidance is based on current expectations of the ongoing and future impact of COVID-19 and the speed and efficacy of vaccine distribution on economic conditions, the regulatory environment, the dynamics of the markets in which we operate and the judgment of the Company’s management team, among other factors. In addition, actual dividend distributions are subject to approval by the Company’s Board of Directors on a quarterly basis. The Company has not provided GAAP guidance as discussed in the Forward-Looking Statements section of this press release.

Dividend

The Company is announcing today that its Board of Directors declared a quarterly cash dividend of $0.375 per share of common stock. This dividend will be paid on April 11, 2022, to stockholders of record as of April 4, 2022.

Conference Call and Webcast Information

Hannon Armstrong will host an investor conference call today, Thursday, February 17, 2022, at 5:00 p.m. Eastern time. The conference call can be accessed live over the phone by dialing 1-877-407-0890 or for international callers, +1-201-389-0918. Participants should inform the operator they want to be joined to the Hannon Armstrong call. The conference call will also be accessible as an audio webcast with slides on the Company’s website at https://investors.hannonarmstrong.com/. An online replay will be available for a limited time beginning immediately following the call.

About Hannon Armstrong

Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate solutions, providing capital to leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $8 billion in managed assets, Hannon Armstrong’s core purpose is to make climate-positive investments with superior risk-adjusted returns. For more information, please visit www.hannonarmstrong.com. Follow Hannon Armstrong on LinkedIn and Twitter @HannonArmstrong.

Forward-Looking Statements:

Some of the information contained in this press release is forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are subject to risks and uncertainties. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives, and include the ongoing impact of the current outbreak of the novel coronavirus (“COVID-19”). When we use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may” or similar expressions, we intend to identify forward-looking statements. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements.

Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include those discussed under the caption “Risk Factors” included in our most recent Annual Report on Form 10-K as well as in other periodic reports that we file with the U.S. Securities and Exchange Commission (the "SEC").

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances, including, but not limited to, unanticipated events, after the date on which such statement is made, unless otherwise required by law. New factors emerge from time to time and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement.

The Company has not provided GAAP guidance as forecasting a comparable GAAP financial measure, such as net income, would require that the Company apply the HLBV method to these investments. In order to forecast under the HLBV method, the Company would be required to make various assumptions related to expected changes in the net asset value of the various entities and how such changes would be allocated under HLBV. GAAP HLBV earnings over a period of time are very sensitive to these assumptions especially in regard to when a partnership transaction flips and thus the liquidation scenarios change materially. The Company believes that these assumptions would require unreasonable efforts to complete and if completed, the wide variation in projected GAAP earnings based upon a range of scenarios would not be meaningful to investors. Accordingly, the Company has not included a GAAP reconciliation table related to any distributable earnings guidance.

Estimated carbon savings are calculated using the estimated kilowatt hours, gallons of fuel oil, million British thermal units of natural gas and gallons of water saved as appropriate, for each project. The energy savings are converted into an estimate of metric tons of CO2 equivalent emissions based upon the project’s location and the corresponding emissions factor data from the U.S. Government and International Energy Agency. Portfolios of projects are represented on an aggregate basis.

EXPLANATORY NOTES
Non-GAAP Financial Measures
Distributable Earnings

We calculate distributable earnings as GAAP net income (loss) excluding non-cash equity compensation expense, provisions for loss on receivables, amortization of intangibles, non-cash provision (benefit) for taxes, losses or (gains) from modification or extinguishment of debt facilities, any one-time acquisition related costs or non-cash tax charges and the earnings attributable to our non-controlling interest of Hannon Armstrong Sustainable Infrastructure, L.P., a Delaware limited partnership (our "operating partnership"). We also make an adjustment to our equity method investments in the renewable energy projects as described below. We will use judgment in determining when we will reflect the losses on receivables in our distributable earnings, and will consider certain circumstances such as the time period in default, sufficiency of collateral as well as the outcomes of any related litigation. In the future, distributable earnings may also exclude one-time events pursuant to changes in GAAP and certain other adjustments as approved by a majority of our independent directors.

We believe a non-GAAP measure, such as distributable earnings, that adjusts for the items discussed above is and has been a meaningful indicator of our economic performance and is useful to our investors as well as management in evaluating our performance as it relates to expected dividend payments over time. As a REIT, we are required to distribute substantially all of our taxable income to investors in the form of dividends, which is a principal focus of our investors. Additionally, we believe that our investors also use distributable earnings, or a comparable supplemental performance measure, to evaluate and compare our performance to that of our peers, and as such, we believe that the disclosure of distributable earnings is useful to our investors.

Certain of our equity method investments in renewable energy and energy efficiency projects are structured using typical partnership “flip” structures where the investors with cash distribution preferences receive a pre-negotiated return consisting of priority distributions from the project cash flows, in many cases, along with tax attributes. Once this preferred return is achieved, the partnership “flips” and the common equity investor, often the operator or sponsor of the project, receives more of the cash flows through its equity interests while the previously preferred investors retain an ongoing residual interest. We have made investments in both the preferred and common equity of these structures. Regardless of the nature of our equity interest, we typically negotiate the purchase prices of our equity investments, which have a finite expected life, based on our assessment of the expected cash flows we will receive from these projects discounted back to the net present value, based on a target investment rate, with the expected cash flows to be received in the future reflecting both a return on the capital (at the investment rate) and a return of the capital we have committed to the project. We use a similar approach in the underwriting of our receivables.

Under GAAP, we account for these equity method investments utilizing the HLBV method. Under this method, we recognize income or loss based on the change in the amount each partner would receive, typically based on the negotiated profit and loss allocation, if the assets were liquidated at book value, after adjusting for any distributions or contributions made during such quarter.

Investors:
Chad Reed
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410-571-6189

Media:
Gil Jenkins
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443-321-5753

BOISE, Idaho--(BUSINESS WIRE)--IDACORP, Inc. (NYSE: IDA) reported fourth quarter 2021 net income attributable to IDACORP of $32.8 million, or $0.65 per diluted share, compared with $37.5 million, or $0.74 per diluted share, in the fourth quarter of 2020. IDACORP reported 2021 net income attributable to IDACORP of $245.6 million, or $4.85 per diluted share, compared with $237.4 million, or $4.69 per diluted share, in 2020.

“IDACORP’s earnings per share have now increased for 14 consecutive years, which is a remarkable achievement," said IDACORP President and Chief Executive Officer Lisa Grow. "We are pleased to again share our earnings with our customers in Idaho, adding to the nearly $130 million we have shared with them since 2011. Strong customer growth and higher weather-related usage per customer and transmission wheeling revenues all contributed to the solid 2021 results.

“In addition to our financial performance, I am pleased to report that 2021 was Idaho Power’s safest year on record. In January, our utility was awarded the Edison Electric Institute’s inaugural Thomas F. Farrell, II Safety Leadership and Innovation Award.

"Strong customer growth and regional transmission constraints are contributing to Idaho Power executing on the next phase of its Clean Today, Cleaner Tomorrow^® plan, with planned resource additions outlined in the 2021 Integrated Resource Plan, which we recently filed with the Idaho and Oregon commissions. We expect needed resource additions could increase our 5-year capital expenditures forecast by nearly $800 million, or 40%, compared with last year’s forecast."

IDACORP is initiating its full-year 2022 earnings guidance in the range of $4.85 to $5.05 per diluted share, and IDACORP does not expect Idaho Power to utilize any of the additional tax credits available under its Idaho earnings support regulatory mechanism in 2022. The earnings guidance also assumes normal weather conditions and a sustained return to more normal economic conditions following the impacts of COVID-19.

Performance Summary

A summary of financial highlights for the periods ended December 31, 2021 and 2020 is as follows (in thousands, except per-share amounts):

The table below provides a reconciliation of net income attributable to IDACORP for the three and twelve months ended December 31, 2021, from the same periods in 2020 (items are in millions and are before related income tax impact unless otherwise noted).

Net Income - Fourth Quarter 2021

IDACORP's net income decreased $4.7 million for the fourth quarter of 2021 compared with the fourth quarter of 2020 due primarily to lower net income at Idaho Power. At Idaho Power, customer growth increased operating income by $3.4 million in the fourth quarter of 2021 compared with the fourth quarter of 2020, as the number of Idaho Power customers grew by 2.8 percent during the twelve months ended December 30, 2021. Lower sales volumes on a per-customer basis from residential, commercial, and irrigation customers decreased operating income, but the decrease was partially offset by an increase in sales volumes on a per-customer basis from industrial customers in the fourth quarter of 2021 compared with the fourth quarter of 2020. The decrease in usage per commercial customer related to weather was partially offset by a return to more normal economic conditions compared with the same period in 2020. A return to more normal economic activity led to higher usage per industrial customer in the fourth quarter of 2021 compared with the fourth quarter of 2020, which was affected by negative COVID-19-related business conditions. The slight net decrease in sales volumes per customer was largely offset by the FCA mechanism (applicable to residential and small general service customers), which increased revenues in the fourth quarter of 2021 by $6.7 million compared with the fourth quarter of 2020.

The net decrease in retail revenues per MWh, net of associated power supply costs and PCA mechanisms, decreased operating income by $4.1 million during the fourth quarter of 2021 compared with the fourth quarter of 2020. Affecting the fourth quarter comparative per-MWh rate, Idaho Power decreased annual Idaho customer rates an estimated $3.9 million, on January 1, 2021, and decreased annual Oregon customer rates an estimated $0.3 million on November 1, 2020, to reflect full depreciation of all Boardman power plant investments after ceasing coal-fired operations at the Boardman power plant in October 2020. In addition, the decrease was driven by changes in the customer sales mix, as volumes sold to residential customers in the fourth quarter of 2021 made up a lesser portion of the customer sales mix compared with the fourth quarter of 2020. Residential customers generally pay a higher per-MWh rate than other customers.

Transmission wheeling-related revenues increased $3.6 million during the fourth quarter of 2021 compared with the fourth quarter of 2020, in part due to the effects of two new long-term wheeling agreements. Also, Idaho Power's open access transmission tariff (OATT) rates were approximately 4 percent higher in the fourth quarter of 2021 compared with the fourth quarter of 2020.

Other O&M expenses were $3.1 million higher in the fourth quarter of 2021, primarily due to a return to more normal levels of labor-related costs, purchased services, and maintenance costs compared with the fourth quarter of 2020, which was affected by the COVID-19 public health crisis. In 2020, the response to the COVID-19 public health crisis affected the availability and performance of some of Idaho Power's service providers, contractors, and vendors, which resulted in lower other O&M expenses in the fourth quarter of 2020 compared with the fourth quarter of 2021. In 2021, while some economic effects of the public health crisis continue, much activity has returned to more normal levels in Idaho Power’s service area and where its plants are located.

In the fourth quarter of 2021, Idaho Power recorded $0.6 million as a provision against current revenues to be refunded to customers through a future rate reduction, through the Idaho-jurisdiction PCA mechanism pursuant to a settlement stipulation approved by the Idaho Public Utilities Commission (IPUC) that provides for the potential sharing between Idaho Power and its Idaho customers of Idaho-jurisdictional earnings in excess of 10.0 percent of Idaho-jurisdiction return on year-end equity (Idaho ROE).

Non-operating expense, net, increased $5.0 million in the fourth quarter of 2021 compared with the fourth quarter of 2020, primarily due to increased costs of an Idaho Power postretirement medical plan that are not expected to recur.

The $1.4 million decrease in income tax expense in the fourth quarter of 2021 compared with the fourth quarter of 2020, was primarily due to greater 2021 pre-tax income.

Net Income - Full-Year 2021

IDACORP's net income increased $8.2 million for 2021 compared with 2020, due primarily to higher net income at Idaho Power.

Idaho Power's customer growth of 2.8 percent added $16.0 million to Idaho Power's operating income compared with 2020. Higher sales volumes on a per-customer basis increased operating income by $13.4 million in 2021 compared with 2020, due mostly to warmer and drier weather in the spring and early summer that caused irrigation customers to use more energy for irrigation pumps and residential customers to use more energy for cooling in 2021 compared with 2020. The increase in usage per residential customer from the spring and early summer was mostly offset by lower usage per residential customer from August through December 2021 compared with those same months in 2020 due to milder temperatures. Also, a return to more normal economic conditions for commercial and industrial customers in 2021 compared with 2020 increased sales volumes on a per-customer basis, as 2020 was affected by negative COVID-19-related business conditions.

The net decrease in retail revenues per MWh reduced operating income by $13.4 million in 2021 compared with 2020, primarily due to higher power supply costs. During the summer of 2021, higher wholesale energy market prices due to a heat wave in the western United States and higher energy usage by Idaho Power customers increased Idaho Power's net power supply expenses. The increase in the amount of net power supply expenses that were not deferred through Idaho Power's power cost adjustment mechanisms contributed to the negative variance in net retail revenues per MWh between the comparison periods. Also, Idaho Power decreased annual Idaho customer rates an estimated $3.9 million on January 1, 2021, and decreased annual Oregon customer rates an estimated $0.3 million on November 1, 2020, to reflect full depreciation of all Boardman power plant investments after ceasing coal-fired operations at the Boardman power plant in October 2020.

During 2021, transmission wheeling-related revenues increased $16.4 million compared with 2020, as the warmer and drier weather in the western United States in the spring and early summer, along with two new long-term wheeling agreements which began in April 2021, increased wheeling volumes. Colder winter weather in the southwest United States during the first quarter of 2021 also contributed to increased wheeling volumes in 2021 compared with 2020. In addition, Idaho Power's OATT rates increased approximately 10 percent during the period from October 1, 2020, to September 30, 2021, as compared with the rates in effect from October 1, 2019, to September 30, 2020. The rate increased an additional four percent on October 1, 2021.

Other O&M expenses increased $9.2 million in 2021 compared with 2020, primarily due to a return to more normal levels of purchased services and maintenance activity compared with 2020, which was affected by the COVID-19 public health crisis. Also, labor-related other O&M expenses increased slightly in 2021 compared with 2020.

In 2021, Idaho Power recorded $0.6 million as a provision against current revenues to be refunded to customers through a future rate reduction, through the Idaho-jurisdiction PCA mechanism pursuant to a settlement stipulation approved by the IPUC that provides for the potential sharing between Idaho Power and its Idaho customers of Idaho-jurisdictional earnings in excess of 10.0 percent of Idaho ROE.

Non-operating expense, net, increased $3.1 million in 2021 compared with 2020, primarily due to increased costs of an Idaho Power postretirement medical plan that are not expected to recur.

The $7.7 million increase in Idaho Power income tax expense in 2021 compared with 2020 was primarily due to greater 2021 pre-tax income and other plant-related income tax return adjustments.

2022 Annual Earnings Guidance and Key Operating and Financial Metrics

IDACORP is initiating its earnings guidance estimate for 2022. The 2022 guidance incorporates all of the key operating and financial assumptions listed in the table that follows (in millions, except per share amounts):

The guidance above assumes that Idaho Power does not experience significant disruption to its business operations, critical supply-chain shortages, workforce impacts or disruptions, or major declines in customer usage related to the ongoing COVID-19 public health crisis. More detailed information on the operational and financial risks associated with COVID-19, as well as more detailed financial and operational information, are described in IDACORP’s and Idaho Power’s Annual Report on Form 10-K filed on February 17, 2022, with the U.S. Securities and Exchange Commission, which is also available for review on IDACORP’s website at www.idacorpinc.com.

Web Cast / Conference Call

IDACORP will hold an analyst conference call today at 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time). All parties interested in listening may do so through a live webcast on IDACORP's website (www.idacorpinc.com), or by calling (855) 761-5600 for listen-only mode. The passcode for the call is 3990987. The conference call logistics are also posted on IDACORP's website and will be included in IDACORP's earnings news release. Slides will be included during the conference call. To access the slide deck, register for the event just prior to the call at www.idacorpinc.com/investor-relations/earnings-center/default.aspx. A replay of the conference call will be available on the company's website for 12 months and will be available shortly after the call.

Background Information

IDACORP, Inc. (NYSE: IDA), Boise, Idaho-based and formed in 1998, is a holding company comprised of Idaho Power, a regulated electric utility; IDACORP Financial, a holder of affordable housing projects and other real estate investments; and Ida-West Energy, an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978. Idaho Power, headquartered in vibrant and fast-growing Boise, Idaho, has been a locally operated energy company since 1916. Today, it serves a 24,000-square-mile service area in Idaho and Oregon. Idaho Power’s goal to provide 100% clean energy by 2045 builds on its long history as a clean-energy leader that provides reliable service at affordable prices. With 17 low-cost hydropower projects at the core of its diverse energy mix, Idaho Power’s residential, business, and agricultural customers pay among the nation's lowest prices for electricity. It’s 2,000 employees proudly serve more than 600,000 customers with a culture of safety first, integrity always, and respect for all. To learn more about IDACORP or Idaho Power, visit www.idacorpinc.com or www.idahopower.com.

Forward-Looking Statements

In addition to the historical information contained in this press release, this press release contains (and oral communications made by IDACORP, Inc. and Idaho Power Company may contain) statements, including, without limitation, earnings guidance and estimated key operating and financial metrics, that relate to future events and expectations and, as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, outlook, assumptions, or future events or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "continues," "could," "estimates," "expects," "guidance," "intends," "potential," "plans," "predicts," "projects or projected," "targets," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance and involve estimates, assumptions, risks, and uncertainties. Actual results, performance, or outcomes may differ materially from the results discussed in the statements. In addition to any assumptions and other factors and matters referred to specifically in connection with such forward-looking statements, factors that could cause actual results or outcomes to differ materially from those contained in forward-looking statements include the following: (a) the effect of decisions by the Idaho and Oregon public utilities commissions and the Federal Energy Regulatory Commission that impact Idaho Power's ability to recover costs and earn a return on investment; (b) changes to or the elimination of Idaho Power's regulatory cost recovery mechanisms; (c) the ongoing impacts of COVID-19 and its variants, and government mandates related to COVID-19 vaccines, masking, and testing, on the global and regional economy and on Idaho Power's employees, customers, contractors, and suppliers, including on loads and revenues, uncollectible accounts, transmission revenues, supply chain availability, attrition of skilled workers, and other aspects of the companies' business; (d) changes in residential, commercial, and industrial growth and demographic patterns within Idaho Power's service area, and their associated impacts on loads and load growth, and the availability of regulatory mechanisms that allow for timely cost recovery through customer rates in the event of those changes; (e) abnormal or severe weather conditions (including conditions and events associated with climate change), wildfires, droughts, earthquakes, and other natural phenomena and natural disasters, which affect customer sales, hydropower generation levels, repair costs, service interruptions, liability for damage caused by utility property, and the availability and cost of fuel for generation plants or purchased power to serve customers; (f) advancement of self-generation, energy storage, energy efficiency, alternative energy sources, and other technologies that may reduce Idaho Power's sale or delivery of electric power or introduction of operational or cyber-security vulnerabilities to the power grid; (g) acts or threats of terrorist incidents, acts of war, social unrest, cyber or physical security attacks, and other malicious acts of individuals or groups seeking to disrupt Idaho Power’s operations or the electric power grid or compromise data, or the disruption or damage to the companies' business, operations, or reputation that may result from such events; (h) the expense and risks associated with capital expenditures for, and the permitting and construction of, utility infrastructure that Idaho Power may be unable to complete or that may not be deemed prudent by regulators for cost recovery or a return on investment; (i) demand for power during peak periods could exceed forecasted supply, resulting in increased costs for purchasing capacity in the market or acquiring or constructing additional generation resources and battery storage facilities; (j) variable hydrological conditions and over-appropriation of surface and groundwater in the Snake River Basin, which may impact the amount of power generated by Idaho Power's hydropower facilities; (k) the ability of Idaho Power to acquire fuel, power, electrical equipment, and transmission capacity on reasonable terms, particularly in the event of unanticipated or abnormally high power demands, price volatility, lack of physical availability, transportation constraints, disruptions or delays in the supply chain, or a lack of credit; (l) disruptions or outages of Idaho Power's generation or transmission systems or of any interconnected transmission systems, which can result in liability for Idaho Power, increase power costs, and reduce revenues; (m) accidents, terrorist acts, electrical contacts, fires (either affecting or caused by Idaho Power facilities or infrastructure), explosions, general system damage or dysfunction, intentional acts of destruction, uncontrolled release of water from hydropower, and other unplanned events that may occur while operating and maintaining assets, which can cause unplanned outages, reduce generating output, damage company assets, operations, or reputation, subject Idaho Power to third-party claims for property damage, personal injury, or loss of life, or result in the imposition of fines and penalties for which Idaho Power may have inadequate insurance coverage; (n) the increased purchased power costs and operational challenges associated with purchasing and integrating intermittent renewable energy sources into Idaho Power's resource portfolio; (o) Idaho Power's concentration in one industry and one region and the lack of diversification, and the resulting exposure to regional economic conditions and regional legislation and regulation; (p) employee workforce factors, including the operational and financial costs of unionization or the attempt to unionize all or part of the companies' workforce, the impact of an aging workforce and retirements, the cost and ability to attract and retain skilled workers and third-party vendors, and the ability to adjust the labor cost structure when necessary; (q) failure to comply with state and federal laws, regulations, and orders, including interpretations and enforcement initiatives by regulatory and oversight bodies, which may result in penalties and fines and increase the cost of compliance and remediation; (r) changes in tax laws or related regulations or interpretations of applicable laws by federal, state, or local taxing jurisdictions, and the availability of tax credits, and the tax rates payable by IDACORP shareholders on common stock dividends; (s) adoption of, changes in, and costs of compliance with laws, regulations, and policies relating to the environment, climate change, natural resources, and threatened and endangered species, and the ability to recover associated increased costs through rates; (t) the inability to timely obtain and the cost of obtaining and complying with required governmental permits and approvals, licenses, rights-of-way, and siting for transmission and generation projects and hydropower facilities; (u) failure to comply with mandatory reliability and cyber and physical security requirements, which may result in penalties, reputational harm, and operational changes; (v) the impacts of economic conditions, including inflation, interest rates, supply costs, population growth or decline in Idaho Power's service area, changes in customer demand for electricity, revenue from sales of excess power, credit quality of counterparties and suppliers, and the collection of receivables; (w) the ability to obtain debt and equity financing or refinance existing debt when necessary and on favorable terms, which can be affected by factors such as credit ratings, volatility or disruptions in the financial markets, interest rate fluctuations, decisions by the Idaho or Oregon public utility commissions, and the companies' past or projected financial performance; (x) the ability to enter into financial and physical commodity hedges with creditworthy counterparties to manage price and commodity risk for fuel, power, and transmission, and the failure of any such risk management and hedging strategies to work as intended; (y) changes in actuarial assumptions, changes in interest rates, increasing healthcare costs, and the actual and projected return on plan assets for pension and other post-retirement plans, which can affect future pension and other postretirement plan funding obligations, costs, and liabilities and the companies' cash flows; (z) the assumptions underlying the coal mine reclamation obligations at Bridger Coal Company and related funding and bonding requirements, and the remediation costs associated with planned exits from participation in Idaho Power's co-owned coal plants; (aa) the ability to continue to pay dividends and achieve target-payout ratios based on financial performance, and in light of credit rating considerations, contractual covenants and restrictions, and regulatory limitations; and (bb) adoption of or changes in accounting policies and principles, changes in accounting estimates, and new U.

Investor and Analyst Contact
Justin S. Forsberg
Director of Investor Relations & Treasury
Phone: (208) 388-2728
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Media Contact
Jordan Rodriguez
Corporate Communications
Phone: (208) 388-2460
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HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (NYSE: EPD) today announced that one of its affiliates has completed the previously announced $3.25 billion acquisition of Navitas Midstream Partners, LLC. This acquisition gives Enterprise a foothold for natural gas gathering, treating and processing in the core of the Midland Basin of the Permian.

Navitas Midstream’s assets, which complement Enterprise's presence in the Delaware Basin, include approximately 1,750 miles of pipelines and over 1 billion cubic feet per day of cryogenic natural gas processing capacity. The system is anchored by long-term contracts and acreage dedications with a diverse group of over forty independent and publicly owned producers.

Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products production, transportation, storage, and marine terminals and related services; and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. The partnership’s assets include more than 50,000 miles of pipelines; 260 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 billion cubic feet of natural gas storage capacity. Please visit www.enterpriseproducts.com for more information.

This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that Enterprise and its general partner expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in Enterprise’s reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, Enterprise does not intend to update or revise their respective forward-looking statements, whether as a result of new information, future events or otherwise.

Randy Burkhalter, Investor Relations, (713) 381-6812 or (866) 230-0745, This email address is being protected from spambots. You need JavaScript enabled to view it.
Rick Rainey, Media Relations (713) 381-3635, This email address is being protected from spambots. You need JavaScript enabled to view it.

Earnings Conference Call
February 17, 2022
8:00 a.m. CT
1 (800) 446-1671 (within North America)
1 (847) 413-3362 (outside of North America)
Webcast: ir.dnow.com

HOUSTON--(BUSINESS WIRE)--#DNOW--NOW Inc. (NYSE: DNOW) announced results for the fourth quarter and full-year ended December 31, 2021.

In an effort to better align with management’s evaluation of the Company’s performance and to facilitate comparison of our results to those of peer companies, beginning for the fourth quarter and full-year ended December 31, 2021, EBITDA excluding other costs excludes non-cash stock-based compensation expense. Prior periods presented have been adjusted to conform with the current period presentation. Please refer to the supplemental information available at the end of this release.

Fourth Quarter 2021 Financial Highlights

• Revenue was $432 million for the fourth quarter of 2021
• Net income was $12 million and non-GAAP net income excluding other costs was $8 million for the fourth quarter of 2021
• Diluted earnings per share was $0.11 and non-GAAP diluted earnings per share excluding other costs was $0.07 for the fourth quarter of 2021
• Non-GAAP EBITDA excluding other costs for the fourth quarter of 2021 was $17 million
• Cash and cash equivalents was $313 million and long-term debt was zero at December 31, 2021

David Cherechinsky, President and CEO of NOW Inc., added, “I am proud of the solid results we achieved in 2021, punctuated by an expansion of EBITDA excluding other costs of $92 million on revenue growth of $13 million during the year, driven by the highest full-year gross margins in our history and a reduction in warehousing, selling and administration expenses of $50 million. We accomplished this while modernizing our facilities and investing in the future, as we continue to evolve a more efficient, customer-centric model.

I would like to thank all of our highly-talented women and men for making DistributionNOW a premiere destination for our customers to seek our solutions, acquire our products and share our collective knowledge that will help us win in the market. Your hard work and dedication give me great confidence in our future.”

Prior to the earnings conference call a presentation titled “NOW Inc. Fourth Quarter and Full-Year 2021 Key Takeaways” will be available on the Company’s Investor Relations website.

About NOW Inc.

NOW Inc. is one of the largest distributors to energy and industrial markets on a worldwide basis, with a legacy of over 150 years. NOW Inc. operates primarily under the DistributionNOW and DNOW brands. Through its network of approximately 180 locations and 2,325 employees worldwide, NOW Inc. offers a comprehensive line of products and solutions for the upstream, midstream and downstream energy and industrial sectors. Our locations provide products and solutions to exploration and production companies, energy transportation companies, refineries, chemical companies, utilities, manufacturers and engineering and construction companies.

Statements made in this press release that are forward-looking in nature are intended to be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to documents filed by NOW Inc. with the U.S. Securities and Exchange Commission, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.

Mark Johnson
Senior Vice President and Chief Financial Officer
(281) 823-4754

HOUSTON--(BUSINESS WIRE)--Falcon Minerals Corporation (“Falcon” or the “Company”) (NASDAQ: FLMN, FLMNW) today announced that Falcon’s Board of Directors declared a dividend of $0.145 per Class A share for the fourth quarter 2021. The dividend for the fourth quarter 2021 will be paid on March 9, 2022 to all Class A shareholders of record on February 28, 2022.

About Falcon Minerals

Falcon Minerals Corporation (NASDAQ: FLMN, FLMNW) is a C-Corporation formed to own and acquire high growth oil-weighted minerals rights. Falcon owns mineral, royalty, and over-riding royalty interests covering approximately 256,000 gross unit acres in the Eagle Ford Shale and Austin Chalk in Karnes, DeWitt and Gonzales Counties in Texas. The Company also owns approximately 80,000 gross unit acres in the Marcellus Shale across Pennsylvania, Ohio and West Virginia. For more information, visit our website at www.falconminerals.com.

Falcon Minerals:
Matthew B. Ockwood
Chief Financial Officer
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Navy Veteran, Salesforce and Oracle Sales Executive to Lead Federal Team

VIENNA, Va.--(BUSINESS WIRE)--Spire Global, Inc. (NYSE: SPIR) (“Spire” or “the Company”), a leading global provider of space-based data, analytics, and space services, today announced it has appointed Chuck Cash as Vice President of Federal Sales. Mr. Cash will report to Kamal Arafeh, Senior Vice President of Sales and will be based in Spire’s Vienna, Virginia office.

An award-winning sales executive, Mr. Cash has been at the forefront of digital transformation and technological system adoptions, helping the Department of Defense (DOD) and federal customers deploy next-gen software and systems. In his role as Vice President of Federal Sales, Mr. Cash will help shape and execute Spire’s Federal business growth strategy, expanding the Spire team nationwide and enhancing federal agency relationships.

“For over 20 years, Chuck has helped demystify and prioritize next-generation technical platforms for U.S. government agencies. His incredible track-record, strong leadership skills and impeccable ethical and moral standards make him not only the right cultural fit for our team, but the right leader to bolster our impact in working with the U.S. federal government,” said Kamal Arafeh, Senior Vice President of Sales, Spire.

Mr. Cash, a decorated, former navy pilot, most recently served as Chief Revenue Officer of Govini, selling enterprise software-as-a-service (SaaS) in the decision science category to defense and civilian agencies. Prior to this role, he was Vice President at Salesforce, covering specifically Army and Defense Agency accounts and deployments.

Prior to his time at Salesforce, Mr. Cash served as President of TIBCO Software Federal Inc. (TIBCO’s Federal sales business), selling enterprise integration, API management, data analytics and data science software to public sector customers and systems integrators. Before TIBCO, he was Vice President of DOD Infrastructure Sales at Oracle, comprising server, storage, cloud and managed solutions for DOD customers. Mr. Cash also served as Senior Director of Federal, Aerospace & Defense at PTC, leading sales efforts for enterprise product lifecycle management software and Internet of Things (IoT) solutions to U.S., Canadian, and European customers. He earned a master’s degree in Technical & Organizational Management with Honors from John Hopkins University, and a bachelor’s degree in Systems Engineering from the U.S. Naval Academy.

“Spire’s proven technical prowess and vision is at the forefront of the new era of space-based data. The challenges our defense and federal partners face today, from extreme weather to global shipping, must be solved with-real time data and intelligence, and I believe that Spire’s data solutions and satellite as a services capabilities is the scalable solution that can unlock answers to some of the toughest problems we face today and will face in the future,” said Mr. Cash. “I truly value the opportunity to join as the new leader of this high-performing team to expand our work with the federal government to better serve U.S. citizens and help create a safer, more equitable world.”

About Spire Global, Inc.

Spire (NYSE: SPIR) is a leading global provider of space-based data, analytics, and space services, offering access to unique datasets and powerful insights about Earth from the ultimate vantage point so that organizations can make decisions with confidence, accuracy, and speed. Spire uses one of the world’s largest multi-purpose satellite constellations to source hard to acquire, valuable data and enriches it with predictive solutions. Spire then provides this data as a subscription to organizations around the world so they can improve business operations, decrease their environmental footprint, deploy resources for growth and competitive advantage, and mitigate risk. Spire gives commercial and government organizations the competitive advantage they seek to innovate and solve some of the world’s toughest problems with insights from space. Spire has offices in San Francisco, Boulder, Washington DC, Cambridge, Ontario, Glasgow, Luxembourg, and Singapore. To learn more, visit http://www.spire.com.

Hillary Yaffe
Head of Communications
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MIDLAND, Texas--(BUSINESS WIRE)--ProPetro Holding Corp. (“ProPetro” or “the Company”) (NYSE: PUMP) today announced the planned transition of Phillip Gobe, the Company’s Executive Chairman, to non-executive Chairman of the Board effective March 31, 2022.

Mr. Gobe has served on the ProPetro Board of Directors since July of 2019, first as Chairman, then in October of 2019 as Executive Chairman. Mr. Gobe was appointed as ProPetro's Chief Executive Officer on March 13, 2020, and served in that role until August 31, 2021, at which point he was re-appointed as Executive Chairman. He was responsible for leading ProPetro during a challenging period of the Company’s history including managing through the COVID-19 pandemic and resulting oil crisis, enhancing ProPetro’s governance, and the transition of a new executive leadership team. He will continue to serve the Company as non-executive Chairman.

Chairman Gobe commented, “Transitioning to a non-executive Chairman role was our goal to continue to enhance our governance at ProPetro. As non-executive Chairman, I will continue to be focused on the next phases of success for our Company. The Company is strong, the executive team is energized to lead the Company into the future, and I look forward to continuing to work with the Board of Directors and executive team led by Sam Sledge, our Chief Executive Officer.”

Lead Independent Director, Tony Best, added, “On behalf of the entire Board, I would like to thank Phillip for his invaluable contributions as CEO and then Executive Chairman. As a result of Phillip’s leadership, ProPetro is well-positioned for success in the future. I look forward to continuing to serve with Phillip in his new role as Chairman of the Board.”

About ProPetro

ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing pressure pumping and other complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. For more information, please visit www.propetroservices.com.

Forward-Looking Statements

Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding growing the business and performance at the wellsite. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual events and results to differ materially from the forward-looking statements. Such risks and uncertainties include the operational disruption and market volatility resulting from the COVID-19 pandemic and other factors are described in ProPetro’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, particularly the “Risk Factors” sections of such filings, and other filings with the Securities and Exchange Commission. In addition, ProPetro may be subject to currently unforeseen risks that may have a materially adverse impact on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release. ProPetro does not undertake, and expressly disclaims, any duty to publicly update these statements, whether as a result of new information, new developments or otherwise, except to the extent that disclosure is required by law.

David Schorlemer, 432-227-0864
Chief Financial Officer
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Josh Jones, 432-276-3389
Director of Finance
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Lotte New York Palace & Virtually – Thursday, February 24, 2022

RYE, N.Y.--(BUSINESS WIRE)--Gabelli Funds, LLC, will host the 32^nd Annual Pump, Valve & Water Systems Symposium on Thursday, February 24, 2022 at the Lotte New York Palace in New York, NY. For those who cannot attend in person, the symposium will also be available via webcast. This meeting will be moderated by Brett Kearney, Justin Bergner, and Tony Bancroft, and will feature presentations and fireside chats with senior management of leading industrial companies. Emphasis will be on opportunities in infrastructure spending, energy transition, and M&A. Attendees will also have the opportunity to meet with management in a one-on-one setting.

Details:
February 24, 2022
8:15 am - 4:00 pm
Virtual Conference Registration: https://gabelli.zoom.us/webinar/register/WN_w6APquZIRLWy4ZBppPx_Cw

Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc.

Brett Kearney
Portfolio Manager
(914) 921-8317

LEAWOOD, KS--(BUSINESS WIRE)--TortoiseEcofin today announced that Suez SA (EN Paris: SEV FP) will be removed from the Ecofin Global Water ESG Index^SM (EGWESG) as a result of the approved merger with Veolia Environment SA (EN Paris: VIE FP). Due to the merger, SEV will be removed from the index at market close on Friday, February 18, 2022.

As per index rules, SEV FP will be removed with a special rebalancing from Ecofin Global Water ESG Index^SM (EGWESG).

Special rebalancings in EGWESG are triggered by corporate actions such as mergers, bankruptcies, liquidations, and conversions in which the resulting weight of a single constituent exceeds the index’s 7.5% threshold and the target constituent weight exceeds certain weighting thresholds. Implementation of special rebalancings will be made in accordance with existing methodologies.

About TortoiseEcofin

TortoiseEcofin focuses on essential assets – those assets and services that are indispensable to the economy and society. We strive to make a positive impact on clients and communities by investing in energy infrastructure and the transition to cleaner energy and by providing capital for social impact projects focused on education and senior housing. TortoiseEcofin brings together strong legacies from Tortoise, with expertise investing across the energy value chain for more than 20 years, and from Ecofin, which unites ecology and finance and has roots back to the early 1990s. To learn more, visit www.TortoiseEcofin.com.

The Ecofin Global Water ESG Index^SM is a proprietary, rules-based, modified capitalization-weighted, float-adjusted index comprised of companies that are materially engaged in the water infrastructure or water management industries.

The Ecofin Global Water ESG Index^SM is the exclusive property of TIS Advisors, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Index. The Index is not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Indices. “Calculated by S&P Dow Jones Indices” and its related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by TIS Advisors and its affiliates. S&P^® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”), and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).

This data is provided for informational purposes only and is not intended for trading purposes. This document shall not constitute an offering of any security, product or service. The addition, removal or inclusion of a security in the index is not a recommendation to buy, sell or hold that security, nor is it investment advice. The information contained in this document is current as of the publication date. Tortoise makes no representations with respect to the accuracy or completeness of these materials and will not accept responsibility for damages, direct or indirect, resulting from an error or omission in this document. The methodology involves rebalancing and maintenance of the index that is made periodically during each year and may not, therefore, reflect real time information.

Safe Harbor Statement

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

For more information contact Jen Ashlock at (913) 981-1020 or This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Metals In Electric Vehicle Charging Infrastructure Market Size, Share & Trends Analysis Report by Metals (Copper, Steel, Aluminum), by Charging Port, by End Use (Commercial, Private), by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.

The global metals in electric vehicle charging infrastructure market size is expected to reach USD 12.7 billion by 2030. The market is expected to expand at a CAGR of 28.2% from 2022 to 2030.

Companies Mentioned

• Rio Tinto
• Alcoa Corporation
• Glencore
• KGHM
• JSW
• Rusal
• CODELCO
• Emirates Global Aluminium (EGA)
• First Quantum Minerals Ltd
• Norsk Hydro ASA

The surging demand for Electric Vehicles (EVs) across the world has augmented the need for charging infrastructure, which is expected to propel the consumption of metals over the forecast period. According to the International Energy Agency (IEA), consumer expenditure on EVs exceeded USD 120 billion in 2020. Moreover, various initiatives by governments around the world aimed at the mitigation of carbon emissions have led to the increase in the production of EVs.

For instance, according to IEA, in 2020 more than 20 governments had declared bans on conventional automobiles or mandated to sell only zero-emission vehicles over the near future. Increasing emphasis on the adoption of EVs is influencing the installation of commercial charging stations. Also, initiatives by various automotive manufacturing giants for developing EV charging infrastructure network is being witnessed. For instance, companies like Tesla and Nissan are increasing their R&D activities for the development of fast-charging networks. This, in turn, is anticipated to boost demand for metals over the forecast period.

Based on metals, others segment including silver and other alloys accounted for the largest revenue share in 2021. Silver is mostly used in the production process of EVs and chargers. With the growing demand for EVs, the need for silver has increased thereby leading to segment growth. Region-wise, Asia Pacific accounted for the largest share, in terms of revenue, in 2021. Policies such as gradual phase-out, high emission requirements, increased fuel economy standards, and distribution of a number of direct subsidies have been among the important factors contributing to the surge in the sales of EVs in the region. This is anticipated to invite investments in charging infrastructure, thereby, propelling demand for metals.

Metals In Electric Vehicle Charging Infrastructure Market Report Highlights

• Growing global demand for electric mobility is expected to fuel the requirement of EV stations. This, in turn, is anticipated to contribute to the growth of metals over the forecast period
• Based on metals, the copper segment is the anticipated to register fastest growth rate of 30.6%, over the forecast period. The metal is extensively used in cables, transformers, and wiring of charging infrastructure
• The commercial segment accounted for the largest revenue share of over 79.0% in 2021. Rising efforts from the government as well as the automotive manufacturers to set up EV stations is propelling segment growth
• Based on region, Asia Pacific held the highest revenue share of over 55.0% in 2021. For example, electric car sales were 35.0% more in Japan in January 2021 than in January 2020. The growing demand for EVs in the country is expected to lead to the development of EV charging infrastructures in Japan, thereby leading to market growth
• Electric vehicle mass adoption is expected in the coming years, which will be driven mostly by regulatory incentives, climate crisis mitigation strategy, technology breakthroughs in electric space, and rising disposable incomes. However, widespread adoption of electric vehicles is dependent on the availability and affordability of raw materials that are needed to achieve this transformation

Key Topics Covered:

Chapter 1. Methodology and Scope

Chapter 2. Executive Summary

Chapter 3. Metals in Electric Vehicle Charging Infrastructure Market Variables, Trends & Scope

3.1. Market Segmentation & Scope

3.2. Penetration & Growth Prospect Mapping

3.3. Industry Value Chain Analysis

3.4. Technology Overview

3.5. Regulatory Framework

3.6. Impact of COVID-19

3.7. Market Dynamics

3.7.1. Market Driver Analysis

3.7.1.1. Favorable Government Policies for Developing Electric Vehicle Charging Infrastructures

3.7.1.2. Surged Global Demand for Electric Vehicles

3.7.2. Market Restraint Analysis

3.7.2.1. High Development Cost of Electric Vehicle Charging Infrastructures

3.7.3. Industry Challenges

3.7.3.1. Industry Potential Scarcity of Metals and Effect of Various Geopolitical Factors on Metals & Mining Industry

3.7.4. Industry Opportunities

3.7.4.1. Utilization of Existing Infrastructure of Gas Stations for Developing Electric Vehicle Charging Stations

3.8. Porter's Five Forces Analysis

3.9. PESTEL Analysis

Chapter 4. Metals in Electric Vehicle Charging Infrastructure Market: Metals Estimates & Trend Analysis

Chapter 5. Metals in Electric Vehicle Charging Infrastructure Market: Charging Ports Estimates & Trend Analysis

Chapter 6. Metals in Electric Vehicle Charging Infrastructure Market: End-Use Estimates & Trend Analysis

Chapter 7. Metals in Electric Vehicle Charging Infrastructure Market: Regional Estimates & Trend Analysis

Chapter 8. Competitive Analysis

Chapter 9. Company Profiles

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

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB) announced today its financial and operating results for the year and fourth quarter ended December 31, 2021. Unless otherwise expressed, all financial figures are expressed in Canadian dollars.

• Full-year 2021 Adjusted EBITDA¹ was $398.4 million, a 5% increase compared to 2020
• Full-year net earnings from continuing operations of $17.2 million
• Superior is introducing its 2022 Adjusted EBITDA guidance range of $410 million to $450 million
• Superior’s 2022 Adjusted EBITDA guidance assumes the Kamps Propane acquisition closes in the second quarter, which excludes approximately $17-20 million of estimated Adjusted EBITDA based on historical first quarter results of that business
• Superior also expects to complete additional acquisitions in the range of $200 million to $300 million in 2022 which have not been included in the 2022 Adjusted EBITDA guidance
• Superior is updating its targeted Leverage ratio² to 3.5x to 4.0x while it is executing its accelerated acquisition program

¹ Adjusted EBITDA is not a standardized measure under International Financial Report Standards (“IFRS”). See “Non-GAAP Financial Measures and Reconciliations” section below.
² Leverage ratio is a not standardized measure under IFRS. See “Non-GAAP Financial Measure and Reconciliations” section below.

“In 2021, we achieved a 5% increase in Adjusted EBITDA compared to 2020 despite the operational and logistical challenges we faced from warmer weather in the U.S. Northeast and Eastern Canada in the fourth quarter and continued public health restrictions impacting commercial demand,” said Luc Desjardins, President & CEO. “I am proud of our team for their ability to persevere and deliver solid results considering the obstacles we faced. We also completed two acquisitions in Michigan and North Carolina at the end of the fourth quarter, continuing our growth through acquisition strategy in our existing footprint.”

Luc Desjardins further added, “Following the end of the fourth quarter, we announced a partnership with the Charbone Corporation in Quebec to provide green hydrogen to commercial and industrial customers. We are excited about the opportunity to sell green energy to current and new customers and developing our strategy to offer alternative energy products, including green and low-carbon energy to our customers by leveraging our expertise in the safe and efficient delivery of mobile energy solutions”.

Financial Highlights:

• Fourth quarter Adjusted EBITDA of $142.2 million, a $1.9 million or 1% decrease compared to the prior year quarter primarily due to lower EBITDA from operations³, partially offset by lower corporate costs, and to a lesser extent, a lower realized gain on foreign currency hedging contracts.
• Fourth quarter EBITDA from operations of $143.1 million, a $2.9 million or 2% decrease compared to the prior year quarter primarily due to lower results at Canadian Propane Distribution (“Canadian Propane”).
• Net earnings from continuing operations of $13.8 million in the fourth quarter decreased $74.1 million compared to the fourth quarter of 2020 primarily due to higher selling, distribution and administrative costs (“SD&A costs”), and a loss on derivatives and foreign currency translation of borrowings compared to a gain in the prior year quarter, partially offset by higher gross profit and lower finance expense. Gross profit and SD&A costs increased primarily due to the impact of acquisitions completed in the past twelve months. Superior incurred a loss on derivatives and foreign currency translation of borrowings compared to a gain in the prior year quarter due to the impact from the stronger Canadian dollar on the translation of U.S. denominated borrowings and foreign currency forward sales contracts and changes in commodity prices relative to hedged amounts. Finance expense decreased primarily due to lower average debt levels and lower average interest rates related to Superior’s senior unsecured notes. Fourth quarter Net earnings from continuing operations per share attributable to Superior of $0.04 per share was $0.38 lower than the prior year quarter due to the reasons noted above.
• AOCF before transaction and other costs⁴ during the fourth quarter was $131.6 million, a $2.4 million decrease compared to the prior year quarter primarily due to a lower recovery on adjusted current income taxes, and lower Adjusted EBITDA, partially offset by lower interest costs. AOCF before transaction and other costs per share was $0.64, $0.01 lower than the prior year quarter due to a decrease in AOCF before transaction and other costs.
• Full-year 2021 Adjusted EBITDA of $398.4 million, a $19.0 million or a 5% increase from the prior year primarily due to higher EBITDA from operations and realized gains on foreign currency hedging contracts compared to a loss in the prior year, partially offset by higher corporate costs.
• Full-year 2021 EBITDA from operations of $409.9 million, an $8.0 million or a 2% increase from the prior year due to higher U.S. Propane Distribution (“U.S. Propane”) Adjusted EBITDA, partially offset by lower Canadian Propane Adjusted EBITDA.
• Full-year net earnings from continuing operations of $17.2 million decreased by $45.6 million compared to prior year primarily due to higher SD&A costs and higher finance expense, and to a lesser extent, lower gross profit, partially offset by higher gains on derivatives and foreign currency translation of borrowings and lower income tax expense. SD&A costs increased primarily due to the impact of acquisitions completed in the past twelve months. Finance expense increased primarily due to the early call premiums and non-cash financing expenses related to the redemption of the US$350 million, $400 million and $370 million senior unsecured notes, partially offset by lower interest costs related to lower average debt levels and lower interest rates. Gains on derivatives and foreign currency translation of borrowings increased primarily due to changes in market prices of commodities, timing of maturities of underlying financial instruments and changes in foreign exchange rates relative to amounts hedged. Income tax expense decreased due to the allocation of taxes to the discontinued operations and the gain on disposal of the Specialty Chemicals segment. Full-year basic and diluted Net earnings (loss) from continuing operations attributable to Superior per share was ($0.04) per share, $0.33 per share lower than the prior year due to the reasons above, and the impact of the treatment of the non-controlling interest on earnings (loss) per share.
• Full-year 2021 AOCF before transaction and other costs of $321.1 million, a $28.9 million or 10% increase over the prior year primarily due to higher Adjusted EBITDA and lower interest expense, partially offset by an adjusted current income tax expense in 2021 compared to a recovery in the prior year. Full-year AOCF before transaction and other costs per share was $1.56 per share, $0.02 higher than the prior year due to the increased AOCF before transaction and other costs, partially offset by an increase in weighted average shares outstanding. Weighted average shares outstanding, which assumes the exchange of the preferred shares into common shares, were higher than the prior comparable period due to the issuance of preferred shares to Brookfield Asset Management (the “Preferred Shares”) that are reflected on an as converted basis.
• Superior’s Leverage ratio at December 31, 2021, was 3.9x, which is within Superior’s updated target range during accelerated acquisitions of 3.5x to 4.0x. The Leverage ratio increased from 3.5x at December 31, 2020 primarily due to lower Adjusted EBITDA, partially offset by lower debt levels. Total Net Debt⁵ is lower as proceeds from the sale of Specialty Chemicals were used to repay debt and a decrease in lease liabilities related to the sale of Specialty Chemicals, partially offset by the impact of acquisitions completed in 2021 and the refinancing of senior unsecured notes. Adjusted EBITDA is lower due to the impact from the sale of Specialty Chemicals, partially offset by the contribution from acquisitions completed in 2021.

³ EBITDA from operations is not a standardized measure under IFRS. See “Non-GAAP Financial Measures and Reconciliations” section below.
⁴ AOCF before transaction and other costs is not a standardized measure under IFRS. See “Non-GAAP Financial Measures and Reconciliations” section below.
⁵ Total Net Debt is not a standardized measure under IFRS. See “Non-GAAP Financial Measure and Reconciliations” section below.

Division Financial Highlights

• U.S. Propane Adjusted EBITDA was $79.9 million, a decrease of $0.5 million or 0.6% compared to the prior year quarter primarily due to the impact of warm weather and the impact of the stronger Canadian dollar on the translation of U.S. denominated Adjusted EBITDA. Average weather across markets where U.S. Propane operates for the three months ended December 31, 2021, as measured by degree days, was 7% warmer than the prior year and 9% warmer than the five-year average. Warmer weather in December was particularly impactful as average weather, as measured by degree days, was 15% warmer than December 2020 and 12% warmer than the five-year average. Warmer weather was the primary driver of lower than anticipated volumes and resulted in higher proportionate operating costs, partially offset by higher adjusted gross profit. Adjusted gross profit increased $10.5 million primarily due to higher sales volumes associated with acquisitions completed in the last twelve months, and, to a lesser extent, higher average unit margins and higher other services gross profit, partially offset by the impact of the stronger Canadian dollar on the translation of U.S. denominated gross profit. Sales volumes increased 14 million litres or 4% due to the contribution from acquisitions completed in the last twelve months, partially offset by the impact of warm weather. Average unit margins increased due to sales and marketing initiatives, including focused sales growth in higher margin propane customers, partially offset by the impact of the stronger Canadian dollar on U.S. denominated gross profit. Operating costs increased by $11.0 million primarily due to the impact of acquisitions completed in the past twelve months, partially offset by cost-saving initiatives, realized synergies and the impact of the stronger Canadian dollar on the translation of U.S. denominated operating costs.
• Canadian Propane Adjusted EBITDA of $63.2 million, decreased $2.4 million or 4% from the prior year quarter primarily due to higher operating costs, partially offset by higher adjusted gross profit. Operating costs increased $11.4 million primarily due to the impact from the lower Canadian Emergency Wage Subsidy (“CEWS”) benefit recorded during the quarter compared to the prior year quarter and higher volume-related costs, partially offset by lower incentive plan costs and cost-saving initiatives. Adjusted gross profit increased $9.0 million primarily due to higher average unit margins and higher sales volumes. Average unit margins increased primarily due to the timing of sales of carbon offset credits and customer mix. Sales volumes increased primarily due to higher wholesale sales volumes in California related to increased demand as COVID restrictions were lifted. Average weather across Canada for the three months ended December 31, 2021, as measured by degree days was 2% colder than the prior year and 3% warmer than the five-year average.
• Corporate costs for the fourth quarter of 2021 were $4.6 million, a $1.2 million decrease compared to the prior year quarter primarily due to lower long-term incentive plan costs related to the decline in the share price during the fourth quarter, and to a lesser extent, timing of the expense.

Business Development and Acquisition Update

On December 21, 2021, a wholly-owned subsidiary of Superior acquired the assets of a retail propane distribution company based in North Carolina, operating under the tradename Mountain Energy Gas (“Mountain Energy”) for total consideration of US$2.0 million (CDN $2.6 million). In addition, a wholly-owned subsidiary of Superior acquired the assets of a retail propane distribution company based in Michigan, operating under the tradename Hopkins Propane (“Hopkins”) for a total consideration of US$16.2 million (CDN $20.9 million).

On January 10, 2022, Superior announced that Superior Propane and Charbone Corporation (“Charbone”) are collaborating to provide green hydrogen to commercial and industrial customers initially in Quebec, Canada. Under the terms of the letter of intent between the parties, Charbone will provide Superior with green hydrogen from its Sorel-Tracy, Quebec facility with initial deliveries expected as early as the third quarter of 2022. Superior Propane’s industry leading energy distribution business will be responsible for delivering hydrogen directly from Charbone’s facility to Superior’s customers. These customers include mining, power generation, transportation and industrial energy users. The arrangement between Superior Propane and Charbone is subject to negotiation and completion of the terms of definitive agreements and the construction of the Sorel-Tracy, Quebec facility. This collaboration will offer Canadian industries a new alternative clean energy solution.

2022 Adjusted EBITDA Guidance and Superior Way Forward Update

Superior is introducing its 2022 Adjusted EBITDA guidance range of $410 million to $450 million. Based on the midpoint of the 2022 Adjusted EBITDA guidance range, this is an 8% increase compared to the full-year 2021 Adjusted EBITDA of $398.4 million. The increase is due to the expected contribution from acquisitions completed in 2021 and assumes the acquisition of Kamps Propane Inc., High Country Propane, Inc., Pick Up Propane, Kiva Energy Inc., Competitive Capital, Inc. and Propane Construction and Meter Services (collectively, “Kamps”) closes in the second quarter of 2022. Key assumptions related to the 2022 Adjusted EBITDA guidance include:

• Adjusted EBITDA in 2022 for U.S. Propane is anticipated to be higher than 2021 primarily due to the full year contribution from acquisitions completed in 2021 and partial year contribution from the acquisition of Kamps’ retail business, increased demand related to weather expectations consistent with the five-year average, cost-saving initiatives and, to a lesser extent, a recovery in commercial demand as public health measures related to COVID-19 are lifted. Average weather in the areas where Superior operates in the U.S., as measured by degree days, is anticipated to be consistent with the five-year average.
• Adjusted EBITDA in 2022 for Canadian Propane is anticipated to decrease compared to 2021 as Superior does not expect any CEWS benefits in 2022, the impact of COVID-19 is expected to negatively impact commercial sales volumes in the early part of 2022 and commercial sales volume trends in Canada are expected to improve in the latter half of 2022, partially offset by the contribution from Kamps wholesale business and cost-savings initiatives. Average weather in Canada, as measured by degree days, is anticipated to be consistent with the five-year average. Wholesale propane market fundamentals are expected to be stronger than 2021.
• The Kamps acquisition closes in the second quarter of 2022, but otherwise does not include any incremental Adjusted EBITDA from acquisitions completed in 2022.
• There will be no significant restrictions or stay at home orders issued in North America due to a resurgence of COVID-19 in 2022.
• A foreign exchange rate of US$1 per C$1.25.
• Long-term incentive plan accruals of between $5 million and $10 million.

In 2021, Superior made great progress on the Superior Way Forward acquisition target of $1.9 billion by the end of 2026. Superior completed seven acquisitions with a total enterprise value of $326 million in 2021. Superior also announced the acquisition of Kamps for total consideration of $299 million, which is expected to close in the second quarter of 2022. Superior also expects to complete additional acquisitions for total consideration in the range of $200 million to $300 million in 2022.

Debt Management Update

Superior is focused on managing both Total Net Debt and its Leverage ratio. Superior is updating its Leverage ratio from a target range of 3.0x to 3.5x to a target range of 3.5x to 4.0x while executing an accelerated acquisition strategy.

“Now that we are a pure-play energy distribution company with less volatility in annual Adjusted EBITDA, the targeted leverage range of 3.5x to 4.0x allows us greater flexibility to execute on acquisitions while continuing to pay sustainable dividends to our shareholders,” said Beth Summers, Executive Vice President and Chief Financial Officer. “We are still firmly committed to maintaining our BB credit rating and keeping our leverage within the targeted range of 3.5x to 4.0x.”

Superior’s Leverage ratio at December 31, 2021, was 3.9x, which is within Superior’s updated target range of 3.5x to 4.0x. The Leverage ratio increased from 3.5x at December 31, 2020 primarily due to lower Adjusted EBITDA, partially offset by lower debt levels. Total Net Debt was lower as proceeds from the sale of Specialty Chemicals were used to repay debt and a decrease in lease liabilities related to the sale of Specialty Chemicals, partially offset by the impact of acquisitions completed in 2021 and the refinancing of senior unsecured notes. Adjusted EBITDA is lower due to the impact from the sale of Specialty Chemicals, partially offset by the contribution from acquisitions completed in 2021.

Cyber Security Incident Update

As previously announced, on December 12, 2021, Superior was alerted to a ransomware cyber-attack on its information technology systems. Superior temporarily disabled certain information technology systems while it investigated the incident in order to safely bring such systems back online. Superior immediately engaged third-party experts to evaluate the event, implement security counter-measures, and assist with restoration of Superior’s information technology environment. Superior was able to quickly restore operations after the cyber-attack and to continue making deliveries to customers with no material impact to operations, including customer deliveries, service or billings.

During the course of the investigation, which is ongoing, Superior determined that there was unauthorized access to certain employee personal information, and is in the process of identifying affected individuals to notify them as appropriate. Superior has already applied knowledge gathered from the investigation of the event to enhance its cyber security defenses. Superior expects the net financial impact from the incident will not exceed $1.5 million.

MD&A and Financial Statements

Superior’s MD&A, the audited Consolidated Financial Statements and the Notes to the audited Consolidated Financial Statements for the year ended December 31, 2021 provide a detailed explanation of Superior’s operating results. These documents are available online at Superior’s website at www.superiorplus.com under the Investor Relations section and on SEDAR under Superior’s profile at www.sedar.com.

2021 Fourth Quarter Conference Call

Superior will be conducting a conference call and webcast for investors, analysts, brokers and media representatives to discuss the 2021 Annual and Fourth Quarter Results at 10:30 a.m. EST on Friday, February 18, 2022. To participate in the call, dial: 1-844-389-8661. Internet users can listen to the call live, or as an archived call on Superior’s website at www.superiorplus.com under the Events section.

Non-GAAP Financial Measures and Reconciliations

Throughout this news release, Superior has identified certain terms that it uses that are not standardized measures under International Financial Reporting Standards (“Non-GAAP Financial Measures”), and therefore may not be comparable to similar financial measures disclosed by other issuers.

Beth Summers
Executive Vice President and Chief Financial Officer
Phone: (416) 340-6015

Rob Dorran
Vice President, Capital Markets
Phone: (416) 340-6003
Toll Free: 1-866-490-PLUS (7587)

Private equity and financial expert to help guide company growth; venture investor Shirley Speakman steps down

WILSONVILLE, Ore.--(BUSINESS WIRE)--$GWH--ESS Tech, Inc. (“ESS” or the “Company”) (NYSE:GWH), a U.S. manufacturer of long-duration batteries for utility-scale and commercial energy storage applications, announced that Claudia Gast has joined its Board of Directors.

Ms. Gast brings over 15 years of experience leading mergers and acquisitions and an extensive background in finance, strategy and operations both in private equity and with Fortune 100 companies. She currently serves as CFO and Board Member of Global Technology Acquisition Corp. (NASDAQ:GTAC). She is also the co-founder of Greentrail Capital, a crossover investment firm focused on publicly listed and growth-stage companies, with an emphasis on global technology and consumer organizations.

Prior to her current roles, Ms. Gast served as Chief Strategy Officer and Head of M&A at AM General (a KPS Capital Partners portfolio company), as well as Executive Vice President of Strategy and Corporate Development at GWR Safety Systems (a GHC Capital portfolio company), and as Finance Leader at Procter & Gamble. Ms. Gast holds an MBA from the University of Chicago Booth School of Business and is a member of the Latino Corporate Directors Association.

“I am pleased to join the ESS Board as the company ramps its operations and expands its presence in both domestic and international markets,” said Claudia Gast. “As more organizations prioritize decarbonization, the deployment of sustainable technologies like ESS’s long-duration battery will become central to the energy transition as a safe, reliable and cost-effective energy storage solution. ESS is uniquely well positioned to address these needs.”

“ESS is thrilled to welcome Claudia to our Board,” said Eric Dresselhuys, CEO of ESS. “Claudia brings an exceptional background in finance and operations management across multiple industries – as well as valuable international experience overseeing growth. Her proven leadership experience with fast-scaling commercial companies and hardened industrial products will add relevant depth and expertise to the company’s governance structure as we accelerate production and deployment on a global scale.”

Ms. Gast replaces Shirley Speakman of Cycle Capital, who leaves the ESS Board to return to early-stage company investing. Ms. Speakman joined the Board in 2017, concurrent with the Company’s Series B round of private investment and has served in a variety of roles during that time, most recently as a member of the Audit Committee, having previously chaired the Audit Committee, and having served as a member of the Compensation Committee.

“I’d like to thank Shirley for her many years of service to the ESS Board. Her support and counsel were of great value in the formative years of ESS,” added Mr. Dresselhuys. “We wish Shirley the best in her continued work helping to build the technologies and organizations critical to addressing climate change.”

About ESS Inc.
ESS Inc. (NYSE: GWH) designs, builds and deploys environmentally sustainable, low-cost, iron flow batteries for long-duration commercial and utility-scale energy storage applications requiring from 4 to 12 hours of flexible energy capacity. The Energy Warehouse™ and Energy Center™ use earth-abundant iron, salt, and water for the electrolyte, resulting in an environmentally benign, long-life energy storage solution for the world’s renewable energy infrastructure. Established in 2011, ESS Inc. enables project developers, utilities, and commercial and industrial facility owners to make the transition to more flexible non-lithium-ion storage that is better suited for the grid and the environment. For more information, visit www.essinc.com.

Investors:
Erik Bylin
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Media:
Gene Hunt
Trevi Communications, Inc.
978-750-0333 x.101
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DALLAS--(BUSINESS WIRE)--Flowserve Corporation, (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, announced that its Board of Directors has authorized a quarterly cash dividend of $0.20 per share on the company's outstanding shares of common stock.

The dividend is payable on April 8, 2022, to shareholders of record as of the close of business on March 25, 2022.

While Flowserve currently intends to pay regular quarterly cash dividends for the foreseeable future, any future dividends, at this $0.20 per share rate or otherwise, will be reviewed individually and declared by the Board at its discretion.

Safe Harbor Statement:

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition. The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: the impact of the global outbreak of COVID-19 on our business and operations; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from our strategic transformation and realignment initiatives, our business could be adversely affected; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics or changes to tariffs or trade agreements that could affect customer markets, particularly North African, Russian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela and Argentina; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.

All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.

Investor Contacts:
Jay Roueche, Vice President, Investor Relations & Treasurer (972) 443-6560
Mike Mullin, Director, Investor Relations, (972) 443-6636

Media Contact:
Lars Rosene, Vice President, Corporate Communications & Public Affairs, (972) 443-6644

MIAMI--(BUSINESS WIRE)--Yamaha today announced the creation of a Marine Connected Division to incorporate its connected business model into Yamaha Marine’s business units. The company also revealed plans for a new Marine Innovation Center in Kennesaw, Georgia, and a substantial expansion of its testing facility in Bridgeport, Alabama.

Yamaha’s statements at the Miami International Boat Show® follow its acquisition last December of Siren Marine^®, manufacturer of marine-based IoT (Internet of Things) solutions.

“Yamaha is investing in the resources that will allow us to be the leader in connected technology,” said Ben Speciale, President, Yamaha U.S. Marine Business Unit. “The rapid evolution of Connected Boat® technology is changing the way our customers approach boating. We are developing innovative products that will deliver a more exceptional experience for Yamaha customers.”

The new Yamaha Marine Connected Division will include two departments. The Business Planning Department will lead the business planning aspect of the Connected Strategy, working directly with Yamaha Marine Development teams and the Siren Marine team. They will support the near-term needs of Yamaha and Siren customers as well as longer-term developments that will add more value to Yamaha connected products. The User Experience/Interface Department will help shape future consumer connected experiences. This team will work closely with U.S. Marine Development and Planning Division, which now combines Yamaha outboard and WaterCraft research and development. Yamaha and Siren plan to introduce new, co-developed products to consumers in the next 12-24 months.

Andrew Cullen will become Division Manager, Connectivity, leading the new Yamaha Marine Connected Division. Formerly the Senior Manager for Digital Marketing and Communications for the Yamaha WaterCraft Group, Andrew is now responsible for all facets of the Connected Boat® experience, including working with Yamaha's internal product development teams, coordinating with the Siren Marine division, as well as cross-functional work with team members at Yamaha Motor Company in Japan.

Cullen will report directly to Ben Speciale, President of the Yamaha U.S. Marine Business Unit. Jeffrey Poole, General Manager of Siren Marine, will also report to Speciale.

The all-new Marine Innovation Center, a 75,280 square-foot facility near Yamaha Marine’s headquarters in Kennesaw, Georgia, will house the Yamaha Marine Connected Division as well as the U.S. Marine Development and Planning Division. The Yamaha Marine Connected Division will include business planning, user experience, iOT/Cloud Infrastructure, product planning, data analysis, sales and marketing positions. The Yamaha U.S. Marine Development and Planning Division will build a team including control engineers, perception engineers, product development engineers, project managers, hydrodynamics engineers and various software engineers.

Yamaha also plans to expand its test facility in Bridgeport, Alabama, adding 5,900 square feet of office space and 8,000 square feet of boat storage. The test facility will hire testing technicians and system engineers to accommodate for the growth.

Yamaha U.S. Marine Business Unit, based in Kennesaw, Ga., markets and sells marine outboard motors ranging in size from 2.5 to 425 horsepower. It also markets and sells fiberglass, jet-drive sport boats ranging from 19 to 27 feet, and personal watercraft. The unit includes manufacturing divisions of Yamaha Marine Systems Co., Inc., including Kracor of Milwaukee (rotational molding), Bennett Marine of Deerfield Beach, Fla. (trim tabs), and Yamaha Marine Precision Propellers of Indianapolis (stainless steel propellers). Yamaha Marine Group is a division of Yamaha Motor Corporation, U.S.A., based in Cypress, Calif.

Based in Newport, Rhode Island, Siren Marine is an industry leader in smart boat technology – allowing boaters to stay connected to their boats anywhere, anytime. The company’s vision is to transform the modern boating experience and lead the way to a fully connected marine industry through innovative IoT Connected Boat^® technology. Siren Marine provides safety, security and smart boat monitoring so boaters can remotely track their boats' battery level, bilge activity, temperature, location and more. Siren Marine also puts actionable data at the fingertips of industry stakeholders (OEMs, boat builders, electronics, digital switching manufacturers and other marine businesses) connecting them to customers and their boats like never before. Siren Marine is a subsidiary of Yamaha Marine Systems Company, Inc. (YMSC), a subsidiary of Yamaha Motor Corporation, U.S.A.

This document contains many of Yamaha's valuable trademarks. It may also contain trademarks belonging to other companies. Any references to other companies or their products are for identification purposes only and are not intended to be an endorsement. Siren Marine is a registered trademark of Siren Marine, LLC.

REMEMBER to always observe all applicable boating laws. Never drink and drive. Dress properly with a USCG-approved personal floatation device and protective gear.

© 2022 Yamaha Motor Corporation, U.S.A. All rights reserved.

Contact:
Nicholas Genesi
Public Relations Manager
Yamaha Marine Engine Systems
Mobile: (470) 898-7278
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Contact:
Neal Wheaton
Wilder+Wheaton for
Yamaha Marine Engine Systems
Mobile: (404) 317-0698
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HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today announced through its Australian subsidiary that it has completed the purchase of an additional 10% shareholding interest in Australia Pacific LNG (APLNG) from Origin Energy for $1.645 billion. After customary closing adjustments, cash paid for the additional interest is approximately $1.4 billion (AU$2.0 billion). The transaction resulted from the exercise of ConocoPhillips’ preemption right and is funded from cash on the company’s balance sheet.

The ConocoPhillips subsidiary now owns a 47.5% interest in APLNG, with Origin Energy and Sinopec owning 27.5% and 25% interests, respectively. Based on the new 47.5% ownership interest and a full-year average Brent price of $78 per barrel, ConocoPhillips would expect approximately $1.8 billion of distributions from APLNG in 2022, with roughly $0.5 billion expected in the first quarter.

“We are pleased to acquire this additional stake in APLNG, which throughout its six years of operations has served as a reliable and efficient supplier of natural gas to the growing Asia Pacific market, and to Australia’s East Coast gas market,” said Ryan Lance, ConocoPhillips chairman and chief executive officer. “With the global energy transition underway, we expect LNG to play an increasingly important role, as it is lower in greenhouse gas emissions intensity than other alternatives. At the same time, this strategic acquisition of an additional shareholding interest in APLNG further diversifies our product mix while lowering our aggregate decline rate.”

ConocoPhillips’ full-year 2021 production from APLNG was 113 thousand barrels of oil equivalent per day (MBOED) and full-year 2021 financial distributions were approximately $750 million. The sensitivities provided on Feb. 3, 2022, reflect the company’s increased interest in APLNG.

-- # # # ---

About ConocoPhillips

ConocoPhillips is one of the world’s leading exploration and production companies based on both production and reserves, with a globally diversified asset portfolio. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 14 countries, $91 billion of total assets and approximately 9,900 employees at Dec. 31, 2021. Production including Libya averaged 1,567 MBOED for the 12 months ended Dec. 31, 2021, and proved reserves were 6.1 BBOE as of Dec. 31, 2021. For more information, go to www.conocophillips.com.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events, plans and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Words and phrases such as “anticipate," “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict," “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include the impact of public health crises, including pandemics (such as COVID-19) and epidemics and any related company or government policies or actions; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including a prolonged decline in these prices relative to historical or future expected levels; insufficient liquidity or other factors, such as those listed herein, that could impact our ability to repurchase shares and declare and pay dividends such that we suspend our share repurchase program and reduce, suspend, or totally eliminate dividend payments in the future, whether variable or fixed; changes in expected levels of oil and gas reserves or production; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks or unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of our business; our ability to collect payments when due under our settlement agreement with PDVSA; our ability to collect payments from the government of Venezuela as ordered by the ICSID; our ability to liquidate the common stock issued to us by Cenovus Energy Inc. at prices we deem acceptable, or at all; our ability to complete any announced or any future dispositions or acquisitions on time, if at all; the possibility that regulatory approvals for any announced or any future dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of the transactions or our remaining business; business disruptions following the acquisition of assets from Shell (the “Shell Acquisition”) or any other announced or any future dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced or any future dispositions in the manner and timeframe we anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation, including litigation related directly or indirectly to our transaction with Concho Resources Inc.; the impact of competition and consolidation in the oil and gas industry; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions; the ability to successfully integrate the assets from the Shell Acquisition or achieve the anticipated benefits from the transaction; unanticipated difficulties or expenditures relating to the Shell Acquisition; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from accidents, extraordinary weather events, civil unrest, political events, war, terrorism, cyber attacks or information technology failures, constraints or disruptions; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Dennis Nuss (media)
281-293-4733
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Investor Relations
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Hydro, solar and energy storage assets will be developed by FirstLight and Davis Hill Development to provide reliable renewable energy to Connecticut

NEW MILFORD, Conn.--(BUSINESS WIRE)--FirstLight Power, a leading clean provider of renewable energy and energy storage resources, today announced that the company has partnered with Davis Hill Development (DHD) to develop a suite of solar, energy storage and hybrid assets in Connecticut to operate both independently and in coordination with FirstLight’s existing fleet of hydropower assets. The partnership will bring a new generation of hybrid renewable energy resources to serve New England’s grid, setting a bold example for how diverse clean energy technologies should be combined to deliver maximum system value.

FirstLight Power already operates the largest portfolio of renewable energy generation projects in Connecticut, and with this partnership, the company seeks to deliver even greater clean energy impact towards the state’s goal of achieving a 100 percent zero carbon electric sector by 2040. The new development partnership between FirstLight and DHD will focus on delivering innovative clean assets in a way that centers reliability, affordability and equity. These new developments will provide local jobs and increase FirstLight’s already substantial economic development impact in the local communities.

“I am excited to be expanding FirstLight’s clean energy footprint in Connecticut and furthering both the state’s ambitious clean energy goals, and our company’s mission of creating an electric grid that is clean, affordable, reliable and equitable,” said Alicia Barton, President and CEO of FirstLight. “We are proud to be partnering with DHD, a proven developer of innovative renewable projects, to deliver a new generation of hybrid and storage-integrated clean energy resources to power the Nutmeg State.”

FirstLight anticipates that the venture will deliver more than 25 MW of solar and battery storage projects across eight of FirstLight’s existing Connecticut properties along the Housatonic, Shetucket and Quinebaug Rivers. The new storage and solar assets will bring flexibility to FirstLight’s existing hydropower portfolio in Connecticut, allowing renewable energy to be stored when demand is low and provided back to the grid when the power is needed most. The resulting portfolio, which will be one of the first of its kind in the U.S., will improve system reliability and flexibility while simultaneously reducing greenhouse gas emissions.

“FirstLight Power has truly been a premier, best-in-class partner for us from the start, and we are excited to be building on this relationship and bringing to life a suite of clean energy assets that Connecticut requires to meet the state’s climate action goals,” said Jared Alvord, VP of Strategic Development of Davis Hill Development. “Davis Hill Development has developed, built and financed over 50 clean energy projects in the state of Connecticut to date, and we are excited to expand that work with a transformational clean energy company such as FirstLight. Collaboration and innovation will be integral as we transition to a clean energy economy, and we are thrilled our relationship with FirstLight prioritizes both of these things and allows us to make an impact together.”

About FirstLight Power
FirstLight Power (FirstLight) is a leading clean power producer, developer and energy storage company in New England with a portfolio that includes nearly 1,400 megawatts of pumped-hydro storage, battery storage, hydroelectric generation, and solar generation – the largest clean energy generation portfolio in New England today. Based in Burlington, MA, with operating offices in Northfield, MA and New Milford, CT, FirstLight provides stewardship of and recreational access to 14,000 acres of land and waters along the Connecticut, Housatonic, Shetucket, Still, and Quinebaug Rivers. To learn more, visit www.firstlightpower.com.

About Davis Hill Development
Davis Hill Development (DHD), a full-service clean energy development company, and its parent company Skyview Ventures, owns and operates over 300 distributed energy projects across a dozen markets in the U.S. DHD prides itself on creating development partners for life, providing good communication and meeting customer expectations. DHD has experience developing, constructing and operating a variety of innovative clean energy assets including solar, battery storage and EV charging infrastructure. To learn more, visit www.davishilldevelopment.com.

Media:
Len Greene, Director of Government Affairs & Communications
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• Oklo and Argonne were awarded a $4.5 million project from the U.S. Department of Energy Advanced Research Projects Agency-Energy (ARPA-E) to develop advanced safeguards and security monitoring technology to support the commercialization of fuel recycling.
• The ARPA-E project will develop advanced sensors paired with machine learning to accomplish safeguards and security goals for advanced fuel recycling as well as to improve process efficiency.
• This project is one of several projects in which Oklo will be partnering with Argonne to commercialize recycling technologies to create a secure and economical fuel supply chain for emission-free advanced fission.

SANTA CLARA, Calif.--(BUSINESS WIRE)--#ARPAEOPEN--Oklo Inc. has been awarded a $4.5 million cost-share project along with Argonne National Laboratory (Argonne) from the U.S. Department of Energy’s (DOE) Advanced Research Projects Agency-Energy (ARPA-E). The award is funded under the ARPA-E OPEN 2021 program, a $175 million funding opportunity that prioritizes funding technologies that support novel approaches to clean energy challenges.

“Oklo is excited to have been selected for this competitive award that incentivizes innovation and early-movers,” said Jacob DeWitte, co-founder and CEO of Oklo. “Improving state of the art in materials accountability will be a major boost for the deployment of an advanced fuel recycling facility, which will unlock a fundamental shift in the costs of advanced fission,” said DeWitte.

Oklo will partner with Argonne to develop advanced sensor technologies that will enable high-fidelity material accounting. The sensors will be paired with machine learning to enhance facility-wide anomaly detection. These advanced technologies will enhance safeguards and security while also improving process efficiency, which will support the commercialization and licensing of safe and secure fuel recycling facilities.

“Oklo is proud to be partnering with experts at Argonne, who have successfully demonstrated fuel recycling technologies,” said John Hanson, Director of Special Projects at Oklo. “By developing advanced sensor technology and integrating sensor measurements throughout the fuel recycling facility, the entire electrorefining process will be made more secure and efficient. Ultimately, this will significantly reduce the cost of fuel,” added Hanson.

This project is one of several projects that Oklo and Argonne are partnering on in order to provide the foundation for the commercialization of fuel recycling.

About Oklo Inc.: Oklo Inc. (Oklo) is a California-based company developing advanced fission power plants to provide emission-free, reliable, and affordable energy. Oklo received a Site Use Permit from the U.S Department of Energy, successfully demonstrated prototypic fabrication of its metallic fuel, was awarded fuel material from Idaho National Laboratory, and developed the first advanced fission combined license application accepted and docketed by the U.S. Nuclear Regulatory Commission.

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DUBLIN--(BUSINESS WIRE)--The "Global Fuel Cells for Residential, Commercial and Military Power 2021-2026" report has been added to ResearchAndMarkets.com's offering.

The global market for fuel cells should grow from $5.7 billion in 2021 to $24.0 billion by 2026 with a compound annual growth rate (CAGR) of 33.5% for the period of 2021-2026.

The Fuel cells market for combined heat and power (CHP) segment should grow from $2.7 billion in 2021 to $14.0 billion by 2026 with a compound annual growth rate (CAGR) of 38.7% for the period of 2021-2026.

The Fuel cells market for auxiliary power units (APU) segment should grow from $1.8 billion in 2021 to $6.6 billion by 2026 with a compound annual growth rate (CAGR) of 29.4% for the period of 2021-2026.

Report Scope

This report will cover fuel cells used specifically in stationary power generation and storage applications. Other applications include portable fuel cells and mobile units that can be used in automotive (not considered in the study).

Definitive and detailed estimates and forecasts of the global market are provided. The report also contains a detailed analysis of the key fuel cell types, regions, countries, applications, and ongoing trends.

The fuel cell market is segmented based on -

• Type of fuel cell
• Application
• End-use segment

Solid oxide fuel cells and proton exchange membrane fuel cells (PEMFC) are the major contributors to the fuel cell market. The applications considered in this study are combined heating and power (CHP), auxiliary power units (APU) and emergency power supply.

The Report Includes:

• An overview of the global market outlook for fuel cells for residential, commercial, and military power
• Estimation of the market size and analyses of the global market trends, with data from 2020, estimates for 2021, with a projection of CAGR through 2026
• Analysis of new opportunities, challenges, and technological changes within the industry and highlights of the market growth potential by type, end-use, application, and region
• Coverage of history of fuel cells and hydrogen fuel industry, description of competitive technologies and insights into government initiatives to promote fuel cells
• Detailed analysis of the current market trends and forecast, new products launches and product enhancement, technological innovation, upcoming technologies, and the technical progress of the industry
• Market share analysis of the key companies of the industry and coverage of events like mergers & acquisitions, joint ventures, collaborations or partnerships, and other key market strategies
• Company profiles of major players in the market

Key Topics Covered:

Chapter 1 Introduction

Chapter 2 Summary and Highlights

Chapter 3 Market and Technology Overview

Chapter 4 Analysis of the Impact of COVID-19 on the Fuel Cell Market

Chapter 5 Market Breakdown by End-Use Segment

Chapter 6 Market Breakdown by Type

Chapter 7 Market Breakdown by Application

Chapter 8 Market Breakdown by Region

Chapter 9 Recent Developments in the Fuel Cell Industry

Chapter 10 Company Profiles

• ACAL Energy Ltd.
• Acumentrics Holding Corp.
• Adelan UK Ltd.
• AFC Energy
• Alpps Fuel Cell Systems
• Alstom Technology
• Altergy
• Ariston Holding N.V.
• Babcock & Wilcox
• Ballard Power Systems
• Bloom Energy
• Ceres Power
• Clara Venture Labs
• Cummins Inc.
• DDI Energy
• Delphi Automotive
• Doosan Fuel Cell
• Edison Electric Institute
• Elcogen As
• Energiened
• Entwicklungs Und Vertriebsgesellschaft Brennstoffzelle
• Fuelcell Energy
• Fuel Cell Technologies
• Fuji Electric
• Future E Fuel Cell Solutions Gmbh
• General Electric Co.
• George Westinghouse Research And Technology Park
• Global Resource Energy Inc.
• Golden Energy Fuel Cell Co. Ltd.
• Haldor Topsoe A/S/Topsoe Fuel Cell
• Horizon Fuel Cells And Riversimple
• H2 Power Tech
• ITM Power
• Intelligent Energy
• Kansai Electric Power Co. Inc.
• Linde BOC
• Loganenergy Corp.
• Meidensha Corp.
• Meridian Energy Ltd.
• Mitsubishi Heavy Industries Ltd.
• National Fuel Cell Research Center
• Neah Power
• Nedstack Fuel Cell Technology
• Nexceris
• Nippon Telegraph & Telephone Corp.
• Ontario Power Generation Inc.
• Palcan Fuel Cells Ltd.
• Panasonic
• Plug Power Inc.
• Pohang Iron And Steel Co. (Posco)
• Proton Motor Fuel Cell Gmbh
• Reliant Energy Power Systems
• Rolls-Royce Fuel Cell Systems Ltd.
• Safcell
• Shell Hydrogen
• Siemens Power Generation Inc.
• Smart Fuel Cell Ag (Sfc)
• Solidpower
• Sofcpower
• Staxera Gmbh (Sunfire)
• Sulzer Hexis Ag
• Sumitomo Corp.
• Tokyo Gas Co. Ltd.
• Toshiba Fuel Cell Power Systems Corp.
• Toyota
• Turkcell
• Ultra Electronics Ami
• United Technologies
• Vaillant Gmbh
• Versa Power Systems Inc.
• Violet Fuel Cell Sticks
• Wartsila Corp.
• Watt Fuel Cell Corp.
• Webasto Ag
• Worldwide Energy Llc
• Ztek Corp.

For more information about this report visit https://www.researchandmarkets.com/r/75gxyr

About ResearchAndMarkets.com

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

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AKRON, Ohio--(BUSINESS WIRE)--$BW #coalash--Babcock & Wilcox (B&W) (NYSE: BW) announced today that its B&W Environmental segment has been awarded a contract for approximately $13 million to design and supply equipment to reduce the environmental impact of ash at a U.S. power plant.

B&W Environmental will design, manufacture and supply a state-of-the-art Allen-Sherman-Hoff^® submerged grind conveyor (SGC) ash-handling system and related equipment as a retrofit to the plant’s existing ash slurry system to meet zero-discharge bottom ash removal requirements.

“As many of our customers join the transition to cleaner, lower-emissions power generation, B&W is positioned to provide a full suite of environmental technologies for utilities and industry, as well as renewable energy solutions to reduce greenhouse gas emissions,” said B&W Executive Vice President and Chief Operating Officer Jimmy Morgan. “B&W Environmental’s submerged grind conveyor is smaller and more versatile than conventional chain conveyors, can be tailored to each specific plant layout, and is highly effective in helping plant operators reduce the environmental impact of their operations.”

B&W Environmental’s SGC system offers a heavy-duty, flexible design for effective bottom ash transport and dewatering. This patented, proven technology offers simplified installation and operation for superior ash handling.

About Babcock & Wilcox
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.

About B&W Environmental
Babcock & Wilcox Environmental offers a full suite of best-in-class emissions control products and solutions for utility and industrial steam generation applications around the world. The segment’s broad experience includes systems for ash handling, particulate control, nitrogen oxides and sulfur dioxides removal, chemical looping for carbon control, and mercury control, along with cooling solutions.

Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the awarding of a contract to design and supply environmental technologies for a U.S. power plant. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

Investor Contact:
Megan Wilson
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Babcock & Wilcox
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VALENCIA, Calif.--(BUSINESS WIRE)--February 17, 2022-- ITT Aerospace Controls, a subsidiary of ITT Inc., (NYSE: ITT), announces its expanded and redesigned aircraft component line with five new valves and actuators, providing customers with market-leading solutions to control fluid handling valves used in fuel, hydraulics, water, and environmental controls systems in the aerospace and defense markets.

While Aerospace Controls’ newest components are manufactured and offered individually, they can also be assembled together for a complete electrically operated valve. The unique combination of these products, designed specifically to improve aircraft operations, provides customers with cost, maintenance, and procurement logistics benefits.

“ITT Aerospace Controls developed these products based on our over 90 years of aerospace industry experience and customer feedback. This industry evolution represents a significant improvement over existing technology in the field,” said Steve Kim, vice president and general manager, ITT Aerospace Controls. “We achieved significant performance and reliability improvements by innovating the seal designs and optical electro-mechanical sensor.”

ITT Aerospace Controls’ newly expanded aircraft component line now features:

• Opto Electronic Actuator (OEA) – This actuator incorporates several new features, including optical, non-contact position sensing and a solid-state motor drive, to improve reliability in high vibration and shock environments compared to electro-mechanical micro switches. ITT’s unique technologies have two domestic patents, US7105801 and US7717397, and various associated international patents.
• Modulating Control Actuator (MCA) – While a typical shutoff valve is either completely open or closed, the MCA can drive the valve to an enhanced position between 0 and 90 degrees, restricting the flow of fluid to improve process control and system efficiency. For example, the MCA can control fluid coolant flow to regulate a system’s temperature to peak performance.
• Compact Actuator – While conventional actuators use a single switch to perform the dual functions of motor control and position indication, the Compact Actuator has an additional switch to separate them, eliminating the potential for a latent failure. Higher reliability is realized through the use of a solid-state directional control in lieu of typical electro-mechanical relays. Future development plans will include the option for optical non-contact position sensing, similar to the OEA.
• Ridge Seal Valve (RSV) – This electric motor actuated, normally closed valve features a patent-pending design that dramatically reduces internal leakage and provides high reliability for fluid handling by controlling flow. Compared to traditional ball valves that incorporate a line contact sealing surface, our innovative Ridge Seal Valve ensures less wear and superior sealing performance. Patents are expected by the end of 2022.
• Dual Motion Shutoff Valve (DMSOV) – The dual motion valve design incorporates a sequencing drive and an eccentric shaft mechanism. This combination synchronizes the operation to linearly retract the valve disk from the seal surface and rotate the valve to open. The valve design provides superior sealing performance, maximizes seal life, and has the added benefit of reduced torque requirement at low temperature due to elimination of friction. Patents are expected by the end of 2022.

For more information on how these innovative components can fit into your existing aerospace applications, please visit www.ittaerospace.com.

About ITT

ITT is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the energy, transportation and industrial markets. Building on its heritage of innovation, ITT partners with its customers to deliver enduring solutions to the key industries that underpin our modern way of life. ITT is headquartered in White Plains, N.Y., with employees in more than 35 countries and sales in a total of approximately 125 countries. For more information, visit www.itt.com.

About ITT’s Connect and Control Technologies Business

ITT’s Connect and Control Technologies business designs and manufactures harsh-environment connectors and critical energy absorption, motion, flow and environmental control components. Through leading brands such as Aerospace Controls, BIW Connector Systems, Cannon, Compact, Enidine and Veam, the business serves customers in the aerospace, automation, defense, energy, industrial, infrastructure and transportation markets.

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